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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, June 25, 2007, Vol. 8, No. 124

                            Headlines


A U S T R I A

BAU-KONTRAKT LLC: Claims Registration Period Ends July 25
CITY GOLF: Vienna Court Orders Business Shutdown
JUEN & GANEIDER: Claims Registration Period Ends July 13


B E L G I U M

CHIQUITA BRANDS: Selling 12 Cargo Vessels for US$227 Million
CHIQUITA BRANDS: Executives Adopt Prearranged Stock Trading Plan
LIBERTY GLOBAL: Belgian Cable Opts to Buy Shares in Telenet


F R A N C E

FEDERAL-MOGUL: Court Extends Plan Hearing to July 9 and 10
FEDERAL-MOGUL: Modifies 4th Amended Plan to Address Objections
FEDERAL-MOGUL: Inks US$10.5 Million Deal w/ Two Insurers


G E R M A N Y

ATV MALER: Claims Registration Period Ends July 30
ACCENT BAUGESELLSCHAFT: Claims Registration Ends July 31
AUTOHANDEL VERWALTUNGS: Claims Registration Ends July 25
AUTOHAUS NOSSMANN: Claims Registration Ends July 20
BBT TRANSFER: Creditors' Meeting Slated for July 24

BRILLIANT-HAUS: Claims Registration Period Ends July 12
CCB COMPUTER: Creditors Must Register Claims by June 30
COMCHAT SYSTEMHAUS: Creditors Meeting Slated for August 9
COX MASSIVHAUS: Creditors Must Register Claims by July 30
CYBERJEANS GMBH: Creditors Must Register Claims by August 9

DAIMLERCHRYSLER AG: Signs Truck-Engine Agreement With Fiat
DAIMLERCHRYSLER: Chrysler & GETRAG Makes US$530MM Investment
DAIMLERCHRYSLER: Chrysler Group Eyes Sales and Dealer Expansion
DBP PRODUCTS: Creditors Must Register Claims by July 17
DEILMANN-HANIEL GMBH: Creditors' Meeting Slated for August 10

DEKO HANDELS: Claims Registration Ends August 30
DGS BAUBETREUUNG: Claims Registration Ends July 17
DIPO ELEKTRO: Creditors' Meeting Slated for July 19
ENTERPRISE EVENT: Claims Registration Ends August 3
ESA BAU: Claims Registration Ends July 2

EUROHOME MORTGAGES: Fitch Puts BB+ Ratings on Class X Notes
FAHRDIENST GEBUS: Creditors' Meeting Slated for July 24
MEDIASTORE VIERNHEIM: Creditors Must Register Claims by July 24
METALL- UND AGGREGATEBAU: Creditors' Meeting Slated for July 5
RATIOMAST SM: Claims Registration Period Ends July 3

RED HAT: UBS Maintains Neutral Rating on Company's Shares
TISCHLEREI PETER: Creditors Must Register Claims by July 11
UBR VERWALTUNGS: Claims Registration Ends July 5
USENER LUFT-VAKUUM: Creditors' Meeting Slated for July 6
VISTEON CORP: Construction Starts at New Missouri Assembly Plant

VISTEON CORP: To Close Bedford Plant; 685 Jobs Slashed
VULKAN AUSSENLEUCHTEN: Claims Registration Period Ends July 16
W.U.H. BETEILIGUNGS: Claims Period Ends July 25
WARNOW HAUS: Claims Registration Period Ends July 13

WILHELM HEITKEMPER: Claims Registration Period Ends July 25


G R E E C E

COMMERCIAL VALUE: Freezing of Reserves Cues Fitch's Neg. Watch
OVERSEAS SHIPHOLDING: Two Underwriters to Exercise Stock Option


I R E L A N D

RITCHIE (IRELAND): Files for Bankruptcy Protection in New York


I T A L Y

ALITALIA SPA: Italy Moves Bid Deadline to July 10
EUROHOME MORTGAGES: Fitch Puts BB Ratings on Class X Notes
PARMALAT SPA: Court Grants Permanent Injunction vs. Creditors


K A Z A K H S T A N

AGRODIRMEN LLP: Proof of Claim Deadline Slated for July 25
AGROTECHSERVICE JSC: Creditors Must File Claims July 31
ASPAN LLP: Claims Filing Period Ends July 31
AVERS PLUS: Claims Registration Ends July 25
BUSAR LLP: Creditors' Claims Due July 25

DALA-TAU LLP: Proof of Claim Deadline Slated for July 31
ECO-DOM PLUS: Creditors Must File Claims July 25
ENBEKSHYLDER LLP: Claims Filing Period Ends July 25
JAMA LLP: Claims Registration Ends July 25

ZERNOVOY HOLDING: Creditors' Claims Due July 25


K Y R G Y Z S T A N

ASIA MONOLIT: Creditors Must File Claims by August 3
DON-SERVICE: Claims Filing Period Ends July 27


L U X E M B O U R G

CA INC: Secures US$500 Million Accelerated Share Repurchase Pact


N E T H E R L A N D S

RESOURCE EUROPE: Moody's Rates EUR6.35 Mln Class E Notes at Ba3


R U S S I A

BALTIC BUILDING: Creditors Must File Claims by July 26
CENTRAL COMMERCIAL: Fitch Puts IDR at B- with Stable Outlook
CHUVASHIYA LLC: Creditors Must File Claims by July 26
LENINSKOYE OJSC: Creditors Must File Claims by August 2
NARMONKA OP: Creditors Must File Claims by June 26

OBL-SEL-STROY: Creditors Must File Claims by July 26
PROM-METALL CJSC: Court Names I. Odintsov as Insolvency Manager
RAMON’ OJSC: Court Names E. Tsutskin as Insolvency Manager
SEROV-BREAD OJSC: Court Starts Bankruptcy Supervision Procedure
SNEZHINSKIY FACTORY: Creditors Must File Claims by June 26

SUSSEX COM: Creditors Must File Claims by August 2
TUYMAZINSKIY OJSC: Creditors Must File Claims by June 26
UVAROVSKIY MALT: Court Starts Bankruptcy Supervision Procedure
VEL-GRAIN-PRODUCT: Creditors Must File Claims by August 2
VOLGOGRAD-FISH OJSC: Creditors Must File Claims by August 2

YUKOS OIL: PwC Withdraws Audit Opinions for 1994-2004 Financials
YUKOS OIL: Moscow Court Sends Moravel Claim Case for Retrial


S P A I N

BANCAJA 8: Fitch Affirms Class D Notes at BB+
BANCAJA 9: Fitch Junks Class E Notes with Stable Outlook
BOLIDEN APIRSA: Court Grants Prelim Injunction Against Parent
TOWER AUTOMOTIVE: Cancels Auction Due to Lack of Competing Bids


S W E D E N

AGERE SYSTEMS: Moody’s Withdraws B1 Corporate Family Rating


S W I T Z E R L A N D

ARBOMEDICS LLC: Creditors' Liquidation Claims Due July 5
BACKEREI MONTE: Creditors' Liquidation Claims Due July 5
BELLA ITALIA: Aargau Court Starts Bankruptcy Proceedings
DORFDROGERIE KERNS: Creditors' Liquidation Claims Due July 5
MACHLER SPORT: March Court Starts Bankruptcy Proceedings


U K R A I N E

BATKIVSCHINA LLC: Claims Filing Deadline Set June 27
CENTER OF FASHION: Creditors Must File Claims by June 27
DIOKON-EN LLC: Claims Filing Deadline Set June 27
KIEV REPAIR-BUILDING: Claims Filing Deadline Set June 27
KRASNORECHENSKOE BREADRECEIVING: Proofs of Claim Due June 27

LEBED: Claims Filing Deadline Set June 27
MAKEEVKA PRODUCTION: Claims Filing Deadline Set June 27
MARFOVKA AGRICULTURAL: Claims Filing Deadline Set June 27
PLANT DELTA: Claims Filing Deadline Set June 27
UKRSIBBANK: Moody's Assigns Ba2 Rating on Senior Unsecured Notes


U N I T E D   K I N G D O M

CABLE & WIRELESS: Deploying SMS Platform in Panama & Caribbean
CATALYST PAPER: S&P Rates Proposed US$200 Million Notes at B+
EUROCASTLE CDO III: Fitch Affirms Class E Notes at BB
GLOBAL CROSSING: Picks Alcatel-Lucent for Maintenance Services
ICONIX BRAND: Completes US$287.5 Mln Convertible Debt Offering

KITE SHACK: Joint Liquidators Take Over Operations
KWIK SAVE: Fails to Pay Staff; Seeks Refinancing Deal Approval
METRONET RAIL: Demands PPP Arbiter to Start Extraordinary Review
MITEL NETWORKS: High Debt Leverage Prompts S&P's B Credit Rating
ORECK CORP: Weak Liquidity Position Cues S&P to Put Junk Rating

RAINSEAL TRADE: Appoints Jonathan Lord as Liquidator
REMY INT’L: Planned Chapter 11 Filing Cues S&P's Various Actions
SANCTUARY GROUP: Centenary to Acquire Business for GBP44.5 Mln
SHAW GROUP: Plans New Fabrication Facility in Mexico
SEA CONTAINERS: Regulator Issues Financial Support Direction

TOYS 'R' US: Fitch Affirms B- Issuer Default Rating
WH REALISATIONS: P. Reeves Leads Liquidation Procedure

* Begbies Traynor Launches BTG Commercial Finance in the U.K.
* PwC Withdraws Audit Opinions for Yukos' 1994-2004 Financials

                            *********

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


BAU-KONTRAKT LLC: Claims Registration Period Ends July 25
---------------------------------------------------------
Creditors owed money by LLC Bau-Kontrakt (FN 68402t) have until
July 25 to file written proofs of claim to court-appointed
estate administrator Edwin Demoser at:

         Dr. Edwin Demoser
         Mohrstrasse 10
         5020 Salzburg
         Austria
         Tel: 0662/823907
         Fax: 0662/823907-21
         E-mail: office@rademoser.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Aug. 6 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Salzburg
         Room 221
         Second Floor
         Salzburg
         Austria

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on May 23 (Bankr. Case No. 23 S 41/07k).


CITY GOLF: Vienna Court Orders Business Shutdown
------------------------------------------------
The Trade Court of Vienna entered May 24 an order shutting down
the business of LLC City Golf (FN 253938p).

Court-appointed estate administrator Katharina Widhalm-Budak
recommended the business shutdown after determining that the
continuing operations would reduce the value of the estate.

The estate administrator can be reached at:

         Dr. Katharina Widhalm-Budak
         c/o Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 16 55
         E-mail: widhalm-budak@anwaltsteam.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 21 (Bankr. Case No 2 S 72/07m).  Guenther Hoedl
represents Dr. Widhalm-Budak in the bankruptcy proceedings.


JUEN & GANEIDER: Claims Registration Period Ends July 13
--------------------------------------------------------
Creditors owed money by LLC Juen & Ganeider Gastro & Co KG (FN
203908s) have until July 13 to file written proofs of claim to
court-appointed estate administrator Reinhold Unterweger at:

         Dr. Reinhold Unterweger
         Rosengasse 8
         9900 Lienz
         Austria
         Tel: 04852/65644
         Fax: 04852/656444
         E-mail: ra-untbeim@tirol.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:45 a.m. on July 30 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Meeting Hall 212
         Second Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Lienz in Osttirol, Austria, the Debtor declared
bankruptcy on May 24 (Bankr. Case No. 19 S 62/07a).


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


CHIQUITA BRANDS: Selling 12 Cargo Vessels for US$227 Million
------------------------------------------------------------
Chiquita Brands International Inc. has completed the previously
announced sale of its 12 refrigerated cargo vessels for US$227
million.  The cash proceeds from the transaction are being used
to repay approximately US$170 million of debt, and the remainder
will be retained for general corporate purposes, including
growth investments or future debt repayments.  The ships have
been chartered back from an alliance formed by Eastwind Maritime
Inc. and NYKLauritzenCool AB.  The parties also entered a
long-term strategic agreement in which the alliance will serve
as Chiquita's preferred supplier in ocean shipping to and from
Europe and North America.

As reported in the Troubled Company Reporter-Latin America on
May 31, 2007, Chiquita Brands said that it signed definitive
accords with Eastwind Maritime Inc. and NYKLauritzenCool AB to
sell its 12 "refrigerated" cargo vessels.  The ships will be
"chartered back from an alliance" by Eastwind Maritime and
NYKLauritzenCool.  Chiquita Brands will lease back 11 of the
vessels for seven years, with options to extend it to two or
five years -- one vessel for three years.  The vessels that
would be sold include:

          -- eight reefer ships, and
          -- four container ships.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 70 countries including Panama, Philippines, Australia,
Belgium, Germany, among others.  It also distributes and markets
fresh-cut fruit and other branded, value-added fruit products.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Moody's Investors Service changed the rating
outlook for Chiquita Brands International, Inc. to negative from
stable.

Ratings affirmed:

* Chiquita Brands International, Inc. (parent holding company)

  -- Corporate family rating at B3

  -- Probability of default rating at B3

  -- US$250 million 7.5% senior unsecured notes due 2014 at
     Caa2 (LGD5, 89%)

  -- US$225 million 8.875% senior unsecured notes due 2015 at
     Caa2 (LGD5, 89%)

* Chiquita Brands LLC (operating subsidiary):

  -- US$200 million senior secured revolving credit agreement
     at B1 (LGD2, 26%)

  -- US$24.3 million senior secured term loan B at B1 (LGD2,
     26%)

  -- US$368.4 million senior secured term loan C at B1 (LGD2,
     26%).


CHIQUITA BRANDS: Executives Adopt Prearranged Stock Trading Plan
----------------------------------------------------------------
Chiquita Brands International Inc.\u2019s executive officers has
adopted a prearranged stock trading plan in accordance with
guidelines specified by Rule 10b5-1 under the Securities
Exchange Act of 1934, as amended.

Rule 10b5-1 allows plans to be established that permit corporate
executives to prearrange sales of company securities at a time
when they are not aware of any material non-public information.
Such plans typically involve a plan to sell shares over a set
period of time.  These pre-arranged planned trades will be
executed at a specified later date, as set forth in the plan,
without further action or oversight by the executive officer.

A plan can provide for sales of stock on a particular date or at
a particular price or a combination of both of these factors,
along with others.  The rules allow corporate executives to
diversify their investment portfolios and avoid concerns about
initializing stock transactions while possibly in possession of
material non-public information.

Chiquita's president and chief operating officer of its Chiquita
Fresh Group, Robert F. Kistinger, has adopted a plan under Rule
10b5-1, which is in accordance with company's stock ownership
guidelines and provides for the liquidation of portions of his
holdings over multiple quarters, as part of systematic financial
planning for the benefit of his family.  Shares sold pursuant to
the plan will be disclosed publicly through Form 144 filings
and Form 4 filings as required by the SEC.

                      About Chiquita Brands

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 70 countries including Panama, Philippines, Australia,
Belgium, Germany, among others.  It also distributes and markets
fresh-cut fruit and other branded, value-added fruit products.

                           *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service Ratings affirmed these ratings on
Chiquita Brands International Inc.: (i) corporate family rating
at B3; (ii) probability of default rating at B3; (iii) US$250
million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%);
and (iv)  US$225 million 8.875% senior unsecured notes due 2015
at Caa2 (LGD5, 89%).  Moody's changed the rating outlook for
Chiquita Brands to negative from stable.

Troubled Company Reporter reported on May 4, 2007, that Standard
& Poor's Ratings Services placed its 'B' corporate credit
and other ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc. on CreditWatch with negative implications,
meaning that the ratings could be lowered or affirmed following
the completion of their review.  Total debt outstanding at the
company was about US$1.3 billion as of March 31, 2007.


LIBERTY GLOBAL: Belgian Cable Opts to Buy Shares in Telenet
-----------------------------------------------------------
Liberty Global Inc. said that Belgian Cable Investors (Delaware)
GP, which is controlled by Liberty Global, has exercised options
to purchase 18.668 million shares in Telenet Group Holding N.V.,
the largest cable operator in Belgium, for a total purchase
price of EUR466.7 million (US$626.6 million) or EUR25 per share.
The shares will be acquired by Belgian Cable Investors Affiliate
LGI Ventures B.V.  The settlement of the exercise will take
place within 10 business days of today unless the exercise is
withdrawn before settlement.

As a result of the current transaction, Liberty Global will
increase its controlling position from 31.32% to 49.70% of the
outstanding shares of Telenet at June 20, 2007.  The shares are
being purchased from existing shareholders of Telenet.

Mike Fries, President and CEO of Liberty Global, said, “It was a
logical next step for us to exercise these options given their
expiration dates and terms.”

At the ordinary general meeting of Telenet on May 31, 2007
Liberty Global’s controlling stake was used to appoint nine
directors (out of a total of 17) nominated by Liberty Global at
the board of directors of Telenet.

Telenet offers cable television, voice and broadband services to
residential customers.  At March 31, 2007, Telenet had
approximately 3,047,000 revenue generating units including
1,761,000 video RGUs (of which 281,000 were digital video RGUs),
482,000 voice RGUs and 804,000 broadband Internet RGUs.

                      About Liberty Global

Headquartered in Englewood, Colorado, Liberty Global Inc. --
http://www.www.lgi.com/-- is an international broadband
communications provider of video, voice and Internet access
services, with consolidated broadband operations in 19
countries, primarily in Europe, Japan and Chile.

Through its indirect wholly owned subsidiary UGC Europe, Inc.,
and its wholly owned subsidiaries UPC Holding B.V. and Liberty
Global Switzerland, Inc., collectively Europe Broadband, Liberty
Global provides video, voice and Internet access services in 13
European countries.

Through Liberty Global's indirect controlling ownership interest
in Jupiter Telecommunications Co., Ltd., the Company provides
video, voice and Internet access services in Japan.  Through the
Company's indirect 80%-owned subsidiary VTR GlobalCom, S.A., it
provides video, voice and Internet access services in Chile.

                        *     *     *

As reported on April 2, Standard & Poor's Ratings Services
revised its outlook on international cable TV and broadband
provider Liberty Global Inc. to positive from stable.

The outlooks on related entities in the LGI group, including UPC
Broadband Holding and VTR GlobalCom S.A., were also revised to
positive from stable.  The ratings on LGI and its related
entities, including the 'B' long-term corporate credit rating on
LGI, were affirmed.


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


FEDERAL-MOGUL: Court Extends Plan Hearing to July 9 and 10
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware extended,
until July 9 and 10, 2007, the hearing for the confirmation of
Federal-Mogul Corp. and its debtor-affiliates' plan of
reorganization, Cooper Industries, Ltd. disclosed.

In 1998, Cooper sold its Automotive Products business, including
its Abex Friction Products business, to Federal-Mogul.  As part
of the transaction, Cooper was indemnified for liabilities
related to the divested business, pursuant to a Purchase and
Sale Agreement.  On Oct. 1, 2001, Federal-Mogul and several of
its affiliates filed a Chapter 11 bankruptcy petition and
indicated that Federal-Mogul may not honor its indemnity
obligations to Cooper, including its obligations for claims
related to the Abex Friction Products business.

The Federal-Mogul bankruptcy plan incorporates the settlement
reached by Cooper, Federal-Mogul and other parties to the
bankruptcy proceeding to resolve Cooper's liabilities for the
Abex Friction Products business, including the Abex asbestos-
related claims.

                    About Cooper Industries

Cooper Industries, Ltd. -- http://www.cooperindustries.com/--
is a global manufacturer with 2006 revenues of $5.2 billion,
approximately 85 percent of which are from electrical products.
Incorporated in Bermuda with administrative headquarters in
Houston, Cooper employs approximately 31,000 people and operates
eight divisions: Cooper B-Line, Cooper Bussmann, Cooper Crouse-
Hinds, Cooper Lighting, Cooper Menvier, Cooper Power Systems,
Cooper Wiring Devices and Cooper Tools Group.  Cooper Connection
provides a common marketing and selling platform for Cooper's
sales to electrical distributors.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is an automotive parts
company with worldwide revenue of some $6 billion.  Federal-
Mogul also has operations in Mexico and the Asia Pacific Region,
which includes, Malaysia, Australia, China, India, Japan, Korea,
and Thailand.  In Europe, the company maintains operations in
Belgium, France, Germany, Poland and the United Kingdom.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed $10.15 billion in assets and
$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  They then submitted
a Fourth Amended Plan and Disclosure Statement on Nov. 21, 2006,
and the Bankruptcy Court approved that Disclosure Statement on
Feb. 6, 2007.


FEDERAL-MOGUL: Modifies 4th Amended Plan to Address Objections
--------------------------------------------------------------
James E. O'Neill, Esq., at Pachulski, Stang, Ziehl, Young, Jones
& Weintraub LLP, in Wilmington, Delaware, notes, on behalf of
Federal-Mogul Corp. and its debtor-affiliates, tell the U.S.
Bankruptcy Court for the District of Delaware that 11 objections
to confirmation of the Fourth Amended Joint Plan of
Reorganization were filed by insurers, while 15 plan
confirmation objections were filed by non-insurers.

Several parties, including counsel and former advisers of
PepsiAmericas, Inc., and certain insurance companies, have
declared their support for the objections.  On the other hand,
other parties declared their support for the confirmation of the
Plan, including The Flexitallic Group, Inc., Research and
Planning Corporation, and counsel and affiliates of the Plan
Proponents.

The Debtors, the Official Committee of Unsecured Creditors, the
Official Committee of Asbestos Claimants, the Legal
Representative for Future Asbestos Claimants, the Official
Committee of Equity Security Holders, and JPMorgan Chase Bank,
N.A., have engaged objecting parties in an attempt to resolve
the objections consensually, Mr. O'Neill relates.  As a result,
several objections have been resolved and others have been
withdrawn.

The Plan Proponents have modified the Fourth Amended Plan to
reflect technical changes or clarifications in response to
informal and formal objections or requests for clarification
made by parties in interest, Mr. O'Neill says.

Among others, the Modified Fourth Amended Plan:

  -- incorporates the Court-approved settlement with certain
     holders of Asbestos Property Damage Claims and the
     settlement of certain claims, Plan objections, and
     insurance rights between, among others, the Debtors and
     MagneTek, Inc.;

  -- states that all fees payable pursuant to Section 1930(a)(6)
     of the Judiciary and Judicial Procedure Code will be paid
     on or before the Effective Date; and

  -- classifies PepsiAmerica's claims as unsecured claims.

The Plan Proponents aver that the Modified Plan:

   * fully satisfies all applicable requirements of the
     Bankruptcy Code and is confirmable;

   * reflects a negotiated consensus among a large number of
     sophisticated commercial parties with deeply divergent
     interests;

   * equitizes both the Debtors' asbestos liabilities and the
     Debtors' prepetition note debt; and

   * brings about a unified conclusion to the U.K. Debtors'
     cross-border insolvency proceedings.

The Modifications do not materially and adversely affect or
change the treatment of any claim against or equity interest in
any Debtor, Mr. O'Neill tells the court.

Accordingly, the Plan Proponents ask the Court to waive the
requirement of resolicitation of any holders of claims or equity
interests pursuant to Rule 3019 of the Federal Rules of
Bankruptcy Procedure.

A full-text copy of the Modified Fourth Amended Joint Plan of
Reorganization dated June 4, 2007, is available for free at:

  http://bankrupt.com/misc/FMC_4modChap11Plan.pdf

A full-text blacklined copy of the Modified Fourth Amended Plan
is available for free at:

  http://bankrupt.com/misc/FMC_4modChap11Plan_blackline.pdf

The Plan Proponents note that all parties that have a legitimate
pecuniary stake in the success of the Debtors' reorganization
have spoken powerfully in favor of confirmation of the Plan.

Mr. O'Neill argues that contrary to the contentions of the
insurance companies, the Plan is insurance neutral.  "The
insurers are transparently attempting to assert the rights of
holders of asbestos personal injury claims or other creditors,
and are not limiting themselves to issue that have any effect on
the insurers themselves," he contends.

The only objection to which the insurers have standing -- the
argument that the Plan violates the contractual rights of
certain insurers by assigning certain rights under insurance
policies to the Trust without their consent -- is entirely
without merit, according to Mr. O'Neill.  He points out that
courts in the Third Circuit including the Bankruptcy Court
have held, on more than one occasion, that a debtor's rights
under insurance policies can be assigned to a 524(g) trust under
a plan of reorganization pursuant to Section 1123(a)(5) of the
Bankruptcy Code.

"If the objecting insurers bear financial responsibility for the
Asbestos Personal Injury Claims, it will not be because of
anything imposed by the Plan, but simply because of their
contractual obligations under comprehensive general insurance
policies they sold to the Debtors and various other parties
before the bankruptcy," Mr. O'Neill says.

In response to the objection that the Trust Distribution
Procedures provide the trustees with too much discretion, the
Plan Proponents point out that the Bankruptcy Court has
repeatedly found that trust distribution procedures
substantively identical to those of the TDPs, which empower the
trustees to modify the payment percentage and many other
provisions, satisfy the requirements of Section
524(g)(2)(B)(ii)(V).  The flexibility afforded the trustees
under the trust documents is what ultimately provides the
"reasonable assurance that the trust will value, and be in a
financial position to pay, present claims and future demands
that involve similar claims in substantially the same manner"
under Section 524(g)(2)(B)(ii)(V), Mr. O'Neill emphasizes.
The objectors' efforts to allege that the Trust Advisory
Committee's membership violates Section 1129(a)(5) of the
Bankruptcy Code or is otherwise improper is likewise hollow
because Section 1129(a)(5) only applies to an individual who is
"a director, officer, or voting trustee."

If state law permits asbestos claimants to bring claims against
the Asbestos Personal Injury Trust later or to avoid
apportionment of damages in their other state law cases, then
that is perfectly appropriate, but there is no basis to say that
claimants must file claims before they are required to do so by
state law, Mr. O'Neill contends.  Similarly, if state law does
not permit asbestos claimants to bring claims against the Trust
later or avoid apportionment of damages, then the TDPs create no
new substantive rights to do so.  The TDPs, he maintains,
provides for the confidentiality of claimants' submissions and
does not take away any state law discovery rights.

In accordance with Section 524(g)(2)(B)(i)(II), the Plan
Proponents maintain that the Plan provides that the Trust will
be funded in part by the Reorganized Federal-Mogul Class B
Common Stock, which comprises 50.1% of the total common stock in
Reorganized Federal-Mogul who is presently the ultimate parent
of all of the other Debtors and who will be the ultimate parent
of the Reorganized Debtors after the Petition Date.

Creation of the five Subfunds is necessary to account for the
five distinct groups of Asbestos Personal Injury Claims to be
channeled to the Trust under the Plan, according to Mr. O'Neill.
There is absolutely no basis in the statute or in logic for
certain objectors' assertion that each Subfund must
independently satisfy the Section 524(g) funding requirements,
he argues.

PepsiAmericas, Mr. O'Neill asserts, lacks standing to raise its
objection because the settlement of the Pneumo Protected
Parties' claims against the Debtors has no effect on of
PepsiAmericas' claims.

The Plan's release, exculpation and limitation of liability
provisions are in accord with the prevailing standards
articulated by the Third Circuit for such provisions, and are
comparable to provisions that have been approved time and again
by courts in this Circuit as reasonable, Mr. O'Neill maintains.

The value of stock warrants is based on the performance of the
company and not necessarily on who owns the company, Mr. O'Neill
relates in answer to Robert Cleghorn's objection.

Cooper Industries, LLC, and Pneumo Abex LLC argue that the
injunctive relief provided by Plan A complies with Section
524(g)(4)(A)(ii).  The claims against the Pneumo Protected
Parties that the Plan proposes to enjoin all involve allegations
of the same asbestos liability, they contend.  "They all involve
the same alleged products, the same alleged misconduct, and the
same alleged victims and injuries."  Accordingly, the Pneumo
Parties assert that they qualify for a Section 524(g) channeling
injunction.

The Plan Proponents therefore ask the Court to confirm the
Debtors' Fourth Amended Plan, as modified.

Cooper also asks the Court to preclude PepsiAmericas from
presenting testimony on certain topics at the June 18, 2006 plan
confirmation hearing.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is an automotive parts
company with worldwide revenue of some $6 billion.  Federal-
Mogul also has operations in Mexico and the Asia Pacific Region,
which includes, Malaysia, Australia, China, India, Japan, Korea,
and Thailand.  In Europe, the company maintains operations in
Belgium, France, Germany, Poland and the United Kingdom.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed $10.15 billion in assets and
$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  They then submitted
a Fourth Amended Plan and Disclosure Statement on Nov. 21, 2006,
and the Bankruptcy Court approved that Disclosure Statement on
Feb. 6, 2007.


FEDERAL-MOGUL: Inks US$10.5 Million Deal w/ Two Insurers
--------------------------------------------------------
Federal-Mogul Corp. has reached a US$10.5 million deal with two
of its insurers, Everest Reinsurance Co. and Mt. McKinley
Insurance Co., ending a nearly six-year long legal battle over
asbestos coverage, Associated Press
reports.

In a June 19, 2007 court filing, the settlement calls for
Everest and Mt. McKinley to collectively pay US$10.5 million
into a trust in exchange for the Company\u2019s release of
rights for asbestos claim coverage under the insurers' policies.

The two insurers will pull out of all pending litigation with
the Company and drop their opposition to various matters in the
Company's bankruptcy case, under way since October 2001.

Federal-Mogul said that the settlement results from several
months of negotiations with the insurers, Cooper Industries LLC,
the asbestos claimants committee and the legal representative
for future asbestos claimants.

As part of the deal, the insurers will receive a release from
any asbestos claims that Cooper might be able to assert against
them. In the 1990s, Cooper sold a brake-pad division to Federal-
Mogul and some of its asbestos damage claims stem from that
unit.

In asking the bankruptcy court to approve the settlement,
Federal-Mogul said that the deal provides for a "substantial
payment" to the asbestos trust while limiting further litigation
costs.

The Company is asking U.S. Bankruptcy Judge Judith Fitzgerald to
hold a July 9, 2007 expedited hearing on the settlement.

Judge Fitzgerald began hearings in Pittsburgh on the Company's
Chapter 11 reorganization proposal. The plan would shift
billions of dollars in asbestos damage claims off the Company's
balance sheet and into a trust to be funded with half the equity
in the Company and the proceeds of insurance policies.

One of the Company's other insurers, The Travelers Indemnity
Co., has been vocal in protesting the plan, as have a few of the
Company's creditors, including Ford Motor Co., DaimlerChrysler
Corp. and Volkswagen of America Inc.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is an automotive parts
company with worldwide revenue of some $6 billion.  Federal-
Mogul also has operations in Mexico and the Asia Pacific Region,
which includes, Malaysia, Australia, China, India, Japan, Korea,
and Thailand.  In Europe, the company maintains operations in
Belgium, France, Germany, Poland and the United Kingdom.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed $10.15 billion in assets and
$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  They then submitted
a Fourth Amended Plan and Disclosure Statement on Nov. 21, 2006,
and the Bankruptcy Court approved that Disclosure Statement on
Feb. 6, 2007.


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


ATV MALER: Claims Registration Period Ends July 30
--------------------------------------------------
Creditors of A.T.V. Maler GmbH have until July 30 to register
their claims with court-appointed insolvency manager Anett
Fuchs.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on 8:30 a.m., at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Muehlhausen
         Hall 35
         Untermarkt 17
         Muehlhausen
         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:

         Anett Fuchs
         Untermarkt 12
         99974 Muehlhausen
         Russia

The District Court of Muehlhausen opened bankruptcy proceedings
against A.T.V. Maler GmbH on June 4.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         A.T.V. Maler GmbH
         Nadin Rode
         Dorfstrasse 25
         37308 Steinbach


ACCENT BAUGESELLSCHAFT: Claims Registration Ends July 31
--------------------------------------------------------
Creditors of accent Baugesellschaft mbH have until July 31 to
register their claims with court-appointed insolvency manager
Dr. J. Blersch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m.  on Aug. 21, 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 Wiesbaden
         Hall E 36 A
         Third Floor
         Building E
         Moritzstrasse 5
         65185 Wiesbaden
         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. J. Blersch
         c/o Blersch/Goetsch/Partner Insolvenzverwaltungen
         Taunusstrasse 7a
         65183 Wiesbaden
         Germany
         Tel: 0611/180 89-100
         Fax: 0611/180 89-189
         E-Mail: mail@bgp-insol.de

The District Court of Wiesbaden opened bankruptcy proceedings
against accent Baugesellschaft mbH on May 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         accent Baugesellschaft mbH
         Rudolf-Dyckerhoff-Strasse 3
         65203 Wiesbaden
         Germany


AUTOHANDEL VERWALTUNGS: Claims Registration Ends July 25
--------------------------------------------------------
Creditors of Autohandel Verwaltungs GmbH have until July 25 to
register their claims with court-appointed insolvency manager
Peter Steuerwald.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 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 Goslar
        House II
        Kaiserbleek 8
        38640 Goslar
        Germany

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

The insolvency manager can be reached at:

         Peter Steuerwald
         Bruchtorwall 6
         38100 Braunschweig
         Germany
         Tel: 0531/24480-30
         Fax: 0531/24480-80

The District Court of Goslar opened bankruptcy proceedings
against Autohandel Verwaltungs GmbH on June 5.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Autohandel Verwaltungs GmbH
         Im Schleeke 100
         38644 Goslar
         Germany


AUTOHAUS NOSSMANN: Claims Registration Ends July 20
---------------------------------------------------
Creditors of Autohaus Nossmann GmbH have until July 20 to
register their claims with court-appointed insolvency manager
Dr. Christian Frystatzki.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Aug. 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall S 2.22
         Second Stock
         William-Strasse 21
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Dr. Christian Frystatzki
         Sankt Augustiner Strasse 94 a
         53225 Bonn
         Germany
         Tel: 0228/400 94-160
         Fax: 40 09 479

The District Court of Bonn opened bankruptcy proceedings against
Autohaus Nossmann GmbH on June 5.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          Autohaus Nossmann GmbH
          Kleine Heeg 36
          53359 Rheinbach
          Germany


BBT TRANSFER: Creditors' Meeting Slated for July 24
---------------------------------------------------
The court-appointed insolvency manager for BBT Transfer GmbH,
Michael C. Frege will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:30 a.m. on
July 24.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:15 a.m. on Oct. 30 at the same venue.

Creditors have until Sept. 4 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Michael C. Frege
         Lennestr. 7
         10785 Berlin
         Germany

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


The Debtor can be reached at:

         BBT Transfer GmbH
         Binger Str. 39
         14197 Berlin
         Germany


BRILLIANT-HAUS: Claims Registration Period Ends July 12
-------------------------------------------------------
Creditors of Brilliant-Haus GmbH have until July 12 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 Aug. 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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 Brilliant-Haus GmbH on May 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Brilliant-Haus GmbH
         Kornblumenweg 32
         18055 Rostock
         Germany


CCB COMPUTER: Creditors Must Register Claims by June 30
-------------------------------------------------------
Creditors of CCB Computer Consult EDV - Fachhandels- und
Unternehmensberatungsgesellschaft mbH have until June 30 to
register their claims with court-appointed insolvency manager
Christian Koehler-Ma.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Aug. 7, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Christian Koehler-Ma
         Kurfuerstendamm 212
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against CCB Computer Consult EDV - Fachhandels- und
Unternehmensberatungsgesellschaft mbH on May 25.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         CCB Computer Consult EDV - Fachhandels- und
         Unternehmensberatungsgesellschaft mbH
         Sachtlebenstr. 9
         14165 Berlin
         Germany


COMCHAT SYSTEMHAUS: Creditors Meeting Slated for August 9
---------------------------------------------------------
The court-appointed insolvency manager for ComChat Systemhaus
GmbH, Peter Theiss, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:30 a.m. on Aug. 9.

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

         The District Court of Saarbruecken
         Area Hall 13
         First Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 11:30 a.m. on Sept. 20 at the same venue.

Creditors have until Aug. 29 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Peter Theiss
         Dudweiler Strasse 4
         Germany
         66111 Saarbruecken
         Tel: (0681) 9404 180
         Fax: (0681) 9404 181

The District Court of Saarbruecken opened bankruptcy proceedings
against ComChat Systemhaus GmbH on June 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         ComChat Systemhaus GmbH
         Ludwigstr. 15
         66386 St. Ingbert
         Germany


COX MASSIVHAUS: Creditors Must Register Claims by July 30
---------------------------------------------------------
Creditors of Cox Massivhaus GmbH Gesellschaft fuer
schluesselfertiges Bauen have until July 30 to register their
claims with court-appointed insolvency manager Nada Nasser.

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

The meeting of creditors will be held at:

         The District Court of Moenchengladbach
         Meeting Hall A 14
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach
         Germany

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

The insolvency manager can be reached at:

         Nada Nasser
         Gneisenaustrasse 52
         41061 Moenchengladbach
         Tel: 02161 / 2479730
         Fax: 02161 / 2479629
         Germany

The District Court of Moenchengladbach opened bankruptcy
proceedings against Cox Massivhaus GmbH Gesellschaft fuer
schluesselfertiges Bauen on June 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Cox Massivhaus GmbH Gesellschaft fuer
         schluesselfertiges Bauen
         Gasstrasse 2
         41751 Viersen
         Germany


CYBERJEANS GMBH: Creditors Must Register Claims by August 9
-----------------------------------------------------------
Creditors of CyberJeans GmbH have until Aug. 9 to register their
claims with court-appointed insolvency manager Steffen Kroener.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Offenbach am Main
         Hall 162N
         First Floor
         Kaiserstrasse
         63065 Offenbach am Main
         Germany

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

The insolvency manager can be reached at:

         Steffen Kroener
         Philipp-Reis-Strasse 7
         63110 Rodgau
         Germany
         Tel: 06106-696000
         Fax: 06106-696-099

The District Court of Offenbach am Main opened bankruptcy
proceedings against CyberJeans GmbH on June 4.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         CyberJeans GmbH
         Otto-Hahn-Str. 39
         63303 Dreieich
         Germany


DAIMLERCHRYSLER AG: Signs Truck-Engine Agreement With Fiat
----------------------------------------------------------
The DaimlerChrysler Truck Group and Fiat Powertrain Technologies
have concluded a strategic co-operation agreement in the field
of powertrains.

The first step of this agreement concerns the long-term supply
of light-duty diesel engines to the Mitsubishi Fuso Bus & Truck
Corporation, to be used in the Canter light commercial vehicle
which will be marketed in major markets, including Europe and
Japan.

FPT will supply around 80,000 F1C engines per year to Mitsubishi
Fuso starting in 2009.  The supply volumes will increase over
the following years.

The engine is a Common Rail Diesel engine, with 3.0 liter
displacement, rated 177 Hp at 3,500 rpm and a torque of 400 Nm
at 1,400 rpm.  The F1C engine guarantees excellent performance
and fuel consumption through the optimized design of all engine
components and the advanced technology of its injection and
turbocharging systems.  The F1C engine is currently manufactured
only in Foggia, Italy, but production in an additional site will
shortly be started as part of the globalization of FPTs
footprint.

The current Canter generation was introduced in 2002 and is one
of the most successful light-duty trucks in Asia -- sold over
132,000 times in 2006 in over 106 countries world-wide.  Its
great success and Mitsubishi Fuso’s core competence for such
vehicles makes MFTBC the world-wide Competence Centre for light-
duty trucks within the DaimlerChrysler Truck Group.

Within the framework of this strategic supply-agreement the two
companies are also investigating further potential business
opportunities in other markets, including South East Asia.

“This agreement is a key step in our strategy aimed at
developing strategic partnerships in all sectors of the Group,”
said Fiat Group CEO Sergio Marchionne.

“This agreement witnesses the level of our technology and
supports the strategic role of FPT in expanding its business
outside the captive market,” said Fiat Powertrain Technologies
CEO Alfredo Altavilla.  “We trust this supply agreement can be
the first step in a long-lasting and mutually satisfactory
cooperation in further selected projects.”

Dieter Zetsche, chairman of the Board of Management of
DaimlerChrysler AG and responsible for the Mercedes Car Group,
said: “Today’s and future emission regulations demand a high
level of investment and technological specialization.  This
agreement provides a value added for both companies, Fiat Group
and DaimlerChrysler.”

Andreas Renschler, member of the DaimlerChrysler Board of
Management and responsible for the Truck Group, added: “Today is
a milestone for the DaimlerChrysler Truck Group in many ways.
With this alliance we have reached the best decision for our
Fuso customers as we will offer them the most modern,
technologically advanced and ecologically friendly light-duty
engine for their businesses.  And the engine will deliver high
performance combined with highly competitive fuel efficiency.”

Formed in March 2005, Fiat Powertrain Technologies is the
Engines and Transmissions sector of the Fiat Group.  With its
annual output of around 2.8 million engines and 2.1 million
transmissions, with 16 plants and 10 R&D centres, FPT is one of
the key players in its sector on a worldwide basis.

The DaimlerChrysler Truck Group is a division of DaimlerChrysler
AG and the world’s largest commercial vehicle manufacturer.
With its five truck brands Mercedes-Benz, Freightliner,
Sterling, Western Star and Fuso it operates over 50 locations in
Western Europe, Asia, the NAFTA region and Latin America.  Last
year the Truck Group sold 537,000 trucks world-wide.

Mitsubishi Fuso Truck & Bus Corporation is based in Kawasaki,
Japan, and sold a total of 186,600 units including light-,
medium- and heavy-duty trucks and buses in 2006.
DaimlerChrysler AG owns 85% of MFTBC.  The remaining 15% of
shares are held by various Mitsubishi Group companies.  MFTBC is
an integral part of the DaimlerChrysler Truck Group.

                      About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX)
(FRA:DCX) -- http://www.daimlerchrysler.com/-- develops,
manufactures, distributes, and sells various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.  It primarily operates in four segments:
Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

The company's worldwide operations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam, and Australia.

The Chrysler Group segment 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 Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.


DAIMLERCHRYSLER: Chrysler & GETRAG Makes US$530MM Investment
------------------------------------------------------------
Richard Chow-Wah, Vice President - Powertrain Manufacturing,
Chrysler Group, joined Indiana Governor Mitch Daniels to
officially name Tipton County, Indiana, as the site of a new
dual-clutch transmission manufacturing plant with partner
company, GETRAG Corporate Group.  The $530 million investment is
another step in Chrysler Group's "Powertrain Offensive" -- $3
billion in investments to produce more fuel-efficient engines,
transmissions and axles for Chrysler Group.

"We appreciate the support that has been offered by state and
local officials to help bring this investment to Indiana," Mr.
Chow-Wah said.  "Together with our new partner, GETRAG, our
combined $530 million investment in Tipton will create a state-
of-the art facility to manufacture fuel-efficient, dual-clutch
transmissions and reaffirm our long-term commitment to producing
vehicles that meet and exceed consumers' demands for more
economical-to-operate vehicles."

"This is an important day for the future of the UAW and
Chrysler,
and in particular for the continued competitiveness of our team
here in the State of Indiana," General Holiefield, UAW Vice
President, who directs the union's DaimlerChrysler Department,
said.  "This investment is a significant step toward realizing
our vision to see this company and our union grow this business
and transform Chrysler into a stronger company that will be
competitive for the long run."

Located on a 145-acre site at the intersection of State Road 28
and U.S. 31 in Tipton County, GETRAG will have the operational
leadership of the plant which will employ approximately 1,050
full-time Chrysler Group UAW-represented workers and 120
management employees from both companies.

The plant will produce 700,000 dual-clutch transmissions
annually.  Additionally, the plant will have a direct effect on
230 employees at Kokomo Casting and Kokomo Transmission who will
be dedicated to producing parts for the GETRAG plant.
Construction of the 804,000 square-foot facility is scheduled to
begin June 27, 2007, with production beginning in 2009.

"Indiana's comeback rolls on," Mr. Daniels said.  "The
investment is a tribute to the skill of Hoosier workers and the
pro-growth climate we are building in our state."

"Dual-clutch transmissions provide much better shift quality,
driving comfort, and superior fuel efficiency compared to more
conventional technologies such as torque converter automatics
and/or CVTs," Ulrich Kohler, Vice President Manufacturing --
GETRAG Transmissions Corporation, said.  "DCTs replace the
energy-sapping torque converters of conventional automatic
transmissions with two wet or lubricated clutches -- one that
engages first, third and fifth gear and the other that engages
second, fourth and sixth.  As a result, the transmission can
deliver a five to 10 percent improvement in fuel economy."

                          About GETRAG

Based in Untergruppenbach, Germany, GETRAG Corporate Group is an
independent automotive transmission manufacturer with 12,400
employees at 23 locations worldwide.  The Group develops
technical solutions for the automotive industry, featuring a
wide product range of transmission systems and powertrain
components for passenger cars, SUVs, motorbikes and light
commercial vehicles.

                      About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX)
(FRA:DCX) -- http://www.daimlerchrysler.com/-- develops,
manufactures, distributes, and sells various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.  It primarily operates in four segments:
Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

The company's worldwide operations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam, and Australia.

The Chrysler Group segment 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 Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.


DAIMLERCHRYSLER: Chrysler Group Eyes Sales and Dealer Expansion
---------------------------------------------------------------
As Chrysler Group continues to increase sales and expand
operations in markets outside North America, the company has
identified a need for additional sales outlets in key
established and growth markets.  This week, approximately 70
international investors and dealers are visiting the company’s
headquarters in Auburn Hills for a sneak peek at the potential
for Chrysler, Jeep and Dodge brand franchises in their
respective markets.

“While we will continue to aggressively defend our position in
NAFTA, it is important that we expand in other markets so that
we are not as dependent on the ups and downs of a single
region,” Tom LaSorda, President and CEO – Chrysler Group, said.
“With a more global focus we will be better able to take
advantage of emerging opportunities.”

                    Dealer Investment Forum

The Chrysler Group has invited the potential partners from 19
countries all over the world, including Russia, Japan and the
Middle East.  During three days with senior Chrysler Group
executives, the investors will learn more about the different
avenues the company is pursuing to become a more global
operation as it implements the Recovery and Transformation Plan,
a roadmap for returning to financial health.  They will also
gain insight into the Chrysler Group’s growth plans outside
North America and experience first-hand the unique products and
powertrains that would be available through their franchise if
they choose to invest.  This week's forum follows a conference
held in China where 140 dealers attended.

"Due to the expansion of our global portfolio, we see an
opportunity not only to strengthen the relationship with our
current dealers, but also to look for new business partners that
can help us to take our international business to the next
level," Michael Manley, Executive Vice President – International
Sales, Marketing and Business Development, said.

Outside North America, Chrysler Group has roughly 1,400 sales
outlets.  In established markets, like Western Europe, the
company plans to add roughly 100 new sales outlets over the next
two years.  Additional growth in the dealer network will
increase the company’s presence in growing markets, such as
Russia and China, where the existing dealer network is doing
well, but the goals of additional sales growth will require
adding more locations.

The addition of these new outlets will increase customer
satisfaction, as well as contribute to increased sales.
Chrysler Group remains committed to ensuring a positive customer
experience with the product itself, and with the dealership for
both sales and service experiences.  Having the necessary number
of dealerships exposes more customers to the Chrysler, Jeep and
Dodge brands and also means that customers are able to visit a
facility in or near their community after purchasing the vehicle
for any necessary maintenance.

                Performance Outside North America

In 2006, Chrysler Group expanded the availability of the Dodge
brand in key markets all over the world with the launch of the
Dodge Caliber, the brand’s first volume vehicle outside North
America.  The next two Dodge vehicles, making their way into
global markets this summer, are the Dodge Nitro and Avenger.
Demand for the Dodge brand has been strong so far this year as
Dodge Caliber sales soared to 13,265 units year-to-date, making
it the top-selling Chrysler Group vehicle outside North America.
By 2009, Dodge could account for roughly 30% of the company’s
international sales.

“Many dealers outside North America have been very successful
with the sales of all three Chrysler Group brands in their local
markets,” Thomas Hausch, Vice President of International Sales,
said.  “In Western Europe alone, we increased our return on
sales by more than 20%, from 1.7 in 2005 to 2.1 in 2006.  This
is a clear indication that the new vehicles we are introducing
are well-received by our customers and that we deliver to our
dealers one of the best return on sales within the industry.”

Sales growth for Chrysler Group as a whole outside North America
has reached an unprecedented two full years of monthly sales
gains, and year-to-date growth of 16 percent (91,412 units) over
the same period of time in 2006.  Much of this growth is
attributed to the increase in the number of models that are
being introduced in markets all over the world with options that
meet the needs of global customers.  Chrysler Group management
has indicated that the plan is to double last year’s sales
outside North America and reach approximately 400,000 units in
the next five years.

To support this growth plan, between 2003 and 2007, The Chrysler
Group will approximately double the number of products available
outside North America from nine to 20 vehicles.  Within the
number of models available, the company will triple the number
of vehicles in right-hand-drive, from six to 18; and, quadruple
the number of vehicles with an option for a diesel powertrain,
from four to 16.

Chrysler Group sells and services vehicles in more than 125
countries around the world.  Sales outside North America
currently account for approximately 8% of the company’s total
global sales.  Vehicles available outside of North America come
from all three Chrysler Group brands, with limited availability
on some trucks and SUV models.

                      About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX)
(FRA:DCX) -- http://www.daimlerchrysler.com/-- develops,
manufactures, distributes, and sells various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.  It primarily operates in four segments:
Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

The company's worldwide operations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam, and Australia.

The Chrysler Group segment 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 Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.


DBP PRODUCTS: Creditors Must Register Claims by July 17
-------------------------------------------------------
Creditors of dBP Products GmbH have until July 17 to register
their claims with court-appointed insolvency manager
Dr. Moderegger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 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 Wolfsburg
         Hall D
         Rothenfelder Strasse 43
         38440 Wolfsburg
         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. Moderegger
         Schiffgraben 23
         30159 Hannover
         Tel: 0511-763529-0
         Fax: 0511-76352943
         Germany

The District Court of Wolfsburg opened bankruptcy proceedings
against dBP Products GmbH on May 23.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         dBP Products GmbH
         Heinrich-Nordoff-Strasse 63
         38440 Wolfsburg
         Germany


DEILMANN-HANIEL GMBH: Creditors' Meeting Slated for August 10
-------------------------------------------------------------
The court-appointed insolvency manager for Deilmann-Haniel GmbH,
Thomas Thiele, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:00 a.m. on
Aug. 10.

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

         The District Court of Dortmund
         Westfalenhalle 2
         Rheinlanddamm 200
         44139 Dortmund
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Sept. 27 at the same venue.

Creditors have until July 10 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Thomas Thiele
         Bronnerstrasse 7
         44141 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against Deilmann-Haniel GmbH on June 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Deilmann-Haniel GmbH
         Haustenbecke 1
         44319 Dortmund
         Germany

         Attn: Fred Jendrzejewski, Manager
         Byfanger Str. 241
         45257 Essen
         Germany


DEKO HANDELS: Claims Registration Ends August 30
------------------------------------------------
Creditors of DEKO-Handels-GmbH have until Aug. 30 to register
their claims with court-appointed insolvency manager Toralf
Maatz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Oct. 11, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neumuenster
         Hall B 031
         Law Courts
         Boostedter Strasse 26
         Neumuenster
         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:

         Toralf Maatz
         Holstenstrasse 22
         24103 Kiel
         Germany

The District Court of Neumuenster opened bankruptcy proceedings
against DEKO-Handels-GmbH on May 24.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         DEKO-Handels-GmbH
         Klaus-Groth-Strasse 21 A
         24623 Grossenaspe
         Germany


DGS BAUBETREUUNG: Claims Registration Ends July 17
--------------------------------------------------
Creditors of DGS Baubetreuung GmbH have until July 17 to
register their claims with court-appointed insolvency manager
Dr. Siegfried Strautmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Aug. 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Osnabrueck
         Hall N 302
         Kollegienwall 10
         49074 Osnabrueck
         Germany

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

The insolvency manager can be reached at:

         Dr. Siegfried Strautmann
         Muensterstrasse 2, D
         49186 Bad Iburg
         Germany
         Tel: 05403/73060
         Fax: 05403/730618

The District Court of Osnabrueck opened bankruptcy proceedings
against DGS Baubetreuung GmbH on June 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         DGS Baubetreuung GmbH
         Attn: Heribert Meyners, Manager
         Maschweg 8
         49186 Bad Iburg
         Germany


DIPO ELEKTRO: Creditors' Meeting Slated for July 19
---------------------------------------------------
The court-appointed insolvency manager for Dipo Elektro GmbH,
Rolf Rattunde will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:05 a.m. on
July 19.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on Oct. 18 at the same venue.

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

The insolvency manager can be reached at:

         Rolf Rattunde
         Kurfuerstendamm 212
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Dipo Elektro GmbH on May 29.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Dipo Elektro GmbH
         Koegelstr. 16
         13403 Berlin
         Germany


ENTERPRISE EVENT: Claims Registration Ends August 3
---------------------------------------------------
Creditors of ENTERPRISE EVENT GmbH have until Aug. 3 to register
their claims with court-appointed insolvency manager Jana
Dettmer.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 a.m. on Aug. 28, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Jana Dettmer
         Weyerstrasse 54
         50676 Cologne
         Germany
         Tel: 0221/921217-0
         Fax: +4922192121720

The District Court of Cologne opened bankruptcy proceedings
against ENTERPRISE EVENT GmbH on June 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         ENTERPRISE EVENT GmbH
         Attn: Maurizio Tutti and Jessica Buschenhof, Managers
         Simrockstr. 2
         50823 Cologne
         Germany


ESA BAU: Claims Registration Ends July 2
----------------------------------------
Creditors of ESA Bau Dresden GmbH have until July 2 to register
their claims with court-appointed insolvency manager Jan
Gartner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on July 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Jan Gartner
         Weisseritzstrasse 3
         01067 Dresden
         Germany
         Web site: http://www.WORAKO.de/

The District Court of Dresden opened bankruptcy proceedings
against ESA Bau Dresden GmbH on June 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         ESA Bau Dresden GmbH
         Kamenzer Str. 56
         01099 Dresden
         Germany

         Attn: Nico Petzold, Manager
         Augustusweg 13a
         01445 Radebeul
         Germany


EUROHOME MORTGAGES: Fitch Puts BB+ Ratings on Class X Notes
-----------------------------------------------------------
Fitch Ratings has assigned expected ratings to Eurohome
Mortgages 2007-1 P.L.C.'s mortgage-backed securities due August
2050.  This is Deutsche Bank AG's (rated 'AA-'/Affirmed/'F1+')
first transaction under the Eurohome platform in Continental
Europe:

   -- EUR262.5 million Class A: 'AAA'; Outlook Stable

   -- EUR15 million Class B: 'AA'; Outlook Stable

   -- EUR12 million Class C: 'A'; Outlook Stable

   -- EUR.6.3 million Class D 'BBB'; Outlook Stable

   -- EUR4.2 million Class E: 'BBB'; Outlook Stable

   -- EUR2.7 million Class X: 'BB+'; Outlook Stable

   -- Italian mortgage early redemption certificates:
      'AAA'; Outlook Stable

   -- German MERCS: 'AAA'; Outlook Stable

The final ratings are contingent on the receipt of final
documents conforming to information already received.

The expected ratings are based on the quality of the collateral,
available credit enhancement and excess spread.  The ratings
also take into account the transaction's sound legal structure,
the underwriting and servicing of the mortgage loans and the
available liquidity facility.  At closing, credit enhancement,
provided by subordination and the reserve fund, will total 13%
for the Class A notes, 8% for the Class B notes, 4% for the
Class C notes, 1.9% for the Class D notes and 0.5% for the Class
E notes.  In addition, credit enhancement will be provided by
excess spread.  The X notes will partially fund the reserve
account as well as certain other expenses and will be repaid
through the revenue waterfall, i.e. from excess spread.

The MERCS are notes backed by the lender's right to receive
early repayment charges in case borrowers prepay their loan.
The ratings of MERCs address the likelihood of receipt of MERC
payments assuming that

   (i) payment of the mortgage early redemption charges is
       legally valid, binding and enforceable against the
       borrowers and

   (ii) such mortgage early redemption charges are actually
        collected from borrowers, and not waived by the seller.

As a result, the ratings do not address an expected amount of
any payments to be distributed but solely describe the
likelihood that payments received as early redemption charges by
the issuer are transferred to the MERC investors.  Moreover, if
borrowers' prepayments on the loans are faster or slower than
expected, investors in MERCs may fail to recover their initial
investment.

This transaction is a securitization of standard and non-
standard residential mortgage loans originated in Italy and
Germany.  The aggregate portfolio volume as of April 30, 2007
amounted to EUR265.6 million; however, the preliminary note
balance shown above is based on an assumed pool balance of
EUR300 million.  The residential mortgages are originated by
Deutsche Bank Mutui S.p.A. in Italy and Deutsche Bank AG in
Germany.  DB Mutui is a wholly owned subsidiary of Deutsche Bank
S.p.A., a 94% owned subsidiary of Deutsche Bank AG.

All loans in the German and Italian pools are secured by first-
ranking mortgages on residential properties in Germany and
residential and commercial properties in Italy.  The Italian
portfolio also includes loans to non-Italian citizens who have
moved to Italy (13.7%) as well as non-standard mortgage loans
(39.1%) granted for purposes other than buying, building or
restructuring the borrowers' home.

Regarding the German pool, it is the fourth transaction of high
LTV loans, but the first transaction that contains borrowers
with adverse credit marks.  Fitch has adjusted its modelling
assumptions to reflect the nature of these borrowers.

To determine appropriate credit enhancement levels, Fitch
analysed the collateral using its Italian Residential Mortgage
Default Model for the Italian loan pool and its German
Residential Mortgage Default Model for the German mortgage pool
as a benchmark, adjusting them to account for additional risks
associated with non-standard lending.  The agency also modeled
the cash flow contribution from excess spread using its European
RMBS Cash Flow Model, applying the default and recovery
assumptions indicated by the German and Italian default models.


FAHRDIENST GEBUS: Creditors' Meeting Slated for July 24
-------------------------------------------------------
The court-appointed insolvency manager for Fahrdienst GeBuS
GmbH, Knut Rebholz will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
8:55 a.m. on July 24.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:10 a.m. on Oct. 30 at the same venue.

Creditors have until Aug. 31 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Knut Rebholz
         Cicerostr. 22
         10709 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Fahrdienst GeBuS GmbH on June 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Fahrdienst GeBuS GmbH
         Flottenstr. 50-53
         13407 Berlin
         Germany


MEDIASTORE VIERNHEIM: Creditors Must Register Claims by July 24
---------------------------------------------------------------
Creditors of Mediastore Viernheim GmbH have until July 24 to
register their claims with court-appointed insolvency manager
Ulf Martini.

Creditors and other interested parties are encouraged to attend the
meeting at 9:30 a.m. on Sept. 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 Darmstadt
         Hall 4.326
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         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. Ulf Martini
         E3, 16
         68159 Mannheim
         Germany
         Tel: 0621-40171500
         Fax: 0621-401715012

The District Court of Darmstadt opened bankruptcy proceedings
against Mediastore Viernheim GmbH on June 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Mediastore Viernheim GmbH
         Robert-Schumann-Strasse 9c
         68519 Viernheim
         Germany

         Attn: Meik Loewer, Manager
         Jean-Voelker-Strasse 5
         67547 Worms
         Germany


METALL- UND AGGREGATEBAU: Creditors' Meeting Slated for July 5
--------------------------------------------------------------
The court-appointed insolvency manager for Metall- und
Aggregatebau Voss GmbH, Frank-Michael Rhode, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 10:30 a.m. on July 5.

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

         The District Court of Bremen
         Hall 115
         Ostertorstr. 25-31
         28195 Bremen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:30 a.m. on Oct. 25 at the same venue.

Creditors have until August 2 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Frank-Michael Rhode
         Graf-Moltke-Str. 62
         28211 Bremen
         Germany
         Tel: 0421/3485212/213
         Fax: 0421/341078
         E-mail: info@rhode.de

The District Court of Bremen opened bankruptcy proceedings
against Metall- und Aggregatebau Voss GmbH on June 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Metall- und Aggregatebau Voss GmbH
         Attn: Carsten Voss, Manager
         Ermlandstr. 91
         28777 Bremen
         Germany


RATIOMAST SM: Claims Registration Period Ends July 3
----------------------------------------------------
Creditors of Ratiomast SMA Maste- Anlagenbau GmbH & Co. KG have
until July 3 to register their claims with court-appointed
insolvency manager Dr. Christian Frystatzki.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 17, 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
         Meeting Hall W 1.26.
         William-Strasse 23
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Dr. Christian Frystatzki
         Sankt Augustiner Strasse 94 a
         53225 Bonn
         Germany
         Tel: 0228/ 400 94-160
         Fax: 40 09 479

The District Court of Bonn opened bankruptcy proceedings against
Ratiomast SMA Maste- Anlagenbau GmbH & Co. KG on June 6.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Ratiomast SMA Maste- Anlagenbau GmbH & Co. KG
         Attn: Gerhard Spremberg, Manager
         Reuterstrasse 26
         53773 Hennef
         Germany


RED HAT: UBS Maintains Neutral Rating on Company's Shares
---------------------------------------------------------
UBS analysts have kept their "neutral" rating on Red Hat Inc.'s
shares, Newratings.com reports.

According to Newratings.com, the target price for Red Hat's
shares was set at US$25.

The analysts said in a research note that Red Hat would report
strong results in the fiscal first quarter 2008, with sales and
earnings per share likely to be "in-line with the consensus."

The analysts told Newratings.com that there is "upside to the
billing estimates for Red Hat in the quarter, in view of the
robust momentum the firm saw during the quarter."

The Linux server demand seemed stroing, heading into the second
half of 2007, Newratings.com states, citing UBS.

Headquartered in Raleigh, North Carolina Red Hat, Inc. --
http://www.redhat.com/-- is an open source and Linux provider.
Red Hat provides operating system software along with
middleware, applications and management solutions.  Red Hat also
offers support, training, and consulting services to its
customers worldwide and through top-tier partnerships.

The company has offices in Singapore, Germany, and Argentina,
among others.

                        *     *     *

As reported on Nov. 3, 2006, Standard & Poor's Ratings Services
revised its outlook on Raleigh, North Carolina-based operating
systems provider Red Hat Inc. to stable from positive, and
affirmed its 'B+' corporate credit rating.


TISCHLEREI PETER: Creditors Must Register Claims by July 11
-----------------------------------------------------------
Creditors of Tischlerei Peter Hoehn GmbH have until July 11 to
register their claims with court-appointed insolvency manager
Torsten Gutmann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Aug. 8, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Torsten Gutmann
         Lueders Partnergesellschaft
         Zum Blauen See 5
         D 31275 Lehrte
         Germany
         Tel: (0 51 32) 82 68 38
         Fax: (0 51 32) 82 68 96

The District Court of Braunschweig opened bankruptcy proceedings
against Tischlerei Peter Hoehn GmbH on May 21.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Tischlerei Peter Hoehn GmbH
         Attn: Andreas Stache, Manager
         Bortfelder Strasse 23
         38176 Wendeburg
         Germany


UBR VERWALTUNGS: Claims Registration Ends July 5
------------------------------------------------
Creditors of UBR Verwaltungs GmbH have until July 5 to register
their claims with court-appointed insolvency manager Dr. Rainer
Maus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         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. Rainer Maus
         Turmhof 15
         42103 Wuppertal
         Germany
         Tel: 0202/49 37 00
         Fax: 0202/4937099

The District Court of Wuppertal opened bankruptcy proceedings
against UBR Verwaltungs GmbH on June 5. Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         UBR Verwaltungs GmbH
         Attn: Frank Verhoeven, Manager
         Nordring 30-38
         42579 Heiligenhaus
         Germany


USENER LUFT-VAKUUM: Creditors' Meeting Slated for July 6
--------------------------------------------------------
The court-appointed insolvency manager for Usener Luft-Vakuum
GmbH, Bernd Ache, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:30 a.m. on
July 6.

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

         The District Court of Wetzlar
         Meeting Hall 201
         Building B
         Second Stock
         Wetherstr. 1
         35578 Wetzlar
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 8:15 a.m. on Aug. 20 at the same venue.

Creditors have until July 4 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Bernd Ache
         44, Karl-Kellner-Ring 23
         35576 Wetzlar
         Germany
         Tel: 06441/94240
         Fax: 06441/42843
         E-mail: info@kanzlei-unuetzer.de

The District Court of Wetzlar opened bankruptcy proceedings
against Usener Luft-Vakuum GmbH on June 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Usener Luft-Vakuum GmbH
         Attn: Wolfgang Rudolf, Manager
         Wiesenstr. 3 - 5
         35641 Schoeffengrund-Schwalbach
         Germany


VISTEON CORP: Construction Starts at New Missouri Assembly Plant
----------------------------------------------------------------
Visteon Corporation has begun building a manufacturing and
assembly facility in Eureka, Missouri, to support new business
in North America with automakers including Chrysler Group.  The
plant is expected to begin production in the summer of 2008 and
employ about 200 people by early 2009.

Visteon officially launched the project on June 20, 2007, in a
ceremony at the plant site in Eureka Commercial Park, located
along I-44 about 20 miles southwest of St. Louis.  The event was
attended by representatives of Visteon, the City of Eureka, the
St. Louis County Economic Council and the St. Louis Regional
Chamber and Growth Association.

The Visteon plant initially will supply door panels, consoles
and cockpits to Chrysler Group's St. Louis North Assembly Plant.

Visteon President and Chief Operating Officer Donald J. Stebbins
said the new plant supports Visteon's three-year plan to
restructure, improve base operations and grow the business.

"Our significant business growth requires us to add strategic
manufacturing capacity, and we're pleased to be creating new
jobs in Missouri," Mr. Stebbins said.  "This project
demonstrates the confidence our customers are placing in Visteon
to meet their quality, delivery and cost requirements for
vehicle systems."

The new Missouri facility will use innovative manufacturing
processes designed to deliver interior products for in-sequence,
just-in-time installation in vehicles.  Visteon's products and
production processes are designed to reduce tooling costs, cycle
time and scrap, while promoting recyclability.

Julie Fream, vice president of Visteon's North America customer
groups, commended the efforts of state, regional and local
officials in helping Visteon select the site.  Visteon received
property tax abatements, payroll tax incentives and training
grants for the new facility.

"We are very appreciative of the assistance and support received
from the Missouri Department of Economic Development, the St.
Louis County Economic Council and the St. Louis Regional Chamber
and Growth Association," Ms. Fream said.

"Business growth is a key component of Visteon's improvement
plan," she added.  "Through the commitment of our employees and
the cooperation of state and local governments, this will be a
cost-competitive manufacturing operation that will effectively
serve our customers, while creating opportunities for our
employees and the local community."

Eureka Mayor Kevin M. Coffey welcomed Visteon's decision to
build in the community.  "We are pleased to have a global
company of Visteon's caliber choose our community for its new
manufacturing plant, and we look forward to the new jobs and
economic stimulus that this new facility will generate," Mr.
Coffey said.

"I am extremely pleased to welcome Visteon Corporation to St.
Louis County,” St. Louis County Executive Charlie A. Dooley
said.  “This commitment to our community is exciting and welcome
news."

Headquartered in Van Buren Township, Mich., Visteon Corp.
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic, and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  The company has more than
170 facilities in 24 countries and employs around 50,000 people.

With corporate offices in the Michigan (U.S.); Shanghai, China;
and Kerpen, Germany; the company has more than 170 facilities in
24 countries, including Mexico and India, and employs
approximately 50,000 people.

At March 31, 2007, the company's balance sheet showed a
stockholders' deficit of US$106 million, compared to a deficit
of $188 million at Dec. 31, 2006.

                          *     *     *

As reported in the Troubled Company Reporter on April 10, 2007,
Fitch Ratings has taken these actions regarding the ratings of
Visteon Corp.: Issuer Default Rating affirmed 'CCC'; Senior
Secured Bank Facility affirmed 'B/RR1'; and Senior unsecured
downgraded to 'CC/RR6' from 'CCC-/RR5'.


VISTEON CORP: To Close Bedford Plant; 685 Jobs Slashed
------------------------------------------------------
Visteon Corp. plans to close its plant in Bedford, Indiana on
April 2008, slashing 685 jobs in the process, according to
various reports.

Reports say that the move is part of the company’s three-year
restructuring plan that will cease making auto parts and
assembling fuel-delivery modules, but instead concentrate on
producing auto interiors, climate controls and electronics.

The plant is among the 30 plants Visteon plans to shutter, fix
or sell through 2009, Visteon spokesman Jim Fisher relates.

Severance payment discussions between Visteon and union
representatives are anticipated to be soon, various sources
reports.

In September 2007, Visteon will seal up its auto-parts plant in
Connersville, Indiana, consequently, displacing 890 employees.

As reported in the Troubled Company Reporter on Nov. 6, 2006,
Visteon expected that the restructuring will generate up to
$75 million of annual savings when completed.  The company
continues to evaluate alternatives and solutions for the
remaining facilities, including divestitures, that yield
acceptable returns to the company.

Based in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic, and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  The company has more than
170 facilities in 24 countries and employs around 50,000 people.

With corporate offices in the Michigan (U.S.); Shanghai, China;
and Kerpen, Germany; the company has more than 170 facilities in
24 countries, including Mexico and India, and employs
approximately 50,000 people.

At March 31, 2007, the company's balance sheet showed a
stockholders' deficit of US$106 million, compared to a deficit
of $188 million at Dec. 31, 2006.

                          *     *     *

As reported in the Troubled Company Reporter on April 10, 2007,
Fitch Ratings has taken these actions regarding the ratings of
Visteon Corp.: Issuer Default Rating affirmed 'CCC'; Senior
Secured Bank Facility affirmed 'B/RR1'; and Senior unsecured
downgraded to 'CC/RR6' from 'CCC-/RR5'.


VULKAN AUSSENLEUCHTEN: Claims Registration Period Ends July 16
--------------------------------------------------------------
Creditors of Vulkan Aussenleuchten GmbH have until July 16 to
register their claims with court-appointed insolvency manager
Torsten Gutmann.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on Aug. 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 Hannover
         Hall 226
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         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:

         Torsten Gutmann
         Kriegerstrasse 44
         30161 Hannover
         Tel.: 0511 2206268-0
         Fax: 0511 2206268-9

The District Court of Hannover opened bankruptcy proceedings
against Vulkan Aussenleuchten GmbH on June 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Vulkan Aussenleuchten GmbH
         Mergenthalerstr. 6
         30880 Laatzen
         Germany


W.U.H. BETEILIGUNGS: Claims Period Ends July 25
-----------------------------------------------
Creditors of W. u. H. Beteiligungs GmbH have until July 25 to
register their claims with court-appointed insolvency manager
Dr. Frank Krueger.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Sept. 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 Osnabrueck
         Branch N 301
         Kollegienwall 10
         49074 Osnabrueck
         Germany

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

The insolvency manager can be reached at:

         Dr. Frank Krueger
         Sutthauser Str. 394
         49080 Osnabrueck
         Germany
         Tel: 0541-990330
         Fax: 0541-9903310

The District Court of Osnabrueck opened bankruptcy proceedings
against W. u. H. Beteiligungs GmbH on June 6. Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         W. u. H. Beteiligungs GmbH
         Attn: Wilhelm von Alwoerden, Manager
         Schillerstr. 29
         01326 Dresden
         Germany


WARNOW HAUS: Claims Registration Period Ends July 13
----------------------------------------------------
Creditors of WarnoW Haus Baubetreuungs- und
Finanzierungsvermittlungs GmbH have until July 13 to register
their claims with court-appointed insolvency manager INSMNGR.

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

         Dr. Achim Ahrendt
         Lange Strasse 1 a
         18055 Rostock
         Germany

The District Court of Rostock opened bankruptcy proceedings
against WarnoW Haus Baubetreuungs- und Finanzierungsvermittlungs
GmbH on June 1. Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         WarnoW Haus Baubetreuungs- und
         Finanzierungsvermittlungs GmbH
         Attn: Helfried Patrias, Manager
         Adolf-Becker-Strasse 3
         18057 Rostock
         Germany


WILHELM HEITKEMPER: Claims Registration Period Ends July 25
-----------------------------------------------------------
Creditors of Wilhelm Heitkemper GmbH & Co have until July 25 to
register their claims with court-appointed insolvency manager
Achim Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 a.m. on Aug. 24, 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 Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

The Court will also verify the claims set out in the insolvency
manager's report 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:

         Achim Thomas Thiele
         Bronnerstrasse 7
         44141 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against Wilhelm Heitkemper GmbH & Co on June 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Wilhelm Heitkemper GmbH & Co
         Transportunternehmung
         Walter-Welp-Str. 24 - 26
         44149 Dortmund
         Germany


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


COMMERCIAL VALUE: Freezing of Reserves Cues Fitch's Neg. Watch
--------------------------------------------------------------
Fitch Ratings has placed Commercial Value AAE's National Insurer
Financial Strength rating of 'BB' on Rating Watch Negative,
following the Greek regulator's decision to freeze the company's
insurance reserves.

Fitch understands that the Greek regulatory body has frozen CV's
insurance reserves following allegations by Aspis's former group
actuary that Aspis Pronia's insurance reserves were understated.
Following these allegations, the actuary and the group have
parted company and the group's major shareholder is suing the
former actuary.  Fitch understands that these allegations did
not involve the reserves of CV.  The regulator, however, deemed
it appropriate to restrict CV's insurance reserves because it is
a wholly owned subsidiary of the companies under investigation.
Fitch will monitor the investigations and further update its
rating to reflect any decisions taken by the regulating body
once a conclusion is reached.

Fitch notes CV's very rapid expansion in new business in 2006.
Such rapid growth is reducing capital adequacy and could
introduce negative pressures on the rating in the future, should
it continue.  Fitch is also concerned that the company's
investments are still highly concentrated in Aspis Group
companies, although this exposure has reduced from previous
years.  CV still has a 16% shareholding in the Aspis group,
which is worth around EUR18 million.  CV's rating also reflects
weak risk management and corporate governance. Profitability is
improving, aided by positive investment gains from assets under
management.  Overall in 2006, the company posted a pre-tax
profit of EUR1.7 million (2005: EUR 1.6 million)

Fitch considers CV to be well-positioned to benefit in the
medium- to long-term from the developments in the Greek life and
non-life insurance marketplace.  Fitch expects the company's
operating performance to show progress in the future as
conditions in the local motor market and premium levels are
improving.  Fitch views positively the company's balanced
exposure to life and non-life risks.  Fitch notes the
diversification value of CV's relative strength in the marine
business since this line is relatively uncorrelated to the rest
of the non-life book.

Fitch notes that CV's property portfolio is understated because
Greek GAAP does not allow for property holdings to be accounted
for at market value.  Instead, an adjusted book value is used,
which invariably is lower than the market value of such
holdings.

A high proportion of CV's life and health products sales are
unit-linked products, which carry lower risk. Fitch notes the
relatively high level of guarantees on CV's long-term products;
however, the agency also believes that the company's charging
structure is adequate to mitigate this potential risk.

CV has also been expanding its acquisitions in Cyprus by
acquiring stakes in Universal Bank (20% shareholding) and Aspis
Holdings, formerly Market Trends Ltd (36% shareholding).


OVERSEAS SHIPHOLDING: Two Underwriters to Exercise Stock Option
---------------------------------------------------------------
Overseas Shipholding Group Inc., together with Double Hull
Tankers Inc., disclosed that Merrill Lynch & Co. and UBS
Investment Bank have exercised their option to purchase 750,000
shares of common stock of Double Hull.

The company granted the underwriters a 30-day option to purchase
up to an additional 750,000 shares of common stock to cover
overallotments in connection with its previously announced
offering of 5,000,000 shares of common stock of Double Hull.

Overseas Shipholding expects to recognize an additional gain
from the sale of the 750,000 shares of about US$2 million in the
second quarter of 2007.

After completion of the sale, Overseas Shipholding’s beneficial
ownership of Double Hulls's common stock will be reduced from
about 12.5%, or 3,751,500 shares, to about 10%, or 3,001,500
shares.  This sale was made pursuant to Double Hull's existing
shelf registration statement. Double Hull will not receive any
proceeds from this sale of its common stock.

A registration statement relating to these securities has been
filed with the Securities and Exchange Commission and has become
effective.

This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of
any such state or jurisdiction.

A copy of the written prospectus relating to this offering can
be obtained from:

                  Merrill Lynch & Co.
                  Prospectus Department
                  4 World Financial Center
                  New York, New York 10080

                  or

                  UBS Investment Bank
                  Prospectus Department
                  299 Park Avenue, New York, NY 10171

Alternatively, you may obtain a copy of the prospectus by
calling (212) 449-1000 or (212) 821-3884.

                        About Double Hull

Double Hull Tankers, Inc. (NYSE: DHT) --
http://www.dhtankers.com/-- commenced operations as an
independent tanker company on Oct. 18, 2005.  It acquired its
current fleet of seven double hull crude oil tankers from
Overseas Shipholding and currently charters these vessels to
subsidiaries of Overseas Shipholding.

                    About Overseas Shipholding

Overseas Shipholding Group Inc. (NYSE: OSG) –
http://www.osg.com/-- is a tanker company that offers global
energy transportation services for crude oil and petroleum
products in the U.S. and International Flag markets.  The
company is a customer-focused marine transportation company,
with offices in Athens, Houston, London, Manila, Montreal,
Newcastle, New York City, Philadelphia, Singapore and Tampa.

                           *     *     *

To date, Overseas Shipholding Group Inc. still carries Moody's
Investors Service Ba1 long-term corporate family rating and
senior unsecured debt ratings issued on Feb. 8, 2005.  The
ratings outlook remains stable.

Also, the company still carries Standard & Poor’s BB+ long-term
foreign and local issuer credit ratings issued on Feb. 11, 2005.


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


RITCHIE (IRELAND): Files for Bankruptcy Protection in New York
--------------------------------------------------------------
Ritchie Risk-Linked Strategies Trading (Ireland), Ltd., and
Ritchie Risk-Linked Strategies Trading (Ireland) II, Ltd., filed
for Chapter 11 protection with the U.S. Bankruptcy Court for the
Southern District of New York on July 20, 2007.

The Debtors, court records show, filed for bankruptcy:

    * due to the deterioration in the market value of their life
      insurance policies;

    * due to the decline in the value of their assets;

    * due to their inability to execute a planned
      securitization;

    * due to the impairment of their ability to pay their
      obligations with regard to the policies; and

    * in order to preserve the value of their assets for their
      creditors.

                     Attorney General Complaint

The Debtors disclose that in Oct. 26, 2006, the Attorney General
for the State of New York filed a complaint against Coventry
First, LLC, Montgomery Capital, Inc., The Coventry Group, Inc.
and Reid S. Buerger.

The complaint, titled "New York Attorney General v. Coventry
First, LLC, et al." (No. 404620-06 N.Y. Sup. Ct.), alleged that
Coventry engaged in various improper practices in its
acquisition of policies from generally wealthy individuals of at
65 years in age.

The Debtors relates that although they were not names as a party
in the complaint, they had purchased the policies from an
affiliate of Conventry prior to the complaint.

The Debtors contend however, that as a result of the complaint:

    * they were unable to complete the planned securitization
      transaction,

    * their financial status and ability to obtain additional
      funding deteriorated; and

    * they were forced to initiate efforts to restructure their
      obligations and sell the policies.

The Debtors further say that as a result of the complaint,
Ritchie I entered into an amendment to its senior lending
facility with ABN AMRO Bank N.V. providing for an increase in
the Liquidity Facility to fund its monthly operational expenses,
including payment of the Premiums and other amounts due under
the Policies, through May, 2007.

However, since the complaint, the market value of the policies
diminished greatly and thus the Debtors were unable to
successfully market these policies for sale nor to obtain
funding necessary to maintain the policies until their natural
maturation.

                     The Ritchie I Complaint

The Debtors also disclose that on May 2, 2007, a complaint was
filed in the U.S. District Court for the Southern District of
New York alleging that the Debtors and their investors were
defrauded by certain companies and individuals affiliated with
the Coventry-affiliated group of companies.

In the complaint titled "Ritchie Capital Management, L.L.C., et
al. v. Coventry First, LLC, et al." (No. 07-3494 U.S. D. Ct.
S.D.N.Y.), the plaintiffs allege that Coventry partnered with
them to invest in life insurance policies with a view toward re-
selling them through a securitization transaction.  The
complaint further alleges that Coventry concealed from Ritchie
Capital that the defendants were systematically defrauding the
owners of the policies, and then further deceived Ritchie
Capital as to the existence of an investigation by the Attorney
General of New York into the defendants’ misconduct.

The complaint also argues that Moody’s lost confidence in the
health of the collateral –- i.e., the policies -– because it no
longer believed that representations and warranties could be
made by Ritchie I and Ritchie II to potential investors in the
securitization of the nature and character provided to, and
relied upon by, Ritchie I and Ritchie II in the purchase of the
policies.

Moody's, according to the complaint, no longer believed that the
policies had been purchased in compliance with applicable legal
requirements.

                        DIP Financing

Court records further show that contemporaneous with the filing
of their voluntary chapter 11 petitions, the Debtors have
requested for authority to incur DIP financing of up to $30
million and use the prepition senior lender's cash collateral.

The Debtors say that the DIP Financing and the cash collateral
will be used to make premium payments, pay Life Settlement
Policies’ servicing fees and pay other operating expenses.

                         About Coventry

Headquartered in Philadelphia, Pennsylvania, Coventry First LLC
-- http://www.coventry.com/-- is a secondary market leader for
life settlements.

                          About Ritchie

Headquartered in Lisle, Illinois, Ritchie Capital Management
Ltd. - http://www.ritchiecapital.com/-- is a private asset
management firm founded in 1997 by former college football
linebacker Thane Ritchie.  The company has offices in New York
and Menlo Park, California.

                       About Ritchie (Ireland)

Ritchie Risk-Linked Strategies Trading (Ireland), Ltd., and
Ritchie Risk-Linked Strategies Trading (Ireland) II, Ltd., are
Dublin-based funds of hedge fund group Ritchie Capital
Management.

The Debtors were formed as special purpose vehicles to invest in
life insurance policies in the life settlement market.  The
Debtors’ acquisition of the policies, and their contractual and
other rights of payment related thereto, are based upon, among
other things, a series of agreements providing for the purchase,
financing, servicing and management of the Policies in
anticipation of a securitization transaction.


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


ALITALIA SPA: Italy Moves Bid Deadline to July 10
-------------------------------------------------
The Italian government extended to July 12, 2007 the deadline
for the final bidders to submit binding offers for its 39.9%
stake in national carrier Alitalia S.p.A., Bloomberg News
reports.

The Italian finance ministry had previously set the deadline on
July 2, 2007, but moved it to give Alitalia's newest bidder,
MatlinPatterson Global Advisers LLC, ample time to review the
carrier's accounts.

The fund was previously part of a consortium of TPG Capital and
Mediobanca S.p.A. that, along with rivals OAO Aeroflot-
Unicredito Italiano S.p.A. and AirOne S.p.A. and Intesa-San
Paolo S.p.A., qualified for the final round of bidding for a
majority stake in Alitalia.

MatlinPatterson's consortium, however, pulled out its bid,
saying it was not "in a position to comply with all of the
requirements," which it described as "too complex and cryptic."

                         About Alitalia

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

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


EUROHOME MORTGAGES: Fitch Puts BB Ratings on Class X Notes
----------------------------------------------------------
Fitch Ratings has assigned expected ratings to Eurohome
Mortgages 2007-1 P.L.C.'s mortgage-backed securities due August
2050.  This is Deutsche Bank AG's (rated 'AA-'/Affirmed/'F1+')
first transaction under the Eurohome platform in Continental
Europe.

   -- EUR262.5 million Class A: 'AAA'; Outlook Stable

   -- EUR15 million Class B: 'AA'; Outlook Stable

   -- EUR12 million Class C: 'A'; Outlook Stable

   -- EUR.6.3 million Class D 'BBB'; Outlook Stable

   -- EUR4.2 million Class E: 'BBB'; Outlook Stable

   -- EUR2.7 million Class X: 'BB+'; Outlook Stable

   -- Italian mortgage early redemption certificates:
      'AAA'; Outlook Stable

   -- German MERCS: 'AAA'; Outlook Stable

The final ratings are contingent on the receipt of final
documents conforming to information already received.

The expected ratings are based on the quality of the collateral,
available credit enhancement and excess spread.  The ratings
also take into account the transaction's sound legal structure,
the underwriting and servicing of the mortgage loans and the
available liquidity facility.  At closing, credit enhancement,
provided by subordination and the reserve fund, will total 13%
for the Class A notes, 8% for the Class B notes, 4% for the
Class C notes, 1.9% for the Class D notes and 0.5% for the Class
E notes.  In addition, credit enhancement will be provided by
excess spread.  The X notes will partially fund the reserve
account as well as certain other expenses and will be repaid
through the revenue waterfall, i.e. from excess spread.

The MERCS are notes backed by the lender's right to receive
early repayment charges in case borrowers prepay their loan.
The ratings of MERCs address the likelihood of receipt of MERC
payments assuming that

   (i) payment of the mortgage early redemption charges is
       legally valid, binding and enforceable against the
       borrowers and

   (ii) such mortgage early redemption charges are actually
        collected from borrowers, and not waived by the seller.

As a result, the ratings do not address an expected amount of
any payments to be distributed but solely describe the
likelihood that payments received as early redemption charges by
the issuer are transferred to the MERC investors.  Moreover, if
borrowers' prepayments on the loans are faster or slower than
expected, investors in MERCs may fail to recover their initial
investment.

This transaction is a securitization of standard and non-
standard residential mortgage loans originated in Italy and
Germany.  The aggregate portfolio volume as of April 30, 2007
amounted to EUR265.6 million; however, the preliminary note
balance shown above is based on an assumed pool balance of
EUR300 million.  The residential mortgages are originated by
Deutsche Bank Mutui S.p.A. in Italy and Deutsche Bank AG in
Germany.  DB Mutui is a wholly owned subsidiary of Deutsche Bank
S.p.A., a 94% owned subsidiary of Deutsche Bank AG.

All loans in the German and Italian pools are secured by first-
ranking mortgages on residential properties in Germany and
residential and commercial properties in Italy.  The Italian
portfolio also includes loans to non-Italian citizens who have
moved to Italy (13.7%) as well as non-standard mortgage loans
(39.1%) granted for purposes other than buying, building or
restructuring the borrowers' home.

Regarding the German pool, it is the fourth transaction of high
LTV loans, but the first transaction that contains borrowers
with adverse credit marks.  Fitch has adjusted its modelling
assumptions to reflect the nature of these borrowers.

To determine appropriate credit enhancement levels, Fitch
analysed the collateral using its Italian Residential Mortgage
Default Model for the Italian loan pool and its German
Residential Mortgage Default Model for the German mortgage pool
as a benchmark, adjusting them to account for additional risks
associated with non-standard lending.  The agency also modeled
the cash flow contribution from excess spread using its European
RMBS Cash Flow Model, applying the default and recovery
assumptions indicated by the German and Italian default models.


PARMALAT SPA: Court Grants Permanent Injunction vs. Creditors
-------------------------------------------------------------
The Hon. Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York on Thursday granted Parmalat SpA a
permanent injunction against the claims of Bank of America Corp.
and other U.S. creditors, Reuters reports.

The order, the report relates, signals a defeat for around 31
bondholders having estimated claims of EUR646 million or
US$869 million.

Shirley Norton, BofA spokeswoman, said that the bank was
"pleased" that the Court modified the injunction, Reuters adds.

Parmalat declined to comment while lawyers for both Parmalat and
the bondholders did not return calls, the report discloses.

                        About Parmalat

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

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

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

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

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

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.


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


AGRODIRMEN LLP: Proof of Claim Deadline Slated for July 25
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared  LLP Agrodirmen insolvent.

Creditors have until July 25 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Jahaev Str. 71
         Kyzylorda
         Kazakhstan
         Tel: 8 (32422) 27-23-65
              8 (32422) 27-24-55


AGROTECHSERVICE JSC: Creditors Must File Claims July 31
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared  JSC Agricultural Technical Service Agrotechservice
insolvent.

Creditors have until July 31 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Room 17
         Tolstoy Str. 59
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (3112) 50-35-81


ASPAN LLP: Claims Filing Period Ends July 31
--------------------------------------------
The Tax Committee of Almaty has declared  LLP Aspan (RNN
090400010867) insolvent.

Creditors have until July 31 to submit written proofs of claims
to:

         The Tax Committee of Almaty
         Room 208
         Jangusurov Str. 113A
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (32822) 24-19-77


AVERS PLUS: Claims Registration Ends July 25
--------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared  LLP Avers Plus insolvent.

Creditors have until July 25 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Mashinostroiteley Str. 6-63
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 55-02-78
         Fax: 8 (3232) 22-01-00


BUSAR LLP: Creditors' Claims Due July 25
----------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared  LLP Busar insolvent.

Creditors have until July 25 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Mashinostroiteley Str. 6-63
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: PH: 8 (3232) 55-02-78
         Fax: 8 (3232) 22-01-00


DALA-TAU LLP: Proof of Claim Deadline Slated for July 31
--------------------------------------------------------
The Tax Committee of Almaty has declared  LLP Dala-Tau (RNN
090400215937) insolvent.

Creditors have until July 31 to submit written proofs of claims
to:

         The Tax Committee of Almaty
         Room 208
         Jangusurov Str. 113A
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (32822) 24-19-77


ECO-DOM PLUS: Creditors Must File Claims July 25
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared  LLP Eco-Dom Plus insolvent.

Creditors have until July 25 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Kurmanov Str. 63
         Kolbai
         Alakolsky District
         Almaty
         Kazakhstan
         Tel: 8 (32837) 4-11-28
              8 701 482 68-18



ENBEKSHYLDER LLP: Claims Filing Period Ends July 25
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared  LLP Enbekshylder insolvent.

Creditors have until July 25 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Auelbekov Str. 126/75
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (3162) 25-40-67


JAMA LLP: Claims Registration Ends July 25
------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared  LLP Jama insolvent.

Creditors have until July 25 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District 4, 1-89
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 25-55-25


ZERNOVOY HOLDING: Creditors' Claims Due July 25
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared  LLP Zernovoy Holding insolvent.

Creditors have until July 25 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Jahaev Str. 71
         Kyzylorda
         Kazakhstan
         Tel: 8 (32422) 27-23-65
              8 (32422) 27-24-55


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


ASIA MONOLIT: Creditors Must File Claims by August 3
----------------------------------------------------
LLC Asia Monolit has declared insolvency.  Creditors have until
Aug. 3 to submit written proofs of claim.

Inquiries can be addressed to (0-502) 70-11-88.


DON-SERVICE: Claims Filing Period Ends July 27
----------------------------------------------
LLC Don-Service has declared insolvency.  Creditors have until
July 27 to submit written proofs of claim to:

         LLC Don-Service
         Kulatov Str. 3a
         Bishkek
         Kyrgyzstan


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


CA INC: Secures US$500 Million Accelerated Share Repurchase Pact
----------------------------------------------------------------
CA Inc. has repurchased approximately 16.9 million common
shares, or 3 percent of its outstanding common shares, at a cost
of about US$435 million.

The repurchase was executed under an accelerated share
repurchase agreement with a third-party financial institution
and was funded with existing cash.  The company is authorized to
repurchase up to US$500 million in common shares under the ASR
agreement.  The ASR is part of the Company’s previously
announced US$2 billion share repurchase plan.

The ASR provides CA with immediate delivery of the common
shares.  The third-party financial institution is expected to
purchase an equivalent number of common shares in the open
market during the term of agreement.  The initial price of the
accelerated share repurchase is subject to an adjustment based
on the volume weighted average price of CA’s common shares
during this period.  As a result, the company may receive
additional common shares at the termination of the program.  The
program is expected to terminate on or before Dec. 6, 2007.  The
company does not plan to make additional share repurchases
during this period.

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management of
enterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  The company has operations in Brazil,
Indonesia, Luxembourg, Philippines and Thailand.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 7, 2007, Standard & Poor's Rating Services affirmed its
'BB' corporate credit and senior unsecured debt ratings on
Islandia, New York-based CA Inc.  S&P revised the outlook to
stable from negative.

As reported in the Troubled Company Reporter-Latin America on
May 31, 2007, Fitch has affirmed these ratings for CA, Inc.:

     -- Issuer Default Rating at 'BB+';

     -- Senior unsecured revolving credit facility expiring 2008
        at 'BB+';

     -- Senior unsecured debt at 'BB+'.


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


RESOURCE EUROPE: Moody's Rates EUR6.35 Mln Class E Notes at Ba3
---------------------------------------------------------------
Moody's assigned definitive credit ratings to the notes issued
by Resource Europe CLO I B.V., a Dutch special purpose company.

The ratings are:

   -- Aaa to the EUR211,050,000 Class A Senior Secured Floating
      Rate Notes due 2023;

   -- Aa2 to the EUR18,800,000 Class B Senior Secured Deferrable
      Floating Rate Notes due 2023;

   -- A2 to the EUR17,280,000 Class C Senior Secured Deferrable
      Floating Rate Notes due 2023;

   -- Baa3 to the EUR18,050,000 Class D Senior Secured
      Deferrable Floating Rate Notes due 2023;

   -- Ba3 to the EUR6,350,000 Class E Senior Secured Deferrable
      Floating Rate Notes due 2023;

   -- Aaa to the EUR22,941,520 Class V Combination Notes due
      2023;

   -- Baa3 to the EUR5,000,000 Class W Combination Notes due
      2023;

   -- Baa1 to the EUR8,000,000 Class X Combination Notes due
      2023;

   -- EUR28,470,000 Class M Subordinated Notes due 2023 were
      also issued but are not rated by Moody's.

The ratings of the Class A, B, C, D, and E Notes address the
expected loss posed to investors by the legal final maturity in
2023.

The ratings assigned to the Class V, W and X Combination Notes
by Moody's address the expected loss posed to the investors by
the legal final maturity in 2023 as a proportion of the Rated
Balance, where the Rated Balance is equal, at any time, to the
principal amount of each combination notes on the closing date
minus the aggregate of all payments made to that combination
note from the closing date to such date, either through interest
or principal payments.  These ratings are not an opinion about
the ability of the issuer to pay interest.

The ratings assigned to the above notes issued by Resource
Europe CLO I B.V. are based upon:

   1. An assessment of the eligibility criteria and portfolio
      guidelines applicable to the future additions to the
      portfolio;

   2. The protection against losses through the subordination of
      the more junior classes of notes to the more senior
      classes of notes;

   3. The currency swap transactions, which insulate Resource
      Europe CLO I B.V. from the volatility of the foreign
      currency exchange rates, for Non-Euro denominated
      obligations; and

   4. The legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a EUR292,223,000 portfolio of mostly European Senior
and Mezzanine loans (with a predominance of senior secured
loans).  This portfolio is dynamically managed by Resource
Europe Management Limited.  This portfolio will be partially
acquired at closing date and partially during the 6-month ramp-
up period in compliance with portfolio guidelines (which
include, among other tests, a diversity score test, a weighted
average rating factor test and a weighted average spread test).
Thereafter, the portfolio of loans will be actively managed and
the portfolio manager will have the option to direct the issuer
to buy or sell loans.  Any addition or removal of loans will be
subject to a number of portfolio criteria.


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


BALTIC BUILDING: Creditors Must File Claims by July 26
------------------------------------------------------
Creditors of LLC Baltic Building Company–54 (TIN 6658127222)
have until July 26 to submit proofs of claim to:

         D. Anisimov
         Insolvency Manager
         Post User Box 21
         125047 Moscow
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A60-6137/07-S11.

The Court is located at:
         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg
         Russia

The Debtor can be reached at:

         LLC Baltic Building Company–54
         Papanina Str. 7A-14
         620014 Ekaterinburg
         Russia


CENTRAL COMMERCIAL: Fitch Puts IDR at B- with Stable Outlook
------------------------------------------------------------
Fitch Ratings has assigned Russia-based Central Commercial Bank
ratings of Long-term Issuer Default 'B-', Short-term Issuer
Default 'B', Individual 'D/E', Support '5', Support Rating Floor
'No floor' and National Long-term 'BB-(rus)'.  The Outlooks on
the Long-term Issuer Default and National Long-term ratings are
Stable.

The ratings reflect CCB's small franchise, high concentration
risk on both sides of the balance sheet and risks associated
with related-party lending.  The ratings also take into account
the bank's very high capital adequacy ratios, low market risk
and good asset quality to date.  Provided that CCB does not
pursue a highly aggressive asset growth strategy and maintains
satisfactory internal capital generation, capital levels should
remain reasonable in the medium-term. The large capital base
significantly mitigates the concentration risk in the loan book.

Upward pressure on CCB's ratings is not expected in the near-
term, but a strengthening of the franchise and reduction in
related-party lending and in concentration levels on both sides
of the balance sheet would be positive for the bank's credit
profile.  Downward pressure is not expected in the near-term,
but could be triggered if capital ratios fall considerably while
related-party lending remains significant, or if there is
significant deterioration in asset quality or weakening of CCB's
liquidity position.

CCB is a small-sized Russian bank, with assets of RUR6 billion
at end-2006.  The bank's activities are primarily focused on
corporate lending.  Headquartered in Moscow, the bank has one
branch in Ufa.  In Fitch's view, the bank is owned by Sergei
Veremeenko, a former major shareholder of Russia's International
Industrial Bank (IDR 'B'/Outlook Stable).


CHUVASHIYA LLC: Creditors Must File Claims by July 26
-----------------------------------------------------
Creditors of LLC Immovable Property of Chuvashiya (TIN
2128047510, OGRN 1032128003148) have until July 26 to submit
proofs of claim to:

         N. Grigoryev
         Insolvency Manager
         Room 100
         Elmenya Str. 13
         Cheboksary
         428023 Chuvashiya
         Russia

The Arbitration Court of Chuvashiya commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A79-9580/2006.

The Debtor can be reached at:

         LLC Immovable Property of Chuvashiya
         Lenina Pr. 51/1
         Cheboksary
         428000 Chuvashiya
         Russia


LENINSKOYE OJSC: Creditors Must File Claims by August 2
-------------------------------------------------------
Creditors of OJSC Leninskoye (TIN 560004690, KPP 565001001)
have until Aug. 2 to submit proofs of claim to:

         D. Samoylov
         Insolvency Manager
         Gaya Str. 23-a
         460000 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A 47-6710/06-14 GK.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Leninskoye
         Tyulgan
         Tyulganskiy
         462010 Orenburg
         Russia


NARMONKA OP: Creditors Must File Claims by June 26
--------------------------------------------------
Creditors of OJSC Narmonka have until June 26 to submit proofs
of claim to:

         I. Sabirov
         Temporary Insolvency Manager
         Tsentralnaya Str. 24
         Narmonka
         Laishevskiy
         422630 Tatarstan
         Russia

The Arbitration Court of Tatarstan will convene at 10:00 a.m. on
Sept. 11 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A65-8545/2007-SG4-49.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Narmonka
         Laishevskiy
         Tatarstan
         Russia


OBL-SEL-STROY: Creditors Must File Claims by July 26
----------------------------------------------------
Creditors of OJSC Obl-Sel-Stroy have until July 26 to submit
proofs of claim to:

         A. Pavlov
         Insolvency Manager
         R. Lyuksemburg 23
         432027 Ulyanovsk
         Russia

The Arbitration Court of Ulyanovsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A72-959/02-R1-B.

The Debtor can be reached at:

         OJSC Obl-Sel-Stroy
         Dolgie
         Chastoozerskiy
         Ulyanovsk
         Russia


PROM-METALL CJSC: Court Names I. Odintsov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Tomsk appointed I. Odintsov as
Insolvency Manager for CJSC Prom-Metall.  He can be reached at:

         I. Odintsov
         Festivalnaya Str. 16/1
         634059 Tomsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case
No. A67-9701/06.

The Court is located at:

         The Arbitration Court of Tomsk
         Kirova Str. 10
         634050 Tomsk
         Russia

The Debtor can be reached at:

         I. Odintsov
         Festivalnaya Str. 16/1
         634059 Tomsk
         Russia


RAMON’ OJSC: Court Names E. Tsutskin as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Voronezh appointed E. Tsutskin as
Insolvency Manager for OJSC Agricultural Company Ramon’.  He
can be reached at:

         E. Tsutskin
         Nizhegorodskaya Str. 32/15
         109029 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case
No. A14-3739-2006/116/7b.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Agricultural Company Ramon’
         F. Engelsa Str. 18
         Voronezh
         Russia


SEROV-BREAD OJSC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Sverdlovsk commenced bankruptcy
supervision procedure on OJSC Serov-Bread (TIN 6632003913).
The case is docketed under Case No. A60-6319/07-S11.

         The Temporary Insolvency Manager is:
         T. Shulyakova
         Post User Box 518
         620000 Ekaterinburg
         Russia

The Court is located at:
         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg
         Russia

The Debtor can be reached at:

         OJSC Serov-Bread
         Puteytsev Str. 22 A
         Serov
         624980 Sverdlovsk
         Russia


SITRONICS JSC: Inks US$7 Mln Telecom Deal with Pakistan's Wateen
----------------------------------------------------------------
JSC Sitronics has signed a US$7 million agreement with Wateen
Telecom, the largest private sector communication company in
Pakistan, to provide Sitronics' flagship product, FORIS NG
Billing and Customer Care, in Pakistan.

Within the framework of the contract, Sitronics will provide its
integrated FORIS NG Billing and Customer Care product, along
with a number of network management solution products, enabling
Wateen Telecom to expand its offerings in the local market.  The
project includes a 3-year managed services operation.

“The Middle Eastern and Asian telecommunications markets are two
of the most rapidly growing in the world, prompting local
operators to continuously enhance their network reach, quality
and efficiency,” Sitronics Telecommunication Solutions President
Igor Hulak commented.

“We are confident that Wateen Telecom will benefit from
Sitronics's expertise in the field of OSS/BSS integration,
especially in the billing and customer care domain, by having a
product which will allow the Company to cater for its billing,
CRM and management reporting needs.  Recognizing the high
potential and ever-increasing requirements of the local market,
Sitronics has established strong partnerships with major
regional service providers and recently opened its subsidiary in
Lahore,” Mr. Hulak added.

“Wateen Telecom is building one of the most innovative, high
performing and high availability IP-based communication networks
in the country and abroad, offering IP-based quad-play (voice,
video, data and mobility) services to business and residential
customers,” Wateen Telecom CEO Tariq Malik commented.

“Our choice of Sitronics as our partner in local and
international projects was based on its expertise in providing
complete integration and operational services, as well as on its
experience in the deployment of large scale complex projects in
the region.  Our growth and variety of services will demand
scalability and shorter time-to-market, which is a promise that
we are confident Sitronics will fulfill with excellence,” Mr.
Malik concluded.

                       About Sitronics

Headquartered in Moscow, Russia, JSC Sitronics (LSE: SITR) --
http://www.sitronics.com/-- provides telecommunications
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.

Sitronics' key Telecommunication Solutions operations are based
in Prague, Czech Republic and Athens, Greece, while the
company's IT Solutions and Microelectronic Solutions divisions
are based in Kiev, Ukraine and Zelenograd, Russia respectively.

For the twelve months ended December 31, 2006, Sitronics'
revenues and OIBDA were US$1.61 billion and US$183.6 million,
respectively.  As of Dec. 31, 2006, SITRONICS had total assets
of US$1.65 billion.

                          *     *     *

As of May 24, 2007, JSC Sitronics carries Fitch's B- Long-Term
Issuer Default Rating.


SNEZHINSKIY FACTORY: Creditors Must File Claims by June 26
----------------------------------------------------------
Creditors of LLC Snezhinskiy Factory of Reinforced Concrete
Goods have until June 26 to submit proofs of claim to:

         Y. Suzdalev
         Insolvency Manager
         Post User Box 23
         620048 Ekaterinburg
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A76-275/2007-48-8.

The Court is located at:

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

The Debtor can be reached at:

         LLC Snezhinskiy Factory of Reinforced Concrete Goods
         Post User Box 71
         Shirokaya Str. 76
         Snezhinsk
         456770 Chelyabinsk
         Russia


SUSSEX COM: Creditors Must File Claims by August 2
--------------------------------------------------
Creditors of CJSC Sussex Com have until Aug. 2 to submit proofs
of claim to:

         O. Reverchuk
         Insolvency Manager
         Udmurtskaya Str. 304-215
         Izhevsk
         426034 Udmurtiya
         Russia

The Arbitration Court of Udmurtiya commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A71-1617/2007-G21.

The Court is located at:

         The Arbitration Court of Udmurtiya
         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtiya
         Russia

The Debtor can be reached at:

         CJSC Sussex Com
         Golyanskaya Str. 96b
         Zavyalovo
         427000 Udmurtiya
         Russia


TUYMAZINSKIY OJSC: Creditors Must File Claims by June 26
--------------------------------------------------------
Creditors of OJSC Breeding Farm Tuymazinskiy (TIN 0269019978)
have until June 26 to submit proofs of claim to:

         B. Evstratov
         Insolvency Manager
         Post User Box 41
         Ufa
         450075 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A07-17221/06-G-GRA.


The Court is located at:

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

The Debtor can be reached at:

         OJSC Breeding Farm Tuymazinskiy
         Shkolnaya Str. 1
         Duslyk
         Tuymazinskiy
         Bashkortostan
         Russia


UVAROVSKIY MALT: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Tambov commenced bankruptcy supervision
procedure on LLC Uvarovskiy Malt.  The case is docketed under
Case No. A64-7265/06-10.

The Temporary Insolvency Manager is:

         E. Kubakhov
         Post User Box 12
         Kosmonavtov Str. 10
         394038 Voronezh
         Russia

The Debtor can be reached at:

         LLC Uvarovskiy Malt
         Location Molodyezhnyj
         Uvarov
         Tambov
         Russia


VEL-GRAIN-PRODUCT: Creditors Must File Claims by August 2
---------------------------------------------------------
Creditors of CJSC Vel-Grain-Product have until Aug. 2 to submit
proofs of claim to:

         I. Kozhemyakin
         Insolvency Manager
         Apt. 7
         Zapadnaya Str. 2V
         180024 Pskov
         Russia

The Arbitration Court of Pskov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A52-2105/2006/4.

The Debtor can be reached at:

         I. Kozhemyakin
         Insolvency Manager
         Apt. 7
         Zapadnaya Str. 2V
         180024 Pskov
         Russia


VOLGOGRAD-FISH OJSC: Creditors Must File Claims by August 2
-----------------------------------------------------------
Creditors of OJSC Volgograd-Fish (TIN 3443009174, OGRN
1023402969920) have until Aug. 2 to submit proofs of claim to:

         M. Dyakonov
         Insolvency Manager
         Post User Box 481
         111141 Moscow
         Russia

The Arbitration Court of Volgograd commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A12-20363/06-s48.

The Debtor can be reached at:

         OJSC Volgograd-Fish
         Shosse Aviatorov 21
         Volgograd
         Russia


YUKOS OIL: PwC Withdraws Audit Opinions for 1994-2004 Financials
----------------------------------------------------------------
PricewaterhouseCoopers' Russian unit disclosed Sunday that its
financial reports for OAO Yukos Oil Co. for the period 1994-2004
could no longer be relied upon, the Wall Street Journal reports.
The auditing firm said that the company's former management
might have given it inaccurate information with regard to its
finances.

The move, according to the report, bolsters the claims of
Kremlin and Russian prosecutors that Yukos acted as a tax-
evasion and money-laundering scheme.

Citing a statement by the auditing firm, WSJ reports that PwC
withdrew its audit opinions for the oil company after it became
aware of new information.  Information, according to the
statement, that could have affected PwC's reports.

WSJ further relates that the auditing firm's decision to
withdraw its reports was also due to the fact that former Yukos
shareholders, and even management, continued to push others to
rely on the said reports.

Former CEO Steve Theede and CFO Bruce Misamore however said that
during the period they were officers of Yukos, the information
given was complete and correct.  Mr. Theede was CEO from July
2004 to 2006 while Mr. Misamore was CFO from April 2001.  WSJ
relates that Messrs. Theede and Misamore have asked PwC for an
explanation.

WSJ also discloses that the firm's decision to withdraw audit
opinions comes amidst a legal battle against Russian tax
authorities who claim that PwC assisted Yukos in its tax-evasion
scheme.  PwC has denied the allegations.

PwC however said that the move wasn't in any way connected to
the current case, the report adds.

                     About Yukos Oil

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

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

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

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

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

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


YUKOS OIL: Moscow Court Sends Moravel Claim Case for Retrial
------------------------------------------------------------
The Moscow Arbitration Court sent for retrial a US$680 million
debt claim by Moravel Investment Ltd. against OAO Yukos Oil Co.,
RIA Novosti relates.

As reported in the TCR-Europe on Sept. 14, 2006, the Moscow
District Federal Arbitration Court rejected an appeal by
Moravel, a unit of Yukos' core shareholder Group Menatep, to
charge US$680 million from Yukos.

The Federal Arbitration Court upheld a July 17, 2006 ruling of
the Moscow Arbitration Court rejecting the company's appeal to
enforce a decision made by a London arbitration tribunal on
Sept. 16, 2005, to charge the principal amount of the debt and
interest from Yukos, Russia's news and information agency
reports.

On Sept. 30, 2003, Societe Generale Bank extended a US$1.6
billion loan to Yukos under which it may demand early repayment
over threats of default.  The bank then demanded the repayment
of the remaining US$655.25 million debt when Yukos ran into
financial difficulties.  When Yukos failed to meet its
obligations, the bank re-assigned its claim to Moravel
Investment which then took the case to an arbitration tribunal
in London, the Russian news agency relates.

                       About Yukos Oil

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

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

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

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

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

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


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


BANCAJA 8: Fitch Affirms Class D Notes at BB+
---------------------------------------------
Fitch Ratings has upgraded seven tranches from Bancaja RMBS
transactions and affirmed a further 18, following a satisfactory
performance review.  The portfolios are backed by loans
originated by Caja de Ahorros de Valencia, Castellon y Alicante.

The oldest transactions, mainly those well seasoned at closing,
such as Bancaja 3, Fondo de Titulizacion de Activos, Bancaja 5
Fondo de Titulizacion de Activos, and Bancaja 6, Fondo de
Titulizacion de Activos, have consistently shown low arrears
levels below Fitch's Spanish Three-Months Delinquency Index.
Bancaja 4, Fondo de Titulizacion de Activos and Bancaja 7, Fondo
de Titulizacion de Activos, have shown slightly higher arrears,
ranging from 0.31% to 0.33%.

The more recent issues, Bancaja 8, Fondo de Titulizacion de
Activos and Bancaja 9, Fondo de Titulizacion de Activos, have
shown rising three month-plus arrears, standing at 0.67% and
0.81%, respectively, according to the latest reports.  These
high arrears may be due to their substantially lower seasoning
relative to other deals in the series at closing at 10.9 and
11.2 months respectively.

With the exception of Bancaja 3, all the transactions have
sequential amortization of the notes until the proportion of the
more junior classes is double that of closing.  Bancaja 3 has
had a substitution period, which expired in June 2007.  Starting
from the end of the substitution period till June 2009, mortgage
principal receipts will be maintained in the fund's principal
account for this deal.

Bancaja 4 and Bancaja 5 have already switched to pro rata and
their reserve funds have started to amortize.  Bancaja 6 and
Bancaja 7 reserve fund proportions are double those at closing
and hence are expected to begin amortizing.

The high principal payment rate and the sequential payments have
had a strong impact on building the levels of credit
enhancement.  Consequently, the more seasoned transactions have
been upgraded.

Bancaja is the result of the mergers of four savings banks from
the Autonomous Community of Valencia but in April 2004, Bancaja
launched its 2004-2007 strategic plan, centered on increasing
its presence outside Valencia. Deals issued before 2004 -
Bancaja 3 to Bancaja 6 - have a high concentration in the
region, ranging from 87.6% to 54.6%. The concentration at
closing in later transactions - Bancaja 7 - diminished to 48.4%
while that in Bancaja 9 was 37.72%, the lowest of the Bancaja
deals.

The deals' current loan-to-values have been on an upwards trend,
ranging from 58.5% in Bancaja 3 to 74.5% in Bancaja 9.  The PPR
of all the deals has been high, at an average of 17.44%, which
is above the Spanish average.  Since closing, the concentration
in Valencia and the CLTV have diminished, and hence there has
been no negative selection.

Fitch has employed its credit-cover multiple methodology in
reviewing these transactions to assess the level of credit
support available to each class of notes.
The rating actions are as follows:

Bancaja 3, Fondo de Titualizacion de Activos:

   -- Class A (ISIN ES0312882006) affirmed at 'AAA'.  Outlook
      Stable

   -- Class B (ISIN ES0312882014) affirmed at 'A+'.  Outlook
      Stable

   -- Class C (ISIN ES0312882022) affirmed at 'BBB'.  Outlook
      Stable

Bancaja 4, Fondo de Titualizacion Activos:

   -- Class A (ISIN ES0312883004) affirmed at 'AAA'.  Outlook
      Stable

   -- Class B (ISIN ES0312883012) upgraded to 'AAA' from 'AA+'.
      Outlook revised to Stable from Positive

   -- Class C (ISIN ES0312883020) affirmed at 'A+'. Outlook
      Positive

Bancaja 5, Fondo de Titualizacion de Activos:

   -- Class A (ISIN ES0312884002) affirmed at 'AAA'.  Outlook
      Stable

   -- Class B (ISIN ES0312884010) upgraded to 'AAA' from 'AA+'.
      Outlook revised to Stable from Positive

   -- Class C (ISIN ES0312884028) affirmed at 'A-'.
      Outlook revised to Positive from Stable

Bancaja 6, Fondo de Titualizacion de Activos:

   -- Class A2 (ISIN ESO312885017) affirmed at 'AAA'.  Outlook
      Stable

   -- Class B (ISIN ESO312885025) upgraded to 'AA' from 'AA-'.
      Outlook Positive

   -- Class C (ISIN ESO312885033) upgraded to 'A-'
      from 'BBB+'.  Outlook Positive

Bancaja 7, Fondo de Titualizacion de Activos:

   -- Class A2 (ISINES0312886015) affirmed at 'AAA'.  Outlook
      Stable

   -- Class B (ISIN ES0312886023) upgraded to 'AA-'
      from A+'.  Outlook revised to Positive from Stable

   -- Class C (ISINES0312886031) upgraded to 'A-' from
      'BBB+'.  Outlook revised to Positive from Stable

   -- Class D (ISINES0312886049) upgraded to 'BBB-'
      from BB+'.  Outlook revised to Positive from Stable

Bancaja 8, Fondo de Titulizacion de Activos:

   -- Class A (ISIN ES0312887005) affirmed at 'AAA'.  Outlook
      Stable

   -- Class B (ISIN ES0312887013) affirmed at 'A+'.  Outlook
      revised to Positive from Stable

   -- Class C (ISIN ES0312887021) affirmed at 'BBB+'.  Outlook
      revised to Positive from Stable

   -- Class D (ISIN ES0312887039) affirmed at 'BB+'.  Outlook
      revised to Positive from Stable

Bancaja 9, Fondo de Titulizacion de Activos:

   -- Class A2 (ISIN ES0 312888011) affirmed at 'AAA'.  Outlook
      Stable

   -- Class B (ISIN ES0 312888029) affirmed at 'A+'.  Outlook
      revised to Positive from Stable

   -- Class C (ISIN ES0 312888037) affirmed at 'BBB+'.  Outlook
      revised to Positive from Stable

   -- Class D (ISIN ES0 312888045) affirmed at 'BB+'.  Outlook
      revised to Positive from Stable

   -- Class E affirmed at 'CCC-'.  Outlook Stable


BANCAJA 9: Fitch Junks Class E Notes with Stable Outlook
--------------------------------------------------------
Fitch Ratings has upgraded seven tranches from Bancaja RMBS
transactions and affirmed a further 18, following a satisfactory
performance review.  The portfolios are backed by loans
originated by Caja de Ahorros de Valencia, Castellon y Alicante.

The oldest transactions, mainly those well seasoned at closing,
such as Bancaja 3, Fondo de Titulizacion de Activos, Bancaja 5
Fondo de Titulizacion de Activos, and Bancaja 6, Fondo de
Titulizacion de Activos, have consistently shown low arrears
levels below Fitch's Spanish Three-Months Delinquency Index.
Bancaja 4, Fondo de Titulizacion de Activos and Bancaja 7, Fondo
de Titulizacion de Activos, have shown slightly higher arrears,
ranging from 0.31% to 0.33%.

The more recent issues, Bancaja 8, Fondo de Titulizacion de
Activos and Bancaja 9, Fondo de Titulizacion de Activos, have
shown rising three month-plus arrears, standing at 0.67% and
0.81%, respectively, according to the latest reports.  These
high arrears may be due to their substantially lower seasoning
relative to other deals in the series at closing at 10.9 and
11.2 months respectively.

With the exception of Bancaja 3, all the transactions have
sequential amortization of the notes until the proportion of the
more junior classes is double that of closing.  Bancaja 3 has
had a substitution period, which expired in June 2007.  Starting
from the end of the substitution period till June 2009, mortgage
principal receipts will be maintained in the fund's principal
account for this deal.

Bancaja 4 and Bancaja 5 have already switched to pro rata and
their reserve funds have started to amortize.  Bancaja 6 and
Bancaja 7 reserve fund proportions are double those at closing
and hence are expected to begin amortizing.

The high principal payment rate and the sequential payments have
had a strong impact on building the levels of credit
enhancement.  Consequently, the more seasoned transactions have
been upgraded.

Bancaja is the result of the mergers of four savings banks from
the Autonomous Community of Valencia but in April 2004, Bancaja
launched its 2004-2007 strategic plan, centered on increasing
its presence outside Valencia. Deals issued before 2004 -
Bancaja 3 to Bancaja 6 - have a high concentration in the
region, ranging from 87.6% to 54.6%. The concentration at
closing in later transactions - Bancaja 7 - diminished to 48.4%
while that in Bancaja 9 was 37.72%, the lowest of the Bancaja
deals.

The deals' current loan-to-values have been on an upwards trend,
ranging from 58.5% in Bancaja 3 to 74.5% in Bancaja 9.  The PPR
of all the deals has been high, at an average of 17.44%, which
is above the Spanish average.  Since closing, the concentration
in Valencia and the CLTV have diminished, and hence there has
been no negative selection.

Fitch has employed its credit-cover multiple methodology in
reviewing these transactions to assess the level of credit
support available to each class of notes.
The rating actions are as follows:

Bancaja 3, Fondo de Titualizacion de Activos:

   -- Class A (ISIN ES0312882006) affirmed at 'AAA'.  Outlook
      Stable

   -- Class B (ISIN ES0312882014) affirmed at 'A+'.  Outlook
      Stable

   -- Class C (ISIN ES0312882022) affirmed at 'BBB'.  Outlook
      Stable

Bancaja 4, Fondo de Titualizacion Activos:

   -- Class A (ISIN ES0312883004) affirmed at 'AAA'.  Outlook
      Stable

   -- Class B (ISIN ES0312883012) upgraded to 'AAA' from 'AA+'.
      Outlook revised to Stable from Positive

   -- Class C (ISIN ES0312883020) affirmed at 'A+'. Outlook
      Positive

Bancaja 5, Fondo de Titualizacion de Activos:

   -- Class A (ISIN ES0312884002) affirmed at 'AAA'.  Outlook
      Stable

   -- Class B (ISIN ES0312884010) upgraded to 'AAA' from 'AA+'.
      Outlook revised to Stable from Positive

   -- Class C (ISIN ES0312884028) affirmed at 'A-'.
      Outlook revised to Positive from Stable

Bancaja 6, Fondo de Titualizacion de Activos:

   -- Class A2 (ISIN ESO312885017) affirmed at 'AAA'.  Outlook
      Stable

   -- Class B (ISIN ESO312885025) upgraded to 'AA' from 'AA-'.
      Outlook Positive

   -- Class C (ISIN ESO312885033) upgraded to 'A-'
      from 'BBB+'.  Outlook Positive

Bancaja 7, Fondo de Titualizacion de Activos:

   -- Class A2 (ISINES0312886015) affirmed at 'AAA'.  Outlook
      Stable

   -- Class B (ISIN ES0312886023) upgraded to 'AA-'
      from A+'.  Outlook revised to Positive from Stable

   -- Class C (ISINES0312886031) upgraded to 'A-' from
      'BBB+'.  Outlook revised to Positive from Stable

   -- Class D (ISINES0312886049) upgraded to 'BBB-'
      from BB+'.  Outlook revised to Positive from Stable

Bancaja 8, Fondo de Titulizacion de Activos:

   -- Class A (ISIN ES0312887005) affirmed at 'AAA'.  Outlook
      Stable

   -- Class B (ISIN ES0312887013) affirmed at 'A+'.  Outlook
      revised to Positive from Stable

   -- Class C (ISIN ES0312887021) affirmed at 'BBB+'.  Outlook
      revised to Positive from Stable

   -- Class D (ISIN ES0312887039) affirmed at 'BB+'.  Outlook
      revised to Positive from Stable

Bancaja 9, Fondo de Titulizacion de Activos:

   -- Class A2 (ISIN ES0 312888011) affirmed at 'AAA'.  Outlook
      Stable

   -- Class B (ISIN ES0 312888029) affirmed at 'A+'.  Outlook
      revised to Positive from Stable

   -- Class C (ISIN ES0 312888037) affirmed at 'BBB+'.  Outlook
      revised to Positive from Stable

   -- Class D (ISIN ES0 312888045) affirmed at 'BB+'.  Outlook
      revised to Positive from Stable

   -- Class E affirmed at 'CCC-'.  Outlook Stable


BOLIDEN APIRSA: Court Grants Prelim Injunction Against Parent
-------------------------------------------------------------
Boliden Apirsa SL sought and obtained a preliminary injunction
from the local Commercial Court of Seville against Boliden AB
and Boliden Mineral AB, enjoining the two firms from seizing up
to EUR141 million in assets, as security for alleged claims
relating to a dam breach accident in Los Frailes, Spain, in
April 1998.

The preliminary injunction was granted without hearing Boliden
AB.  Boliden disputes the court's order and says it will seek to
have it set aside.

Boliden has previously stated that, in its view, the Company
will not suffer any substantial financial damage as a result of
the legal proceedings against it relating to the dam breach
accident in Spain.  The preliminary injunction granted by the
Commercial Court of Seville does not change Boliden's view.

Headquartered in Stockholm, Sweden, Boliden AB --
http://www.boliden.com/-- is one of the leading mining and
smelting companies in Europe with operations in Sweden, Finland,
Norway and Ireland.  Boliden's main products are copper, zinc,
lead and gold and silver.  Exploration and recycling of metals
are also important within the company.  The number of employees
is approximately 4,500 and the turnover amounts to approximately
EUR3.8 billion annually.  Its shares are listed on
Stockholmsboersen's Large Cap list and on the Toronto Stock
Exchange in Canada.

Boliden Apirsa SL was a subsidiary of Boliden Ltd until the
major tailings dam failure in 1998.  The operation was initially
suspended and subsequently closed.  Apirsa filed a court
application for commencement of "suspension de pagos" on Oct. 2,
2000.  The filing is equivalent to Canada's Company Creditors
Arrangement Act process and the United States' chapter 11
bankruptcy proceeding.


TOWER AUTOMOTIVE: Cancels Auction Due to Lack of Competing Bids
---------------------------------------------------------------
Tower Automotive Inc.'s marketing process approved by the U.S.
Bankruptcy Court for the Southern District of New York has
concluded, yet the Debtor did not receive any competing bids to
purchase the company.

As a result, the auction scheduled for June 25, 2007, in
conjunction with the Debtor's Chapter 11 Plan of Reorganization,
has been canceled.

The Debtor will push through with its request with the
Bankruptcy Court to approve the sale agreement with TA
Acquisition Company, LLC, an affiliate of Cerberus Capital
Management, L.P.

The Court is scheduled to hear the Debtor's request to confirm
its Chapter 11 Plan and approve the sale on July 11, 2007.  If
successful, the Debtor expects to close the transaction by
July 31, 2007.

                    About Tower Automotive

Based in Grand Rapids, Michigan, Tower Automotive Inc. (OTC BB:
TWRAQ) -- http://www.towerautomotive.com/-- is a global
designer and producer of vehicle structural components and
assemblies used by every major automotive original equipment
manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.  Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components.  The company has operations in Korea, Spain and
Brazil.

The company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
$787,948,000 in total assets and US$1,306,949,000 in total
debts.

On May 1, 2007, the Debtors filed their Chapter 11 Plan of
reorganization and Disclosure Statement explaining that plan.
On June 4, 2007, the Debtors submitted an Amended Plan and
Disclosure Statement.  The Court approved the adequacy if the
Amended Disclosure Statement on June 5, 2007.  The hearing to
consider confirmation of the Debtors' Amended Plan is set for
July 11, 2007.


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


AGERE SYSTEMS: Moody’s Withdraws B1 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn the B1 corporate family
rating of Agere Systems Inc. as well as the B1 rating of its
$362 million subordinated convertible debt, for business
purposes.

Ratings Withdrawn:

-- Corporate Family Rating at B1

PDR: Ba3

-- US$362 million subordinated convertible debt at B1, LGD4,
68%

Agere Systems Inc. (NYSE: AGR) -- http://www.agere.com/--
provides semiconductors and software solutions for storage,
mobility, and networking markets.  The company's products enable
a broad range of services and capabilities, from cell phones,
PCs, and hard disk drives to the world's most sophisticated
wireless and wireline networks.  Agere's customers include
manufacturers of consumer electronics and communications and
computing equipment.

The company has offices in China, the U.K., Korea and Sweden.


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


ARBOMEDICS LLC: Creditors' Liquidation Claims Due July 5
--------------------------------------------------------
Creditors of LLC Arbomedics have until July 5 to submit their
claims to:

         Werner Mueller
         Liquidator
         Wannenstr. 6
         8542 Wiesendangen
         Winterthur ZH
         Switzerland

The Debtor can be reached at:

         LLC Arbomedics
         Wiesendangen
         Winterthur ZH
         Switzerland


BACKEREI MONTE: Creditors' Liquidation Claims Due July 5
--------------------------------------------------------
Creditors of LLC Backerei Monte have until July 5 to submit
their claims to:

         Musaja Rizvanaj
         Liquidator
         Scheurenweg 31
         2504 Biel/Bienne BE
         Switzerland

The Debtor can be reached at:

         LLC Backerei Monte
         Unterentfelden
         Aarau AG
         Switzerland


BELLA ITALIA: Aargau Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC Bella Italia Gastronomie Sport on May 14.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Oberentfelden
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         LLC Bella Italia Gastronomie
         Hauptstrasse 49
         5026 Densburen
         Aarau AG
         Switzerland


DORFDROGERIE KERNS: Creditors' Liquidation Claims Due July 5
------------------------------------------------------------
Creditors of LLC Dorfdrogerie Kerns have until July 5 to submit
their claims to:

         Hansruedi Windlin
         Liquidator
         Dorfstrasse 16
         6064 Kerns OW
         Switzerland

The Debtor can be reached at:

         LLC Dorfdrogerie Kerns
         Kerns OW
         Switzerland


MACHLER SPORT: March Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court of March commenced bankruptcy proceedings
against JSC Machler Sport on May 15.

The Bankruptcy Service of March can be reached at:

         Bankruptcy Service of March
         8853 Lachen
         March SZ
         Switzerland

The Debtor can be reached at:

         JSC Machler Sport
         Glarnerstr. 88
         8854 Siebnen-Schubelbach
         Switzerland


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


BATKIVSCHINA LLC: Claims Filing Deadline Set June 27
----------------------------------------------------
Creditors of Agricultural LLC Batkivschina (code EDRPOU
30814216) have until June 27 to submit their proofs of claim to:

         Igor Muchinsky
         Liquidator
         Herson Str. 59
         91055 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 21/44b.

The Court is located at:

         The Economic Court of Lugansk
         Geroiv VVV Square 3a
         91000 Lugansk
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Batkivschina
         Milovskaya Str. 6
         Velikotsk
         Milovsky District
         Lugansk Ukraine


CENTER OF FASHION: Creditors Must File Claims by June 27
--------------------------------------------------------
Creditors of OJSC Center of Fashion Development (code EDRPOU
03051825) have until June 27 to submit their proofs of claim to:

         Zaza Kaberidze
         Liquidator
         Strutinsky Str. 6
         01014 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 43/779-23/51-b.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Center of Fashion Development
         Artem Str. 37/41
         04053 Kiev
         Ukraine


DIOKON-EN LLC: Claims Filing Deadline Set June 27
-------------------------------------------------
Creditors of LLC Diokon-En have until June 27 to submit their
proofs of claim to:

         Rodion Kravchenko
         Temporary Insolvency Manager
         P.O. Box 42
         Skifskaya Str. 18/17
         Energodar
         71500 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 21/85/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Diokon-En
         Energodar
         Quay Str. 12/69
         71503 Zaporozhje
         Ukraine


KIEV REPAIR-BUILDING: Claims Filing Deadline Set June 27
--------------------------------------------------------
Creditors of CJSC Kiev Repair-Building Department (code EDRPOU
05415591) have until June 27 to submit their proofs of claim to:

         Jury Ignatchenko
         Temporary Insolvency Manager
         Zhytomirskaya Str. 24, 21
         Bolsjaya
         Kiev
         Ukraine

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company on April 2.  The case is docketed under
Case No. 43/181.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Kiev Repair-Building Department
         Kurenevskaya Str. 27A
         04073 Kiev
         Ukraine


KRASNORECHENSKOE BREADRECEIVING: Proofs of Claim Due June 27
------------------------------------------------------------
Creditors of OJSC Krasnorechenskoe Breadreceiving Enterprise
(code EDRPOU 00957330) have until June 27 to submit their proofs
of claim to:

         Igor Muchinsky
         Liquidator
         Herson Str. 59
         91055 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 21/75b.

The Court is located at:

         The Economic Court of Lugansk
         Geroiv VVV Square 3a
         91000 Lugansk
         Ukraine

The Debtor can be reached at:

         OJSC Krasnorechenskoe Breadreceiving Enterprise
         Shevchenko Str. 36
         Krasnorechenskoe
         Lugansk
         Ukraine


LEBED: Claims Filing Deadline Set June 27
-----------------------------------------
Creditors of Production-Commerce Enterprise Lebed (code EDRPOU
14169263) have until June 27 to submit their proofs of claim to

         Valentin Ivaschuk
         Liquidator
         Kurchatov Str. 13/1
         Apartment 92
         Hmelnitsky
         Ukraine

The Economic Court of Hmelnitskiy commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. 13/192B.

The Court is located at:

         The Economic Court of Hmelnitskiy
         Nezalezhnosti Square 1
         29000 Hmelnitskiy
         Ukraine

The Debtor can be reached at:

         Production-Commerce Enterprise Lebed
         I. Franko Str. 5
         29000 Hmelnitskiy
         Ukraine


MAKEEVKA PRODUCTION: Claims Filing Deadline Set June 27
-------------------------------------------------------
Creditors of CJSC Makeevka Production Union Excavation (code
EDRPOU 01241378) have until June 27 to submit their proofs of
claim to:

         Vladimir Dementiev
         Temporary Insolvency Manager
         Makeevka
         Nova-II Str. 11
         86100 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company on April 11.  The case is docketed
under Case No. 42/52B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Makeevka Production Union Excavation
         Gribinichenko Str. 1
         Makeevka
         86130 Donetsk
         Ukraine


MARFOVKA AGRICULTURAL: Claims Filing Deadline Set June 27
---------------------------------------------------------
The Economic Court of AR Krym commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2-31/4319-2007.

Creditors of Marfovka Agricultural LLC (code EDRPOU 31019488)
have until June 27 to submit their proofs of claim to:

         The Economic Court of AR Krym
         Karl Marks Str. 18
         Simferopol
         95000 AR Krym
         Ukraine

The Debtor can be reached at:

         Marfovka Agricultural LLC
         Lenin Str. 16
         Marfovka
         98244 AR Krym
         Ukraine


PLANT DELTA: Claims Filing Deadline Set June 27
-----------------------------------------------
Creditors of LLC Trade House Plant Delta (code EDRPOU 34424173)
have until June 27 to submit their proofs of claim to:
         Vadim Mosakhanov
         Temporary Insolvency Manager
         Mechnikov Str. 16
         01133 Kiev
         Ukraine

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
B11/124-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Trade House Plant Delta
         Baryschevka
         October Str. 14
         Kiev
         Ukraine


UKRSIBBANK: Moody's Assigns Ba2 Rating on Senior Unsecured Notes
----------------------------------------------------------------
Moody's Investors Service assigned a long-term foreign currency
debt rating of Ba2 to Loan Participation Notes to be issued on a
limited recourse basis by HSBC Bank Plc for the sole purpose of
funding a loan to Joint-Stock Commercial Innovation Bank
UkrSibbank.  The outlook for the rating is positive.

The rating is based on UkrSibbank's Baa2 Global Local Currency
rating, which imputes a high level of possible support from its
51% parent BNP Paribas.  The rating of the notes has pierced
Ukraine's Ba3 (positive outlook) foreign currency sovereign
ceiling for bonds.

Moody's said that, the holders of the notes will be relying for
repayment solely and exclusively on the ability of UkrSibbank to
make payments under the loan agreement.  The obligations of
UkrSibbank to make payments under the loan agreement will rank
at all times at least pari-passu in right of payment with the
claims of all its other unsecured creditors, save those whose
claims are preferred by any relevant law.  According to
Ukrainian legislation, accounts of individuals (18% of
UkrSibbank's total liabilities as of Dec. 31, 2006) are ranked
senior in right of payment to the claims under the loan
agreement.  The loan agreement contains a cross-acceleration
clause as well as covenants that limit mergers, disposals and
transactions with affiliates.

According to Moody's, the notes might be eligible for early
redemption by the noteholders if the bank's ratings were to be
downgraded in the event that BNP Paribas ceases to own more than
a 50% stake of UkrSibbank.  While the likelihood of the
occurrence of such an event in the near future is relatively
low, this clause might have adverse liquidity implications for
the bank and might exert additional downward pressure on its
ratings in such a situation.

UkrSibbank, the third largest bank in Ukraine by assets, loans
and equity, is headquartered in Kyiv, Ukraine, and as of
Dec. 31, 2006, reported total assets of US$4.4 billion and
equity of US$395 million under IFRS.


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


CABLE & WIRELESS: Deploying SMS Platform in Panama & Caribbean
--------------------------------------------------------------
Cable & Wireless will install a short messaging service or SMS
platform from Irish telecoms solutions company Jinny Software in
Panama and the Caribbean, Jinny Software said in a statement.

Business News Americas relates that Cable & Wireless awarded
Jinny Software contracts to cover the firm's 13 Caribbean
operations and its Panamanian unit by collaborating with the
company's equipment provider Ericsson.

According to BNamericas, the platform for Cable & Wireless
Panama offers an SMS center so the firm can charge prepaid
clients of Global System for Mobile and Time division multiple
access technologies for SMS service.  The platform in the
Caribbean will also include a content management function for
prepaid client messaging.

The installment of the service indicates a new focus on Latin
America for Jinny Software, which has a small office in Rio de
Janeiro for both its sales staff and those of parent firm
Acotel, BNamericas states, citing the firm's marketing
communications manager Eithne Hynes.

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.

                         *     *     *

In April 2007, in connection with the implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the
Telecommunications, Media and Technology sector, Moody's
Investors Service confirmed its Ba3 Corporate Family Rating for
Cable & Wireless Plc.

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

* Issuer: Cable & Wireless Plc

                                             Projected
                           Debt     LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  --------
   4% Senior Unsecured
   Conv./Exch.
   Bond/Debenture
   Due 2010                B1       LGD4     60%

   GBP200 million
   8.75% Senior
   Unsecured Regular
   Bond/Debenture
   Due 2012                B1       LGD4     60%


CATALYST PAPER: S&P Rates Proposed US$200 Million Notes at B+
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' debt rating
to Catalyst Paper Corp.'s proposed US$200 million unsecured
notes due 2017, being offered pursuant to Rule 144a.  Proceeds
from the notes will be used for general corporate purposes,
including various investments and acquisitions as the company
focuses on cost reduction, productivity enhancement, and
industry consolidation.

The corporate credit rating on Catalyst is 'B+'.  The rating
outlook is negative.  After giving effect to the proposed notes,
the company will have about CDN$1.3 billion of pro forma March
31, 2007, fully adjusted debt.

The ratings reflect Catalyst's high debt leverage and exposure
to the declining North American newsprint market and the
cyclical specialty papers and pulp business.  These risks are
partially offset by its strong market position in newsprint and
specialty groundwood papers along the west coast of North
America and its improving productivity.


Ratings List
Catalyst Paper Corp.

Corporate credit rating          B+/Negative/--
Bank loan rating                 BB (Recovery rtg: 1)
Senior unsecured                 B+

Ratings Assigned

$200 million unsecured notes     B+

The company sells in Japan, the United Kingdom and Latin
America.


EUROCASTLE CDO III: Fitch Affirms Class E Notes at BB
-----------------------------------------------------
Fitch has affirmed EUROCASTLE CDO III plc's floating-rate notes
due 2060 following the recent increase in size:

   -- From EUR 350m to EUR 525m Class A-1: 'AAA'
   -- From EUR 55m to EUR 82.5m Class A-2: 'AAA'
   -- From EUR 42.5m to EUR 63.75m Class B: 'AA'
   -- From EUR 15m to EUR 22.5m Class C: 'A'
   -- From EUR 12.5 to EUR 18.75m Class D: 'BBB'
   -- From EUR 3.75 to EUR 5.625m Class E: 'BB'

The affirmation is based on the current capital structure and
the transaction's compliance with all of its portfolio and
coverage tests.  The ratings also take into account the analysis
performed for the scheduled pro-rata increase of the capital
structure on June 20, 2007.  The portfolio proposed by the
manager was analyzed using Fitch's CDO rating criteria.
Portfolio default levels and the applied recovery rate for each
target rating were derived from Fitch's Default Vector Model.
The upsize will not affect the transaction mechanism based on
the legal structure of the transaction.

Furthermore some eligibility criteria have been amended after
the approval from the noteholders. A s such, the minimum rating
is now at 'B-' compared to 'B' before.  The maximum non-
investment grade loan bucket limit has increased to 15% from
10%, while the overall public non-investment grade bucket
increased to 20% from 15% and the overall public and private
sub-'BB-' bucket has increased to 5% from 3%.  Additionally, the
non-call period has been extended to June 2009, and the
reinvestment period has been extended by two years to June 2012.

The collateral is managed by Fortress Investment Group LLC.  The
portfolio is selected by the collateral manager subject to the
guidelines outlined in the collateral management agreement.  The
guidelines limit the collateral manager's portfolio allocations
with respect to obligor, industry and asset type.  Moreover, the
manager will have to run the Vector model prior to each purchase
to address risks associated with reinvestment.

The ratings of the Class A1, A2 and B notes address the ultimate
repayment of principal at maturity and timely payment of
interest when due according to the term of the notes.  For the
Class C, D and E notes, which can defer interest, the ratings
address the ultimate payment of principal and interest,
including deferred interest at maturity according to the term of
the notes.

Eurocastle CDO III plc is a limited liability company
incorporated under the laws of Ireland.  The proceeds from the
note issuance were used to purchase a portfolio of structured
finance securities, including primarily residential and
commercial mortgage-backed securities and to a lesser extent,
collateralized debt obligations, asset-backed securities and
whole business-backed securities.


GLOBAL CROSSING: Picks Alcatel-Lucent for Maintenance Services
--------------------------------------------------------------
Global Crossing Ltd. has selected Alcatel-Lucent to reduce their
global network maintenance costs and improve network operating
efficiencies.  Alcatel-Lucent will oversee the maintenance of
optical and transport equipment for Global Crossing, by
providing technical support, repair, field maintenance and
program management services.

"By choosing Alcatel-Lucent as one of our providers to oversee
portions of our network maintenance, we are able to streamline
network operations and reduce costs with a common set of
processes and a minimized set of interfaces," said Dan Enright,
Global Crossing's executive vice president of global operations.
"Alcatel-Lucent has the global assets and expertise necessary to
support the maintenance demands of our global IP network as
they have done in the past."

Global Crossing joins a prestigious roster of service providers
around the world that are leveraging Alcatel-Lucent's expertise
to manage their complex communications systems, ensuring the
quality and reliability of their networks and lowering operating
and capital expenditure costs.  Alcatel-Lucent has multi-vendor,
multi-technology maintenance experience spanning more than 1,600
products from nearly 300 suppliers.

"This agreement underscores Alcatel-Lucent's breadth of
experience in managing complex, multi-vendor communications
networks," said John Meyer, president for Alcatel-Lucent's
Services business.  "Service providers have begun to realize the
operational importance and cost-savings of having a single point
of contact for maintaining and managing today's complicated
networks.  Alcatel-Lucent's network services organization is one
of the most experienced in the industry. That experience, backed
by the network expertise of Bell Labs, gives us a competitive
advantage unrivalled in this space."

                       About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that
enable service providers, enterprises and governments worldwide
to deliver voice, data and video communication services to end
users.  Alcatel-Lucent maintains operations in 130 countries,
including, Austria, Germany, Hungary, Italy, Netherlands,
Ireland, Canada, United States, Costa Rica, Dominican Republic,
El Salvador, Guatemala, Peru, Venezuela, Australia, Indonesia,
Brunei and Cambodia.

On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

                       About Global Crossing

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
(NASDAQ: GLBC) -- http://www.globalcrossing.com/-- provides
telecommunication  services over the world's first integrated
global IP-based network, which reaches 27 countries and more
than 200 major cities around the globe including Bermuda,
Argentina, Brazil, China, and the United Kingdom.  Global
Crossing serves many of the world's largest corporations,
providing a full range of managed data and voice products and
services.  The company filed for chapter 11 protection on Jan.
28, 2002 (Bankr. S.D.N.Y. Case No. 02-40188).  When the Debtors
filed for protection from their creditors, they listed
US$25,511,000,000 in total assets and US$15,467,000,000 in total
debts.  Global Crossing emerged from chapter 11 on Dec. 9, 2003.

At Dec. 31, 2006, Global Crossing Ltd.'s balance sheet showed a
US$195 million stockholders' deficit, compared to a US$173
million stockholders' deficit at Dec. 31, 2005.


ICONIX BRAND: Completes US$287.5 Mln Convertible Debt Offering
--------------------------------------------------------------
Iconix Brand Group Inc. has closed its offering of US$287.5
million aggregate principal amount of 1.875% Convertible Senior
Subordinated Notes due 2012, in an offering pursuant to Rule
144A under the Securities Act of 1933, as amended.

The company had priced its US$250 million aggregate principal
amount of the Notes, subsequent to which, in connection with the
closing, the initial purchasers exercised in full their option
to acquire an additional US$37.5 million of the Notes to cover
over-allotments.

The net proceeds to Iconix from the offering were approximately
US$280 million, after deducting the initial purchasers'
discounts and estimated offering expenses.

Iconix used approximately US$38.8 million of the net proceeds to
fund the net cost of convertible note hedge and warrant
transactions that it entered into with affiliates of the initial
purchasers.  These transactions are intended to offset Iconix'
exposure to potential dilution upon conversion of the Notes by
increasing the effective conversion price to Iconix from
US$27.56 to US$42.40 and the effective conversion premium from
30% to 100%, based on the last reported sale price of Iconix
stock of US$21.20 per share on the NASDAQ Global Select Market
on June 14, 2007.

Iconix plans to use the remaining net proceeds from the note
offering to invest in or acquire new brands through mergers,
stock or asset purchases and/or other strategic relationships,
although it has no present commitments or agreements with
respect to any such investment or acquisition, and for general
corporate purposes.

                         About Iconix Brand

Based in New York, NY, Iconix Brand Group, Inc. owns, licenses
and markets a portfolio of consumer brands including
CANDIE'S(R), BONGO(R), BADGLEY MISCHKA(R), JOE BOXER(R),
RAMPAGE(R), MUDD(R), LONDON FOG(R), MOSSIMO(R), OCEAN
PACIFIC(R), DANSKIN(R) and ROCAWEAR(R).  The group has
international licensees in Mexico, Japan and the United Kingdom.

                           *     *     *

The Troubled Company Reporter reported on June 20, 2007, that
Standard & Poor's Ratings Services revised its ratings outlook
on apparel brand manager and licensor Iconix Brand Group Inc. to
negative.  At the same time, Standard & Poor's assigned its 'B-'
debt rating to Iconix's proposed US$250 million convertible
senior subordinated notes due 2012.  The notes are being offered
pursuant to Rule 144A with registration rights under the
Securities Act of 1933.

As reported in the Troubled Company Reporter on June 18, 2007,
Moody's Investors Service affirmed Iconix Brand Group Inc.'s
corporate family rating at B1 and assigned a B3 rating to the
company's proposed US$250 million convertible senior
subordinated note offering.


KITE SHACK: Joint Liquidators Take Over Operations
--------------------------------------------------
David Anthony Horner and David Adam Broadbent of David Horner
& Co. were appointed joint liquidators of Kite Shack LLP on
June 11 for the creditors' voluntary winding-up procedure.

David Horner & Co. -- http://www.davidhornerandco.co.uk/-- is
a firm of insolvency practitioners based at three different
locations, which together cover the whole of Yorkshire and the
North East.  It also has offices in York, Doncaster and
Middlesbrough.  The firm offers practical advice and solutions
to all types of businesses, individuals and creditors, often
enabling formal insolvency to be avoided.

The company can be reached at:

         Kite Shack LLP
         Wilsthorpe
         Bridlington
         YO15 3QN
         England
         Tel: 01262 403 444


KWIK SAVE: Fails to Pay Staff; Seeks Refinancing Deal Approval
--------------------------------------------------------------
Kwik Save Ltd. would not be paying their staff or making
redundancy payments to workers who lost their jobs last month as
the company went to the High Court in Manchester to present a
refinancing package for its remaining 145 stores.

The Court granted Kwik Save an extra week to secure refinancing
but Union of Shop, Distributive and Allied Workers (Usdaw)
officials have been told that the company is trying to find
enough money to pay at least some of the workers’ wages.

"Usdaw has told Kwik Save this is a totally unacceptable way to
treat a hard working and loyal workforce who have performed
miracles keeping the company afloat," Usdaw national officer
Joanne McGuinness said.  "Kwik Save tell[s] us if the
refinancing package is agreed then staff may be paid on Friday,
June 22, 2007, or early next week at the latest so we have
agreed with Kwik Save that staff in the remaining stores can
make a claim via their store manager for a loan to see them over
the weekend."

If workers do incur any charges as a result of late payment of
wages they should keep a record and Kwik Save will pay the
charges.

The Honorable Judge Hodge earlier granted the request of Kwik
Save for an adjournment to an application to file for
administration at the Manchester courts to give directors more
time to explore refinancing options that will safeguard the
future of the business, Sarah Butler writes for Times Online.

According to the report, the adjournment was likely to be in the
interest of creditors.  It could also save many jobs which may
be at risk if the company was placed into liquidation.

Times Online says Brendan Murtagh, Kwik Save's backer, is close
to securing a rescue deal under which Mr. Murtagh will acquire
the profitable core of the business from administrators.  He
intends to rebrand the supermarket chain as Freshxpress, Times
Online relates.

The future of Kwik Save, however, remains uncertain.

Headquartered in Huddersfield, England, Kwik Save Ltd. --
http://www.kwiksave.co.uk/-- is a discount supermarket chain in
the United Kingdom, which is owned and operated by Kwik Save
Group Ltd. (fka BTTF Ltd.).

As reported in the TCR-Europe on June 7, 2007, Kwik Save was
seeking capital injection after suffering from a sharp decline
in sales and mounting losses.  The company reportedly had
conflicts with its major suppliers due to payment delays,
resulting to limited stocks on basic products.


METRONET RAIL: Demands PPP Arbiter to Start Extraordinary Review
----------------------------------------------------------------
Metronet Rail BCV Limited, which is responsible for the renewal
of the London Tubes' Bakerloo, Central, Victoria, and Waterloo &
City lines, has given notice to London Underground of its
intention to invite the PPP Arbiter to conduct an Extraordinary
Review in order to recover its significant additional costs on
the project.

In the first phase of the process, and in line with the
directions of the PPP Service Contract, Metronet and London
Underground will consult for a period of up to 10 business days
with a view to agreeing the form and conduct of the
Extraordinary Review.  At the end of that period, or earlier if
both parties agree, Metronet will provide a Reference
Application Notice to the Arbiter together with its statement of
case and initial submission.

During the first four years of the Contract, the costs of
Metronet Rail BCV have been considerably higher than was
anticipated by London Underground and Metronet at the time the
Contract was awarded.  The issue of “additional costs” is
clearly provided for in the PPP Contracts and given the scale
and complexity of the Tube's renewal program, the Contracts
provided a proper mechanism to deal with this question.  The
Extraordinary Review is the process created to enable the
recovery of these costs.

To assert the responsibility for additional costs, the Arbiter
will consider what it would have cost a Notional Infraco in
delivering the PPP contractual obligations.

The amount of any award will be the difference between the
amount that a Notional Infraco would spend, and the amount
contained in the original Contract.

A further detailed announcement, including details of the costs
which Metronet intends to recover from London Underground, will
be made after the conclusion of the consultation period.

This announcement refers only to the interests of Metronet Rail
BCV Limited.  Further, separate proceedings are expected to
commence later in the year in respect of Metronet Rail SSL
Limited.

As previously reported in the TCR-Europe on May 28, 2007,
Metronet may opt for an extraordinary review to resolve the
issue of massive cost overruns if talks with London Underground
management fail to reach a deal.

A commercial settlement with London Underground management to
cover the extra costs of upgrading the stations seems unlikely,
AFX News reports citing Metronet Chairman Graham Pimlott.

Metronet revealed the financial overrun is higher than the
projected GBP750 million in November 2006.  It is said to have
escalated to around GBP1 billion, The Guardian relates.
The Guardian says Metronet could face insolvency if PPP Arbiter
Chris Bolt orders the company to meet the majority of the
overspend and investors refuse to pay.

However, Metronet reiterated that its shareholders had no
intention of walking away.

A bank syndicate led by the European Investment Bank, which has
put up GBP600 million of a GBP1.6 billion loan facility, refused
to grant a second waiver to The Metronet Rail Group that would
allow it to access more funding to renew the Tube, Dominic
O'Connell writes for The Sunday Times.

                        About Metronet

The Metronet Rail Group -- http://www.metronetrail.com/-- is
responsible for upgrading, replacing and maintaining two-thirds
of London Underground's infrastructure - its trains, stations,
signalling, track, tunnels and bridges - under a 30-year Public
Private Partnership (PPP) contract which came into operation in
April 2003.

The Metronet Rail Group's shareholders are Atkins, Balfour
Beatty, Bombardier Transportation, EDF Energy and Thames Water
who bring together an unrivalled expertise in project management
and planning, railway engineering and asset management supported
by a wide range of technical disciplines.  They formed the
Metronet Rail Group in June 1999 to bid for two of the three
infrastructure companies - these are today known as: Metronet
Rail BCV Limited, Metronet Rail SSL Limited.

Metronet Rail BCV Limited is responsible for the Bakerloo,
Central, Victoria and Waterloo & City lines which are the 'deep
Tube' lines running under the streets of London.

Metronet Rail SSL Limited is responsible for the Metropolitan,
District, Circle, Hammersmith & City and East London lines which
are collectively known as the sub-surface lines.

                          *     *     *

As reported in the TCR-Europe on May 10, 2007, Moody's Investors
Service downgraded to Ba1 from Baa3 the senior secured
unguaranteed debt ratings of both Metronet Rail BCV Finance plc
and of Metronet Rail SSL Finance plc.  Moody's said the ratings
have been placed on review for further downgrade.


MITEL NETWORKS: High Debt Leverage Prompts S&P's B Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to Ottawa-based Mitel Networks Corp.
The outlook is stable.

At the same time, Standard & Poor's assigned its bank loan and
recovery ratings to the company's proposed secured financing,
comprising US$275 million of first-lien debt (a US$30 million
revolving credit facility due 2012, and a US$245 million term
loan B due 2014) and a US$185 million second-lien term loan due
2015.  The borrower of the term loans is wholly owned
subsidiary, Mitel U.S. Holdings, Inc.  The co-borrowers of the
revolving credit facility are the parent, Mitel Networks Corp.,
and indirectly owned subsidiary, Mitel Networks Inc.  The term
loans and operating revolver are cross-guaranteed by all direct
and indirect material subsidiaries of the company.

The issued rating on the first-lien debt is 'BB-', with a
recovery rating of '1', indicating an expectation of a very high
(90%-100%) recovery of principal in the event of a payment
default.  The issue rating on the second-lien facility is
'CCC+', with a recovery rating of '6', indicating an expectation
of a negligible (0%-10%) recovery of principal in the event of
default.

Proceeds from the bank facilities will be used to partially fund
the purchase of Tempe, Arizona-based Inter-Tel Inc. Mitel and
Inter-Tel are involved in designing, manufacturing, and selling
communication equipment and related services geared to
enterprise customers, with a particular focus on telephony
products for small-to-medium business customers.

"The rating assignment on Mitel reflects its very high pro forma
debt leverage and correspondingly weak credit measures," said
Standard & Poor's credit analyst Madhav Hari.  "It also reflects
Mitel's narrow focus on the small-to-medium business segment,
strong competition from large industry players, weak historical
operating performance at both companies, and integration risks
associated with the purchase of a large company," Mr. Hari
added.  These factors are somewhat tempered by Mitel's enhanced
market presence; potential for improved margins, given the
synergies and scale benefits; a better product roadmap; enhanced
distribution; and healthy cash flow generation.

The outlook is stable.  The Inter-Tel acquisition improves the
company's business prospects given an improved market position,
profitability, and operating cash flows.  Still, competition
from large vendors and limited financial flexibility, together
with integration and execution risks, will lead to only moderate
improvements to credit metrics in the near term.  Should the
company improve its market position meaningfully, and realize
higher synergies, we could revise the outlook to positive.
Conversely, if the company's market position weakens or
profitability is challenged, S&P could revise the outlook and
ratings downward.

The company has operations in Brazil, the United Kingdom and
Indonesia.


ORECK CORP: Weak Liquidity Position Cues S&P to Put Junk Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
ratings on New Orleans, Louisiana-based Oreck Corp. to 'CCC+'
from 'B-'.  At the same time Standard & Poor's lowered its
ratings on Oreck's existing senior secured bank facility to
'CCC+' from 'B-', on the company's proposed senior secured
first-lien credit facilities to 'B-' from B, and on its second-
lien facility to 'CCC-' from 'CCC'.  The existing senior secured
facility's recovery rating of '4' was affirmed, indicating the
expectation of average (30%-50%) recovery if a payment default
were to occur.

The proposed first- and second-lien facilities' recovery ratings
of '2' and '6', respectively, were affirmed, indicating the
expectation of substantial (70%-90%) recovery to first-lien
lenders and negligible (0%-10%) recovery to second-lien lenders
if a payment default were to occur.  The outlook is negative.
About US$180 million of total debt was outstanding at April 30,
2007.

"The downgrade reflects our concerns about Oreck's very weak
liquidity position without access to a revolving credit
facility," said Standard & Poor's credit analyst Christopher
Johnson.  Significant operating challenges also remain,
including management's ongoing efforts to relocate and resume
normal manufacturing operations, and its ability to fill key
senior management positions.  "If the company is unable to close
on its proposed senior secured credit facilities in the near
term, we will withdraw the ratings on these proposed credit
facilities, and our ratings on the company's existing facilities
would remain in place," said Mr. Johnson.

Oreck is a niche and largely domestic manufacturer and
distributor of premium household and commercial vacuum cleaners,
air purifiers, and other household products.

Oreck sells throughout the world, including South America, the
United Kingdom and Australia.


RAINSEAL TRADE: Appoints Jonathan Lord as Liquidator
----------------------------------------------------
Jonathan Lord of Bridgestones was appointed liquidator of
Rainseal Trade Windows Ltd. on June 5 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Rainseal Trade Windows Ltd.
         Roach Bank Road
         Bury
         BL9 8RQ
         England
         Tel: 0161 272 1111
         Fax: 0161 272 1122


REMY INT’L: Planned Chapter 11 Filing Cues S&P's Various Actions
----------------------------------------------------------------
Standard & Poor's Ratings Services took several ratings actions
on Remy International Inc. following the company's announcement
that it has reached an agreement with the majority of its
unsecured debt holders to undertake a capital restructuring
through a prepackaged plan of reorganization.

The Anderson, Indiana-based electrical components manufacturer
is in the process of obtaining debtor-in-possession financing
and a US$330 million senior secured exit credit facility, which
would be effective upon execution of the reorganization plan.

Standard & Poor's lowered its rating on Remy's US$145 million
senior unsecured notes to 'D' from 'CC' because Remy elected to
not make the June 15, 2007, interest payment.  It is expected
that these creditors will have their claim exchanged for US$100
million of new third-lien payment-in-kind notes and about US$50
million in cash under the reorganization plan.  At the same
time, S&P lowered the rating on Remy's US$165 million senior
subordinated notes to 'D' from 'CC' because these notes are
expected to be converted into 100% of common equity of the
reorganized company.

S&P affirmed the 'CC' rating on Remy's US$125 million floating
secured second-priority notes, as these will be paid in full
under the reorganization plan.  In addition, S&P affirmed the
'CC' rating and '1' recovery rating on Remy's US$200 million
first-priority bank loan as these will be paid in full under the
plan.

In addition, if the reorganization plan is successfully
executed, S&P could revise its recovery rating to '1' from '4'
on Remy's US$125 million floating secured second-priority notes,
because under the plan Remy would repay this claim in full.

Standard & Poor's will withdraw all of its ratings upon approval
of the restructuring plan.  Remy expects that the plan will
incorporate payment to all trade creditors, suppliers,
customers, and employees in amounts owed to them in the ordinary
course of business.  All of the company's existing equity
interests will be cancelled in restructuring.

As a critical part of the restructuring, Remy indicates that it
is making substantial progress in renegotiating certain material
commercial agreements to improve margins.  The company's
attempts to stabilize and expand earnings in the past several
years through restructuring, the acquisition of Unit Parts Co.,
global procurement initiatives, leadership changes, and
operational enhancements failed to allow the company to avoid a
financial restructuring.

Remy has operations in the United Kingdom, Brazil and Korea.


SANCTUARY GROUP: Centenary to Acquire Business for GBP44.5 Mln
--------------------------------------------------------------
The Boards of Universal Music Group, Centenary Music Holdings
Limited and Sanctuary Group plc have reached an agreement on the
terms of a recommended cash offer to be made by Centenary for
the entire issued ordinary share capital of  Sanctuary, as well
as those that will be issued in the future.

Centenary is a wholly owned subsidiary of Universal, which in
turn is a wholly owned subsidiary of Vivendi S.A.

                         The Offer

The Offer values the existing issued and to be issued share
capital of Sanctuary at approximately GBP44.5 million.

    * The Offer Price of 20 pence per Sanctuary Share
   represents:

         -- a premium of approximately 77.8 percent to the
            Closing Price of 11.25 pence per Sanctuary
            Share on May 17,2007, the last Business Day
            prior to Sanctuary's announcement that it had
            received approaches that may or may not lead to an
            offer for Sanctuary;

         -- a premium of approximately 59.2 percent to the
            average Closing Price of 12.56 pence per Sanctuary
            Share for the 3 months prior to May 17, 2007, the
            last Business Day before the commencement of the
            Offer Period; and

         -- an enterprise value for Sanctuary (including
            net debt of approximately GBP59.8 million as at
            March 31, 2007) of approximately GBP104.3 million,
            which represents a multiple of approximately 0.8
            times Sanctuary's revenue for the year ended
            Sept. 30, 2006.

                        Recommendation

The directors of Sanctuary, who have been so advised by Deloitte
Corporate Finance, consider the terms of the Offer to be fair
and reasonable.  In providing its advice to the directors of
Sanctuary, Deloitte Corporate Finance has taken into account the
commercial assessments of the directors of Sanctuary.

Accordingly, the directors of Sanctuary intend to recommend
unanimously that Sanctuary Shareholders accept the Offer and
those Sanctuary directors who hold Sanctuary shares or options
over Sanctuary Shares have irrevocably undertaken to do so in
respect of their own beneficial holdings of 78 Sanctuary Shares
and 237,624 options over Sanctuary Shares.

         Background and Reasons for the Recommendation

Over the last couple of years, Sanctuary has undergone
significant change.  Under the guidance and direction of the new
Board appointed in 2006, Sanctuary has conducted a review of its
management and businesses with a view to maximizing the value of
Sanctuary in the interests of Sanctuary Shareholders, but also
having regard to the interests of its employees and the artists
whom it represents.  This review resulted in a new structure
with three autonomous divisions, each with performance
accountability: the Recorded Product Division, the Merchandising
Division and the Artist Services Division.  Each division is
now focused on its own profit and cash generation, supported by
more cost-efficient group services.  The Sanctuary directors
believe that Sanctuary is now in an improved position, both from
an operational perspective and a corporate governance
standpoint.

However, this restructuring has been carried out during a period
when certain fundamentals of the global recorded music industry
have changed materially and the value of that market has fallen
significantly.  While it is believed within the recorded music
industry that the decline in physical product sales will be
offset by growth of digital sales, neither the extent and timing
of the effect on overall sales, nor the impact of these changes
on individual recorded product catalogs, can be established with
accuracy.  Despite the Sanctuary directors' efforts to adjust
operations to current market conditions, Sanctuary's Recorded
Product Division has not been able to sustain overall
performance in the declining market and against changing
consumer demand patterns.

Due to the difficulties being experienced by the Recorded
Product Division, and as a result of the level of debt already
in Sanctuary, cash is constrained and cash flow is tightly
controlled.  These limitations have resulted in Sanctuary's
Merchandising Division and Artist Services Division being
restricted operationally.  The directors of Sanctuary do not
believe that this position will change without either a material
improvement in market conditions or access to significant
additional equity or debt capital.  All of Sanctuary's debt
facilities fall for repayment or, subject to agreement, renewal
prior to November 2008.

The Sanctuary directors believe that an acquisition of Sanctuary
by Centenary can provide the stability and resources necessary
to maximize the potential for the Merchandising Division and the
Artist Services Division and can optimize the value that can be
derived from the Recorded Product Division.  Accordingly, the
directors of Sanctuary have concluded that the Offer represents
the best course of action available for Sanctuary Shareholders
allowing them to realize certain cash now at a significant
premium to the value of a Sanctuary Share prior to the
commencement of the Offer Period, rather than face the continued
uncertainty of the effect of market developments on a cash-
constrained company.  In addition, the Offer safeguards the
future of the Sanctuary business, its artists and employees and,
in the opinion of the Sanctuary directors, acceptance of the
Offer is in the best interests of Sanctuary.

              Background and Reasons for the Offer

Universal, the wholly owned subsidiary of Vivendi, is one of the
world's leading music companies and committed to the development
of artists across genres.  In a rapidly changing market,
Universal is adapting and innovating.

While the consumption of music is increasing, the demand for
physical CDs is declining which is partially compensated for by
the growth in demand for digital music.  Within the music
business, key areas of growth include live performance,
merchandising, sponsorship and "brand" exploitation.  Universal
intends to broaden the scope of its operations in these areas,
and views Sanctuary as a promising strategic fit, through which
it can further develop its participation in such revenue
streams.

Additionally, Universal has significant experience and
relationships in the music industry, coupled with a strong group
balance sheet.  Universal believes that it is best placed
through an acquisition of Sanctuary, to develop further the
artist management, merchandising and agency businesses, while
incorporating the audio and audio-visual assets into its
existing catalogues in order to improve the operating returns.
Universal expects to use its recorded music expertise in this
latter area to address the substantial financial and
operational difficulties currently facing Sanctuary's Recorded
Product Division.

Assuming completion of the Offer, Universal will focus on
improving Sanctuary's financial and operational performance and
bringing it into line with Universal's existing operations.
Universal intends to invest strongly in both the Merchandising
Division and Artist Services Division, in order to grow them on
a global basis.  Through the combined product offering,
Universal will be able to offer a much broader range of services
to the artists of both Universal and Sanctuary, as well as to
the consumer.  Universal recognizes the prime importance
of maintaining the strong independent ethos of the artist
managers and the essential aim of maintaining the standards of
service offered in the Artist Services Division and
Merchandising Division and integrating these divisions to
provide a more complete service. Universal recognizes the
difficulties faced in Sanctuary's Recorded Product Division and
will devote significant resources to address the problems with
the intention of, over time, increasing the value of this
division.

                   Irrevocable Undertakings

Centenary has received irrevocable undertakings to accept (or
procure the acceptance of) the Offer from those Sanctuary
directors who hold Sanctuary Shares or options over Sanctuary
Shares, being one Sanctuary Director who holds 78 Sanctuary
Shares and one Sanctuary Director who holds 237,624 options over
Sanctuary Shares.

      Name             Number of         Number of
                       Sanctuary      Sanctuary Shares
                         Shares        under option

Robert Ayling              -            237,624
Tina Sharp                78                -

Centenary has also received an irrevocable undertaking to accept
(or procure the acceptance of) the Offer from a Sanctuary
Shareholder in respect of 17,750,000 Sanctuary Shares,
representing approximately 7.99 percent of the existing issued
ordinary share capital of Sanctuary.

   Name           Number of Sanctuary  Approximate percentage of
                      Shares               Sanctuary Shares

Artemis Investment   17,750,000           7.99
Management Ltd.

Furthermore, Centenary has also received a letter of intent to
accept (or procure the acceptance of) the Offer from a Sanctuary
Shareholder in respect of 9,804,875 Sanctuary Shares,
representing approximately 4.41 percent of the existing issued
ordinary share capital of Sanctuary.

Universities Superannuation Scheme Limited intends to accept the
Offer in respect of 9,804,875 Sanctuary Shares, over which it
has discretionary control, before 3.00 p.m. on the first closing
date of the Offer.  This intention is likely to change if a
competing offer is made for Sanctuary.

"We are delighted with today's announcement as this transaction
represents an important step forward for both Sanctuary and
Universal,” Universal Chairman and CEO Doug Morris said.

“The Sanctuary business will be a good strategic fit for us, and
our objective over the coming months is for Lucian Grainge
(Chairman and CEO, Universal Music Group International) and his
team to work with Frank Presland and the Sanctuary management
team, and their artists.  We have a great opportunity to
strengthen and advance Sanctuary's position as a significant
player in artist management, agency and merchandising, as
consumers' appetite for music grows worldwide.  The union with
Universal's global strength and leadership will further develop
Sanctuary and its talent on the international music stage,” Mr.
Morris added.

"The past few years have proved to be a very difficult time for
Sanctuary and a very disappointing one for its shareholders,”
Sanctuary Chairman Robert Ayling said.

“Much progress has been made under the new Board in the past
twelve months.  However, growth and profitability will continue
to be hampered by the Sanctuary Group's present capital
structure and by industry factors.  Therefore, we intend to
recommend this offer from Centenary, which represents a
significant premium to the level at which the shares have traded
for much of 2007.  Moreover, the Sanctuary and Universal
businesses are highly complementary and Centenary's acquisition
of Sanctuary can allow the Sanctuary business to benefit from
the already well-established relationships between Sanctuary and
Universal and from a more supportive capital structure, which is
in the future interests of artists and employees," Mr. Ayling
concluded.

                        About the Company

Based in London, The Sanctuary Group PLC --
http://www.sanctuarygroup.com/-- is one of the world's leading
developers of music intellectual property rights, with offices
in New York, Berlin, Houston and Los Angeles.

                          *    *    *

Sanctuary Group has been incurring losses since 2004.  The
management revealed that it will be 2008 or later before there
is a return to overall profitability.

For the six months ended March 31, 2007, Sanctuary reported
revenue of GBP63.7 million (2006 as restated: GBP65.9 million)
and a loss after taxation of GBP6.6 million (2006 as restated:
GBP26.7 million).  The net debt within the Sanctuary Group at
March 31, 2007 was GBP59.8 million (2006 as restated: GBP38.3
million).

The Board remains of the view that, for the full year, each of
the major divisions of Sanctuary will demonstrate an improved
performance compared with the prior year and that the
Merchandising Division and the Artist Services Division will
each make a positive net contribution to the Sanctuary Group.
However, the full year outlook for the Recorded Product Division
remains uncertain due, principally, to the well-publicized
external factors affecting the recorded music industry
generally.


SHAW GROUP: Plans New Fabrication Facility in Mexico
----------------------------------------------------
The Shaw Group Inc. plans to construct a new state-of-the-art
industrial pipe and structural steel fabrication facility in
Matamoras, Mexico, further executing its capacity expansion
program for its fabrication and manufacturing business.  The
facility will include over 370,000 square feet of enclosed shop
space and state-of-the-art piping technologies designed to
interface with Shaw's proprietary production management systems.
Shaw will fabricate custom piping systems and structural steel
at the new facility, which is expected to be Shaw's largest.
The planned facility is expected to be in operation by early
2008.  Shaw also plans to add additional work shifts at certain
existing facilities as part of its capacity expansion program.

"The availability of skilled labor, solid transportation
infrastructure, and proximity to our suppliers and clients'
projects makes the Matamoras facility a strong strategic
addition to our existing portfolio of fabrication facilities,”
J.M. Bernhard, Jr., chairman, president and chief executive
officer of Shaw, said.  “With this facility in operation,
combined with other expansion strategies we are engaged in, Shaw
will increase its pipe fabrication and manufacturing volume
capacity by approximately 50% from 2005."

This phase of Shaw's fabrication expansion program is expected
to significantly increase capacity to address the current and
expected increase in demand for piping and structural steel
fabrication from the fossil power, nuclear power, refining and
petrochemical markets, as well as Canadian oil sands projects.

"Shaw will continue to execute its expansion strategy and we
look forward to strengthening our position as the world leader
in pipe fabrication and manufacturing," Mr. Bernhard, added.

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

                          *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.


SEA CONTAINERS: Regulator Issues Financial Support Direction
------------------------------------------------------------
The Determinations Panel of the Pensions Regulator (London) has
published notices of its decision that a Financial Support
Direction will be issued on Sea Containers Ltd. and its debtor-
affiliates, under Section 43 of the Pensions Act 2004 in respect
of the Sea Containers 1983 and 1990 Pension Scheme.

The hearing took place in London on June 12 and 13, 2007, to
consider warning notices issued by the Regulator in October 2006
and April 2007 in respect of the two Pension Schemes.

The issue of the FSD, which requires the company to put in place
financial support for its pension schemes, will not take place
before 28 days after the date of the Determination Notices.
Reasons for the Determination Notices were reserved and will be
issued on June 25, 2007.

The company expects that any restructuring plan of
reorganization proposed under the Chapter 11 bankruptcy
protection process would be subject to the Pensions Regulator's
Clearance procedure, but the company is nevertheless
disappointed in the outcome of the hearing.  The company will
give its full comments once the Panel has given its reasons and
will consider once it has received them whether an appeal is
appropriate.

                       About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.  (Sea Containers Bankruptcy News, Issue No.
18; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

The Debtors' exclusive period to file a chapter 11 plan of
reorganization expires on June 12, 2007.


TOYS 'R' US: Fitch Affirms B- Issuer Default Rating
---------------------------------------------------
New York: Fitch has affirmed its ratings of Toys 'R' Us, Inc.
as:

Toys 'R' Us, Inc.

    -- Issuer Default Rating 'B-';
    -- Senior unsecured notes 'CCC-/RR6'.


Toys 'R' Us, Delaware

    -- Issuer Default Rating 'B-';
    -- Secured revolver 'B/RR3';
    -- Secured term loan 'CCC+/RR5';
    -- Secured asset sale facility 'CCC+/RR5';
    -- Senior unsecured debentures 'CCC/RR6'.

TRU 2005 RE Holding Co.

    -- Issuer Default Rating (IDR) 'B-';
    -- Structured credit facility 'B/RR3'.

Toys 'R' Us (UK) Ltd.

    -- Issuer Default Rating (IDR) 'B-';
    -- Multicurrency Sec. revolver 'B/RR3'.

In addition, Fitch has assigned a rating of 'CCC/RR6' to the
$180 million unsecured term loan at TOY-Delaware.  Approximately
US$6.0 billion of debt is affected by these actions.  The Rating
Outlook has been revised to Stable from Negative.

The affirmations and change in TOY's outlook reflect
management's turnaround efforts which have led to improving
performance at TOY's core U.S. toy segment as well as the steady
performance in the international toy and Babies 'R' Us segments.
The ratings also reflect TOY's highly leveraged balance sheet
and the intense competition in the toy business.

TOY's U.S. toy segment reported positive comparable store sales
in 2006 after 5 years of negative comparable store sales as a
result of store remodeling initiatives such as Toys 'R' Us and
Babies 'R' Us side by side stores, exclusive product offerings
and improved customer service.  In addition, the company's
international toy and Babies 'R' Us segments continued to
achieve low to mid single digit comparable store sales.  This
combined with management's turnaround efforts, such as better
inventory management, have resulted in operating EBIT margin
expansion of 150 basis points to 4.4% in the last twelve months
ending May 5, 2007 from 2.9% in 2005 and free cash flow
generation of US$364 million.  As a result, TOY's leverage has
strengthened with LTM adjusted debt/EBITDAR decreasing to 6.8
times from 8.1x in 2005, but it remains high.  In addition, LTM
EBITDAR coverage of interest and rent weakened slightly to 1.4x
from 1.5x in 2005 because rent increased due to the
consolidation of TOY-Japan results.

Fitch anticipates gradual operating performance improvement this
year as the company rolls out more Toys 'R' Us and Babies 'R' Us
side by side stores which produce higher sales as compared to
single concept new stores, as well as store resets that are
expected to improve the overall shopping experience in the fall
of 2007.  Additionally, management's efforts to control costs
should allow the company to sustain its operating margins
despite strong competition from other toy retailers,
discounters, and catalog and internet businesses.

The ratings of the various classes of debt listed above reflect
their respective recovery prospects.  Fitch's recovery analysis
assumed an enterprise value of US$3.6 billion in a distressed
scenario.  Applying this value across the capital structure
results in good recovery prospects (51%-70%) for the asset-based
revolvers which are secured by inventory, receivables and
certain Canadian real estate in North America and all assets in
Europe.  The secured term loan and asset sale facility are
secured by intellectual property and second liens on accounts
receivable and inventory of TOY-Delaware and the guarantors, and
have below average recovery prospects (11%-30%).  The senior
unsecured debentures at TOY-Delaware have poor recovery
prospects (less than 10%). The senior unsecured notes at the
holding company level are structurally subordinated, and are
rated 'CCC-/RR6', also reflecting poor recovery prospects (less
than 10%) in a distressed case.

The company has operations in Japan and the United Kingdom.


WH REALISATIONS: P. Reeves Leads Liquidation Procedure
------------------------------------------------------
P. Reeves of DTE Leonard Curtis was appointed liquidator of
WH Realisations Ltd. (formerly Weatherseal Holdings Ltd.) on
April 20 for the creditors' voluntary winding-up procedure.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.

The company can be reached at:

         WH Realisations Ltd.
         Weatherseal House Unit 2 Phoenix Centre
         Road One
         Winsford Industrial Estate
         Winsford
         CW7 3PZ
         England
         Tel: 01606 866 500
         Fax: 01606 863 108


* Begbies Traynor Launches BTG Commercial Finance in the U.K.
-------------------------------------------------------------
Begbies Traynor Group plc has formed BTG Commercial Finance, a
new national broking business.

The new business to business finance brokerage will be made up
of teams working from a number of Begbies Traynor offices across
the U.K. offering services nationwide.

The division will initially focus on the invoice finance market,
a sector which offers the opportunity for reciprocal referrals
for both the Insolvency and Corporate Finance divisions.
Additionally, BTG Commercial Finance will provide broking
services for a range of asset, transactional and equity based
finance.

As well as building on and developing existing relationships
held with the Group's traditional market, BTG Commercial Finance
will aim to generate new leads for banks and finance houses
offering a range of business finance facilities.

BTG Commercial Finance will be headed up by John Landers who has
over 25 years' experience in the invoice finance industry.  He
joins Begbies Traynor Group from his previous position as Sales
Director with IGF Invoice Finance Ltd.

“We are excited by the launch of BTG Commercial Finance and
welcoming John Landers to the team,” Ric Traynor, Executive
Chairman of Begbies Traynor Group, commented.  “He brings a
wealth of experience to the Group.  The creation of this
division means that we now have one of the largest national
offerings in the finance brokerage market.  We intend this not
only as a profit center in its own right, but also as a means of
generating opportunities for our clients and contacts.”

Begbies Traynor (AIM: BEG) – http://www.begbies.com/-- assists
companies, creditors, financial institutions and individuals on
all aspects of financial restructuring and corporate recovery.


* PwC Withdraws Audit Opinions for Yukos' 1994-2004 Financials
--------------------------------------------------------------
PricewaterhouseCoopers' Russian unit disclosed Sunday that its
financial reports for OAO Yukos Oil Co. for the period 1994-2004
could no longer be relied upon, the Wall Street Journal reports.
The auditing firm said that the company's former management
might have given it inaccurate information with regard to its
finances.

The move, according to the report, bolsters the claims of
Kremlin and Russian prosecutors that Yukos acted as a tax-
evasion and money-laundering scheme.

Citing a statement by the auditing firm, WSJ reports that PwC
withdrew its audit opinions for the oil company after it became
aware of new information.  Information, according to the
statement, that could have affected PwC's reports.

WSJ further relates that the auditing firm's decision to
withdraw its reports was also due to the fact that former Yukos
shareholders, and even management, continued to push others to
rely on the said reports.

Former CEO Steve Theede and CFO Bruce Misamore however said that
during the period they were officers of Yukos, the information
given was complete and correct.  Mr. Theede was CEO from July
2004 to 2006 while Mr. Misamore was CFO from April 2001.  WSJ
relates that Messrs. Theede and Misamore have asked PwC for an
explanation.

WSJ also discloses that the firm's decision to withdraw audit
opinions comes amidst a legal battle against Russian tax
authorities who claim that PwC assisted Yukos in its tax-evasion
scheme.  PwC has denied the allegations.

PwC however said that the move wasn't in any way connected to
the current case, the report adds.

                      About Yukos Oil

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

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

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

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

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

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

               About PricewaterhouseCoopers

PricewaterhouseCoopers -- http://www.pwc.com/-- provides
industry-focused assurance, tax and advisory services to build
public trust and enhance value for its clients and their
stakeholders.  More than 130,000 people in 148 countries work
collaboratively across our network using Connected Thinking to
develop fresh perspectives and practical advice.

PricewaterhouseCoopers Corporate Advisory & Restructuring LLC
is owned by PricewaterhouseCoopers LLP, a member firm of the
PricewaterhouseCoopers network and is a member of the NASD and
SIPC.  PwC CAR is not engaged in the practice of public
accountancy.  "PricewaterhouseCoopers" refers to the network of
member firms of PricewaterhouseCoopers International Ltd., each
of which is a separate and independent legal entity.

                           *********

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

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

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

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

                           *********


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

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

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

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

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

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


                 * * * End of Transmission * * *