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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, August 13, 2007, Vol. 8, No. 159

                            Headlines


A U S T R I A

EXOMAT ABSAUGANLAGEN: Claims Registration Ends Sept. 17
GROSSE MAUER: Claims Registration Period Ends Aug. 31
HAUTZ & TEICHERT: Claims Registration Period Ends Aug. 31
JOKSIMOVIC KEG: Claims Registration Period Ends Sept. 18
SCALA SOFTWARE: Claims Registration Period Ends Sept. 4

SECURITYLOCK LLC: Claims Registration Period Ends Aug. 29
WORI-FENSTERBAU: Claims Registration Period Ends Sept. 7
XERIUM TECH: Paying US$0.1125 Per Share Dividend on Sept. 14


B E L G I U M

FERRO CORP: Earns US$4.5 Million in Second Quarter 2007
NUANCE COMMS: Moody's Affirms B1 Corporate Family Rating
TENNECO INC: Will Complete Financial Restatement by August 14


D E N M A R K

BLOCKBUSTER INC: Acquires Downloading Service Movielink LLC


F R A N C E

BNP PARIBAS: Temporarily Suspends NAV Calculation of Three Funds
BOSTON SCIENTIFIC: Inks Merger Pact w/ Advanced Bionics
DELPHI CORP: Picks Umicore as Best Bidder for Catalyst Business
DELPHI CORP: June 30 Balance Sheet Upside-Down by US$13.2 Bln
DYNEA INTERNATIONAL: S&P Raises Ratings to B+ on Lower Leverage


G E R M A N Y

8HERTZ TECHNOLOGIES: Creditors' Meeting Slated for Sept. 28
AIC-HOLZBAU GMBH: Claims Registration Period Ends Sept. 28
ALERIS INTERNATIONAL: Names Joseph Mallak as Sr. Vice President
ALUCOMP BAUELEMENTE: Claims Registration Period Ends Sept. 26
ARNOLD JUERGENSEN: Claims Registration Period Ends Sept. 14

ASM ANLAGEN: Creditors' Meeting Slated for Aug. 31
AUTOHAUS ORTENAU: Claims Registration Ends Sept. 20
AUTOHAUS EWERT: Claims Registration Ends Oct. 19
B.N. GASTRO: Creditors' Meeting Slated for Oct. 16
BALTIC KURIER: Claims Registration Ends Sept. 19

BENQ CORP: Denies Report on Design Center Spin Off
BETZ KLIMATECHNIK: Creditors Must File Claims by Sept. 19
BLESSING GMBH: Creditors Must File Claims by Sept. 5
BOGS MARKETING: Creditors Must File Claims by Sept. 10
BRASSERIE WEINBRENNER: Creditors Must File Claims by Sept. 12

BUCHHANDLUNG GOLLWITZER: Creditors Must File Claims by Sept. 11
DEGETEL GESELLSCHAFT: Claims Registration Ends October 16
DEUTSCHES VERSICHERUNGSKONTOR: Claims Registration Ends Sept. 14
DIE DRUCKMEISTER: Claims Registration Ends September 7
DLC SOLMS: Claims Registration Ends September 26

DLC WUERZBURG: Claims Registration Period Ends Sept. 30
DUERR AG: Earns EUR2.11 Million for Second Quarter 2007
ESSENER ARBEITSSCHUTZ-BEDARF: Claims Period Ends Sept. 22
FARMTOYS GMBH: Claims Registration Period Ends Sept. 14
FELIX BETRIEBS: Claims Registration Period Ends Sept. 10

IKB DEUTSCHE: Forms Crisis Panel & Delays 1Q Report to Sept. 28
MEDIFACTS INTERNATIONAL: Files Chapter 11 Plan of Reorganization


G R E E C E

NAVIOS MARITIME: Completes 9-1/2% Senior Notes Exchange Offer


H U N G A R Y

AES CORPORATION: Restates Financial Results for Fiscal 2006
AES CORP: Lehman Brothers Reaffirms Overweight Rating on Firm


I R E L A N D

ELAN CORP: Dr. Lars Ekman to Assume Adviser Role on Dec. 2007
GALILEO EURO: Moody's Rates EUR20.8 Mln Class E Notes at (P)Ba2


I T A L Y

AVNET INC: Earns US$124.7 Million in Fourth Quarter 2007


K A Z A K H S T A N

ALAKOLSTROYMONTAGE LLP: Creditors Must File Claims Sept. 14
AMIROV LLP: Proof of Claim Deadline Slated for Sept. 14
BASTAU LLP: Claims Filing Period Ends Sept. 14
EAST-WEST LLP: Creditors' Claims Due on Sept. 12
NAFTA-SERWIS LLP: Claims Registration Ends Sept. 14

RADIAN-1 LLP: Proof of Claim Deadline Slated for Sept. 13
SARMAN LLP: Creditors Must File Claims Sept. 13
SEMAGROREMMACH LLP: Claims Filing Period Ends Sept. 12
SUGYR-E LLP: Creditors' Claims Due on Sept. 13
TUGAN JER: Claims Registration Ends Sept. 13


K Y R G Y Z S T A N

DEAD SEA: Creditors Must File Claims by September 13


N E T H E R L A N D S

NXP BV: Moody's Cuts Rating to B1 on Weak Operating Performance
PLAYLOGIC ENTERTAINMENT: Inks Partnership Deal w/ Spencer Clarke
SENSATA TECH: Incurs US$44.9 Mln Net Loss in 2007 Second Quarter


P O R T U G A L

INTERTAPE POLYMER: Amends Debt Facility for Covenant Flexibility


R U S S I A

AGRO-SERVICE: Court Starts Bankruptcy Supervision Procedure
AGRO-TRANS-STROY: Bankruptcy Hearing Slated for Dec. 21
AGRO-STORY OJSC: Court Names V. Staroverov as Insolvency Manager
ALTERNA CJSC: Court Names R. Morgunov as Insolvency Manager
BALTIKA-POLESYE LLC: Creditors Must File Claims by Sept. 14

CHERDAKLINSK-SEL-KHOZ-KHIMIYA: Claims Filing Period Set Sept. 14
KOMSOMOLSKIY-NA-AMURE: Court Starts Bankruptcy Supervision
LENIN OJSC: Kursk Court Names D. Zelepukin as Insolvency Manager
MPP AKHTUBINSKIY: Creditors Must File Claims by Sept. 14
RYAZAN-SPIRIT-PROM: Creditors Must File Claims by Sept. 14

SHELEKHOVSKIY BAKERY: Creditors Must File Claims by Sept. 14
TAMANSKOE LLC: Creditors Must File Claims by Sept. 14
TUAPSINSKOE SPECIALIZED: Court Starts Bankruptcy Supervision
ZYATKOVSKOE CJSC: Bankruptcy Hearing Slated for Nov. 5


S W E D E N

DOLE FOOD: Reaches Settlements in Two Banana Antitrust Lawsuits


S W I T Z E R L A N D

ACTIVELINE LLC: Creditors' Liquidation Claims Due September 10
ADOCULOS SOFTWARE: Creditors' Liquidation Claims Due August 27
AKTAS COIFFEURSALON: Claims Registration Period Ends August 23
BESTZEIT LLC: Creditors' Liquidation Claims Due August 23
HAIRLINE THUN: Creditors' Liquidation Claims Due August 23

MENTOR ENERGY: Creditors' Liquidation Claims Due August 31
MURI COACHING: Creditors' Liquidation Claims Due October 31
OPTICARE INTERNATIONAL: Liquidation Claims Due September 30
NOVELIS INC: Inks Supply Deal with Rexam for US$1 Billion
REAL-INVEST JSC: Creditors' Liquidation Claims Due August 27

SOFIBA JSC: Creditors' Liquidation Claims Due August 22


U K R A I N E

AFFINIA GROUP: Earns US$4 Million in Second Quarter 2007
AGRONI LLC: Creditors Must File Claims by Aug. 14
ALGOL LLC: Creditors Must File Claims by Aug. 14
DZHULINKA SPECIALIZED: Creditors Must File Claims by Aug. 14
ENKI LLC: Creditors Must File Claims by Aug. 14

KHARKOV ELECTROMECHANICAL: Creditors' Claims Due August 14
TUSA LLC: Creditors Must File Claims by Aug. 14


U N I T E D   K I N G D O M

ARVINMERITOR INC: Sells LVA Exhaust Operations to Klarius Group
BAA LTD: Regulator Issues Statement on Airport Services Probe
BALLY TOTAL: Court Gives Interim Nod on Kurtzman as Notice Agent
BALLY TOTAL: Gets Prelim OK to Hire AP Svcs. as Crisis Managers
BIRMINGHAM CREDIT: Taps Baker Tilly as Joint Administrators

CELSIA TECH: Incurs US$7.06 Mln Net Loss in Qtr Ended June 30
CENTRAL PUMPS: Brings In Liquidators from Moore Stephens
DORLUX BEDS: Creditors' Meeting Slated for Aug. 17
EQUAS LTD: Brings In Joint Administrators from Begbies Traynor
EUROPEAN POWER: Taps Liquidators from PricewaterhouseCoopers

EVERSHAM TECHNOLOGY: Enters Into Administration Procedure
GENERAL MOTORS: Boosts Incentives to Improve August Sales
HEARTBEAT FITNESS: John Hellard Leads Liquidation Procedure
INEOS GROUP: Moody's Cuts Corporate Family Rating to B1 from Ba3
LADBROKES PLC: June 30 Balance Sheet Upside-Down by GBP533.5 Mln

PARK LONDON: Appoints Joint Administrators from KPMG
REVLON INC: June 30 Balance Sheet Upside-Down by US$1.1 Billion
S & S TIMBER: Names Ian William Kings Liquidator
S.G. MASON: Calls In Liquidators from KPMG
S BROWN BUILDING: NatWest Bank Brings In Tenon as Receivers
SLEEPLINE BEDS: Creditors' Meeting Slated for Aug. 17

TANKER SERVICES: Names Joint Administrators from KPMG
TOWER RECORDS: Judge Shannon Confirms Chap. 11 Liquidation Plan
TURGEL INTERNATIONAL: Creditors' Meeting Slated for Aug. 17
VIRGIN MEDIA: Moody's Changes Outlook on Low-B Ratings to Neg.
WARNER MUSIC: Mulls Going Private & Other Options, Report Says

* BOND PRICING: For the Week Aug. 6 to Aug. 10, 2007

                            *********

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


EXOMAT ABSAUGANLAGEN: Claims Registration Ends Sept. 17
-------------------------------------------------------
Creditors owed money by LLC Exomat Absauganlagen (FN 63554m)
have until Sept. 17 to file written proofs of claim to court-
appointed estate administrator Christian Maurer at:

         Mag. Christian Maurer
         Paris-Lodron-Str. 3a
         5020 Salzburg
         Austria
         Tel: 0662-879998
         Fax: 0662-879998-20
         E-mail: office@smbi.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Sept. 27 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 July 11 (Bankr. Case No. 23 S 53/07z).  


GROSSE MAUER: Claims Registration Period Ends Aug. 31
-----------------------------------------------------
Creditors owed money by LLC Grosse Mauer (FN 50604v) have until
Aug. 31 to file written proofs of claim to court-appointed
estate administrator Marisa Schamesberger at:

         Dr. Marisa Schamesberger
         Hofgasse 6/III
         8010 Graz
         Austria
         Tel: 0316/842184
         Fax: 0316/842184-8
         E-mail: kanzlei@ra-hofgasse6.com  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on Sept. 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 222
         Second Floor
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on July 12 (Bankr. Case No. 26 S 49/07m).  


HAUTZ & TEICHERT: Claims Registration Period Ends Aug. 31
---------------------------------------------------------
Creditors owed money by LLC HAUTZ & TEICHERT, disco club "Bang"
(FN 35873f) have until Aug. 31 to file written proofs of claim
to court-appointed estate administrator Helmut Caks at:

         Mag. Helmut Caks
         Friedrichgasse 6/I/8
         8010 Graz
         Austria
         Tel: 0316/811455
         Fax: 0316/811455-14
         E-mail: caks@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Sept. 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 222
         Second Floor
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on July 12 (Bankr. Case No. 26 S 50/07h).  


JOKSIMOVIC KEG: Claims Registration Period Ends Sept. 18
--------------------------------------------------------
Creditors owed money by KEG Joksimovic (FN 174600s) have until
Sept. 18 to file written proofs of claim to court-appointed
estate administrator Gerwald Schmidberger at:

         Dr. Gerwald Schmidberger
         c/o Dr. Heinz Kassmannhuber
         Stelzhamerstrasse 11
         4400 Steyr
         Austria
         Tel: 07252/52408, 52409
         E-mail: office@sks-law.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:30 p.m. on Oct. 2 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Steyr
         Hall 7
         Second Floor
         Steyr
         Austria

Headquartered in Steyr, Austria, the Debtor declared bankruptcy
on July 6 (Bankr. Case No. 14 S 26/07g).  Heinz Kassmannhuber
represents Dr. Schmidberger in the bankruptcy proceedings.


SCALA SOFTWARE: Claims Registration Period Ends Sept. 4
-------------------------------------------------------
Creditors owed money by LLC Scala Software (FN 75264h) have
until Sept. 4 to file written proofs of claim to court-appointed
estate administrator Andrea Simma at:

         Dr. Andrea Simma
         c/o Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 67 03
         Fax: 513 67 03 33
         E-mail: RA_Simma@aon.at  
                 Hoedl@anwaltsteam.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:00 p.m. on Sept. 18 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 10 (Bankr. Case No. 6 S 85/07b).  Guenther Hoedl
represents Dr. Simma in the bankruptcy proceedings.


SECURITYLOCK LLC: Claims Registration Period Ends Aug. 29
---------------------------------------------------------
Creditors owed money by LLC securitylock (FN 282428k) have until
Aug. 29 to file written proofs of claim to court-appointed
estate administrator Johannes Jaksch  at:

         Dr. Johannes Jaksch
         c/o Dr. Stephan Riel
         Landstrasser Hauptstrasse 1/2
         1030 Vienna
         Austria
         Tel: 713 44 33
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Sept. 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 12 (Bankr. Case No. 6 S 70/07x).  Stephan Riel
represents Dr. Jaksch in the bankruptcy proceedings.


WORI-FENSTERBAU: Claims Registration Period Ends Sept. 7
--------------------------------------------------------
Creditors owed money by LLC WORI-Fensterbau (FN 268925d) have
until Sept. 7 to file written proofs of claim to court-appointed
estate administrator Konrad Ferner at:

         Dr. Konrad Ferner
         Hellbrunnerstrasse 11
         5020 Salzburg
         Austria
         Tel: 0662/84 16 16
         Fax: 0662-84 16 16-16
         E-mail: office@lawconsult.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Sept. 21 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Salzburg
         Hall 256
         Second Floor
         Salzburg
         Austria

Headquartered in Niedernsill, Austria, the Debtor declared
bankruptcy on July 12 (Bankr. Case No. 44 S 24/07i).  


XERIUM TECH: Paying US$0.1125 Per Share Dividend on Sept. 14
------------------------------------------------------------
Xerium Technologies Inc.'s Board of Directors, on Aug. 7, 2007,
declared a dividend of US$0.1125 per share of common stock
payable on Sept. 14, 2007 to shareholders of record as of the
close of business on Sept. 5, 2007.

Headquartered in Wesborough, Massachusetts, Xerium Technologies,
Inc. -- http://xerium.com/-- manufactures and supplies two
types of products used primarily in the production of paper:
clothing and roll covers.  The company operates under a variety
of brand names and owns a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products, designed to optimize performance and
reduce operational costs.  With 35 manufacturing facilities in
15 countries, including Austria, Brazil and Japan, Xerium
Technologies has approximately 3,900 employees.

                       *     *     *

Moody's Investors Service changed the outlook on Xerium
Technologies, Inc.'s ratings to negative from stable, and
affirmed the company's corporate family rating at B1.  The
change in outlook to negative reflects Xerium's weaker than
expected operating performance primarily due to production
inefficiencies in North America and delays in achieving benefits
from cost reduction initiatives.  Moody's believes the impact of
these issues, coupled with a difficult pricing environment for
roll covers and to a lesser extent clothing products, will
continue to negatively affect operating performance over the
intermediate term.

Affirmed ratings are:

    * Corporate family rating; B1
    * Guaranteed senior secured term loan B; B1
    * Guaranteed senior secured revolving credit facility; B1


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


FERRO CORP: Earns US$4.5 Million in Second Quarter 2007
-------------------------------------------------------
Ferro Corporation earned net income of US$4.5 million for the
three months ended June 30, 2007, compared to net income of
US$10.2 million for the same period in 2006.  The company
recorded sales of US$554 million for the quarter ended
June 30, 2007, up 3 percent from sales of US$538 million in the
second quarter of 2006.

Income from continuing operations for the 2007 second quarter
was US$4.6 million compared with US$10.5 million in the second
quarter of 2006.  Income from continuing operations declined
primarily as a result of previously announced manufacturing
rationalization, the costs of a temporary plant shutdown, and
higher selling, general and administrative costs due to
litigation settlements.  These higher costs were partially
offset by lower interest expenses.  The 2007 second quarter
income from continuing operations included net pre-tax expenses
of US$10.0 million primarily related to a reserve for litigation
settlements and manufacturing rationalization costs.  The second
quarter 2006 income from continuing operations included net pre-
tax expenses of US$3.7 million from expenses primarily related
to the write-off of previously unamortized fees and discounts
related to the Company's debentures and an accounting
investigation and restatement.

"We maintained sales in the quarter, as our international
business helped compensate for the effects of weak residential
construction, appliance and automotive markets in the U.S.,"
said Chairman, President and Chief Executive Officer James F.
Kirsch.  "Our segment income was negatively impacted by an
interruption of manufacturing of our South Plainfield, New
Jersey plant.  However, we have improved the profitability in
our Organic Specialties Group, through product repositioning and
expense control. We continue to execute our restructuring
programs to improve the cost structure to support our worldwide
brand, technology and applications understanding."

Changes in foreign currency exchange rates accounted for the
increase in sales compared with the second quarter of 2006.
Price increases and volume declines were largely offsetting
during the quarter.  Volumes were lower overall, driven by
weaker market conditions in Electronic Materials, Polymer
Additives and Specialty Plastics.  Volumes were higher in
Performance Coatings compared with the second quarter of 2006.

Gross margins were 19.4 percent of sales for the second quarter,
compared with 20.6 percent of sales in the second quarter of
2006.  The company's 2007 second quarter gross profit was
reduced by US$1.9 million in accelerated depreciation costs
related to manufacturing rationalization activities.  Gross
margins were also negatively impacted by an interruption of
manufacturing activities at our South Plainfield, New Jersey
plant.  Operations at the site were resumed after operational
and safety issues were addressed, however, the interruption
resulted in approximately US$3 million in unrecovered
manufacturing costs and other expenses during the quarter.  In
addition, gross margin as a percent of sales continues to be
negatively impacted by rising precious metal costs.  Higher
precious metal costs are passed through to customers with
minimal contribution to margins.

Selling, general and administrative (SG&A) expense was US$84.4
million in the second quarter of 2007, or 15.2 percent of sales.
Included in SG&A expense are charges totaling US$7.8 million,
primarily related to an increased reserve for litigation
settlements.  SG&A expense in the second quarter of 2006 was
US$78.7 million, or 14.6 percent of sales, including charges of
US$1.6 million primarily related to the accounting restatement.

Interest expense for the 2007 second quarter was US$14.3
million, compared with US$18.1 million in the year-ago period.
The 2006 second quarter interest expense included a non-cash
US$2.5 million write-off of unamortized fees and discounts
associated with the company's debentures.  Interest expense also
declined from the prior-year period as a result of lower
borrowing levels resulting from the elimination of cash deposits
on precious metal consignments.  The elimination of these
deposits also resulted in a decline in interest income during
the second quarter compared with the second quarter of 2006.

The company's tax rate for the second quarter increased to 37.9
percent from 32.8 percent in the 2006 second quarter.  The
higher rate was largely the result of the mix of income by
country and an increase in the anticipated level of foreign
current-year earnings to be repatriated.

Total debt on June 30, 2007 was US$559.2 million, a decrease of
US$33.2 million from the end of 2006.  The company had net
proceeds of US$61.3 million from its U.S. accounts receivable
securitization program as of June 30, 2007, compared with
US$60.6 million at the end of 2006.  It had US$39.4 million in
net proceeds from similar programs outside the U.S. at the end
of the quarter, compared with US$33.7 million at the end of
2006.

                      Segment Results

Sales in the Performance Coatings segment increased in both the
tile and porcelain enamel product areas compared with the prior-
year quarter.  Both the Performance Coatings and Color and Glass
Performance Materials segments experienced growth in
international sales, particularly in Europe.  Sales in Polymer
Additives also increased compared with the prior year quarter,
with increased sales in both North America and internationally,
driven by repositioning sales toward a more favorable price and
product mix.  Sales in Electronic Materials declined in the
quarter, primarily driven by weaker dielectric materials demand
from supply chain inventory reductions by customers who
manufacture capacitors.  Sales in Specialty Plastics declined
compared with the second quarter of 2006, largely due to weaker
demand in the U.S. residential housing, appliance and automotive
markets.

Total segment income for the second quarter of 2007 was US$40.4
million compared with US$42.7 million in the prior-year period.
The decline was driven by reduced segment income in the
Electronic Material Systems segment as a result of lower volumes
of dielectric materials sold and the impact of the temporary
interruption of manufacturing at the South Plainfield site.
Segment income also declined modestly in Performance Coatings,
driven by lower income in the Company's porcelain enamel
business.  Segment income increased in Color and Glass
Performance Materials as a result of higher sales.  Income also
was higher in the Polymer Additives and Specialty Plastics
segments primarily as a consequence of expense control
initiatives taken during late 2006 and early 2007 in response to
weak market conditions.

                          Outlook

The company expects sales to increase in the third quarter
compared with sales of US$501 million in the third quarter of
2006.  Consistent with historical seasonality, sales are
expected to decline sequentially from the second quarter of
2007.  Sales for the third quarter, ending Sept. 30, are
expected to be in the range of US$505 million to US$530 million.
Sales in Electronic Material Systems are expected to increase
sequentially from the second quarter of 2007 and compared with
the prior-year quarter, as demand from manufacturers of
capacitors recovers.  Sales in Performance Coatings, Color and
Glass Performance Materials and Polymer Additives are expected
to increase compared with the prior-year period.

Net income per share in the third quarter is expected to be in
the range of 17 to 22 cents per share, including approximately 2
cents per share for charges related to the company's
manufacturing rationalization activities.  Net income per share
in the third quarter of 2006 was 12 cents per share.

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

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

                       *     *     *

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


NUANCE COMMS: Moody's Affirms B1 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service affirmed Nuance Communications Inc.'s
B1 corporate family rating and revised the outlook to stable
from positive.

The outlook revision was prompted by the company's recent
acquisitions of VoiceSignal Technologies Inc. and Tegic
Communications Inc., which management intends to fund primarily
with debt.  At the same time, Moody's also raised the rating of
the company's senior secured bank facilities to Ba3 from B1.

These ratings were affirmed:

   -- Corporate family rating -- B1

These ratings were revised:

   -- US$75 million senior secured revolving credit facility due
      2012 to Ba3, LGD3 (35%) from B1, LGD3 (46%)

   -- US$622 million senior secured term loan due 2013 to Ba3,
      LGD3 (35%) from B1, LGD3 (46%)

The rating revisions reflect the increase in debt within the
capital structure that is subordinated to the senior secured
first lien credit facilities as well as the anticipation of a
reduction in the face amount of the first lien term loan.

Moody's had previously commented that Nuance's ratings or
outlook could be impacted negatively if the company's leverage
were to exceed 4.0x due to debt-financed acquisitions or if
significant integration risks were to arise.  The company
recently announced plans to fund the Tegic acquisition through
the issuance of US$220 million in senior unsecured convertible
debt due 2027 which includes a 30-day over-allotment option to
purchase up to US$30 million of additional debt. Pro forma for
the new debt issuance, the company will need to achieve
significant cost synergies from the acquisitions of VoiceSignal
and Tegic for leverage to remain below 4.0x.  While the company
has successfully integrated acquisitions in the past, Moody's
notes that the pace of recent acquisitions including Focus
Infomatics, BeVocal, VoiceSignal, and Tegic remains aggressive
and increases the risk of integration challenges.

Nuance's B1 corporate family rating is supported by the
company's leading positions within the voice recognition
software industry, recent success in integrating the Dictaphone
business, and strong cash flow generation capabilities.  The
ratings are tempered by the still modest scale of Nuance's
business post the Dictaphone acquisition, Nuance's limited track
record as a standalone company due to its rapid pace of
acquisitions, and the likelihood of additional acquisitions.

Based in Burlington, Massachusetts, Nuance Communications Inc.
(NASDAQ: NUAN), fka ScanSoft, Inc., -- http://www.nuance.com/--  
provides speech and imaging solutions for businesses and
consumers around the world.  Its technologies, applications and
services that help users interact with information, and create,
share and use documents.

The company has offices in Australia, Belgium, Japan, Korea,
Hong Kong, India, Mexico, and the United Kingdom, among others.


TENNECO INC: Will Complete Financial Restatement by August 14
-------------------------------------------------------------
Tenneco Inc.  plans to complete the restatement of its financial
statements by Aug. 14, 2007.  The company will restate its
reported financial results to correct the accounting for
interest rate swaps that the company entered into in 2004.

The restatement will also reflect other accounting adjustments,
well as the results of Tenneco's reconciliation of its deferred
tax balances.  The restatement will impact the years ended
Dec. 31, 2004, 2005 and 2006 and the quarters ended March 31,
2006 and 2007, June 30, 2006, and Sept. 30, 2006.

Tenneco plans to file an amendment to its Form 10-K for the year
ended Dec. 31, 2006, and an amendment to its Form 10-Q for the
quarter ended March 31, 2007, immediately prior to filing its
Form 10-Q for the quarter ended June 30, 2007.

Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) --
http://www.tenneco.com/-- manufactures automotive ride and
emissions control products and systems for both the original
equipment market and aftermarket.  Brands include Monroe(R),
Rancho(R), and Fric Rot ride control products and Walker(R) and
Gillet emission control products.  The company has operations in
Argentina, Japan, and Germany, with its European operations
headquartered in Brussels, Belgium.

                         *     *     *

As reported in the Troubled Company Reporter on April 2, 2007,
Standard & Poor's Ratings Services affirmed its loan and
recovery ratings on Tenneco Inc.'s senior secured first-lien
bank facilities, after changes to the size of individual
facilities.  These ratings were assigned: BB-/Stable/B-1 on
corporate credit rating; BB (recovery rating: 1) on US$830M
senior secured credit facilities; and Class M-3 downgraded to
'C/DR4' from 'CC/DR4'.


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


BLOCKBUSTER INC: Acquires Downloading Service Movielink LLC
-----------------------------------------------------------
Blockbuster Inc. has acquired Movielink LLC in a move to further
provide customers with even more convenient access to home
entertainment.   The acquisition gives Blockbuster access to one
of the largest libraries of downloadable movies and a large
array of television content.  Terms of the agreement were not
disclosed.

With thousands of movies and television shows available in its
digital library for downloading, Movielink offers customers the
ability to legally download entertainment content for rental
(VOD) and for purchase (EST).  The service was created in 2002
by Movielink, LLC, a joint venture of Metro- Goldwyn-Mayer
Studios Inc., Paramount Pictures, Sony Pictures Entertainment,
Universal Pictures and Warner Bros. Studios.

The acquisition of Movielink, which has VOD and EST license
agreements with the five founding studios, as well as more than
30 other studios, television-content distributors, and foreign
and independent content providers, enables Blockbuster to offer
consumers downloadable entertainment content via their PCs,
portable devices, television-connected home networks and
approved set-top boxes.

"Blockbuster is committed to keeping pace with the changing
needs of customers by offering them an expanding array of
convenient ways to access entertainment content,", Blockbuster
Chairman and CEO Jim Keyes said.  "Our acquisition of Movielink,
with its associated digital content, is the next logical step in
our planned transformation of Blockbuster.  Now, in addition to
the entertainment content we provide through our stores and by
mail, we have taken an important step toward being able to make
movie downloading conveniently available to computers, portable
devices and ultimately to the television at home."

"The studios' goal with the Movielink service has always been to
make digital entertainment content more conveniently, more
widely and more securely available to consumers.  This
acquisition should further that goal," Movielink CEO Jim Ramo
said.  "With Blockbuster's ability to leverage its store
network, online assets, and marketing expertise, Blockbuster
should be able to grow the market for digitally-delivered
entertainment content, and we believe that's good news for
consumers and content providers alike."

Blockbuster plans to continue to operate the Movielink service
and to eventually make elements of the service available through
blockbuster.com.

"Thanks to the vision of the participating studios, Movielink
has been at the forefront of the emerging digital media market,"
Mr. Keyes said.  "We are grateful to the studios for entrusting
us with their content, and we look forward to continuing to work
with them to make even more digital content available to a
growing consumer audience."

                      About Movielink LLC

Movielink -- http://www.movielink.com/-- is a movie download  
service, offering U.S. customers an extensive selection of new
and classic hit movies, foreign films and other hard-to-find
content.  Movielink draws its content offerings from the vast
libraries of Metro-Goldwyn-Mayer Studios, Paramount Pictures,
Sony Pictures Entertainment, Universal Studios, Warner Bros,
Walt Disney Pictures, Miramax, Artisan and others on a non-
exclusive basis.

                       About Blockbuster

Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- provides in-home movie   
and game entertainment, with more than 9,000 stores throughout
the Americas, Europe, Asia and Australia.  The company maintains
operations in Brazil, Mexico, Denmark, Italy, Taiwan, Australia,
among others.

                        *     *     *

As reported in the TCR-Europe on Aug. 8, 2007, Moody's Investors
Service downgraded Blockbuster Inc.'s corporate family rating to
Caa1, its senior secured credit facilities to B3, and
speculative grade liquidity rating to SGL-4.

In addition, Moody's affirmed the senior subordinated notes
rating at Caa2.  Moody’s said the rating outlook remains
negative.

At the same time, Standard & Poor's Ratings Services lowered its
ratings on Dallas-based Blockbuster Inc. to 'B-' from 'B'.  S&P
said the outlook is negative.


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


BNP PARIBAS: Temporarily Suspends NAV Calculation of Three Funds
----------------------------------------------------------------
BNP Paribas Investment Partners temporarily suspends the
calculation of the Net Asset Value of its three funds:

   -- Parvest Dynamic ABS,
   -- BNP Paribas ABS EURIBOR, and
   -- BNP Paribas ABS EONIA.

The complete evaporation of liquidity in certain market segments
of the US securitization market has made it impossible to value
certain assets fairly regardless of their quality or credit
rating.  

“The situation is such that it is no longer possible to value
fairly the underlying US ABS assets in the three above-mentioned
funds,” the French bank said in a statement posted on its Web
site.  “We are therefore unable to calculate a reliable net
asset value for the funds.”

BNP Paribas opted for the suspension in order to “protect the
interests and ensure the equal treatment of our investors,
during these exceptional times.”

The valuation of these funds and the issue/redemption process
will resume as soon as liquidity returns to the market allowing
NAV to be calculated.

In the continued absence of liquidity, additional information on
the envisaged measures will be communicated to investors in
these funds within one month of the announcement.

The three funds had approximately EUR1.6 billion (US$2.2
billion) of assets on Aug. 7, 2007, after a 20% decline in less
than two weeks, Sebastian Boyd of Bloomberg News reports citing
Paribas spokesman Jonathan Mullen as saying.

The recent shortage of cash in money markets prompted the
European Central Bank to inject EUR95 billion (US$130.2 billion)
in emergency liquidity into the financial system, the first time
since a similar move was made during the aftermath of the 9/11
attacks in the U.S., The Guardian relates.

The Guardian notes that the cash injection is the largest one
day amount ever stumped up by the ECB.

The suspension of BNP Paribas' funds came in the wake of the
recent collapse of Bear Stearns' two mortgage hedge funds based
in Cayman islands and the bankruptcy filing of American Home
Mortgage Investment Corp. this month.

American Home is the sixth lender to file for Chapter 11
protection, following Ownit Mortgage Solutions LLC, Mortgage
Lenders Network USA Inc., ResMae Mortgage Corp., People's Choice
Financial Corporation, and New Century Financial Corp., and the
first one that caters to borrowers with credit ratings above
subprime level.

Headquartered in Paris, France, BNP Paribas –-
http://www.bnpparibas.com/-- is one of the main banks in Europe  
and France created through the merger of Banque Nationale de
Paris and Paribas.  


BOSTON SCIENTIFIC: Inks Merger Pact w/ Advanced Bionics
-------------------------------------------------------
Boston Scientific Corporation has entered into an agreement to
amend its merger agreement with Advanced Bionics, which it
acquired in 2004, eliminating shared management provisions and
modifying the schedule of earnout payments.

The amendment grants Boston Scientific sole management and
control of the Pain Management business, including the emerging
indications program.

The company has also entered into definitive agreements to sell
the Auditory business and drug pump development program to
principals of Advanced Bionics.

The transactions must be approved by former Advanced Bionics
shareholders who are entitled to earnout payments under the
original merger agreement, and are subject to customary
regulatory approvals.  The transactions are expected to close in
January 2008.

Following the closing of the transactions, the parties have
agreed to dismiss currently pending litigation between Boston
Scientific and former Advanced Bionics shareholders.

The Pain Management business Boston Scientific will retain
includes spinal cord stimulation technologies, as well as
emerging technologies such as the bion(R) microstimulator, that
will position the company well in the broader neuromodulation
field.  Boston Scientific currently has the number two overall
market position in pain management.  The transaction provides a
new schedule of consolidated, fixed earnout payments by Boston
Scientific to former Advanced Bionics shareholders, consisting
of US$650 million payable upon closing in January 2008 and
US$500 million payable in March 2009.  The Advanced Bionics
principals will acquire a controlling interest in the auditory
and drug pump businesses for an aggregate payment of US$150
million at closing.  The company expects to record an estimated
after-tax charge, primarily non-cash, of US$360 million related
to the transactions.

"We are excited about the immediate and long-term growth
opportunities presented by neuromodulation as an integral part
of the company," said Jim Tobin, President and Chief Executive
Officer of Boston Scientific.  "We hope to replicate the success
of the pain management technologies across a wide spectrum of
indications, expanding our microelectronic capabilities and
strengthening our leadership in neuromodulation and cardiac
rhythm management.  The sale of the Auditory business and drug
pump program is consistent with our previously announced
objective of selling assets we do not consider core to our long-
term strategy."

"We are very pleased that Advanced Bionics will continue serving
the needs of the hearing impaired, as an independent company,"
said Jeff Greiner, currently head of the Neuromodulation Group
at Boston Scientific and one of the principals purchasing the
Auditory and drug pump businesses.  "Advanced Bionics has always
been a pioneer in developing innovative cochlear implant
technology to treat severely and profoundly deaf children and
adults.  We look forward to building on our proud record of
achievement in hearing health, and to further developing the
implantable drug pump technology."

Under the terms of the agreements, the Pain Management business
and emerging indications program will operate as Boston
Scientific Neuromodulation under the leadership of Michael
Onuscheck, currently head of the Pain Management business.  The
business will continue to be headquartered in Valencia,
California.  The Auditory business and drug pump program will
operate as Advanced Bionics under the leadership of Jeff
Greiner, and will be headquartered in Valencia, California.

                    About Boston Scientific

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--   
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties.  The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 7, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Boston Scientific Corp. to 'BB+' from 'BBB-' and
placed the ratings on the company on CreditWatch with negative
implications.  S&P has withdrawn the commercial paper rating at
the company's request.

At the same time, Fitch Ratings downgraded the ratings on Boston
Scientific Corp. including the company's 'BBB-' Senior Unsecured
Notes rating which was lowered to 'BB+'.  The Rating Outlook is
Negative.


DELPHI CORP: Picks Umicore as Best Bidder for Catalyst Business
---------------------------------------------------------------
Delphi Corporation and certain of its affiliates selected
Umicore as the successful bidder for Delphi's global original
equipment and aftermarket catalyst business, Delphi officials
disclosed.

At an Aug. 8, 2007 auction between Umicore and Catalytic
Solutions Inc., two qualified bidders, Umicore's offer of US$75
million (subject to adjustments) was determined to be the
highest and best bid.  Umicore's offer will be presented to the
U.S. Bankruptcy Court for the Southern District of New York for
approval on Aug. 16, 2007.

The sale to Umicore is expected to close before year-end 2007.

At the hearing before the U.S. Bankruptcy Court scheduled for
Aug. 16, Delphi will also present the offer submitted at the
August 8th auction by CSI to be approved as the "alternate
bidder" in the event the transaction between Delphi and Umicore
does not close.

Headquartered in Troy, Mich., Delphi Corporation (OTC: DPHIQ) --
http://www.delphi.com/-- is the single largest global supplier
of vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
company's technology and products are present in more than 75
million vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Mar. 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.  The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.


DELPHI CORP: June 30 Balance Sheet Upside-Down by US$13.2 Bln
-------------------------------------------------------------
Delphi Corp. listed total assets of US$15.5 billion, total
liabilities of US$28.5 billion, minority interest of US$209
million, resulting in total stockholders' deficit of US$13.2
billion as of June 30, 2007.

                  Second Quarter 2007 Results

The company reported second quarter 2007 financial results with
a net loss of US$821 million.  Non-GM revenues were US$4.1
billion, representing 59 percent of global revenues.  Net Loss
for the second quarter 2006 was US$2.3 billion.

Delphi's net loss reflects a charge of US$332 million recorded
in the second quarter of 2007 for its current estimate of
liability, net of previous accruals, in the Securities and ERISA
multi-district litigation pending in the U.S. District Court for
the Eastern District of Michigan, arising from Delphi's
restatement of its financial statements for the period 1999 to
2004.  Delphi noted that this estimate of liability does not
consider any insurance proceeds that may be recoverable under
Delphi's insurance policies. Under the direction of a special
master appointed by the U.S. District Court, Delphi has begun
settlement discussions regarding a potential resolution of these
matters.

Global revenue for the second quarter 2007 was US$7 billion,
flat from US$7 billion in second quarter 2006.

Non-GM revenue for the quarter was US$4.1 billion, up 5% from
US$3.9 billion in second quarter 2006.  Non-GM business
represented 59% of second quarter revenues, compared to year-ago
levels of 56 percent, primarily due to a 6% year-over-year
decline in GM revenues.  Excluding the favorable impact of
foreign currency exchange, non-GM growth for the second quarter
was essentially flat.

                    First Half 2007 Results

Global revenue was US$13.7 billion for the first half 2007, down
from US$14 billion in first half 2006.  Non-GM revenue for first
half 2007 was US$8 billion, up about 4% from  US$7.7 billion in
first half 2006.  Non-GM business reached 59% of first half 2007
revenues, compared to year-ago levels of 55%.  The increase in
non-GM revenues was primarily due to the impact of favorable
currency exchange rates.

Net loss was US$1.4 billion for the first half 2007, compared to
first half 2006 net loss of US$2.6 billion.  Included in the
first half 2007 net loss were charges of US$332 million related
to the Securities and ERISA litigation, employee termination
benefit and other exit cost charges of US$420 million and long-
lived asset impairment charges of US$199 million.  Included in
the first half 2006 net loss were charges of US$1.9 billion for
the U.S. employee special attrition programs.

                   Cash Flow and Liquidity

Cash flow used in operating activities was US$431 million for
the first six months of 2007, as compared to US$187 million
provided by operating activities in the first six months of
2006.  The change in cash flow from operating activities was
driven by payments made as part of the U.S. employee special
attrition program, net of reimbursements from GM, and a net
increase in working capital.

Delphi continues to have sufficient liquidity available in
the U.S. and globally to finance our global operations.  As of
June 30, 2007, Delphi had US$1.5 billion of cash and cash
equivalents and US$1 billion of debt capacity under the
refinanced DIP credit facility.

Delphi had about US$2 billion of senior unsecured debt at June
30, 2007.  As of June 30, 2007, the company had US$453 million
outstanding under its accounts receivable factoring facilities
in Europe.  As of June 30, 2007, outstanding borrowings under
its European accounts receivables securitization program were
US$148 million.  As of June 30, 2007, the company had US$121
million of other debt, primarily consisting of overseas bank
facilities, and US$65 million of other debt classified as
liabilities subject to compromise.

A full-text copy of the company's first half 2007 report is
available for free at http://researcharchives.com/t/s?223f

                   About Delphi Corporation

Headquartered in Troy, Mich., Delphi Corporation (OTC: DPHIQ) --
http://www.delphi.com/-- is the single largest global supplier
of vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
company's technology and products are present in more than 75
million vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Mar. 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.  The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.


DYNEA INTERNATIONAL: S&P Raises Ratings to B+ on Lower Leverage
---------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'B+' from 'B' its
long-term corporate credit rating on Finnish specialty chemicals
company Dynea International Oy.  At the same time, the rating
was removed from CreditWatch where it had been placed with
developing implications on Nov. 22, 2006.  The outlook is
stable.

"The upgrade reflects Dynea's improved cash flow metrics and
leverage following the successful disposal of its North American
unit and use of the proceeds to redeem debt," said Standard &
Poor's credit analyst Lucas Sevenin.  The rating also gives room
for the company's strategy to grow the business, notably through
potentially debt-funded acquisitions.  The disposal, a Canadian
private equity firm, was completed only in July, eight months
after its announcement (November 2006).

"The stable outlook reflects our expectations that the group
will continue to benefit from fair EBITDA generation and
maintain appropriate credit metrics," said Mr. Sevenin. Notably,
we expect FFO to adjusted debt in the mid to high teens, and
positive FOCF.  S&P also factored in small to midsize
acquisitions, as well as important growth and efficiency capital
expenditure.


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


8HERTZ TECHNOLOGIES: Creditors' Meeting Slated for Sept. 28
-----------------------------------------------------------
The court-appointed insolvency manager for 8Hertz Technologies
GmbH, Christian Graf Brockdorff will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
11:10 a.m. on Sept. 28.

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 10:45 a.m. on Dec. 14 at the same venue.

Creditors have until Oct. 26 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christian Graf Brockdorff
         Breite Strasse 9A
         14467 Potsdam
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against 8Hertz Technologies GmbH on Aug. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         8Hertz Technologies GmbH
         Warschauer Str. 58 A
         10243 Berlin
         Germany


AIC-HOLZBAU GMBH: Claims Registration Period Ends Sept. 28
----------------------------------------------------------
Creditors of AIC-HOLZBAU GmbH & Co. KG have until Sept. 28 to
register their claims with court-appointed insolvency manager
Hans von Gleichenstein.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on Oct. 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 Munich
         Meeting Hall 101
         Infanteriestr. 5
         80097 Munich
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Hans von Gleichenstein
         Rottmannstr. 11a
         80333 Munich
         Germany
         Tel: 089/5427300
         Fax: 089/54273015

The District Court of Munich opened bankruptcy proceedings
against AIC-HOLZBAU GmbH & Co. KG on July 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         AIC-HOLZBAU GmbH & Co. KG
         Angertorstr. 3
         80337 Munich
         Germany


ALERIS INTERNATIONAL: Names Joseph Mallak as Sr. Vice President
---------------------------------------------------------------
Aleris International Inc. has appointed Joseph M. Mallak, Senior
Vice President, Finance, Chief Accounting Officer and
Controller.

Bob Holian, who has been serving in this role and has also been
leading the implementation of the Swiss CE structure in Europe,
will continue to work full time on the completion of this major
initiative for the company.

Mr. Mallak has over twenty years of finance and accounting
experience in private and public US and international
manufacturing organizations.  In his most recent role,
Mr. Mallak was a Managing Director for The Reserve Group, a
private equity firm based in Akron, Ohio, where he led the
strategic repositioning and restructuring of several portfolio
companies.

Prior to joining The Reserve Group, Mr. Mallak served as Vice
President, Chief Financial Officer & Treasurer of Stoneridge
Inc. (NYSE; SRI), a publicly traded automotive engineered
products company.  Prior to Stoneridge, Mr. Mallak served as
Vice President and CFO for a global Textron division.  He began
his career with the Ford Motor Company.  "Joe's demonstrated
track record in a wide array of leadership roles in accounting,
finance, and mergers and acquisitions will be a great asset in
his new role with Aleris", said Mike Friday, Executive Vice
President and Chief Financial Officer.

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

                       *     *     *

Standard & Poor's assigned Aleris International Inc. a B+ senior
secured first-lien term loan rating and gave the company a '2'
recovery rating after the report that the company increased
the term loan by US$125 million.  With the add-on, the total
amount of the facility is now US$1.23 billion.


ALUCOMP BAUELEMENTE: Claims Registration Period Ends Sept. 26
-------------------------------------------------------------
Creditors of Alucomp Bauelemente Vertriebs-GmbH have until
Sept. 26 to register their claims with court-appointed
insolvency manager Stephan Haspel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Landau in der Pfalz
         Hall 223
         Marienring 13
         76829 Landau in der Pfalz
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Stephan Haspel
         Friedrich-Ebert-Str. 7
         76829 Landau in der Pfalz
         Germany
         Tel: 06341-51020
         Fax: 06341-510229

The District Court of Landau in der Pfalz opened bankruptcy
proceedings against Alucomp Bauelemente Vertriebs-GmbH on
Aug. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Alucomp Bauelemente Vertriebs-GmbH
         Neustadter Str. 7
         76829 Landau in der Pfalz
         Germany

         Attn: Thorsten Brendel, Manager
         Ludwigstr. 72
         76768 Berg
         Germany


ARNOLD JUERGENSEN: Claims Registration Period Ends Sept. 14
-----------------------------------------------------------
Creditors of Arnold Juergensen GmbH & Co. KG have until Sept. 14
to register their claims with court-appointed insolvency manager
Jan H. Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting at 10:02 a.m. on Oct. 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 Flensburg
         Hall A 220
         Flensburg
         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 H. Wilhelm
         Albert-Einstein-Ring 11
         22761 Hamburg
         Germany

The District Court of Flensburg opened bankruptcy proceedings
against Arnold Juergensen GmbH & Co. KG on Aug. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Arnold Juergensen GmbH & Co. KG
         Attn: Jochen Juergensen, Manager
         Flensburger Strasse 75
         24376 Kappeln
         Germany


ASM ANLAGEN: Creditors' Meeting Slated for Aug. 31
--------------------------------------------------
The court-appointed insolvency manager for ASM Anlagen- u.
Stahlbau Montage GmbH, Martin Abegg will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:10 a.m. on Aug. 31.

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

         The District Court of Saarbruecken
         Meeting 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 8:45 a.m. on Oct. 12 at the same venue.

Creditors have until Sept. 21 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Martin Abegg
         Bahnhofstr. 101
         66111 Saarbruecken
         Germany
         Tel: 0681-31026
         Fax: 0681-390008

The District Court of Saarbruecken opened bankruptcy proceedings
against ASM Anlagen- u. Stahlbau Montage GmbH on July 31.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ASM Anlagen- u. Stahlbau Montage GmbH
         Franz-Meguin-Str. 8b
         66763 Dillingen
         Germany

         Attn: Johannes Mocha, Manager
         Saarbruecker Str. 61
         66822 Lebach
         Germany


AUTOHAUS ORTENAU: Claims Registration Ends Sept. 20
---------------------------------------------------
Creditors of Autohaus Ortenau GmbH have until Sept. 20 to
register their claims with court-appointed insolvency manager
Dr. Oliver Schloz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Offenburg
         Hall 0.005
         Hindenburgstr. 5
         77654 Offenburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Oliver Schloz
         Bertha-von-Suttner-Str. 7
         77654 Offenburg
         Germany

The District Court of Offenburg opened bankruptcy proceedings
against Autohaus Ortenau GmbH on Aug. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Autohaus Ortenau GmbH
         Honda Vertragshandler
         In der Lieste 9a
         77656 Offenburg
         Germany


AUTOHAUS EWERT: Claims Registration Ends Oct. 19
------------------------------------------------
Creditors of Autohaus Ewert GmbH have until Oct. 19 to register
their claims with court-appointed insolvency manager Bernd
Wetjen.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 on Nov. 12, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hildesheim
         Hall 124
         Main Building
         Kaiserstrasse 60
         31134 Hildesheim
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Bernd Wetjen
         Alter Markt (Kaiserhaus) 1
         31134 Hildesheim
         Germany
         Tel: 91710
         Fax: 917171

The District Court of Hildesheim opened bankruptcy proceedings
against Autohaus Ewert GmbH on Aug. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Autohaus Ewert GmbH
         Daimlerring 39
         31135 Hildesheim
         Germany


B.N. GASTRO: Creditors' Meeting Slated for Oct. 16
--------------------------------------------------
The court-appointed insolvency manager for B.N. Gastro GmbH,
Axel W. Bierbach will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 8:30 a.m. on
Oct. 16.

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

         The District Court of Rosenheim
         Hall 108
         Rosenheim
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 8:30 a.m. on Nov. 20 at the same venue.

Creditors have until Oct. 1 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Axel W. Bierbach
         Schwanthaler Str. 32
         80336 Muenchen
         Germany
         Tel: 089/545110
         Fax: 089/54511444

The District Court of Rosenheim opened bankruptcy proceedings
against B.N. Gastro GmbH on Aug. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         B.N. Gastro GmbH
         HausNr. 50
         83256 Frauenchiemsee
         Germany


BALTIC KURIER: Claims Registration Ends Sept. 19
------------------------------------------------
Creditors of Baltic Kurier Service GmbH & Co. KG have until
Sept. 19 to register their claims with court-appointed
insolvency manager Peter Knoepfel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 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 Luebeck
         Hall 256
         Am Burgfeld 7
         23568 Luebeck
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Peter Knoepfel
         Hallerstrasse 76
         20146 Hamburg
         Germany

The District Court of Luebeck opened bankruptcy proceedings
against Baltic Kurier Service GmbH & Co. KG on Aug. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Baltic Kurier Service GmbH & Co. KG
         Roggenhorster Str. 37
         23556 Luebeck
         Germany


BENQ CORP: Denies Report on Design Center Spin Off
--------------------------------------------------
BenQ Corp has no plans to spin off its Lifestyle Design Center
in September when the company officially separates its brand and
OEM business units, Jerry Wang, the Taiwan company's chief
marketing officer, told Digitimes.

Mr. Wang, according to the paper, made the remarks as response
to market reports stating that BenQ will spin off LDC in order
to reduce operating costs and that the company may eventually
set up a joint venture with Taiwan-based design house DEM.

Mr. Wang further clarified that BenQ has just agreed on a
cooperation with DEM on product development and will continue
that cooperation.  However, Mr. Wang stressed out, BenQ has no
plans to form a joint venture.

LDC currently has a team of over 50 design engineers working at
BenQ's offices in Taipei, Suzhou and Beijing, Daniel Shen of
Digitimes relates.

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. --
http://www.benq.com/-- is principally engaged in manufacturing    
developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, camera phones, and other products.

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.  A
Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to secure a
buyer for the company by the Dec. 31, 2006 deadline.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 5,
2006, that Taiwan Ratings Corp., assigned its long-term twBB+
and short-term twB corporate credit ratings to BenQ Corp.

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's continuing operating losses from its
handset operations and high leverage, and the competitive nature
and low profitability of the LCD monitor industry.


BETZ KLIMATECHNIK: Creditors Must File Claims by Sept. 19
---------------------------------------------------------
Creditors of Betz Klimatechnik GmbH have until Sept. 19 to
register their claims with court-appointed insolvency manager
Martin Wagner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Oct. 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 Ludwigsburg
         Hall 2008
         Palace Schuetz
         Schorndorfer Str. 28
         Ludwigsburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Martin Wagner
         Heilbronner Str. 86
         70191 Stuttgart
         Germany

The District Court of Ludwigsburg opened bankruptcy proceedings
against Betz Klimatechnik GmbH on Aug. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Betz Klimatechnik GmbH
         Bergstr. 39
         71229 Leonberg
         Germany


BLESSING GMBH: Creditors Must File Claims by Sept. 5
----------------------------------------------------
Creditors of Blessing GmbH have until Sept. 5 to register their
claims with court-appointed insolvency manager Albert Hirt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Hall 13
         Ground Floor
         Hauffstr. 5 (Am Neckartor)
         70190 Stuttgart
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Albert Hirt
         Berner Feld 74
         78628 Rottweil
         Germany

The District Court of Stuttgart opened bankruptcy proceedings
against Blessing GmbH on Aug. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Blessing GmbH
         Osterbronnstr. 25
         70565 Stuttgart
         Germany


BOGS MARKETING: Creditors Must File Claims by Sept. 10
------------------------------------------------------
Creditors of Bogs Marketing & IT GmbH & C. KG have until
Sept. 10 to register their claims with court-appointed
insolvency manager Frank Krueger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 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 Osnabrueck
         Hall 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:

         Frank Krueger
         Sutthauser Str. 394
         49080 Osnabrueck
         Germany

The District Court of Osnabrueck opened bankruptcy proceedings
against Bogs Marketing & IT GmbH & C. KG on Aug. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bogs Marketing & IT GmbH & C. KG
         Hafenringstr. 10
         49090 Osnabrueck
         Germany


BRASSERIE WEINBRENNER: Creditors Must File Claims by Sept. 12
-------------------------------------------------------------
Creditors of Brasserie Weinbrenner GmbH & Co. KG have until
Sept. 12 to register their claims with court-appointed
insolvency manager Peter Depre.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 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 Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Peter Depre
         O 4, 13-16
         68161 Mannheim
         Germany

The District Court of Karlsruhe opened bankruptcy proceedings
against Brasserie Weinbrenner GmbH & Co. KG on Aug. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Brasserie Weinbrenner GmbH & Co. KG
         Am Marktplatz
         76133 Karlsruhe
         Germany


BUCHHANDLUNG GOLLWITZER: Creditors Must File Claims by Sept. 11
---------------------------------------------------------------
Creditors of Buchhandlung Gollwitzer GmbH have until Sept. 11 to
register their claims with court-appointed insolvency manager
Volker Boehm.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on Oct. 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Weiden
         Boardroom 122/I
         Justice Building
         Ledererstrasse Nr. 9
         92637 Weiden
         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:

         Volker Boehm
         Rothenburger Strasse 241
         90439 Nuremberg
         Germany

The District Court of Weiden opened bankruptcy proceedings
against Buchhandlung Gollwitzer GmbH on Aug. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Buchhandlung Gollwitzer GmbH
         Sedanstr. 8
         92637 Weiden
         Germany


DEGETEL GESELLSCHAFT: Claims Registration Ends October 16
---------------------------------------------------------
Creditors of DEGETEL Gesellschaft fuer Telekommunikation mbH
have until Oct. 16 to register their claims with court-appointed
insolvency manager Friedrich Elsholz.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on Oct. 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 Aschaffenburg
         Meeting Hall 5.103
         Schlossplatz 5
         63739 Aschaffenburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during at 2:00 p.m. on Nov. 13, while creditors
may constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Friedrich Elsholz
         Agathaplatz 1
         63739 Aschaffenburg
         Germany
         Tel: 06021/386850
         Fax: 06021/3868555.

The District Court of Aschaffenburg opened bankruptcy
proceedings against DEGETEL Gesellschaft fuer Telekommunikation
mbH on Aug. 1.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         DEGETEL Gesellschaft fuer Telekommunikation mbH
         Schneebergstr. 1
         63743 Aschaffenburg
         Germany


DEUTSCHES VERSICHERUNGSKONTOR: Claims Registration Ends Sept. 14
----------------------------------------------------------------
Creditors of Deutsches Versicherungskontor Hansa GmbH & Co. KG
have until Sept. 14 to register their claims with court-
appointed insolvency manager Stefan Denkhaus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 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 Hamburg
         Meeting Hall B 405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Stefan Denkhaus
         Jungfernstieg 30
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Deutsches Versicherungskontor Hansa GmbH & Co. KG on
Aug. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Deutsches Versicherungskontor Hansa GmbH & Co. KG
         Attn: Klaus Weihtag and Christa Weihtag, Managers
         Moenkedamm 15
         20457 Hamburg
         Germany


DIE DRUCKMEISTER: Claims Registration Ends September 7
------------------------------------------------------
Creditors of Die Druckmeister GmbH have until Sept. 7 to
register their claims with court-appointed insolvency manager
Gisela Ansorge.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 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 Norderstedt
         Hall B
         Rathausallee 80
         22846 Norderstedt
         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:

         Gisela Ansorge
         Fahrhausstrasse 8
         22085 Hamburg
         Germany

The District Court of Norderstedt opened bankruptcy proceedings
against Die Druckmeister GmbH on Aug. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Die Druckmeister GmbH
         Attn: Wolfgang Weissin, Manager
         Tarpen 45-47
         22848 Norderstedt
         Germany


DLC SOLMS: Claims Registration Ends September 26
------------------------------------------------
Creditors of DLC Solms GmbH & Co. KG have until Sept. 26 to
register their claims with court-appointed insolvency manager
Dr. Jan Markus Plathner.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Nov. 7, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Wetzlar
         Meeting Hall 201
         Building B
         Second Floor
         Wetherstr. 1
         35578 Wetzlar
         Germany
      
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Jan Markus Plathner
         Lyoner Strasse 14
         60528 Frankfurt
         Germany
         Tel: 069/9623340
         Fax: 069/96233422
         E-mail: frankfurt@brinkmann-partner.de   

The District Court of Wetzlar opened bankruptcy proceedings
against DLC Solms GmbH & Co. KG on Aug. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         DLC Solms GmbH & Co. KG
         Gewerbegebiet Ost
         35606 Solms-Oberbiel
         Germany

         Attn: Herbert Wolters, Manager
         Hammer Strasse 13
         59457 Werl
         Germany


DLC WUERZBURG: Claims Registration Period Ends Sept. 30
-------------------------------------------------------
Creditors of DLC Wuerzburg GmbH & Co. KG have until Sept. 30 to
register their claims with court-appointed insolvency manager
Frank Hanselmann.

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

The meeting of creditors will be held at:

         The District Court of Wuerzburg
         Meeting Hall 2
         Second Stock
         Virchowstr. 14
         Wuerzburg
         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:

         Frank Hanselmann
         Berliner Platz 6
         97080 Wurzburg
         Germany
         Tel. 0931/359800

The District Court of Wuerzburg opened bankruptcy proceedings
against DLC Wurzburg GmbH & Co. KG on Aug. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         DLC Wurzburg GmbH & Co. KG
         Leuschnerstr. 3
         97084 Wurzburg
         Germany


DUERR AG: Earns EUR2.11 Million for Second Quarter 2007
-------------------------------------------------------
Duerr AG released its financial statement for the first half and
second quarter ended June 30, 2007.

For the second quarter ended June 30, 2007, the group posted
EUR2.11 million in net profit on EUR346.21 million in revenue,
compared with EUR1.15 million in net profit on EUR317.06 million
in revenue for the quarter ended June 30, 2006.

For the first half of 2007, the group reported EUR263,000 in net
profit on EUR650.27 million in revenue compared with EUR3.29
million in net loss on EUR626.34 million in revenue for the same
period in 2006.

At June 30, 2007, the group's consolidated balance sheet showed
EUR1.07 billion in total assets, EUR823.87 million in total
liabilities and EUR245.20 in shareholders' equity.

                   Unchanged Positive Outlook

Duerr anticipates a sustained good order situation.  The company
expects that incoming orders in 2007 will at least match the
high 2006 level.  Duerr continues to forecast a significant
earnings improvement in 2007, especially as higher-margin orders
will be executed in the second half.  Much of the earnings
growth will be realized in the fourth quarter.  A further
earnings improvement is expected in 2008.  The target return for
2008 is an unchanged at least 5% at the operating earnings
level.

A full-text copy of Duerr AG's financial results is available at
no charge at http://bankrupt.com/misc/your_doc_filename.pdf

                      About The Duerr Group

Headquartered in Stuttgard, Germany, The Duerr Group
-- http://www.durr.com/en/company.html-- supplies products,  
systems, and services for automobile manufacturing.  Its range
embraces important stages in the vehicle production process.  As
a systems supplier, Duerr designs and builds paint shops and
final assembly plants.  Duerr also supplies cleaning and
filtration equipment used in the production of engine and
transmission components as well as balancing and diagnostic
systems for vehicle components.  Business with automobile
manufacturers and their suppliers accounts for about 90% of
consolidated sales.  Other important customer groups are the
mechanical engineering sector and the chemical, pharmaceutical,
coating, and aviation industries.

Duerr has been rigorously expanding its business with assembly
plants for the aviation industry in recent years.  The largest
customer in this segment is Airbus.  Duerr has been awarded a
number of contracts for plants in Germany, France, and Great
Britain by the German-French manufacturer in recent years.

                         *     *     *

As reported in the TCR-Europe on June 22, 2007, Moody's upgraded  
the outlook for Duerr AG's corporate credit rating from negative
to stable.  Duerr AG's corporate credit rating continues to
stand at B2.

As of April 10, 2007, Duerr AG carries Moody's Long-term
Corporate Family rating of B2, Senior Subordinated Debt rating
of Caa1.

Moody's also assigned Loss-Given-Default Rating of LGD5 for
Duerr's 9.75% Senior Subordinated Regular Bond/Debenture Due
2011.

Standard & Poor's assigned Long-Term Foreign Issuer Credit
rating of B to Duerr, its Long-term Local Issuer Credit is at B
with Outlook Stable.


ESSENER ARBEITSSCHUTZ-BEDARF: Claims Period Ends Sept. 22
---------------------------------------------------------
Creditors of Essener Arbeitsschutz-Bedarf Brachten GmbH have
until Sept. 22 to register their claims with court-appointed
insolvency manager Dr. Winfried Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 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 Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany   

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

The insolvency manager can be reached at:

         Dr. Winfried Andres
         Heinrich-Held-Str. 16
         45133 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against Essener Arbeitsschutz-Bedarf Brachten GmbH on Aug. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Essener Arbeitsschutz-Bedarf Brachten GmbH
         Prinz-Friedrich-Str. 6
         45257 Essen
         rmany

         Attn: Hans-Peter Brachten, Manager
         Vossbergring 6
         45259 Essen
         Germany


FARMTOYS GMBH: Claims Registration Period Ends Sept. 14
-------------------------------------------------------
Creditors of Farmtoys GmbH have until Sept. 14 to register their
claims with court-appointed insolvency manager Jan H. Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting at 10:04 a.m. on Oct. 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 Flensburg
         Hall A 220
         Sueder-graben 22
         Flensburg
         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 H. Wilhelm
         Albert-Einstein-Ring 11
         22761 Hamburg
         Germany

The District Court of Flensburg opened bankruptcy proceedings
against Farmtoys GmbH on Aug. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Farmtoys GmbH
         Attn: Peter Juergensen and
               Jochen Juergensen, Managers
         Wanderuper Str. 16 a
         24963 Tarp
         Germany


FELIX BETRIEBS: Claims Registration Period Ends Sept. 10
--------------------------------------------------------
Creditors of Felix Betriebs GmbH have until Sept. 10 to register
their claims with court-appointed insolvency manager Christian
Scholz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Tostedt
         Meeting Room I
         Area CE.02
         Linden 23
         21255 Tostedt
         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 Scholz
         Heuberg 1
         20354 Hamburg
         Germany
         Tel: 040 / 350 16 90
         Fax: 040 / 350 16 915

The District Court of Tostedt opened bankruptcy proceedings
against Felix Betriebs GmbH on Aug. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Felix Betriebs GmbH
         Attn: Thorsten Michaelis, Manager
         Lange Strasse 16
         27404 Elsdorf
         Germany


IKB DEUTSCHE: Forms Crisis Panel & Delays 1Q Report to Sept. 28
---------------------------------------------------------------
The Board of Managing Directors of IKB Deutsche Industriebank AG
has formed a crisis task force.  Dr. Lutz-Christian Funke,
hitherto a director in the corporate center of KfW, the German
state-owned development bank, has been appointed to head the
group.  He has also been appointed to become executive vice
president of IKB.

IKB will postpone the publication of the bank's first quarter
results for the financial year 2007/2008 ended June 30, 2007,
which had previously been scheduled for August 14, 2007.  IKB
will apply for the permission of Deutsche Borse to publish the
three-month results on September 28, 2007.  The analysts'
conference, scheduled for August 27, 2007, will also be
postponed.

Concurrently, The Financial Times reports that WGZ Bank has
indicated that it would be interested in purchasing the 38%
stake in IKB that currently belongs to KfW.  German banks
Commerzbank and HypoVereinsbank are also interested in principle
in acquiring a stake in IKB, if KfW decides to sell its holding.  
The German government has denied the rumors, however, despite
arguments from politicians and analysts pushing for the sale as
they claim IKB does not require state support, FT states.

IKB has decided to invest EUR80 million by way of Junior Capital
Notes in the vehicle Rhinebridge plc.  This measure serves to
secure the refinancing capability of the investment vehicle in
the currently disrupted market environment.  As a result IKB
will consolidate Rhinebridge assets worth US$2.4 billion on its
balance sheet.  Rhinebridge's portfolio consists of 96% AAA and
AA and 4% A rated securities.  This transaction is a proactive
measure and an important contribution towards market
stabilisation.

Since the refinancing of Rhineland Funding is currently not
effected via Commercial Paper, the funding of assets of the
Rhineland ABCP Programme is now based on various liquidity lines
drawn.  As already announced, KfW agreed last week to provide
liquidity of up to EUR8.1 billion to Rhineland Funding.  The
remaining EUR6.5 billion of liquidity lines continue to be
provided by a group of other banks.

Against the background of the investment in Rhinebridge, the
Board of Managing Directors of IKB has decided to propose to the
Supervisory Board at the next Supervisory Board Meeting to
propose to the Annual General Meeting not to distribute a
dividend.

Dr. Volker Doberanzke, member of the Board of Managing Directors
and responsible for Finance, Controlling and Taxation, and for
Organisation & IT, has also resigned from his position as board
member with immediate effect.  The Supervisory Board accepted
his resignation.  Dr. Dieter Gluder, member of the Board of
Managing Directors, will assume Dr. Doberanzke's
responsibilities as CFO for the time being.

               About IKB Deutsche Industriebank AG

Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank
AG -- http://www.ikb.de/-- pioneered the long-term industrial  
loan and provides medium-sized companies with long-term
financing.  The bank operates in several German locations, as
well as branches in the United Kingdom, Luxembourg, Spain and
France.

IKB had previously invested in securitized loans on the US
market for subprime mortgages, which are now almost worthless.  
This resulted in a deep-seated crisis within the bank, pushing
it on the brink of bankruptcy.

                           *    *    *

The TCR-Europe reported on June 18, 2007, that Fitch Ratings has
assigned the US$11,375,000 tranche 4 loan facility provided by
IKB Deutsche Industriebank AG and IKB International S.A. to
Havenrock II a rating of 'BB-' with a Stable Outlook.


MEDIFACTS INTERNATIONAL: Files Chapter 11 Plan of Reorganization
----------------------------------------------------------------
Medifacts International Inc. filed with the U.S. Bankruptcy
Court for the District of Delaware its Chapter 11 Plan of
Reorganization and its accompanying Disclosure Statement.

                       Litigation Trust

On the effective date of the Plan, the Debtor will execute and
deliver a Plan Administration Agreement which will create a
litigation trust, appoint a Plan Administrator, and provide for
the acceptance of reserves provided for in the Plan.  In
addition, the Plan Funders will tender to the Plan
Administrator:

  * availability under the Exit Facility for US$2.5 million,
    less any amount required to satisfy outstanding amounts then
    due and owing under the DIP Facility; and

  * US$2.5 million of the Plan Funding Equity Commitment.

The Plan Funders, as an additional part of the Plan Funders
Consideration, will contribute to a litigation trust.

>From and after the effective date, the Litigation Trust and the
Plan Administrator will hold and administer the following
reserves:

  i) Class 5 Pool Escrow         -- US$500,000
ii) Convenience Escrow          -- US$360,000
iii) Cure Escrows                -- US$25,000
iv) Plan Expense Reserve        -- US$500,000
  v) Plan Funders Release Escrow -- US$140,000

                Treatment of Unimpaired Classes

In its Plan, the Debtor indicates that each holder of these
claims will be paid in the full amount in cash:

  -- Administrative Claims;
  -- Priority Tax Claims;
  -- Fee Claims; and
  -- Class 1 Other Priority Claims.

Holders of the Series A DIP Claims will be subject to, on the
effective date of the Plan, the terms and conditions of the
Debtor's Plan Funding Debt Commitments.  The Plan Funders will
fund the Commitments and add such amount to the principal
balance of the DIP Facility on the effective date, plus all
interests, costs and fees.

The Debtor believes that there are no valid Miscellaneous
Secured Claims in the Unimpaired Class.  If there are any such
existing claims in this class, the Debtor will classify that
claim in a separate subclass.  At the option of the Debtor,
holders of Class 2 Claims will receive either the return of the
collateral securing the secured claim or the net procees
realized by the Debtor from the disposition of the collateral.

Wachovia Bank, N.A.'s Class 3 Secured Claim will be treated as a
contingent secured claim in an unliquidated amount.

                 Treatment of Impaired Classes

The Debtor explains that Class 4 Convenience Claims are
unsecured claims, the amount of which is US$6,000 or less, or
unsecured claims with an allowed amount more than US$6,000, as
to which such holders agree to reduce the said claims to
US$6,000 and be treated as a Class 4 Claim.  On the effective
date of the Plan, holders of the Convenience Claims will receive
their pro rata share, in cash, from the Convenience Escrow.  In
addition, all Class 4 Claims will be transferred to and assumed
by the Litigation Trust, rendering the Debtor free and clear of
all Class 4 Claims.

Holders of Class 5 General Unsecured Claims will receive, on the
effective date, their pro rata share of the Class 5 Pool Escrow.

Class 6 Claims are composed of the Garrett Claims, which are
derived from the Debtor's adversary proceeding against Drs.
Sandra Garrett and Bruce Garrett, pending in the Court
(Adversary Proceeding No. 07-50973(PJW)).  Each holder of a
Garret Claim will receive its pro rata shares from:

  a) the Class 5 Pool Escrow on the effective date of the Plan;

  b) the net proceeds of the avoidance actions, from time to
     time;

  c) the net proceeds of the Garrett Litigation when recovered;
     and

  d) receive its pro rate share of the reserves balances, from
     time to time.

                 About Medifacts International

Based in Rockville, Maryland, Medifacts International Inc. --
http://www.medifacts.com/-- provides quality clinical trial
services to pharmaceutical, biotech and medical device companies
that are developing therapeutic drugs and products.  The company
employs 176 people in the North America, China and Germany.  The
company filed for chapter 11 protection on Jan. 28, 2007 (Bankr.
D. Del. Case No. 07-10110).  Joseph A. Malfitano, Esq., at
Young, Conaway, Stargatt & Taylor, LLP, represents the Debtor in
its restructuring efforts.  When the Debtor filed for protection
from its creditors, it listed estimated assets and debts of
US$10 million to US$50 million.

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


NAVIOS MARITIME: Completes 9-1/2% Senior Notes Exchange Offer
-------------------------------------------------------------
Navios Maritime Holdings Inc. disclosed that 100% of all its
outstanding 9-1/2% Senior Notes due 2014, were exchanged for a
like principal amount of its 9-1/2% Senior Exchange Notes due
2014, which have been registered under the Securities Act of
1933, as amended.

The exchange offer expired at 5:00 p.m., New York City time, on
Aug. 7, 2007.

Based in Norwalk, Connecticut, Navios Maritime Holdings Inc.
(NYSE: NM and NM WS) -- http://www.navios.com/-- is an   
integrated global seaborne shipping company, specializing in the
worldwide carriage, trading, storing, and other related
logistics of international dry bulk cargo transportation.  The
company also owns and operates a port/storage facility in
Uruguay and has in-house technical ship management expertise.  
It has offices in Piraeus, Greece, South Norwalk, Connecticut
and Montevideo, Uruguay and Antwerp, Belgium.

                         *    *    *

Navios Maritime's 9-1/2% Senior Notes due 2014, carry Moody's
Investors Service's B2 rating and Standard & Poor's B rating.


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


AES CORPORATION: Restates Financial Results for Fiscal 2006
-----------------------------------------------------------
The AES Corp. has restated its 2006 results and "changed the
accounting related to the sale" of its Venezuelan unit, Reuters
reports.

AES said in an amended 10-K annual filing with the U.S.
Securities and Exchange Commission that it lowered its 2006
earnings excluding special items by US$94 million, mainly by
moving its Venezuelan subsidiary to discontinued operations.

Reuters relates that including a restatement filed on
Aug. 6, 2007, which reduced earnings by 9 cents per share for
last year, AES is reporting 2006 earnings excluding special
items of 93 cents per share, down from US$1.14 per share
previously disclosed.

AES said in a quarterly 8-K filing with the sec that it reduced
its net income to 30 cents per diluted share from 39 cents.

According to Reuters, "earnings were hit by a US$57-million non-
cash charge related to accounting changes for its Brazilian
utility business" and for three power purchase accords in
Pakistan and the US.

Reuters notes that as part of President Hugo Chavez's drive to
nationalize Venezuela's electricity and telecommunications
firms, AES acquiesced early this year to sell its 82% stake in a
Venezuelan firm that included 2,600 of megawatt generation
capacity for US$740 million to the government of Venezuela.

AES previously restated its financial results for 2002 to 2005
due to weaknesses in its internal controls, Reuters states.

                            About AES

AES Corp. -- http://www.aes.com/-- is a global power company.   
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.

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

                          *     *     *

In Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
given-default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.


AES CORP: Lehman Brothers Reaffirms Overweight Rating on Firm
-------------------------------------------------------------
Lehman Brothers analyst Gregg Orrill has reaffirmed his
"overweight" rating on The AES Corp's shares, Newratings.com
reports.

According to Newratings.com, the target price for AES' shares
was set at US$28.

Mr. Orrill said in a research note that AES's share price
dropped by 21% since July 19, 2007, due to concerns surrounding
additional restatement of financials and the project finance
markets.

Newratings.com relates that analysts consider the recent
weakness in AES' share price as "overdone."

AES restated its results to 2004 to indicate changes in
accounting of regulatory "amortization offsets" in Brazil and
revision in lease accounting, Newratings.com states, citing
Lehman Brothers.

                           About AES

AES Corp. -- http://www.aes.com/-- is a global power company.   
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.

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

                          *     *     *

In Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
given-default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.


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


ELAN CORP: Dr. Lars Ekman to Assume Adviser Role on Dec. 2007
-------------------------------------------------------------
Elan Corporation plc said that Dr. Lars Ekman, current president
of research and development, member of the operating committee
and the board of directors, will transition from his current
operational role to become an adviser as a member of the board
of directors effective Dec. 31, 2007.

Dr. Ekman will continue to chair the Science and Technology
committee, which has as its charter to provide long-term
strategic guidance and input to the Chairman and CEO on matters
relating to Elan's research platform and portfolio.  Other board
members of the Science and Technology Committee include Dr.
Dennis Selkoe and Dr. Floyd Bloom.

During his transition through year-end, Dr. Ekman will remain an
integral part of the company's science, clinical development and
corporate activities and will continue as key senior
spokesperson for Elan as president of research and development.
Dr. Ekman will continue as co-chair on the joint steering
committee with Wyeth.

As the 2007 progresses, Dr. Ekman's focus and energies will
shift toward Elan's intermediate and long-term plans as he
dedicates his time to provide strategic advice to the Chairman
and the CEO in his continuing role as a member of the Board of
Directors.

Dr. Ekman joined Elan in January 2001 after holding a number of
senior executive positions in the pharmaceutical industry. His
leadership over the past seven years has been instrumental in
advancing Elan's pipeline.  During this period, Elan received
approval for four U.S. New Drug Applications; three European
Marketing Approval Applications; and five Investigational New
Drug Applications.  

"After nearly twenty-five years in multiple senior operational
roles, I look forward to devoting my time and energy to tackling
broader strategic issues.  As a Board member and Chairman of the
Science and Technology Committee, I will have the forum to do
so.  We have made great advancements in our pipeline and I look
forward to continuing to be intimately involved in the coming
years," Dr. Ekman stated.

"Lars has been an invaluable member of Elan's management team.
We are delighted and fortunate to have Lars remain on our Board,
and we look forward to his continued guidance, support and
leadership as we move this company forward," Kyran McLaughlin,
Chairman of the Board, commented.

"Lars is a truly unique individual and his contribution to Elan
has and will continue to be immeasurable. I have the highest
degree of respect and admiration for Lars from both a
professional as well as personal point of view.  I look forward
to working closely with Lars as a member of the Board for years
to come," Kelly Martin, Elan's president & CEO, added.

                     About the Company

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.

                          *     *     *

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 Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors, Moody's
Investors Service the rating agency confirmed its B3 Corporate
Family Rating for Elan Corporation plc and assigned a B2
probability-of-default rating to the company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

* Issuer: Elan Finance plc
                                                Projected
                              Debt     LGD      Loss-Given
   Debt Issue                 Rating   Rating   Default
   ----------                 -------  -------  --------
   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$150M Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65%

   US$850M 7.75% Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$465M 8.875% Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65%

As reported in the TCR-Europe on Nov. 13, 2006, Standard &
Poor's Ratings Services assigned its 'B' rating to Elan Finance
plc's proposed offering of US$500 million senior unsecured notes
due 2013, to be issued in a combination of fixed and floating-
rate notes.

Outstanding ratings on Elan (including the 'B' corporate credit
rating) and its related entities were affirmed.  S&P said the
ratings outlook is stable.


GALILEO EURO: Moody's Rates EUR20.8 Mln Class E Notes at (P)Ba2
---------------------------------------------------------------
Moody's Investors Service assigned these ratings to six Classes
of notes issued by Galileo Euro ABS CDO I Limited, a limited
purpose vehicle incorporated in Ireland:

   -- (P)Aaa to the EUR473,800,000 Class A-1 Secured Floating
      Rate Notes due 2061

   -- (P)Aaa to the EUR94,000,000 Class A-2 Secured Floating
      Rate Notes due 2061

   -- (P)Aa3 to the EUR42,300,000 Class B Secured Deferrable
      Interest Floating Rate Notes due 2061

   -- (P)A2 to the EUR31,400,000 Class C Secured Deferrable
      Interest Floating Rate Notes due 2061

   -- (P)Baa2 to the EUR27,700,000 Class D Secured Deferrable
      Interest Floating Rate Notes due 2061

   -- (P)Ba2 to the EUR20,800,000 Class E Secured Deferrable
      Interest Floating Rate Notes due 2061

Moody's provisional ratings address the expected loss posed to
investors by the legal final maturity in 2061

The provisional ratings assigned above are based on the
structure and characteristics of the proposed transaction based
on the information provided to Moody's on Aug. 7, 2007.
Investors should be aware that certain issues concerning this
transaction have yet to be finalized.  Upon conclusive review of
all documents and legal information as well as any subsequent
changes in information, Moody's will endeavor to assign
definitive ratings to this transaction.  The definitive ratings
may differ from the provisional ratings set forth in this
report.  Moody's will disseminate the assignment of definitive
ratings through its Client Service Desk.

The provisional ratings assigned to the notes are based
primarily on:

   -- An assessment of the credit quality and of the
      diversification of the assets included in the portfolio;

   -- The protection against losses through the
      overcollateralization of the notes;

   -- The par coverage and interest coverage tests implemented
      in the structure, which, upon breach, divert cash flows
      toward senior notes;

   -- The definition of credit events;

   -- The legal and structural integrity of the transaction.

Galileo is a static cash CDO with a portfolio made of multiple
Pay-As-You-Go CDS referencing European RMBS and CMBS securities.

At closing, Galileo will issue six classes of rated Notes.  The
issuance proceeds of the Class A-2, B, C, D, E and Subordinated
Notes will be used to purchase eligible investment collateral.
The Class A-1 Notes will remain unfunded and the issuer will
enter into a total return swap agreement for this portion of the
structure.  At later stages, the Class A-1 Notes shall be
delivered to the TRS counterparty in case a payment is made by
the TRS counterparty to Galileo.


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


AVNET INC: Earns US$124.7 Million in Fourth Quarter 2007
--------------------------------------------------------
Avnet, Inc. recorded revenue of US$4.24 billion for fourth
quarter fiscal 2007, ended June 30, 2007, representing an
increase of 17.3% over fourth quarter fiscal 2006.

Organic (pro forma) revenue growth, as defined in the Non-GAAP
Financial Information section, was 4.0% over the prior year
fourth quarter.  

Net income for fourth quarter fiscal 2007 was US$124.7 million
as compared with net income of US$58.8 million for the fourth
quarter last year.  Excluding certain items noted below, net
income was a record US$123.9 million, or US$0.81 per share on a
diluted basis, representing a 42.4% and 37.3% increase,
respectively, over the year-ago period.  The Company's effective
tax rate for the 2007 fiscal year came in at approximately 33%,
thereby positively impacting its fourth quarter results by
roughly US$0.02 per share.

Operating income for fourth quarter fiscal 2007 was US$196.9
million, up 35.8% as compared with operating income of US$145.0
million in the year ago quarter.  Excluding certain items in
both periods as noted below, operating income increased 29.0%
over the prior-year quarter to a record US$195.8 million.
Operating income as a percent of sales, excluding certain items
in both periods, was 4.6%, up 42 basis points from last year's
fourth quarter, with both operating groups performing within
their targeted range for the second consecutive quarter.

Roy Vallee, Chairman and Chief Executive Officer, commented,
"Our fourth quarter results continued to demonstrate the
operating leverage in our business model as strong execution in
both operating groups resulted in record setting performances.
Record revenue and operating income combined with strong asset
velocity drove return on capital employed above our 12.5%
target.  I am very pleased with our fourth quarter results and
the consistent improvement in our key financial metrics."

Revenue of US$15.68 billion for fiscal 2007, also a record, was
up 10.0% over fiscal 2006 revenue of US$14.25 billion.  Organic
revenue growth, as defined in the Non-GAAP Financial Information
section, was up 5.7% over the prior year.  Net income for fiscal
2007 was US$393.1 million, or US$2.63 per share on a diluted
basis, as compared with net income of US$204.5 million, or
US$1.39 per share on a diluted basis, in fiscal 2006.  Excluding
certain items, net income and diluted earnings per share for
fiscal 2007 were up 50.1% and 47.6% to a record US$413.1 million
and US$2.76, respectively, as compared with fiscal 2006.

Including certain items, fiscal 2007 operating income grew 56.6%
to US$678.3 million as compared with fiscal 2006 operating
income of US$433.1 million.  Excluding those items in both
fiscal years, operating income grew 36.3% year over year to
US$685.6 million and operating income as a percent of sales was
4.4%, an increase of 84 basis points over fiscal year 2006
operating income margin of 3.5%.  This represents the fifth
consecutive year of year over year growth in both operating
income and operating income margin.

Mr. Vallee further commented, "Fiscal 2007 was another example
of the impact that our value based management initiatives have
had on our business operations as operating income grew more
than three times faster than revenue.  While growth in our end
markets slowed this year, our global team stayed focused and
executed well on the things we can control.  As a result, we
were able to deliver consistent improvement in our financial
metrics over each of the past four quarters.  I would like to
congratulate and thank Avnet employees around the world for
achieving all of our key financial targets including operating
margin, working capital velocity and return metrics
simultaneously."

                Certain Items Impacting Results

The results for the fourth quarter and fiscal year of fiscal
2007 and 2006 include certain items as described herein, the
mention of which management believes is useful to investors when
comparing operating performance with prior periods.  More detail
on the reasons for providing this information are set forth in
the Non-GAAP Financial Information section which appears below
in this press release.  The items affecting the current fourth
quarter and fiscal year are described below and the items
affecting the prior year quarter and fiscal year are described
later in this press release.

             Fourth Quarter and Fiscal Year 2007:

   -- Restructuring, integration and other items amounted to a
      pre-tax benefit in the fourth quarter of US$1.2 million,
      which consisted of (i) a prior year acquisition-related
      benefit of US$12.5 million, net of (ii) restructuring,
      integration and other charges of US$11.3 million related
      to further cost-reduction initiatives across the Company
      as well as Access integration-related costs.  Pre-tax
      restructuring, integration and other items for the fiscal
      year ended 2007 amounted to US$7.4 million and consisted
      of US$19.9 million of restructuring, integration and other
      charges, net of the acquisition-related benefit of US$12.5
      million.

   -- Gain on sale of business lines for the fiscal year ended
      2007 resulted from the receipt of contingent purchase   
      price proceeds related to the prior year divestitures of
      the Technology Solutions' single tier businesses in the
      Americas.

  -- Debt extinguishment costs for the fiscal year ended 2007
     related to the Company's election to redeem all of its
     outstanding 9 3/4% Notes due February 15, 2008 during the
     first quarter.

                    Operating Group Results

Electronics Marketing sales of US$2.47 billion in the fourth
quarter fiscal 2007 were up 0.8% year over year and 1.3%
adjusted for a divestiture in the prior year quarter. EM sales
in the EMEA and Asia regions increased 0.6% and 7.3%,
respectively, year over year while the Americas decreased 3.4%.
Excluding the impact of foreign currency translation and
adjusted for divestitures, year over year revenue at EM EMEA was
down 4.6%.  EM operating income of US$143.6 million for fourth
quarter fiscal 2007 was up 6.5% over the prior year fourth
quarter operating income of US$134.9 million and operating
income margin of 5.8% was up 31 basis points over the prior year
quarter, representing the sixth consecutive quarter of operating
margin in excess of 5.0%.

Mr. Vallee added, "EM closed out the fiscal year with another
quarter of consistent progress toward our long-term financial
goals.  Through continuous process improvement and further
collaboration with our trading partners, EM was able to reduce
inventory by US$48 million sequentially which resulted in record
working capital velocity and a five day reduction in its cash
cycle from the fourth quarter of fiscal 2006.  Combined with
growth in operating income, return on working capital increased
258 basis points, nearing our goal of 30%."

Technology Solutions sales of US$1.77 billion in the fourth
quarter fiscal 2007 were up 52.1% year over year on a reported
basis and up 8.0% on a pro forma basis, as defined in the Non-
GAAP Financial Information section.  On a pro forma basis,
fourth quarter fiscal 2007 sales in Asia and EMEA were up 115.0%
and 20.9%, respectively, year over year while sales in the
Americas were down 0.9%.  TS operating income was US$68.7
million in the fourth quarter fiscal 2007, a 70.5% increase as
compared with fourth quarter fiscal 2006 operating income of
US$40.3 million, and operating income margin of 3.9% increased
by 42 basis points over the prior year fourth quarter, benefited
by the change to net revenue treatment of the sales of supplier
service contracts.

Mr. Vallee further added, "We are encouraged by the fiscal year
2007 growth in our enterprise computer product business, the
largest business unit within TS, as reported revenue grew 31.7%
to nearly US$4.5 billion, with pro forma year over year growth
of 6.1%.  With the integration of Access Distribution complete
at the end of June, we now look forward to completing the
recently announced acquisition of the Magirus enterprise
computer business in Europe by early October.  Magirus will
significantly increase our presence in two of the largest
European IT markets, Germany and UK, while expanding our
existing operations in six additional countries.  TS is becoming
the leading pan-European value added distributor with unique
scale and scope advantages that further differentiate the value
we can deliver to our customers and suppliers."

                            Cash Flow

During the fourth quarter of fiscal 2007, the Company generated
US$297 million of free cash flow, and US$746 million for the
fiscal year, excluding cash used for acquisitions.  As a result,
the Company ended the quarter with US$557 million of cash and
cash equivalents and net debt of US$652 million.

Ray Sadowski, Chief Financial Officer, stated, "Our cash
generation over the past year is further validation of what the
focus on return on capital can mean to our business model.  
While growth moderated in our end markets, we were able to
generate a significant amount of cash with over 80% coming from
profits and the remainder from working capital efficiencies.
This performance allowed us to reduce net debt and net interest
expense while paying for the Access acquisition without
impairing our investment grade credit statistics.  We are well
positioned to finance the Magirus acquisition with cash on hand
and still maintain substantial flexibility to pursue additional
growth opportunities."

                             Outlook

For Avnet's first quarter fiscal 2008, management expects sales
at EM to be in the range of US$2.40 billion to US$2.50 billion
and anticipates sales for TS to be between US$1.60 billion to
US$1.70 billion.  Therefore, Avnet's consolidated sales are
forecasted to be US$4.0 billion to US$4.2 billion for the first
quarter of fiscal 2008.  As a result, management expects the
first quarter earnings to be in the range of US$0.65 to US$0.69
per share, up 18% - 25% as compared with last year's first
quarter.  First quarter guidance includes approximately US$0.04
per share related to the expensing of stock-based compensation
as compared with US$0.02 per share in the fourth quarter fiscal
2007.  In addition, full year fiscal 2008 earnings per share are
currently expected to grow approximately 15% - 20% as compared
with US$2.76 in fiscal 2007, excluding certain items and the
impact of acquisitions not yet completed.

Sequentially, as compared with the fourth quarter fiscal 2007,
earnings per share for the first quarter of fiscal 2008 will be
negatively impacted by the year end effective tax rate true up
affecting the fourth quarter as noted above, and by normal
seasonality which now includes the effect of the Access business
which has a particularly strong June quarter coinciding with its
largest supplier's fiscal year end.

                            About Avnet

Headquartered in Phoenix, Arizona, Avnet, Inc.
-- http://www.avnet.com/-- distributes electronic components     
and computer products, primarily for industrial customers.  It
has operations in the following countries: Australia, Belgium,
China, Germany, Hong Kong, India, Indonesia, Italy, Japan,
Malaysia, New Zealand, Philippines, Singapore, and Sweden,
Brazil, Mexico and Puerto Rico.

                          *     *     *

The Troubled Company Reporter on March 6, 2007, reported that
Moody's Investors Service affirmed the Ba1 corporate family and
long-term debt ratings of Avnet, Inc. and revised the outlook to
positive from stable.


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


ALAKOLSTROYMONTAGE LLP: Creditors Must File Claims Sept. 14
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Alakolstroymontage insolvent on June 19.

Creditors have until Sept. 14 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Room 207
         Tauelsizdik Str. 75
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 27-38-04


AMIROV LLP: Proof of Claim Deadline Slated for Sept. 14
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Firm Amirov insolvent on May 10.

Creditors have until Sept. 14 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Tauelsizdik Str. 91/96-36
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 24-27-97
              8 777 237 48-14


BASTAU LLP: Claims Filing Period Ends Sept. 14
----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Bastau insolvent on June 25.

Creditors have until Sept. 14 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Valihanov Str. 46-38
         Almaty
         Kazakhstan
         Tel: 8 (3272) 73-45-80
              8 (3272) 56-98-06
              8 701 516 69-72


EAST-WEST LLP: Creditors' Claims Due on Sept. 12
------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Trade-Manufacturing Company East-West insolvent
on June 19.

Creditors have until Sept. 12 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Ushanov Str. 78-27
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 26-24-41


NAFTA-SERWIS LLP: Claims Registration Ends Sept. 14
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Nafta-Serwis insolvent on June 22.

Creditors have until Sept. 14 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Building Of Auto Station
         Micro District 28
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (3292) 41-14-58


RADIAN-1 LLP: Proof of Claim Deadline Slated for Sept. 13
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Radian-1 insolvent on June 19, 2007.

Creditors have until Sept. 13 to submit written proofs of claims
to:

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


SARMAN LLP: Creditors Must File Claims Sept. 13
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Sarman insolvent on June 19.

Creditors have until Sept. 13 to submit written proofs of claims
to:

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


SEMAGROREMMACH LLP: Claims Filing Period Ends Sept. 12
------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Semagroremmach insolvent on June 20.

Creditors have until Sept. 12 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Ushanov Str. 78-27
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 26-24-41


SUGYR-E LLP: Creditors' Claims Due on Sept. 13
----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Sugyr-E insolvent.

Creditors have until Sept. 13 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Tolstoy Str. 74
         Kostanai
         Kazakhstan


TUGAN JER: Claims Registration Ends Sept. 13
--------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Tugan Jer insolvent.

Creditors have until Sept. 13 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Tolstoy Str. 74
         Kostanai
         Kazakhstan


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


DEAD SEA: Creditors Must File Claims by September 13
----------------------------------------------------
LLC Dead Sea Travel Agency has declared insolvency.  Creditors
have until Sept. 13 to submit written proofs of claim.

Inquiries can be addressed to (0-555) 90-15-55.


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


NXP BV: Moody's Cuts Rating to B1 on Weak Operating Performance
---------------------------------------------------------------
Moody's Investors Service downgraded NXP Semiconductor's
corporate family rating to B1 from Ba3, its senior secured notes
to Ba3 from Ba2 and senior unsecured notes to B3 from B2.  The
outlook for the ratings has been changed to negative.

The rating action reflects NXP's waning profitability and
deteriorating credit metrics against earlier expectations of
"further material improvement in NXP's operating metrics in the
course of comprehensive restructuring efforts initiated in
2005;" as well as "the expectation that the targeted level of
operating cost flexibility and profitability will be
substantially achieved to make the company more resilient to
semiconductor industry volatility and allow for strong free cash
flows".

The deteriorating operating performance has been a result of:

   (i) a faster-than-expected revenues decline in mature
       products (in particular analogue based CRT-TV) before the
       company was able to reduce its high cost manufacturing
       base in Europe and shift its substantial level of in-
       house fabrication, which is associated with high
       operating leverage, to third-party foundries, and

  (ii) was exacerbated by the recent market weakness and
       depreciation of the US dollar.

The negative outlook expresses the concern about a continuation
of the weakening credit profile of NXP, should the semiconductor
market run into a prolonged period of weak demand and should the
company fail to substantiate cost savings expected from its
business renewal programs.  For this scenario, NXP still has
more than EUR500 million in cash balances and a EUR500 million
committed revolving credit facility, though weakened by a
material adverse change clause, which would be available to fund
cash flow shortfalls during the period of stress.

More positively, Moody's however expects that following the
revenue stabilization in Q2, 2007 and an outlook for continued
demand resilience in NXP's end-user products, like mobile
phones, personal media players, or consumer electronics, there
is realistic potential for moderate semiconductor growth in the
second half 2007.  In this scenario of firm prices, rising
capacity utilization and increasing benefits from cost saving
measures, NXP should be well positioned to return to operating
profitability and generate cash during the remainder of the
year, as the impact of the company's Business Renewal program
starts to bear fruit.

A future rating downgrade would be considered, if the weak
scenario emerges and NXP starts to erode its finite sources of
liquidity.  Indicators for this development would be the failure
to generate sequential revenues growth in each of the next two
quarters, or to achieve visible cost savings through its
business renewal program, or material cash consumption from
operations, so that its cash balances fall well below EUR 500
million.

Moody's would consider stabilizing the rating outlook if NXP
establishes a track record of a lean and flexible cost base and
increased resilience to the semiconductor cycle. This would be
indicated by NXP reaching a level of operating profitability
over the next 12 to 18 months sufficient to earn at least its
interest expense so that net income, excluding the effects of
purchase price accounting, becomes positive, by net debt/EBITDA
falling below 4.5-times and by maintaining balances of cash and
marketable securities at more than 10% of debt.

Downgrades:

   * Issuer: NXP B.V.

   -- Probability of Default Rating, Downgraded to B1 from Ba3

   -- Corporate Family Rating, Downgraded to B1 from Ba3

   -- Senior Secured Regular Bond/Debenture, Downgraded to Ba3,
      LGD3 42% from Ba2, LGD3 40%

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to B3,
      LGD5 87% from B2, LGD5 86%

Outlook Actions:

   * Issuer: NXP B.V.

   -- Outlook, Changed To Negative From Stable

NXP, headquartered in Eindhoven, Netherlands, is one of the
largest semiconductor companies worldwide, focusing on the
designs and manufacture of application-specific integrated
circuits for the home electronics, mobile communications,
automotive and identification technology application markets.
Revenues were EUR5 billion in 2006.


PLAYLOGIC ENTERTAINMENT: Inks Partnership Deal w/ Spencer Clarke
----------------------------------------------------------------
Playlogic Entertainment Inc. has entered into a strategic
partnership with Spencer Clarke LLC, a full service investment
banking and retail brokerage firm.

Spencer Clarke will provide investment banking and financial
advisory services including assisting Playlogic with capital
market opportunities.

"It is a great opportunity for Playlogic to be working with a
highly regarded firm like Spencer Clarke," Rogier W. Smit,
Playlogic's executive vice president, comments.  "Their
representatives arrived in Amsterdam and showed their desire to
understand our specific needs.  We feel this approach
could positively contribute to our exposure and growth."

"We are very content that Spencer Clarke will be assisting us in
the future growth of Playlogic.  It's a partnership and alliance
that brings us extensive industry experience which assists us
beyond a capital raise," Wilbert Knol, CFO of Playlogic,
comments.  "It's an exciting time for the industry, an exciting
time for Playlogic and Spencer Clarke has stepped in at the
right time."

"We are delighted to work with the Playlogic management team as
it seeks growth capital and alliances that will help the firm
expand within the worldwide gaming industry.  This is the
fastest-growing entertainment media segment during the next five
years.  Global video game spending will increase to US$55.6
billion in 2008, at a 20.1% CAGR according to
PricewaterhouseCoopers," notes Geoffrey Finkel, vice president
of investment banking at Spencer Clarke.

"The company has demonstrated its ability to bring quality games
to market, and has an exciting line up," Joseph Turpin, vice
president of investment banking at Spencer Clarke, added.
"Furthermore, as one of a limited number of publishers on all of
the major platforms, they are in an excellent position to
continue their growth."

                    About Spencer Clarke LLC

Based in New York and founded in 1997, Spencer Clarke LLC --
http://www.spencerclarke.com/-- specializes in helping micro  
cap public and mid market private companies grow.  Its team of
experienced professionals assists those seeking: PIPE
Transactions, Equity IPO's, Institutional Investors, Mergers &
Acquisitions, Private Placements, Standby Note Facilities,
Bridge & Permanent Financing, Convertible and Mezzanine Debt,
Private Equity, Leverage and Mgt. Buyouts, and Growth and Exit
Strategies.

                  About Playlogic Entertainment

Headquartered in New York and Amsterdam, Playlogic
Entertainment, Inc. (OTC BB: PLGC) is an independent publisher
of entertainment software for PCs, consoles, handhelds, mobile
devices, and other digital media.  Playlogic distributes its
products worldwide through all available channels, online and
offline.  Playlogic has approximately 75 employees.  Its
internal game development studio is based in Breda, Netherlands.  
Playlogic's portfolio includes games that are being developed by
several teams at the Playlogic Game Factory, Playlogic's in-
house development studio based in Breda, as well as games
developed by a number of studios throughout the world with
approximately 300 people of external development staff.

At March 31, 2007, the company's balance sheet showed total
assets of US$9.8 million, total liabilities of US$20.2 million,
resulting to a total shareholders' deficit of US$10.4 million.


SENSATA TECH: Incurs US$44.9 Mln Net Loss in 2007 Second Quarter
----------------------------------------------------------------
Sensata Technologies B.V. posted a net loss of US$44.9 million
on US$345.6 million of net revenues for the three months ended
June 30, 2007, compared to a net loss of US$41.6 million.  The
net revenue represents an increase of US$47.4 million or 15.9
percent over the second quarter of 2006.  Adjusted EBITDA was
US$89.2 million, an increase of US$8.3 million or 10.3 percent
over the second quarter of 2006 adjusted EBITDA.

Quarter ending cash balances grew to US$105.9 million up 18
percent from US$89.8 million at March 31, 2007.

Tom Wroe, Chairman and Chief Executive Officer said, "We
continue to meet or exceed the financial goals that we have set
for the company.  Our long term goal is to grow earnings at a
rate that is the same or faster than net revenue.  We continue
to make progress toward this goal."

                    Recent Developments

On June 8, 2007, the company entered into a definitive Agreement
with Airpax Holdings, Inc., a manufacturer of components and
systems for power protection, sensing and control applications.

The US$276 million purchase, plus fees and expenses, was
completed on July 27, 2007, and affirms Sensata's position as a
leading global supplier of sensors and controls across a broad
array of markets and applications.  Sensata closed the
acquisition with a combination of cash and new borrowings.  A
new senior subordinated term loan was issued for approximately
US$195 million and the balance was funded with cash from
operations.

Mr. Wroe added, "This transaction gives us leading customer
positions in electrical protection for high-growth network and
telecom power and high-reliability mobile power applications.
The transaction further secures Sensata's position as a leading
designer and manufacturer of sensing and electrical protection
solutions for the residential, industrial, heating, ventilation,
air-conditioning, military and mobile markets.  The purchase
also offers opportunities for operational synergies across both
organizations."

Headquartered in Attleboro, Massachusetts, Sensata Technologies
-- http://www.sensata.com/-- is a supplier of sensors and
controls across a range of markets and applications.  The
company has manufacturing locations in Brazil, Mexico, China,
Japan, and the Netherlands.  Sensata Technologies employs
approximately 5,400 people worldwide.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 1, 2007, Moody's Investors Service affirmed Sensata
Technologies B.V.'s B2 corporate family rating in response to
the company's issuance of EUR141 million (US$195 million) senior
subordinate term loan and use of cash on hand to acquire Airpax
Holdings, Inc. for US$276 million, including fees and expenses.


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


INTERTAPE POLYMER: Amends Debt Facility for Covenant Flexibility
----------------------------------------------------------------
Intertape Polymer Group Inc. has executed definitive
documentation to amend its credit facilities, which will provide
IPG with the flexibility needed to meet certain of its financial
covenants under the credit facilities.

The amendments to the credit facilities permit the add back of
certain one-time charges incurred in connection with the
proposed acquisition of all the common shares of the company by
an indirectly wholly-owned subsidiary of Littlejohn Fund III
L.P., and the strategic alternatives process.

The company's credit facilities as amended will permit IPG to
exclude from the calculation of its consolidated earnings before
income taxes, depreciation and amortization up to US$6.5 million
in charges related to the proposed sale and strategic
alternatives process, well as the costs associated with the
amendment of the credit facilities, all of which are expected to
be taken in the fiscal quarters ending Dec. 31, 2006, March 31,  
2007, June 30, 2007 and Sept. 30, 2007.

In connection with IPG's request for the modification of its
credit facilities, the company has confirmed to its lenders that
it will apply the net proceeds from the issuance of common
shares pursuant to the company's rights offering to reduce the
company's indebtedness under the credit facilities and that the
rights offering process will be completed within sixty days.

Melbourne F. Yull, Executive Director, stated "IPG appreciates
the support of its Lenders and their continuing confidence in
the Company by approving these amendments."

                    About Intertape Polymer

Based in Montreal, Quebec and Sarasota/Bradenton, Fla.,
Intertape Polymer Group Inc. -- http://www.intertapepolymer.com/
-- (NYSE, ITP; TSX: ITP.TO) develops and manufactures
specialized polyolefin plastic and paper-based packaging
products and complementary packaging systems for industrial and
retail use.  The company employs approximately 2,100 employees
with operations in 17 locations, including 13 manufacturing
facilities in North America, one in Portugal and in Mexico.

                        *     *     *

Intertape Polymer Group Inc. carries Standard & Poor's 'B-'
corporate credit and senior secured ratings.  In addition, the
company carries Standard & Poor's 'CCC' senior subordinated
rating.


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


AGRO-SERVICE: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Bashkortostan commenced bankruptcy
supervision procedure on Municipal Enterprise Agro-Service (TIN
0236003355).  The case is docketed under Case No. A07-7117/
07-G-NLV.

The Temporary Insolvency Manager is:

         B. Bakhtiyarov
         Okt. Revolyutsii Str. 77-62
         Ufa
         Bashkortostan
         Russia

The Court is located at:

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

The Debtor can be reached at:

         Municipal Enterprise Agro-Service
         Revolyutsionnaya Str. -88
         Bolsheustikinskaya
         Mechetlinskiy
         452550 Bashkortostan
         Russia


AGRO-TRANS-STROY: Bankruptcy Hearing Slated for Dec. 21
-------------------------------------------------------
The Arbitration Court of Sakha–Yakutiya will convene at 10:30
a.m. on Dec. 21 to hear the bankruptcy supervision procedure on
LLC Agro-Trans-Stroy.  The case is docketed under Case No.
A58-1876/2007.

The Temporary Insolvency Manager is:

         K. Popov
         Krupskoj Str. 35
         Yakutsk
         677007 Sakha–Yakutiya
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Agro-Trans-Story
         Serebryannyj Bor
         Neryungri
         678995 Sakha-Yakutiya
         Russia


AGRO-STORY OJSC: Court Names V. Staroverov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Tatarstan appointed V. Staroverov as
Insolvency Manager for OJSC Agro-Story.  He can be reached at:

         V. Staroverov
         Insolvency Manager
         Post User Box 658
         420032 Tatarstan
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Agro-Story
         Kazan
         Tatarstan
         Russia


ALTERNA CJSC: Court Names R. Morgunov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Vladimir appointed R. Morgunov as
Insolvency Manager for CJSC Alterna.  He can be reached at:

         R. Morgunov
         Post User Box 79
         600000 Vladimir
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-11-8441/2005-K1-70B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Alterna
         Vladimir
         Russia


BALTIKA-POLESYE LLC: Creditors Must File Claims by Sept. 14
-----------------------------------------------------------
Creditors of LLC Baltika-Polesye have until Sept. 14 to submit
proofs of claim to:

         V. Stavtsev
         Insolvency Manager
         Office 49
         Gorkogo Str. 45
         302040 Orel
         Russia

The Arbitration Court of Orel commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A48-1081/07-206.

The Court is located at:

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

The Debtor can be reached at:

         LLC Baltika-Polesye
         Mezhkvartalnaya Str. 3
         Orel
         Russia


CHERDAKLINSK-SEL-KHOZ-KHIMIYA: Claims Filing Period Set Sept. 14
----------------------------------------------------------------
Creditors of OJSC Cherdaklinsk-Sel-Khoz-Khimiya have until
Sept. 14 to submit proofs of claim to:

         A. Kuznetsov
         Insolvency Manager
         Post User Box 19
         Naberezhnye Chelny
         423831 Tatarstan
         Russia

The Arbitration Court of Ulyanovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A72-9643/06-29/57-B.

The Debtor can be reached at:

         OJSC Cherdaklinsk-Sel-Khoz-Khimiya
         Cherdakly
         Ulyanovsk
         Russia


KOMSOMOLSKIY-NA-AMURE: Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Khabarovsk commenced bankruptcy
supervision procedure on OJSC Komsomolskiy-Na-Amure Accumulator
Factory.  The case is docketed under Case No. A73-2601/2007-9.

The Temporary Insolvency Manager is:

         S. Aliev
         Stroitelej Pr. 4a
         682640 Amursk
         Russia

The Debtor can be reached at:

         OJSC Komsomolskiy-Na-Amure Accumulator Factory
         Kirova Str. 54
         681000 Komsomolsk-na-Amure
         Russia


LENIN OJSC: Kursk Court Names D. Zelepukin as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Kursk appointed D. Zelepukin as
Insolvency Manager for OJSC Named After Lenin (TIN 4633013692).   
He can be reached at:

         D. Zelepukin
         Post User Box 21
         394038 Voronezh
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A35-5436/05 g.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Named After Lenin
         Basovo-Zarechye
         Zheleznogorskiy
         Kursk
         Russia


MPP AKHTUBINSKIY: Creditors Must File Claims by Sept. 14
--------------------------------------------------------
Creditors of OJSC MPP Akhtubinskiy Brickworks (TIN 3001000954)
have until Sept. 14 to submit proofs of claim to:

         A. Vanin
         Temporary Insolvency Manager
         Post User Box 244
         400005 Volgograd
         Russia

The Arbitration Court of Volgograd commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A06-6994/2006-11.

The Debtor can be reached at:

         OJSC MPP Akhtubinskiy Brickworks
         Severnyj Gorodok 7
         Akhtubinsk
         416500 Astrakhan
         Russia


RYAZAN-SPIRIT-PROM: Creditors Must File Claims by Sept. 14
----------------------------------------------------------
Creditors of OJSC Ryazan-Spirit-Prom have until Sept. 14 to
submit proofs of claim to:

         G. Pylaev
         Insolvency Manager
         Letter O
         Mayakovskogo Str. 1a
         390046 Ryazan
         Russia

The Arbitration Court of Ryazan commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A54-2186/2007-S6.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Ryazan-Spirit-Prom
         2nd Zheleznodorozhnaya Str. 10
         390005 Ryazan
         Russia


SHELEKHOVSKIY BAKERY: Creditors Must File Claims by Sept. 14
------------------------------------------------------------
Creditors of OJSC Shelekhovskiy Bakery (TIN 3821003938) have
until Sept. 14 to submit proofs of claim to:

         I. Kozlov
         Insolvency Manager
         Post User Box 55
         664022 Irkutsk
         Russia

The Arbitration Court of Irkutsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A19-27084/06-38.

The Court is located at:  

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

The Debtor can be reached at:

         OJSC Shelekhovskiy Bakery
         Kultukskiy Trakt 23
         Shelekhov
         Irkutsk
         Russia


TAMANSKOE LLC: Creditors Must File Claims by Sept. 14
-----------------------------------------------------
Creditors of LLC Tamanskoe (TIN 2352035947) have until Sept. 14
to submit proofs of claim to:

         N. Zinchenko
         Insolvency Manager
         Office 307
         Kolkhoznaya Str. 3
         350042 Krasnodar
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-32-2004/2007-1/103-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC Tamanskoe
         Lermontova Str. 5
         Taman St.
         Temryukskiy
         352856 Krasnodar
         Russia


TUAPSINSKOE SPECIALIZED: Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Krasnodar commenced bankruptcy
supervision procedure on OJSC Tuapsinskoe Specialized Repair-
Building Enterprise.  The case is docketed under Case No.
A-32-5564/2007-60/180-B.

The Temporary Insolvency Manager is:

         O. Kotova
         Komsomolskaya Str. 72
         350063 Krasnodar
         Russia

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         OJSC Tuapsinskoe Specialized Repair-Building Enterprise
         Novomikhaylovskiy Mira 6
         Tuapsinskiy
         352855 Krasnodar
         Russia


ZYATKOVSKOE CJSC: Bankruptcy Hearing Slated for Nov. 5
------------------------------------------------------
The Arbitration Court of Novosibirsk will convene at 9:30 a.m.
on Nov. 5 to hear the bankruptcy supervision procedure on CJSC
Zyatkovskoe.  The case is docketed under Case No. A45-7084/
07-54/46.

The Temporary Insolvency Manager is:

         V. Makarov
         Temporary Insolvency Manager
         Post User Box 325
         Krasnoobsk
         630501 Novosibirsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Zyatkovskoe
         Zyatkovka
         Kupinskiy
         Novosibirsk
         Russia


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


DOLE FOOD: Reaches Settlements in Two Banana Antitrust Lawsuits
---------------------------------------------------------------
Dole Food Co. Inc. reached settlements for two consolidated
class actions filed by direct and indirect banana buyers in
Florida federal court, according to the company's July 31, 2007
Form 10-Q Filing with the U.S. Securities and Exchange
Commission for the quarterly period ended June 16, 2007.

A number of class actions were filed against the company and
three competitors in the U.S. District Court for the Southern
District of Florida.

The lawsuits were filed on behalf of entities that directly or
indirectly purchased bananas from the defendants and have now
been consolidated into two separate class actions:

     -- one by direct purchasers (customers); and
     -- another by indirect purchasers (those who purchased
        bananas from customers).

Both consolidated class actions allege that the defendants
conspired to artificially raise or maintain prices and control
or restrict output of bananas.

On May 17, 2007 and June 26, 2007, respectively, Dole entered
into settlement agreements resolving these putative consolidated
class actions filed by the direct purchasers and indirect
purchasers.

These settlement agreements and their terms are subject to
various court approvals and required notices.  

Headquartered in Westlake Village, California, Dole Food
Company, Inc. -- http://www.dole.com/-- is a producer and  
marketer of fresh fruit, fresh vegetables and fresh-cut flowers,
and markets a line of packaged foods.  The company has four
primary operating segments.  The fresh fruit segment produces
and markets fresh fruit to wholesale, retail and institutional
customers worldwide.  The fresh vegetables segment contains
operating segments that produce and market commodity vegetables
and ready-to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia.  The packaged foods segment contains several operating
segments that produce and market packaged foods, including
fruit, juices and snack foods.  Dole's fresh-cut flowers segment
sources, imports and markets fresh-cut flowers, grown mainly in
the Philippines, Thailand, Colombia and Ecuador, primarily to
wholesale florists and supermarkets in the U.S.

Dole has three canneries in Asia: two in Thailand and one in the
Philippines.  It also has operations in Sweden, Colombia and
Belgium.

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 31, 2007,
Moody's Investors Service downgraded Dole Food Company Inc.'s
corporate family rating to B2 from B1; probability of default
rating to B2 from B1; senior secured bank credit facilities to
Ba3 from Ba2; senior unsecured notes to Caa1 from B3; and
various shelf registrations to (P)Caa1 from (P)B3.  Moody's said
the outlook was stable.

On Dec. 11, Standard & Poor's Ratings Services lowered its
ratings on Dole Food Co. Inc. and Dole Holding Co. LLC,
including its corporate credit rating, to 'B' from 'B+'.


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


ACTIVELINE LLC: Creditors' Liquidation Claims Due September 10
--------------------------------------------------------------
Creditors of LLC Activeline have until Sept. 10 to submit their
claims to:


         Jeffrey Kuster
         Liquidator
         Wieshaldenstrasse 5
         9507 Stettfurt
         Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         LLC Activeline
         Frauenfeld TG
         Switzerland


ADOCULOS SOFTWARE: Creditors' Liquidation Claims Due August 27
--------------------------------------------------------------
Creditors of JSC Adoculos Software have until Aug. 27 to submit
their claims to:


         Schmidgasse 4
         Mail box: 601
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC Adoculos Software
         Zug
         Switzerland


AKTAS COIFFEURSALON: Claims Registration Period Ends August 23
--------------------------------------------------------------
The Bankruptcy Court of Thurgau commenced bankruptcy proceedings
against LLC Aktas Coiffeursalon und Handel on June 14.

Creditors have until Aug. 23 to file their written proofs of
claim.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         LLC Aktas Coiffeursalon und Handel
         Berglistrasse 5
         9320 Arbon TG
         Switzerland


BESTZEIT LLC: Creditors' Liquidation Claims Due August 23
---------------------------------------------------------
Creditors of LLC bestzeit have until Aug. 23 to submit their
claims to:


         Reto Frei
         Liquidator
         Stefanstrasse 8
         4106 Therwil
         Arlesheim BL
         Switzerland

The Debtor can be reached at:

         LLC bestzeit
         Basel BS
         Switzerland


HAIRLINE THUN: Creditors' Liquidation Claims Due August 23
----------------------------------------------------------
Creditors of LLC Hairline Thun have until Aug. 23 to submit
their claims to:


         Stefan Balmer
         Liquidator
         Eisenbahnstrasse 65 B
         3645 Gwatt
         Switzerland

The Debtor can be reached at:

         LLC Hairline Thun
         Thun BE
         Switzerland


MENTOR ENERGY: Creditors' Liquidation Claims Due August 31
----------------------------------------------------------
Creditors of JSC Mentor Energy have until Aug. 31 to submit
their claims to:


         Grolimund+Huppin Treuhand
         Liquidator
         Steinwiesenstrasse 1
         8952 Schlieren
         Dietikon ZH
         Switzerland

The Debtor can be reached at:

         JSC Mentor Energy
         Baar ZG
         Switzerland


MURI COACHING: Creditors' Liquidation Claims Due October 31
-----------------------------------------------------------
Creditors of LLC Muri Coaching have until Oct. 31 to submit
their claims to:


         Eva Scholl
         Liquidator
         Usteristrasse 19
         8001 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Muri Coaching
         Zurich
         Switzerland


OPTICARE INTERNATIONAL: Liquidation Claims Due September 30
-----------------------------------------------------------
Creditors of LLC opticare International have until Sept. 30 to
submit their claims to:


         Erna Mattle
         Liquidator
         Im Jurtli 24
         4148 Pfeffingen
         Arlesheim BL
         Switzerland

The Debtor can be reached at:

         LLC opticare International
         Pfeffingen
         Arlesheim BL
         Switzerland


NOVELIS INC: Inks Supply Deal with Rexam for US$1 Billion
---------------------------------------------------------
Novelis Inc. has signed a multi-year supply agreement with the
South American operations of Rexam PLC, one of the world's
leading consumer packaging groups and the No. 1 beverage can
maker.

Under the terms of the agreement, valued at approximately
US$1 billion, Novelis will be the lead supplier of aluminum can
sheet for Rexam plants throughout Brazil, Argentina and Chile.

The long-term agreement consolidates Novelis' business with one
of its largest customers in an important market sector and
provides supply assurance for Rexam in South America.

"Rexam is an important global customer for Novelis," said Martha
Brooks, President and Chief Operating Officer of Novelis Inc.
"This agreement to supply the growing South American markets
further strengthens our long-standing relationship with Rexam
and signifies our commitment to be the global leader in high-
value aluminum rolled products."

Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional      
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has approximately 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.  

Novelis South America operates two rolling plants and primary
production facilities in Brazil in the Latin American region.
Novelis also has operations in Germany, Switzerland and Korea.

                         *     *     *

As reported in the Troubled Company Reporter on Jun 26, 2007,
that Standard & Poor's Ratings Services assigned its 'BB' debt
rating, with a recovery rating of '2', to Novelis Inc.'s US$860
million secured term loan due 2014.  The '2' recovery rating
indicates an expectation of substantial (70%-90%) recovery in
the event of default.  Proceeds from the borrowings will be used
to refinance existing bank loans, which are being repaid in the
wake of the company's acquisition by Hindalco Industries Ltd.

The long-term corporate credit rating on Novelis is 'BB-'.  The
outlook is negative.  After giving effect to the proposed
refinancing, the company will have about US$2.9 billion of pro
forma fully adjusted debt at March 31, 2007.

On Feb. 16, 2007, Fitch Ratings placed the Issuer Default
Ratings or IDR of 'B' for Novelis Inc. and its subsidiary
Novelis Corp. on Rating Watch Negative. The company's senior
secured bank debt ratings and senior unsecured debt ratings that
were affirmed are:

Novelis Inc.

  -- Senior secured revolver and term loan at 'BB/
     Recovery Rating (RR) 1'; and

  -- Senior unsecured notes at 'B/RR4'.

Novelis, Corp.

  -- Senior secured revolver and term loan B at 'BB/RR1'.


REAL-INVEST JSC: Creditors' Liquidation Claims Due August 27
------------------------------------------------------------
Creditors of JSC Real-Invest have until Aug. 27 to submit their
claims to:


         Dr. Adrian Weder
         Liquidator
         Grenzstrasse 24
         9430 St. Margrethen
         Wahlkreis Rheintal SG
         Switzerland

The Debtor can be reached at:

         JSC Real-Invest
         Zug
         Switzerland


SOFIBA JSC: Creditors' Liquidation Claims Due August 22
-------------------------------------------------------
Creditors of JSC Sofiba have until Aug. 22 to submit their
claims to:


         Hans Hopflinger
         Liquidator
         In der Ey 10
         8047 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Sofiba
         Zurich
         Switzerland


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


AFFINIA GROUP: Earns US$4 Million in Second Quarter 2007
--------------------------------------------------------
Affinia Group Inc. reported its financial results for the second
quarter ended June 30, 2007.

                          Second Quarter

Net sales were US$574 million for the quarter compared to US$562
million for the same period in 2006.

Gross profit was US$97 million as compared to US$99 million for
the same period in 2006.  Gross profit for the second quarter
was approximately 17 percent of sales, as compared to 18 percent
for the same quarter in 2006.  The decrease was largely a result
of start-up costs associated with our facilities in Ukraine and
Mexico and a new logistics program in the U.K.

Selling, general and administrative expenses were US$79 million,
an improvement of US$6 million compared to the same period in
2006.  Selling, general and administrative expense as a
percentage of sales improved to 14 percent.

Net income was US$4 million which includes restructuring costs
of US$8.2 million net of tax, compared to a loss of US$2
million, which includes restructuring costs of US$5.9 million
net of tax, for the same quarter in 2006.

As of June 30, 2007 Affinia had US$44 million of cash and total
long-term debt outstanding of US$597 million.  At June 30, 2007,
Affinia had US$10 million outstanding on its receivables
securitization program.  The company had no borrowing on its
revolving credit facility, and was in compliance with all debt
covenants.

"During the second quarter, we experienced lower than normal
order fill rates at our brake business due to temporary capacity
constraints we encountered as we expand our global manufacturing
capabilities.  While these lower order fill rates resulted in
lower net sales, we expect fill rates will improve in the second
half of the year as our new manufacturing capacity comes on
line," Thomas Madden, senior vice president and chief financial
officer of Affinia, said.

                        First Half 2007

For the six months ended June 30, 2007, net sales were US$1.08
billion as compared to US$1.11 billion for the same period in
2006.

Gross profit improved to approximately 18 percent of sales, as
compared to 17 percent for the same period in 2006.

Selling, general and administrative expenses were US$162
million, US$7 million less than the first half of 2006.  
Selling, general and administrative expenses as a percentage of
sales were 15 percent, unchanged from the first half of 2006.

Net income was US$1 million which includes restructuring costs
of US$14.3 million net of tax, compared to a net loss of US$8
million, which includes restructuring costs of US$11.1 million
net of tax, for the first half of 2006.

On a pre-tax basis, Affinia has recorded US$80 million in
restructuring costs to date.  The company continues to expect
that its total cash and non-cash costs associated with the
comprehensive restructuring plan will be approximately US$152
million.

"During the first half of 2007, we continued to implement our
comprehensive restructuring program.  We consolidated
facilities, reduced costs, and grew our global manufacturing
footprint.  We started construction of a new manufacturing
facility in Coahuila, Mexico, where we expect to begin
production in the fourth quarter of this year.  Also, our new
facility in Ukraine began customer shipments in April.  We are
building a solid foundation for improvements in global sales and
operating margins," Terry McCormack, president and chief
executive officer of Affinia, said.

                      About Affinia Group

Headquartered in Ann Arbor, Michigan, Affinia Group Inc. --
http://www.affiniagroup.com/-- designs, manufactures and
distributes aftermarket components for passenger cars, sport
utility vehicles, light, medium and heavy trucks and off-highway
vehicles.  The company's product range addresses filtration,
brake and chassis markets in North and South America, Europe and
Asia.  It maintains operations in China, India, Mexico, and
Ukraine, among others.

                       *     *     *

As reported in the Troubled Company Reporter on Jan. 25, 2007,
Moody's Investors Service has upgraded Affinia Group Inc.'s
Corporate Family Rating to B2 from B3 and revised the outlook to
stable from negative.


AGRONI LLC: Creditors Must File Claims by Aug. 14
-------------------------------------------------
Creditors of LLC Agroni (code EDRPOU 31193186) have until
August 14 to submit written proofs of claim to:

         Tatiana Rudenko
         Liquidator
         Apartment 104
         Lazurnaya Str. 50
         Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 9/323/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agroni
         Apartment 91
         Lenin Avenue 122
         Nikolaev
         Ukraine


ALGOL LLC: Creditors Must File Claims by Aug. 14
------------------------------------------------
Creditors of LLC Algol (code EDRPOU 30187915) have until
August 14 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/416-b.

The Debtor can be reached at:

         LLC Algol
         Oranzhereynaya Str. 3
         04112 Kiev
         Ukraine


DZHULINKA SPECIALIZED: Creditors Must File Claims by Aug. 14
------------------------------------------------------------
Creditors of OJSC Dzhulinka Specialized Enterprise Agricultural
Machine (code EDRPOU 00902317) have until August 14 to submit
written proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/14-07.

The Debtor can be reached at:

         OJSC Dzhulinka Specialized Enterprise
         Agricultural Machine
         Lenin Str. 167
         Dzhulinka
         Bershadsky District
         Vinnica
         Ukraine


ENKI LLC: Creditors Must File Claims by Aug. 14
-----------------------------------------------
Creditors of LLC Enki (code EDRPOU 33676491) have until
August 14 to submit written proofs of claims to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-39/118-07.

The Debtor can be reached at:

         LLC Enki
         Shevchenko Str. 24
         Kharkov
         Ukraine


KHARKOV ELECTROMECHANICAL: Creditors' Claims Due August 14
----------------------------------------------------------
Creditors of State Enterprise Kharkov Electromechanical Plant
(code EDRPOU 05405575) have until August 14 to submit written
proofs of claims to:

         Sergey Lazarenko
         Temporary Insolvency Manager
         Apartment 15
         O. Gonchar Str. 59
         01054 Kiev
         Ukraine

The Economic Court of Kharkov commenced bankruptcy supervision
procedure on the company on June 25.  The case is docketed under
Case No. B-50/137-07.

The Court is located at:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         State Enterprise Kharkov Electromechanical Plant
         Moscow Avenue 199
         61037 Kharkov
         Ukraine


TUSA LLC: Creditors Must File Claims by Aug. 14
-----------------------------------------------
Creditors of LLC Tusa (code EDRPOU 34056454) have until
August 14 to submit written proofs of claims to:

         Sergey Moroz
         Liquidator
         P.O. Box 10068
         61070 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-39/117-07.

The Court is located at:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Tusa
         Oshchepkov Str. 52
         Vysoky
         Kharkov
         Ukraine


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


ARVINMERITOR INC: Sells LVA Exhaust Operations to Klarius Group
---------------------------------------------------------------
ArvinMeritor Inc. has sold its Light Vehicle Aftermarket
European exhaust operations to Klarius Group Limited, located in
the United Kingdom.  Terms of the sale were not disclosed.
    
"This transaction completes the divestiture of the LVA
business," Chip McClure, ArvinMeritor chairman, CEO and
president, said.  "Our strategy is to focus resources and
capital on areas within our core businesses that produce the
highest returns for our shareowners."
    
This divestiture includes approximately 1,000 employees at LVA
facilities in Blackpool, Lancaster and Stoke-on-Trent, England;
Dreux and Nanterre, France; and Finale Emilia, Italy.
    
"Completing the sale of LVA is another recent achievement toward
strengthening the company and positioning ourselves for
profitable future growth," Mr. McClure added.
    
                   About Klarius Group Limited
    
Klarius Group is a privately owned U.K. group established to
invest in the European automotive sector.
    
                     About ArvinMeritor Inc.

Based in Troy, Michigan, ArvinMeritor Inc. (NYSE: ARM) --
http://www.arvinmeritor.com/-- supplies integrated systems,  
modules and components serving light vehicle, commercial truck,
trailer and specialty original equipment manufacturers and
certain aftermarket.  ArvinMeritor employs approximately 29,000
people at more than 120 manufacturing facilities in 25
countries.  These countries are: China, India, Japan, Singapore,
Thailand, Australia, Venezuela, Brazil, Argentina, Belgium,
Czech Republic, France, Germany, Hungary, Italy, Netherlands,
Spain, Sweden, Switzerland, United Kingdom, among others.
ArvinMeritor common stock is traded on the New York Stock
Exchange under the ticker symbol ARM.

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 12, 2007,
Dominion Bond Rating Service assigned a rating of BB (low) to
the USUS$175 million Convertible Senior Unsecured Notes of
ArvinMeritor Inc.  DBRS says the trend is stable.

As reported on on Feb. 6, 2007, Moody's Investors Service has
downgraded ArvinMeritor's Corporate Family Rating to Ba3 from
Ba2.  Ratings on the company's secured bank obligations and
unsecured notes were lowered one notch as a result.

Ratings lowered:

ArvinMeritor Inc.

    -- Corporate Family Rating to Ba3 from Ba2

    -- Senior Secured bank debt to Ba1, LGD-2, 20% from Baa3,
       LGD-2, 18%

    -- Senior Unsecured notes to B1, LGD-4, 65% from Ba3,
       LGD-4, 64%

    -- Probability of Default to Ba3 from Ba2

    -- Shelf unsecured notes to (P)B1, LGD-4, 65% from (P)Ba3,
       LGD-4, 64%

Arvin Capital I

    -- Trust Preferred to B2, LGD-6, 96% from B1, LGD-6, 96%

Arvin International PLC

    -- Unsecured notes guaranteed by ArvinMeritor Inc. to B1,
       LGD-4, 65% from Ba3, LGD-4, 64%

Ratings affirmed:

ArvinMeritor Inc.

    -- Speculative Grade Liquidity rating, SGL-2


BAA LTD: Regulator Issues Statement on Airport Services Probe
-------------------------------------------------------------
The Competition Commission has published an issues statement as
part of its investigation into the supply of airport services by
BAA Ltd. (fka BAA plc) in the U.K.  BAA owns seven airports:
Heathrow, Gatwick, Stansted, and Southampton in England; and
Edinburgh, Glasgow and Aberdeen in Scotland.

The statement follows the initial process of information
gathering, including visits to airports and holding hearings
with interested parties.  It identifies the key questions being
addressed.

The Office of Fair Trading made the reference to the CC on
March 29, 2007.  The CC will now determine whether there are any
features of the market that prevent, restrict or distort
competition and, if so, what remedial action might be taken.

“We have already collected extensive evidence from a wide range
of parties including BAA itself, the CAA, the OFT, airlines and
industry bodies, other providers of services to the airports,
consumer and business groups, as well as government in both
England and Scotland,” Christopher Clarke, Inquiry Group
Chairman and CC Deputy Chairman, said.  “We are well aware of
the concerns expressed in the media and elsewhere over the
operations of BAA’s airports, especially Heathrow, Stansted and
Gatwick.  These include delays experienced by passengers going
through security or immigration, as well as the availability of
facilities such as lifts, escalators and travelators, and other
aspects which may affect passengers’ experience passing through
airports, such as overcrowding, signage and cleanliness.”

“Our task is to seek and assess the evidence on all aspects of
the seven airports relevant to a competition inquiry.  We are
therefore looking carefully at a wide range of issues, many of
which are complex and interrelated as will be readily apparent
from [Thurs]day’s detailed statement.  Some may be short-term
but given the nature of airports, others involve much longer
timescales stretching over the next 10 or 15 years,” Mr. Clarke
continued.

“We are looking at how common ownership could affect BAA’s
incentives both to invest in and develop its airports, and
operate them.  We are particularly assessing how the quantity,
specification, quality, location and timeliness of capital
expenditure, ranging from capacity to security, might be
affected by common ownership.  Similarly, in terms of
operations, we are examining how it might affect incentives to
improve operating efficiencies as well as levels of service,
including recently, and most notably, security.  We are also
considering the consequences of the airports’ regulatory regime
which is very different from most other regulated industries.  
In addition, we are assessing the impact of restrictions on
airport development and constraints on capacity in terms of
runways, terminals, other facilities, and airspace for planning
or other reasons,” Mr. Clarke continued.

“The purpose of the statement is to share our current thinking
on what issues we are addressing and to provide the opportunity
for interested parties to submit new or further evidence.  At
this stage, we have no preconceived ideas of what our
conclusions might be; and if we were to identify competition
problems, what the appropriate remedies might be.  It is much
too early for that.  Our next stage is to analyze and assess all
of the evidence and following further hearings, we expect to
publish for consultation in the early part of 2008 a document
setting out our ‘emerging thinking’ on all the key issues.  We
currently aim to reach our provisional findings around this time
next year,” Mr. Clarke added.

             BAA’s Response to the Issues Statement

BAA notes the publication by the CC of an issues statement as
part of its market investigation of the company's supply of
airport services in the U.K.  The publication of an issues
statement is a standard part of the CC’s process for conducting
investigations, and is intended to inform interested parties and
provide an opportunity for further points to be raised.  The CC
makes clear that it has not yet reached any conclusions on this
inquiry.

"Many of the issues identified by the Commission have complex
and deep-seated causes that require careful consideration.  We
welcome the opportunity to state our case to the Commission, and
we remain confident that we will demonstrate that BAA’s
ownership of airports in the South East and Scotland is in the
interests of passengers,” BAA Chief Executive Stephen Nelson
commented.

"BAA accepts that the experience of too many passengers using
London airports is unsatisfactory.  But the problems of
congestion and delay which affect passengers have their roots in
lack of terminal and runway capacity, not the ownership
structure of BAA,” Mr. Nelson said.

"What London airports especially need is investment to improve
the passenger experience.  We have tabled ambitious plans to
transform our airports and are willing to spend heavily to
deliver these solutions.  We are working hard to win permission
to build new runway capacity at Stansted and Heathrow.  We are
also investing significant sums in improving the passenger
experience by recruiting additional staff, investing in new
equipment and transforming some of our existing terminals,”
Mr. Nelson continued.

"What London airports do not need are structural changes that
will seriously delay the delivery of the investment that is
urgently needed to improve the passenger experience and increase
capacity,” Mr. Nelson added.

"BAA and its owners have the will and the ability to make the
investment London airports need.  We in turn need continued
political support for our growth plans, and a commercial and
regulatory framework that offers sensible incentives for
investment," Mr. Nelson concluded.

The full-text copy of the issues statement is available at no
charge at http://bankrupt.com/misc/your_doc_file.pdf

                            About BAA

Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc)
-- http://www.baa.com/-- owns and operates seven airports in
the United Kingdom, including Heathrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.

In June 2006, BAA was bought by a consortium led by Grupo
Ferrovial SA, the Spanish construction company.  Ferrovial is
one of the world's leading construction groups, specializing in
four strategic lines of business - airports, construction,
transport infrastructure and services - throughout Spain, the
U.K., Portugal and nine other countries in Europe and the rest
of the world. The company has around 89,000 employees and a net
revenue of EUR12.4 billion.

                           *   *   *

As of July 20, 2007, BAA Ltd. (fka BAA plc) carries an issuer
rating of Ba1 from Moody's Investor Service.


BALLY TOTAL: Court Gives Interim Nod on Kurtzman as Notice Agent
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
in Manhattan signed an interim order authorizing Bally Total
Fitness Holding Corporation and its debtor-affiliates to employ
Kurtzman Carson Consultants LLC as their notice, claims, and
balloting agent.

As the notice and claims agent, Kurtzman Carson will, among
other things:

  -- distribute required notices to parties in interest;

  -- receive, examine, maintain and docket all proofs of claim
     and proofs of interest filed in the Chapter 11 cases and
     maintain the associated claims registers;

  -- if necessary, solicit, collect, and tabulate acceptances
     and rejections of Bally's plan of reorganization from
     parties entitled to vote; and

  -- provide other administrative services that the Court, the
     clerk's office, and the Debtors may require in connection
     with the Chapter 11 cases.

Kurtzman Carson will also assist the Debtors and the Clerk's
Office with, among other things, maintaining and updating the
master mailing lists of creditors, and to the extent necessary,
gathering data in conjunction with the preparation of the
Debtors' schedules of assets and liabilities and statements of
financial affairs.

The Debtors have selected Kurtzman Carson because of its
well-developed, efficient and cost-effective methods in its area
of expertise, Marc D. Bassewitz, senior vice president,
secretary and general counsel of Bally Total Fitness Holding
Corporation, says.  In addition, Kurtzman Carson is fully
equipped to handle the volume of mailing involved in properly
sending the required notices to creditors and other interested
parties in the Chapter 11 Cases.

Kurtzman Carson will be paid based on its hourly fees:

  Clerical                                  US$40 - US$65                
  Project Specialist                        US$75 - US$115
  Consultant                                US$125 - US$195
  Sr.Consultant/Sr. Managing Consultant     US$205 - US$250
  Technology/Programming Consultant         US$115 - US$195

Prior to the Debtors' bankruptcy filing, Kurtzman Carson
received a retainer of US$100,000.

The Debtors will indemnify and hold harmless Kurtzman Carson,
its officers, employees and agents, except in circumstances of
Kurtzman's gross negligence or willful misconduct.  Any
controversy or claim arising out of or relating to the parties'  
engagement, or the breach of the engagement, will be settled by
arbitration in accordance with the rules of the American
Arbitration Association.

Christopher R. Schepper, Senior Managing Consultant of Kurtzman
Carson assures the Court that his firm is a "disinterested
person," as that phrase is defined in Section 101(14) of the
Bankruptcy Code as modified by Section 1107(b).

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--  
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China, the United
Kingdom, and the Caribbean under the Bally Total Fitness(R),
Bally Sports Clubs(R) and Sports Clubs of Canada (R) brands.

Bally Total and its affiliates filed for chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged chapter 11 plan.  Joseph Furst, III, Esq. at Latham &
Watkins, L.L.P. represents the Debtors in their restructuring
efforts.  As of June 30, 2007, the Debtors had US$408,546,205 in
total assets and US$1,825,941,54627 in total liabilities.

No schedule has been set to date for an organizational meeting
that would create an Official Committee of Unsecured Creditors.
The Court recently held that the meeting of creditors pursuant
to Section 341(a) of the Bankruptcy Code will not be convened,
and is canceled, if the Debtors' Plan of Reorganization is
confirmed on or prior to October 16, 2007.  (Bally Total Fitness
Bankruptcy News, Issue No. 3; Bankruptcy Creditors' Services
Inc. http://bankrupt.com/newsstand/or 215/945-7000).  


BALLY TOTAL: Gets Prelim OK to Hire AP Svcs. as Crisis Managers
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
in Manhattan approved, on an interim basis, Bally Total Fitness
Holding Corporation and its debtor-affiliates' application to
employ AP Services, LLC, as crisis managers, effective as of the
Petition Date.

APS has a wealth of experience in providing crisis management
services to financially troubled organizations, Marc D.
Bassewitz, senior vice president, secretary and general
counsel of Bally Total Fitness Holding Corporation, tells Judge
Lifland.

In Bally's case, APS will provide temporary employees to assist
the Debtors in their restructuring efforts including Michael
Feder, Thomas Osmun and John Lausas.

Mr. Feder will serve as Bally's chief operating officer, under
the direct supervision of Bally's chief restructuring officer.  
Working collaboratively with the Debtors' senior management
team, Boards of Directors and the Debtors' other professionals,
Mr. Feder and APS will assist Bally in evaluating and
implementing strategic and tactical options through the
restructuring process.

In addition to the Full-time Temporary Employees, APS will
occasionally use Part-time Temporary Employees for certain
activities related to the administration of the Debtors' Chapter
11 cases.  Services provided by Part-Time Temporary Employees
will be billed to the Debtors for hours worked at hourly rates
similar to those of Full-Time Temporary Employees.

APS hourly rates are:

          Managing Directors      US$600 - US$750
          Directors               US$440 - US$575
          Vice Presidents         US$325 - US$450
          Associates              US$260 - US$315

The Debtors will reimburse APS for all reasonable out-of-pocket
expenses incurred in connection with its retention.

Prior to July 31, 2007, the Debtors paid a US$100,000 retainer
to APS to secure performance under the parties' engagement
letter.  For services rendered under the terms contained in the
Engagement Letter, the Debtors have paid APS US$472,874
representing actual and estimated fees earned and expenses
incurred to date.  All invoices are paid and current up to July
31, 2007, and neither AlixPartners nor APS are owed any amounts
by the Debtors for services rendered prior to July 31, 2007.

                          Success Fee

In addition to hourly fees, the Debtors will pay APS for
furnishing temporary employees by the payment of a contingent
success fee.

The Success Fee is an integral part of APS' compensation for the
engagement and is intended to reflect the alignment of the
interests of APS and the Debtors, Mr. Bassewitz
explains.

The Success Fee is not payable if APS is terminated for cause or
if there is a conversion of the Chapter 11 cases to Chapter 7,
and that the Success Fee is subject to Court approval when
earned, he adds.

The Debtors will indemnify, hold harmless and defend APS
employees serving as officers of Bally.  The Debtors will also
use their best efforts to specifically include and cover, as a
benefit for their protection, Temporary Staff serving as
officers of Bally or affiliates from time to time with a minimum
of US$10,000,000 of direct coverage as named insureds under the
Company's policy for directors' and officers' insurance.

In addition, because APS is not being employed as a professional
under Section 327 of the Bankruptcy Code, the Debtors propose
that APS not be required to submit quarterly fee applications
pursuant to Sections 330 and 331 of the Bankruptcy Code.            
Quarterly reports of compensation earned will be submitted
instead.  The first quarterly report of compensation earned
would be submitted by APS no later than 45 days after the end of
the first calendar quarter after the Petition Date, which will
cover the period to and including the last day of the first
quarter after July 31, 2007.

                    About Bally Total Fitness

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--  
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China, the United
Kingdom, and the Caribbean under the Bally Total Fitness(R),
Bally Sports Clubs(R) and Sports Clubs of Canada (R) brands.

Bally Total and its affiliates filed for chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged chapter 11 plan.  Joseph Furst, III, Esq. at Latham &
Watkins, L.L.P. represents the Debtors in their restructuring
efforts.  As of June 30, 2007, the Debtors had US$408,546,205 in
total assets and US$1,825,941,54627 in total liabilities.

No schedule has been set to date for an organizational meeting
that would create an Official Committee of Unsecured Creditors.
The Court recently held that the meeting of creditors pursuant
to Section 341(a) of the Bankruptcy Code will not be convened,
and is canceled, if the Debtors' Plan of Reorganization is
confirmed on or prior to October 16, 2007.  (Bally Total Fitness
Bankruptcy News, Issue No. 3; Bankruptcy Creditors' Services
Inc. http://bankrupt.com/newsstand/or 215/945-7000).


BIRMINGHAM CREDIT: Taps Baker Tilly as Joint Administrators
-----------------------------------------------------------
Graham Paul Bushby and Guy Edward Brooke Mander of Baker Tilly
Restructuring and Recovery LLP were appointed joint
administrators of Birmingham Credit Union Development Agency
Ltd. (Company Number 02139435) on July 30.

Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing  
and other services for mid-cap and smaller publicly listed
companies and private companies, particularly those expanding
into new foreign markets.  Services include business and
financial planning, tax-related services, corporate finance,
litigation support, turnaround services, and technology
consulting.

The company can be reached at:

         Birmingham Credit Union Development Agency Ltd.
         200 Sutton New Road
         Birmingham
         B23 6QU
         England  
         Tel: 0121 350 8883


CELSIA TECH: Incurs US$7.06 Mln Net Loss in Qtr Ended June 30
-------------------------------------------------------------
Celsia Technologies Inc. reported a net loss of US$7.06 million
and an operating loss of US$896,567 for the second quarter ended
June 30, 2007, compared with a net loss of US$1.65 million and
an operating loss of US$1.55 million for the same period 12
months ago.

The increase in net loss primarily reflects financing expense of
US$6.06 million, representing the fair value of the 50,504,696
shares of the company's common stock issued as an inducement to
the Series A & B preferred shareholders to consent to the 8%
Secured Convertible Debenture due May 25, 2010.  The company did
not record any financing expense in the 2006 quarter.

The decrease in operating loss primarily reflects a decrease in
selling and administrative expenses.

The company generated revenues of US$199,332 for the three
months ended June 30, 2007, compared to US$19,994 for the same
period last year.  The revenues are a result of customers paying
for test samples, commercial deliveries, and commercial sales to
CheongNam International Co. Ltd.'s customer base.  Cost of sales
for the three months ended June 30, 2007, was US$381,400
compared to US$185,274 for the same period last year.  This
higher cost of sales is attributable to increased production
activity originating from an increasing demand for the company's
products.

Selling and administrative expenses for the three months ended
June 30, 2007, were approximately US$585,000 compared to
approximately US$1.38 million for the same period last year.  
The decrease compared to last year is mainly attributable to
increased functional efficiency.  Furthermore, the company
reversed a portion of its executive bonus accrual from prior
periods of approximately US$400,000 that will not materialize.  
Adjusted for the expense reversal, the gross expenses were
approximately US$985,000 for the three months ended June 30,
2007.

At June 30, 2007, the company's consolidated balance sheet
showed US$8.4 million in total assets, US$7.1 million in total
liabilities, and US$1.3 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?2236

               8% Secured Convertible Debentures

On May 25, 2007, the company issued 8% Secured Convertible
Debentures due May 25, 2010, in the aggregate principal amount
of US$8,142,847 to certain individuals and entities, together
with warrants exercisable for a total of 70,752,778 shares of
the company's common stock at a price of US$0.144, for an
aggregate of US$6,850,000 in cash and the surrender of
previously outstanding promissory notes of the company totaling
US$1,292,847.  The company used the Black Scholes option-pricing
model to value the warrants issued to the debenture holders and
applied it to the principal amount to determine the convertible
debt discount which totaled US$3,063,133.  The company will
amortize the discount over the life of the debenture (36
months).  During the six months ended June 30, 2007, the company
amortized US$85,807 of the debt discount into interest expense.

                      Going Concern Doubt

As reported in the Troubled Company Reporter on April 25, 2007,
PKF, in New York, expressed substantial doubt about Celsia
Technologies Inc.'s ability to continue as a going concern after
auditing the company's consolidated financial statements for the
years ended Dec. 31, 2006, and 2005.  The auditing firm reported
that at Dec. 31, 2006, the company and its subsidiaries have
commenced limited revenue producing operations and have an
accumulated deficit of US$23.7 million.

                   About Celsia Technologies

Headquartered in Miami, Fla., Celsia Technologies Inc. (OTC BB:
CSAT) -- http://www.celsiatechnologies.com/-- is a full
solution provider and licensor of thermal management products
and technology for the PC, consumer electronics, lighting and
display industries.  The company is developing and
commercializing next-generation cooling solutions built on
patented micro thermofluidic technology.  Celsia Technologies'
extensive intellectual property portfolio includes patents
registered in Korea, the U.S., Japan and Taiwan, with patents
pending in the EU, Russia, India and in China.


CENTRAL PUMPS: Brings In Liquidators from Moore Stephens
--------------------------------------------------------
Nigel Price and Mark Elijah Thomas Bowen of Moore Stephens LLP
were appointed joint liquidators of Central Pumps Ltd. on
July 26 for the creditors’ voluntary winding-up procedure.

The joint liquidators can be reached at:

         Moore Stephens LLP
         Beaufort House
         94-96 Newhall Street
         Birmingham
         B3 1PB
         England
         

DORLUX BEDS: Creditors' Meeting Slated for Aug. 17
--------------------------------------------------
Creditors of Dorlux Beds (2005) Ltd. (Company Number 05290425)
will meet at 11:00 a.m. on Aug. 17 at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton  
         BL1 1ET
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Aug. 16 at:

         M.C. Bowker and C.B. Barrett
         Joint Administrators
         Tenon Recovery
         Clive House
         Clive Street
         Bolton  
         BL1 1ET
         England

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


EQUAS LTD: Brings In Joint Administrators from Begbies Traynor
--------------------------------------------------------------
D.F. Wilson and J.N.R. Pitts of Begbies Traynor were appointed
joint administrators of Equas Ltd. (Company Number 03983953) on
July 27.

Begbies Traynor -- http://www.begbies.com/-- assists companies,  
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.  

The company can be reached at:

         Equas Ltd.
         59 Percy Road
         Pocklington
         York
         YO42 2LZ
         England  
         Tel: 01759 301 000


EUROPEAN POWER: Taps Liquidators from PricewaterhouseCoopers
------------------------------------------------------------
Ian Christopher Oakley-Smith and David John Blenkarn of
PricewaterhouseCoopers LLP were appointed joint liquidators of
European Power Holdings on Aug. 2 for the creditors’ voluntary
winding-up procedure.

The company can be reached at:

         European Power Holdings
         Enron House
         40 Grosvenor Place
         London
         SW1X 7EN
         England


EVERSHAM TECHNOLOGY: Enters Into Administration Procedure
---------------------------------------------------------
Richard Austin, the managing director of Evesham Technology
Ltd., has confirmed that the company went into administration on
Aug. 3, 2007.

“Evesham Technology has been going through some financial
difficulties having not been able to replace lost revenue of
GBP30 million which was wiped off of the company's turnover
following the decision made by the Government to axe the HCI
(Home Computing Initiative) at short notice,” Mr. Austin said.

Mr. Austin explained "we had heavily invested and allocated many
resources to the HCI scheme and as a result around 150 loyal and
hardworking Evesham staff have also unavoidably lost their
jobs.”

Evesham now intends to re-focus on Direct Sales of high-end PC
systems and Consumer Electronics, products for which it is
renowned, and also expand on its channel sales operations
established with popular mainstream and high street retailers.
Most of its own brand retail stores are to close as these have
not been performing well.

Mr. Austin revealed "the Evesham Technology brand has received
an investment of US$22 million from well known investor in the
industry, Tahir Mohsan of PCC Technology, who recognized the
potential of the Evesham brand and the popularity of its
products.  The company now known as GeeMore Technology Ltd. will
continue trading as Evesham Technology.  As it stands 138 people
are still employed here at Evesham.”

“We would like to reassure all of our customers that they will
continue to receive support from the same Evesham staff and that
their existing warranties will continue to be handled with
Evesham’s award winning service, as before,” Mr. Austin
continued.

Headquartered in Evesham, England, Evesham Technology Ltd. --
http://www.evesham.com/-- is a provider of computer hardware  
including desktop and notebook PCs, workstations, servers, data
storage systems, and third-party peripherals.  The company also
offers such services as consulting, network design and
integration, and technical support.  Evesham Technology has
partnerships with manufacturers including AMD, Intel, and
Microsoft.  It was founded by Richard Austin in 1983.


GENERAL MOTORS: Boosts Incentives to Improve August Sales
---------------------------------------------------------
General Motors Corp. has increased incentives this month, mainly
for full-size pickup trucks, to compete with rivals offering big
discounts in the wake of weaker-than-expected sales in July,
Reuters reports, quoting Bob Lutz, GM's global head of product
development.

The incentives boost was launched despite the auto maker's
strategy of lower incentives and clearer pricing after decades
of big discounting programs that eroded profits, Reuters states.

"We're going to be very responsible with what we do and get the
right balance between selling at a profit versus really watching
share decline," Mr. Lutz said, Reuters notes.

The TCR-Europe reported on Aug. 3, 2007, that GM dealers in the
United States delivered 320,935 vehicles in July 2007, down 18.5
percent compared with exceptionally strong year-ago monthly
sales.  Retail sales of 239,192 vehicles were up 14.5 percent
compared with June 2007 with a substantial improvement in
vehicle mix.  Inventories were essentially flat compared with
July 2006.

                      About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs  
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                         *     *     *

As reported in the Troubled Company Reporter on May 28, 2007,
Standard & Poor's Ratings Services placed General Motors Corp.'s
corporate credit rating at B/Negative/B-3.

At the same time, Moody's Investors Service affirmed GM's B3
Corporate Family Rating and B3 Probability of Default Rating,
and maintained its SGL-3 Speculative Grade Liquidity Rating.  
The rating outlook remains negative, according to Moody's.


HEARTBEAT FITNESS: John Hellard Leads Liquidation Procedure
-----------------------------------------------------------
John Hellard of Grant Thornton U.K. LLP was appointed liquidator
of Heartbeat Fitness Centres (2002) Ltd. (formerly Mandiway
Ltd.) on July 10 for the creditors’ voluntary winding-up
procedure.

The liquidator can be reached at:

         Grant Thornton U.K. LLP
         Colwyn Chambers
         19 York Street
         Manchester
         M2 3BA
         England


INEOS GROUP: Moody's Cuts Corporate Family Rating to B1 from Ba3
----------------------------------------------------------------
Moody's Investors Service downgraded corporate family rating of
Ineos Group Holdings plc to B1 from Ba3.

The ratings on its existing senior first lien facilities were
downgraded to Ba3, second-lien facilities to B3, and the rating
on its senior guaranteed notes were downgraded to B3.  Legacy
notes at Ineos Vinyls were also downgraded to B3.  Outlook is
stable.

The rating action reflects slower than expected deleveraging of
the LBO and the agency's cautious view of the company's modest
prospects of an accelerated debt reduction in the near future.

Ineos operating performance in 2006 was affected by exceptional
operating issues, such as unplanned closures at its Scottish
refinery that affected Ineos EBITDA margins.  Profitability and
cash flow generation remained below Moody's initial
expectations, notwithstanding fixed cost reduction remaining
ahead of 2006 plan and before taking into account exceptional
items.  At the end of 2006, the Debt/EBITDA leverage stood at
6.1x on adjusted basis (after exceptional items), with FCF /
Debt at 5%.  At the peak of the current extended petrochemical
cycle, Moody's views this level of leverage as elevated, given
that the Ba3 corporate family rating of the group was
underpinned by an expectation of strong de-leveraging before the
cycle turns.

The rating outlook is stable reflecting Moody's expectation for
some improvement in cash flow generation in 2007 supported by
successful fixed cost reductions, higher utilization rate of the
refineries and improvement in working capital management
targeted by the group.  Moody's notes that Ineos management has
taken measures to mitigate reliability problems at Grangemouth
refinery in 2007, and that operating performance is expected to
be also supported by improving margins in key Chemical
Intermediaries, continuous strength in the European polyolefins
and sound outlook for the European refining.  Moody's notes that
the recently announced acquisition of polymer assets from Norsk
Hydro presently remains outside of the rated group.

Moody's cautions that a deterioration in global market
conditions could likely pressure the highly leveraged capital
structure.  Weak cash flow debt coverage metrics with FFO plus
Interest/Interest falling below 2.0x or weakening FCF are likely
to put negative pressure on the current rating.  Sustained
reduction in leverage closer to 4x on adjusted basis or strong
cash flow generation with FCF/Debt in high single digits, would
put pressure on the current corporate family rating.

The ratings affected are:

Ineos Group Holdings plc:

   -- Corporate Family Rating of B1

   -- Probability of Default Rating at B1

   -- EUR1,750 million and USD 750 million 2016 senior
      guaranteed notes to B3 (LGD5, 89%) from B2 (LGD5, 89%)

Ineos Holdings Limited

   -- EUR4,310 million and USD1,930 million first-lien senior
      guaranteed bank facilities to Ba3 (LGD3, 34%) from Ba2
      (LGD3, 34%);

   -- EUR650 million second lien senior secured loans to B3
      (LGD5, 78%) from B1 (LGD5, 78%);

Ineos Vinyls Finance plc

   -- EUR160 million senior guaranteed notes to B3 (LGD6, 96%)
      from B2 (LGD6, 96%)

Ineos Group Holdings plc is a diversified and integrated
chemicals group headquartered in Southampton, the United
Kingdom.  Ineos reported 2006 Revenues of EUR 26.6 billion and 3
months 2007 Revenues of EUR6.6 billion and EBITDA for 2006 of
EUR1.7 billion and EUR0.6 billion for 3 months of 2007 (after
exceptionals).


LADBROKES PLC: June 30 Balance Sheet Upside-Down by GBP533.5 Mln
----------------------------------------------------------------
Ladbrokes plc released unaudited interim results for the six
months ended June 30, 2007.

Ladbrokes reported a profit after tax of GBP131.3 million on a
net revenue of GBP600.9 million for the six months ended
June 30, 2007, compared with a profit after tax of GBP517.5
million on a net revenue of GBP523.1 million for the same period
in 2006.

At June 30, 2007, the company's consolidated balance sheet
showed GBP1 billion in total assets, GBP1.6 billion total
liabilities, and a GBP533.5 million stockholders' deficit.

The company's June 30 balance sheet also showed strained
liquidity with GBP186.4 million in total current assets
available to pay GBP454.1 million in total liabilities coming
due within the next 12 months.

                    Performance Overview

Ladbrokes achieved its highest ever first half operating profit
of GBP195. million and the business is ready for the
opportunities offered by the Gambling Act, which will be
implemented from Sept. 1, 2007.

The company’s U.K. Retail business saw an encouraging
performance from its new Fixed Odds Betting Terminals, which
were fully rolled out by March 31, 2007, with average gross win
per week having increased by 19% to GBP651 for the period.  The
company continues to see a positive response to the new dual
screen machines.

OTC gross win saw a decline due in part to challenging
comparatives without a World Cup and the substitution effect
with the new FOBTs

The company’s Irish Retail estate has delivered strong growth,
through the combination of a strong product offering and shop
acquisitions.

The company’s eGaming business continues to perform well, with
good growth again in Sportsbook, Casino and Games products.  
Poker continues to be impacted by the competitive environment in
the Nordics and the U.K.

Telephone Betting High Rollers contributed significantly to the
first half performance with net revenue of GBP95.3 million.

International development remains focused on Italy, Spain and
Asia.  Italy is well progressed with the primary focus on the
acquisition of existing shops, the identification of “new
license” premises and the planned launch of Ladbrokes.it
in the second half.

In Spain, Ladbrokes has submitted its application for an
operating license in Madrid and await news on deregulation
amongst the remaining regions.  In Asia, it intends on
participating in the tender for the sports lottery in Taiwan,
its bid for the Vietnamese sports lottery continues and it
continues to explore sports betting opportunities in China.

             Dividends and Capital Structure

The Board announces the implementation of a share buy back
program, to start during the second half of 2007.  It is
intended that, over time, Ladbrokes will repurchase shares in
order to move towards its stated target gearing range of
3.5 to 3.75 times historic EBITDA.  The purchase of shares will
be dependent on market conditions and will also take into
account the cash generated in the business and other investment
opportunities that may arise over time.

Ladbrokes will pay an interim dividend of 4.85 pence per share
(2006: 4.6 pence per share) on Dec. 3 to shareholders on the
register on Aug. 17.  This represents an increase of 5.4% over
last year's interim dividend.

                            Outlook

Following consistent investment in its U.K. Retail estate,
Ladbrokes looks forward to the regulatory changes made possible
by the 2005 Gambling Act next month.  It expects to see benefits
from year round evening opening and GBP500 jackpots in 2008 and
will commence broadcast advertising later this year.  It
is actively interested in the proposed 17 new U.K, casinos and
continue to monitor the progress of this regulation.

Internationally, the company is establishing businesses in Italy
and Spain and are involved in bidding for new sports lotteries
in Taiwan and Vietnam and exploring opportunities in China.

Ladbrokes continues to seek an early resolution to the loss of
pictures from the U.K. racecourses which have sold their betting
shop broadcast rights to Turf TV.  It has chosen not to sign up
to Turf TV because it represents a four-fold increase in the
costs of the broadcast rights to 31 of the 59 U.K. courses and
is conditional on broadcasting a new channel into its shops,
which will incur additional expense and integration issues.

For the one month period from July 1, total gross win increased
by 38%, mainly reflecting the benefit from continuing Telephone
Betting High Rollers' activity, albeit at a lower level than
experienced at the end of the first half.  Excluding the benefit
from the increased Telephone Betting High Rollers' activity, the
rest of the business continues to trade in line with   
management's expectations.

                        About Ladbrokes

Headquartered in Watford, United Kingdom, Ladbrokes plc --
http://www.ladbrokesplc.com/-- engages in fixed odds betting.    
The company is comprised of Ladbrokes, the biggest retail
bookmaker in the U.K. and Ireland, Ladbrokes.com, a world-
leading provider of interactive betting and gaming services,
Vernons, the leading football pools operator and Ladbrokes
Casinos, which opened its first casino at the Hilton London
Paddington in July 2006.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors in April 2007,
the rating agency confirmed its Ba2 Corporate Family Rating for
Ladbrokes Plc.

Moody's also assigned a Ba2 Probability-of-Default rating to the
company.


PARK LONDON: Appoints Joint Administrators from KPMG
----------------------------------------------------
Michael Steven Walker and John Mitchell Wardrop of KPMG LLP were
appointed joint administrators of Park London Ltd. (Company
Number 02602937) on Aug. 2.

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

Headquartered in London, England, Park London Ltd. is an
insurance broker.


REVLON INC: June 30 Balance Sheet Upside-Down by US$1.1 Billion
---------------------------------------------------------------
Revlon Inc. listed total assets of US$893.3 million, total
liabilities of US$2 billion, and total stockholders' deficit of
US$1.1 billion as of June 30, 2007.

The company's June 30 balance sheet also showed strained
liquidity with total current assets of US$465.9 million
available to pay total current liabilities of US$531.5 million.

                     Second Quarter Results

Net loss was US$11.3 million for the second quarter ended June
30, 2007, compared to a net loss of US$87.1 million for the
second quarter of 2006.

Net sales in the second quarter of 2007 advanced 8.8% to
US$349.2 million, compared to net sales of US$321.1 million in
the second quarter of 2006.  Excluding the impact of foreign
currency fluctuations, net sales in the second quarter increased
7.5% versus year-ago. Second quarter 2006 net sales were reduced
by about US$14 million from Vital Radiance.

In the United States, net sales in the second quarter of 2007
increased 13.4% to US$204.2 million, compared with net sales of
US$180 million in the second quarter of 2006.  Second quarter
2006 net sales were reduced by about US$14 million from Vital
Radiance.

In the company's international operations, net sales in the
second quarter of 2007 increased 2.7% to US$145 million,
compared to net sales of US$141.1 million in the second quarter
of 2006.

Operating income was US$16.9 million in the second quarter of
2007, versus an operating loss of US$45.9 million in the second
quarter of 2006.

Results for the second quarter 2007 included restructuring
expenses of US$2.1 million, while the second quarter 2006
included restructuring expenses of US$500,000.

                      Six Months Results

The company incurred net loss of US$46.5 million for the first
six months of 2007, as compared with net loss of US$145.3
million for the first six months of 2006.

Net sales in the first six months of 2007 advanced 4.8% to
US$677.8 million, compared to net sales of US$646.6 million in
the first six months of 2006.  Excluding the impact of foreign
currency fluctuations, net sales in the first six months
increased 4.0% versus year-ago.

Cash flow used for operating activities in the first six months
of 2007 was US$33 million, compared with cash flow used for
operating activities of US$95.5 million in the first six months
of 2006.  This improvement was primarily due to a lower net
loss, decreased permanent display spending and was partially
offset by a smaller improvement in working capital in 2007
compared to last year.

Results for the first six months of 2007 included restructuring
expenses of US$6.4 million, while the first six months of 2006
included restructuring expenses of US$9.5 million.

A full-text copy of the company's second quarter report is
available for free at http://researcharchives.com/t/s?2243

                     Management's Comments

Commenting on the company's financial disclosure, Revlon
president and chief executive officer, David Kennedy, said "Our
performance in the second quarter was driven by a combination of
sales growth, benefits from the restructuring actions we took
last year and ongoing control of our costs.  We remain on-track
with our expectation to generate approximately US$210 million in
Adjusted EBITDA in 2007."

Mr. Kennedy continued, "As we look forward to 2008, we believe
that we have a strong offering of new product introductions for
our Revlon and Almay color cosmetics brands.  These
introductions include significant, innovative and unique new
product lines in the face category as well as collections across
all categories.  In addition, 2008 new products include
important upgrades to certain products launched in prior years.  
We intend to support these new products with advertising and
promotions, at competitive levels, using our exciting lineup of
spokesmodels."

In conclusion, Mr. Kennedy said, "We continue to execute our
business strategy.

  (1) Building and leveraging our strong brands - we recently
      launched several exciting new products in our core brands
      and are supporting these launches at competitive levels.  
      As noted, we believe we have a strong pipeline of new
      product launches for next year;

  (2) Improving the execution of our strategies and plans, and
      providing for continued improvement in our organizational
      capability - we have a strong team in place at Revlon and
      are focusing on developing our employees through new and
      expanded roles and enhancing our capabilities;

  (3) Continuing to strengthen our international business - we
      continue to strengthen our international business further
      by leveraging our U.S.-based Revlon brand marketing, as
      well as our strong regional brands;

  (4) Enhancing operating profit margins and cash flow - we are
      focusing on sales growth and expect continuing,
      sustainable benefits from our restructuring actions and
      ongoing cost controls; and

  (5) Improving our capital structure - we plan to refinance the
      remaining balance of our 8-5/8% senior subordinated notes
      prior to maturity."

                       About Revlon Inc.

Revlon Inc. (NYSE: REV) -- http://www.revloninc.com/-- Revlon  
is a worldwide cosmetics, skin care, fragrance, and personal
care products company.  The company's vision is to deliver the
promise of beauty through creating and developing the most
consumer preferred brands.  The company's brands, which are sold
worldwide, include Revlon(R), Almay(R), Ultima(R), Charlie(R),
Flex(R), and Mitchum(R).

The company has international operations in Argentina,
Australia, Bermuda, Brazil, Germany, Spain, the Netherlands and
the United Kingdom.

Revlon Inc.'s balance sheet at March 31, 2007, showed
US$907.9 million in total assets and US$2.04 billion in total
liabilities, resulting in a US$1.13 billion total stockholders'
deficit.


S & S TIMBER: Names Ian William Kings Liquidator
------------------------------------------------
Ian William Kings of Tenon Recovery was appointed liquidator of
S & S Timber Ltd. on July 31 for the creditors’ voluntary
winding-up procedure.

The liquidator can be reached at:

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


S.G. MASON: Calls In Liquidators from KPMG
------------------------------------------
Paul Andrew Flint and Brian Green of KPMG LLP were appointed
joint liquidators of S.G. Mason (Chester) Ltd. on July 31 for
the creditors’ voluntary winding-up proceeding.

The company can be reached at:

         S.G. Mason (Chester) Ltd.
         Commercial Buildings
         11-15 Cross Street
         Manchester
         M2 1BD
         England


S BROWN BUILDING: NatWest Bank Brings In Tenon as Receivers
-----------------------------------------------------------
National Westminster Bank PLC appointed Dilip K. Dattani and
Patrick B. Ellward of Tenon Recovery joint administrative
receivers of S. Brown Building & Civil Engineering Contractors
Ltd. (Company Number 03587491) on July 31.

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

The company can be reached at:

         S Brown Building & Civil Engineering Contractors Ltd.
         Unit 1 Home Farm
         West Avenue
         Talke
         Stoke-on-Trent
         Staffordshire
         ST7 1TZ
         England
         Tel: 01782-773632


SLEEPLINE BEDS: Creditors' Meeting Slated for Aug. 17
-----------------------------------------------------
Creditors of Sleepline Beds Ltd. (Company Number 05387639) will
meet at 10:00 a.m. on Aug. 17 at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton  
         BL1 1ET
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Aug. 16 at:

         M.C. Bowker and C.B. Barrett
         Joint Administrators
         Tenon Recovery
         Clive House
         Clive Street
         Bolton  
         BL1 1ET
         England

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


TANKER SERVICES: Names Joint Administrators from KPMG
-----------------------------------------------------
Brian Green and David Costley-Wood of KPMG LLP were appointed
joint administrators of Tanker Services Ltd. (Company Number
5398221) on July 25.

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

Headquartered in Manchester, England, Tanker Services Ltd.
transports liquid fuel.


TOWER RECORDS: Judge Shannon Confirms Chap. 11 Liquidation Plan
---------------------------------------------------------------
The Hon. Brendan Linehan Shannon of the U.S. Bankruptcy Court
for the District of Delaware, on Aug. 6, 2007, entered a formal
order confirming MTS Inc., dba Tower Records, and its debtor-
affiliates' Joint Chapter 11 Plan of Liquidation.

Judge Shannon determined that the plan satisfies the statutory
requirements set forth under Section 1129(a) of the Bankruptcy
Code.

                       Terms of the Plan

Under the Plan, Administrative Claims and Other Priority Claims
will be paid in full, in cash, or other treatment as the Debtors
and holders agreed on in writing.

At the Debtors' option, holders of Priority Tax Claims will be
paid, either:

    a. in cash; or

    b. in full, in cash, over time in equal cash installment
       payments on a quarterly basis with interest during a
       period not to exceed five years after the order of
       relief.

Holders of CIT Claims will receive the treatment as to which the
Debtors and the holders have agreed on in the DIP Financing
Order and DIP Financing Agreement.

Holders of Other Secured and Trade Vendor Claims will received
on or a combination of these:

    a. cash equal to the amount of the claims;

    b. collateral securing the claims; or

    c. other treatment which the Debtors and the holders agreed
       on in writing.

Holders of General Unsecured Claims will receive a pro rata
share of the available assets.

Interest and Securities Subordinated Claims will not receive any
distribution under the Plan.

                      About Tower Records

MTS Incorporated -- http://www.towerrecords.com/-- owns Tower
Records and retails music in the U.S., with nearly 100 company-
owned music, book, and video stores.  The company and its
affiliates filed for chapter 11 protection on Feb. 9, 2004
(Bankr. D. Del. Lead Case No. 04-10394).

The company has stores in the United Kingdom, the Philippines
and Colombia.

The Debtor and its seven debtor-affiliates filed a second
Chapter 11 petition on Aug. 20, 2006 (Bankr. D. N.Y. Case Nos.
06-10886 through 06-10893, Lead Case No. 06-10891).  Mark D.
Collins, Esq. of Richards Layton & Finger represent the Debtors
in their restructuring efforts.  When the Debtors filed for
protection from its creditors, it listed estimated assets and
debts of more than US$100 million.


TURGEL INTERNATIONAL: Creditors' Meeting Slated for Aug. 17
-----------------------------------------------------------
Creditors of Turgel International Ltd. (Company Number 00347157)
will meet at 10:00 a.m. on Aug. 17 at:

         BDO Stoy Hayward LLP
         8 Baker Street
         London  
         W1U 3LL
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Aug. 16 at:

         D. H. Gilbert
         Joint Administrative Receiver
         BDO Stoy Hayward LLP
         8 Baker Street
         London  
         W1U 3LL
         England

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business  
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

  
VIRGIN MEDIA: Moody's Changes Outlook on Low-B Ratings to Neg.
--------------------------------------------------------------
Moody's Investors Service changed the outlook on the ratings of
Virgin Media Inc. to negative from stable.

The ratings affected are:

Virgin Media Inc.

   -- Corporate Family Rating at Ba3

Virgin Media Investment Holdings Ltd.

   -- Tranches A / B senior secured facility at Ba2

   -- Trance C second lien facility at B2

Virgin Media Finance plc.

   -- Senior notes at B2

The change in the outlook reflects increased competitive
pressure manifested in continued subscriber losses in its
telephony and mobile businesses.  Moody's anticipates that in
2007 the company is unlikely to generate positive net subscriber
additions in its cable segment (comprising TV, broadband and
telephony services) and mobile services.  The company has
performed below Moody's original expectations following its
merger with Telewest and the acquisition of Virgin Mobile.  At
the same time, Moody's notes that we expect the company to
generate positive free cash flow for the year despite the
subscriber losses.  Virgin Media expects better performance in
H2 2007 versus H1 2007 based on the improved TV offering and
identified cost initiatives.

The change in outlook does not directly reflect increased event
risk associated with the company's ongoing strategic review.
However, the strategic review, which is in part in response to
potential interest expressed earlier by other parties (financial
and strategic) in possibly bidding for the company, is likely to
continue for an extended period of time also adding an element
of uncertainty to Moody's existing ratings.  Moody's has noted
in its issuer comment dated July 4, 2007, that a confirmation of
negotiations between the company and any prospective buyer would
result in ratings being put on review for downgrade.

What Could Change the Rating -- Up

At this juncture, Moody's does not anticipate any positive
momentum to the ratings over the near term.  The company's
primary objective at this time is to stabilize operating
performance which Moody's expects will be manifested in positive
net subscriber additions for the company's cable segment in
conjunction with positive free cash flow generation and a return
to top line growth.  These developments would be required to
support the assignment of a stable outlook.

Upward pressure on the rating could develop though if the Debt-
to-EBITDA ratio were to fall below 4.0x in conjunction with
strong operating performance momentum.

What Could Change the Rating - Down

A ratings downgrade is likely in the event that the company's
Debt-to-EBITDA ratio were to deteriorate to above 5.5x for a
sustained period or as a result of change in financial policies
associated with a change in the company's ownership.

Virgin Media, headquartered in Hook, is the largest cable
operator in the UK.  In Q2 2007, the company generated GBP 995
million in revenue and GBP315 million in operating cash flow.


WARNER MUSIC: Mulls Going Private & Other Options, Report Says
--------------------------------------------------------------
Warner Music Group Corp. is considering privatization in
response to the downward spiral of Warner Music's stock price,
coupled with investors' negative sentiment for the music
industry in general, the New York Post reports, quoting a source
inside the company.

The company is also mulling other options ranging from a stock
buyback to a securitization deal for its music publishing
assets, the Post states.

According to the report, the insider says Warner Music's
plummeting stock price, which closed trading on Aug. 7 down 10
percent at an all-time low of US$9.89 after the label posted a
wider-than-expected quarterly loss, is frustrating its financial
backers.

"Given the company's cash flow performance, they think the stock
should be trading between US$18 and US$20, not US$10," the
source told the Post.

Warner Music's financial backers, which include Thomas H. Lee,
Bain Capital, and Providence Equity Partners, expected the
company's stock price to rebound to around US$14 after it backed
out of the EMI auction, believing that it relieved investor
concerns about overpaying, the report says.

The trio are now exploring the option of privatizing Warner
Music a mere two years after the company was made public.  The
discussion is still in its early stages though, and the company
may still choose to remain public, the Post relates.

According to the report, while avoiding the going-private issue,
Warner CEO Edgar Bronfman Jr. told analysts, "Clearly we've got
to try and deliver increased value to our shareholders given
where our share price is."

The day after the Post published the privatization report,
shares in the stock surged 21 percent to close at US$12 after
hitting a new all-time low of US$9.79.  The fact that Citigroup
analyst Jason Bazinet upgraded his rating on the stock to a
"buy" also helped the company.  Mr. Bazinet said the company's
current share price is undervalued given its cash flow
performance and thinks it is worth US$13, the Post relates.

The Warner Music deal has been extremely lucrative for its
private equity backers, the Post observes.  Shortly after buying
Warner Music from Time Warner for US$2.6 billion the group
recouped their US$1 billion equity outlay by paying out a US$1.4
billion dividend.

                    About Warner Music Group

Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/--  
is a music company that operates through numerous international
affiliates and licensees in more than 50 countries.  Warner
Music maintains international operations in Argentina,
Australia, Brazil, Canada, Croatia, Denmark, France, Germany,
Greece, Hong Kong, Hungary, India, Ireland, Malaysia, Mexico,
Philippines, Thailand, and the United Kingdom, among others.

                        *     *     *

As reported in the Troubled Company Reporter on July 23, 2007,
Standard & Poor's Ratings Services said that its ratings for
Warner Music Group, including the 'BB-' corporate credit rating,
remain on CreditWatch with negative implications.  The ratings
have been on CreditWatch because of S&Ps' concern about the
company's interest in EMI Group PLC.  S&P still see uncertainty
surrounding management's alternate strategies following WMG's
statement that it will not submit a competing bid for EMI.


* BOND PRICING: For the Week Aug. 6 to Aug. 10, 2007
----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      60.97
                          0.250    10/14/26     CDN      38.08
Republic of Austria       4.000    06/22/22     EUR      73.08
                          5.000    10/10/25     EUR      62.17
                          7.000    10/24/25     EUR      70.68


FINLAND
-------
Muni Finance PLC          1.000    03/19/13     AUD      73.39
                          0.500    04/26/13     AUD      70.67
                          1.000    11/21/16     NZD      58.80
                          0.500    09/24/20     CDN      55.80
                          0.250    06/28/40     CDN      19.88

FRANCE
------
Accor S.A.                1.750    01/01/08     EUR      57.12
Alcatel S.A.              4.750    01/01/11     EUR      16.31
Altran Technologies S.A.  3.750    01/01/09     EUR      12.49
BNP Paribas               0.250    12/20/14     US$      67.83
CAP Gemini S.A.           2.500    01/01/10     EUR      54.16
                          1.000    01/01/12     EUR      49.53
Club Mediterranee S.A.    3.000    11/01/08     EUR      67.13
                          4.375    11/01/10     EUR      55.79
FCC Rome Alliance
    Funding               2.256    01/08/21     EUR      72.88
Havas S.A.                4.000    01/01/09     EUR      10.80
Infogrames
   Entertainment S.A.     4.000    01/01/09     EUR       0.50
                          1.500    07/01/11     EUR      23.49
Ingenico                  2.750    01/01/12     EUR      19.94
Maurel & Prom             3.500    01/01/10     EUR      21.65
Publicis Group            0.750    07/17/08     EUR      33.04
                          1.000    01/18/18     EUR      43.17
Rallye                    3.750    01/01/08     EUR      49.30
Rhodia S.A.               0.500    01/01/14     EUR      44.36
Scor S.A.                 4.125    01/01/10     EUR       2.27
Soc Air France            2.750    04/01/20     EUR      31.41
Soitec                    4.625    12/20/09     EUR      14.47
Thomson (EX-TMM)          1.000    01/01/08     EUR      39.33
Valeo                     2.375    01/01/11     EUR      45.57
Vivendi Universal S.A.    1.750    10/30/08     EUR      32.65
Wendel Invest S.A.        2.000    06/19/09     EUR      47.26

GERMANY
-------
KfW Bankengruppe          0.500    10/30/13     AUD      67.70
                          0.500    12/19/17     EUR      66.80
                          5.000    05/23/20     EUR      74.48
                          1.250    07/07/20     EUR      71.37
                          1.250    07/29/20     EUR      72.02
                          6.000    07/21/25     EUR      67.65
                          8.000    08/10/30     EUR      65.24
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      42.04
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      57.99

GREECE
------
Hellenic Republic         0.628    07/13/20     EUR      67.75
Hellenic Republic         0.990    07/07/24     EUR      65.71
Hellenic Republic         6.000    07/06/24     EUR      71.39

ICELAND
-------
Kaupthing Bank            6.500    02/03/45     EUR      68.64

IRELAND
-------
Depfa ACS Bank            0.500    03/03/25     CDN      48.03
                          0.250    07/08/33     CDN      27.02
Irish Perm Plc            6.125    02/15/35     EUR      66.20
Magnolia Finance IV Plc   1.050    12/20/45     US$      26.72

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

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

NETHERLANDS
-----------
ABN AMRO Bank N.V.        6.250    06/29/35     EUR      69.50
BK Ned Gemeenten          0.500    06/27/18     CDN      61.10
                          0.500    02/24/25     CDN      45.69
Bulgaria Steel B.V.      12.000    05/04/13     EUR      54.77  
EM.TV Finance B.V.        5.250    05/08/13     EUR       5.77
Energy Group O/S          7.425    10/15/17     US$      35.00
Lehman Bros TSY B.V.      2.000    02/16/15     EUR      76.88
                          6.000    02/15/35     EUR      73.46
                          8.250    03/16/35     EUR      62.15
                          7.000    05/17/35     EUR      68.50
                          7.250    10/05/35     EUR      62.58
                          6.000    11/02/35     EUR      65.58
Ned Waterschapbk          6.000    06/01/35     EUR      72.58
                          6.500    08/15/35     EUR      64.74
                          6.000    06/30/45     EUR      67.95
Rabobank Groep N.V.       6.000    04/08/20     EUR      73.00
                          3.100    11/15/24     US$      73.55
                          6.000    02/22/35     EUR      70.71
                          2.000    02/23/35     EUR      62.65
                          7.000    02/28/35     EUR      70.15
                          7.000    03/23/35     EUR      65.85
                          6.000    05/09/35     EUR      72.92

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      70.50

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      70.91

SWITZERLAND
-----------
UBS AG                    1.000     02/27/12    NZD      74.83
                          1.000     03/28/12    NZD      74.17
                          1.000     06/28/12    NZD      73.42
                          1.000     07/30/12    NZD      73.06

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400    04/20/35     GBP      54.64
HBOS Treasury
   Services Plc           6.000    02/07/35     EUR      72.38
National Grid Gas Plc     1.754    10/17/36     GBP      45.88
                          1.771    03/30/37     GBP      45.83
Royal BK Scotland Plc     0.250    03/27/14     US$      71.91
                          7.000    06/09/25     EUR      64.33
TXU Eastern Finance Plc   6.750    05/15/09     US$       5.63
Wessex Water Finance Plc  1.369    07/31/57     GBP      30.76

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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