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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 20, 2007, Vol. 8, No. 164

                            Headlines


A U S T R I A

AUTO BULLA: Claims Registration Period Ends Sept. 18
BETTFEDERNFABRIK KAUFFMANN: Claims Registration Ends Sept. 3
BOGNER BAU: Claims Registration Period Ends Sept. 19
KREMSER-BAU: Claims Registration Period Ends Sept. 17
MENDEZ & PARTNER: Claims Registration Period Ends Aug. 31

S-EVENTS VERANSTALTUNGS: Claims Registration Ends Aug. 30
TIOS BETEILIGUNG: Claims Registration Period Ends Sept. 18
WEINVIERTLER SEKTMANUFAKTUR: Claims Registration Ends Sept. 20
XERIUM TECH: Restating Financials Due to Interest Rate Swaps


B E L G I U M

ARAMARK CORP: S&P Revises B+ Corporate Credit Outlook to Stable
LEVI STRAUSS: Moody's Affirms B1 Corporate Family Rating
TIMKEN CO: Bags US$6.5-Million Contract from Titagarh Wagons


C Z E C H   R E P U B L I C

TEXLEN TRUTNOV: Selling Four Plants for CZK60.7 Million


F R A N C E

ALCATEL-LUCENT: Wins Contract From TransACT Capital
DELPHI CORP: Gets Court Nod on US$75 Mln Asset Sale to Umicore
EXPEDIA INC: Obtains US$725 Mln Tenders for Dutch Auction Offer
SOTHEBY'S HOLDINGS: Moody's Lifts Corporate Family Rating to Ba2
SR TELECOM: June 30 Balance Sheet Upside-Down by CDN$14 Million


G E R M A N Y

AEROFLEX INC: Veritas Capital et. al Acquisition Completed
ALL-REIN GEBAUDEMANAGEMENT: Creditors' Claims Due Sept. 14
AT-HOME-GMBH: Creditors Must File Claims by October 9
BRUEDER SIEGEL: Claims Registration Ends Sept. 17
C.T. CAKMAK: Claims Registration Period Ends Sept. 20

GUESTROWER TUERENWERK: Claims Registration Period Ends Sept. 10
HAHNENBERGER GMBH: Claims Registration Ends September 18
HAUSER GMBH: Creditors Must File Claims by Sept. 11
HEINER WILCKEN: Claims Registration Ends Sept. 17
IM+P MANAGEMENT: Claims Registration Period Ends Sept. 10

INCOME INDUSTRIAL: Claims Registration Period Ends Sept. 10
INO WORLD: Claims Regisration Ends September 18
KLS FINANZKONTOR: Claims Registration Ends September 18
LABTEL VERSORGUNGS: Claims Registration Period Ends Sept. 20
LUX AUTOMOBILE: Creditors Must File Claims by Sept. 11

METALLBAU HOFMANN: Claims Registration Period Ends Sept. 11
MOEBELWERK STEINHEIM: Claims Registration Period Ends Sept. 21
PEROTA GMBH: Claims Registration Period Ends Sept. 20
REIFEN-EXKLUSIV: Creditors Must File Claims by Sept. 12
SIEGEL GMBH: Claims Registration Ends Sept. 17

SIEGEL MANAGEMENT: Claims Registration Ends Sept. 17
STADTRANDBACKEREI GSK: Claims Registration Ends September 17
SYSTEMPARTNER RS: Claims Registration Ends September 17
TISCHLEREI STURZENBECHER: Claims Period Ends Sept. 21
VIDEO HOLIDAY: Claims Registration Period Ends Sept. 11


H U N G A R Y

AES CORP: Rockash Clean-Up to End in Two Weeks


I R E L A N D

AVOCA CLO VIII: Fitch Rates EUR21.5 Million Class E Notes at BB


I T A L Y

ANDREW CORPORATION: Bags US$9 Million Geolocation Contract
THERMADYNE HOLDINGS: Strong Performance Cues S&P to Lift Rating
TISCALI SPA: U.K. Unit Inks Premier League Deal with Setanta


K A Z A K H S T A N

AIKO-AR LLP: Proof of Claim Deadline Slated for Sept. 21
AYAKS CENTRE: Creditors Must File Claims Sept. 21
EKIBASTUZ-TM-SERVICE LLP: Claims Filing Period Ends Sept. 21
ISKRA-I LLP: Creditors' Claims Due on Sept. 18
M ALTYNAI: Claims Registration Ends Sept. 20

METALLURG-M LLP: Proof of Claim Deadline Slated for Sept. 18
SANATORIUM NAURYZ: Creditors Must File Claims Sept. 20
SARATOGA LLP: Claims Filing Period Ends Sept. 21
SHAPAGAT LLP: Creditors' Claims Due on Sept. 21
TSELINA LLP: Claims Registration Ends Sept. 21


K Y R G Y Z S T A N

ZM-TORG LLC: Creditors Must File Claims by September 21


N E T H E R L A N D S

CAIRN CLO: Moody's Rates EUR19.2 Mln Class E Notes at Ba3
YUKOS FINANCE: Promneftstroy Buys Assets for RUR7.8 Billion


N O R W A Y

GEOKINETICS INC: Incurs US$14.2 Million Net Loss in Second Qtr.
GEOKINETICS: Repurchase Cues Moody's to Withdraw All Ratings


R U S S I A

AGRO-SVETLYJ PUT': Creditors Must File Claims by Sept. 28
B.I.N. BANK: Fitch Affirms IDR at B- with Stable Outlook
BELGOROD-AVTO-RESURS: Creditors Must File Claims by Sept. 28
BRISTOW GROUP: Board Declares US$0.69/Share Div. on Pref. Stock
CHERNOZEM LLC: Creditors Must File Claims by Sept. 28

CIVIL AVIATION: Court Starts Bankruptcy Supervision Procedure
CONVERSBANK: Fitch Revises IDR to CCC on Change of Rating Scale
EVA CJSC: Creditors Must File Claims by Aug. 28
IZHEVSKAYA OIL: Creditors Must File Claims by Aug. 28
KHAKASSKIY DIARY: Creditors Must File Claims by Aug. 28

NIKOLAEVSK-BREAD OJSC: Creditors Must File Claims by Sept. 28
REPUBLIC BUS: Tatarstan Bankruptcy Hearing Slated for Oct. 25
ROSNEFT OIL: Denies Participation in Auction for Yukos Finance
ROSNEFT OIL: Acquires Own Receivables at Yukos Oil Auction
SLADKO CJSC: Creditors Must File Claims by Aug. 28

SOSNOVKA-AGRO-PROM-SNAB: Creditors Must File Claims by Sept. 28
TATA MOTORS: Shareholders Agree to INR15 Dividend for FY2007
TIMANO-PECHORSKAYA: Court Names M. Shishkin to Manage Assets
WAVE CJSC: Creditors Must File Claims by Aug. 28
YUKOS OIL: Sells Yukos Finance Unit to Promneftstroy

YUKOS OIL: Rosneft Oil Acquires Own Receivables at Auction
ZHI SIN' LLC: Court Starts Bankruptcy Supervision Procedure


U K R A I N E

AGROSOYUZ LLC: Creditors Must File Claims by August 21
BALNOVKA AGRICULTURAL: Creditors Must File Claims by August 21
KVIK LLC: Creditors Must File Claims by August 21
LIUBASHOVKA MOTORCAR 15137: Creditors' Claims Due August 21
ORDINETSKOE AGRICULTURAL: Creditors' Claims Due August 21

TECHNOPOL CJSC: Creditors Must File Claims by August 21
TH TANDEM: Creditors' Claims Due August 21
VOLKHONTET-GRANIT: Creditors' Claims Due August 21


U N I T E D   K I N G D O M

AQUATEC CHEMICAL: Brings In Administrators from Tenon Recovery
CABLE & WIRELESS: Inks Network Services Accord with Virgin Group
CLARENCE CONTRACTORS: Appoints Administrators from P&A
CST MEDICAL: Brings In Liquidators from Tenon Recovery
DURA AUTOMOTIVE: Posts US$12,685,000 Net Loss in June 2007

EGISIS GROUP: Calls In Liquidators from Vantis Business Recovery
EUROSAIL-UK 07-4: Fitch Rates GBP10.22 Mln Class E1c Notes at BB
FIRST SELLERS: Names Joint Administrators from BDO Stoy
FRANSEN LTD: Taps Joint Administrators from PwC
GOODYEAR TIRE: Jamaican Unit Loses US$5 Mil. in First Six Months

INSIDE OUT: Taps Liquidators from Chantrey Vellacott DFK
INTERWAY ENTERPRISES: Claims Filing Period Ends October 9
JMA COMMUNICATION: Names Duncan Beat as Administrator
KARTELL PLASTICS: Appoints Liquidators from Chantrey Vellacott
LEAF CARRIAGES: Claims Filing Period Ends September 11

METRONET RAIL: Balfour Beatty Writes-Off GBP103 Mln Investment
PROGRESSIVE GAMING: Posts US$34.2MM Net Loss in Second Qtr. 2007
PROTON HOLDINGS: VW Now Conducting Diligence Study, PM Says
SEOUL NASSAU: Appoints Joint Administrators from PwC
SHAW GROUP: Energy & Chemicals Group Bags Contract in China

SIMULACRA LTD: Brings In Administrators from BDO Stoy
SOLO CUP: July 1 Balance Sheet Upside-Down by US$22,854,000
SOUTHERN HOTELS: Names Liquidators from Tenon Recovery
TROJEN FAN: Hires Liquidators from Moore Stephens
WHOLE FOODS: Extends Wild Oats Tender Offer Until Today

WHOLE FOODS: Court Stops FTC's Appeal for Preliminary Injunction

* BOND PRICING: For the Week Aug. 13 to Aug. 17, 2007

                            *********

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


AUTO BULLA: Claims Registration Period Ends Sept. 18
----------------------------------------------------
Creditors owed money by LLC Auto Bulla (FN 214306g) have until
Sept. 18 to file written proofs of claim to court-appointed
estate administrator Guenther Grassner at:

         Dr. Guenther Grassner
         c/o Dr. Norbert Mooseder
         Suedtirolerstrasse 4-6
         4020 Linz
         Austria
         Tel: 0732/77 08 15
         Fax: 77 08 16
         E-mail: lawfirm@gltp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:00 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 Sierning, Austria, the Debtor declared
bankruptcy on July 17 (Bankr. Case No. 14 S 28/07a).  Norbert
Mooseder represents Dr. Grassner in the bankruptcy proceedings.


BETTFEDERNFABRIK KAUFFMANN: Claims Registration Ends Sept. 3
------------------------------------------------------------
Creditors owed money by LLC Bettfedernfabrik Kauffmann & Co (FN
14169m) have until Sept. 3 to file written proofs of claim to
court-appointed estate administrator Lukas Pfefferkorn at:

         Mag. Lukas Pfefferkorn
         Schulgasse 7
         6850 Dornbirn
         Austria
         Tel: 05572/20210
         Fax: 05572/34414
         E-mail: office@ktg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Sept. 13 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Feldkirch
         Hall 45
         First Floor
         Feldkirch
         Austria

Headquartered in Hoerbranz, Austria, the Debtor declared
bankruptcy on July 17 (Bankr. Case No. 14 S 29/07p).


BOGNER BAU: Claims Registration Period Ends Sept. 19
----------------------------------------------------
Creditors owed money by LLC Bogner Bau (FN 261937b) have until
Sept. 19 to file written proofs of claim to court-appointed
estate administrator Astrid A. Haider at:

         Mag. Astrid A. Haider
         c/o Dr. Ute Toifl
         Tuchlauben 12/20
         1010 Wien
         Austria
         Tel: 01/535 46 11
         Fax: 01/535 46 11 11
         E-mail: haider@thr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Oct. 3 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Korneuburg, Austria, the Debtor declared
bankruptcy on July 18 (Bankr. Case No. 36 S 92/07g).  Ute Toifl
represents Mag. Haider in the bankruptcy proceedings.


KREMSER-BAU: Claims Registration Period Ends Sept. 17
-----------------------------------------------------
Creditors owed money by LLC Kremser-Bau (FN 183893g) have until
Sept. 17 to file written proofs of claim to court-appointed
estate administrator Eva-Maria Bachmann-Lang at:

         Dr. Eva-Maria Bachmann-Lang
         c/o Dr. Christian Bachmann
         Opernring 8
         1010 Vienna
         Austria
         Tel: 512 87 01
         Fax: 513 82 50
         E-mail: bachmann.rae@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Oct. 1 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 18 (Bankr. Case No. 3 S 97/07w).  Christian Bachmann
represents Dr. Bachmann-Lang in the bankruptcy proceedings.


MENDEZ & PARTNER: Claims Registration Period Ends Aug. 31
---------------------------------------------------------
Creditors owed money by LLC Mendez & Partner (FN 245596x) have
until Aug. 31 to file written proofs of claim to court-appointed
estate administrator Susanne Poeltenstein-Rosenegger at:

         Mag. Susanne Poeltenstein-Rosenegger
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 512 40 13
         Fax: 512 40 13 22
         E-mail: poeltenstein@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Sept. 14 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 17 (Bankr. Case No. 28 S 83/07w).


S-EVENTS VERANSTALTUNGS: Claims Registration Ends Aug. 30
---------------------------------------------------------
Creditors owed money by LLC S-Events Veranstaltungs & Co KEG (FN
217118t) have until Aug. 30 to file written proofs of claim to
court-appointed estate administrator Michael Kropiunig at:

         Dr. Michael Kropiunig
         Max-Tendler-Strasse 28
         8700 Leoben
         Austria
         Tel: 03842/45 6 57
         Fax: 03842/45 0 19-30
         E-mail: office@ra-kropiunig.at

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 Leoben
         Hall IV
         First Floor
         Leoben
         Austria

Headquartered in Bruck an der Mur, Austria, the Debtor declared
bankruptcy on July 19 (Bankr. Case No. 17 S 65/07p).


TIOS BETEILIGUNG: Claims Registration Period Ends Sept. 18
----------------------------------------------------------
Creditors owed money by LLC Tios Beteiligung (FN 250842k) have
until Sept. 18 to file written proofs of claim to court-
appointed estate administrator Guenther Grassner at:

         Dr. Guenther Grassner
         c/o Dr. Norbert Mooseder
         Suedtirolerstrasse 4-6
         4020 Linz
         Austria
         Tel: 0732/77 08 15
         Fax: 77 08 16
         E-mail: lawfirm@gltp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:30 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 17 (Bankr. Case No. 14 S 30/07w).  Norbert Mooseder
represents Dr. Grassner in the bankruptcy proceedings.


WEINVIERTLER SEKTMANUFAKTUR: Claims Registration Ends Sept. 20
--------------------------------------------------------------
Creditors owed money by LLC Weinviertler Sektmanufaktur (FN
173342s) have until Sept. 20 to file written proofs of claim to
court-appointed estate administrator Johanna Abel-Winkler at:

         Mag. Johanna Abel-Winkler
         c/o Mag. Norbert Abel
         Franz-Josefs-Kai 49/19
         1010 Vienna
         Austria
         Tel: 01/533 52 72
         Fax: 01/533 52 72 15
         E-mail: office@abel-abel.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Oct. 4 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Drasenhofen, Austria, the Debtor declared
bankruptcy on July 13 (Bankr. Case No. 32 S 10/07v).  Norbert
Abel represents Mag. Abel-Winkler in the bankruptcy proceedings.


XERIUM TECH: Restating Financials Due to Interest Rate Swaps
------------------------------------------------------------
Xerium Technologies Inc. disclosed that based on the findings of
its previously announced review of the accounting treatment
related to interest rate swaps that it entered into in June
2005, it will restate certain of its previously issued financial
statements.

"The interest rate swap transactions that are the subject of
this restatement provide effective economic hedges and this
change in accounting method will not minimize the benefits from
this risk management strategy," said Thomas Gutierrez, Chief
Executive Officer of Xerium Technologies.  "Accounting for
hedging activities is an extremely complex area and we are
committed to making sure that we make the proper adjustments
now, and that future periods will be accounted for properly.
This is a technical accounting issue which we expect will affect
only interest expense and income taxes thereon and the resultant
impact on net income (loss).  This issue will not impact our
cash flow or the operating results we announced earlier this
week, including sales, income from operations and Adjusted
EBITDA."

                          Background

The restatement will correct the company's accounting for the
fair value of its interest rate swap agreements that it entered
into in June 2005.  To date, the Company has accounted for these
interest rate swaps as hedging instruments in accordance with
SFAS No. 133, "Accounting for Derivative Instruments and Hedging
Activities," as amended.  The fair value of these interest rate
swap agreements was adjusted quarterly, with the changes
recorded as deferred gains or losses on the Company's
consolidated balance sheet with the offset recorded in
accumulated other comprehensive loss, net of tax.  It has been
determined that the swaps do not qualify as hedging instruments
because the Company inappropriately applied the 'short-cut'
method to evaluate these interest rate swaps for hedge
accounting purposes from the date of inception.  Accordingly,
the Company will recognize the change in the fair value of these
swaps as a component of earnings for past and future periods.

            Financial Statements to be Restated

The consolidated financial statements expected to be restated
are the consolidated balance sheets as of Dec. 31, 2006, and
2005 and the consolidated statements of operations,
stockholders' equity (deficit), and cash flows for the years
2006 and 2005 and the company's unaudited quarterly financial
statements during these years, commencing with the quarter ended
June 30, 2005, and the quarter ended March 31, 2007.  These
consolidated financial statements, as filed, contain errors and
should therefore not be relied upon.  As a result of this
determination, related reports of the company's independent
registered public accounting firm on the consolidated financial
statements and internal control over financial reporting
included in the annual report on Form 10-K for the year ended
Dec. 31, 2006, would no longer be relied upon.

Following completion of its work and that of its independent
registered public accounting firm, the restatement of the
company's financial results will be effected as soon as
practicable by the filing of an amended annual report for the
year ended Dec. 31, 2006, and an amended quarterly report on
Form 10-Q for the quarter ended March 31, 2007.

The accounting review was initiated to address a matter
involving the company's historical accounting for interest rate
swap agreements that it entered into in June 2005.  The company
identified the matter during the ordinary course of reviewing
the company's interest rate swaps and financial results for the
second quarter of 2007.  It is necessary for the company to
complete these restatements in order to complete its quarterly
report on Form 10-Q for the quarter ended June 30, 2007, and
accordingly, this report was not filed by its due date, but is
expected to be filed upon the completion of the restatement.

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
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ARAMARK CORP: S&P Revises B+ Corporate Credit Outlook to Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Philadelphia, Pennsylvaniabased ARAMARK Corp. to stable from
negative.  At the same time, Standard & Poor's affirmed its
ratings on ARAMARK, including the 'B+' corporate credit rating.

"The outlook revision reflects ARAMARK's stronger than expected
credit measures since the January 2007 management buyout," said
Standard & Poor's credit analyst Jean C. Stout.  The company has
reduced debt by US$350 million since the management buyout,
largely as a result of applying the net proceeds from a recent
asset sale to bank debt, and has experienced good operating
performance.  "And we expect that the improvement in the
company's financial profile will be maintained," said Ms. Stout.

Standard & Poor's ratings on ARAMARK continue to reflect its
highly leveraged financial profile and significant cash flow
requirements to fund interest and capital expenditures.  These
factors are somewhat mitigated by ARAMARK's good position in the
competitive, fragmented markets for food and support services,
and uniform and career apparel.  These positions translate into
a sizable stream of recurring revenues and healthy cash flow
generation.

Headquartered in Philadelphia, Pennsylvania, Aramark Corp.
(NYSE: RMK) -- http://www.aramark.com/-- is a professional
services organization, providing food services, facilities
management, hospitality services, and uniforms and career
apparel to health care institutions, universities and school
districts, stadiums and arenas, businesses, prisons, senior
living facilities, parks and resorts, correctional institutions,
conference centers, convention centers, and public safety
professionals around the world. Aramark has approximately
240,000 employees serving clients in 20 countries, including
Belgium, Czech Republic, Germany, Ireland, UK, Mexico, Brazil,
Chile, among others.


LEVI STRAUSS: Moody's Affirms B1 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service affirmed all ratings for Levi Strauss
& Co.  The rating outlook was revised to positive from stable.

"The change in the rating outlook to positive reflects LS&CO's
continued progress in achieving revenue and margin stability for
the company as a whole and continued improvement in its balance
sheet with approximately US$200 million of funded debt repaid in
the past 18 months" said Scott Tuhy, Vice President and Senior
Analyst.  Upward rating momentum would result from the company
demonstrating continued stability in operating performance and
credit metrics in the face of current uncertainties in consumer
spending, as well as further progress in improving internal
controls and systems.

These ratings were affirmed:

   -- Corporate Family Rating and Probability of
      Default Rating -- B1;

   -- Various Senior Unsecured Notes: B2 (LGD 4 -- 62%).

Levi Strauss & Co. -- http://www.levistrauss.com/-- is a
branded apparel company, with sales in more than 110 countries.
Levi Strauss designs and markets jeans and jeans-related pants,
casual and dress pants, tops, jackets and related accessories
for men, women and children under its Levi's(R), Dockers(R) and
Levi Strauss Signature(R) brands. Levi Strauss also licenses its
trademarks in various countries throughout the world for
accessories, pants, tops, footwear, home and other products.
The company had global net revenues of approximately US$4.2
billion in its fiscal year ending Nov. 26, 2006.

The company's global divisions are based in Singapore, San
Francisco, and Belgium.


TIMKEN CO: Bags US$6.5-Million Contract from Titagarh Wagons
------------------------------------------------------------
The Timken Company has received a US$6.5 million contract to
supply rail bearings for freight cars built by Titagarh Wagons
Ltd. in India.

Titagarh has ordered Timken(R) APTM Class E tapered bearings,
which enable rail users to carry heavier loads with more
stability.  Titagarh is the second-largest private builder of
freight cars in India.

The rail bearings are being manufactured at Timken's production
facility in Jamshedpur, India.  As part of its ongoing
investment in India, Timken plans to open a second Indian
production facility in Chennai in 2008.

"Timken's strategy of investing in India is to serve our global
customers and also to gain new local customers such as Titagarh
Wagons in this rapidly developing market," said David L. White,
director of sales and marketing for Timken's operations in
India.

"Our past experience with Timken has shown us they make
outstanding products, and we also value their follow-up service
after the sale," said J.P. Chowdhary, chairman and managing
director of Titagarh Wagons Ltd.  "Our relationship with Timken
makes us more competitive, and we also appreciate their
reputation for adhering to high ethical standards."

                   About Titagarh Wagons

Titagarh Wagons Ltd. -- http://www.titagarh.biz/-- is one of
the largest private sector manufacturers of freight wagon units
for Indian and some overseas railways.  TWL is a heavy
engineering goods manufacturing company in Kolkata, India.  TWL
manufactures a wide range of freight wagons, container flats and
specialty wagons for industrial and defense use.  TWL
manufactures Bailey Bridges, prefabricated shelters and similar
systems for the railways and the defense sector.  TWL also
manufactures Heavy Earthmoving Equipment including Heavy Duty
Mobile Cranes and Excavators.

                     About Timken Co.

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) --
http://www.timken.com/-- is a manufacturer of highly engineered
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial and railroad industries.  The company has
operations in Argentina, Australia, Belgium, Brazil, Canada,
China, Czech Republic, England, France, Germany, Hungary, India,
Italy, Japan, Korea, Mexico, Netherlands, Poland, Romania,
Russia, Singapore, South America, Spain, Taiwan, Turkey, United
States, and Venezuela and employs 27,000 employees.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 15, 2007, Moody's Investors Service affirmed Timken's Ba1
corporate family rating and the Ba1 rating on Timken's US$300
million Medium Term Notes, Series A.


===========================
C Z E C H   R E P U B L I C
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TEXLEN TRUTNOV: Selling Four Plants for CZK60.7 Million
-------------------------------------------------------
Czech textile firm Texlen Trutnov has put its plants in Trutnov,
Mlade Buky, Rudnik and Radvanice up for sale for at least
CZK60.7 million, The Financial Times reports citing the Czech
Republic Business Bulletin as its source.

According to the report, the textile firm is still operating
with about 450 employees.

In May 2007, Texlen Trutnov revealed its plan to lay off
approximately 200 employees by the end of July 2007.

As previously reported in the TCR-Europe, Frydek-Mistek, North
Moravia-based rival textile maker Slezan showed interest in
acquiring Texlen Trutnov.

Slezan would act as a strategic investor in an effort to save
the 400 remaining jobs, Czech Business Weekly relates.

In March 2007, the Regional Court in Hradec Kralove declared
Texlen Trutnov bankrupt after parent company Texlen Linen
entered bankruptcy.

Texlen's board of directors told CTK Czech News Agency some
banks demanded the early repayment of loans and blocked its
accounts after a potential investor ended due diligence at the
company with a negative result.  The lenders' demands prompted
the Czech textile group's insolvency.


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


ALCATEL-LUCENT: Wins Contract From TransACT Capital
---------------------------------------------------
Alcatel-Lucent has been selected by TransACT Capital
Communications, a Canberra-based telecommunications carrier, to
complete a fibre to the home rollout to new greenfield sites in
Canberra.  The network will cover 1,000 premises and an
anticipated population of 2,500 people by 2013.

Project developers in Canberra, in conjunction with the Land
Development Agency, issued a tender for the FTTH project last
year, which was subsequently won by TransACT.  Alcatel-Lucent
was then chosen after a competitive tender process against eight
other providers to design and deploy the network.

The first network project will be in Forde, a new suburb in
Gungahlin, Canberra.  The deployment is TransACT's first venture
into Gigabit passive optical network FTTH technology.  Residents
will also receive unlimited free local calls to over 30,000
other TransACT phone customers, as well as capped national and
international call rates.

"The FTTH network is now a key consideration for inclusion when
assessing broadband deployments in suburbs, as it's a future-
proof technology offering nearly unlimited bandwidth
availability to carry new high speed services,"said Rod Barrett,
Project Manager, TransACT.  "We needed a solutions provider that
could accommodate our customers' increasing demand for our
existing bandwidth-hungry product offerings, including Video on
Demand, Voice over IP and IPTV services.  We chose Alcatel-
Lucent because of its technology leadership in GPON and the
proven reliability and scalability of its platform for
widespread deployment, "Barrett added.

"FTTH was the natural progression for a reliable high speed
broadband multiservice network in 'greenfields' and will deliver
appreciable social and economic benefits to a community, said
Hilary Mine, President of Alcatel-Lucent's Australasia
activities.  "The TransACT contract demonstrates our commitment
to accelerating high speed broadband services across the
country, and reinforces our global leadership in greenfield and
brownfield broadband fibre deployments,"Mine concluded.

Under the terms of the contract, Alcatel-Lucent will deliver its
7342 GPON ISAM Fiber-to-the-User product, along with the Optical
Network Terminals and the related management software.

TransACT will also be working with Alcatel-Lucent on future FTTH
bids in the Canberra area.

                         About TransACT

TransACT Communications Pty Limited was established in 2000 and
has since been building and maintaining a highly sophisticated
fibre-optic network to provide Canberra and Queanbeyan with
world-class communication services.  TransACT offers fixed-line
and IP telephony, broadband internet and mobile phone services,
as well as a subscription television service with real-time
entertainment on-demand.

                      About Alcatel-Lucent

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

                          *     *     *

As reported on April 13, 2007, Fitch Ratings affirmed Alcatel-
Lucent's ratings at Issuer Default 'BB' with a Stable Outlook,
senior unsecured 'BB' and Short-term 'F2' and simultaneously
withdrawn them.

As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating
on Alcatel's Corporate Family and Senior Debt rating.  Lucent
carries Moody's B1 Senior Debt rating and B2 Subordinated debt &
trust preferred rating.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.


DELPHI CORP: Gets Court Nod on US$75 Mln Asset Sale to Umicore
--------------------------------------------------------------
Delphi Corporation and certain of its affiliates received
approval from the U.S. Bankruptcy Court for the Southern
District of New York for the sale of assets related to the
company's global original equipment and aftermarket catalyst
business to Umicore for US$75 million, subject to adjustments,
Delphi officials stated.

"Delphi continues to make significant progress with its
transformation plan," John Sheehan, Delphi's chief restructuring
officer, said.  "This sale is consistent with our ongoing effort
to refine our product portfolio to feature the core technologies
for which we have competitive and technological advantages.
This transaction is another step toward our emergence."

The court also approved Catalytic Solutions Inc. as the
alternate bidder, and authorized Delphi to consummate the sale
with CSI in the event the transaction between Delphi and Umicore
does not close.

Delphi selected Umicore as the lead bidder and received court
approval to proceed with the sale process for the catalyst
business.

In accordance with bidding procedures approved by the bankruptcy
court, Delphi conducted an auction to allow other qualified
buyers to bid on the assets related to the catalyst business.
At the conclusion of the auction, Delphi selected Umicore as the
successful bidder.

Delphi will carefully manage the transition of the business, and
the sale will be completed in coordination with Delphi's
customers, employees, unions and other stakeholders. The
transaction, which is subject to certain closing conditions,
including completion of consultation procedures with certain
unions and works councils, and completion of the closing
documents, is expected to close before year-end 2007.

Although the company is selling its catalyst business, it will
continue to provide full engine management systems, including
air and fuel management, combustion and valvetrain technology,
and exhaust systems technology through its gas EMS product
business unit.

                     About Delphi Corporation

Headquartered in Troy, Mich., Delphi Corporation (OTC: DPHIQ) --
http://www.delphi.com/-- is the single 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.


EXPEDIA INC: Obtains US$725 Mln Tenders for Dutch Auction Offer
---------------------------------------------------------------
Expedia Inc. has accepted for purchase 25,000,003 shares of its
common stock at a purchase price of US$29 per share, including
"odd lots" properly tendered and not properly withdrawn at or
below the US$29 per share purchase price, for a total cost of
approximately US$725 million, excluding fees and expenses
relating to its modified "Dutch auction" tender offer for up to
25 million shares of its common stock, which expired at 5:00
p.m., New York City time, on Aug. 8, 2007.

Expedia is borrowing US$500 million under its existing credit
facility to fund a portion of the purchase price for the shares
and will use cash on hand for the remainder of the purchase
price and to pay related fees and expenses.

The shares accepted for purchase represent approximately 8.9% of
the shares of common stock outstanding and 8.2% of the total
number of shares of common stock and Class B common stock
outstanding as of Aug. 3, 2007.

The 25,000,003 shares accepted for purchase include the
25,000,000 shares that Expedia offered to purchase plus three
shares, as to which Expedia exercised its right to purchase
additional shares in accordance with applicable securities laws,
to permit proper rounding in the calculation of the proration
factor.

Expedia has been informed by the depositary for the tender offer
that the final proration factor for the tender offer is
84.2385%.

Based on the final count by the depositary for the tender offer,
and excluding any conditional tenders that were not accepted due
to the specified condition not being satisfied, 29,725,349
shares of common stock were properly tendered and not properly
withdrawn at prices at or below the purchase price of US$29.

The depositary will promptly issue payment for the shares
accepted for purchase in the tender offer.  Any shares properly
tendered and not withdrawn, but not purchased due to proration
or conditional tenders, will be returned promptly to
stockholders by the depositary.

The information agent for the tender offer is MacKenzie
Partners, Inc. and the depositary for the tender offer is The
Bank of New York.  For questions and information, please call
the information agent toll-free in the United States and Canada
at 1-800-322-2885, and in all other countries at +1-212-929-
5500.

                        About Expedia Inc.

Based in Bellevue, Washington, Expedia Inc. (NASDAQ: EXPE) --
http://www.expediainc.com/-- is an online travel company.
Expedia's companies operate internationally with sites in
Australia, Canada, France, Germany, Italy, Japan, the
Netherlands, Norway, Spain, Sweden, the United Kingdom and
China, through its investment in eLong (TM).

                         *     *     *

As reported in the Troubled Company Reporter on July 26, 2007,
Moody's Investors Services downgraded Expedia's senior unsecured
rating to Ba2 from Baa3 concluding a review for possible
downgrade initiated on June 19, 2007.


SOTHEBY'S HOLDINGS: Moody's Lifts Corporate Family Rating to Ba2
----------------------------------------------------------------
Moody's Investors Service upgraded the long term debt ratings of
Sotheby's; the outlook is stable.  The upgrade reflects the
company's very strong operating performance as a result of the
auction market reaching historical highs which has resulted in
Sotheby's achieving very healthy credit metrics and Moody's
expectation that the company will be able to support reasonable
credit metrics even if the art market softens.

These ratings are upgraded:

-- Corporate family rating to Ba2 from Ba3;

-- Probability of default rating to Ba2 from Ba3;

-- Senior unsecured notes rating to Ba3 (LGD5-84%) from B2
    (LGD6-90%).

The Ba2 corporate family rating balances:

   i. Sotheby's strong brand name and its recognized expertise
      in an industry that has high barriers to entry and is
      dominated by two players against

  ii. Moody's expectation that credit metrics will be uneven
      over the intermediate term given the significant
      cyclicality of the international auction market.

Sotheby's operating performance has been very strong since the
middle of 2003 as a result of robust conditions in the auction
market.  This has led to the company building up a healthy cash
balances (US$343 million at 6/30/2007) and to a notable
improvement in credit metrics to solidly investment grade
levels.  The corporate family rating also reflects the company's
good liquidity, which provides it with the flexibility to
weather a cyclical downturn in the auction market and the
potential for operating performance volatility.  The rating
continues to be constrained by the very high seasonality of the
company's cash flow and the high level of fixed costs that make
it difficult for the company to adjust to cyclical downturns.

The rating on the senior unsecured notes reflects both the
overall probability of default of the company, at Ba2, and a
loss given default of LGD5.  The senior unsecured notes were
upgraded by two notches to Ba3 largely due to changes in the
company's other liabilities included in the waterfall analysis,
particularly a decrease in accounts payable and an increase in
the pension obligation at the holding company.

The senior unsecured notes are rated one rating level below the
corporate family rating reflecting their junior position to both
the US$300 million senior secured revolving credit facility and
the company's accounts payable and lease rejection claims.  The
company's senior unsecured notes are at the holding company and
are not guaranteed by the operating subsidiaries, therefore,
they are structural subordinated to the trade claims and lease
rejection claims located at the operating subsidiaries.

Headquartered in New York City, Sotheby's Holdings, Inc.
(NYSE:BID) -- http://www.search.sothebys.com/-- is the parent
company of Sotheby's worldwide auction businesses, art-related
inancing and private sales activities.  The Company operates in
34 countries, with principal salesrooms located in New York and
London.  The company also regularly conducts auctions in 13
other salesrooms around the world, including Australia, Hong
Kong, France, Italy, the Netherlands, Switzerland and Singapore.


SR TELECOM: June 30 Balance Sheet Upside-Down by CDN$14 Million
---------------------------------------------------------------
SR Telecom Inc. reported on Aug. 9, 2007, its unaudited second
quarter 2007 results for the three months ended June 30, 2007.

SR Telecom Inc.'s consolidated balance sheeT at June 30, 2007,
showed CDN$83.9 million in total assets and CDN$97.9 million in
total liabilities, resulting in a CDN$14.0 million total
stockholders' deficit.

Net loss was CDN$14.9 million compared to CDN$17.3 million in
2006.  Operating loss from continuing operations was
CDN$13.7 million, a CDN$4.0 million improvement over the
CDN$17.7 million operating loss recorded during the same period
one year ago.

SR Telecom's second quarter revenue grew 51% to CDN$22.4 million
from CDN$14.8 million during the same period in 2006, reflecting
the ongoing implementation of major contracts in Mexico and
Argentina.

These improvements-a result of the increase in sales volume,
higher margins on equipment sales and a CDN$2.3 million decline
in selling, general and administrative (SG&A) expenses-were
offset by a CDN$600,000 increase in restructuring charges and a
CDN$700,000 million rise in research and development expenses.
The 2007 restructuring charges relate to the company's announced
plan to reorganize its internal operations and centralize
activities; the R&D increase is a reflection of the additional
resources the company has devoted to the development, delivery
and deployment of WiMAX solutions in 2007.

"Our second quarter performance, while clearly an improvement
over last year's results, reflects the delays in manufacturing
and deliveries that we encountered during the quarter as we
worked to resolve our capital issues," said Serge Fortin,
president and chief executive officer of SR Telecom.  "We know
that much remains to be done for SR Telecom to regain positive
and sustainable momentum, yet it is encouraging that our
customers have continued to demonstrate their belief in our
ability to design, deliver and deploy high-quality wireless
solutions. The additional
CDN$45 million in available funds we received through the term
loan in early July will enable us to further invest in our WiMAX
technology, strengthen our customer relations and execute on our
growth strategy."

Year-to-date revenue was CDN$45.2 million, up 33.0% from
CDN$34.0 million in the first six months of 2006.  Operating
loss for the six-month period in 2007 was CDN$22.5 million
compared to CDN$29.2 million in the same period of 2006.  The
year-to-date net loss was CDN$27.1 million compared to CDN$30.9
million during the first six months in the prior year.

Backlog at June 30, 2007, stood at CDN$27.1 million, the
majority of which is expected to be delivered by the end of this
year.  This compares with CDN$45.4 million at the end of 2006
and CDN$31.3 million at the end of the first quarter of 2007.

                       Financial position

As reported in the Troubled Company Reporter on July 6, 2007,
the company entered into an agreement, with a syndicate of
lenders comprised of shareholders and lenders, that provides a
new term loan of up to CDN$45 million, of which CDN$35 million
was drawn immediately. The CDN$10 million balance is available
for drawdown for a period of one year from the signing date.

As at June 30, 2007, the company's consolidated cash, including
restricted cash, was CDN$9.2 million, down from CDN$26.2 million
at Dec. 31, 2006, and reflects the use of cash to fund
continuing operating activities and capital requirements; it
does not include additional funding from the new term loan.

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?2277

                       Going Concern Doubt

There is substantial doubt about the appropriateness of the use
of the going concern assumption because of the company's losses
for the current and prior years, negative cash flows, reduced
availability of supplier credit and lack of operating credit
facilities.  As such, the realization of assets and the
discharge of liabilities and commitments in the ordinary course
of business are subject to significant uncertainty.

For the three and six months ended June 30, 2007, the company
realized a net loss of CDN$14.9 million and CDN$27.1 million,
respectively (CDN$115.6 million for the year ended Dec. 31,
2006), and used cash of CDN$9.2 million and CDN$21.6 million,
respectively (CDN$45.2 million for the year ended Dec. 31, 2006)
in its continuing operating activities.  Going forward, the
company will continue to require substantial funds as it
continues the development of its WiMAX product offering.

                        About SR Telecom

Headquartered in Quebec, Canada, SR Telecom (TSX: SRX) --
http://www.srtelecom.com/-- delivers broadband wireless access
(BWA) solutions that enable service providers to deploy voice,
Internet and next-generation services in urban, suburban and
remote areas.  SR Telecom's products are currently deployed in
more than 110 countries worldwide. The company has offices in
Mexico, France and Thailand.


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


AEROFLEX INC: Veritas Capital et. al Acquisition Completed
----------------------------------------------------------
The acquisition of Aeroflex Incorporated by affiliates of or
funds managed by The Veritas Capital Fund III, L.P., Golden Gate
Private Equity, Inc. and Goldman, Sachs & Co. has been
completed.  The merger was approved by Aeroflex's shareholders
at a meeting on July 26.  Aeroflex shareholders will receive
US$14.50 in exchange for the shares of Aeroflex common stock and
will receive written instructions from the paying agent with
respect to the proper method of exchanging stock certificates
for the merger consideration.  Pending receipt of such
instructions, shareholders should not forward stock certificates
to the Company.

Headquartered in Plainview, New York, Aeroflex Inc. is a
specialty provider of microelectronics and test and measurement
products to the aerospace, defense, wireless, broadband and
medical markets.  For the twelve months ended March 31, 2007,
revenues were US$577 million.  Aeroflex has offices in China,
France, Germany, and Argentina.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 13, 2007, Standard & Poor's Ratings Services removed its
'B' corporate credit rating on Plainview, New York-based
Aeroflex Inc. from CreditWatch, where it was placed with
negative implications on May 30, 2007.  The 'B' corporate credit
rating is affirmed; the outlook is negative.  The rating action
follows a review of a revised buyout offer for the company from
a private equity consortium led by Veritas Capital.

"At the same time, we assigned our 'B+' bank loan rating and '2'
recovery rating to Aeroflex's proposed US$560 million first-lien
credit facilities, consisting of a $60 million revolving credit
and a US$500 million term loan," said Standard & Poor's credit
analyst Lucy Patricola.  The '2' recovery rating indicates that
lenders can expect substantial (70%-90%) recovery of principal
in the event of payment default.  The 'B+' rating is one notch
higher than the 'B' corporate credit rating on Aeroflex.  All
ratings are based on preliminary offering statements and are
subject to review upon final documentation.


ALL-REIN GEBAUDEMANAGEMENT: Creditors' Claims Due Sept. 14
----------------------------------------------------------
Creditors of ALL-REIN Gebaudemanagement GmbH have until Sept. 14
to register their claims with court-appointed insolvency manager
Veit Schwierholz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Veit Schwierholz
         Heuberg 1
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against ALL-REIN Gebaudemanagement GmbH on Aug. 3.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ALL-REIN Gebaudemanagement GmbH
         Deich 27
         20539 Hamburg
         Germany


AT-HOME-GMBH: Creditors Must File Claims by October 9
-----------------------------------------------------
Creditors of at-home-GmbH have until Oct. 9 to register their
claims with court-appointed insolvency manager Wolf-Dieter H.
Weber.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Wilhelmshaven
         Hall 109
         Old Building
         Marktstrasse 15
         26382 Wilhelmshaven
         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:

         Wolf-Dieter H. Weber
         Hauptstrasse 91
         D 26182 Edewecht
         Germany

The District Court of Wilhelmshaven opened bankruptcy
proceedings against at-home-GmbH on Aug. 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         at-home-GmbH
         Im Gewerbegebiet 3
         26419 Schortens
         Germany


BRUEDER SIEGEL: Claims Registration Ends Sept. 17
-------------------------------------------------
Creditors of Brueder Siegel GmbH have until Sept. 17 to register
their claims with court-appointed insolvency manager Arndt
Geiwitz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 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 Neu-Ulm
         Zi. 211/II
         Heiner-Metzger-Platz 1
         89231 Neu-Ulm
         Germany

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

The insolvency manager can be reached at:

         Arndt Geiwitz
         Bahnhofstrasse 39
         89231 Neu-Ulm
         Germany
         Tel: 0731/970180
         Fax: 0731/97018-65

The District Court of Neu-Ulm opened bankruptcy proceedings
against Brueder Siegel GmbH on Aug. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Brueder Siegel GmbH
         Hauptstr. 103
         89343 Jettingen-Scheppach
         Germany


C.T. CAKMAK: Claims Registration Period Ends Sept. 20
-----------------------------------------------------
Creditors of C.T. Cakmak GmbH have until Sept. 20 to register
their claims with court-appointed insolvency manager Christian
Hellmich.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aalen
         Hall 0.11
         Ground Floor
         Stuttgarter Strasse 7
         73430 Aalen
         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 Hellmich
         Koenigstr. 20
         70173 Stuttgart
         Germany
         Tel: 0711/2233-20
         Fax: 0711/22332-516

The District Court of Aalen opened bankruptcy proceedings
against C.T. Cakmak GmbH on Aug. 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         C.T. Cakmak GmbH
         Rinderbachergasse 20
         73525 Schwabisch Gmuend
         Germany

         Attn: Eyuep Cakmak, Manager
         Vordere Schmiedgasse 50
         73525 Schwabisch Gmuend
         Germany


GUESTROWER TUERENWERK: Claims Registration Period Ends Sept. 10
---------------------------------------------------------------
Creditors of Guestrower Tuerenwerk GmbH have until Sept. 10 to
register their claims with court-appointed insolvency manager
Berthold Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Oct. 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse
         18057 Rostock
         Germany

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

The insolvency manager can be reached at:

         Berthold Brinkmann
         Freiligrathstrasse 1
         18055 Rostock
         Germany

The District Court of Rostock opened bankruptcy proceedings
against Guestrower Tuerenwerk GmbH on July 31.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Guestrower Tuerenwerk GmbH
         Attn: Hans-Joachim Edelmann, Manager
         Heideweg 46
         18273 Guestrow
         Germany


HAHNENBERGER GMBH: Claims Registration Ends September 18
--------------------------------------------------------
Creditors of Hahnenberger GmbH & Co Versicherungsmakler KG have
until Sept. 18 to register their claims with court-appointed
insolvency manager Karl-Heinz Trebing.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Oct. 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Karl-Heinz Trebing
         Hanauer Landstrasse 287-289
         60314 Frankfurt am Main
         Germany
         Tel: 069/15051300
         Fax: 069/15051400

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against Hahnenberger GmbH & Co Versicherungsmakler
KG on Aug. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Hahnenberger GmbH & Co Versicherungsmakler KG
         Schwedlerstrasse 17
         60314 Frankfurt am Main
         Germany

         Attn: Herbert Hahnenberger, Manager
         Albert-Einstein-Strasse 8
         64546 Moerfelden-Walldorf
         Germany


HAUSER GMBH: Creditors Must File Claims by Sept. 11
---------------------------------------------------
Creditors of Hauser GmbH have until Sept. 11 to register their
claims with court-appointed insolvency manager Arndt Geiwitz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Augsburg
         Meeting Hall 162
         Alten Einlass 1
         86150 Augsburg
         Germany

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

The insolvency manager can be reached at:

         Arndt Geiwitz
         Eserwallstr. 1 - 3
         86150 Augsburg
         Germany

The District Court of Augsburg opened bankruptcy proceedings
against Hauser GmbH on July 31.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Hauser GmbH
         Finkenstr. 15
         86447 Aindling-Hausen
         Germany


HEINER WILCKEN: Claims Registration Ends Sept. 17
-------------------------------------------------
Creditors of Heiner Wilcken GmbH & Co. KG have until Sept. 17 to
register their claims with court-appointed insolvency manager
Reinhold Schmid-Sperber.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 5, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Eutin
         Hall B
         First Stick
         Jungfernstieg 3
         23701 Eutin
         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:

         Reinhold Schmid-Sperber
         Westring 455
         24118 Kiel
         Germany

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

The Debtor can be reached at:

         Heiner Wilcken GmbH & Co. KG
         Luetjenburger Weg 1
         23774 Heiligenhafen
         Germany


IM+P MANAGEMENT: Claims Registration Period Ends Sept. 10
---------------------------------------------------------
Creditors of iM+P Management + Project GmbH have until Sept. 10
to register their claims with court-appointed insolvency manager
Christian Willmer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on Oct. 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Verden (Aller)
         Hall 214
         Main Building
         Johanniswall 8
         27283 Verden (Aller)
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Verden (Aller) opened bankruptcy
proceedings against iM+P Management + Project GmbH on Aug. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         iM+P Management + Project GmbH
         Attn: Lueder Richter, Manager
         Brunnenweg 1
         27283 Verden (Aller)
         Germany


INCOME INDUSTRIAL: Claims Registration Period Ends Sept. 10
-----------------------------------------------------------
Creditors of INCOME Industrial & Commercial Enterprises GmbH
have until Sept. 10 to register their claims with court-
appointed insolvency manager Bruno Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 2, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Bruno Kuebler
         Konrad-Zuse-Platz 1
         81829 Munich
         Germany
         Tel: 99299-0
         Fax: 99299-299

The District Court of Munich opened bankruptcy proceedings
against INCOME Industrial & Commercial Enterprises GmbH on
Aug. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         INCOME Industrial & Commercial Enterprises GmbH
         C. Perello 5.1.1a
         E-07002 Palma de Mallorca
         Spain


INO WORLD: Claims Regisration Ends September 18
-----------------------------------------------
Creditors of INO-WORLD-SEAT GmbH & Co.KG have until Sept. 18 to
register their claims with court-appointed insolvency manager J.
Oehler.

Creditors and other interested parties are encouraged to attend
the meeting at 11:05 a.m. on Oct. 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         J. Oehler
         Barbarossahof 3
         99092 Erfurt
         Germany

The District Court of Gera opened bankruptcy proceedings against
INO-WORLD-SEAT GmbH & Co.KG on Aug. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         INO-WORLD-SEAT GmbH & Co.KG
         Attn: Paul Foehr, Manager
         Unterer Lindigsweg 35
         07333 Unterwellenborn
         Germany


KLS FINANZKONTOR: Claims Registration Ends September 18
-------------------------------------------------------
Creditors of KLS Finanzkontor GmbH have until Sept. 18 to
register their claims with court-appointed insolvency manager
Dr. Olaf Buechler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on Oct. 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Olaf Buechler
         Herrengraben 3
         20459 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against KLS Finanzkontor GmbH on Aug. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         KLS Finanzkontor GmbH
         Attn: Mustafa Karim, Manager
         Wandsbeker Chaussee 259
         22089 Hamburg
         Germany


LABTEL VERSORGUNGS: Claims Registration Period Ends Sept. 20
------------------------------------------------------------
Creditors of LABTEL Versorgungs-GmbH have until Sept. 20 to
register their claims with court-appointed insolvency manager
Thomas Krafft.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Cottbus
         Hall 210
         platz 2
         Cottbus
         Germany

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

The insolvency manager can be reached at:

         Thomas Krafft
         Jaegerallee 37 H
         14469 Potsdam
         Germany

The District Court of Cottbus opened bankruptcy proceedings
against LABTEL Versorgungs-GmbH on Aug. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         LABTEL Versorgungs-GmbH
         Herderstrasse 64
         03050 Cottbus
         Germany


LUX AUTOMOBILE: Creditors Must File Claims by Sept. 11
------------------------------------------------------
Creditors of LUX Automobile GmbH have until Sept. 11 to register
their claims with court-appointed insolvency manager Steffi
Radack-Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Oct. 11, 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 Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         Germany

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

The insolvency manager can be reached at:

         Steffi Radack-Mueller
         Franzoesische Strasse 9-12
         10117 Berlin
         Germany

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

The Debtor can be reached at:

         LUX Automobile GmbH
         Valentin-Rose-Str. 2
         16816 Neuruppin
         Germany


METALLBAU HOFMANN: Claims Registration Period Ends Sept. 11
-----------------------------------------------------------
Creditors of Metallbau Hofmann und Schubert GmbH have until
Sept. 11 to register their claims with court-appointed
insolvency manager Frank Ruediger Scheffler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Chemnitz
         Hall 27
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Frank Ruediger Scheffler
         Ulmenstrasse 14
         09112 Chemnitz
         Germany
         Tel: (0371) 382260
         Fax: (0371) 3822623
         Website: http://www.tiefenbacher.de/

The District Court of Chemnitz opened bankruptcy proceedings
against Metallbau Hofmann und Schubert GmbH on Aug. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Metallbau Hofmann und Schubert GmbH
         August-Bebel-Strasse 22B
         09435 Scharfenstein
         Germany


MOEBELWERK STEINHEIM: Claims Registration Period Ends Sept. 21
--------------------------------------------------------------
Creditors of PM Moebelwerk Steinheim Verwaltungs-GmbH have until
Sept. 21 to register their claims with court-appointed
insolvency manager Dr. Biner Baehr.

Creditors and other interested parties are encouraged to attend
the meeting at 12:00 p.m. on Oct. 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 Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         Germany

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

The insolvency manager can be reached at:

         Dr. Biner Baehr
         Graf-Adolf-Platz 15
         40213 Duesseldorf
         Germany

The District Court of Detmold opened bankruptcy proceedings
against PM Moebelwerk Steinheim Verwaltungs-GmbH on Aug. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         PM Moebelwerk Steinheim Verwaltungs-GmbH
         Industriestr. 19
         32839 Steinheim
         Germany

         Attn: Ralf Oehmke, Manager
         Domaene Breda 3
         32657 Lemgo
         Germany


PEROTA GMBH: Claims Registration Period Ends Sept. 20
-----------------------------------------------------
Creditors of Perota GmbH have until Sept. 20 to register their
claims with court-appointed insolvency manager Dr. Michael Bien.

Creditors and other interested parties are encouraged to attend
the meeting at 08:30 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 Muenster
         Meeting Hall 13 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Dr. Michael Bien
         Goethestr. 2
         59065 Hamm
         Germany
         Tel: 02381/924200
         Fax: +4923819242020

The District Court of Muenster opened bankruptcy proceedings
against Perota GmbH on Aug. 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Perota GmbH
         Strontianitstrasse 12
         48317 Drensteinfurt
         Germany

         Attn: Frank Herbert Syring, Manager
         Herderweg 4
         48317 Drensteinfurt
         Germany


REIFEN-EXKLUSIV: Creditors Must File Claims by Sept. 12
-------------------------------------------------------
Creditors of Reifen-Exklusiv F + D GmbH have until Sept. 12 to
register their claims with court-appointed insolvency manager
Andreas Mittendorff.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Braunschweig
         Hall E 01
         Martinikirche 8
         38100 Braunschweig
         Germany

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

The insolvency manager can be reached at:

         Andreas Mittendorff
         Kupfertwete 7
         38100 Braunschweig
         Germany

The District Court of Braunschweig opened bankruptcy proceedings
against Reifen-Exklusiv F + D GmbH on Aug. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Reifen-Exklusiv F + D GmbH
         Saarbrueckener Strasse 251
         38116 Braunschweig
         Germany


SIEGEL GMBH: Claims Registration Ends Sept. 17
----------------------------------------------
Creditors of Siegel GmbH + Co. KG have until Sept. 17 to
register their claims with court-appointed insolvency manager
Arndt Geiwitz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 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 Neu-Ulm
         Zi. 211/II
         Heiner-Metzger-Platz 1
         89231 Neu-Ulm
         Germany

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

The insolvency manager can be reached at:

         Arndt Geiwitz
         Bahnhofstrasse 39
         89231 Neu-Ulm
         Germany
         Tel: 0731/970180
         Fax: 0731/97018-65

The District Court of Neu-Ulm opened bankruptcy proceedings
against Siegel GmbH + Co. KG on Aug. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Siegel GmbH + Co. KG
         Hauptstr. 103
         89343 Jettingen
         Germany


SIEGEL MANAGEMENT: Claims Registration Ends Sept. 17
----------------------------------------------------
Creditors of Siegel Management GmbH have until Sept. 17 to
register their claims with court-appointed insolvency manager
Arndt Geiwitz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 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 Neu-Ulm
         Zi. 211/II
         Heiner-Metzger-Platz 1
         89231 Neu-Ulm
         Germany

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

The insolvency manager can be reached at:

         Arndt Geiwitz
         Bahnhofstrasse 39
         89231 Neu-Ulm
         Germany
         Tel: 0731/970180
         Fax: 0731/97018-65

The District Court of Neu-Ulm opened bankruptcy proceedings
against Siegel Management GmbH on Aug. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Siegel Management GmbH
         Hauptstr. 103
         89343 Jettingen
         Germany


STADTRANDBACKEREI GSK: Claims Registration Ends September 17
------------------------------------------------------------
Creditors of Stadtrandbackerei GSK GmbH have until Sept. 17 to
register their claims with court-appointed insolvency manager
Wilhelm Klaas.

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 Kleve
         Meeting Hall C 58
         Ground Floor
         Schlossberg 1
         47533 Kleve
         Germany

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

The insolvency manager can be reached at:

         Wilhelm Klaas
         Eichendorffstrasse 25
         47800 Krefeld
         Germany
         Tel: 02151/80580
         Fax: 02151/805858

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

The Debtor can be reached at:

         Stadtrandbackerei GSK GmbH
         Attn: Annegret Geske, Manager
         Otto-Ottsen-Str. 57
         47441 Moers
         Germany


SYSTEMPARTNER RS: Claims Registration Ends September 17
-------------------------------------------------------
Creditors of Systempartner RS Computervertriebs GmbH have until
Sept. 17 to register their claims with court-appointed
insolvency manager Dr. Frank M. Welsch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 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:

         Dr. Frank M. Welsch
         Barkeystr. 30
         33330 Guetersloh
         Germany
         Tel: 05241/99409-20
         Fax: 05241/99409-48

The District Court of Osnabrueck opened bankruptcy proceedings
against Systempartner RS Computervertriebs GmbH on Aug. 3.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Systempartner RS Computervertriebs GmbH
         Plettenberger Str. 36
         49324 Melle
         Germany

         Attn: Ralf Spilker, Manager
         Kollbach 11
         49328 Melle
         Germany


TISCHLEREI STURZENBECHER: Claims Period Ends Sept. 21
-----------------------------------------------------
Creditors of Tischlerei Sturzenbecher GmbH have until Sept. 21
to register their claims with court-appointed insolvency manager
Dr. Sven-Holger Undritz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Sven-Holger Undritz
         Jungfernstieg 51
         20354 Hamburg
         Germany

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

The Debtor can be reached at:

         Tischlerei Sturzenbecher GmbH
         Attn: Heinz Wegener, Manager
         Schanzenstrasse 12 - 14
         20357 Hamburg
         Germany


VIDEO HOLIDAY: Claims Registration Period Ends Sept. 11
-------------------------------------------------------
Creditors of Video Holiday Freizeitbetriebe GmbH have until
Sept. 10 to register their claims with court-appointed
insolvency manager Martin Schoebe.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Rosenheim
         Hall 108
         Rosenheim
         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 Schoebe
         Ainmillerstr. 11
         80801 Munich
         Germany
         Tel: 089/189377-0
         Fax: 089/189377-50

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

The Debtor can be reached at:

         Video Holiday Freizeitbetriebe GmbH
         Ellmaierstr. 4-6
         83022 Rosenheim
         Germany


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


AES CORP: Rockash Clean-Up to End in Two Weeks
----------------------------------------------
The clean-up operation for the rockash that The AES Corp. dumped
in a Dominican Republic shore will be concluded by the end of
August 2007, Dominican Today reports, citing the country's
Environment Minister Max Puig.

As reported in the Troubled Company Reporter-Latin America on
July 9, 2007, the Dominican Republic started taking out the
rockash dumped on the port town Arroyo Barril, Samana, using the
money paid by AES for damages.  AES had dumped over 50,000 tons
of ash in Samana in 2003.

Minister Puig told Dominican Today that the rockash will have
been removed by Aug. 28, 2007.

An estimated 3,500 tons of rockash remain mixed with calcareous
rock that can be taken to a furnace in San Pedro in 10 days,
Dominican Today says, citing Sotramotier president Carlos Perez.

The firm Sotramotier will be constructing a planned ecological
park once Arroyo Barril has been cleared of rockash, according
to Dominican Today.

Dominican Today notes that taking the rockash to San Pedro and
works cost US$3 million.

DR1 Newsletter relates that using the US$6-million fine AES paid
as part of the settlement the US court issued, the Dominican
government was able to construct different public works
projects.

Minister Puig told DR1 Newsletter that DOP90 million public
works has been completed.

DR1 Newsletter notes that the public works projects include:

         -- a rebuilt wharf,
         -- three kilometers of rural roads,
         -- a primary school,
         -- a primary health care center, and
         -- two churches.

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

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

                       *     *     *

On 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
=============


AVOCA CLO VIII: Fitch Rates EUR21.5 Million Class E Notes at BB
---------------------------------------------------------------
Fitch has assigned Avoca CLO VIII Limited issue of EUR508
million floating-rate notes due 2023 final ratings.  The
transaction, a European arbitrage collateralized loan obligation
is a securitization of primarily senior secured loans.

   -- EUR298.4 million Class A1 Senior Secured Floating Rate
      Notes due 2023: 'AAA'

   -- EUR52.6 million Class A2 Senior Secured Floating Rate
      Notes due 2023: 'AAA'

   -- EUR34 million Class B Senior Secured Deferrable Floating
      Rate Notes due 2023: 'AA'

   -- EUR30 million Class C Senior Secured Deferrable Floating
      Rate Notes due 2023: 'A'

   -- EUR21.5 million Class D Senior Secured Deferrable Floating
      million Rate Notes due 2023: 'BBB'

   -- EUR21.5 million Class E Senior Secured Deferrable Floating
      Rate Notes due 2023: 'BB'

   -- EUR50 million Class M Subordinated Notes due 2023: Not
      rated

   -- EUR8 million Class U Combination Notes due 2023: 'A-'

The ratings of the Classes A1 and A2 notes address the ultimate
repayment of principal at maturity and timely payment of
interest according to the terms of the notes.  The ratings of
the Classes B, C, D and E notes address the ultimate payment of
principal and interest, including any deferred interest, at
maturity according to the terms of the notes.  The rating
assigned to the Class U combination notes addresses the ultimate
payment of an amount resulting in an internal rate of return of
zero per cent by the legal final maturity date.

The final ratings are based on the quality and diversity of the
portfolio of assets, which are selected by the collateral
manager, Avoca Capital Holdings.  Fitch affirmed on 21 February
2007 Avoca's CDO Asset Manager Rating at 'CAM2' for leveraged
loans, based on the manager's disciplined investment process,
robust credit research and good access to collateral.

The ratings are also based on the credit enhancement provided to
the various classes of notes in the form of subordination,
structural protection covenants and excess spread.  Credit
enhancement, in the form of subordination, for the Class A1 will
total 40.32%, of which 10.52% will be provided by the A2 notes,
6.8% by the B notes, 6.0% by the C notes, 4.3% by the D notes,
4.3% by the E notes and 8.4% by the unrated subordinated notes.
Some of the EUR50 million proceeds from the subordinated class
of notes will be used to pay certain initial expenses of the
issuer rather than to purchase collateral and therefore will not
be available for subordination.

The portfolio comprises primarily senior secured loans
(including delayed drawdown loans) and up to 15% of mezzanine
and second-lien loans.  In addition, up to 5% of the portfolio
can contain high-yield bonds.  The portfolio guidelines outlined
in the investment management agreement limit the collateral
manager's portfolio allocations with respect to obligor,
industry and asset type.  ACH will actively manage the
collateral over a seven-year reinvestment period.  After the end
of the reinvestment period the manager can still reinvest
unscheduled principal proceeds and proceeds from the sale of
credit-improved and credit-impaired obligations subject to
certain criteria.

Avoca CLO VIII Limited is a private limited liability company
incorporated in Ireland, under the Irish Companies Acts, 1963-
2005.  On the closing date, the issuer has purchased
approximately 85% of the target portfolio; the remainder will be
purchased during the following 365 days.


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


ANDREW CORPORATION: Bags US$9 Million Geolocation Contract
----------------------------------------------------------
Andrew Corporation has been awarded the third phase of a
strategic multiyear contract from a Tier 1 operator in the
Middle East for a major geolocation system deployment.

The phase three contract awards are valued at approximately US$9
million, bringing the total contract value to date to more than
US$30 million.  It represents continued expansion of the project
in which Andrew is installing its Geometrix(R) uplink time
difference of arrival (U-TDOA) system that, when completed, will
cover a network of thousands of cell sites.  Work on phase three
will begin as the second phase nears completion.

"We are pleased to continue our work on this important project,
and appreciate the confidence placed in the performance and
dependability of our geolocation offerings," said Terry Garner,
group president, Andrew Network Solutions.  "Geometrix continues
to deliver unrivaled capabilities in supporting the global
mobile location requirements of operators anywhere in the
world."

U-TDOA is a network-based means of determining a mobile device's
position by comparing and calculating the difference in time
required for its signal to reach different base station
transceiver sites.  Andrew Geometrix also supports the other
handset-based and network-based wireless location methods-
assisted global positioning system in both mobile-based and
mobile-assisted versions, multiple versions of enhanced cell
identity (E-CID), and cell identity (CID)-and includes secure
user plane location and control plane location capabilities.  In
addition to solutions for traditional wireless networks, Andrew
also addresses caller location for new technologies such as
WiMAX and voice over IP.

Geometrix, the world's most complete and versatile high-
performance wireless location system, provides unprecedented
cost-effectiveness and ease of operation as operators address
the evolution to next generation applications for future
location-based services with minimum risk or changes to existing
network infrastructure.  Andrew's solution consolidates location
system elements onto a single platform that lowers cost and
eases operator introduction of new revenue-generating services,
while simplifying operations.

Deployed worldwide by operators of all sizes, Andrew's Geometrix
location systems offer the world's most advanced array of
standards-compliant, fully-interoperable locating options in a
single carrier-grade system, including Serving Mobile Location
Centers, Gateway Mobile Location Centers, Stand-Alone SMLC, and
SUPL Location Platform.

                     About Andrew Corp.

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,
manufactures and delivers and essential equipment and solutions
for the global communications infrastructure market.  The
company serves operators and original equipment manufacturers
from facilities in 35 countries including China, India, Italy,
Czech Republic, Argentina, Bahamas, Belize, Barbados, Bermuda
and Brazil.

                       *     *     *

As reported on June 29, 2007, Standard & Poor's Ratings Services
revised its CreditWatch implications on Andrew Corp. to positive
from negative.  The 'BB' corporate credit and 'B+' subordinated
debt ratings were placed on CreditWatch with negative
implications on Aug. 10, 2006.


THERMADYNE HOLDINGS: Strong Performance Cues S&P to Lift Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on
Thermadyne Holdings Corp., including its corporate credit rating
to 'CCC+' from 'CCC'.  In addition, Standard & Poor's removed
the ratings from CreditWatch with positive implications, where
they were placed on April 5, 2007.  The outlook is positive.  As
of June 30, 2007, the St. Louis, Missouri-based welding-
equipment manufacturer had total outstanding debt of
approximately US$280 million.

"The upgrade reflects Thermadyne's strengthening operating
performance, recent bank refinancing, and successful filing of
its second-quarter Form 10Q," said Standard & Poor's credit
analyst Anita Ogbara.  The company has recently made progress in
addressing some of its accounting issues.  However, the company
concluded that it had a material weakness in internal controls
over financial reporting as of Dec. 31, 2006, and amended the
2006 Form 10K and first-quarter 2007 Form 10Q.  The amendments
did not change the consolidated financial statements.

During the past two quarters, operations have stabilized
somewhat.  For the 12 months ended June 30, 2007, Thermadyne
generated approximately US$40 million of operating EBITDA, and
operating margins (before depreciation and amortization) rose to
about 10%.  Still, performance is down substantially from 2001-
2002 levels when operating margins were in the mid-teens.  The
company has also completed a series of small divestitures of
poorly-performing operations.  Currently, Thermadyne is
implementing a number of steps to regain lost market share and
to improve operating efficiencies and performance, including
revamping its sales organization, expanding the product offering
globally, moving some manufacturing to lower-cost countries, and
standardizing information systems.

Headquartered in St. Louis Missouri, Thermadyne Holdings
Corporation -- http://www.thermadyne.com/-- is a multi-national
manufacturer of welding and cutting products.  The company has
operations in Malaysia, Indonesia, Singapore, Philippines,
Italy, Mexico, Chile and Brazil.


TISCALI SPA: U.K. Unit Inks Premier League Deal with Setanta
------------------------------------------------------------
Tiscali U.K. has entered into a deal with Irish broadcaster
Setanta Sports to add live Premier League football coverage TV
to its television service, Elizabeth Judge writes for The Times.

According to the report, the deal will help Tiscali to attract
and retain broadband customers.

The Times says the deal will also enable Setanta to recover the
GBP392 million it paid for the live Premier League rights it won
over British Sky Broadcasting plc in an auction.  The Irish
broadcaster has secured rights to two sets of matches.

Tiscali S.p.A. earlier revealed plans for a potential flotation
of its U.K. unit, which had long been considered a potential
takeover target, The Times relates.

As previously reported in the TCR-Europe on Aug. 16, 2007,
Management & Capitali S.p.A. has approved an investment project
aimed at supporting the development plans and the opportunities
of growth of Tiscali S.p.A. in the markets where it operates.

M&C has in fact agreed with Tiscali to invest from EUR50 million
to EUR165 Million in Tiscali U.K. by way of a convertible debt
financing or a capital increase, to reflect the financing
requirements to support in particular the integration and the
development plan following the recent acquisition of the
broadband and voice division of Pipex Plc.

The closing of the investment is expected by the end of 2007.

In July 2007, Tiscali and Pipex entered into an agreement for
the acquisition of the broadband and voice division of Pipex by
Tiscali U.K. Holdings Ltd.  The enterprise value agreed for the
acquisition is GBP210 million.

Tiscali is currently expanding its operations in Italy and the
U.K., where it has a large customer base.

                         About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.

As reported in the TCR-Europe on March 22, 2007, the company
registered EUR136.16 million in net losses on EUR678.48 million
in net revenues for the full year ended Dec. 31, 2006, compared
with EUR12.81 million net losses on EUR530.85 billion in
revenues for full year 2005.

As reported in the TCR-Europe on Oct. 13, 2006, Tiscali's Board
of Directors approved a three-year plan for 2007-2010, which
calls for the concentration of its core business in Italy and in
the United Kingdom.

                            *   *   *

As reported in the TCR-Europe on June 27, 2007, Fitch Ratings
has upgraded Italy-based Tiscali S.p.A.'s Long-term Issuer
Default rating to 'B-' from 'CCC' and removed it from Rating
Watch Positive.  Fitch said a stable outlook is assigned.


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


AIKO-AR LLP: Proof of Claim Deadline Slated for Sept. 21
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Aiko-Ar insolvent.

Creditors have until Sept. 21 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan
         Tel: 8 (3252) 21-06-99


AYAKS CENTRE: Creditors Must File Claims Sept. 21
-------------------------------------------------
TSpecialized Inter-Regional Economic Court of Akmola has
declared LLP Ayaks Centre insolvent.

Creditors have until Sept. 21 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


EKIBASTUZ-TM-SERVICE LLP: Claims Filing Period Ends Sept. 21
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Ekibastuz-Tm-Service insolvent.

Creditors have until Sept. 21 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Pobeda ave. 5
         Pavlodar
         Kazakhstan
         Tel: 8 (3182) 32-38-46


ISKRA-I LLP: Creditors' Claims Due on Sept. 18
----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Iskra-I insolvent on June 25.

Creditors have until Sept. 18 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Utepov Str. 31/4-54
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 24-29-03


M ALTYNAI: Claims Registration Ends Sept. 20
--------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP M Altynai & K insolvent.

Creditors have until Sept. 20 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Shelehov Str. 187a-32
         Almaty
         Kazakhstan
         Tel: 8 (3272) 32-83-39
              8 701 460 17-71


METALLURG-M LLP: Proof of Claim Deadline Slated for Sept. 18
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Metallurg-M insolvent on June 25.

Creditors have until Sept. 18 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Utepov Str. 31/4-54
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 24-29-03


SANATORIUM NAURYZ: Creditors Must File Claims Sept. 20
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Sanatorium Nauryz insolvent.

Creditors have until Sept. 20 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Shelehov Str. 187a-32
         Almaty
         Kazakhstan
         Tel: 8 (3272) 32-83-39
              8 701 460 17-71


SARATOGA LLP: Claims Filing Period Ends Sept. 21
------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Saratoga insolvent on June 20.

Creditors have until Sept. 21 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Office 13
         Sholohov Str. 2/4
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (3112) 53-84-66


SHAPAGAT LLP: Creditors' Claims Due on Sept. 21
-----------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Shapagat insolvent.

Creditors have until Sept. 21 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan
         Tel: 8 (3252) 21-06-99


TSELINA LLP: Claims Registration Ends Sept. 21
----------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Newspaper Editorial Office - Tselina insolvent.

Creditors have until Sept. 21 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


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


ZM-TORG LLC: Creditors Must File Claims by September 21
-------------------------------------------------------
LLC ZM Torg has declared insolvency.  Creditors have until
Sept. 21 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 44-33-25.


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


CAIRN CLO: Moody's Rates EUR19.2 Mln Class E Notes at Ba3
---------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
the Notes to be issued by Cairn CLO II B.V., a special purpose
company established under the laws of the Netherlands.  The
ratings are:

   -- Aaa to the EUR102,000,000 Class A-1E Senior Secured
      Floating Rate Notes due 2022;

   -- Aaa to the GBP13,473,000 Class A-1S Senior Secured
      Floating Rate Notes due 2022;

   -- Aaa to the EUR80,000,000 Class A-1R Senior Secured
      Revolving Floating Rate Notes due 2022;

   -- Aaa to the EUR60,000,000 Class A-2 Senior Secured Floating
      Rate Notes due 2022;

   -- Aa2 to the EUR33,200,000 Class B Senior Secured Floating
      Rate Notes due 2022;

   -- A2 to the EUR25,600,000 Class C Senior Secured Deferrable
      Floating Rate Notes due 2022;

   -- Baa3 to the EUR24,000,000 Class D Senior Secured
      Deferrable Floating Rate Notes due 2022;

   -- Ba3 to the EUR19,200,000 Class E Senior Secured Deferrable
      Floating Rate Notes due 2022; and

   -- Baa2 to the EUR20,000,000 Combination Notes due 2022.

The ratings on the Notes address the expected loss posed to
investors by the legal final maturity. The rating assigned to
the Combination Notes addresses the expected loss posed to
investors by the legal final maturity in 2022 as a proportion of
the Rated Balance, where Rated Balance is equal, at any time, to
the principal amount of the Combination Notes on the closing
date minus the aggregate of all payments made to such
Combination Notes from the closing date to such date, either
through interest or principal payments.

Provisional ratings were assigned on July 20, 2007.

This transaction is a high yield collateralized loan obligation
related to portfolio comprised of Senior Secured Loans, Second
Lien Loans, Mezzanine Obligations, High Yield Bonds and
Structured Finance Securities.  The Class A-1R Notes are
revolving and multi-currency.  This portfolio was partially
acquired at closing and will be further ramped-up during a
period of 244 days maximum.

Thereafter, the portfolio of debt obligations will be actively
managed and the investment manager will be able to buy or sell
debt obligations on behalf of the Issuer.  Any addition or
removal of debt obligations will be subject to a number of
portfolio criteria.  Cairn Financial Products Limited will act
as investment manager for the transaction.  Cairn manages over
US$9.3 billion of investors capital, including two High Grade
ABS CDOs, four Mezzanine ABS CDOs, Corporate CDOs, Long/Short
Credit CPPIs, as well as a credit hedge fund, one ABS investment
company and a CLO.


YUKOS FINANCE: Promneftstroy Buys Assets for RUR7.8 Billion
-----------------------------------------------------------
OOO Promneftstroy won the auction to acquire 242,399 shares of
Yukos Finance B.V., the Dutch subsidiary of bankrupt OAO Yukos
Oil Co., for RUR7.838 billion, various reports say.

As reported in the TCR-Europe on Aug. 15, 2007, Yukos Finance
carried a RUR7,598,361,000 starting price and a RUR40 million
bid increment.  The winning bidder must deposit RUR1,519,672,200
as initial payment.

Yukos Finance's main assets include:

  -- a 49% stake in Transpetrol, worth between US$100 million
     and US$200 million; and

  -- proceeds from a 54% stake in Lithuanian refinery Mazeikiu
     Nafta AB, worth almost US$1.5 billion.

                          Not Rosneft's

Rosneft, which had said it would bid for Yukos Finance through
Promneftestroy, has denied participating in the auction for the
Yukos' unit, Bloomberg News relates.

"We did not take part in [the] auction," Nikolai Manvelov,
Rosneft spokesman told the Moscow Times.  "We no longer have any
relationship with [Promneftstroy].

According to Interfax News, Rosneft sold Promneftestroy shortly
before the auction to OOO Monte-Valle, a Moscow-based group
owned by Steven Lynch.  Monte-Valle had acquired Yukos assets
from the previous auctions and resold them at a profit.

"I saw an opportunity here," Mr. Lynch told the Moscow Times.
"We told the owners 'you don't want to be in this' ... and said
we'd happily take it."

Mr. Lynch added he might sell Yukos Finance to Rosneft later.

Legal Risks

Meanwhile, Claire Davidson, a Yukos Finance spokesperson, told
Interfax News that the Dutch unit would not personally pursue
the case as it had earlier threatened.

Instead, Ms. Davidson said, Yukos Finance's buyer would have to
persuade Dutch courts and the European Court of Human Rights on
the legality of the acquisition.

Former Yukos shareholders have filed a number of suits with
Dutch courts and the European Court of Human Rights claiming
that the Yukos' bankruptcy was illegal.  The District Court of
Amsterdam will hear one of the cases on Oct. 31, 2007.

As reported in the TCR-Europe on June 1, 2007, an Amsterdam
court granted Eduard Rebgun, Yukos Oil's bankruptcy receiver,
the rights to sell the bankrupt company's foreign assets.

Yukos Finance's management challenged the decision, but The
Courts of Appeal in Amsterdam, Netherlands, confirmed the
ruling, affirming "the legality of the receivership procedures,
the legitimacy of the actions of Rebgun as receiver."

The court, however, refused Mr. Rebgun access to the
certificate, saying the liquidator failed to prove that the
absence of the certificate was a hold-up to participating in the
Transpetrol shareholders' meeting in November 2006, Interfax
says.

Ms. Davidson added to Interfax News that Mr. Rebgun cannot
guarantee the sale's legality, making it impossible to sign a
document on transferring property rights.

"The 'winner' has won absolutely nothing," Ms. Davidson told the
Moscow Times.  "An illegal sale as a part of a sham bankruptcy
is not a valid transaction."

                          About Rosneft

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

                         About Yukos Oil

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

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

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

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

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

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


===========
N O R W A Y
===========


GEOKINETICS INC: Incurs US$14.2 Million Net Loss in Second Qtr.
---------------------------------------------------------------
Geokinetics Inc. posted a net loss of US$14.2 million for second
quarter of 2007, compared to US$1.6 million of net income in
2006.

Highlights include:

  -- Generated revenue increases of 108% and 121% for the three
     and six months ending June 30, 2007, respectively.

  -- Reported EBITDA decrease of US$3.8 million for the quarter
     ended June 30, 2007, compared to the quarter ended
     June 30, 2006, but an increase of US$9.0 million for the
     six months ended June 30, 2007, compared to the six months
     ended June 30, 2006.

  -- Raised approximately US$118 million net proceeds from a
     successful equity offering and American Stock Exchange
     listing, proceeds used to reduce debt by redeeming
     US$110.0 million Floating Rate Notes.

  -- Reported losses to common stockholders of US$15.5 million
     or US$(1.95) per fully diluted share and US$10.3 million
     or US$(1.53) per fully diluted share for the three and six
     months ended June 30, 2007, respectively.  Losses include
     US$6.9 million of non-recurring charges related to Notes
     redemption.

  -- Achieved record backlog in excess of US$375 million as of
     July 31, 2007, up from US$176 million (pro-forma) at
     June 30, 2006, fueled by 376% growth in international
     backlog.

  -- Increased capital budget for 2007 from US$82 million to
     US$101 million to accommodate new crew deployment in
     Argentina for recently awarded US$58 million project.
     Crew count expected to increase from 22 to 24 crews by
     year-end.

Revenue for the six months ended June 30, 2007, increased 121%
to US$182.6 million compared to US$82.8 million for the six
months ended June 30, 2006.  Revenue for the second quarter of
2007 increased 108% to US$71.6 million compared to US$34.4
million for the second quarter of 2006.  The increase in revenue
was primarily due to the acquisition of Grant Geophysical, Inc.
in September 2006 and investments to increase equipment
capacity.

The company is providing EBITDA to facilitate comparisons with
prior performance and peers.  EBITDA decreased to US$1.0 million
for the second quarter of 2007, compared to US$4.8 million in
the second quarter of 2006.  The decline in EBITDA was primarily
due to the issues mentioned, the acceleration of a large job
that pulled a significant amount of work into the first quarter
and equipment problems that deferred some work from the second
quarter into the third.  EBITDA increased to US$19.6 million for
the first half of 2007, compared to US$10.6 million for the
first half of 2006 consistent with the revenue increases
previously mentioned above, in spite of the problems in the
second quarter.

Commenting on the second quarter's results, David A. Johnson,
Geokinetics' President and Chief Executive Officer, said "Our
results for the second quarter did not meet our expectations.
Due primarily to adverse weather conditions and the loss of an
international contract, EBITDA was approximately US$4.0 million
lower than we expected.  While this shortfall is a
disappointment and significant to the second quarter given its
seasonal weakness, it represents only a small portion of the
company's annual plan.  Historically, on a pro-forma basis, the
second quarter has been our weakest because of the Canadian
spring break-up and the budgeting cycles of our international
customers.  The company typically see activity ramping-up
through the third and fourth quarters."

"We are very optimistic about our Company's growth prospects for
the remainder of 2007 and in 2008.  As of July 31, 2007, we
achieved a record backlog in excess of US$375 million, more than
double the US$176 million on a pro forma basis at the end of the
second quarter in 2006.  In July, we captured a large US$58
million international contract for seismic data acquisition in
Argentina where we will be deploying a new crew.  In addition,
we are seeing continued high levels of bid activity."

Mr. Johnson continued, "We are well along in the organic growth
program begun in July 2006.  In the twelve-month period ending
June 30, 2007, on a pro-forma basis, we invested US$72.8
million, including US$32.6 million in the first half of 2007, to
increase equipment capacity and recording channel count.  Our
current plans are to invest an additional US$68.1 million in the
second half of 2007.  Our record backlog is the basis for
increasing our total 2007 capital expenditure budget from
US$81.7 to US$100.7 million.  We expect this investment will
bring our nameplate crew capacity to 24 crews, upgrade three of
our existing U.S. crews and increase our channel count to
approximately 97,000 by year end.  The two new crews will be a
large land crew for Argentina and an ocean bottom cable crew in
Australia.  This new profit-generating capacity will help drive
our organic growth in the quarters ahead."

"During the quarter, we listed our common stock on the American
Stock Exchange with an equity offering of 4.5 million common
shares.  The proceeds from the equity offering were used to
redeem our Notes at an aggregate redemption price of US$113.3
million, resulting in a much stronger balance sheet.  By paying
off this debt, we lowered our current effective interest rate,
significantly reduced future interest expense and created a
strong balance sheet for supporting continued growth."

Mr. Johnson concluded, "We remain very positive about the
outlook for our industry, the returns on our investment in new
equipment and the continuing strength and quality of our
backlog."

                    About Geokinetics Inc.

Headquartered in Houston, Texas, Geokinetics Inc. --
http://www.geokineticsinc.com/-- is a global leader of seismic
acquisition and high-end seismic data processing and
interpretation services to the oil and gas industry.
Geokinetics provides seismic data acquisition services in North
America, Indonesia, Norway and Brazil.  Geokinetics operates in
some of the most challenging locations in the world from the
Arctic to mountainous jungles to the transition zone
environments.

                        *     *     *

The Troubled Company Reporter reported on Dec. 22, 2006, that
Standard & Poor's Ratings Services affirmed its 'CCC+' issue
rating and '3' recovery rating on Geokinetics' second priority
floating rate notes due in 2012, after the disclosure that the
offering will be increased to US$110 million from US$100
million.

Moody's Investors Service in December 2006 assigned a B3
corporate family rating and probability of default rating to
Geokinetics and a SGL-3 speculative liquidity rating.  Moody's
also assigned a B3, LGD 4 (53%) rating to Geokinetics' proposed
offering of US$100 million second priority senior secured
floating rate notes due 2012.  The outlook is stable.


GEOKINETICS: Repurchase Cues Moody's to Withdraw All Ratings
------------------------------------------------------------
Moody's Investors Service has withdrawn all the ratings for
Geokinetics Inc. following the company's redemption of all of
its rated bonds with the proceeds of an equity offering.
Moody's does not rate any other debt for Geokinetics.

The ratings withdrawn are the B3 corporate family rating and
probability of default rating, the SGL-3 speculative liquidity
rating and the B3, LGD4 (53%) rating on the US$110 million
second priority senior secured floating rate notes due 2012.

Headquartered in Houston, Texas, Geokinetics Inc. --
http://www.geokineticsinc.com/-- is a global leader of seismic
acquisition and high-end seismic data processing and
interpretation services to the oil and gas industry.
Geokinetics provides seismic data acquisition services in North
America, Indonesia, Norway and Brazil.  Geokinetics operates in
some of the most challenging locations in the world from the
Arctic to mountainous jungles to the transition zone
environments.


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


AGRO-SVETLYJ PUT': Creditors Must File Claims by Sept. 28
---------------------------------------------------------
Creditors of OJSC Agro-Svetlyj Put' have until Sept. 28 to
submit proofs of claim to:

         V. Krotov
         Insolvency Manager
         Room 23
         Promyshlennyj Proezd 3
         308023 Belgorod
         Russia

The Arbitration Court of Belgorod commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A08-683/07-11.

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         OJSC Agro-Svetlyj Put'
         Solontsy
         Veydelevskiy
         Belgorod
         Russia


B.I.N. BANK: Fitch Affirms IDR at B- with Stable Outlook
--------------------------------------------------------
Fitch Ratings has affirmed Russia-based B.I.N. BANK's ratings at
Long-term Issuer Default 'B-', Short-term IDR 'B', Support '5',
Individual 'D' and National Long-term 'BB(rus)'; the Support
Floor is also affirmed at 'No Floor'.  The Outlooks on the Long-
term IDR and National Long-term rating remain Stable.

The ratings reflect BIN's significant business concentrations,
in particular to the construction/real estate sector, modest
profitability and potentially vulnerable liquidity, the latter
as a result of high reliance on short-term retail deposits as a
funding source.  However, the ratings also consider the bank's
efforts to diversify operations both by business segment and
geographically, its relatively low level of market risk and loan
impairment, and adequate capitalization levels.

Asset concentrations are high both by sector and by individual
borrower.  The top 20 borrowers accounted for 46% of loans,
equal to 258% of equity, at end-2006, with exposures to one
group of borrowers, to finance the acquisition of a
construction/real estate company, equal to 18% of loans or
approximately the whole of the bank's equity.  These loans were
secured by the shares of the acquirer and guarantees from oil
company Russneft, the latter received to reduce regulatory
reserves on the exposures, Fitch is informed, rather than
because additional credit enhancement was required.  The bank
will seek to sell this exposure to a syndicate of European banks
during third quarter of 2007.  Total exposure to the real estate
and construction sector was very large at over 40% of loans at
end-2006.

At the same time, BIN has indicated its intention to achieve
growth through increased diversification into retail and small
to medium-sized enterprise lending, although these still
represent a relatively small proportion of loans and revenues at
present.  The move to these higher-yielding but high-risk
segments could help support margins and profitability, which is
currently constrained by relatively high funding and operating
costs, but will require tight cost and credit quality controls.
Loan impairment levels are currently low, but with an upward
trend in the seasoning retail loan book.

BIN has not been significantly affected to date by the fraud and
tax evasion charges brought against Russneft, owned by Mikhail
Gutseriev, the uncle of BIN's current owner and one of the
founders of the bank.  Approximately US$100 million of BIN's
outstanding US$200 million Eurobond was put back to the bank by
investors in May'06, but BIN's deposit base has not suffered any
significantly outflows to date. Furthermore, liquidity is being
carefully managed with 14% of 2007 first half assets held in
cash or equivalents and U.S. Treasuries.  Direct credit exposure
to Russneft and other assets of Mr. Gutseriev, as reported to
Fitch, is also currently moderate, equal to 8% of the end of
2007 first half equity.  Furthermore, Mr. Gutseriev's recent
announcement that he will sell Russneft and other businesses
would appear to increase the likelihood that the attacks on him
and his assets will now abate.  At the same time, should there
be any further escalation of the situation around Mr. Gutseriev,
this could yet affect BIN's liquidity position.

Rating upside could come from a notable reduction in asset
concentration and an improvement in profitability on the back of
an expanded franchise, while maintaining asset quality and
capitalisation levels.  A significant tightening of liquidity,
growth in related-party business or deterioration in asset
quality would be likely to exert downward pressure on the
ratings.

B.I.N. BANK, established in 1993 in Moscow, is 87%-owned by its
president, Mikail Shishkhanov.  It was ranked as the 33rd-
largest bank in Russia by total assets at end of first quarter
of 2007.  Its core focus is on lending to medium-sized
corporations, although the bank is gradually diversifying
through increased retail business and regional expansion.  At
end of July 2007, BIN had a network of 100-outlets.


BELGOROD-AVTO-RESURS: Creditors Must File Claims by Sept. 28
------------------------------------------------------------
Creditors of OJSC Belgorod-Avto-Resurs (TIN 3102002490) have
until Sept. 28 to submit proofs of claim to:

         Y. Dobrovolskiy
         Insolvency Manager
         Pionerskaya Str. 4
         Mayskiy
         Belgorod
         Russia

The Arbitration Court of Belgorod commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A08-9606/06-2(B).

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         OJSC Belgorod-Avto-Resurs
         Pionerskaya Str. 4
         Mayskiy
         Belgorod
         Russia


BRISTOW GROUP: Board Declares US$0.69/Share Div. on Pref. Stock
---------------------------------------------------------------
The board of directors of Bristow Group Inc. has declared a
dividend of US$0.68750 per share of Mandatory Convertible
Preferred Stock issued and outstanding at the close of business
on Sept. 1, 2007.

The dividend will be payable on Sept. 15, 2007, to stockholders
of record at the close of business on Sept. 1, 2007.

There are 4,600,000 shares of Bristow's Mandatory Convertible
Preferred Stock issued and outstanding.

Headquartered in Houston, Texas, Bristow Group Inc. (NYSE:BRS)
(fka Offshore Logistics Inc.) -- http://www.bristowgroup.com/--
provides helicopter transportation services to the worldwide
offshore oil and gas industry with operations in the United
States Gulf of Mexico and the North Sea.  The company also has
operations, both directly and indirectly, in offshore oil and
gas producing regions of the world, including Australia, Brazil,
China, Mexico, Nigeria, Russia and Trinidad.  The company also
provides production management services for oil and gas
production facilities in the United States Gulf of Mexico.

                          *     *     *

As reported in the Troubled Company Reporter on June 6, 2007,
Standard & Poor's Ratings Services assigned its 'BB' rating to
helicopter service company Bristow Group Inc.'s US$250 million
senior notes due 2017.  At the same time, Standard & Poor's
affirmed the 'BB' corporate credit rating and all other ratings
on the company.  The outlook is negative.


CHERNOZEM LLC: Creditors Must File Claims by Sept. 28
-----------------------------------------------------
Creditors of LLC Chernozem (TIN 3663034955) have until Sept. 28
to submit proofs of claim to:

         D. Churkin
         Insolvency Manager
         Post User Box 9
         394055 Voronezh
         Russia

The Arbitration Court of Voronezh commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A14-1128-2007 3/27b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Chernozem
         Leninskiy Pr. 6/2
         Voronezh
         Russia


CIVIL AVIATION: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Khabarovsk commenced bankruptcy
supervision procedure on OJSC Aircraft Repair Factory 24 of
Civil Aviation.  The case is docketed under Case No. A73-6250/
2007-38.

The Temporary Insolvency Manager is:

         R. Savostin
         Temporary Insolvency Manager
         Dzerzhinskogo Per. 3a 68
         680030 Khabarovsk
         Russia

The Debtor can be reached at:

         OJSC Aircraft Repair Factory 24 of Civil Aviation
         Zaparina Str. 1
         690030 Khabarovsk
         Russia


CONVERSBANK: Fitch Revises IDR to CCC on Change of Rating Scale
---------------------------------------------------------------
Fitch Ratings has revised Conversbank CJSC's Long-term Issuer
Default rating to 'CCC' from 'CCC+', following the changes to
its rating scale in 2006, and in particular the elimination of
'+' and '-' suffixes from IDRs in the 'CCC' range.

The bank's other ratings are affirmed at Short-term IDR 'C',
Support '5', Individual 'D/E', National Long-term 'B+(rus)' and
Support Rating Floor 'No Floor'.  The Outlooks on the Long-term
IDR and National rating are Stable.

The ratings of Conversbank reflect its limited franchise, high
concentration on both sides of the balance sheet, high reliance
on interbank funding and poor quality of disclosure.  They also
consider the uncertainty and risks associated with the pending
group consolidation, in which Conversbank and two other smaller
Russian banks are to be merged into Investbank by first half of
2008.  The latter is a small bank based in Kaliningard, the
western most part of Russia, and, unlike Conversbank, is a
member of Russia's deposit insurance system.

Development of a more sustainable franchise post-merger, a
strengthening of the merged bank's funding base, building out of
track record in respect to asset quality and improved disclosure
could result in upside for the ratings.  Downside pressure could
arise from a tightening of liquidity, significant deterioration
of asset quality, a further reduction in quality of disclosure
or deterioration of corporate governance.

Conversbank was established in 1989 and was among the top 100
Russian banks by assets at end-2006.  It is part of a wider
banking group ultimately owned by Russian businessman Vladimir
Antonov.  The group includes Bankas Snoras (IDR 'BB-'/Outlook
Negative) in Lithuania, the smaller Latvijas Krajbanka (IDR
'B+'/Outlook Stable) in Latvia, six banks in Russia and one
small institution in the UK.  Although Bankas Snoras has already
made limited amounts of funding available to Conversbank and
could potentially seek to support the Russian banks in case of
need, Lithuanian regulatory restrictions on single counterparty
exposures and cross-border transactions mean that such support
cannot be relied upon.


EVA CJSC: Creditors Must File Claims by Aug. 28
-----------------------------------------------
Creditors of CJSC Sladko have until Aug. 28 to submit proofs of
claim to:

         Y. Adushkin
         Insolvency Manager
         Post User Box 23
         Central Post Office
         410000 Saratov
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A-57-228B/06-31.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         CJSC Eva
         Volskaya Str. 2
         410028 Saratov
         Russia


IZHEVSKAYA OIL: Creditors Must File Claims by Aug. 28
-----------------------------------------------------
Creditors of LLC Izhevskaya Oil Company (TIN 1831057880, OGRN
1021801147422) have until Aug. 28 to submit proofs of claim to:

         M. Abrosimov
         Temporary Insolvency Manager
         Poyma Str. 73
         Izhevsk

The Arbitration Court of Udmurtiya commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A71-1892/2007-G9.

The Court is located at:

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

The Debtor can be reached at:

         LLC Izhevskaya Oil Company
         Severnyj Per. 61
         Izhevsk
         462011 Udmurtiya
         Russia


KHAKASSKIY DIARY: Creditors Must File Claims by Aug. 28
-------------------------------------------------------
Creditors of OJSC Khakasskiy Diary have until Aug. 28 to submit
proofs of claim to:

         S. Makletsov
         Temporary Insolvency Manager
         Pushkina Str. 211
         Abakan
         655004 Khakasiya
         Russia

The Arbitration Court of Khakasiya commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A74-1461/2007.

The Debtor can be reached at:

         OJSC Khakasskiy Diary
         Abakan
         Khakasiya
         Russia


NIKOLAEVSK-BREAD OJSC: Creditors Must File Claims by Sept. 28
-------------------------------------------------------------
Creditors of OJSC Nikolaevsk-Bread have until Sept. 28 to submit
proofs of claim to:

         O. Zamilova
         Insolvency Manager
         Apartment 112
         Mukhina Str. 13
         680030 Khabarovsk
         Russia

The Arbitration Court of Khabarovsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A73-13141/2006-9.

The Debtor can be reached at:

         OJSC Nikolaevsk-Bread
         Blagoveshenskaya Str. 3
         682460 Nikolaevsk-na-Amure
         Russia


REPUBLIC BUS: Tatarstan Bankruptcy Hearing Slated for Oct. 25
-------------------------------------------------------------
The Arbitration Court of Tatarstan will convene at 10:00 a.m. on
Oct. 25 to hear the bankruptcy supervision procedure on OJSC
Republic Bus Station (TIN 1660076801).  The case is docketed
under Case No. A65-8901/2007-SG4-39.

The Temporary Insolvency Manager is:

         R. Nagimov
         Post User Box 593
         Kazan
         420111 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 Republic Bus Station
         Shurtygina Str. 24
         Kazan
         420073 Tatarstan
         Russia


ROSNEFT OIL: Denies Participation in Auction for Yukos Finance
--------------------------------------------------------------
OAO Rosneft Oil Co. has denied participating in the auction for
the Yukos Finance B.V., a unit of OAO Yukos Oil Co., Bloomberg
News relates.

According to the report, Rosneft had said it would bid for Yukos
Finance through OOO Promneftestroy, which subsequently won the
auction to acquire 242,399 shares of Yukos Finance for around
RUR7.838 billion.

"We did not take part in [the] auction," Nikolai Manvelov,
Rosneft spokesman told the Moscow Times.  "We no longer have any
relationship with [Promneftstroy].

According to Interfax News, Rosneft sold Promneftestroy shortly
before the auction to OOO Monte-Valle, a Moscow-based group
owned by Steven Lynch.  Monte-Valle had acquired Yukos assets
from the previous auctions and resold them at a profit.

"I saw an opportunity here," Mr. Lynch told the Moscow Times.
"We told the owners 'you don't want to be in this' ... and said
we'd happily take it."

Mr. Lynch added he might sell Yukos Finance to Rosneft.

As reported in the TCR-Europe on Aug. 15, 2007, Yukos Finance
carried a RUR7,598,361,000 starting price and a RUR40 million
bid increment.  The winning bidder must deposit RUR1,519,672,200
as initial payment.

Yukos Finance's main assets include:

  -- a 49% stake in Transpetrol, worth between US$100 million
     and US$200 million; and

  -- proceeds from a 54% stake in Lithuanian refinery Mazeikiu
     Nafta AB, worth almost US$1.5 billion.

                         About Yukos Oil

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

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

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

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

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

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

                          About Rosneft

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

                            *   *   *

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


ROSNEFT OIL: Acquires Own Receivables at Yukos Oil Auction
----------------------------------------------------------
OAO Rosneft Oil Co. won an auction on Aug. 15, 2007, to acquire
OAO Yukos Oil Co. receivables being sold in connection with the
company's bankruptcy proceedings.

Rosneft won the assets, which carried an RUR11.5 billion initial
tag price, with its RUR11.5 billion bid.

As a consequence of wining the auction, Rosneft acquired various
receivables owned by Yukos amounting to a total of RUR13.7
billion.

The major part of the receivables in the lot comprised
receivables of Rosneft itself (RUR1.667 billion), Tomskneft
(RUR1.602 billion), Samaraneftegaz (RUR160 million) and other
Rosneft subsidiaries.

                         About Yukos Oil

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

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

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

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

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

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

                          About Rosneft

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

                            *   *   *

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


SLADKO CJSC: Creditors Must File Claims by Aug. 28
--------------------------------------------------
Creditors of CJSC Sladko have until Aug. 28 to submit proofs of
claim to:

         L. Safin
         Insolvency Manager
         Post User Box 143
         Kazan
         420039 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A65-11490/2007-SG4-39.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Sladko
         2nd Garazhnaya Str. 3
         Kazan
         420054 Tatarstan
         Russia


SOSNOVKA-AGRO-PROM-SNAB: Creditors Must File Claims by Sept. 28
---------------------------------------------------------------
Creditors of OJSC Sosnovka-Agro-Prom-Snab have until Sept. 28 to
submit proofs of claim to:

         B. Tkach
         Insolvency Manager
         Apartment 60
         Internatsionalnaya Str. 47
         392036 Tambov
         Russia

The Arbitration Court of Tambov commenced bankruptcy proceedings
against the company after finding it insolvent.
The case is docketed under Case No. A64-8105/06-18.

The Debtor can be reached at:

         OJSC Sosnovka-Agro-Prom-Snab
         Sosnovka
         Tambov
         Russia


TATA MOTORS: Shareholders Agree to INR15 Dividend for FY2007
------------------------------------------------------------
Tata Motors Ltd's shareholders, at its 62nd annual general
meeting, agreed to the declaration of dividend INR15 per
ordinary share for the year ended March 31, 2007.  For FY2007,
Tata Motors booked a net profit of INR19.15 billion on net sales
of INR275.35 billion.

Also during the meeting, the members agreed:

   * to re-appoint of N. A. Soonawala as director;

   * not to re-appoint S. A. Naik, a director liable to retire
     by rotation but who does not seek re-election, and not to
      fill the vacancy created;

   * to re-appoint Messrs. Deloitte Haskins & Sells, Mumbai as
     auditors to hold office from the conclusion of the AGM
     until the conclusion of the next AGM and to examine and
     audit the accounts of the company FY2008, on remuneration,
     terms and conditions; and

   * to appoint P. M. Telang as executive director for a period
     of five years with effect from May 18, 2007.

The shareholders also authorized the company's board of
directors to borrow any sum provided that the total amount so
borrowed will not at any time exceed the limit of INR12,000
crore.

                       About Tata Motors

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

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

                          *     *     *

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

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


TIMANO-PECHORSKAYA: Court Names M. Shishkin to Manage Assets
------------------------------------------------------------
The Arbitration Court of Komi appointed M. Shishkin as
Insolvency Manager for LLC Timano-Pechorskaya Drilling Company.
He can be reached at:

         M. Shishkin
         Gertsena Str. 15
         610002 Kirov
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The Court will convene on Oct. 16
to hear the company's bankruptcy supervision procedure.  The
case is docketed under Case No. A29-2308/2007.

The Court can be reached at:

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

The Debtor can be reached at:

         LLC Timano-Pechorskaya Drilling Company
         Ukhta
         Komi
         Russia


WAVE CJSC: Creditors Must File Claims by Aug. 28
------------------------------------------------
Creditors of CJSC Wave have until Aug. 28 to submit proofs of
claim to:

         A. Chirkov
         Temporary Insolvency Manager
         Beregovaya Str. 86
         694740 Nevelsk
         Russia

The Arbitration Court of Sakhalin commenced bankruptcy
supervision procedure on CJSC Wave.  The case is docketed under
Case No. A-59-2197/07-S7.

The Debtor can be reached at:

         A. Chirkov
         Temporary Insolvency Manager
         Beregovaya Str. 86
         694740 Nevelsk
         Russia


YUKOS OIL: Sells Yukos Finance Unit to Promneftstroy
----------------------------------------------------
OOO Promneftstroy won the auction to acquire 242,399 shares of
Yukos Finance B.V., the Dutch subsidiary of bankrupt OAO Yukos
Oil Co., for RUR7.838 billion, various reports say.

As reported in the TCR-Europe on Aug. 15, 2007, Yukos Finance
carried a RUR7,598,361,000 starting price and a RUR40 million
bid increment.  The winning bidder must deposit RUR1,519,672,200
as initial payment.

Yukos Finance's main assets include:

  -- a 49% stake in Transpetrol, worth between US$100 million
     and US$200 million; and

  -- proceeds from a 54% stake in Lithuanian refinery Mazeikiu
     Nafta AB, worth almost US$1.5 billion.

                          Not Rosneft's

Rosneft, which had said it would bid for Yukos Finance through
Promneftestroy, has denied participating in the auction for the
Yukos' unit, Bloomberg News relates.

"We did not take part in [the] auction," Nikolai Manvelov,
Rosneft spokesman told the Moscow Times.  "We no longer have any
relationship with [Promneftstroy].

According to Interfax News, Rosneft sold Promneftestroy shortly
before the auction to OOO Monte-Valle, a Moscow-based group
owned by Steven Lynch.  Monte-Valle had acquired Yukos assets
from the previous auctions and resold them at a profit.

"I saw an opportunity here," Mr. Lynch told the Moscow Times.
"We told the owners 'you don't want to be in this' ... and said
we'd happily take it."

Mr. Lynch added he might sell Yukos Finance to Rosneft later.

Legal Risks

Meanwhile, Claire Davidson, a Yukos Finance spokesperson, told
Interfax News that the Dutch unit would not personally pursue
the case as it had earlier threatened.

Instead, Ms. Davidson said, Yukos Finance's buyer would have to
persuade Dutch courts and the European Court of Human Rights on
the legality of the acquisition.

Former Yukos shareholders have filed a number of suits with
Dutch courts and the European Court of Human Rights claiming
that the Yukos' bankruptcy was illegal.  The District Court of
Amsterdam will hear one of the cases on Oct. 31, 2007.

As reported in the TCR-Europe on June 1, 2007, an Amsterdam
court granted Eduard Rebgun, Yukos Oil's bankruptcy receiver,
the rights to sell the bankrupt company's foreign assets.

Yukos Finance's management challenged the decision, but The
Courts of Appeal in Amsterdam, Netherlands, confirmed the
ruling, affirming "the legality of the receivership procedures,
the legitimacy of the actions of Rebgun as receiver."

The court, however, refused Mr. Rebgun access to the
certificate, saying the liquidator failed to prove that the
absence of the certificate was a hold-up to participating in the
Transpetrol shareholders' meeting in November 2006, Interfax
says.

Ms. Davidson added to Interfax News that Mr. Rebgun cannot
guarantee the sale's legality, making it impossible to sign a
document on transferring property rights.

"The 'winner' has won absolutely nothing," Ms. Davidson told the
Moscow Times.  "An illegal sale as a part of a sham bankruptcy
is not a valid transaction."

                          About Rosneft

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

                         About Yukos Oil

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

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

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

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

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

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


YUKOS OIL: Rosneft Oil Acquires Own Receivables at Auction
----------------------------------------------------------
OAO Rosneft Oil Co. won an auction on Aug. 15, 2007, to acquire
OAO Yukos Oil Co. receivables being sold in connection with the
company's bankruptcy proceedings.

Rosneft won the assets, which carried an RUR11.5 billion initial
tag price, with its RUR11.5 billion bid.

As a consequence of wining the auction, Rosneft acquired various
receivables owned by Yukos amounting to a total of RUR13.7
billion.

The major part of the receivables in the lot comprised
receivables of Rosneft itself (RUR1.667 billion), Tomskneft
(RUR1.602 billion), Samaraneftegaz (RUR160 million) and other
Rosneft subsidiaries.

                          About Rosneft

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

                         About Yukos Oil

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

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

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

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

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

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


ZHI SIN' LLC: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Khabarovsk commenced bankruptcy
supervision procedure on LLC International Trading Company Zhi
Sin' (TIN 2722032742).  The case is docketed under Case No.
A73-4812/2007-36.

The Temporary Insolvency Manager is:

         A. Salomatin
         Room 402
         Aleutskaya Str. 45-a
         690091 Vladivostok
         Russia

The Debtor can be reached at:

         LLC Nefte-Provod-Story
         Svobodnyj Per. 11
         Khabarovsk
         Russia


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


AGROSOYUZ LLC: Creditors Must File Claims by August 21
------------------------------------------------------
Creditors of LLC Agricultural Firm Agrosoyuz (code EDRPOU
30827686) have until Aug. 21 to submit written proofs of claim
to:

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

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 8/145-07.

The Debtor can be reached at:

         LLC Agricultural Firm Agrosoyuz
         Agricultural Str. 2
         Krolevets
         41300 Sumy
         Ukraine


BALNOVKA AGRICULTURAL: Creditors Must File Claims by August 21
--------------------------------------------------------------
Creditors of LLC Balanovka Agricultural Firm (code EDRPOU
03733594) have until Aug. 21 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. 5/7-07.

The Debtor can be reached at:

         LLC Balanovka Agricultural Firm
         Balanovka, Lenin Str. 2
         Bershadsky District
         Vinnica
         Ukraine


KVIK LLC: Creditors Must File Claims by August 21
-------------------------------------------------
Creditors of LLC Kvik (code EDRPOU 20814118) have until Aug. 21
to submit written proofs of claim to:

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

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/212-7/94.

The Debtor can be reached at:

         LLC Kvik
         Kerchenskaya Str. 9/41
         Lvov
         Ukraine


LIUBASHOVKA MOTORCAR 15137: Creditors' Claims Due August 21
-----------------------------------------------------------
Creditors of OJSC Liubashovka Motorcar Enterprise 15137 (code
EDRPOU 05394044) have until Aug. 21 to submit written proofs of
claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 24-32/221-06-7568.

The Debtor can be reached at:

         OJSC Liubashovka Motorcar Enterprise 15137
         Zavokzalnaya Str. 17
         Liubashovka
         66500 Odessa
         Ukraine


ORDINETSKOE AGRICULTURAL: Creditors' Claims Due August 21
---------------------------------------------------------
Creditors of Ordinetskoe Agricultural LLC (code EDRPOU 04321020)
have until Aug. 21 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 supervision
procedure on the company.  The case is docketed under Case No.
5/266-07.

The Debtor can be reached at:

         Ordinetskoe Agricultural LLC
         Ordintsy
         Pogrebishchensky District
         22244 Vinnica
         Ukraine


TECHNOPOL CJSC: Creditors Must File Claims by August 21
-------------------------------------------------------
Creditors of CJSC Technopol (code EDRPOU 25393207) have until
Aug. 21 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. 15/241-b.

The Debtor can be reached at:

         CJSC Technopol
         P. Lumumba Str. 15a
         01042 Kiev
         Ukraine


TH TANDEM: Creditors' Claims Due August 21
------------------------------------------
The Economic Court of Odessa commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
2/130-07-5191.

Creditors of LLC TH Tandem Service (code EDRPOU 34169554) have
until Aug. 21 to submit written proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Debtor can be reached at:

         LLC TH Tandem Service
         1st May Str. 3
         Illichevsk
         68000 Odessa
         Ukraine


VOLKHONTET-GRANIT: Creditors' Claims Due August 21
--------------------------------------------------
Creditors of LLC Volkhontet-Granit (code EDRPOU 14372372) have
until Aug. 21 to submit written proofs of claim to:

         The Economic Court of Ternopol
         Ostrozski Str. 14a
         46000 Ternopol
         Ukraine

The Economic Court of Ternopol commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
8/B-904.

The Debtor can be reached at:

         LLC Volkhontet-Granit
         Polesskaya Str. 11
         46020 Ternopol
         Ukraine


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


AQUATEC CHEMICAL: Brings In Administrators from Tenon Recovery
--------------------------------------------------------------
Jeremy Woodside and Christopher Benjamin Barrett of Tenon
Recovery were appointed joint administrators of Aquatec Chemical
Services Ltd. (Company Number 03128252) on Aug. 7.

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

The company can be reached at:

         Aquatec Chemical Services Ltd.
         Unit F7
         Halesfield 23
         Telford
         TF7 4NY
         England
         Tel: 01952 582 975


CABLE & WIRELESS: Inks Network Services Accord with Virgin Group
----------------------------------------------------------------
Dave Friedlos at vnunet.com reports that Cable & Wireless has
signed a multimillion-pound, three-year deal to provide data
communications services to Virgin Group.

According to vnunet.com, the contract "includes the provision of
virtual private network services over Internet protocol to 130
sites, managed security, WiFi and application monitoring
systems."

The report says that Cable & Wireless will provide the services
to all firms belonging to the Virgin Group, including:

         -- Virgin Trains,
         -- Virgin Atlantic, and
         -- Virgin Active.

Virgin Group Chief Information Officer Gareth Lewis told
vnunet.com that the increased bandwidth will:

         -- let Virgin Atlantic's applications to work more
            effectively,

         -- allow Virgin Trains to upgrade its business
            technology, and

         -- provide more robust real-time systems to Virgin
            Active.

Mr. Lewis commented to vnunet.com, "We are a complex business,
made up of a diverse number of different companies, each with
very specific requirements."

Virgin Group will be able to concentrate on its core business by
outsourcing data communication services, vnunet.com states,
citing Mr. Lewis.

                     About Virgin Group

Virgin is a venture capital organization.  Established in 1970
by Sir Richard Branson, the Virgin Group has gone on to grow
businesses in sectors ranging from mobile telephony, to
transportation, travel, financial services, leisure, music,
holidays, publishing and retailing.  It has created more than
200 companies worldwide, employing approximately 50,000 people,
in 29 countries.

                   About Cable & Wireless

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

                       *     *     *

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

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

* Issuer: Cable & Wireless Plc

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

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


CLARENCE CONTRACTORS: Appoints Administrators from P&A
------------------------------------------------------
Christopher Michael White and Gareth David Rusling of the P&A
Partnership were appointed joint administrators of Clarence
Contractors Ltd. (t/a Clarence Industrial Services)(Company
Number 1088390) on Aug. 7.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.

The company can be reached at:

         Clarence Contractors Ltd.
         Thompson Street
         Chesterfield
         S41 9AR
         England
         Tel: 01246 260 880
         Fax: 01246 260 175


CST MEDICAL: Brings In Liquidators from Tenon Recovery
------------------------------------------------------
Carl Stuart Jackson and Nigel Ian Fox of Tenon Recovery were
appointed joint liquidators of CST Medical Ltd. on July 25 for
the creditors' voluntary winding-up procedure.

The joint liquidators can be reached at:

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


DURA AUTOMOTIVE: Posts US$12,685,000 Net Loss in June 2007
----------------------------------------------------------
        Dura Automotive Systems, Inc., and Subsidiaries
        Condensed Unaudited Consolidated Balance Sheet
                       As of July 1, 2007
                     (Dollars in thousands)

                             ASSETS

Current assets:
  Cash and cash equivalents                           US$4,787
  Accounts receivable, net
     Trade                                             147,887
     Other                                              15,011
     Non-Debtor subsidiaries                            32,582
  Inventories                                           79,206
  Other current assets                                  33,756
                                                    ----------
     Total current assets                              313,229


Property, plant and equipment, net                     167,897
Goodwill, net                                          249,927
Notes receivable from Non-Debtors subsidiaries         183,103
Investment in Non-Debtors subsidiaries                 790,647
Other noncurrent assets                                 25,677
                                                    ----------
Total Assets                                      US$1,730,480

       LIABILITIES AND NET LIABILITIES IN LIQUIDATION

Current liabilities:
  Debtors-in-possession financing                   US$234,246
  Accounts payable                                      47,613
  Accounts payable to Non-Debtors subsidiaries           1,212
  Accrued Liabilities                                   88,717
                                                    ----------
     Total current liabilities                         371,788

Long-term Liabilities:
  Notes Payable to Non-Debtors subsidiaries              8,748
  Other noncurrent liabilities                          56,322
Liabilities Subject to Compromise                    1,312,988
                                                    ----------
Total Liabilities                                    1,749,846

Stockholders' Investment                               (19,366)
                                                    ----------
Total Liabilities and Stockholders' Investment    US$1,730,480


       Dura Automotive Systems, Inc., and Subsidiaries
  Condensed Unaudited Consolidated Statement of Operations
            For the Five Weeks Ended July 1, 2007
                     (Dollars in thousands)

Total sales                                          US$98,080
Cost of sales                                           98,503
                                                    ----------
Gross (loss) profit                                       (423)

Selling, general and administrative expenses             2,998
Facility consolidation, asset impairment
  and other charges                                        182
Amortization expense                                        34
                                                    ----------
Operating (loss) income                                 (3,637)

Interest expense, net                                    4,346
                                                    ----------
Loss before reorganization items and income taxes       (7,983)

Reorganization items                                     4,446
                                                    ----------
Income before income taxes                             (12,429)

Provision for income taxes                                 256
                                                    ----------
Net Income (Loss)                                   (US$12,685)


       Dura Automotive Systems, Inc., and Subsidiaries
  Condensed Unaudited Consolidated Statements of Cash Flows
            For the Five Weeks Ended July 1, 2007
                     (Dollars in thousands)

Operating Activities:
Net Income (loss)                                   (US$12,685)
Adjustments to reconcile net loss to net cash used
  in operations activities:
     Depreciation, amortization & asset impairment      $2,662
     Amortization of deferred financing fees               668
      (Gain)/Loss on sale of assets                       (166)
     Reorganization items                                4,446
Changes in other operating items:
  Accounts receivable                                    2,150
  Inventories                                              219
  Other current assets                                     763
  Noncurrent assets                                        166
  Accounts payable                                        (639)
  Accrued liabilities                                   (9,311)
  Noncurrent liabilities                                    17
  Current intercompany transactions                     (3,602)
                                                    ----------
Net cash provided by operating activities              (15,312)

Investing Activities:
Purchases of property, plant & equipment                (2,284)
Proceeds from sales of assets                              700
                                                    ----------
Net cash (used in) provided by
   investing activities                                 (1,584)

Financing Activities:
  DIP borrowings                                        17,603
  Payments on prepetition debt                            (299)
                                                    ----------
Net cash used in financing activities                   17,304
                                                    ----------
Net Increase (Decrease) in Cash & Equivalents              408

Cash & Cash Equivalent, Beginning Balance                4,379
                                                    ----------
Cash & Cash Equivalent, Ending Balance                US$4,787


                     About DURA Automotive

Headquartered in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.

The company has three locations in Asia -- China, Japan
and Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Delaware Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expires on Sept. 30,
2007.  (Dura Automotive Bankruptcy News, Issue No. 24;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000 ).


EGISIS GROUP: Calls In Liquidators from Vantis Business Recovery
----------------------------------------------------------------
G. Mummery and P. Atkinson of Vantis Business Recovery Services
were appointed joint liquidators of Egisis Group Ltd. on Aug. 8
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England


EUROSAIL-UK 07-4: Fitch Rates GBP10.22 Mln Class E1c Notes at BB
----------------------------------------------------------------
Fitch Ratings has assigned final ratings to Eurosail-UK 07-4 BL
Plc's GBP730m-equivalent mortgage-backed floating-rate notes due
2028 and 2045:

   -- Class A1a, due 2028, EUR173 million: 'AAA'
   -- Class A1c, due 2028, GBP100 million: 'AAA'
   -- Class A2a, due 2045, EUR230 million: 'AAA'
   -- Class A3a, due 2045, EUR150 million: 'AAA'
   -- Class A3c, due 2045, GBP111.69 million: 'AAA'
   -- Class B1a, due 2045, EUR52 million: 'AA'
   -- Class C1a, due 2045, EUR55 million: 'A-'
   -- Class D1a, due 2045, EUR36 million: 'BBB'
   -- Class E1c, due 2045, GBP10.22 million: 'BB'

Each rated class in this transaction has a Stable Outlook.

This transaction is a securitization of first and second-charge
near-prime and sub-prime residential mortgages originated and
located in the UK.  The final ratings are based on the quality
of the collateral, available credit enhancement, the
underwriting criteria of Southern Pacific Mortgage Limited,
Preferred Mortgages Limited, Alliance and Leicester Plc and
Matlock Bank Limited (trading under the London Mortgage company
brand), as well as the transaction's sound legal structure.

Credit enhancement for the Class A notes is initially 16.15%,
provided by the subordination of the Class B notes (5.20%), the
Class C notes (5.50%), the Class D1 notes (3.60%), the Class E1c
notes (1.40%), and an initial and target reserve fund of 0.45%.

To determine appropriate credit enhancement levels, Fitch
analyzed the collateral using its UK Residential Mortgage
Default Model, dated Feb. 5, 2007.  The agency also modeled cash
flows using the results of the default model, with structural
stresses including various prepayment and interest rate
scenarios.  The cash flow tests showed that each class of notes
could withstand loan losses at a level corresponding to the
related stress scenario without incurring any principal loss or
interest shortfall and can retire principal by legal final
maturity.


FIRST SELLERS: Names Joint Administrators from BDO Stoy
-------------------------------------------------------
Andy Beckingham and Matthew James Chadwick of BDO Stoy Hayward
LLP were appointed joint administrators of First Sellers Pack
Ltd. (Company Number 03970605) on Aug. 1.

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.

The company can be reached at:

         First Sellers Pack Ltd.
         Global House
         Concorde Way
         Fareham
         PO15 5RL
         England
         Tel: 0870 380 3803
         Fax: 0870 380 3804
         Website: http://www.firstsellerspack.co.uk/


FRANSEN LTD: Taps Joint Administrators from PwC
-----------------------------------------------
David Matthew Hammond and Robert William Birchall of
PricewaterhouseCoopers LLP were appointed joint administrators
of Fransen Ltd. (Company Number 05418237) on Aug. 3.

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

The company can be reached at:

         Fransen Ltd.
         Phoenix House
         Aston Church Road
         Saltley
         Birmingham
         B8 1QE
         England


GOODYEAR TIRE: Jamaican Unit Loses US$5 Mil. in First Six Months
----------------------------------------------------------------
Goodyear Jamaica Limited, a subsidiary of The Goodyear Tire &
Rubber Company, lost US$5 million in the first half of 2007,
compared to a US$15-million net profit in the same period last
year, Radio Jamaica reports.

Goodyear Jamaica's revenue dropped 8% to US$591 million in the
first six months of 2007, compared to the same period in 2006,
Radio Jamaica states.

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.

Goodyear maintains Asia-Pacific facilities in Australia, China
and Korea.  Its European bases are located in Austria, France,
Germany, Italy, Russia, Spain, and the United Kingdom.
Goodyear's Latin-American operations are located in Argentina,
Brazil, Chile, Colombia, Jamaica, Mexico, and Peru.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 5, 2007, Standard & Poor's Ratings Services raised its
ratings on Goodyear Tire & Rubber Co., including its corporate
credit rating to 'BB-' from 'B+'.  In addition, the ratings were
removed from CreditWatch where they were placed with positive
implications on May 10, 2007.  Recovery ratings were not on
CreditWatch.

As reported in the Troubled Company Reporter-Latin America on
May 31, 2007, Fitch Ratings has upgraded the Issuer Default
Rating for The Goodyear Tire & Rubber Company to 'B+' from 'B'.
In addition, these debt ratings have been upgraded:

The Goodyear Tire & Rubber Company

    -- Issuer Default Rating 'B+' from 'B';

    -- US$1.5 billion first lien credit facility to 'BB+/RR1'
       from 'BB/RR1';

    -- US$1.2 billion second lien term loan to 'BB+/RR1' from
       'BB/RR1';

    -- US$300 million third lien term loan to 'BB-/RR3' from
       'B/RR4';

    -- US$650 million third lien senior secured notes to
       'BB-/RR3' from 'B/RR4';

    -- Senior unsecured debt to 'B-/RR6' from 'CCC+/RR6'.

Goodyear Dunlop Tires Europe B.V.

    -- EUR505 million European secured credit facilities to
       'BB+/RR1' from 'BB/RR1'.

Fitch said the rating outlook is positive.  Goodyear Tire had
approximately US$5.8 billion of debt outstanding at
March 31, 2007.


INSIDE OUT: Taps Liquidators from Chantrey Vellacott DFK
--------------------------------------------------------
D. J. Oprey and K. W. Touhey of Chantrey Vellacott DFK LLP were
appointed joint liquidators of Inside Out Trust on Aug. 1 for
the creditors' voluntary winding-up procedure.

The joint liquidators can be reached at:

         Chantrey Vellacott DFK LLP
         16-17 Boundary Road
         Hove
         East Sussex
         BN3 4AN
         England


INTERWAY ENTERPRISES: Claims Filing Period Ends October 9
---------------------------------------------------------
Creditors of Interway Enterprises Ltd. have until Oct. 9 to send
their full names, address and descriptions, full particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to:

         David R. Elliott
         Liquidator
         Moore Stephens LLP
         Victory House
         Admiralty Place
         Chatham Maritime
         Kent
         ME4 4QU
         England

David R. Elliott of Moore Stephens LLP was appointed liquidator
of the company on Aug. 9 for the creditors' voluntary winding-up
proceeding.


JMA COMMUNICATION: Names Duncan Beat as Administrator
-----------------------------------------------------
Duncan Beat of Tenon Recovery was named administrator of JMA
Communication Ltd. (Company Number 04791174) on Aug. 6.

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

The company can be reached at:

         J M A Communication Ltd.
         89 Fleet Street
         City of London
         London
         EC4Y 1DH
         England
         Tel: 020 7583 9003


KARTELL PLASTICS: Appoints Liquidators from Chantrey Vellacott
--------------------------------------------------------------
J. C. Heath and D. J. Oprey of Chantrey Vellacott DFK LLP were
appointed joint liquidators of Kartell Plastics (U.K.) Ltd. on
for the creditors' voluntary winding-up procedure.

The joint liquidators can be reached at:

         Chantrey Vellacott DFK LLP
         16-17 Boundary Road
         Hove
         East Sussex
         BN3 4AN
         England


LEAF CARRIAGES: Claims Filing Period Ends September 11
------------------------------------------------------
Creditors of Leaf Carriages Ltd. have until Sept. 11 to send in
their full names, their addresses and descriptions, full
particulars of their debts and claims, and names and addresses
of their solicitors (if any) to:

         Jeremy Woodside
         Joint Liquidator
         Tenon Recovery
         Arkwright House
         Parsonage Gardens
         Manchester
         M3 2LF
         England

Jeremy Woodside and Christopher Ratten of Tenon Recovery were
appointed joint liquidators of the company on Aug. 7 for the
creditors' voluntary winding-up procedure.


METRONET RAIL: Balfour Beatty Writes-Off GBP103 Mln Investment
--------------------------------------------------------------
Balfour Beatty plc released interim financial results for the
half year ended June 30, 2007.

Balfour Beatty's pre-tax profits* from continuing operations for
the six months to June 30, 2007 were up 36% at GBP76 million
(2006: GBP56 million).  Adjusted earnings per share* were up by
25% to 14.2p (2006: 11.4p).

This reflects strong performances in all sectors, including a
first quarter's contribution from Balfour Beatty Construction US
in line with our expectations.

Operating cash performance was again strong in the period and
period-end net cash, further enhanced by certain one-off
inflows, stood at GBP479 million (2006: GBP353 million), before
taking account of the consolidation of GBP27 million (2006:
GBP17 million) of non-recourse net debt in Balfour Beatty's
wholly-owned PPP street lighting concessions.

The Board has declared an interim dividend up 18% at 4.6 pence
per ordinary share (2006: 3.9 pence).

There was a net exceptional credit, after tax, of GBP1 million
(2006: GBP21 million charge).  This reflects a post-tax charge
of GBP103 million in respect of the write-off of Balfour
Beatty's investment in Metronet Rail Group and an estimate of
other consequential write-offs, which was more than offset by
credits arising from the sale of its 24.5% interest in Devonport
Management Ltd. (GBP57 million) and the crystallization of tax
benefits in the US following the acquisition of Centex
Construction in late March (GBP50 million).

Profit for the period attributable to equity shareholders,
including profit from discontinued operations, was GBP60 million
(2006: GBP28 million) and basic earnings per share were 14.0
pence (2006: 6.5 pence).

The period-end order book stood at GBP10.6 billion, up by 20%
since July 1, 2006 and by 16% since the year-end.

Revenue, including the Group's share of joint ventures and
associates, at GBP3.5 billion (2006: GBP2.7 billion) was up by
29%.

  * before exceptional items and amortization of intangible
    assets, and, in the case of earnings per share, including
    the pre-exceptional results of discontinued operations.

             Impact of Metronet's Administration

On July 18, 2007, the Metronet concessions for the London
Underground PPP, in which Balfour Beatty had a 20% interest,
went into PPP Administration.  The costs to the Group have been
accounted as exceptional.  Balfour Beatty said the London
Underground PPP is unique and the Group does not anticipate any
negative impact on the U.K. PPP market as a whole to arise as a
result of Metronet's Administration.

According to Balfour Beatty, it is working closely with
Metronet, London Underground and the Administrator in order to
ensure that the daily operations of the network remain
unaffected over the period of Metronet's Administration.  The
Group remains committed to the creation of a world-class
underground system for London and will continue to provide such
services to London Underground as required and requested under
the new ownership structure which succeeds Metronet.

In its 2007 interim trading update on June 26, 2007, at which
time the Metronet concessions were going concerns, Balfour
Beatty, which has a 20% interest in Metronet BCV Ltd. and
Metronet SSL Ltd., indicated its intention to take an
exceptional charge of approximately GBP100 million in its half-
year accounts in respect of its interest in Metronet.  This
arose in the light of the level of unanticipated costs
associated with Metronet's capital programs and Metronet's
funding position at that time.  The charge comprised, largely,
the write-off of Metronet equity and the write-back of profits
in respect of the equity investment, recognized in previous
years.

                        About Metronet

The Metronet Rail Group -- http://www.metronetrail.com/-- is
responsible for upgrading, replacing and maintaining two-thirds
of London Underground's infrastructure - its trains, stations,
signalling, track, tunnels and bridges - under a 30-year Public
Private Partnership (PPP) contract which came into operation in
April 2003.

The Metronet Rail Group's shareholders are Atkins, Balfour
Beatty, Bombardier Transportation, EDF Energy and Thames Water
who bring together an unrivalled expertise in project management
and planning, railway engineering and asset management supported
by a wide range of technical disciplines.  They formed the
Metronet Rail Group in June 1999 to bid for two of the three
infrastructure companies -- these are today known as: Metronet
Rail BCV Limited, Metronet Rail SSL Limited.

Metronet Rail BCV Limited is responsible for the Bakerloo,
Central, Victoria and Waterloo & City lines which are the 'deep
Tube' lines running under the streets of London.

Metronet Rail SSL Limited is responsible for the Metropolitan,
District, Circle, Hammersmith & City and East London lines which
are collectively known as the sub-surface lines.

On July 18, 2007, Metronet Rail BCV Ltd. and Metronet Rail SSL
Ltd., the companies responsible for the maintenance and renewal
of the Bakerloo, Central, Victoria, and Waterloo & City lines
(BCV) and Circle, District, Metropolitan, Hammersmith & City and
East London lines (SSL), entered Administration.

Under the Public Private Partnership contracts and the Greater
London Authority Act 1999, Alan Bloom, Maggie Mills, Roy Bailey
and Stephen Harris, partners and directors of Ernst & Young LLP,
have been appointed PPP Administrators.

The purpose of the Administration is to ensure the continuation
of both BCV and SSL's maintenance and renewal activities pending
the transfer of the companies' activities to a new operating
company with the intention that there should be no noticeable
impact on the Tube network or passenger services.

On July 18, 2007, the Boards of Metronet Rail BCV Limited and
Metronet Rail SSL Limited had asked the Mayor to seek the
appointment of a PPP Administrator for both companies following
a period of financial uncertainty.

On July 16, 2007, Chris Bolt, the statutory Arbiter for the
London Underground PPP Agreements, revealed that his draft
Interim Direction, as part of an Extraordinary Review process
which commenced for Metronet Rail BCV at the end of June, would
result in an increase in the Infrastructure Service Charge (ISC)
to be received by that company of GBP121 million, beginning in
January 2008.

Metronet Rail BCV requires additional funding to enable it to
carry out its contractual obligations during the period of the
Extraordinary Review.

This company has now established that it has no access to such
further funds.  Metronet Rail BCV will therefore be unable to
carry out its contract and has asked the Mayor to seek the
appointment of a PPP Administrator.

Applying the logic of the PPP Arbiter's draft direction to the
circumstances of Metronet Rail SSL, the Board of this
infrastructure company has come to the conclusion that any
application for Extraordinary Review and Interim Determination
would come to a similar position.  It has therefore also asked
the Mayor to seek the appointment of a PPP Administrator for
Metronet Rail SSL.

                     Extraordinary Review

On June 29, 2007, The PPP Arbiter confirmed that he has received
a reference from Metronet for an Extraordinary Review of the PPP
Agreement covering the BCV lines.

In an Extraordinary Review, the Arbiter is asked to address two
questions:

   -- what level of costs would be incurred (and what level of
      performance revenue earned) by an Infraco in performing
      its obligations in an overall efficient and economic
      manner and in accordance with Good Industry Practice over
      the first 7-1/2 years of the contract? and

   -- in the light of that, what change in the amount and timing
      of ISC payable by London Underground is appropriate?

In February 2007, Mr. Livingstone called for Metronet to seek an
Extraordinary Review by the PPP Arbiter, to try to resolve the
issue of massive cost overruns.

The Mayor also made clear that he would not allow the cost of
Metronet's inefficient performance to fall on London by bailing
them out.  It is also crucial that the upgrade and renewal of
the London Underground, also known as the Tube, vital to
London's future prosperity and growth, must proceed as planned
and cannot suffer any delay.

In November 2006, the PPP Arbiter published his first Annual
Review of Metronet's performance.  The report concluded that
overall, Metronet has not performed in an economic and efficient
manner, or in line with Good Industry Practice.

The Mayor's call for an Extraordinary Review follows advice from
London Underground Managing Director Tim O'Toole that
Metronet's financial performance has not improved and that the
cost overruns have not been brought under control.

A TCR-Europe report relates the financial overrun is higher than
the projected GBP750 million in November 2006.  It is said to
have escalated to around GBP1 billion.

                          Write-Offs

* Bombardier

Bombardier has decided to write-off its investment in Metronet
following the release of the PPP Arbiter's draft directions on
interim ISC for Metronet Rail BCV Ltd. issued on July 16, 2007.
Given the uncertainties regarding Metronet's funding position
following the Arbiter's draft directions, Bombardier will record
a write-off of approximately US$164 million (GBP82 million) in
the second quarter of fiscal year 2008.

Bombardier's turnkey supply contracts with Metronet, currently
valued at approximately GBP3.3 billion (US$6.7 billion), are for
new trains, signaling, refurbishment of trains and fleet
maintenance activities.  These supply contracts are progressing
well and Bombardier will continue to work on them as per the
requirements contained in its contracts.  Bombardier remains
fully committed to deliver a world class, safe and reliable Tube
for London.

* WS Atkins

WS Atkins plc, one of the five shareholders of The Metronet Rail
Group, said its financial results for the year ended March 31,
2007 and was adversely impacted by an exceptional loss of
GBP121.3 million (GBP120.1 million after tax) in relation to the
Metronet Enterprise.  This loss includes an impairment write-
down which reduces the carrying value of the Group's investment
in Metronet to GBPnil.

As previously reported in the TCR-Europe on July 13, 2007, Keith
Clarke, chief executive of WS Atkins, is hesitant to
commit the company to providing further equity for The Metronet
Rail Group after results for the year ended March 31, 2007, were
adversely impacted by an exceptional loss of GBP121.3 million on
the PPP consortium, Sarah Richardson writes for weekly
construction magazine Building.

                          *     *     *

As reported in the TCR-Europe on July 20, 2007, Moody's
Investors Service downgraded to B1 from Ba2 the senior secured
un-guaranteed debt ratings of both Metronet Rail BCV Finance plc
and of Metronet Rail SSL Finance Plc.


PROGRESSIVE GAMING: Posts US$34.2MM Net Loss in Second Qtr. 2007
----------------------------------------------------------------
Progressive Gaming International Corporation incurred a net loss
in the three months ended June 30, 2007, of about US$34.2
million. In the three months ended June 30, 2006, the company
incurred a net loss of US$14.3 million.

The company reported that system revenues, now reported as the
sole component of revenues from continuing operations, rose 59%
to US$18.8 million for the quarter ended June 30, 2007, from
US$11.9 million in the same period a year ago.

Pursuant to the company's intention and related agreements to
divest its Table Games Division and remaining Slot Assets, these
operations have been classified as discontinued operations and
the company recorded a loss, net of taxes of about US$29.3
million, and about US$800,000, for the second quarter 2007 and
second quarter 2006 periods, respectively, related to the
operations and write down of the assets of these divisions.  The
operations from the slot and table game route along with the
associated losses for the write down of the related assets are
included in the discontinued operations line item of the
company's statement of operations.

As of June 30, 2007, the company had total assets of US$150.6
million, total liabilities of US$106 million, and total
stockholders' equity of US$44.6 million.

                      Management's Comments

Commenting on the results, Progressive Gaming International
Corporation president and chief executive officer, Russel
McMeekin, stated, "Reflecting our success in repositioning
Progressive as a leading supplier of system-centric products, in
the 2007 second quarter period we recorded year-over-year and
quarterly sequential systems based revenue growth of 59% and
28%, respectively, while generating gross margins at the high
end of our 2007 target.  Our ongoing progress in expanding our
systems business is evidenced by the installed base growth of
our products.  On a quarterly sequential basis, Casinolink
installations rose by 5%, or about 2,800 units, reflecting
growth in Asia and in European territories including in the
United Kingdom and Central European markets.  Table Management
systems also grew an impressive 8.6%, or by about 270 units on a
quarterly sequential basis.

"We also continue to generate meaningful traction with
placements of our CJS local and wide-area progressive/mystery
jackpot system with quarterly sequential installed base growth
of more than 20%, or more than 1,100 units, in the 2007 second
quarter period.  We expect CJS placements to accelerate further
in the third and fourth quarters and that our expected installed
base will meaningfully benefit the second half 2007 operating
results.  In July we achieved a significant milestone as CJS
received approval from the technology division of the Nevada
Gaming Control Board to move to field trials in the state.  We
are currently completing all site preparations for one multi-
site trial to begin later this month, with a second multi-site
trial expected to begin next month. Based on the strong existing
backlog of orders for CJS, and in anticipation of a final
approval for this product in Nevada, whereby we can begin to
install CJS in the largest domestic slot machine market, we
believe we are on track to achieve our target of 12,000
installations by the end of this year.

"In addition to growing our systems installed base, a second
priority for the company throughout 2007 has been on
streamlining our operations and cost structure and improving our
balance sheet.  In July we entered into a non-binding letter of
intent for the sale of our worldwide Table Game Division assets
to Shuffle Master Inc.  We are making progress toward completing
this transaction in accordance with our mutually agreed upon
closing date.  In addition to the capital expected to be
generated from this sale, we have other near-term opportunities
that we are analyzing to restructure our balance sheet in the
most optimal manner.  We believe these opportunities will also
provide additional liquidity to pursue long-term growth
opportunities for the company's high-margin recurring revenue
systems business."

Progressive Gaming International Corporation's executive vice
president, chief financial officer and treasurer, Heather Rollo,
added, "Our 2007 second quarter operating results from
continuing operations benefited from the ongoing strength in our
systems business as well as cost reduction initiatives
reflecting progress made in streamlining our operations.
Systems revenues of US$18.8 million in Q2 2007 include the
recognition of US$3.8 million in revenues related to Q1 2007
systems placements, which, for GAAP purposes, were deferred
until the second quarter.  We also recognized approximately
US$1.7 million of slot and table revenues which are classified
in discontinued operations.  In addition to these recorded
revenues, there were proceeds from the sale of the slot game
assets which were offset against the assets being sold and also
classified as discontinued operations.  Reflecting the higher
level of systems based revenues in the overall mix for the
second quarter, we achieved gross margin from continuing
operations of 58% for the period, which is consistent with our
targeted 2007 gross margin range of 54% to 58%.

"We are making excellent progress in growing our systems
revenues as evidenced by US$33.6 million in revenue recorded in
the first half of 2007 which is a 29% improvement over systems
based revenues generated in first half of 2006.  Gross margin
improved by nearly 700 basis points in the first half of 2007
compared to the first half of 2006 and our Operating expenses
(including SG&A and R&D) declined by nearly 25% for the same
periods.  We believe we are positioned well for strong systems
growth across all product lines with the Casinolink installed
base expected to grow by approximately 10% to 15% year-over-year
fueled in part by initial placements related to the recent
strategic alliance we entered into with Melco / Elixir; expected
CJS installed base growth of more than 5,000 units in the second
half of 2007; and, table game management systems installed base
growth to 4,000 units by calendar year-end.  Our growing systems
placements are expected to benefit operating results in the
second half of 2007 and future periods will benefit from the
high operating margins associated with these daily recurring
revenues.

"With the sale of our slot business and pending sale of the
table game business, we have classified our anticipated revenues
of US$12 million to US$14 million for the full fiscal 2007 year
and the associated costs from these divisions as discontinued
operations.  As a result of these transactions, we have been
able to reduce headcount and other related costs resulting in
over US$7 million of annualized savings. We are now achieving
annual revenues of approximately US$280,000 per employee, which
is in line with other technology companies and we expect this
metric will continue to grow with our revenues."

                  Webb Litigation Status Update

The period for filing all post trial motions and responsive
pleadings has closed.  Based upon the company's review of the
pleadings, the applicable law, and the strength of its
arguments, the company expects that the Court will rule in the
company's favor and will reverse the jury verdict.  The company
anticipates that oral arguments related to the post-trial
motions will be heard in late 2007.  The posting of any bond
related to the jury verdict is stayed (on hold) unless and until
the Court issues an adverse decision on the motion for new
trial.

In the event that the company needs to file an appeal in this
matter, a supersedeas bond will need to be posted.  Filing a
bond is typical in appellate procedure and is not meant to be
punitive; hence, the company does not anticipate that the amount
of any required bond will be a material portion of the total
verdict.  The bond is meant to provide protection to the
judgment creditor by forcing the appellant to deliberate the
merits of their case before filing an appeal.

The company does not expect final conclusion of these post trial
matters until at least 2008.

                     About Progressive Gaming

Headquartered in Las Vegas, Nevada, Progressive Gaming
International Corporation formerly Mikohn Gaming Corp. is a
supplier of integrated casino management systems software and
games for the gaming industry.

The company has offices in Australia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on March 30, 2007,
Progressive Gaming International Corp. disclosed in a regulatory
filing with the Securities and Exchange Commission that the
company may be forced into bankruptcy if its appeal regarding a
US$43.7 million judgment fails.


PROTON HOLDINGS: VW Now Conducting Diligence Study, PM Says
-----------------------------------------------------------
German auto firm Volkswagen is now conducting due diligence
study on Malaysia's carmaker Proton Holdings for a possible
strategic alliance, Prime Minister Abdullah Ahmad Badawi
confirmed with the AFP news agency.

"And as soon as that is confirmed, then I believe we must tie up
the deal as quickly as possible," he said of VW's study.  AFP
notes that the Prime Miniter's statement is the first official
confirmation that talks between the Asian and European carmakers
were going on.

Prime Minister Badawi also said that it is important for Proton
to be "comfortable" with its potential partner.  He gave no
other details of the possible tie-up.

AFP says that if the alliance will push through, it is expected
to give Proton a boost in efforts to reclaim its top spot in the
local car market as well as help it get a foothold in the
lucrative European market.

                    About Proton Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles, related
spare parts and accessories, holds intellectual property,
provides engineering consultancy, operates single make race
series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter-Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner, in order to boost
sales and become more competitive.

However, the carmaker until now has yet to name a strategic
partner.  On May 23, 2007, the TCR-AP reported that Proton
Holdings may need a government bailout if talks to sell a stake
to a foreign investor continue to falter.


SEOUL NASSAU: Appoints Joint Administrators from PwC
----------------------------------------------------
David Matthew Hammond and Robert William Birchall of
PricewaterhouseCoopers LLP were appointed joint administrators
of Seoul Nassau (U.K.) Ltd. (Company Number 02474197) on Aug. 2.

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

The company can be reached at:

         Seoul Nassau (U.K.) Ltd.
         Unit 1
         Saltley
         Birmingham
         B8 1QE
         England
         Tel: 0121 325 9100


SHAW GROUP: Energy & Chemicals Group Bags Contract in China
-----------------------------------------------------------
The Shaw Group Inc. related that its Energy & Chemicals Group
has been awarded a contract to provide technology and basic
engineering for 500,000 metric tons per annum
ethylbenzene/styrene monomer plant in Tianjin, China, for
Tianjin Dagu Chemical Industry Co. Ltd.

The plant will be located in Tianjin Industrial Park, Lingang
Industry Area, near the city of Tianjin.  Shaw will also provide
procurement services for critical equipment in addition to
training and technical advisory services during plant
construction and start-up.  The value of Shaw's technology and
engineering contract, which will be included in the company's
fourth quarter backlog, is approximately US$50 million.

The new plant will utilize proprietary EBMaxSM and styrene
technologies provided by Badger Licensing, LLC, a joint venture
of affiliates of The Shaw Group Inc. and ExxonMobil Chemical
Company.

"We are pleased that we were selected for this project, which is
the largest ethylbenzene/styrene monomer project undertaken by
Shaw in China," said J.M. Bernhard Jr., chairman, president and
chief executive officer of Shaw.  "China's chemical industry is
growing rapidly, and we look forward to successfully
demonstrating Shaw's ability to offer world class proprietary
technologies and services to our customers."

                     About Shaw Group

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

                       *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.


SIMULACRA LTD: Brings In Administrators from BDO Stoy
-----------------------------------------------------
Andrew Howard Beckingham and Toby Scott Underwood of BDO Stoy
Hayward LLP were appointed joint administrators of Simulcra Ltd.
(Company Number 05853092) on Aug. 2.

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.

The company can be reached at:

         Simulacra Ltd.
         107 High Street
         Winchester
         SO23 9AH
         England
         Tel: 01962 891 111
         Website: http://www.simulacra.com/


SOLO CUP: July 1 Balance Sheet Upside-Down by US$22,854,000
-----------------------------------------------------------
Solo Cup Company had total assets of US$1,399,737,000, total
liabilities of US$1,422,591,000, resulting in total
stockholders' deficit of US$22,854,000 as of July 1, 2007.

The company has reduced its net debt by US$140,500,000 since the
beginning of the year including the retirement of its
US$130,000,000 second lien term loan.  As of July 1, 2007, the
company had in excess of US$100,000,000 of liquidity under its
revolving credit facilities and cash on hand.  Net cash provided
by operating activities during the 26 weeks ended July 1, 2007,
was $29,100,000 compared to net cash used in operating
activities of US$79,900,000 during the first 26 weeks of 2006, a
US$109,000,000 improvement.  Capital expenditures totaled
US$14,900,000 for the 26 weeks ended July 1, 2007 versus
US$29,600,000 during the first 26 weeks of 2006.

In June 2007, the company entered into a lease agreement in
conjunction with the sale of six of its manufacturing
facilities. It received proceeds of US$130,000,000 that were
used to retire the company's second lien credit agreement dated
March 31, 2006, as amended.  Upon the sale of the six
properties, the company immediately leased them back pursuant to
a 20-year term lease.  The Lease contains four five-year renewal
term options.

                    Second Quarter 2007 Results

The company recorded net income of US$3,200,000 for the 13-week
period ended July 1, 2007, compared to a net loss of
US$299,400,000 for the comparable period in 2006.

The company had net sales of US$650,200,000 for the 13 weeks
ended July 1, 2007, versus US$670,300,000 for the 13 weeks ended
July 2, 2006.  Although net sales decreased, gross profit for
the quarter increased from the year ago period by US$4,700,000
to $96,700,000, reflecting a gross margin of 14.9%.  Selling,
general and administrative expenses decreased about
US$8,000,000, or 10.8%, to US$65,900,000 for the 13 weeks ended
July 1, 2007, from US$73,800,000 for the 13 weeks ended July 2,
2006.  Operating income for the second quarter 2007 was
US$32,300,000; excluding a $228,500,000 goodwill impairment
charge taken in the second quarter of 2006, this represents a
US$15,100,000 improvement in operating income over the prior
year.

The decrease in net sales reflects a 5.2% decrease in sales
volume partially offset by a 2.2% increase in average realized
sale price as compared to the 13 weeks ended July 2, 2006.  The
lower volume is a result of the divestiture of the company's
dairy business in Japan in December 2006, which contributed
about US$11,000,000 to net sales in the second quarter of 2006,
as well as a modest volume decrease due to continuing
competitive conditions and the company's ongoing SKU
rationalization efforts.

                    Year-to-Date 2007 Results

For the 26 weeks ended July 1, 2007, the company reported net
sales of US$1,200,000,000, that decreased by about US$40,000,000
over net sales of US$1,240,000,000 for the 26 weeks ended July
2, 2006.  Gross profit year to date is US$143,200,000, compared
to US$145,800,000 year to date in 2006.  Selling, general and
administrative expenses decreased US$16,000,000 this year to
US$125,000,000.  The company reported a net loss for the 26
weeks ended July 1, 2007 of US$35,500,000.

Net sales decreased US$33,300,000, or 2.7%, for the 26 weeks
ended July 1, 2007, compared to the prior year period.  This
decrease reflects a 4.8% decrease in sales volume partially
offset by a 2.1% increase in average realized sales price as
compared to the 26 weeks ended July 2, 2006.  The sale of the
company's Japan dairy business represents about US$21,000,000 of
the decline with the remainder attributed to competitive
pressure and SKU rationalization across product categories.

Year over year, gross profit for the 26 weeks ended July 1,
2007, decreased slightly reflecting raw material costs absorbed
during first quarter 2007 offset by lower freight and
distribution expenses as well as other efficiency improvements
realized during second quarter 2007.  Gross profit for the 26
weeks ended July 2, 2006, included a US$9,800,000 reserve for
spare parts and inventory obsolescence, and US$22,100,000 in
pension curtailment gains.  Excluding these unusual items, the
company's gross margin for the 26 weeks ended July 2, 2006,
would have been 10.8%, compared to gross margin of 11.9% for the
26 weeks ended July 1, 2007.

A full-text copy of the company's second quarter report is
available for free at http://ResearchArchives.com/t/s?2288

"During the second quarter, we saw our employees' efforts in
implementing our performance improvement program begin to
positively impact the bottom line," said Robert M. Korzenski,
chief executive officer.  "We are achieving improvements in our
manufacturing and supply chain operations ahead of schedule, we
are continuing to reduce our SG&A costs and we are doing a
better job managing our working capital.  We also completed a
sale-leaseback transaction during the quarter that reduced our
debt and increased our financial flexibility."

Mr. Korzenski concluded, "We continue to face rising raw
material prices and incur high interest expense while operating
in a competitive environment.  However, our second quarter
results show that our business is growing stronger.  Our
liquidity position continues to improve as we better manage our
cash and working capital, and reduce our net borrowings.  Going
forward, we are focused on receiving fair value for our products
and services while striving for best-in-class service levels,
and continuing to pursue efficiency improvements across the
board.  We intend to maintain our focus on these efforts as the
year progresses."

                      About Solo Cup Company

Solo Cup Company -- http://www.solocup.com/-- manufactures
disposable foodservice products for the consumer/retail,
foodservice, packaging, and international markets.  Solo Cup has
broad expertise in paper, plastic, and foam disposables and
creates brand name products under the Solo, Sweetheart, Fonda,
and Hoffmaster names.  The company was established in 1936 and
has a global presence with facilities in Asia, Canada, United
Kingdom, Mexico, Panama and the United States.

                         *     *     *

As reported in the Troubled Company Reporter on Mar. 13, 2007,
Moody's Investors Service affirmed the 'B3' corporate family
rating of Solo Cup Company and revised the rating outlook to
negative.


SOUTHERN HOTELS: Names Liquidators from Tenon Recovery
------------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of Southern Hotels
Ltd. on Aug. 1 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

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


TROJEN FAN: Hires Liquidators from Moore Stephens
-------------------------------------------------
Mark Bowen and Nigel Price of Moore Stephens LLP were appointed
joint liquidators of Trojen Fan & Fabrication Ltd. on June 9 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


WHOLE FOODS: Extends Wild Oats Tender Offer Until Today
-------------------------------------------------------
Whole Foods Market Inc. extended, until 5:00 p.m., Eastern time,
today, Aug. 20, 2007, the expiration date for its tender offer
to purchase outstanding shares of Wild Oats Markets Inc.

As of the close of business on Aug. 15, 2007, a total of
20,769,895 shares of common stock of Wild Oats, which represent
approximately 69.4% of the 29,926,251 shares that were
outstanding as of July 27, 2007, have been tendered and not
withdrawn pursuant to the tender offer.

On Feb. 21, 2007, Whole Foods Market entered into a merger
agreement with Wild Oats, pursuant to which Whole Foods Market,
through a wholly-owned subsidiary, has commenced a tender offer
to purchase all of the outstanding shares of Wild Oats at a
purchase price of US$18.50 per share in cash.

On June 7, 2007, the Federal Trade Commission filed a suit in
the federal district court to block the proposed acquisition on
antitrust grounds and seeking a temporary restraining order and
preliminary injunction pending a trial on the merits.

Whole Foods Market and Wild Oats consented to a temporary
restraining order pending a hearing on the preliminary
injunction, which concluded on Aug. 1, 2007.  The parties
anticipate receiving a ruling from the federal district court in
mid-August.

                     About Wild Oats Markets

Headquartered in Boulder, Colorado, Wild Oats Markets Inc. --
http://www.wildoats.com/-- is a natural and organic foods
retailer in North America with annual sales of approximately
$1.2 billion.  Wild Oats Markets was founded in Boulder,
Colorado in 1987.  Wild Oats Markets currently operates 110
stores in 24 states and British Columbia, Canada under four
banners: Wild Oats Marketplace (nationwide), Henry's Farmers
Market (Southern California), Sun Harvest (Texas), and Capers
Community Market (British Columbia).

                    About Whole Foods Market

Founded in 1980 in Austin, Texas, Whole Foods Market, Inc.
(NASDAQ: WFMI) -- http://www.wholefoodsmarket.com/-- is a
natural and organic foods supermarket.  In fiscal year 2006, the
company had sales of US$5.6 billion and currently has more than
190 stores in the United States, Canada, and the United Kingdom.

                         *     *     *

As reported in the Troubled Company Reporter on May 1, 2007,
Standard & Poor's Ratings Services said that while the ratings
on Whole Foods Market Inc., including the 'BBB-' corporate
credit rating, currently remain on CreditWatch with negative
implications, where they were placed on Feb. 22, 2007, S&P will
lower the corporate credit rating to 'BB+' from 'BBB-' upon
closure of its acquisition of Wild Oats Inc.  At this time,
ratings will also be removed from CreditWatch.  The outlook will
be stable.


WHOLE FOODS: Court Stops FTC's Appeal for Preliminary Injunction
----------------------------------------------------------------
The U.S. District Court for the District of Columbia has denied
the Federal Trade Commission's request for a preliminary
injunction related to the proposed merger between Whole Foods
Market Inc. and Wild Oats Markets Inc.

"The District Court's ruling affirms our belief that a merger
between Whole Foods and Wild Oats is a winning scenario for all
stakeholders," John Mackey, Chairman, CEO, and co-founder of
Whole Foods Market, said.  "We believe the synergies gained from
this combination will create long term value for customers,
vendors, and shareholders as well as exciting opportunities for
team members."

The FTC may choose to appeal the District Court's ruling and may
seek a stay from either the District Court or the U.S. Court of
Appeals for the District of Columbia Circuit to preclude the
closing of the merger pending the FTC's appeal to the U.S. Court
of Appeals for the District of Columbia Circuit.

Whole Foods Market and Wild Oats Markets have agreed with the
FTC to not close the merger prior to noon, Eastern time, on
Monday, Aug. 20, 2007.  Absent a stay pending appeal, the
companies may close the transaction at any point after noon,
Eastern time, on Monday, August 20, 2007.

"We are very pleased with the court's ruling and always had
confidence that, once presented with the facts, the judge would
rule in favor of this merger," Gregory Mays, Chairman and CEO of
Wild Oats Markets, said.  "We continue to believe this merger is
in the best interest of our stakeholders, as it will mean
significant career opportunities for our store associates,
capital investment in our stores to enhance the shopping
experience for our customers, and value-creation for our
shareholders.  We look forward to closing the transaction."

As reported in the Troubled Company Reporter on Feb. 23, 2007,
Whole Foods Market entered into a merger agreement with Wild
Oats, pursuant to which Whole Foods Market, through a wholly-
owned subsidiary, has commenced a tender offer to purchase all
of the outstanding shares of Wild Oats at a purchase price of
US$18.50 per share in cash.

As previously reported, the FTC filed a suit in the federal
district court to block the proposed acquisition on antitrust
grounds and seeking a temporary restraining order and
preliminary injunction pending a trial on the merits.  Whole
Foods Market and Wild Oats consented to a temporary restraining
order pending a hearing on the preliminary injunction, which
concluded on Aug. 1, 2007.

Whole Foods Market recently extended the expiration date for its
tender offer to purchase outstanding shares of common stock of
Wild Oats to 5:00 p.m., Eastern time, on Aug. 20, 2007.

Whole Foods Market plans to transfer all 35 Henry's and Sun
Harvest store locations, and a Riverside, California
distribution center to a wholly owned subsidiary of Smart &
Final Inc., a Los Angeles-based food retailer, subject to Whole
Foods Market prevailing in the current lawsuit with the U.S.
Federal Trade Commission concerning Whole Foods Market's merger
with Wild Oats Markets and the actual closing of that merger.
The Henry's and Sun Harvest stores are located in California and
Texas.

                     About Wild Oats Markets

Headquartered in Boulder, Colorado, Wild Oats Markets Inc. --
http://www.wildoats.com/-- is a natural and organic foods
retailer in North America with annual sales of approximately
US$1.2 billion.  Wild Oats Markets was founded in Boulder,
Colorado in 1987.  Wild Oats Markets currently operates 110
stores in 24 states and British Columbia, Canada under four
banners: Wild Oats Marketplace (nationwide), Henry's Farmers
Market (Southern California), Sun Harvest (Texas), and Capers
Community Market (British Columbia).

                     About Whole Foods Market

Founded in 1980 in Austin, Texas, Whole Foods Market, Inc.
(NASDAQ: WFMI) -- http://www.wholefoodsmarket.com/-- is a
natural and organic foods supermarket.  In fiscal year 2006, the
company had sales of US$5.6 billion and currently has more than
190 stores in the United States, Canada, and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on May 1, 2007,
Standard & Poor's Ratings Services said that while the ratings
on Whole Foods Market Inc., including the 'BBB-' corporate
credit rating, currently remain on CreditWatch with negative
implications, where they were placed on Feb. 22, 2007, S&P will
lower the corporate credit rating to 'BB+' from 'BBB-' upon
closure of its acquisition of Wild Oats Inc.  At this time,
ratings will also be removed from CreditWatch.  The outlook will
be stable.


* BOND PRICING: For the Week Aug. 13 to Aug. 17, 2007
-----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      60.78
                          0.250    10/14/26     CDN      38.13
Republic of Austria       4.000    06/22/22     EUR      72.55
                          0.396    08/04/25     EUR      65.67
                          5.000    10/10/25     EUR      62.17


FINLAND
-------
Muni Finance PLC          1.000    03/19/13     AUD      73.70
                          0.500    04/26/13     AUD      70.98
                          1.000    11/21/16     NZD      58.16
                          0.500    09/24/20     CDN      55.84
                          0.250    06/28/40     CDN      19.93

FRANCE
------
Accor S.A.                1.750    01/01/08     EUR      58.08
Alcatel S.A.              4.750    01/01/11     EUR      16.27
Altran Technologies S.A.  3.750    01/01/09     EUR      12.46
BNP Paribas               0.250    12/20/14     US$      68.34
CAP Gemini S.A.           2.500    01/01/10     EUR      54.44
                          1.000    01/01/12     EUR      51.33
Club Mediterranee S.A.    3.000    11/01/08     EUR      67.02
                          4.375    11/01/10     EUR      55.25
FCC Rome Alliance
    Funding               2.256    01/08/21     EUR      73.26
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      19.62
Maurel & Prom             3.500    01/01/10     EUR      21.50
Publicis Group            0.750    07/17/08     EUR      32.90
                          1.000    01/18/18     EUR      43.16
Rallye                    3.750    01/01/08     EUR      50.06
Rhodia S.A.               0.500    01/01/14     EUR      44.42
Scor S.A.                 4.125    01/01/10     EUR       2.23
Soc Air France            2.750    04/01/20     EUR      31.63
Soitec                    4.625    12/20/09     EUR      13.82
Thomson (EX-TMM)          1.000    01/01/08     EUR      39.34
Valeo                     2.375    01/01/11     EUR      47.89
Vivendi Universal S.A.    1.750    10/30/08     EUR      32.42
Wavecom S.A.              1.750    01/01/14     EUR      28.84
Wendel Invest S.A.        2.000    06/19/09     EUR      47.26

GERMANY
-------
KfW Bankengruppe          0.500    10/30/13     AUD      67.69
                          0.500    12/19/17     EUR      66.65
                          5.000    05/23/20     EUR      74.42
                          1.250    07/07/20     EUR      71.01
                          1.250    07/29/20     EUR      71.95
                          6.000    07/21/25     EUR      67.64
                          8.000    08/10/30     EUR      65.14
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      41.82
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      57.28

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      71.36

ICELAND
-------
Kaupthing Bank            6.500    02/03/45     EUR      68.94

IRELAND
-------
Depfa ACS Bank            0.500    03/03/25     CDN      47.82
                          0.250    07/08/33     CDN      27.08
Irish Perm Plc            6.125    02/15/35     EUR      66.20
Magnolia Finance IV Plc   1.050    12/20/45     US$      27.01

ITALY
-----
Dexia Crediop S.p.A.      0.000    03/15/16     EUR      76.92

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      61.11
                          0.500    02/24/25     CDN      45.51
EM.TV Finance B.V.        5.250    05/08/13     EUR       5.95
Energy Group O/S          7.425    10/15/17     US$      35.00
KBC Ifima B.V.            3.500    02/07/25     US$      73.50
Lehman Bros TSY B.V.      2.000    02/16/15     EUR      74.18
                          6.000    02/15/35     EUR      73.58
                          8.250    03/16/35     EUR      62.15
                          7.000    05/17/35     EUR      69.50
                          7.250    10/05/35     EUR      59.58
                          6.000    11/02/35     EUR      62.20
Ned Waterschapbk          6.000    06/01/35     EUR      72.51
                          6.500    08/15/35     EUR      65.17
                          6.000    06/30/45     EUR      67.94
Rabobank Groep N.V.       6.000    04/08/20     EUR      73.08
                          3.100    11/15/24     US$      74.08
                          6.000    02/22/35     EUR      70.64
                          2.000    02/23/35     EUR      62.61
                          7.000    02/28/35     EUR      69.99
                          7.000    03/23/35     EUR      65.73
                          6.000    05/09/35     EUR      73.08

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      70.48

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      71.32

SWITZERLAND
-----------
UBS AG                    1.000     01/25/12    NZD      75.01
                          1.000     02/27/12    NZD      74.64
                          1.000     03/28/12    NZD      74.24
                          1.000     06/28/12    NZD      73.18
                          1.000     07/30/12    NZD      73.82

TURKEY
------
Republic of Turkey       14.000     01/19/11    TRY      90.64

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      55.36
HBOS Treasury
   Services Plc           6.000     02/07/35    EUR      72.38
National Grid Gas Plc     1.754     10/17/36    GBP      46.30
                          1.771     03/30/37    GBP      46.26
Royal BK Scotland Plc     0.250     03/27/14    US$      72.22
                          7.000     06/09/25    EUR      64.16
TXU Eastern Finance Plc   6.750     05/15/09    US$       5.63
Wessex Water Finance Plc  1.369     07/31/57    GBP      30.96


                            *********

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

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

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

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

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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien 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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