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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

            Friday, September 7, 2007, Vol. 8, No. 178   

                            Headlines


A U S T R I A

APARTNER IMMOBILIEN: Claims Registration Period Ends Sept. 26
CAR-PHOENYX LLC: Claims Registration Period Ends Sept. 26
EGOTH VERLAG: Claims Registration Period Ends Sept. 26
EK LLC: Claims Registration Period Ends Sept. 26
EKP LLC: Claims Registration Period Ends Sept. 26

HAUSVERWALTUNG JUDEX: Claims Registration Period Ends Sept. 25
NEUBERGERS SOEHNE: Claims Registration Period Ends Sept. 25
WERTKONZEPT LLC: Claims Registration Period Ends Sept. 24


D E N M A R K

KNOLL INC: Paying US$0.11/Share Cash Dividend on Sept. 28


F I N L A N D

QUEBECOR WORLD: Moody's Downgrades Corporate Family Rating to B3


F R A N C E

ARROW ELECTRONICS: Closes Centia & AKS Acqusition for US$32 Mln
DELPHI CORP: Settles with GM; Files Reorganization Plan


G E R M A N Y

AUTOHANDELSGESELLSCHAFT GEBRUEDER: Claims Filing Due Sept. 27
B&B BRAND: Claims Registration Period Ends Oct. 5
CARE UMWELTTECHNOLOGIE: Claims Registration Ends October 2
CLEMENS GRIESOPH: Creditors' Meeting Slated for October 5
DIE PERLE: Creditors Must File Claims by October 15

E.& E. MESSE-SERVICE: Creditors Must Register Claims by Oct. 12
EURO-FUELSYSTEM GMBH: Creditors Must Register Claims by Oct. 17
EWALD SCHAEFER: Claims Registration Ends October 2
FLIESENAUSFUEHRUNG WINFRIED: Claims Period Ends Oct. 4
FOOD-IMEX GMBH: Creditors Must Register Claims by October 16

FTR SEDDINER: Creditors Must Register Claims by October 18
GALAMONT BAU GMBH: Claims Registration Ends Sept. 27
GARANT SCHUH: Creditors Approve Insolvency Plan
GVA GEBAUDE: Claims Registration Period Ends Sept. 28
HASCHKE GMBH: Claims Registration Period Ends Oct. 4

HIB HALLEN: Claims Registration Period Ends Oct. 1
HN-BAUPARTNER- GMBH: Creditors' Meeting Slated for November 1
IM STOPPING: Files for Insolvency After Film Investor Default
INDUMARE MARINE: Creditors Must Register Claims by October 12
INNOVA LOGISTIK: Creditors' Meeting Slated for October 17

K. KRETZNER: Claims Registration Ends Sept. 26
KLEENOTHEK HANDELS: Creditors Must Register Claims by October 5
KRAUTERHOF DREI: Claims Registration Period Ends Sept. 28
MEDIASTORE GMBH: Claims Registration Ends October 22
MG-SWISS GASTRONOMIE: Claims Registration Ends October 1

OEKO BAUCONSULT: Claims Registration Ends October 12
POS SCHWALM: Creditors Must Register Claims by October 31
PRO-NIGHT SCHLAFRAUMMOEBEL: Creditors Must File Claims October 4
REINARTZ ASPHALT: Creditors Must File Claims by October 10
SAXONA HAUSMEISTERDIENSTE: Claims Registration Ends October 22

TRAUTWEIN GMBH: Claims Registration Ends October 2
VERWALTUNGSGESELLSCHAFT MBH: Claims Registration Ends October 4
VIDEOTHEKENPARADIES: Claims Registration Period Ends Oct. 2
VISTEON CORP: Completes Sale of Powertrain Business in India
VIVA LEDERPOLSTERMOEBEL: Creditors Must File Claims by October 4

WON GMBH: Claims Registration Period Ends Oct. 1


G R E E C E

EASTMAN KODAK: Extends Five-Year Market Deal with Lexar Media


H U N G A R Y

GUESS? INC: Earns US$37.5 Million in Second Quarter Ended Aug. 4


I R E L A N D

AFFILIATED COMPUTER: Renews Parking Services Contract w/ Boston


I T A L Y

DANA CORP: Wants Court Approval on Chrysler Settlement Agreement
DANA CORP: Wants Court Nod on the Ford Commercial Agreements
NEWPARK RESOURCES: Closes SEM Construction Acquisition


K A Z A K H S T A N

AKSAISTROYINDUSTRY LLP: Claims Deadline Slated for Oct. 16
AMIKA LLP: Creditors Must File Claims Oct. 16
ATYRAU-BIS LLP: Claims Filing Period Ends Oct. 17
COMPA LLP: Creditors' Claims Due on Oct. 17
KAZAKHGAS CJSC: Claims Registration Ends Oct. 16

MBA & CO.: Proof of Claim Deadline Slated for Oct. 17
SHANYRAK HYDRO-ELECTRICAL: Creditors Must File Claims Oct. 17
TARAZ NUR: Claims Filing Period Ends Oct. 16


K Y R G Y Z S T A N

SION LLC: Proof of Claim Deadline Slated for October 17


N E T H E R L A N D S

GLOBAL POWER: Balks at Energy Companies' US$200 Million Claims


N O R W A Y

DRESSER-RAND: S&P Rates US$500 Mln Sr. Revolving Facility at BB-
GEOKINETICS INC: Names Jim White & Lee Parker as Exec. Officers


R U S S I A

AOEIE IRKUTSKENERGO: Moody's Assigns B1 Corporate Family Rating
BUILDER OJSC: Creditors Must File Claims by Sept. 11
DYATKOVSKIY CHRYSTAL: Creditors Must File Claims by Oct. 11
HYNIX SEMICON: Creditors Tap Credit Suisse to Advise on Stake
KAM-TRANS-STROY: Creditors Must File Claims by Oct. 11

KURKINSKIY BAKERY: Creditors Must File Claims by Oct. 11
MAGISTRAL LLC: Creditors Must File Claims by Oct. 11
NITROGEN CJSC: Creditors Must File Claims by Sept. 11
PRODUCTION-BUILDING: Creditors Must File Claims by Oct. 11
RODINA CJSC: Bidding Deadline Slated for Sept. 10

ROSBANK OJSC: S&P Lifts Ratings to BB- on Improved Profile
RUSFINANCE BANK: S&P Hikes Ratings to BB+ on Parent Support
TITAN PETROCHEMICALS: Second-Half Profit Doubles on Ship Sales
TRAKT LLC: Creditors Must File Claims by Sept. 11
VICTORY OJSC: Altay Bankruptcy Hearing Slated for Sept. 24

VOLGA-CENTRE CJSC: Court Starts Bankruptcy Supervision Procedure
VOSTOK-UMR CJSC: Creditors Must File Claims by Sept. 11
VOSTOK-SMU-3: Creditors Must File Claims by Sept. 11
YAYVINSKIY WOOD-PROM-KHOZ: Claims Filing Period Ends Sept. 11
ZAVODOUKOVSKIY SPIRIT-VODKA: Claims Filing Period Ends Sept. 11


S W I T Z E R L A N D

ALIASOS TRADING: Creditors' Liquidation Claims Due September 13
ALLSOFT JSC: Basel Court Closes Bankruptcy Proceedings
BKP TECHNIK: Creditors' Liquidation Claims Due September 19
GAFIMA JSC: Creditors' Liquidation Claims Due September 17
KEYMILE HOLDING: Creditors' Liquidation Claims Due September 13

LUIGI BAU: Lucerne Court Starts Bankruptcy Proceedings
PADOPAR JSC: Creditors' Liquidation Claims Due September 19
PURE DISTRIBUTING: Zug Court Starts Bankruptcy Proceedings
QB QUARZSAND: Creditors' Liquidation Claims Due September 13
RESTAURANT SCHWANEN: Creditors' Liquidation Claims Due Sept. 12

RVA JSC: Basel Court Closes Bankruptcy Proceedings
SANFA JSC: Aargau Court Closes Bankruptcy Proceedings
SEOB CYCLING: Creditors' Liquidation Claims Due September 13
WEMP HANDEL: Creditors' Liquidation Claims Due September 12
WODEMA JSC: Creditors' Liquidation Claims Due September 17


U K R A I N E

BENT OF UKRAINE: Claims Submission Deadline Set September 8
ENERGY INDUSTRY: Creditors Must File Claims by September 8
GOLDEN PASS: Creditors Must File Claims by September 8
KERCH MOTOGAS: Creditors Must File Claims by September 8
KONTINENTAL TRANSPORT: Creditors Must File Claims by September 8

MAGNETIC SYSTEMS: Creditors Must File Claims by September 8
PROGRESS LLC: Creditors Must File Claims by September 8
SUMY-ARKA JSC: Creditors Must File Claims by September 8
TEMIX CJSC: Claims Submission Deadline Set September 8


U N I T E D   K I N G D O M

A AND K: Names Ian William Kings Liquidator
ALLIANCE BOOTS: Extreme Leverage Cues S&P’s Watch on BB- Ratings
BASIS YIELD: Files Chapter 15 Petition in S.D. New York
BASIS YIELD: Chapter 15 Petition Summary
BASIS YIELD: Obtains Automatic Stay from Cayman Islands Court

BUZ PUBLISHING: Taps A. Poxon to Liquidate Assets
CHOICESUK PLC: Sells Local & Direct Businesses to Findel Plc
CORUS GROUP: S&P Withdraws Ratings on Takeover Completion
CRISP UK.NET: Brings In Liquidators from BDO Stoy Hayward
DDHE SERVICES: Claims Filing Period Ends September 28

FEDERAL-MOGUL: 40 Plan Objections Filed as of August 21
FORD MOTOR: Offers Up to US$1,000 Bonus in “Swap Your Ride” Deal
GE JENNINGS: Calls In Liquidators from Vantis Business Recovery
GENERAL MOTORS: Inks Settlement Agreement with Delphi Corp.
GILBRAITH TANKERS: J. M. Titley Leads Liquidation Procedure

LONSWISS LTD: Appoints Keith Aleric Stevens as Liquidator
MEOPHAM MEATS: Names Ian Mark Defty Liquidator
NDNT LTD: Taps Liquidators from BDO Stoy Hayward LLP
NG BARS: Joint Liquidators Take Over Operations
NITRO COURIER: Brings In Liquidators from Vantis plc

QZERO SYSTEMS: Hires Liquidator from Wilkins Kennedy
SANDUSKY WALMSLEY: Taps Liquidators from PricewaterhouseCoopers
SDH REALISATIONS: Creditors' Meeting Slated for Sept. 19
SOLO CUP: Fitch Affirms Junk Rating on Senior Subordinated Notes
SOUTH WEST: Appoints Liquidator from Wilkins Kennedy

TATA MOTORS: Reports Slight Decrease in August 2007 Sales
TITAN EUROPE: S&P Puts B Ratings on Watch on Interest Shortfalls
TYSON FOODS: CEO Richard Bond Outlines Financial Turnaround
VOICE CORPORATION: Calls In Liquidators from Tenon Recovery

* BOOK REVIEW: Competition in the Health Care Sector: Past,
               Present, and Future: Proceedings of a Conference
               Sponsored by the Bureau of Economics, Federal
               Trade Commission, March 1978

                            *********

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A U S T R I A
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APARTNER IMMOBILIEN: Claims Registration Period Ends Sept. 26
-------------------------------------------------------------
Creditors owed money by LLC APartner Immobilien Service (FN
228861k) have until Sept. 26 to file written proofs of claim to
court-appointed estate administrator Christiane Pirker at:

         Dr. Christiane Pirker
         Hasenhutgasse 9
         Haus 3
         1120 Vienna
         Austria
         Tel: 817 5757, 817 5767
         Fax: 817 575517

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:50 a.m. on Oct. 10 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 9 (Bankr. Case No. 2 S 107/07h).  


CAR-PHOENYX LLC: Claims Registration Period Ends Sept. 26
---------------------------------------------------------
Creditors owed money by LLC Car-Phoenyx (FN 268680v) have until
Sept. 26 to file written proofs of claim to court-appointed
estate administrator Alexander Gruber at:

         Dr. Alexander Gruber
         Wipplingerstrasse 20
         1010 Vienna
         Austria
         Tel:   533 14 17

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:10 a.m. on Oct. 10 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 7 (Bankr. Case No. 2 S 106/07m).  


EGOTH VERLAG: Claims Registration Period Ends Sept. 26
------------------------------------------------------
Creditors owed money by LLC egoth Verlag (FN 278021f) have until
Sept. 26 to file written proofs of claim to court-appointed
estate administrator Nikolaus Vogt at:

         Mag. Nikolaus Vogt
         c/o Dr. Leopold Riess
         Zeltgasse 3/13
         1080 Vienna
         Austria
         Tel: 402 57 01 33
         Fax: 402 57 01-57

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on Oct. 10 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 8 (Bankr. Case No. 2 S 97/07p).  Leopold Riess
represents Mag. Vogt in the bankruptcy proceedings.


EK LLC: Claims Registration Period Ends Sept. 26
------------------------------------------------
Creditors owed money by LLC EK (FN 128520a) have until Sept. 26
to file written proofs of claim to court-appointed estate
administrator Gerhard Bauer at:

         Mag. Gerhard Bauer
         Mahlerstrasse 7
         1010 Vienna
         Austria
         Tel:  512 97 06

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on Oct. 10 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 9 (Bankr. Case No. 2 S 109/07b).  


EKP LLC: Claims Registration Period Ends Sept. 26
-------------------------------------------------
Creditors owed money by LLC EKP (fka LLC Phoenix Supperclub) (FN
284231m) have until Sept. 26 to file written proofs of claim to
court-appointed estate administrator Georg Kahlig at:

         Dr. Georg Kahlig
         c/o Mag. Gerhard Stauder
         Siebensterngasse 42/3
         1070 Vienna
         Austria
         Tel: 523 47 91-0  

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

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 6 (Bankr. Case No. 2 S 103/07w).  Gerhard Stauder
represents Dr. Kahlig in the bankruptcy proceedings.


HAUSVERWALTUNG JUDEX: Claims Registration Period Ends Sept. 25
--------------------------------------------------------------
Creditors owed money by LLC Hausverwaltung Judex & Co (FN
57841k) have until Sept. 25 to file written proofs of claim to
court-appointed estate administrator Thomas Engelhart at:

         Dr. Thomas Engelhart
         c/o Mag. Daniel Lampersberger
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30
         Fax: 712 33 30 30  

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

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1609
         16th Floor
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 6 (Bankr. Case No. 38 S 39/07y).  Daniel Lampersberger
represents Dr. Engelhart in the bankruptcy proceedings.


NEUBERGERS SOEHNE: Claims Registration Period Ends Sept. 25
-----------------------------------------------------------
Creditors owed money by LLC Neubergers Soehne (FN 122580s) have
until Sept. 25 to file written proofs of claim to court-
appointed estate administrator Walter Kainz at:

         Dr. Walter Kainz
         c/o Dr. Eva Wexberg
         Gusshausstrasse 23
         1040 Vienna
         Austria
         Tel: 505 88 31
         Fax: 505 94 94

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

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1609
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 9 (Bankr. Case No. 38 S 44/07h).  Eva Wexberg represents
Dr. Kainz in the bankruptcy proceedings.


WERTKONZEPT LLC: Claims Registration Period Ends Sept. 24
---------------------------------------------------------
Creditors owed money by LLC Wertkonzept (FN 75855b) have until
Sept. 24 to file written proofs of claim to court-appointed
estate administrator Bernhard Humer at:

         Dr. Bernhard Humer
         City Tower
         Second Floor
         Lastenstrasse 36
         4020 Linz
         Austria  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Oct. 8 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Linz
         Room 522
         Fifth Floor
         Linz
         Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Aug. 6 (Bankr. Case No. 12 S 64/07k).  


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


KNOLL INC: Paying US$0.11/Share Cash Dividend on Sept. 28
---------------------------------------------------------
Knoll Inc.'s board of directors declared a quarterly cash
dividend of US$0.11 per share payable Sept. 28, 2007, to
stockholders of record as of Sept. 14, 2007.
    
Based in East Greenville, Pennsylvania, Knoll Inc. (NYSE: KNL)
-- http://www.knoll.com/-- designs and manufactures branded  
office furniture products and textiles, serves clients
worldwide.  It distributes its products through a network of
more than 300 dealerships and 100 showrooms and regional
offices.  The company has locations in Argentina, Australia,
Bahamas, Cayman Islands, China, Colombia, Denmark, Finland,
Greece, Hong Kong, India, Indonesia, Japan, Korea, Malaysia,
Philippines, Poland, Portugal and Singapore, among others.

                            *   *   *

Moody's Investors Service assigned a B1 corporate family rating
to Knoll Inc.  At the same time, the company's US$200 million
senior secured revolver was rated B1 and its US$250 million
senior secured term loan was rated Ba2.


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


QUEBECOR WORLD: Moody's Downgrades Corporate Family Rating to B3
----------------------------------------------------------------
Moody's Investors Service downgraded Quebecor World Inc.'s
corporate family rating to B3 from B2 and the senior unsecured
ratings for subsidiary companies, Quebecor World Capital
Corporation and Quebecor World Capital ULC, also to B3 from B2,
on concerns that deteriorating business conditions will
adversely affect margins for an extended period with free cash
generation and debt reduction significantly deferred.

In addition, with the company having disclosed it may require
further accommodation from its bank lenders, there is
significant uncertainty as to how this will impact ongoing
access to liquidity.  With this, in turn, potentially impacting
the company's ability to address its operational issues, the
ratings outlook remains negative.  This covenant compliance
matter was a component of Moody's June 18, 2007, downgrade of
Quebecor World's speculative grade liquidity rating to SGL-4
(indicating weak liquidity).  However, given the passage of time
and the continued lack of resolution, and now, very difficult
credit market conditions, the company's liquidity position has
deteriorated and weighs against the long term debt ratings.  
This may have further ratings' impact if not addressed
satisfactorily.

Downgrades:

Issuer: Quebecor World, Inc.

  -- Corporate Family Rating, Downgraded to B3 from B2

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to B3
     (LGD4, 55) from B2 (LGD4, 50)

Issuer: Quebecor World Capital Corporation

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to B3
     (LGD4, 55) from B2 (LGD4, 50)

Issuer: Quebecor World Capital ULC

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to B3
     (LGD4, 55) from B2 (LGD4, 50)

Withdrawals:

Issuer: Quebecor World (USA) Inc.

  -- Senior Subordinated Conv./Exch. Bond/Debenture, Withdrawn,
     previously rated Caa1 (LGD6, 94)

Moody's had previously expected QWI's 2007 TD/EBITDA to exceed
7x. It was also expected that 2007 FCF would be materially
negative. However, it now appears that margin pressure will
cause TD/EBITDA to approach 8x, and, assuming that revenue and
margins can improve in 2008 and beyond, and, at the same time,
that capital expenditures return to maintenance levels, it will
be 2009 before the company may be able to generate positive free
cash flow.

While certain other credit metrics are expected to provide
rating signals supporting a higher rating, Moody's will focus on
free cash flow and debt reduction until such time as the company
demonstrates a sustainable ability to repay debt from internal
sources.  Similarly, until the company implements a
comprehensive liquidity plan that includes credit facilities
that provide substantial funding, are committed for an extended
period, and are accessible at all times, the company's ability
to execute its business plan will be viewed as somewhat limited
and there will be an adverse ratings impact.

Quebecor World Inc. -- http://www.quebecorworld.com/-- provides  
print solutions to publishers, retailers, catalogers and other
businesses with marketing and advertising activities.  Quebecor
World has approximately 29,000 employees working in more than
120 printing and related facilities in the United States,
Canada, Argentina, Austria, Belgium, Brazil, Chile, Colombia,
Finland, France, India, Mexico, Peru, Spain, Sweden, Switzerland
and the United Kingdom.


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


ARROW ELECTRONICS: Closes Centia & AKS Acqusition for US$32 Mln
---------------------------------------------------------------
Arrow Electronics Inc. has completed its previously announced
acquisition of Centia Group Limited and AKS Group Nordic AB
(Centia/AKS) for a purchase price of approximately US$32
million, including the assumption of debt.

"We are excited by the opportunities that the acquisition of
Centia/AKS, Europe's leading specialty distributors of access
infrastructure, security and virtualization software solutions,
brings to our enterprise computing solutions business.  This
transaction further strengthens our strategic focus on the fast-
growing software market segment and diversifies our product
portfolio in the European region, just as Alternative
Technology, Inc. enhanced our capabilities in North America,"
said Kevin Gilroy, president, Arrow Enterprise Computing
Solutions.

Centia/AKS has over 120 employees throughout Denmark, Finland,
France, Germany, Great Britain, the Netherlands, Norway and
Sweden.  The joint linecard includes leading suppliers such as
Citrix, VMware, and RSA.  Centia/AKS support value-added
resellers in delivering solutions that optimize, accelerate,
monitor and secure an end user's IT environment.  Total sales
for 2007 are expected to exceed US$120 million.

                  About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics Inc.
-- http://www.arrow.com/-- provides products, services and
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

                       *     *     *

As reported on March 30, 2007, Moody's affirmed Arrow
Electronics' senior preferred stock at Ba2 and senior
subordinated stock at Ba1.

Arrow Electronics carries Fitch's 'BB+' issuer default rating.
The company's senior unsecured notes and senior unsecured bank
credit facility also carry Fitch's 'BB+' rating.  Fitch said the
rating outlook is positive.


DELPHI CORP: Settles with GM; Files Reorganization Plan
-------------------------------------------------------
Delphi Corp. signed definitive settlement and restructuring
agreements with General Motors Corp. and filed its proposed
Joint Plan of Reorganization and related Disclosure Statement
with the U.S. Bankruptcy Court for the Southern District of New
York.

Delphi's comprehensive settlement with GM resolves all
outstanding issues between Delphi and GM including: litigation
commenced in March 2006, by Delphi, to terminate certain supply
agreements with GM; all potential claims and disputes with GM
arising out of the separation of Delphi from GM in 1999; certain
post-separation claims and disputes between Delphi and GM; the
proofs of claim filed by GM against Delphi in Delphi's Chapter
11 cases; GM's treatment under Delphi's proposed plan of
reorganization; and various other legacy and ordinary course
business matters between the companies.

The proposed Plan and related Disclosure Statement includes
detailed information regarding the treatment of claims and
interests, the company's five-year business plan, events leading
up to and during Delphi's Chapter 11 cases, and an outline of
the plan investor agreement and rights offering.  Delphi's
emergence timetable calls for the company to obtain exit
financing commitments early in the fourth quarter of 2007.

The proposed plan also outlines Delphi's transformation
centering around five core areas:

   -- Agreements reached with all principal U.S. labor unions
      which create a competitive arena in which to conduct its
      business;

   -- Agreements with General Motors outlining its financial
      support for certain legacy and labor costs and certain
      future business commitments to Delphi;

   -- Delphi's future product portfolio and manufacturing
      footprint;

   -- Delphi's planned transformation of its salaried workforce
      and progress in reducing SG&A to support its realigned
      portfolio; and

   -- Delphi's plans to fund its U.S. defined benefit programs.

"The filing of Delphi's Plan of Reorganization and Disclosure
Statement is a significant milestone for our company," Rodney
O'Neal, Delphi CEO and president, said.  "Each of the numerous
moving pieces to our transformation are coming together.  In
recent months, we have announced a new equity investment
agreement with our Plan Investors and agreed on consensual
distributions with our Statutory Committees for both our
creditors and equity holders.  Additionally, we completed our
labor transformation with our six U.S. unions, settled complex
multi-district ERISA and securities litigation, and finalized
comprehensive settlement and restructuring agreements with GM.  
While achieving these transformation objectives, we also
continued to support our customers and deliver operational
excellence every step of the way.  Delphi has made great
progress toward its stated transformation goals and is intensely
focused on completing the remaining items in order to
successfully emerge from Chapter 11 as a more competitive
technology leader."

               Plan of Reorganization Framework

Delphi's plan of reorganization is based upon a series of global
settlements and compromises that involve every major group of
constituents in Delphi's reorganization cases, including:
Delphi, its principal U.S. labor unions, GM, the statutory
creditors' and equity holders' committees appointed in Delphi's
Chapter 11 cases and the lead plaintiffs in certain securities
and ERISA multidistrict litigation.

The Plan provides for a recovery through a plan distribution of
reorganized Delphi common stock and cash amounting to the
principal amount of the claim plus accrued interest at a
negotiated plan value for general unsecured creditors, and
agreed upon distributions to other classes of creditors and
interests.  GM will receive a $2.7 billion cash distribution in
satisfaction of certain of its claims against Delphi.  As part
of the settlement of the multidistrict ERISA and securities
litigation, distributions will be made under three plan classes
using plan currency in the same form, ratio, and treatment as
what will be used to satisfy the holders of general unsecured
claims.  Allowed claims and interests for these three plan
classes total $24.5 million for the ERISA plan class and a total
of $204 million for the debt securities class and the common
stock securities class.  Holders of existing Delphi common stock
will receive a distribution of shares of reorganized Delphi,
five-year warrants exercisable to purchase shares of reorganized
Delphi, and transferable and non-transferable subscription
rights to purchase shares of reorganized Delphi.

The settlements embodied by the Plan feature rights offerings
that will be conducted after confirmation of the Plan and which
will allow Delphi's common stockholders, who are holders of
shares of Delphi common stock as of the date when the
Confirmation Hearing commences, to purchase,

   (i) through the exercise of transferable rights,
       approximately 28% of the common stock of reorganized  
       Delphi at a discount to the negotiated plan value, and

  (ii) through the exercise of non-transferable rights, up to
       $572 million worth of shares (in the aggregate) of
       reorganized Delphi at the negotiated plan enterprise
       value price of $45 per share.

The rights offerings are expected to commence following
confirmation of Delphi's plan of reorganization and conclude 30
days thereafter prior to Delphi's emergence from Chapter 11
reorganization.

The rights will be issued only to those individuals who are
holders of Delphi's existing common stock as of the date the
Confirmation Hearing commences and after the Bankruptcy Court
has confirmed the company's Plan and the SEC has approved
Delphi's registration statement for the Rights Offerings.

                     Labor Transformation

Delphi previously negotiated and signed Memoranda of
Understanding with each of its six U.S. unions and GM covering
site plans, workforce transition as well as other comprehensive
transformational issues.  In addition, pursuant to the attrition
agreements, over 24,000 employees voluntarily retired, accepted
buy outs or opted to flow back to GM within provisions of
negotiated attrition plans.  Delphi will continue to own and
operate four UAW-represented sites, three IUE-CWA-represented
sites and one USW-represented site.  Additionally, 25 North
American sites will be sold or closed.

                    GM Settlement Agreements

Pursuant to the company's Plan, subject to Bankruptcy Court
approval as part of the plan confirmation process, Delphi and GM
have entered into comprehensive settlement agreements consisting
of a Global Settlement Agreement.  Most obligations set forth in
the GSA are to be performed upon the occurrence of the Effective
Date of the Plan or as soon as reasonably possible after.  By
contrast, resolution of most of the matters addressed in the MRA
will require a significantly longer period that will extend for
a number of years after confirmation of the Plan.

The GSA is intended to resolve outstanding issues among Delphi
and GM that have arisen or may arise before Delphi's emergence
from Chapter 11, and will be implemented by Delphi and GM in the
short term.  The GSA addresses, among other things, commitments
by Delphi and GM regarding OPEB and pension obligations, other
GM contributions with respect to labor matters, releases, and
claims treatment.

   -- GM will make significant contributions to cover costs  
      associated with certain post-retirement benefits for
      certain of the company's active and retired hourly
      employees, including health care and life insurance;

   -- Delphi will freeze its Hourly Pension Plan as soon as
      possible following the Effective Date, as provided in the
      union settlement agreements, and GM's Hourly Pension Plan
      will become responsible for certain future costs related
      to Delphi's Hourly Pension Plan;

   -- Delphi will transfer certain assets and liabilities of
      its Hourly Pension Plan to the GM Hourly Pension Plan, as
      set forth in the union term sheets;

   -- Shortly after the effective date, GM will receive an
      interest bearing note from Delphi in the amount of
      $1.5 billion to be paid within 10 days of its issuance;

   -- GM will make significant contributions to Delphi to fund
      various special attrition programs, consistent with the
      provisions of the union Memorandum of Understanding;

   -- GM and certain related parties and Delphi and certain
      related parties will exchange broad, global releases
      (which will not apply to certain surviving claims as set
      forth in the GSA); and

   -- On the Effective Date, subject to certain surviving
      claims in the GSA and in satisfaction of various GM
      claims, Delphi will pay GM $2.7 billion, and the GM Proof
      of Claim will be settled.

The MRA is intended to govern certain aspects of Delphi and GM's
commercial relationship following Delphi's emergence from
Chapter 11.  The MRA addresses, among other things, the scope of
GM's existing and future business awards to Delphi and related
pricing agreements and sourcing arrangements, GM commitments
with respect to reimbursement of specified ongoing labor costs,
the disposition of certain Delphi facilities, and the treatment
of existing agreements between Delphi and GM.

Through the MRA, Delphi and GM have agreed to certain terms and
conditions governing, among other things:
     
   -- the scope of existing business awards, related pricing
      agreements, and extensions of certain existing supply
      agreements;

   -- GM's ability to move production to alternative suppliers;
      and

   -- Reorganized Delphi's rights to bid and qualify for new
      business awards.

   a) GM will make significant, ongoing contributions to Delphi
      and Reorganized Delphi to reimburse the company for labor
      costs in excess of $26 per hour at specified
      manufacturing facilities;

   b) GM and Delphi have agreed to certain terms and conditions
      concerning the sale of certain of its non-core
      businesses;

   c) GM and Delphi have agreed to certain additional terms and
      conditions if certain of its businesses and facilities
      are not sold or wound down by certain future dates; and

   d) GM and Delphi have agreed to the treatment of certain
      contracts between Delphi and GM arising from Delphi's
      separation from GM and other contracts between Delphi and
      GM.

                       Product Portfolio

Delphi plans to focus its product portfolio on those core
technologies for which the company has significant competitive
advantages and can provide the greatest support and
differentiation to its customers in automotive, aftermarket,
consumer electronics, and adjacent markets such as commercial
vehicles, medical systems, computers, aerospace and
transportation products.  To that end, the company is focusing
the organization on these core strategic product lines:

   -- Controls & Security (Body Security, Mechatronics, and
      Displays);

   -- Electrical/Electronic Architecture (Electrical/Electronic
      Distribution Systems, Connection Systems, and Electrical
      Centers);

   -- Entertainment & Communications (Audio, Navigation, and
      Telematics);

   -- Powertrain (Diesel and Gas Engine Management Systems);

   -- Safety (Occupant Protection and Safety Electronics); and

   -- Thermal (Climate Control & Powertrain Cooling).

During these Chapter 11 cases, Delphi has made substantial
progress in identifying and implementing the sale (or receiving
Bankruptcy Court approval to sell) or wind down of those
facilities and business lines that do not support the company's
future strategic framework, including:

   -- The sale of the brake hose manufacturing business in
      Dayton, Ohio to Harco Manufacturing Group, LLC.

   -- The settlement of a social plan in the "Concurso," or
      Spanish insolvency proceeding, of Delphi Automotive
      Systems Espana S.L.;

   -- The sale of the brake components business, including a
      manufacturing plant in Saltillo, Mexico, to Robert Bosch
      LLC and its affiliate Frenados Mexicanos, S.A. de C.V.;

   -- The sale of substantially all of the assets of
      MobileAria, Inc. to Wireless Matrix USA, Inc.;

   -- The sale of a battery manufacturing facility in New
      Brunswick, New Jersey, to Johnson Controls, Inc.;

   -- The wind-down of a Delphi Medical Texas facility in
      Houston, Texas;

   -- The consolidation of fuel injector production in
      Rochester, New York during 2006-2007, which allowed the
      Debtors to wind down a manufacturing facility in
      Coopersville, Michigan; and

  -- The sale of the catalyst business to Umicore.

The company has also been in discussions regarding the sale of
Delphi's Steering, Bearings and Interior and Closures
businesses.  The company will continue with its stated plans to
sell or wind-down additional non-core product lines and
manufacturing sites through 2008.

                   Salaried Restructuring

On Jan. 1, 2007, Delphi implemented a new organizational
structure surrounding the company's Product Business Units to
increase focus on the product and customer.  As part of its
organizational restructuring, Delphi previously announced that
it expects to reduce its global salaried workforce by as many as
8,500 employees.  In addition, Delphi has commenced the
implemention of an SG&A cost savings plan, which should realize
savings of approximately $450 million per year (in addition to
savings realized from competitive measures planned for its core
businesses and the disposition of non-core assets) and includes
these initiatives:

   -- streamlining of the corporate structure of the
      organization;

   -- streamlining of divisional/product business units' SG&A
      in finance, human resources, and customer interaction
      processes;

   -- transformation of information technologies, the creation
      of information technologies shared services and the
      exploration of other opportunities to reduce costs; and

   -- creation of a finance, human resources, and sales shared
      services organization.

Also, as part of its equity investment agreement, Delphi is
implementing a competitively-benchmarked executive compensation
program for its continuing salaried executives as part of its
plan of reorganization and emergence from Chapter 11.

                       Pension Plans

One of Delphi's principal goals throughout Chapter 11 was to
retain the benefits accrued under the existing defined benefit
U.S. pension plans for both the hourly and salaried workforce.  
To accomplish this, Delphi will freeze the current hourly and
salaried U.S. pension plans as of the first of the month
following the Effective Date of the Plan and replace them with
contemporary plans.

As part of the resolution of its pension issues, Delphi obtained
temporary waivers of its minimum funding requirements from the
IRS and the PBGC, under the hourly plan and the salaried plan.  
By obtaining the waivers, Delphi can delay its minimum funding
requirements from June 15, 2007, through the expected Effective
Date of its Plan of Reorganization.

Delphi will also facilitate the transfer of $1.5 billion of the
company's net hourly pension obligations to GM's Hourly Pension
Plan under applicable federal law.  On the date of such
transfer, GM will receive a note in the principal amount of $1.5
billion that will be paid in full within 10 days of issuance.  
This transfer facilitates Delphi's resolution of its pension
issues and will help allow Delphi to make up required
contributions to the plans that were not made in full during
Chapter 11.

                 Equity Investment Agreement

On July 18, 2007, Delphi accepted a proposal for an Equity
Purchase and Commitment Agreement with affiliates of lead
investor Appaloosa Management L.P.; Harbinger Capital Partners
Master Fund I, Ltd.; Merrill Lynch, Pierce, Fenner & Smith Inc.;
UBS Securities LLC; Goldman Sachs & Co.; and Pardus Capital
Management, L.P. to invest up to $2.55 billion in preferred and
common equity in reorganized Delphi to support the company's
transformation plan and its plan of reorganization.

Under the terms of the Equity Purchase and Commitment Agreement,
the Plan Investors will purchase $800 million of convertible
preferred stock and approximately $175 million of common stock
in the reorganized company.  Additionally, the Plan Investors
will commit to purchasing any unsubscribed shares of common
stock in connection with an approximately
$1.6 billion rights offering that will be made available to
existing common stockholders subject to approval of the
Bankruptcy Court and satisfaction of other terms and conditions.

While the filing of the Plan and related Disclosure Statement
was made by Delphi after consultation with the Plan Investors,
the Plan Investors have not approved the Plan or related
Disclosure Statement and the filing does not waive or modify any
of Delphi's or the Plan Investors' rights and/or obligations
under the Investment Agreement.

                       Exit Financing

In addition to the equity funds to be raised from the Plan
Investors and the proposed Rights Offerings, the company is in
discussions with lenders of syndicated debt and corporate high-
yield debt to raise an amount sufficient to repay the DIP
facilities and conduct its post-reorganization operations.  
Delphi's emergence timetable calls for the company to obtain
exit financing commitments early in the fourth quarter of 2007.

            Emergence Corporate Governance Structure

The company's recently concluded Equity Purchase and Commitment
Agreement with its Plan Investors details certain corporate
governance provisions for the reorganized Delphi.  Under the
terms of the proposed plan, reorganized Delphi would be governed
by a new nine-member Board of Directors including an Executive
Chairman and the company's current CEO.  Subject to certain
conditions, a super-majority of the directors (6 of 9) would be
required to be independent of reorganized Delphi under
applicable exchange rules and independent of the Plan Investors.

A five-member selection committee has been formed to select the
company's post-emergence Executive Chairman, to interview and
approve all directors nominated for the Board, and make the
initial appointment of directors to all Board committees.

Full-text copies of the Global Settlement Agreement between
Delphi and GM, and Delphi's Plan of Reorganization and
Disclosure Statement are available for free at:

             http://ResearchArchives.com/t/s?231c

                          About GM

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

                      About Delphi Corp.

Headquartered in Troy, Michigan, 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 $11,446,000,000
in total assets and $23,851,000,000 in total debts.  

The Adequacy Hearing for the Disclosure Statement is scheduled
for Oct. 3, 2007.  The Debtors' exclusive plan-filing period
expires on Dec. 31, 2007.  


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


AUTOHANDELSGESELLSCHAFT GEBRUEDER: Claims Filing Due Sept. 27
-------------------------------------------------------------
Creditors of Autohandelsgesellschaft Gebrueder Hueting GmbH +
Co. KG have until Sept. 27 to register their claims with court-
appointed insolvency manager Dr. Peter C. Minuth.

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

         Dr. Peter C. Minuth
         Heinrich-Heine-Allee 20
         40213 Duesseldorf
         Germany
         Tel: 0211-49 22 40
         Fax: 0211-49 22 487

The District Court of Kleve opened bankruptcy proceedings
against Autohandelsgesellschaft Gebrueder Hueting GmbH + Co. KG
on Aug. 22.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Autohandelsgesellschaft Gebrueder Hueting
         GmbH + Co. KG
         Empeler Strasse 116
         46459 Rees
         Germany


B&B BRAND: Claims Registration Period Ends Oct. 5
-------------------------------------------------
Creditors of - u. Bausanierung GmbH have until Oct. 5 to
register their claims with court-appointed insolvency manager
Mechthild Bruche.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 8, 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 Nuremberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuremberg
         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:

         Mechthild Bruche
         Stahlstr. 17
         90411 Nürnberg
         Germany
         Tel: 0911/951285-0,
         Fax: 0911/951285-10

The District Court of Nuremberg opened bankruptcy proceedings
against - u. Bausanierung GmbH on Aug. 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         b&b Brand- u. Bausanierung GmbH
         Attn: Norbert Staub and Mirko Grgic, Managers
         O´Brien Strasse 14
         91126 Schwabach
         Germany


CARE UMWELTTECHNOLOGIE: Claims Registration Ends October 2
----------------------------------------------------------
Creditors of Care Umwelttechnologie GmbH have until Oct. 2 to
register their claims with court-appointed insolvency manager
Gerhard Hauk.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 7, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

         Gerhard Hauk
         Marktlaubenstrasse 9
         35390 Giessen
         Germany
         Tel: 0641/9324360
         Fax: 0641/9324350
         E-mail: insolvenz@rae-voelpel.de  

The District Court of Wetzlar opened bankruptcy proceedings
against Care Umwelttechnologie GmbH on Aug. 30.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Care Umwelttechnologie GmbH
         Schulstrasse 16
         35633 Lahnau
         Germany

         Attn: Ralf Partheil, Manager
         Schoene Aussicht 45
         35585 Wetzlar
         Germany


CLEMENS GRIESOPH: Creditors' Meeting Slated for October 5
---------------------------------------------------------
The court-appointed insolvency manager for Clemens Griesoph
Baugesellschaft mbH, Roland Lehnert, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 11:15 a.m. on Oct. 5.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:25 a.m. on Nov. 9 at the same venue.

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

The insolvency manager can be reached at:

         Roland Lehnert
         Hauptstrasse 5
         26122 Oldenburg
         Germany
         Tel: 0441 950910
         Fax: 0441 9509177

The District Court of Cloppenburg opened bankruptcy proceedings
against Clemens Griesoph Baugesellschaft mbH on Aug. 17.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Clemens Griesoph Baugesellschaft mbH
         Attn: Frank Griesoph, Manager
         Udetstr. 1
         49661 Cloppenburg
         Germany


DIE PERLE: Creditors Must File Claims by October 15
---------------------------------------------------
Creditors of Die Perle Hotel- und Gebaudereinigung GmbH have
until Oct. 15 to register their claims with court-appointed
insolvency manager Oliver Schartl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 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 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:

         Oliver Schartl
         Schwanthalerstr. 32
         80336 Munich
         Germany

The District Court of Munich opened bankruptcy proceedings
against Die Perle Hotel- und Gebaudereinigung GmbH on Aug. 27.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Die Perle Hotel- und Gebaudereinigung GmbH
         Goethestr. 8
         80336 Munich
         Germany


E.& E. MESSE-SERVICE: Creditors Must Register Claims by Oct. 12
---------------------------------------------------------------
Creditors of E.& E. Messe-Service GmbH have until Oct. 12 to
register their claims with court-appointed insolvency manager
Annette Dietter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on Oct. 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Montabaur
         Hall 106
         First Stock
         Bahnhofstrasse 47
         56410 Montabaur
         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:

         Annette Dietter
         Haus 3
         Schlossstrasse 24
         65594 Runkel-Dehrn
         Germany
         Tel: 06431 9777-0
         Fax: 06431 9777-20
         E-mail: limburg@reuss-insol.com

The District Court of Montabaur opened bankruptcy proceedings
against E.& E. Messe-Service GmbH on Aug. 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         E.& E. Messe-Service GmbH
         Attn: Markus Backer, Manager
         Taunusstrasse 3
         56379 Charlottenberg
         Germany


EURO-FUELSYSTEM GMBH: Creditors Must Register Claims by Oct. 17
---------------------------------------------------------------
Creditors of EURO-Fuelsystem GmbH have until Oct. 17 to register
their claims with court-appointed insolvency manager Karl-
Hermann Kruse.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Oct. 31, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Nordhorn
         Hall 42
         Seilerbahn 15
         48529 Nordhorn
         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-Hermann Kruse
         Emsstrasse 7
         48499 Salzbergen
         Germany
         Tel: 05976/1505
         Fax: 05976/9381

The District Court of Montabaur opened bankruptcy proceedings
against EURO-Fuelsystem GmbH on Aug. 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         EURO-Fuelsystem GmbH
         Attn: Johan Brunink, Manager
         Hardinghauser Strasse 57
         49843 Golenkamp
         Germany


EWALD SCHAEFER: Claims Registration Ends October 2
--------------------------------------------------
Creditors of Ewald Schaefer GmbH & Co. KG have until Oct. 2 to
register their claims with court-appointed insolvency manager
Dr. Peter Neu.

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 Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Peter Neu
         Elberfelder Strasse 39
         42853 Remscheid
         Germany
         Tel: 02191/499 18-0
         Fax: 02191/499 18-50

The District Court of Wuppertal opened bankruptcy proceedings
against Ewald Schaefer GmbH & Co. KG on Aug. 30.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Ewald Schaefer GmbH & Co. KG
         Attn: Ingo Kremer and Peter Kremer, Managers
         Gasstr. 50/52
         42657 Solingen
         Germany


FLIESENAUSFUEHRUNG WINFRIED: Claims Period Ends Oct. 4
------------------------------------------------------
Creditors of Fliesenausfuehrung Winfried Reppich GmbH have until
Oct. 4 to register their claims with court-appointed insolvency
manager Dr. Hubertus Bartelheimer.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         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. Hubertus Bartelheimer
         Bernburger Strasse 32
         10963 Berlin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against Fliesenausfuehrung Winfried Reppich GmbH on
Aug. 23.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Fliesenausfuehrung Winfried Reppich GmbH
         Attn: Frau Susanne Janke, Manager
         Wartenberger Str. 15
         16356 Ahrensfelde OT Lindenberg
         Germany


FOOD-IMEX GMBH: Creditors Must Register Claims by October 16
------------------------------------------------------------
Creditors of FOOD-imex GmbH have until Oct. 16 to register their
claims with court-appointed insolvency manager Hubertus
Bartelheimer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cottbus
         Hall 313
         Gerichtsplatz 2
         03046 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:

         Dr. Hubertus Bartelheimer
         Bernburger Str. 32
         10963 Berlin
         Germany

The District Court of Cottbus opened bankruptcy proceedings
against FOOD-imex GmbH on Aug. 27.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         FOOD-imex GmbH
         Attn: Johan Brunink, Manager
         Hardinghauser Strasse 57
         49843 Golenkamp
         Germany


FTR SEDDINER: Creditors Must Register Claims by October 18
----------------------------------------------------------
Creditors of FTR Seddiner See GmbH have until Oct. 18 to
register their claims with court-appointed insolvency manager
Torben Ottmar Herbold.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Nov. 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         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:

         Torben Ottmar Herbold
         Haeckelstrasse 10
         39104 Magdeburg
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against FTR Seddiner See GmbH on Aug. 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         FTR Seddiner See GmbH
         Attn: Lutz Vollstadt, Manager
         Schlunkendorfer Strasse 38
         14554 Seddiner See
         Germany


GALAMONT BAU GMBH: Claims Registration Ends Sept. 27
----------------------------------------------------
Creditors of Galamont Bau GmbH have until Sept. 27 to register
their claims with court-appointed insolvency manager Arno Wolf.

Creditors and other interested parties are encouraged to attend
the meeting at 3:10 p.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 Koenigstein/Ts.
         Hall 106 A
         Burgweg 9
         61462 Koenigstein/Ts.
         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:

         Arno Wolf
         Minnholzweg 2b
         61476 Kronberg
         Germany
         Tel: 06173-7834-0
         Fax: 06173-7834-22

The District Court of Koenigstein/Ts opened bankruptcy
proceedings against Galamont Bau GmbH on Aug. 30.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Galamont Bau GmbH
         Brunnenstrasse 5
         65812 Bad Soden
         Germany


GARANT SCHUH: Creditors Approve Insolvency Plan
-----------------------------------------------
Majority of Garant Schuh + Mode AG's creditors have approved the
insolvency program for the company at the creditor's meeting on
Sept. 4, 2007, Financial Times reports citing Frankfurter
Allgemeine Zeitung as its source.

In a report abstracted by FT from Suddeutsche Zeitung, Garant
Schuh's insolvency practitioner Friedrich W. Metzeler
anticipated that creditors will agree to the insolvency plan, as
this will better serve business continuation than liquidation.

According to the report, creditors will forego 61.6% of their
claims.  Under the insolvency plan, creditors are to receive a
cash quota of 14.7% of their claims and an additional quota of
23.7%.  The amount will be raised by share sales, the sale of
the group's own bank and sums targeted from damage claims.

Mr. Metzeler also expected that two strategic investors will
become involved this autumn to benefit from Garant's European
network.

As previously reported in the TCR-Europe on March 21, 2007, the
Debtor's shareholders voted to launch capital measures to get
out of insolvency and avoid liquidation, Borsen Zeitung reports.

The capital measures initially entail cutting the share capital
and then increasing it by issuing new stocks at EUR9.63 per
share, Borsen Zeitung relates.  Current shareholders would see
their holdings diluted to 24%, while new investors could control
up to 76% of voting rights.

Headquartered in Duesseldorf, Germany, Garant Schuh & Mode AG --
http://www.garantschuh.de/-- retails footwear, leather goods
and accessories.  The Garant Schuh & Mode group is a cooperative
of 4,000 stockists in 14 European countries, with a total of
5,800 stores.  The Company has member firms in Germany, France,
the Netherlands, Austria and Belgium.

Garant Schuh filed for commencement of bankruptcy proceedings in
September 2004 after failing to obtain cash from banks to cover
a financing gap.  The District Court of Duesseldorf opened
bankruptcy proceedings against the company in December 2004.


GVA GEBAUDE: Claims Registration Period Ends Sept. 28
-----------------------------------------------------
Creditors of GVA Gebaude Management System GmbH have until
Sept. 28 to register their claims with court-appointed
insolvency manager Hubertus Bartelheimer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cottbus
         Hall 210
         First Floor
         Gerichtsplatz 2
         03046 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:

         Dr. Hubertus Bartelheimer
         Bernburger Str. 32
         10963 Berlin
         Germany

The District Court of Cottbus opened bankruptcy proceedings
against GVA Gebaude Management System GmbH on Aug. 29.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         GVA Gebaude Management System GmbH
         Naundorfer Strasse 40
         01987 Schwarzheide
         Germany


HASCHKE GMBH: Claims Registration Period Ends Oct. 4
----------------------------------------------------
Creditors of Haschke GmbH Juwelenschmiede Meisterbetrieb have
until Oct. 4 to register their claims with court-appointed
insolvency manager Dr. Ferdinand Kiessner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Nov. 6, 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 Baden-Baden
         Hall 009a
         Ground Floor
         Gutenbergstr. 17
         76532 Baden-Baden
         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. Ferdinand Kiessner
         Eisenbahnstr. 19-23
         77855 Achern
         Germany

The District Court of Baden-Baden opened bankruptcy proceedings
against Haschke GmbH Juwelenschmiede Meisterbetrieb on Aug. 22.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Haschke GmbH Juwelenschmiede Meisterbetrieb
         Attn: Katy Haschke, Manager
         Liedelshoferstr. 23 c
         76547 Sinzheim
         Germany


HIB HALLEN: Claims Registration Period Ends Oct. 1
--------------------------------------------------
Creditors of HIB Hallen und Industriebau GmbH have until Oct. 1
to register their claims with court-appointed insolvency manager
Ulrich Hauter.

Creditors and other interested parties are encouraged to attend
the meeting at 12:25 p.m. on Nov. 1, 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 Muehlhausen
         Room 91
         Muehlhausen
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Ulrich Hauter
         Untermarkt 12
         99974 Muehlhausen
         Germany

The District Court of Muehlhausen opened bankruptcy proceedings
against HIB Hallen und Industriebau GmbH on Aug. 23.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HIB Hallen und Industriebau GmbH
         Attn: Herbert Kellner, Manager
         Tonnaer Strasse 27
         99947 Bad Langensalza
         Germany


HN-BAUPARTNER- GMBH: Creditors' Meeting Slated for November 1
-------------------------------------------------------------
The court-appointed insolvency manager for HN-Baupartner- GmbH,
Carsten Prall, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:10 a.m. on
Nov. 1.

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

         The District Court of Kassel
         Hall 234
         Friedrichsstrasse 32-34
         34117 Kassel
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Dec. 13 at the same venue.

Creditors have until Oct. 15 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Carsten Prall
         Friedrichsstrasse 11
         34117 Kassel
         Germany
         Tel: 0561/9204010-0
         Fax: 0561/9204010-20
         E-mail: info@pslaw.de

The District Court of Kassel opened bankruptcy proceedings
against HN-Baupartner- GmbH on Aug. 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         HN-Baupartner- GmbH
         Attn: Karl Berninger, Manager
         Waitzstrasse 7
         34123 Kassel
         Germany


IM STOPPING: Files for Insolvency After Film Investor Default
-------------------------------------------------------------
IM Stopping Power GmbH, a wholly owned subsidiary of
Internationalmedia AG, has shut down the production of Stopping
Power, just before commencing principal photography.

The company cited the default of a significant equity investor,
which subsequently triggered the producer's insolvency.  The
company said the ramifications of the insolvency on other
companies in the Internationalmedia Group are currently under
investigation.

IM Internationalmedia is currently seeking alternative investors
and assumes that the production can be continued shortly.  

Following the release of its half-year interim report on
Aug. 14, 2007, IM Internationalmedia revealed available cash had
reached a critical point.

Meanwhile, Martin Schuermann, chairman of Intermedia Film
Equities USA Inc., the U.S. subsidiary of IM Internationalmedia,
has been immediately suspended from his executive employment
status.  He has resigned as CEO of IM Internationalmedia
July 25, 2007, but stayed responsible for the world-wide
operations.

According to the Variety, Mr. Schuerman allegedly mishandled the
financing for the Jan de Bont-directed action film, which stars
Jason Isaacs, John Cusack and Melissa George.

IMInternational Media is contemplating a legal action against
the executive, Ed Meza writes for the Variety.

Headquartered in Munich, Germany, IM Internationalmedia AG --  
http://www.internationalmedia.de/eng/index.htm--- is the parent  
company of the Internationalmedia group, a global, independent
film company with additional offices in London and Los Angeles.
The company went public on May 18, 2000.  Films of the
Internationalmedia group include Oliver Stone's Alexander,
Terminator 3: Rise of The Machines, Life of David Gale, Basic as
well as The Wedding Planner, among others.


INDUMARE MARINE: Creditors Must Register Claims by October 12
-------------------------------------------------------------
Creditors of INDUMARE Marine Partners Shipping Trading Operation
GmbH have until Oct. 12 to register their claims with court-
appointed insolvency manager Tjark Thies.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Nov. 9, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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. Tjark Thies
         Domstrasse 15
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against INDUMARE Marine Partners Shipping Trading Operation GmbH
on Aug. 21.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         INDUMARE Marine Partners Shipping Trading
         Operation GmbH
         Attn: Uwe Davids, Manager
         Am Plan 30
         14979 Grossbeeren
         Germany


INNOVA LOGISTIK: Creditors' Meeting Slated for October 17
---------------------------------------------------------
The court-appointed insolvency manager for Innova Logistik GmbH,
Michael Jacobi, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:00 a.m. on
Oct. 17.

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

         The District Court of Saarbruecken
         Hall 24
         Second Floor
         Branch Office Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Oct. 31 at the same venue.

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

The insolvency manager can be reached at:

         Michael Jacobi
         Gaussstrasse 1
         66123 Saarbruecken
         Germany
         Tel: 0681-938 8828
         Fax: 0681-938 8827
         E-mail: info@pslaw.de

The District Court of Saarbruecken opened bankruptcy proceedings
against Innova Logistik GmbH on Aug. 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Innova Logistik GmbH
         Attn: Thomas Enzweiler, Manager
         Triererstr. 17
         66679 Losheim am See
         Germany


K. KRETZNER: Claims Registration Ends Sept. 26
----------------------------------------------
Creditors of K. Kretzner GmbH have until Sept. 26 to register
their claims with court-appointed insolvency manager Marc
Kampfenkel.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Vechta
         Hall 129
         Main Building
         Kapitelplatz 8
         49377 Vechta
         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:

         Marc Kampfenkel
         Grosse Strasse 1
         49377 Vechta
         Germany
         Tel: 04441/914980
         Fax: 04441/9149822
         E-mail: info@willmer-inso.de
         Web site: http://ww.willmer-inso.de

The District Court of Vechta opened bankruptcy proceedings
against K. Kretzner GmbH on Aug. 23.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         K. Kretzner GmbH
         Kiebitzweg 1
         49393 Lohne
         Germany


KLEENOTHEK HANDELS: Creditors Must Register Claims by October 5
---------------------------------------------------------------
Creditors of Kleenothek Handels-GmbH have until Oct. 5 to
register their claims with court-appointed insolvency manager
Hendrik Rogge.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Hendrik Rogge
         Haferweg 22
         22769 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Kleenothek Handels-GmbH on Aug. 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Kleenothek Handels-GmbH
         Attn: Christian Schmidt, Manager
         Kleine Bahnstrasse 10
         22525 Hamburg
         Germany


KRAUTERHOF DREI: Claims Registration Period Ends Sept. 28
---------------------------------------------------------
Creditors of Krauterhof Drei Annen Hohne GmbH have until
Sept. 28 to register their claims with court-appointed
insolvency manager Lucas F. Floether.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Magdeburg
         Hall 13
         Justizzentrum Magdeburg
         Breiter Weg 203-206
         39104 Magdeburg
         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. Lucas F. Floether
         Halberstadter Str. 55
         39112 Magdeburg
         Germany
         Tel: 0391/5556840
         Fax: 0391/5556849
         E-mail: magdeburg@feigl.biz  

The District Court of Magdeburg opened bankruptcy proceedings
against Krauterhof Drei Annen Hohne GmbH on Aug. 28.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Krauterhof Drei Annen Hohne GmbH
         Drei Annen Hohnen 104
         38879 Schierke
         Germany

         Attn: Christian Koebke, Manager
         Marderweg 2
         44267 Dortmund
         Germany


MEDIASTORE GMBH: Claims Registration Ends October 22
----------------------------------------------------
Creditors of Mediastore GmbH have until Oct. 22 to register
their claims with court-appointed insolvency manager Tim Brauer.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Nov. 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Worms
         Hall 318
         Third Floor
         Hardtgasse 6
         67549 Worms
         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:

         Tim Brauer
         Alzeyer Strasse 31
         67549 Worms
         Germany
         Tel: 06241/9106-0
         Fax: 06241/910610
         E-mail: frankfurt@ltb-anwaelte.de

The District Court of Worms opened bankruptcy proceedings
against Mediastore GmbH on Aug. 27.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Mediastore GmbH
         Wilhelm-Leuschner-Strasse 11-15
         67547 Worms
         Germany

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


MG-SWISS GASTRONOMIE: Claims Registration Ends October 1
--------------------------------------------------------
Creditors of MG-Swiss Gastronomie GmbH have until Oct. 1 to
register their claims with court-appointed insolvency manager
Dr. Marc D Avoine.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Marc D Avoine
         Doeppersberg 19
         42103 Wuppertal
         Germany
         Tel: 0202-245070
         Fax: 0202-2450777

The District Court of Wuppertal opened bankruptcy proceedings
against MG-Swiss Gastronomie GmbH on Aug. 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         MG-Swiss Gastronomie GmbH
         Attn: Mario Ghiraldi, Manager
         Langhansstr. 10
         42697 Solingen
         Germany


OEKO BAUCONSULT: Claims Registration Ends October 12
----------------------------------------------------
Creditors of OEKO BAUCONSULT GmbH & Co. KG have until Oct. 12 to
register their claims with court-appointed insolvency manager
Klaus Reischl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 6, 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 Muehldorf a. Inn
         Hall 112
         Innstrasse 1
         Muehldorf a. Inn
         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. Klaus Reischl
         Residenzplatz 10
         94032 Passau
         Germany

The District Court of Muehldorf a. Inn opened bankruptcy
proceedings against OEKO BAUCONSULT GmbH & Co. KG on Aug. 20.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         OEKO BAUCONSULT GmbH & Co. KG
         Attn: Michael Kunze, Manager
         Auf der Wies 7a
         84453 Muehldorf a. Inn
         Germany


POS SCHWALM: Creditors Must Register Claims by October 31
---------------------------------------------------------
Creditors of POS Schwalm Merchandising GmbH have until Oct. 31
to register their claims with court-appointed insolvency manager
Boris A. Schmidt-Burbach.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Dec. 5, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Marburg/Lahn
         Hall 157
         District Court Building
         Universitatsstrasse 48
         35037 Marburg/Lahn
         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. Boris A. Schmidt-Burbach
         Fach 25
         Wilhelmstrasse 17
         35037 Marburg
         Germany

The District Court of Marburg/Lahn opened bankruptcy proceedings
against POS Schwalm Merchandising GmbH on Aug. 22.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         POS Schwalm Merchandising GmbH
         Attn: Heinrich-Peter Albrecht, Manager
         Festungsstrasse 1
         34613 Schwalmstadt
         Germany


PRO-NIGHT SCHLAFRAUMMOEBEL: Creditors Must File Claims October 4
----------------------------------------------------------------
Creditors of Pro-Night Schlafraummoebel GmbH & Co. KG have until
Oct. 4 to register their claims with court-appointed insolvency
manager Sylvia Fiebig.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 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:

         Sylvia Fiebig
         Jungfernstieg 51
         20354 Hamburg
         Germany

The District Court of Detmold opened bankruptcy proceedings
against Pro-Night Schlafraummoebel GmbH & Co. KG on Aug. 28.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Pro-Night Schlafraummoebel GmbH & Co. KG
         Hainbergstr. 2
         32816 Schieder-Schwalenberg
         Germany


REINARTZ ASPHALT: Creditors Must File Claims by October 10
----------------------------------------------------------
Creditors of Reinartz Asphalt GmbH have until Oct. 10 to
register their claims with court-appointed insolvency manager
Caroline Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on Nov. 6, 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 Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         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:

         Caroline Schmitz
         Waisenhausstr. 3
         52349 Dueren
         Germany

The District Court of Aachen opened bankruptcy proceedings
against Reinartz Asphalt GmbH on Aug. 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Reinartz Asphalt GmbH
         Wurmbenden 15
         52072 Aachen
         Germany

         Attn: Werner Hoogen, Manager
         Rather Strasse 29
         41844 Wegberg
         Germany


SAXONA HAUSMEISTERDIENSTE: Claims Registration Ends October 22
--------------------------------------------------------------
Creditors of Saxona Hausmeisterdienste & Dienstleistungs GmbH
have until Oct. 22 to register their claims with court-appointed
insolvency manager Dieter Rasehorn.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 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 Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         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:

         Dieter Rasehorn
         Muehlweg 16
         D 06108 Halle
         Germany
         Tel: 0345/478228124
         Fax: 0345/478228119

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against Saxona Hausmeisterdienste & Dienstleistungs
GmbH on Aug. 22.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Saxona Hausmeisterdienste & Dienstleistungs GmbH
         Bahnhofstr. 23b
         06618 Naumburg
         Germany


TRAUTWEIN GMBH: Claims Registration Ends October 2
--------------------------------------------------
Creditors of Trautwein GmbH have until Oct. 2 to register their
claims with court-appointed insolvency manager Thomas Kind.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         
         The District Court of Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         Germany

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

The insolvency manager can be reached at:

         Thomas Kind
         Eisenbahnstr. 19-23
         77855 Achern
         Germany
         Tel: (07841) 7080

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

The Debtor can be reached at:

         Trautwein GmbH
         Attn: Dominik Trautwein, Manager
         Hoehefeldstr. 40
         76356 Weingarten
         Germany


VERWALTUNGSGESELLSCHAFT MBH: Claims Registration Ends October 4
---------------------------------------------------------------
Creditors of Verwaltungsgesellschaft mbH have until Oct. 4 to
register their claims with court-appointed insolvency manager
Holger Lessing.

Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.m. on Nov. 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 Koenigstein/Ts.
         Area 106 A
         Law Courts
         Castle Way 9
         61462 Koenigstein/Ts.
         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. Holger Lessing
         Hanauer Landstrasse 287-289
         D 60314 Frankfurt
         Germany
         Tel: 069/1 50 51 300
         Fax: 069/1 50 51 400
         E-mail: frankfurt@ltb-anwaelte.de

The District Court of Koenigstein/Ts. opened bankruptcy
proceedings against Verwaltungsgesellschaft mbH on Aug. 13.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Verwaltungsgesellschaft mbH
         Attn: Klaus Gasselink, Manager
         Am Kaltenborn 5
         61462 Koenigstein
         Germany


VIDEOTHEKENPARADIES: Claims Registration Period Ends Oct. 2
-----------------------------------------------------------
Creditors of Videothekenparadies, Videothekenvertriebs GmbH have
until Oct. 2 to register their claims with court-appointed
insolvency manager Stephan Mitlehner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 Baden-Baden
         Hall 009a
         Ground Floor
         Gutenbergstr. 17
         76532 Baden-Baden
         Germany

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

The insolvency manager can be reached at:

         Stephan Mitlehner
         Berthold-Str. 8
         76530 Baden-Baden
         Germany

The District Court of Baden-Baden opened bankruptcy proceedings
against Videothekenparadies, Videothekenvertriebs GmbH on
Aug. 30.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Videothekenparadies, Videothekenvertriebs GmbH
         Attn: Hans-Peter Hettel, Manager
         Hauptstr. 2 A
         76448 Durmersheim
         Germany


VISTEON CORP: Completes Sale of Powertrain Business in India
------------------------------------------------------------
Visteon Corporation has completed the sale of Visteon Powertrain
Control Systems India in Chennai to Adyar River Ltd.  This
transaction is another restructuring action the company has
achieved to improve its business.

The agreement covers the VPCSI operation in Chennai which
manufactures starters and alternators for global car makers.  
The transaction supports the company's strategy to invest
proceeds from the sale of non-core assets in its market-leading
businesses.  Employees in the operation will continue to be
employed as part of the transaction.  Terms of the agreement
were not disclosed.

"This is another accomplishment in the process of restructuring
our business to focus on our key products and core
technologies," Donald J. Stebbins, Visteon president and chief
operating officer, said.  "With this sale, our restructuring
program is now more than 50 percent complete, and this gives us
even more flexibility to improve and grow our business."

For more than seven years, Visteon, a supplier of automotive
climate control systems, interiors and electronics, has had a
significant presence in India where it continues to expand and
grow.  Today, the Visteon India footprint includes four
manufacturing plants and two technical centers, employing more
than 2,000 people.  India is an important part of Visteon's
expansion in Asia, the fastest growing automotive market in the
world.  Visteon has 55 facilities and 38 manufacturing plants in
Asia, which the company expects to become its largest region by
2009, generating nearly 50% of its revenue.

Adyar River Limited is a joint venture between Argyle Street
Management Limited and Leticia Investments Corp.  Founded in
2002, the principal business of Argyle Street Management Limited
is management of funds investing in special situations in Asia.  
Argyle manages approximately US$800 million of assets including
equity and debt instruments as well as real estate investments
under ASM, Asia Recovery Fund, ASM Hudson River Fund, certain
property fund and discretionary accounts.

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

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

                            *   *   *

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


VIVA LEDERPOLSTERMOEBEL: Creditors Must File Claims by October 4
----------------------------------------------------------------
Creditors of VIVA Lederpolstermoebel GmbH & Co. KG have until
Oct. 4 to register their claims with court-appointed insolvency
manager Sylvia Fiebig.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 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:

         Sylvia Fiebig
         Jungfernstieg 51
         20354 Hamburg
         Germany

The District Court of Detmold opened bankruptcy proceedings
against VIVA Lederpolstermoebel GmbH & Co. KG on Aug. 28.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         VIVA Lederpolstermoebel GmbH & Co. KG
         Feldstr. 53
         32791 Lage
         Germany


WON GMBH: Claims Registration Period Ends Oct. 1
------------------------------------------------
Creditors of WON GmbH have until Oct. 1 to register their claims
with court-appointed insolvency manager Karsten Toetter.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Luebeck
         Hall 256
         Am Burgfeld 7
         23568 Luebeck
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Karsten Toetter
         Speersort 4-6
         20095 Hamburg
         Germany

The District Court of Luebeck opened bankruptcy proceedings
against WON GmbH on Aug. 24.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         WON GmbH
         Attn: Pawel Miszczak, Manager
         Borsigstrasse 1-3
         23560 Luebeck
         Germany


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


EASTMAN KODAK: Extends Five-Year Market Deal with Lexar Media
-------------------------------------------------------------
Eastman Kodak Company and Lexar Media Inc. have signed an
extended five-year agreement under which Lexar will develop and
market Kodak-branded flash memory products worldwide.  The
agreement with Lexar, which has performance-based exclusivity,
strengthens the existing relationship between the two companies
and allows for expanded distribution and a broader portfolio of
KODAK-branded flash memory product lines created by Lexar, a
world leader in advanced digital media technologies.  Financial
terms of the agreement were not disclosed.

"Kodak has worked closely with Lexar since 2004 to offer our
customers leading-edge solutions in flash memory," said John
Blake, General Manager, Digital Capture and Imaging Products and
Vice President, Eastman Kodak Company.  "We look forward to
continuing the positive relationship we've established with
Lexar, and to expanding our product line to complement the broad
range of products that the digital camera user experiences on a
daily basis."

The Lexar-Kodak relationship began three years ago with the
launch of a 64 MB Secure Digital card, a time when consumers
were continuing to convert en masse from the use of analog to
flash memory, or "digital film" products.  Since then, the
technology has continued to develop rapidly, and Lexar now
offers flash products that provide up to 4GB of memory in KODAK
Secure Digital High-Capacity cards.  With its acquisition by
Micron Technology, Inc. in 2006, Lexar now also brings access to
the technology and engineering expertise of one of the largest
NAND producers worldwide.

Today, the consumer market for digital photography has evolved
to encompass advanced flash products that not only allow the
capturing of still and video images with cameras and cell
phones, but also serve a growing network of other products and
services, including home printers, on-line services and in-store
kiosks for printing and sharing photos, as well as new devices
such as digital frames that let people display and share their
digital photos and videos.  Kodak currently offers a broad range
of products and services to address the needs of these
categories and other emerging consumer trends.  Under the new
Lexar-Kodak agreement, Lexar will be able to offer a full and
expanding range of KODAK-branded flash memory storage products
in various form factors -- including SD and microSD memory cards
and USB drives to complement many different products and provide
the best solutions for capturing, transferring, and sharing
digital and video images.

Vice President of Lexar Media Mark Adams added, "The combination
of Kodak's brand strength and product breadth with Lexar's
technology and manufacturing expertise is truly a 'win-win'
proposition for customers.  Consumers in search of affordable,
high-quality memory products should look no further than the
KODAK brand, and we intend to aggressively promote that fact."

KODAK-branded cards from Lexar are currently available in
leading retail and e-commerce outlets in the United States and
throughout the world, including Canada, Latin America, Europe
and Australia as well as at http://www.lexar.com/kodak. The
range of KODAK-branded memory cards includes a high performance
line of Secure Digital High Capacity and SD cards, as well as a
standard line of SD and xD-Picture Cards (availability varies by
region).

                     About Lexar Media

Lexar Media Inc. -- http://www.lexar.com/-- is a leading
marketer and manufacturer of NAND flash and DRAM memory products
under the Lexar and Crucial brand names. Lexar also sells flash
memory products under the Kodak brand.  Lexar Media is a
subsidiary of Micron Technology, Inc., and Lexar Media is a
division of Micron Europe Limited, a division of Micron
Semiconductor Asia Pte. Ltd., and a division of Micron Japan,
Ltd.

                   About Micron Technology

Micron Technology Inc. -- http://www.micron.com/-- is provides
advanced semiconductor solutions.   Through its worldwide
operations, Micron manufactures and markets DRAMs, NAND flash
memory, CMOS image sensors, other semiconductor components, and
memory modules for use in leading-edge computing, consumer,
networking and mobile products.  Micron's common stock is traded
on the New York Stock Exchange (NYSE) under the MU symbol.

                     About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Fitch Ratings has upgraded Eastman Kodak Company's
senior unsecured debt to 'B/RR4' from 'B-/RR5' due to improved
recovery prospects following the company's redemption on
May 3, 2007, of a US$1.15 billion secured term loan funded with
a portion of the proceeds from the sale of its Health Group to
Onex Healthcare Holdings, Inc., for US$2.35 billion on
April 30, 2007.

In addition, Fitch has affirmed these Kodak ratings:

    -- Issuer Default Rating 'B';
    -- Secured credit facility 'BB/RR1'.


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


GUESS? INC: Earns US$37.5 Million in Second Quarter Ended Aug. 4
----------------------------------------------------------------
Guess?, Inc. has reported record net earnings of US$37.5 million
for the second quarter of its 2008 fiscal, which ended
Aug. 4, 2007.  An increase of 81.5% compared to net earnings of
US$20.6 million for the recast quarter ended July 29, 2006.
Diluted earnings per share increased 81.8% to US$0.40 per share
in the current quarter versus US$0.22 per share in the prior
year quarter.

Paul Marciano, Chief Executive Officer, commented, "We are very
pleased with our record financial results this quarter, which
reflect the continued strength of the Guess brand, the success
of our ongoing investments in long-term initiatives, such as
Europe, Asia, and our accessories lines, and the consistency
with which we are growing our business in North America and
abroad.  We increased our revenues by 48%, as all of our
businesses delivered double digit revenue increases."

Mr. Marciano continued, "Strong performance across all of our
product lines in our retail business in North America led to a
16.2% same store sales increase for the quarter.  This was our
18th consecutive quarter of same store sales growth.  Our
European segment was especially strong, and contributed nearly
half of the Company's revenue growth with a 121% increase in
revenues. Strength in our Asian business, driven mainly by our
South Korean operation, contributed to a 75% revenue increase in
the wholesale segment.  Our licensing business also continued to
perform well above our expectations -- posting revenue growth of
51% in the quarter."

Mr. Marciano concluded, "On a consolidated basis, we increased
net earnings by 82%, with each of our business segments
contributing to this growth.  Our operating margin also improved
to 15.3% from 12.8% last year, even with the investments we made
in our long-term initiatives during the quarter.  This marks
another quarter of record earnings for our company, and the 16th
consecutive quarter of earnings growth."

Total net revenue for the second quarter of fiscal 2008
increased 48.2% to US$388.3 million from US$261.9 million in the
prior-year period.  The company's retail stores in the U.S. and
Canada generated revenue of US$201.6 million in the second
quarter of fiscal 2008, a 21.4% increase from US$166.1 million
in the same period a year ago.  Comparable store sales increased
16.2% for the quarter ended Aug. 4, 2007, compared to the
thirteen weeks ended Aug. 5, 2006.  The company operated 347
retail stores in the U.S. and Canada at the end of the second
quarter of fiscal 2008 versus 322 stores a year earlier.

Net revenue from the Company's wholesale segment, which includes
the company's Asian operations, increased 74.5% to US$57.3
million in the second quarter of fiscal 2008, from US$32.8
million in the prior-year period.

Net revenue from the Company's European segment increased 121.2%
to US$107.9 million in the second quarter of fiscal 2008,
compared to US$48.8 million in the prior-year period.

Licensing segment net revenue increased 51.1% to US$21.5 million
in the second quarter of fiscal 2008, from US$14.3 million in
the prior-year period.

Operating earnings for the second quarter of fiscal 2008
increased 76.4% to US$59.4 million from US$33.6 million in the
prior-year period.  Operating margin in the second quarter
improved 250 basis points to 15.3%, compared to the prior year's
quarter.  This margin expansion was driven by improved leverage
over occupancy costs and the positive impact of higher margin
businesses in the period.

                          Outlook

The company's expectations for the fiscal year ending
Feb. 2, 2008, are:

-- Consolidated net revenues are expected to range from
    US$1.56 billion to US$1.60 billion.

-- Operating margin is expected to be about 17.5%.

-- Diluted earnings per share are expected to be in the range
    of US$1.79 to US$1.84.

The fiscal year ending Feb. 2, 2008, will include 52 weeks and a
four-week January period, compared to the recast year ended
Feb. 3, 2007, which included 53 weeks and a five-week January
period.

                         Dividend

The company also announced today that its Board of Directors has
increased its quarterly cash dividend by 33.3% to US$0.08 per
share on the company's common stock.  The dividend will be
payable on Oct. 5, 2007 to shareholders of record at the close
of business on Sept. 19, 2007.

The Company will hold a conference call at 4:30 pm (ET) on
Sept. 4, 2007, to discuss the news announced in this press
release.  A live webcast of the conference call will be
accessible at http://www.guessinc.comvia the "Investor's Info"
link.  The webcast will be archived on the website for 30 days.

Guess? Inc. (NYSE: GES) -- http://www.guessinc.com/-- designs,
markets, distributes and licenses a lifestyle collection of
contemporary apparel, accessories and related consumer products.
At May 5, 2007, the company operated 336 retail stores in the
United States and Canada.  The company also distributes its
products through better department and specialty stores around
the world, including the Philippines, Hungary and the Dominican
Republic.

                       *     *     *

Guess? Inc. still carries Standard & Poor's "BB" long-term
foreign and local issuer credit ratings, which were assigned in
December 2006.


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


AFFILIATED COMPUTER: Renews Parking Services Contract w/ Boston
---------------------------------------------------------------
Affiliated Computer Services Inc. has been awarded a contract
renewal by the City of Boston to provide full-service parking
ticket collections, booting and towing, and fleet management
services.  Affiliated Computer has served the city since 1981.
The contract has a length of up to three years and a total value
of US$19 million, including two one-year renewal options, and
was reflected in Affiliated Computer' fourth quarter fiscal year
2007 results.

"Affiliated Computer has worked closely with Boston over the
years to help keep pace with the changing traffic demands of
such a vital city," said Michael Huerta, Affiliated Computer
managing director, Transportation Solutions.  "As a national
provider of parking services to major cities, Affiliated
Computer is uniquely equipped to provide the services Boston
needs in the future."

Services provided include parking violation processing, notice
generation and mailing, adjudication and appeals scheduling,
document imaging and correspondence management, training, and
help desk support.

In addition to Boston, Affiliated Computer has parking contracts
with Cleveland, Dallas, Denver, Detroit, Los Angeles, New
Orleans, Philadelphia, St. Louis, San Francisco, and Washington,
D.C.

                 About Affiliated Computer

Affiliated Computer Services Inc. (NYSE: Affiliated Computer)
-- http://www.AffiliatedComputer-inc.com/ -- provides business
process outsourcing and information technology solutions to
world-class commercial and government clients.  The company has
more than 58,000 employees supporting client operations in
nearly 100 countries.  The company has global operations in
Brazil, China, Dominican Republic, India, Guatemala, Ireland,
Philippines, Poland, and Singapore.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 3, 2007, Moody's Investors Service confirmed Affiliated
Computer Services' Ba2 corporate family rating and assigned a
stable rating outlook, following the company's conclusion of an
internal investigation into its options granting practices and
restoration to current U.S. Securities and Exchange Commission
financial reporting.

As reported in the Troubled Company Reporter on March 29, 2007,
Fitch Ratings placed Affiliated Computer Services Inc. on
Rating Watch Negative after the proposed offer from Darwin
Deason, founder and current chairman of Affiliated Computer, and
Cerberus Capital Management L.P. to acquire the company in a
leveraged buyout transaction valued at US$8.2 billion, including
existing debt.  Ratings affected were (i) Issuer Default Rating
'BB'; (ii) Senior secured revolving credit facility at 'BB';
(iii) Senior secured term loan at 'BB'; and (iv) Senior notes at
'BB-'.


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


DANA CORP: Wants Court Approval on Chrysler Settlement Agreement
----------------------------------------------------------------
Chrysler Company LLC, on behalf of itself and Chrysler Motors
LLC and Chrysler Canada Inc., is one of Dana Corp.'s largest
customers, Robert J. Feinstein, Esq., at Pachulski Stang Ziehl
Young Jones & Weintraub, LLP, in New York, relates.  The Debtors
supply approximately US$500,000,000 in Component Parts to
Chrysler annually.

However, the supply of certain Component Parts was not
profitable for the Debtors, thus they undertook negotiations
regarding revised pricing that would enable them to continue to
supply the Parts to Chrysler under improved terms.

Also, prior tofiling for bankruptcy, certain Debtors purchased
axles from Chrysler.  The Debtors and Chrysler signed an
agreement to permit triangular set-offs whereby the parties
agreed that Chrysler may debit the accounts of certain Dana
entities for sums they owe to Chrysler relating to the
prepetition axles.  Dana Corp. questioned whether it had
authority to enter into the Setoff Agreement on behalf of its
subsidiaries and whether the Setoff Agreement was enforceable in
its entirety.  Chrysler placed all accounts owing to certain
Dana entities as of the bankruptcy filing on administrative hold
due to the dispute on the Setoff Agreement.

In September 2006, Chrysler filed claims against each of the
Debtors with each claim seeking recovery of:

  -- US$715,290 for axles shipped from Chrysler to certain
     Debtors before the Petition Date;

  -- US$75,706 for warranty claims as of September 8, 2006; and

  -- unliquidated amounts for postpetition warranty claims.

Chrysler asserts that its Claims are secured claims to the
extent of its set-off and recoupment rights.

Thus, the Debtors and Chrysler engaged in negotiations regarding
a comprehensive, consensual resolution of all customer pricing
issues in connection with certain prepetition purchase orders
and a related prepetition Setoff Agreement.

As a result, the parties entered into a settlement agreement,
which provides that:

  (a) The Debtors modify purchase orders and assume them.  The
      Modified Purchase Orders provide for increased piece
      prices for the Component Parts.  The Debtors will also
      assume existing purchase orders with Chrysler.

  (b) The Debtors and Chrysler will cooperate to support an axle
      co-sourcing initiative targeted to lower component
      acquisition costs.

  (c) The parties will share any Value Analysis/Value
      Engineering program savings for the duration of each of
      the programs in question and will memorialize those
      agreements periodically via appropriate purchase order
      amendments and price reductions.

  (d) The Debtors will assume the Setoff Agreement.  Chrysler
      will be allowed to set off its Claims against any amounts
      it owes to any Debtor.

  (d) Chrysler will withdraw with prejudice its Claims, provided
      that the Debtors will continue to be responsible for all
      warranty claims under the Purchase Orders.

  (e) The Debtors will waive and release all claims they have
      against Chrysler, excluding any obligations under the
      Settlement Agreement and claims for payment of bona fide
      invoices for Component Parts issued by the Debtors after
      the Petition Date and any warranty claims.

Accordingly, the Debtors ask the U.S. Bankruptcy Court for the
Southern District of New York to approve the Chrysler
Settlement Agreement.

The Debtors have sought and obtained the Court's permission to
file certain exhibits and the Settlement Agreement under seal
because, according to Mr. Feinstein, they contain confidential
information that may harm the Debtors and Chrysler if disclosed
to the public.

                         About Dana Corp.

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries.  Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually.  

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.  

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.  
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.  

The Debtors' filed their Joint Plan of Reorganization on Aug.
31, 2007.  (Dana Corporation Bankruptcy News, Issue No. 51;
Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000).


DANA CORP: Wants Court Nod on the Ford Commercial Agreements
------------------------------------------------------------
Dana Corp. and its debtor-affiliates manufacture vehicle frames
Ford Motor Company's F-150 full-size pickup truck.  Ford is the
largest customer of the Debtors and their nondebtor affiliates,
Corinne Ball, Esq., at Jones Day, in New York, relates.  Global
sales of the Debtors' Frames to Ford have produced annual
revenues for the Debtors in hundreds of millions of dollars.

However, before filing for bankruptcy, the manufacture and sale
of Frames became unprofitable as a result of a number of
factors, including rising commodity and energy costs, declining
market share for the Debtors' OEM customers and significant
legacy costs.  Thus, as part of their restructuring efforts, the
Debtors reviewed their customer relationships as a whole and
undertook negotiations with each of their customers regarding
potential changes to commercial terms that would enable them to
manufacture and supply Frames at an economically sustainable
level.

With Ford, these negotiations largely were conducted in late
2006 and resulted in an agreement in principle between the
parties that was reached in December 2006, Ms. Ball says.  The
negotiations ultimately resulted in the execution of a series of
commercial agreements in August 2007.

The Commercial Agreements with Ford, among other things:

  (a) modify the commercial terms of certain existing agreements
      between the parties, including purchase orders;

  (b) establish the terms and conditions upon which the sale of
      Frames from Dana to Ford will be conducted going forward;

  (c) resolve certain issues relating to the future sourcing of
      F-150 Frames;

  (d) resolve related disputes and claims that previously have
      been asserted by Dana against Ford and provide for
      appropriate releases; and

  (e) resolve other commercial issues.

Accordingly, the Debtors ask the U.S. Bankruptcy Court for the
Southern District of New York to approve the Ford Commercial
Agreements.

The Debtors have sought and obtained the Court's permission to
file the Commercial Agreements under seal.  Ms. Ball says the
Agreements contain confidential and commercially sensitive
pricing information and other commercial terms that if disclosed
will harm both the Debtors and Ford.

                         About Dana Corp.

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries.  Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually.  

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.  

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.  
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.  

The Debtors' filed their Joint Plan of Reorganization on Aug.
31, 2007.  (Dana Corporation Bankruptcy News, Issue No. 51;
Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000).


NEWPARK RESOURCES: Closes SEM Construction Acquisition
------------------------------------------------------
Newpark Resources, Inc. has completed the acquisition of
substantially all of the assets and operations of SEM
Construction Company, headquartered in Grand Junction, Colorado.

Total cash consideration paid was US$21.3 million, which was
funded by borrowing on Newpark's revolving credit facility.  The
final purchase price is subject to a working capital adjustment.

SEM Construction Company is a full-service well site
construction company engaged in construction, reclamation,
maintenance, and general rig work for the oil and gas industry
at drilling locations throughout Western Colorado.

                  About Newpark Resources

Newpark Resources, Inc., (NYSE: NR) -- http://www.newpark.com/
-- is a worldwide provider of drilling fluids,environmental
waste treatment solutions, and temporary worksites and access
roads for oilfield and other commercial markets in the United
States Gulf Coast, west Texas, the United States Mid-continent,
the United States Rocky Mountains, Canada, Mexico, Italy, and
North Africa.


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


AKSAISTROYINDUSTRY LLP: Claims Deadline Slated for Oct. 16
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Construction Company Aksaistroyindustry
insolvent.

Creditors have until Oct. 16 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Sarayshyk Str. 19-92
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (3112) 50-02-73


AMIKA LLP: Creditors Must File Claims Oct. 16
---------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has
declared LLP Amika insolvent on July 25.

Creditors have until Oct. 16 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Suleymenov Str. 17 (11a)
         Taraz
         Jambyl
         Kazakhstan
         Tel: 8 (3262) 43-76-49


ATYRAU-BIS LLP: Claims Filing Period Ends Oct. 17
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Atyrau-Bis insolvent.

Creditors have until Oct. 17 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Third Floor
         Abai Str. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (3122) 32-90-02


COMPA LLP: Creditors' Claims Due on Oct. 17
-------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Compa insolvent.

Creditors have until Oct. 17 to submit written proofs of claims
to:

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


KAZAKHGAS CJSC: Claims Registration Ends Oct. 16
------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared CJSC Trade House Kazakhgas insolvent.

Creditors have until Oct. 16 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Saraishyk Str. 19-92
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (3112) 50-02-73


MBA & CO.: Proof of Claim Deadline Slated for Oct. 17
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP MBA & Co. insolvent.

Creditors have until Oct. 17 to submit written proofs of claims
to:

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


SHANYRAK HYDRO-ELECTRICAL: Creditors Must File Claims Oct. 17
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty have
until JSC Shanyrak Hydro-Electrical Station insolvent.

Creditors have until Oct. 17 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District Musheltoi, 37a-21
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 701 268 92-77


TARAZ NUR: Claims Filing Period Ends Oct. 16
--------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has
declared LLP Taraz Nur Co insolvent.

Creditors have until Oct. 16 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Suleymenov Str. 17 (11a)
         Taraz
         Jambyl
         Kazakhstan
         Tel: 8 (3262) 43-76-49


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


SION LLC: Proof of Claim Deadline Slated for October 17
-------------------------------------------------------
Kyrgyz-Ukranian LLC Sion has declared insolvency.  Creditors
have until Oct. 17 to submit written proofs of claim to:
  
         Kyrgyz-Ukranian LLC Sion
         Toktogul Str. 203/9
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 22-16-00


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


GLOBAL POWER: Balks at Energy Companies' US$200 Million Claims
--------------------------------------------------------------
Global Power Equipment Group Inc. last week filed with the U.S.
Bankruptcy Court for the District of Delaware 10 objections in
an effort to reduce or disallow the claims of more than US$200
million filed by energy companies, Bankruptcy Law360 reports.

According to the report, included were two objections to claims
filed by General Electric Co. totaling more than US$66 million.
The Debtor contends that GE didn't substantiate its claim.

Headquartered in Oklahoma, Global Power Equipment Group Inc.
(Pink Sheets: GEGQQ) -- http://www.globalpower.com/-- is a
design, engineering and manufacturing firm providing an array of
equipment and services to the energy, power infrastructure and
process industries.  The company designs, engineers and
manufactures a comprehensive portfolio of equipment for gas
turbine power plants and power-related equipment for industrial
operations, and has over 40 years of power generation industry
experience.  The company's equipment is installed in power
plants and in industrial operations in more than 40 countries on
six continents.  In addition, the company provides routine and
specialty maintenance services to nuclear, coal-fired, fossil,
and hydroelectric power plants and other industrial operations.

The company has facilities in Plymouth, Minnesota; Tulsa,
Oklahoma; Auburn, Massachusetts; Atlanta, Georgia; Monterrey,
Mexico; Shanghai, China; Nanjing, China; and Heerleen, The
Netherlands.

The company filed for chapter 11 protection on Sept. 28, 2006
(Bankr. D. Del. Case No. 06-11045).  Eric Michael Sutty, Esq.,
Jeffrey M. Schlerf, Esq., Kathryn D. Sallie, Esq., and Mary E.
Augustine, Esq., at The Bayard Firm and Malka S. Resnicoff,
Esq., and Matthew C. Brown, Esq., at White & Case LLP, represent
the Debtor.  Adam G. Landis, Esq., Kerri K. Mumford, Esq., and
Matthew B. McGuire, Esq., at Landis Rath & Cobb LLP, represent
the Official Committee of Unsecured Creditors.


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


DRESSER-RAND: S&P Rates US$500 Mln Sr. Revolving Facility at BB-
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its bank loan and
recovery ratings to the US$500 million senior secured revolving
credit facility due 2012 of Dresser-Rand Group Inc. (BB-
/Stable/--).  The 'BB+' rating, and '1' recovery rating,
indicate expectation of very high (90%-100%) recovery in the
event of a payment default.
      
On Aug. 30, 2007, Dresser-Rand disclosed that it had amended its
senior secured credit facility and increased it by US$150
million, to US$500 million.  The increased facility will enable
Dresser-Rand to manage working capital issues as the company
executes its growth strategy.
     
The corporate credit rating is 'BB-', reflecting the company's
exposure to the highly cyclical oil and gas production and
processing industries and its short track record as a stand-
alone company, which makes assessing financial performance in a
cyclical downturn difficult.  Partially mitigating these
weaknesses are the company's intermediate leverage and strong
aftermarket component of revenues.

Ratings List

Dresser-Rand Group Inc.
Corporate credit rating           BB-/Stable/--

New Rating

Dresser-Rand Group Inc.
Senior Secured                    BB+
  Recovery Rating                  1

Headquartered in Houston, Texas, Dresser-Rand Group Inc.
(NYSE:DRC) -- http://www.dresser-rand.com/-- is engaged in the
design, manufacture, sale and servicing of turbo and
reciprocating compressors, gas and steam turbines, gas expanders
and associated control panels.  The company is a supplier of
rotating equipment solutions to the oil, gas, petrochemical and
process industries.  The company's services and products are
used for a range of applications, including oil and gas
production, high-pressure field injection and enhanced oil
recovery, pipelines, refinery processes, natural gas processing
and petrochemical production.

Dresser-Rand has operations in France, Germany, Norway, and
India.


GEOKINETICS INC: Names Jim White & Lee Parker as Exec. Officers
---------------------------------------------------------------
Geokinetics Inc. has appointed Jim White as executive vice
president -- North American operations and Lee Parker as
executive vice president -- international operations effective
Sept. 1, 2007.
    
Jim White, a senior executive with over 25 years of operational
experience in the seismic industry, will report to Richard F.
Miles, the president and chief executive officer of Geokinetics.

In this role, Mr. White will manage all acquisition, processing,
and interpretation operations in the United States and Canada.  
Mr. White joined Geokinetics in December 2005 through the
acquisition of Trace Energy Services Inc., where he served as
the president and chief executive officer since February 2004.  
Prior to that, Mr. White spent 25 years with WesternGeco in a
variety of operational roles, including vice president for North
and South America.  

Mr. White holds a Bachelors degree in Geological Sciences from
Penn State University.
    
Lee Parker, a senior executive with over 15 years of technical
and managerial experience in the seismic industry, will report
to Mr. Miles.

In this role, Mr. Parker will manage all international
acquisition operations.  Mr. Parker joined Geokinetics in
September 2006, through the acquisition of Grant Geophysical,
Inc., where he spent over 14 years in various technical and
managerial roles in Europe, Africa, South America, and the
United States, serving as vice president -- technology.

Mr. Parker holds a Bachelors degree in Electronic Engineering
from the University of Southampton.
    
"On behalf of the board of directors, I am pleased todisclose
the promotions of Jim and Lee as executive officers of
Geokinetics, Mr. Miles commented.  "We are fortunate to have
these two highly qualified individuals as part of our management
team.  They both have a wealth of seismic operational experience
and will play a key role as we continue upon our growth
initiatives."
    
                      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.

                             *   *   *

Standard and Poor's rated the company's long-term foreign and
local issuer credits at 'B-'.


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


AOEIE IRKUTSKENERGO: Moody's Assigns B1 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service assigned a B1 corporate family rating
to AOEiE Irkutskenergo, a Russian integrated electric utility
business focusing on the Irkutsk region.  The rating outlook is
positive.

At the same time, Moody's Interfax Rating Agency, which is
majority owned by Moody's, assigned a A1.ru national scale
credit rating to the company.

According to Moody's and Moody's Interfax, the B1 global scale
rating reflects the company's global default and loss
expectation, while the A1.ru NSR reflects the standing of the
company's credit quality relative to its domestic peers.

The company's B1 Corporate Family Rating reflects:

   (i) the company's sustainable strong market position in its
       key market of the Irkutsk region;

  (ii) rapidly growing electricity demand in the region and in
       Siberia as a whole, where the company is the largest
       electricity and heat generator;

(iii) the company's good diversification of generation, with
       advantageous concentration on low-cost hydro generation
       accounting for 80% of electricity output, and coal fired
       assets adding to the company's operating flexibility in
       times of lower available water resources;

  (iv) Irkutskenergo's comparatively conservative financial
       profile with a relatively low debt level;

   (v) opportunity to increase revenues and margins in the
       emerging competitive segment of the wholesale electricity
       market, even if somewhat limited due to the influence of
       its largest customers from the aluminum sector which are
       controlled by the company's largest shareholder;

  (vi) the state's 40% stake in the company contributing to a
       compromise on tariff levels to balance those aluminum
       producers' influence.

At the same time, the company's rating is constrained by:

   (i) uncertainties associated with the restructuring process,
       with Irkutskenergo's grid business line, which is now a
       100%-onwed subsidiary, to be isolated as an independent
       entity to be transferred under the state's wing;

  (ii) its exposure to a still developing regulatory environment
       in the Russian power sector, which is under
       restructuring, with a lack of track record, as well as
       additional risks associated with the Russian operating
       environment in general, including developing corporate
       governance practices;

(iii) high geographical, customer industry and specific
       customer concentration, with five large industrial and
       infrastructure customer businesses accounting for 40% of
       the company's revenues, including 30% coming from two
       aluminum producers;

  (iv) possible pressure from UC RusAL, the largest beneficiary
       shareholder, interested in lower tariffs, limiting
       margins and operating cash flow;

   (v) expected increase in debt driven by the company's  
       investment program, with negative free cash flow
       persistent in the medium-term;

  (vi) high coal supplier concentration, with one largest
       supplier accounting for about 60% of the coal supplied;

(vii) still large, though restructured, outstanding receivables
       from largest related party customers, though current
       payments from them, as stated by the company, are
       collected in time.

The company is among those few utility companies that are
independent from RAO UES of Russia, a state-controlled
integrated utility group, which are aiming to align their
restructuring with the power sector's restructuring, but which
still needs to be scheduled and implemented. With no plan, terms
and conditions agreed by the largest beneficiary shareholder and
the state for the grid business's unbundling and a reduction of
the state's stake in the company, it is difficult to properly
assess respective consequences, including a possible negative
impact on the company's financial profile and debt metrics.

The company's own 2007-2010 investment program of RURl18.1
billion is almost equally divided between the generator and
transmission grid business lines, with the generator's part
largely focusing on the company's heat business that will remain
largely regulated.  The program is not aggressive, but a
potential downward pressure on the company's tariffs is expected
to result in negative free cash flow, thus driving up leverage
and putting pressure on the company's liquidity.  

Given its low leverage with Debt to EBITDA at 0.8x and high
coverage levels, with FFO/Interest of 21.9x and RCF/Debt of
101.9%, the company has enough headroom to increase its debt and
at the same time is not that largely exposed to liquidity
problems at the moment. However, an increasing leverage may put
material pressure on liquidity that was relatively weak at the
end of 2006, with the cash and short-term instruments covering
70% of the company's short-term debt.  

Moody's notes that the company has good access to banking
facilities, enjoying established relationship with a number of
large Russian and foreign banks.  The bank funding the company
could apply for as of June 19, 2007, was RURl4.9 billion, with
only RURl1.6 billion drawn.  However, the company as a natural
monopoly is required to choose its potential creditors at a
tender, thus it may take it time to "convert" the limits into
common committed lines.

The rating outlook is positive as Moody's expects the largest
beneficiary shareholder and the state to agree in the upcoming
6-12 months on a restructuring plan for the company's grid
business that should not result in a material deterioration in
the company's business and financial profile, allowing the
company to continue benefiting from its strong market position
and lower costs of electricity production.  At the same time,
Moody's central scenario is that, though interested in lower-
priced electricity, the largest beneficiary will continue to
balance its interests with those of the company's power and heat
business, especially taking into account the company's important
social and economic role in the Irkutsk region as a whole, with
the company to be able to at least maintain its margins and
accommodate increasing debt.

Should the market liberalization and on-going sector
restructuring result in material improvements in the operating
environment for the company and corporate governance include a
transparent mechanism for the company to improve in the medium
term its bargaining power in relationship with its largest
shareholder and related-party customers, this could have a
positive impact on the ratings.  The company's ability to
materially increase margins and cash flow generation ahead of
projections may also positively influence the rating.

A negative shift in the regulatory regime and/or the company's
restructuring affecting the company's credit metrics will likely
prompt Moody's to revisit the outlook and ratings. A negative
pressure on the rating may result from the leverage exceeding
the maximum of total debt to EBITDA ratio of 3x.

Assignments:

   * Issuer: Irkutskenergo (AOEiE)

   -- Probability of Default Rating, Assigned B1;
   -- Corporate Family Rating, Assigned B1, Assigned A1.ru.

Outlook Actions:

   * Issuer: Irkutskenergo (AOEiE)

   -- Outlook, Changed To Positive From Rating Withdrawn

Headquartered in the city of Irkutsk, Irkutskenergo is an
integrated electric utility business focusing on the Irkutsk
region.  The company has three hydroelectric power plants with
installed capacity of 9.0 GW and 12 combined heat and power
generators with capacity of 3.9 GW.  The company's regional
transmission grid business currently operates as a 100%-owned
subsidiary.  The company generates 65% of its 2006 Rbl 23.7
billion revenues from sales of electricity and 33% from sales of
heat.  

Irkutskenergo's controlling beneficiary shareholder is UC RusAl,
the largest aluminium business in Russia and an international
leader in the metals sector. The Russian state represented by
the Federal Property Agency has a 40% stake in the company.  In
the course of the company's restructuring, the transmission grid
business should be isolated as a business independent from the
company and transferred to the state and/or state's controlled
entity, Irkutskenergo is expected to be fully privatized.


BUILDER OJSC: Creditors Must File Claims by Sept. 11
----------------------------------------------------
Creditors of OJSC Builder have until Sept. 11 to submit proofs
of claim to:

         O. Zhalneryunas
         Insolvency Manager
         M. Gorkogo Str. 24-22
         614045 Perm
         Russia

The Arbitration Court of Kirov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A50-21592/2006-B.

The Court is located at:

         The Arbitration Court of Kirov
         K-Libknekhta Str. 102
         610017 Kirov
         Russia

The Debtor can be reached at:

         OJSC Builder
         60 Let Oktyabrya Pr. 12, 2
         Verkhoshizhemskiy
         Kirov
         Russia


DYATKOVSKIY CHRYSTAL: Creditors Must File Claims by Oct. 11
-----------------------------------------------------------
Creditors of OJSC Dyatkovskiy Chrystal have until Oct. 11 to
submit proofs of claim to:

         N. Solovyev
         Insolvency Manager
         Post User Box 12
         109443 Moscow
         Russia

The Arbitration Court of Bryansk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A09-3488/05-27-8.

The Court is located at:

         The Arbitration Court of Bryansk
         Room 602
         Trudovoy Per. 5
         Bryansk
         Russia

The Debtor can be reached at:

         OJSC Dyatkovskiy Chrystal
         Lenina Str. 184
         Dyatkovo
         242630 Bryansk
         Russia


HYNIX SEMICON: Creditors Tap Credit Suisse to Advise on Stake
-------------------------------------------------------------
Hynix Semiconductor Inc.'s creditors hired Switzerland's Credit
Suisse Group to advise them on options over their stake in the
memory chipmaker, Bloomberg News reports.

Lee Nahm Yon, a spokeswoman for Korea Exchange Bank, confirmed
to Bloomberg the selection of Credit Suisse.  KEB owns 8.22
percent of the company.

Credit Suisse may tap investors to buy the creditors' stake and
will evaluate Hynix's business plans, including investments, the
report notes.

As advisor, Credit Suisse is expected to draw up measures to
improve the corporate governance of Hynix Semiconductor and
gauge investor opinion on purchasing stakes in the company, KEB
told Yonhap News.

Bloomberg says that creditors of Hynix own about 36 percent of
Hynix Semiconductor after a US$4.6 billion bailout.

The banks, which cut their holding from about 50 percent in June
2006, have agreed not to sell the remaining stake until the end
of this year, Bloomberg adds.

Headquartered in Echon, South Korea, Hynix Semiconductor Inc.
-- http://www.hynix.com/-- is a semiconductor manufacturer.  
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The company has operations in Russia, and the United States.

                            *   *   *

The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating.

At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance.  The
outlook for the ratings is stable.

On June 14, 2007, Standard & Poor's assigned its 'BB-' rating on
Hynix Semiconductor Inc.'s proposed US$500 million global bonds
maturing in 2017, which will replace the currently rated seven-
year notes issued in 2005.

The TCR-AP reported on June 14, 2007, that Fitch Ratings
assigned an expected rating of 'BB' to the proposed issue of
US$500 million senior unsecured notes due 2017 by Hynix
Semiconductor Inc.


KAM-TRANS-STROY: Creditors Must File Claims by Oct. 11
------------------------------------------------------
Creditors of CJSC Kam-Trans-Stroy have until Oct. 11 to submit
proofs of claim to:

         M. Leongardt
         Insolvency Manager
         Post User Box 2583
         614070 Perm
         Russia

The Arbitration Court of Perm commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A50-21592/2006-B.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         CJSC Kam-Trans-Story
         25 Oktyabrya Str. 24
         Perm
         Russia


KURKINSKIY BAKERY: Creditors Must File Claims by Oct. 11
--------------------------------------------------------
Creditors of CJSC Kurkinskiy Bakery have until Oct. 11 to submit
proofs of claim to:

         O. Kraskovskaya
         Insolvency Manager
         Post User Box 281
         107078 Moscow
         Russia

The Arbitration Court of Tula commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A68-594/B-06.

The Court is located at:

         The Arbitration Court of Tula
         Hall 35
         Sovetskaya Str. 112
         Tula
         Russia

The Debtor can be reached at:

         CJSC A and M Production
         Lenina Str. 5a
         Kurkino
         Kurkinskiy
         301940 Tula
         Russia


MAGISTRAL LLC: Creditors Must File Claims by Oct. 11
----------------------------------------------------
Creditors of LLC Magistral have until Oct. 11 to submit proofs
of claim to:

         S. Roshin
         Insolvency Manager
         Post User Box 45
         690105 Vladivostok-105
         Russia

The Arbitration Court of Primorye commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A51-6745/07 11-93.

The Court is located at:

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

The Debtor can be reached at:

         LLC Magistral
         Gagarina Str. 2A
         Kirovskiy
         Primorye
         Russia


NITROGEN CJSC: Creditors Must File Claims by Sept. 11
-----------------------------------------------------
Creditors of CJSC Agro-Chemical Corporation Nitrogen (TIN
5003031775) have until Sept. 11 to submit proofs of claim to:

         V. Maksimov
         Temporary Insolvency Manager
         Office 16
         Business-Centre Olimpik
         Olimpijskiy Pr 16
         129090 Moscow
         Russia

The Arbitration Court of Moscow will convene at 9:00 a.m. on
Oct. 9 to hear the company's bankruptcy supervision procedure.   
The case is docketed under Case No. A41-K2-19722/07.

The Court is located at:

         The Arbitration Court of Moscow
         Novaya Basmannaya Str. 10
         Moscow
         Russia

The Debtor can be reached at:

         CJSC Agro-Chemical Corporation Nitrogen
         Business-Centre
         Gazoprovod
         Leninskky
         142770 Moscow
         Russia


PRODUCTION-BUILDING: Creditors Must File Claims by Oct. 11
----------------------------------------------------------
Creditors of LLC Production-Building Complex have until Oct. 11
to submit proofs of claim to:

         V. Konovalov
         Insolvency Manager
         Post User Box 7664
         Central Post Office
         644099 Omsk
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-44788/2006.

The Court is located at:

         The Arbitration Court of St. Petersburg and the                     
               
         Leningrad
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         LLC Production-Building Complex
         Office 28
         Lisichanskaya Str. 6
         197342 St. Petersburg
         Russia


RODINA CJSC: Bidding Deadline Slated for Sept. 10
-------------------------------------------------
LLC Agris-N, the bidding organizer for CJSC Agricultural Company
Rodina, will open a public auction for the company's properties
on Sept. 14 at:

         CJSC Agricultural Company Rodina
         Arkhangelskaya St.
         Tikhoretskiy
         Krasnodar
         Russia

Interested participants have to deposit an amount equivalent to
20% of the starting price to:

         CJSC Agricultural Company Rodina
         Settlement Account 40702810000000000078
         Correspondent Account 30101810500000000951
         BIK 040373951
         OJSC Yug-Investbank (Tikhoretskiy)
         Tikhoretsk
         Russia

Bidding documents have until Sept. 10 to be submitted to:

         LLC Agris-N
         Chekistov Pr. 40
         Krasnodar
         Russia

The Debtor can be reached at:

         CJSC Agricultural Company Rodina
         Arkhangelskaya St.
         Tikhoretskiy
         Krasnodar
         Russia


ROSBANK OJSC: S&P Lifts Ratings to BB- on Improved Profile
----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on Russian Rosbank OJSC to 'BB-' from
'B+'.  At the same time, the 'B' short-term counterparty credit
and 'ruAA-' Russian national scale ratings were affirmed.  The
outlook remains positive.

"The upgrade reflects Rosbank's improving commercial and
financial profile," said Standard & Poor's credit analyst Eugene
Tarzimanov.

Support from minority shareholder French group Societe Generale
(AA/Stable/A-1+), Rosbank's granular loan portfolio, and our
expectation of higher core profitability in the medium term
support the bank's current ratings.

The bank's sizable concentration in funding, challenges in
managing an extensive distribution network, and the high level
of competition pressuring the margins constrain the ratings.

"We expect SocGen's operational and managerial support to
intensify in the medium term, positively affecting Rosbank in
areas such as funding, risk management, and IT," said Mr.
Tarzimanov.

We also expect Rosbank to continue its rapid expansion in line
with strategic goals.

SocGen's commitment to Rosbank is relatively limited at present.
If SocGen acquires a controlling stake in Rosbank, which we view
as probable, further ratings upside is likely.  We would also
consider raising the ratings if the bank demonstrates its
ability to withstand competitive pressure on profitability and
maintains good asset quality.

Ratings downside might follow a significant reduction in
SocGen's support, the bank's inability to control the quality of
its rapidly growing loan portfolio, or its failure to reap
financial benefits from its network.


RUSFINANCE BANK: S&P Hikes Ratings to BB+ on Parent Support
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on Russian Rusfinance Bank to 'BB+'
from 'BB'.  At the same time, the Russia national scale rating
was raised to 'ruAA+' from 'ruAA' and the 'B' short-term
counterparty credit rating was affirmed.  The outlook remains
positive.

Societe Generale (AA/Stable/A-1+) fully owns Rusfinance through
unrated Rusfinance SAS.

"The upgrade reflects the strong support and commitment to
Rusfinance from the parent and the related positive impact from
that ownership," said Standard & Poor's credit analyst Eugene
Tarzimanov.

Rusfinance increasingly benefits from parental support in terms
of capital, funding, and risk management.  This now results in a
four-notch uplift to the long-term rating on Rusfinance above
the stand-alone rating (compared with the earlier three-notch
uplift).

The ratings remain constrained by the risks of operating in the
fast-growing, increasingly competitive, and inherently high-risk
Russian consumer finance market, which has not yet been tested
by an economic downturn.

The bank's limited loan concentration, good capitalization, and
leading position in car loans partially offset Rusfinance's
negative rating factors.

"We expect Rusfinance to develop a successful consumer finance
franchise in Russia and maintain strong ties with SocGen," said
Mr. Tarzimanov.

In the medium term, the ratings will largely be driven by
developments in the bank's stand-alone profile, as we already
incorporate parental support from SocGen into the ratings.

Rusfinance's proven ability to manage its rapid expansion while
keeping asset quality under control could lead to an upgrade.  
Additionally, the bank has the potential for improved
creditworthiness if it further strengthens profitability,
capital, and funding.

A downgrade could occur if the bank's stand-alone financial
profile materially deteriorated, and/or if ties to SocGen
weakened significantly.


TITAN PETROCHEMICALS: Second-Half Profit Doubles on Ship Sales
--------------------------------------------------------------
Titan Petrochemicals Group Ltd's first-half profit more than
doubled because of gains from selling some vessels, Shanghai
Daily reports, citing the company's statement with the Hong Kong
Stock Exchange.  

According to the company's disclosure, net income climbed to
HK$152 million (US$19.5 million), or HK$3.10 cents a share, from
a restated HK$65 million, HK$1.35 cents, a year earlier.  Sales
rose 19% to HK$7.7 billion.

Chief Executive Barry Cheung plans to make Titan into China's
biggest independent fuels storage provider and cut dependence on
shipping oil, the statement said, as quoted by the Daily.  
Profit contribution from tankers dropped to 75% last year from
90% in 2005, the stamen further revealed.  

Because of this, vessels, including very large crude carriers,
or VLCCs, will account for no more than a fifth of earnings
within three years, Mr. Cheung said.

"The first half of 2007 saw Titan achieve good progress towards
its stated goal of creating an integrated oil logistics
company," the company said.  "We began to reduce our dependence
on the volatile VLCC market."

Titan Petrochemicals Group Ltd -- http://www.petrotitan.com/--  
is an Asian integrated oil logistics, distribution and supply
services provider.  It was listed on the Hong Kong Stock
Exchange in 2002.  Headquartered in Hong Kong, its operations
are spread over Singapore, Malaysia and China. It also operates
in Russia and Panama.  It manages 25 tankers and has on-shore
storage facilities in Guangdong, Fujian and Shanghai.  On
March 29, 2007, Moody's Investors Service affirmed the B1
corporate family rating of Titan Petrochemicals Group Ltd and
its senior unsecured bond rating of B2.  This follows Titan's
announcement of its fiscal year 2006 results, which show a 9.5%
increase in sales but a marked decline in net income by 67%.

Moody's Investors Service has downgraded the corporate family
rating of Titan Petrochemical Group Ltd from B1 to B2.  At the
same time, Titan's unsecured bond rating is also lowered to B3.  
The outlook for both ratings is stable.

Standard & Poor's Ratings Services on Sept. 4, 2007, revised the
outlook on the rating on Titan Petrochemicals Group Ltd. to
negative from stable.  At the same time, it affirmed both the
'B+' long-term corporate credit rating on Titan and the 'B'
issue rating on the company's US$400 million guaranteed senior
unsecured notes due 2012.


TRAKT LLC: Creditors Must File Claims by Sept. 11
-------------------------------------------------
Creditors of LLC Trakt have until Sept. 11 to submit proofs of
claim to:

         V. Trofimov
         Temporary Insolvency Manager
         Moskovskiy Pr. 45B, 107
         650065 Kemerovo
         Russia

The Arbitration Court of Kemerovo will convene at 11:00 a.m. on
Dec. 12 to hear the company's bankruptcy supervision procedure.  
The case is docketed under Case No. A27-5677/2007-4.

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         LLC Trakt
         Sovetskaya Str. 1
         Yashkino
         Kemerovo
         Russia


VICTORY OJSC: Altay Bankruptcy Hearing Slated for Sept. 24
----------------------------------------------------------
The Arbitration Court of Altay will convene on Sept. 24 to hear
the bankruptcy supervision procedure on OJSC Victory.  The case
is docketed under Case No. O3-2551/07-B.

The Temporary Insolvency Manager is:

         D. Mishenko
         Post User Box 16
         Barnaul
         656015 Altay
         Russia

The Debtor can be reached at:

         OJSC Victory
         Mekhanizatorskaya Str. 11
         Kulunda
         Kulundinskiy
         Altay
         Russia


VOLGA-CENTRE CJSC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Arbitration Court of Tyumen commenced bankruptcy supervision
procedure on Subsidiary CJSC Volga-Centre (TIN 6450040861, OGRN
1036405004470).  The case is docketed under Case No. A-70-4078/
3-07.

The Temporary Insolvency Manager is:

         V. Yakovenko
         Temporary Insolvency Manager
         Post User Box 6500
         625039 Russia

The Court is located at:

         The Arbitration Court of Tyumen
         Khokhryakova Str. 77
         627000 Tyumen
         Russia

The Debtor can be reached at:

         Subsidiary CJSC Volga-Centre
         Respubliki 143
         625026 Tyumen
         Russia


VOSTOK-UMR CJSC: Creditors Must File Claims by Sept. 11
-------------------------------------------------------
Creditors of CJSC Vostok-UMR (TIN 3814005878) have until
Sept. 11 to submit proofs of claim to:

         L. Ponomarenko
         Insolvency Manager
         Post User Box 4201
         Barnaul
         656067 Altay
         Russia

The Arbitration Court of Irkutsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A19-/07-37.

The Court is located at:  

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

The Debtor can be reached at:

         CJSC Vostok-UMR
         Stroitelej location 32
         Sayansk
         666303 Irkutsk
         Russia


VOSTOK-SMU-3: Creditors Must File Claims by Sept. 11
----------------------------------------------------
Creditors of CJSC Vostok-SMU-3 (TIN 3814004842) have until
Sept. 11 to submit proofs of claim to:

         L. Ponomarenko
         Insolvency Manager
         Post User Box 4201
         Barnaul
         656067 Altay
         Russia

The Arbitration Court of Irkutsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A19-7495/07-37.

The Court is located at:  

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

The Debtor can be reached at:

         CJSC Vostok-SMU-3
         Territory Promuzel Baza Stroyindustrii
         Sayansk
         666303 Irkutsk
         Russia


YAYVINSKIY WOOD-PROM-KHOZ: Claims Filing Period Ends Sept. 11
-------------------------------------------------------------
Creditors of LLC Yayvinskiy Wood-Prom-Khoz have until Sept. 11
to submit proofs of claim to:

         M. Vozzhin
         Temporary Insolvency Manager
         Kombaynerov Str. 34
         614036 Perm
         Russia

The Arbitration Court of Perm will convene at 11:00 a.m. on
Nov. 7 to hear the company's bankruptcy supervision procedure.  
The case is docketed under Case No. A50-6707/2007-B2.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         LLC Yayvinskiy Wood-Prom-Khoz
         Yayva
         Alrskandrovsk
         618400 Perm
         Russia


ZAVODOUKOVSKIY SPIRIT-VODKA: Claims Filing Period Ends Sept. 11
---------------------------------------------------------------
Creditors of OJSC Zavodoukovskiy Spirit-Vodka Distillery have
until Sept. 11 to submit proofs of claim to:

         S. Makarov
         Temporary Insolvency Manager
         Malygina Str. 5-33
         625048 Tyumen
         Russia

The Arbitration Court of Tyumen will convene at 9:00 a.m. on
Oct. 11 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A-70-3699/3-2007.

The Court is located at:

         The Arbitration Court of Tyumen
         Khokhryakova Str. 77
         627000 Tyumen
         Russia

The Debtor can be reached at:

         OJSC Zavodoukovskiy Spirit-Vodka Distillery
         Zavodskaya Str. 21
         Padun
         Zavodoukovskiy
         Tyumen
         Russia


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


ALIASOS TRADING: Creditors' Liquidation Claims Due September 13
---------------------------------------------------------------
Creditors of LLC Aliasos Trading have until Sept. 13 to submit
their claims to:

         Markus Thoma
         Liquidator
         Krontalstrasse 10
         9000 St. Gallen
         Switzerland

The Debtor can be reached at:

         LLC Aliasos Trading
         9000 St. Gallen
         Switzerland


ALLSOFT JSC: Basel Court Closes Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Liestal in Basel entered Aug. 2 an
order closing the bankruptcy proceedings of JSC Allsoft.

The Bankruptcy Service of Liestal can be reached at:

         Bankruptcy Service of Liestal
         4410 Liestal BL
         Switzerland

The Debtor can be reached at:

         JSC Allsoft
         Schneckelerstrasse 4
         4414 Fullinsdorf
         Liestal BL
         Switzerland


BKP TECHNIK: Creditors' Liquidation Claims Due September 19
-----------------------------------------------------------
Creditors of JSC BKP Technik have until Sept. 19 to submit their
claims to:

         Giorgio Teucher
         Liquidator
         Teucher Treuhand
         Gewerbestrasse 5
         6330 Cham ZG
         Switzerland

The Debtor can be reached at:

         JSC BKP Technik
         Cham ZG
         Switzerland


GAFIMA JSC: Creditors' Liquidation Claims Due September 17
----------------------------------------------------------
Creditors of JSC Gafima have until Sept. 17 to submit their
claims to:

         JSC Treuhand Gossau
         Liquidator
         Lagerstrasse 4
         9201 Gossau SG
         Switzerland

The Debtor can be reached at:

         JSC Gafima
         Gossau SG
         Switzerland


KEYMILE HOLDING: Creditors' Liquidation Claims Due September 13
---------------------------------------------------------------
Creditors of JSC Keymile Holding have until Sept. 13 to submit
their claims to:

         Dr. Claude Thomann
         Liquidator
         Kapellenstrasse 14
         Mail box: 6916
         3001 Bern
         Switzerland

The Debtor can be reached at:

         JSC Keymile Holding
         Freienbach SZ
         Switzerland


LUIGI BAU: Lucerne Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Court of Hochdorf in Lucerne commenced bankruptcy
proceedings against JSC Luigi Bau on July 3.

The Bankruptcy Service of Hochdorf can be reached at:

         Bankruptcy Service of Hochdorf
         6020 Emmenbrucke
         Hochdorf LU
         Switzerland

The Debtor can be reached at:

         JSC Luigi Bau
         Eschenstrasse 19
         6020 Emmenbrucke
         Hochdorf LU
         Switzerland


PADOPAR JSC: Creditors' Liquidation Claims Due September 19
-----------------------------------------------------------
Creditors of JSC Padopar have until Sept. 19 to submit their
claims to:

         JSC Sinco Treuhand
         Liquidator
         Idastrasse 15
         8003 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Padopar
         Zug
         Switzerland


PURE DISTRIBUTING: Zug Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against LLC Pure Distributing on July 10.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC Pure Distributing
         Zugerstrasse 76
         6330 Cham ZG
         Switzerland


QB QUARZSAND: Creditors' Liquidation Claims Due September 13
------------------------------------------------------------
Creditors of JSC QB Quarzsand have until Sept. 13 to submit
their claims to:

         Gerhard Eugster
         Liquidator
         Zuberweg 28
         3608 Thun BE
         Switzerland

The Debtor can be reached at:

         JSC QB Quarzsand
         Lenzburg AG
         Switzerland


RESTAURANT SCHWANEN: Creditors' Liquidation Claims Due Sept. 12
---------------------------------------------------------------
Creditors of LLC Restaurant Schwanen, Lauper & Strahl have until
Sept. 12 to submit their claims to:

         Daniel Lauper
         Liquidator
         Rattlistrasse 13
         3267 Seedorf
         Aarberg BE
         Switzerland

The Debtor can be reached at:

         LLC Restaurant Schwanen, Lauper & Strahl
         Lyss
         Aarberg BE
         Switzerland


RVA JSC: Basel Court Closes Bankruptcy Proceedings
--------------------------------------------------
The Bankruptcy Service of Basel entered Aug. 2 an order closing
the bankruptcy proceedings of JSC RVA.

The Bankruptcy Service of Basel-Stadt can be reached at:

         Bankruptcy Service of Basel-Stadt
         4051 Basel BS
         Switzerland

The Debtor can be reached at:

         JSC RVA
         Solothurnerstrasse 22
         4053 Basel BS
         Switzerland


SANFA JSC: Aargau Court Closes Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Service of Aargau entered Aug. 9 an order closing
the bankruptcy proceedings of JSC Sanfa.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Brugg
         5201 Brugg AG
         Switzerland

The Debtor can be reached at:

         JSC Sanfa
         Im Obert 455
         5082 Kaisten
         Laufenburg AG
         Switzerland


SEOB CYCLING: Creditors' Liquidation Claims Due September 13
------------------------------------------------------------
Creditors of LLC SEOB Cycling have until Sept. 13 to submit
their claims to:

         Olivier Senn
         Liquidator
         Mandacherstrasse 32
         5277 Hottwil AG
         Switzerland

The Debtor can be reached at:

         LLC SEOB Cycling
         Hottwil AG
         Switzerland


WEMP HANDEL: Creditors' Liquidation Claims Due September 12
-----------------------------------------------------------
Creditors of LLC Wemp Handel have until Sept. 12 to submit their
claims to:

         Vaucher Treuhand
         Liquidator
         Spitzengeerstrasse 1
         8606 Nanikon
         Switzerland

The Debtor can be reached at:

         LLC Wemp Handel
         Freienbach SZ
         Switzerland


WODEMA JSC: Creditors' Liquidation Claims Due September 17
----------------------------------------------------------
Creditors of JSC Wodema have until Sept. 17 to submit their
claims to:

         JSC Treuhand Gossau
         Liquidator
         Lagerstrasse 4
         9201 Gossau SG
         Switzerland

The Debtor can be reached at:

         JSC Wodema
         Gossau SG
         Switzerland


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


BENT OF UKRAINE: Claims Submission Deadline Set September 8
-----------------------------------------------------------
Creditors of Agricultural LLC Bent of Ukraine (code EDRPOU
03731916) have until Sept. 8 to submit their proofs of claim to:

The Court is located at:

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

The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company on July 17.  The case is docketed under
Case No. 5/325-07.

The Debtor can be reached at:

         Agricultural LLC Bent of Ukraine
         Vila-Yaruzki
         Chernovtsy District
         24130 Vinnica
         Ukraine


ENERGY INDUSTRY: Creditors Must File Claims by September 8
----------------------------------------------------------
Creditors of LLC Energy Industry (code EDRPOU 25159606) have
until Sept. 8 to submit their proofs of claim to:

         Stepan Bonchak
         Liquidator
         29 Apartment 6
         50 years of USSR Str.
         Kremenchuk
         39600 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 7/79.

The Court is located at:

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

The Debtor can be reached at:

         LLC Energy Industry
         I. Prikhodko Str. 30 Apartment 3
         Kremenchuk
         39600 Poltava
         Ukraine


GOLDEN PASS: Creditors Must File Claims by September 8
------------------------------------------------------
Creditors of LLC Golden Pass (code EDRPOU 33817052) have until
Sept. 8 to submit their proofs of claim to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-39/111-07.

The Debtor can be reached at:

         LLC Golden Pass
         Apartment 149
         Lenin Str. 41
         61166 Kharkov
         Ukraine


KERCH MOTOGAS: Creditors Must File Claims by September 8
--------------------------------------------------------
Creditors of CJSC Kerch Motogas Service (code EDRPOU 22247103)
have until Sept. 8 to submit their proofs of claim to:

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

The Economic Court of AR Krym commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2-3/1030-2007.

The Debtor can be reached at:

         CJSC Kerch Motogas Service
         Kokorin Str. 65
         Kerch
         98300 AR Krym
         Ukraine


KONTINENTAL TRANSPORT: Creditors Must File Claims by September 8
----------------------------------------------------------------
Creditors of LLC Industrial-Service Firm Kontinental Transport
Service Ltd. (code EDRPOU 20281550) have until Sept. 8 to submit
their proofs of claim to:

         Michael Grishyn
         Liquidator
         Apartment 18
         Kuybyshev Str. 1a
         49027 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 29/189/05.

The Court is located at:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Debtor can be reached at:

         LLC Industrial-Service Firm Kontinental
         Transport Service Ltd.
         K. Marx Str. 51
         49000 Dnipropetrovsk
         Ukraine


MAGNETIC SYSTEMS: Creditors Must File Claims by September 8
-----------------------------------------------------------
Creditors of LLC Science-Production Enterprise Magnetic Systems
(code EDRPOU 32466054) have until Sept. 8 to submit their proofs
of claim to:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 26/51/05.

The Debtor can be reached at:
      
         LLC Science-Production Enterprise Magnetic Systems
         Shevchenko Str. 36/27
         49000 Dnipropetrovsk
         Ukraine


PROGRESS LLC: Creditors Must File Claims by September 8
-------------------------------------------------------
Creditors of LLC Progress (code EDRPOU 30791409) have until
Sept. 8 to submit their proofs of claim to:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 29/179-06.

The Debtor can be reached at:

         LLC Progress
         Krinichansky District
         Kiev Str. 40
         Druzhba
         52331 Dnipropetrovsk
         Ukraine


SUMY-ARKA JSC: Creditors Must File Claims by September 8
--------------------------------------------------------
Creditors of JSC Sumy-Arka (code EDRPOU 30267948) have until
Sept. 8 to submit their proofs of claim to:

         Viacheslav Linov
         Liquidator
         Kharkov Str. 122, r. 1
         40012 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 7/55-07.

The Court is located at:

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

The Debtor can be reached at:

         JSC Sumy-Arka
         Kirov Str. 27
         40000 Sumy
         Ukraine


TEMIX CJSC: Claims Submission Deadline Set September 8
------------------------------------------------------
Creditors of CJSC Temix (code EDRPOU 13841758) have until
Sept. 8 to submit their proofs of claim to:

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

The Economic Court of Nikolaev commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
2/625/07.

The Debtor can be reached at:

         CJSC Temix
         Tchkalov Str. 20
         54017 Nikolaev
         Ukraine


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


A AND K: Names Ian William Kings Liquidator
-------------------------------------------
Ian William Kings of Tenon Recovery was appointed liquidator of
A and K Despatch Ltd. on Aug. 15 for the creditors’ voluntary
winding-up procedure.

The liquidator can be reached at:

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


ALLIANCE BOOTS: Extreme Leverage Cues S&P’s Watch on BB- Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services’ 'BB-' long-term corporate
credit rating on U.K.-based health-and-beauty retailer and
wholesaler Alliance Boots PLC remains on CreditWatch with
negative implications where it had originally been placed on
March 12, 2007.

The CreditWatch placement followed the take-over bid by Kohlberg
Kravis Roberts & Co., a private-equity firm, and Stefano
Pessina, the executive deputy chairman of Alliance Boots.

"Although no information on Alliance Boot's new financial
profile has been made public so far, we expect the group to be
extremely leveraged given the magnitude of the senior facilities
package raised to finance the acquisition," said Standard &
Poor's credit analyst Nicolas Baudouin.

We estimate that the adjusted debt-to-EBITDA ratio could be
close to 10x, which is highly aggressive.  Consequently, the
current ratings could be lowered by several notches once the
CreditWatch is resolved.  The ratings could also be affirmed,
but this is the least likely scenario as it would necessitate
substantial deleveraging in the near term.

"The ratings continue to reflect Alliance Boot's satisfactory
business profile, but will be driven primarily by the group's
extremely aggressive financial profile," added Mr. Baudouin.   

S&P expects to resolve the CreditWatch status within the next 30
days, once we have met with Alliance Boots.


BASIS YIELD: Files Chapter 15 Petition in S.D. New York
-------------------------------------------------------
Basis Yield Alpha Fund (Master) filed a petition before the
Grand Court of the Cayman Islands on Aug. 28, 2007, for
authority to wind up operations under the provisions of the
Companies Law of the Cayman Islands.

In a petition filed with the Cayman Grand Court, Walkers,
Attorneys-at-Law, counsel to Basis Yield, held that the Fund is
unable to pay its debts as they fall due.  "[I]t is just and
equitable that BYAF(Master) should be wound up," the petition
said.

Walkers further disclosed that Basis Yield has share capital of:

  * US$10,000 divided into 1,000,000 Class A Shares of a nominal
    or par value of US$0.01 each;

  * AU$10,000 divided into 1,000,000 Class A Shares of a nominal
    or par value of AU$O.01 each;

  * NZ$10,000 divided into 1,000,000 Class A Shares of a nominal
    or par value of NZDO.01 each;

  * EUR10,000 divided into 1,000,000 Class A Shares of a nominal
    or par value of EURO.01 each;

  * JPY1,000,000 divided into 1,000,000 Class A Shares of a
    nominal or par value of JPY1.00 each;

  * US$220,000 divided into 22,000,000 Class B Shares of a
    nominal or par value of US$0.01 each;

  * US$50,000 divided into 5,000,000 Class C Shares of a nominal
    or par value of US$0.01 each;

  * AU$220,000 divided into 22,000,000 Yield Fund Shares of a
    nominal or par value of AU$0.01 each;

  * US$166,666 divided into 16,666,600 Class A US Shares of a
    nominal or par value of US$0.01 each;

  * US$166,666 divided into 16,666,600 Class B US Shares of a
    nominal or par value of US$0.01 each; and

  * US$166,667 divided into 16,666,700 Class C US Shares of a
    nominal or par value of US$0.01 each.

Basis Yield also sought the appointment of Hugh Dickson, Stephen
John Akers, and Paul Andrew Billingham, partners at Grant
Thornton, as its joint provisional liquidators.

On the same day, the Honourable Madam Justice Levers entered an
order appointing Messrs. Dickson, Akers, and Billingham as joint
provisional liquidators.

                    Chapter 15 Ancillary Case

On August 29, 2007, the Liquidators filed a petition before the
U.S. Bankruptcy Court for the Southern District of New York
seeking recognition of Basis Yield's liquidation in the Cayman
Islands as a "foreign main" proceeding under Chapter 15 of the
U.S. Bankruptcy Code.  The Liquidators also asked the U.S. Court
to enjoin and restrain U.S. creditors from commencing actions
with respect to the Fund's assets in the United States.

Basis Yield is estimated to have more than $100,000,000 in total
assets and total liabilities, and less than 49 creditors, the
Chapter 15 petition said.

The Liquidators noted that in excess of $50,000,000 of Basis
Yield's assets, held by various financial institutions, are
located within the United States.

Basis Capital has said losses in Basis Yield could exceed 80%,
Tiffany Kary and Jenny Strasburg at Bloomberg report.

                     Just Like Bear Stearns

Kurt Mayr, Esq., at Bracewell & Giuliani, in Hartford,
Connecticut, said Basis Yield is likely to encounter issues as
to whether the Cayman Islands liquidation is a "foreign main"
proceeding, Mses. Kary and Strasburg relate.  "There will be
issues as to whether [Basis Yield's case is] a foreign main
proceeding, just as there are with the Bear Stearns case," Mr.
Mayr said.

Mr. Mayr noted that Basis Yield's creditors and assets "appear
to be mostly U.S.-based," Bloomberg says.

Two Bear Stearns Cos. investment funds -- Bear Stearns High-
Grade Structured Credit Strategies Master Fund, and Bear Stearns
High-Grade Structured Credit Strategies Enhanced Leverage Master
Fund, Ltd. -- commenced liquidation proceedings in the Cayman
Islands and parallel chapter 15 proceedings before the Southern
District of New York Bankruptcy Court in July 2007.

Judge Burton Lifland, who handles the Bear Stearns Funds' cases,
on Thursday, denied the Bear Stearns Funds protection under
Chapter 15 of the Bankruptcy Code.  Judge Lifland held that the
Bear Stearns Funds' pleadings clearly establish that the Funds'
"center of main interest" is in the United States and not in the
Cayman Islands.

Judge Lifland held that denial of the Foreign Representatives'
request is without prejudice to the filing of a Chapter 11 or a
Chapter 7 case.   

                       Road to Bankruptcy

Following the volatility in the market related to the United
States sub-prime lending defaults, by June 2007, Basis Yield
began to suffer a significant devaluation of its asset
portfolio.  

The devaluation of the Fund's secured assets led to margin calls
from trade counterparties, which Basis Yield was ultimately
unable to meet.  This, in turn, resulted in the issuance of
several default notices by the counterparties and the exercise
of their rights under their agreements to close out trades and
to seize or sell Basis Yield assets that had been the subject of
repurchase agreements or over which they held security
interests.

Default notices were issued by, inter alia, J.P. Morgan Chase
Bank N.A., Goldman Sachs International, Citigroup Global Markets
Limited, Morgan Stanley, Lehman Brothers International (Europe),
and Merrill Lynch International.

In addition, two counterparties issued bid lists for Basis
Yield's assets, which resulted in additional downward pressure
on
the relevant asset classes and a further devaluation of the
Fund's assets.

Basis Yield disputed many of the default notices issued or
purportedly issued by various parties.

Basis Capital stopped redemptions from its Yield Alpha Fund and
Aust-Rim Opportunity Fund in July 2007 after both funds lost 9%
and 14% in June, Bloomberg says.

Basis Capital retained The Blackstone Group to act as financial
advisor to the Yield Alpha Fund and Pac-Rim Opportunity Funds.  
Blackstone's role included negotiating with investment banks to
prevent adverse pricing and selling of both funds' assets.

For the past five years, the Yield Alpha Fund returned 15.5% on
average while the Aust-Rim Opportunity Fund provided almost 15%
return on average, according to Bloomberg, citing a July 2007
report by Zenith Investment Partners posted on Basis Capital's
Web site.

Bloomberg notes that the Basis Capital funds had the highest
five-star ratings from Standard & Poor's before the ranking was
put "on hold" on July 17, 2007, because of "issues potentially
affecting the management of the fund," according to S&P.

                        About Basis

Basis Yield Alpha Fund (Master) is a Cayman Islands-based mutual
fund managed by Basis Capital Fund Management Ltd. in Australia.

Basis Yield was incorporated on September 14, 2005, and has its
registered office at Fortis Prime Fund Solutions (Cayman), in
the Cayman Islands.  Basis Yield is Basis Capital's second-
biggest hedge fund, according to Bloomberg News.

Basis Yield is the master fund in a master-feeder structure.  
The structure operates by allowing investors' funds to be
channeled through two companies operating in a single
jurisdiction to a "master" company operating in the same
jurisdiction.  The two feeder funds, which are both domiciled in
the Cayman Islands, are:

  (i) Basis Yield Alpha Fund (US), a U.S. feeder fund for U.S.
      taxable investors; and

(ii) Basis Yield Alpha Fund, a non-U.S. feeder for all other
      investors.

BYAF(US) is not actively investing presently and, accordingly,
does not hold any shares in Basis Yield.

Fortis serves as administrator to Basis Yield and each of its
feeder funds.

Both feeder funds are registered mutual funds regulated by the
Cayman Island Monetary Authority.

Basis Yield sought to achieve its investment options principally
by investing the assets of the master fund in a diversified
portfolio of relatively high-yielding opportunities in
international markets.  The investments included investments in
high-yielding corporate securities and structured credit
securities, including, but not limited to, asset-backed
securities, mortgage backed securities, collateralized debt
obligations, collateralized loan obligations, as well as other
asset classes.

                          Basis Capital

Basis Capital was launched in April 1999 by Steve Howell, a
former director of Asia-Pacific trading at American Express Bank
in Singapore, and Stuart Fowler, a former trader at Salomon
Smith Barney, according to Bloomberg.  Both worked together at
County NatWest.

Basis Capital reported more than $1,000,000,000 in assets in May
2007, Bloomberg relates.

Basis Capital's two key business streams are:

  -- Funds Management

     Basis Capital manages a number of Multi Strategy, Relative
     value and Arbitrage Funds and caters for Australian
     domestic and international investors.  Basis Capital's
     Funds Management arm provide institutions and sophisticated
     and accredited investors access to a unique Asia Pacific
     Relative Value and Arbitrage strategy, targeting superior
     risk-adjusted returns, irrespective of the performance of
     the key bond and equity markets.  The firm added a Global
     Structured Credit Fund in 2003.

  -- Securitization

     Basis Capital established its securitization arm to advise
     and assist sponsor companies to access the capital markets.
     Basis Capital structured, arranged or advised on various
     Alternative Asset Pools which includes 100% Loan-to-
     Valuation residential mortgages; auto loans; personal
     loans; rural and commercial mortgages and trade
     receivables.  The firm's expertise has evolved into a
     Collateral Management function whereby US$850,000,000 of
     asset-backed securities are being managed for two CDO
     vehicles.

Basis Capital is fully licensed and regulated by the Australian
Securities and Investment Commission as a Responsible Entity.

Basis Capital is a founding member of the Australian Chapter
of the Alternative Investment Management Association.

Bloomberg relates Basis Capital was declared "Fund of the Year"
at the 2005 AsiaHedge awards.  It was also named "Skilled
Manager of the Year" by Macquarie Bank Ltd. in 2004.


BASIS YIELD: Chapter 15 Petition Summary
----------------------------------------
Petitioners: Hugh Dickson
             Stephen John Akers
             Paul Andrew Billingham

Debtor: Basis Yield Alpha Fund (Master)
        Level 5
        Bermuda House
        Dr. Roy's Drive
        Grand Cayman
        Cayman Islands

Case No.: 07-12762

Type of Business: The Debtor is a Cayman Islands mutual fund.
                  It operates as a master-feeder structure that
                  allows investors' funds to be channeled
                  through two companies operating in a single
                  jurisdiction to a "master" company operating
                  in the same jurisdiction.  These two feeder
                  funds are Basis Yield Alpha Fund (US), a US
                  feeder fund  for US taxable investors, and
                  Basis Yield Alpha Fund, a non-US feeder for
                  all other investors.

Chapter 15 Petition Date: August 29, 2007

Court: Southern District of New York (Manhattan)

Judge: Robert E. Gerber

Petitioners' Counsel: Karen Dine, Esq.
                      Pillsbury Winthrop Shaw Pittman LLP
                      1540 Broadway
                      New York, NY 10036
                      Tel: (212) 858-1791
                      Fax: (212) 858-1500

Estimated Assets: More than $100 Million

Estimated Debts:  More than $100 Million


BASIS YIELD: Obtains Automatic Stay from Cayman Islands Court
-------------------------------------------------------------
The Honorable Madam Justice Levers of the Grand Court of Cayman
Islands issued an order dated August 28, 2007, imposing a stay
on all actions, suits or proceedings against Basis Yield Alpha
Fund (Master).

Pursuant to Section 99 of the Companies Law, the Cayman Grand
Court held that all actions, lawsuits or proceedings of any
nature against Basis Yield are restrained until further order of
the Cayman Grand Court, and no future action, lawsuit or
proceeding will be commenced against Basis Yield without the
leave of the Cayman Grand Court.

Madam Justice Levers also appointed Hugh Dickson, Stephen John
Akers, and Paul Andrew Billingham, partners at Grant Thornton,
as Basis Yield's joint provisional liquidators and foreign
representatives of the Funds.

Madam Justice Levers granted to the Joint Liquidators the
powers:

  (a) to locate, protect, secure and take into their possession
      and control all asserts and property to which the Fund is
      to be entitled;

  (b) to locate, protect, secure and take into their possession
      and control the books, papers and records of the Fund
      including the accounting and statutory records;

  (c) to carry out investigations as they may consider
      appropriate into the promotion, formation, business,
      dealings, affairs or property of the Fund, including
      without limitation applying for relief under Section 127
      of the Companies Law of the Cayman Islands or an
      equivalent in any other jurisdiction;

  (d) to do any acts or things considered by them to be
      necessary or desirable for the protection of the assets
      and property of the Fund including but not limited to
      causing the Fund to vote as a shareholder in other
      companies, as the Liquidators deem appropriate;

  (e) to take any action as may be necessary to obtain the
      recognition of the appointment of the Liquidators in any
      other relevant jurisdiction and to make applications to
      the courts of those jurisdictions for that purpose,
      including without limitation, the filing of a petition
      under Chapter 15 of the U.S. Bankruptcy Code and the
      Liquidators are designated as the foreign representatives
      of the Fund for that purpose;

  (f) to retain barristers, solicitors or attorneys and other
      agents or professionals, whether in Cayman Islands or
      elsewhere, as the Liquidators consider appropriate for
      advising or assisting in the execution of their powers;

  (g) subject to the provisions of Section 107(2) of the
      Companies Law, to render and pay invoices out of the
      Fund's assets for their own remuneration at their usual
      and customary rates, together with all costs, charges
      and expenses of their attorneys and all other agents,
      managers, accountants or other persons that the
      Liquidators may employ; and

  (h) to exercise these powers without further sanction of the
      Cayman Islands Grand Court.

Madam Justice Levers ruled that no disposition of the Fund's
property will be avoided pursuant to Section 156 of the Cayman
Islands Companies Law.

Sandra Corbett, Esq., a partner at Walkers, in the Cayman
Islands, which serves as counsel to Basis Yield, relates that
provisional liquidators are officers of the Cayman Grand Court.  
They are required to be independent of the management of the
company and its creditors, and are required to act in an even-
handed fashion when dealing with creditors.

Headquartered in Grand Cayman, Cayman Islands, Basis Yield Alpha
Fund (Master) operates as a master-feeder structure that allows
investors' funds to be channeled through two companies operating
in a single jurisdiction to a "master" company operating  in the
same jurisdiction.  These two feeder funds are Basis Yield Alpha
Fund (US), a US feeder fund  for US taxable investors, and  
Basis Yield Alpha Fund, a non-US feeder for all other investors.

The company filed a wind-up petition before the Grand Court of
the Cayman Islands on Aug. 28, 2007.  Subsequently, Hugh
Dickson, Stephen John Akers, and Paul Andrew Billingham, in
their capacities as the Debtor's joint provisional liquidators,
filed a chapter 15 protection in the U.S. Bankruptcy Court for
the Southern District of New York on Aug. 29, 2007 (Bankr.
S.D.N.Y. Case No. 07-12762).  They estimated the Debtor's assets
and debts at more than US$100 million as of the petition date.  
Karen Dine, Esq., of Pillsbury Winthrop Shaw Pittman LLP,
represents the petitioners in the petition.  


BUZ PUBLISHING: Taps A. Poxon to Liquidate Assets
-------------------------------------------------
A. Poxon of DTE Leonard Curtis was appointed liquidator of The
Buz Publishing Co. Ltd. on Aug. 21 for the creditors’ voluntary
winding-up procedure.

The liquidator can be reached at:

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


CHOICESUK PLC: Sells Local & Direct Businesses to Findel Plc
------------------------------------------------------------
The joint administrators of ChoicesUK Plc have completed the
sale of the local and direct businesses of ChoicesUK to Findel
Plc, which has made the acquisition on behalf of its associate
company, Webb Group Ltd.

Nick Cropper, Colin Haig, Mike Jervis and Stephen Oldfield of
PricewaterhouseCoopers LLP said that the new business will focus
on driving forward ChoicesUK's wholesale packaged entertainment
business and its online and mail order business.  All employees
who work in local and direct have transferred to the new
business with the sale.

The administrators continue to operate 139 stores across the
U.K. and are actively seeking a purchaser for the business.

ChoicesUK, whose head office is in Peterborough, is an AIM
listed multi-channel distributor and retailer of DVDs, computer
games and CDs.

"Following an intensive sales process, I am pleased to announce
the sale of the local and direct businesses to Findel plc on
behalf of its associate, Webb Group Ltd.  The sale provides a
secure home for the local and direct businesses, allied with
strong management experience and capability.  I would like to
take this opportunity to thank the employees, suppliers and
customers of ChoicesUK for their support and cooperation
throughout this difficult time," Nick Cropper, disclosed.

"Our next task is to sell the retail business of ChoicesUK.  e
have spoken with a number of interested parties and our priority
now is to work hard to achieve a sale of the business as soon as
is possible," Mr. Cropper added.

"The acquisition of these businesses is directly in line with
our strategy of further leveraging our core skills in brand
management, product sourcing and fulfillment through targeted
acquisitions.  The local and direct businesses of ChoicesUK have
strong prospects and are an excellent fit with our existing
businesses.  This transaction will take our run rate revenues
over EUR100 million," Bernard Kumeta, managing director of Webb
Group Ltd. said.

ChoicesUK called in administrators on Aug. 22, 2007, after it
issued a profit warning in April 2007, saying that it expected
its financial performance for the 24-weeks to July 28, 2007, to
be substantially below market expectations, with the company
incurring losses despite cost-cutting measures.

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.

Web Group Ltd. -- http://www.webbivorydm.com/-- is based in  
Burton-upon-Trent, Staffordshire and Bradford, West Yorkshire.
It comprises two trading companies, Webb Ivory DM and Tailormade
Design.  Webb Ivory DM is a leading specialist provider of mail
order and associated solutions to charities and other direct
trading organisations.  Tailormade Design specialises in the
design and publication of greetings cards and other related
paper based products.

Headquartered in Peterborough, England, ChoicesUK Plc --
http://www.choicesukplc.com/-- is an AIM listed multi-channel  
distributor and retailer of DVDs, computer games and CDs. It
employs over 600 full-time and 1,100 part-time staff across its
distribution businesses and within its 162 stores throughout the
U.K.


CORUS GROUP: S&P Withdraws Ratings on Takeover Completion
---------------------------------------------------------
Standard & Poor's Ratings Services had withdrawn its 'BB-' long-
term and 'B' short-term corporate credit ratings on U.K.-based
steel manufacturer Corus Group PLC at the company's request.

At the same time, the 'B+' senior unsecured debt ratings on
Corus Group's EUR800 million 7.5% bonds due 2011 and Corus
Finance PLC's GBP200 million 6.75% guaranteed bonds due 2008,
were also withdrawn.  The notes were redeemed early and in full
on Aug. 31, 2007.

"The rating withdrawal was expected and follows the completion
of the takeover of Corus Group by Tata Steel," said Standard &
Poor's credit analyst Alex Herbert.

Tata Steel Ltd. (BB/Positive/--) is India's second-largest
integrated steel producer.

Furthermore, there is no impact on the 'BB-' long-term and 'B'
short-term corporate credit ratings on U.K.-based steel producer
Tata Steel U.K. Ltd. (TSUK), which were assigned on July 10,
2007.  TSUK is the new intermediate parent holding company of
Corus Group and a wholly owned subsidiary of Tata Steel Ltd.  
The outlook is positive.


CRISP UK.NET: Brings In Liquidators from BDO Stoy Hayward
---------------------------------------------------------
Andrew Howard Beckingham and Toby Scott Underwood of BDO Stoy
Hayward LLP were appointed joint liquidators of Crisp UK.Net
Ltd. on Aug. 24 for the creditors’ voluntary winding-up
proceeding.

Mr. Beckingham can be reached at:

         BDO Stoy Hayward LLP
         Arcadia House
         Maritime Walk
         Ocean Village
         Southampton
         SO14 3TL
         England

Mr. Underwood can be reached at:

         BDO Stoy Hayward LLP
         1 City Square
         Leeds
         LS1 1DP
         England

The company can be reached at:

         Crisp UK.Net Ltd.
         107 High Street
         Winchester
         SO23 9AH
         England


DDHE SERVICES: Claims Filing Period Ends September 28
-----------------------------------------------------
Creditors of DDHE Services Ltd. (formerly UGD U.K. Ltd.) have
until Sept. 28 to send in their names and addresses with
particulars of their debts or claims to:

          Myles Antony Halley and Christine Mary Laverty
          Joint Liquidators
          KPMG LLP
          8 Salisbury Square
          London
          EC4Y 8BB
          England

Myles Antony Halley and Christine Mary Laverty of KPMG LLP were
appointed joint liquidators of the company on Aug. 28 for the
creditors’ voluntary winding-up proceeding.


FEDERAL-MOGUL: 40 Plan Objections Filed as of August 21
-------------------------------------------------------
The U.S. Bankruptcy Court for the District 0f Delaware had set
Aug. 21, 2007, as the deadline for Plan Objectors to file briefs
on issues relating to confirmation of Federal-Mogul Corporation
and its debtor-affiliates' Fourth Amended Joint Plan of
Reorganization.

As of Aug. 21, more than 40 Plan Objectors filed briefs opposing
the Fourth Amended Plan:

     Plan Objectors                         Contention
     --------------                         ----------
Ace Property & Casualty Ins. Co.;      Plan A fails to comply
AIG Casualty Co.; AIU Ins. Co.;        with Section 524(g) of
the
Allianz Global Corporate & Specialty   Bankruptcy Code.
AG; Allianz Underwriters Ins. Co.;
Allianze Global Risks U.S. Ins. Co.;
American Home Assurance Co.; Central
Nat'l Ins. Co. of Omaha; Century
Indemnity Co.; Columbia Casualty Co.;
Continental Casualty Co.;
DaimlerChrysler Corp.; Federal Ins.
Co.; Fireman's Fund Ins. Co.; First
State Ins. Co.; Ford Motor Co.;
Granite State Ins. Co.; Hartford
Accident & Indemnity Co.; Ins. Co. of
N. America; Ins. Co. of the State of
Pennsylvania; Lexington Ins. Co.; Mt.
McKinley Ins. Co.; Nat'l Union Fire
Ins. Co. of Pittsburgh, Pa; Nat'l
Surety Co.; New England Ins. Co.; New
Hampshire Ins. Co.; One Beacon
America Ins. Co.; Pacific Employers
Ins. Co.; PepsiAmericas, Inc.; Seaton
Ins. Co.; St. Paul Mercury Ins. Co.;
Stonewall Ins. Co.; The Continental
Casualty Co.; U.S. Fire Ins. Co.; and
Volkswagen of America, Inc.

ACE Insurers; AIG Member Cos.;         Plan A exceeds the limits
Allianz; CNA Entities; Federal Ins.;   of the Court's subject-
Fireman's Fund Ins. Co.; Mt.           matter jurisdiction and
McKinley; PepsiAmericas; The Hartford  fails to satisfy the
Cos.                                   Bankruptcy Code's good-
                                       faith requirements.

ACE Insurers; AIG Member Cos.;         Certain insurers have
Allianz; CNA Entities; Federal Ins.;   standing to object to
Fireman's Fund Ins. Co.; Mt.           confirmation of Plan A
and
McKinley; One Beacon; PepsiAmericas;   Plan A is not insurance
Seaton; Stonewall; The Hartford        neutral.
Cos.

CNA Entities; Fireman's Fund Ins.      The Pneumo-Abex Trust
Co.; Mt McKinley; PepsiAmericas        Distribution Procedures
                                       cannot be approved.

PepsiAmericas                          The Plan's proposed
                                       treatment to
PepsiAmericas
                                       is not fair, reasonable,
                                       or in compliance with
                                       applicable law.

Ford Motor Co.; PepsiAmericas          Ford Motor Co. has
                                       standing to object to
                                       confirmation of Plan A.

Employers Ins. Co. of Wausau;          The Plan's treatment of
Fireman's Fund Ins. Co.; Globe         Fel-Pro and Vellumoid
Indemnity Co.; One Beacon; Royal       Claims does not comply
Indemnity Co.; Seaton; Stonewall;      with the Bankruptcy Code.
The Travelers Indemnity Co.;
Travelers Casualty & Surety Co.

Fireman's Fund Ins. Co.; Globe         The Insurers have
standing
Indemnity; One Beacon; Royal           to object to
confirmation.
Indemnity; Seaton; Stonewall;
Travelers; Wausau

ACE Insurers; AIG Member Cos.; CNA     The Court may not approve
Entities; Fireman's Fund Ins. Co.;     the Plan's purported
Globe Indemnity; One Beacon;           assignment of insurance
PepsiAmericas; Royal Indemnity;        rights.
Seaton; Stonewall; The Hartford Cos.;
TIG Ins. Co.; Travelers; Wausau

AIG Member Cos.; Allianz; Certain      The Court cannot approve
Underwriters at Lloyds, London and     the assignment of
Certain London Market Cos.; Fireman's  insurance rights as a
Fund Ins. Co.; Mt. McKinley;           matter of law under the
Travelers; Wausau                      Bankruptcy Code.

One Beacon; Seaton; Stonewall; Wausau  Plan B fails to comply
                                       with applicable
bankruptcy
                                       and non-bankruptcy law.

In addition, Rothschild Inc. objects to the Fourth Amended
Plan's
supplemental injunction and exculpation provision to the extent
that they could be interpreted as:

  (1) restricting Rothschild's rights to assert claims,
      counterclaims, affirmative defenses or other causes of
      action against the released parties in the event that any
      of them asserts a claim of any kind against Rothschild;

  (2) eliminating, reducing or otherwise affecting the Debtors'
      continuing obligations to indemnify and exculpate
      Rothschild in accordance with the parties' engagement
      letter;

  (3) modifying the legal standard that would apply in the event
      that any claims are asserted against Rothschild; or

  (4) limiting Rothschild's right to receive compensation earned
      and reimbursement of expenses incurred as administrative
      expenses under the Plan.

From the Debtors' bankruptcy filing to Nov. 30, 2003, Rothschild
provided the Debtors with financial advisory and investment
banking services.

Bradford J. Sandler, Esq., at Benesch, Friedlander, Coplan &
Aronoff LLP, in Wilmington, Delaware, clarifies that Rothschild
is not seeking to jeopardize Plan confirmation, or to delay the
Debtors' emergence from Chapter 11.  Rather, Rothschild seeks to
clarify that its rights will not improperly be limited by the
Supplemental Injunction or the Exculpation Provision, Mr.
Sandler
clarifies.

Furthermore, Owens-Illinois, Inc., an alleged joint tortfeasor
and co-defendant in certain state court litigation with the
Debtors, maintains that the TDP was not proposed in good faith
in accordance with Section 1129(a)(3) of the Bankruptcy Code.

Katharine L. Mayer, Esq., at McCarter & English, LLP, in
Wilmington, Delaware, contends that the Asbestos Personal Injury
Trust enhances the rights available to asbestos plaintiffs at
the expense of the co-defendants.  She argues that the Trustees,
comprised of asbestos personal injury plaintiff lawyers, cannot
properly fulfill their obligations to all beneficiaries of the
Trust if:

  (1) those beneficiaries have interests directly adverse to
      each other; and

  (2) the Trustees themselves are biased because one of those
      adverse groups represents their own clients.

The Plan Proponents' allegation that indirect claimants voted in
favor of the Plan is misleading, Ms. Mayer argues.  "The Plan
Proponents unilaterally put indirect claimants in the same class
as the hundreds of thousands of claims submitted by the asbestos
plaintiff lawyers and then negotiated a deal for those lawyers
to support the Plan.  The acceptance by that class in no way
negates the validity of Owens-Illinois' objection."

Owens-Illinois asks the Court to deny confirmation of the Plan
with the TDP as written.

The Estate of Thurston Little, the Estate of Billy R. Scruggs,
and the plaintiffs in the civil action styled Doris Everitt, et
al. v. Pneumo Abex, LLC, pending in the U.S. District Court for
the Southern District of Mississippi, Jackson Division, join in
the Plan Objectors' contention that Plan A fails to comply with
Section 524(g).  The Plan's Channeling Injunction and other
structural deficiencies would impermissibly violate the asbestos
claimants' constitutional and equitable rights, the Pneumo Abex
Claimants assert.

                    Plan Proponents Respond

The Debtors, the Official Committee of Unsecured Creditors, the
Official Committee of Asbestos Claimants, the Official Committee
of Equity Security Holders, the Legal Representative for Future
Asbestos Claimants, JPMorgan Chase Bank, N.A., Cooper
Industries, LLC, and Pneumo Abex LLC, argue that for the most
part, the Plan Objectors are not creditors of, and have no legal
interest in, the Debtors' estates.

The Plan Objectors' arguments that the Plan and the Trust
Distribution Procedures violate the cooperation and voluntary
payment provisions of their policies and that the Plan
discharges the Debtors' obligations for those violations are a
gross mischaracterization of the Plan, the Plan Proponents
assert.

The Plan Objectors have not demonstrated the constitutionally
required injury in fact and the direct adverse impact on their
interests required of a putative party in interest under Section
1109 of the Bankruptcy Code, James E. O'Neill, Esq., at
Pachulski, Stang, Ziehl, Young, Jones  & Weintraub LLP, in
Wilmington, Delaware, contends, on the Debtors' behalf.  "Nor
can they do so, given the sweeping insurance neutrality language
of the Plan, which expressly provides that it does not adversely
affect the insurers' rights under their contracts in any way,
save for the Insurance Rights Assignment under Plan B."

The Objecting Insurers' contention that their pecuniary
interests are affected by the Plan is faulty, Mr. O'Neill
continues.  The proceeds of the Debtors' asbestos insurance
policies, he points out, are property of the Debtors, not the
Insurers.   The Plan does not obligate the Insurers to pay
amounts exceeding their pre-existing policy limits.

Moreover, the Objecting Insurers are not within the class of
persons protected by Section 524(g) and cannot assert the rights
of the asbestos claimants whose interests that provision seeks
to protect.  Thus, they have no standing to assert objections
based on alleged non-compliance with Section 524(g).

The Plan Proponents maintain that Plan A satisfies Section
524(g) and all of the other statutory requirements of the
Bankruptcy Code.  Mr. O'Neill notes that Plan A has the
"overwhelming" approval of the asbestos personal injury
claimants and all of the Debtors' other creditors -- the real
stakeholders in the Debtors' reorganization.

The prospect of Plan A's increased "complexity" in itself, Mr.
O'Neill asserts, does not provide any substantive basis for
denying Plan A.

Accordingly, the Plan Proponents ask the Court to confirm the
Fourth Amended Plan, including Plan A.

                            *   *   *

Judge Fitzgerald denied the Plan Proponents' request to strike
the testimony of Mark A. Behrens, one of the Objecting Insurers'
witnesses.

Judge Fitzgerald will hear closing arguments on Oct. 1, 2007.

                       About Federal-Mogul

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

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

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on June
6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on
Nov. 21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007.  The confirmation hearing started on
June 18, 2007, and is expected to end on Oct. 1, 2007.  
(Federal-Mogul Bankruptcy News, Issue No. 146; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


FORD MOTOR: Offers Up to US$1,000 Bonus in “Swap Your Ride” Deal
----------------------------------------------------------------
As Ford Motor Company continues to earn recognition from third-
party experts for design, safety, quality and innovation, the
company is inviting consumers to “swap their ride” and get
behind the wheel of one of its award-winning Blue Oval products.

Ford has lauched “Swap Your Ride,” an integrated marketing
campaign that chronicles the experiences of competitive-make
vehicle owners from New York, Dallas, Miami and Los Angeles as
they evaluate Ford cars, trucks, SUVs and CUVs.  The ads, which
take their inspiration from the reality TV phenomenon, feature
candid feedback from people who thought they were test-driving
vehicles for market research.

The campaign is backed by an offer of up to US$1,000 “Swap Bonus
Cash” through Oct. 1, 2007 on most 2007 and 2008 model year
vehicles in addition to all existing retail and lease offers.

“When consumers experience a new Ford vehicle for themselves --
especially when they haven’t driven one of our products lately
-- it’s almost always an eye-opening experience,” said Barry
Engle, general manager, Ford Marketing.  “In ‘Swap Your Ride,’
real people tell this story in their own words.”

“Swap Your Ride” participants were asked before and after their
test-drive experience whether they would be open to purchasing
or leasing a Ford vehicle in the future.  The results: purchase
consideration following consumers’ week-long product evaluation
doubled to nearly 80 percent.

                 Integrated Advertising Campaign

The “Swap Your Ride” television commercials, 28 in all, have
spots scheduled on the major broadcast and cable networks during
such highly rated shows as Desperate Housewives, CSI, Extreme
Home Makeover and Bones.  The campaign also includes Spanish-
language ads.

Print executions will appear nationally in USA Today and in
major newspapers in 25 top markets beginning on Sept. 7, 2007.  
Radio spots will air nationally, regionally and locally
beginning this week.  Digital advertising for “Swap Your Ride”
also will appear on a variety of sites including Google, Yahoo!,
MSN and other automotive research sites.  In addition,
fordchallenge.com will feature additional behind-the-scenes
footage compiled during the clinics.

                         Program Details

Ford’s “Swap Your Ride” campaign includes retail and lease
offers which run nationwide through Oct. 1, 2007:

    -- Up to US$1,000 “Swap Bonus Cash” on most 2007 and 2008
       model year Ford vehicles in addition to all existing
       retail and lease offers.

    -- The “Swap Bonus Cash” offer for most eligible vehicles is
       US$1,000; the 2008 Ford Fusion and Mustang are eligible
       for US$500 “Swap Bonus Cash”.

    -- 2007 F-150 models will offer US$1,000 “Swap Bonus Cash”
       plus zero percent financing for 60 months.

    -- 2007 Explorer, SportTrac and Ranger will offer stand-
       alone zero percent financing for 60 months (or 1.9
       percent financing plus US$1,000 “Swap Bonus Cash”).

    -- Certain 2007 and 2008 models, including Shelby and
       Harley-Davidson models, are not eligible for “Swap Bonus
       Cash”.

                      About Ford Motor Co.

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

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

                        *     *     *

As reported in the TCR-Europe on July 31, 2007, Moody's
Investors Service said that the performance of Ford Motor
Company's global automotive operations for the second quarter of
2007 was significantly stronger than the previous year and
better than street expectations.

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

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


GE JENNINGS: Calls In Liquidators from Vantis Business Recovery
---------------------------------------------------------------
G. Mummery and G. Rowley of Vantis Business Recovery Services
were appointed joint liquidators of GE Jennings Ltd. on Aug. 16
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


GENERAL MOTORS: Inks Settlement Agreement with Delphi Corp.
-----------------------------------------------------------
General Motors Corp. signed definitive settlement and
restructuring agreements with Delphi Corp.  Delphi Corp. also  
its proposed Joint Plan of Reorganization and related Disclosure
Statement with the U.S. Bankruptcy Court for the Southern
District of New York.

Delphi's comprehensive settlement with GM resolves all
outstanding issues between Delphi and GM including: litigation
commenced in March 2006, by Delphi, to terminate certain supply
agreements with GM; all potential claims and disputes with GM
arising out of the separation of Delphi from GM in 1999; certain
post-separation claims and disputes between Delphi and GM; the
proofs of claim filed by GM against Delphi in Delphi's Chapter
11 cases; GM's treatment under Delphi's proposed plan of
reorganization; and various other legacy and ordinary course
business matters between the companies.

The proposed Plan and related Disclosure Statement includes
detailed information regarding the treatment of claims and
interests, the company's five-year business plan, events leading
up to and during Delphi's Chapter 11 cases, and an outline of
the plan investor agreement and rights offering.  Delphi's
emergence timetable calls for the company to obtain exit
financing commitments early in the fourth quarter of 2007.

The proposed plan also outlines Delphi's transformation
centering around five core areas:

   -- Agreements reached with all principal U.S. labor unions
      which create a competitive arena in which to conduct its
      business;

   -- Agreements with General Motors outlining its financial
      support for certain legacy and labor costs and certain
      future business commitments to Delphi;

   -- Delphi's future product portfolio and manufacturing
      footprint;

   -- Delphi's planned transformation of its salaried workforce
      and progress in reducing SG&A to support its realigned
      portfolio; and

   -- Delphi's plans to fund its U.S. defined benefit programs.

"The filing of Delphi's Plan of Reorganization and Disclosure
Statement is a significant milestone for our company," Rodney
O'Neal, Delphi CEO and president, said.  "Each of the numerous
moving pieces to our transformation are coming together.  In
recent months, we have announced a new equity investment
agreement with our Plan Investors and agreed on consensual
distributions with our Statutory Committees for both our
creditors and equity holders.  Additionally, we completed our
labor transformation with our six U.S. unions, settled complex
multi-district ERISA and securities litigation, and finalized
comprehensive settlement and restructuring agreements with GM.  
While achieving these transformation objectives, we also
continued to support our customers and deliver operational
excellence every step of the way.  Delphi has made great
progress toward its stated transformation goals and is intensely
focused on completing the remaining items in order to
successfully emerge from Chapter 11 as a more competitive
technology leader."

              Plan of Reorganization Framework

Delphi's plan of reorganization is based upon a series of global
settlements and compromises that involve every major group of
constituents in Delphi's reorganization cases, including:
Delphi, its principal U.S. labor unions, GM, the statutory
creditors' and equity holders' committees appointed in Delphi's
Chapter 11 cases and the lead plaintiffs in certain securities
and ERISA multidistrict litigation.

The Plan provides for a recovery through a plan distribution of
reorganized Delphi common stock and cash amounting to the
principal amount of the claim plus accrued interest at a
negotiated plan value for general unsecured creditors, and
agreed upon distributions to other classes of creditors and
interests.  GM will receive a $2.7 billion cash distribution in
satisfaction of certain of its claims against Delphi.  As part
of the settlement of the multidistrict ERISA and securities
litigation, distributions will be made under three plan classes
using plan currency in the same form, ratio, and treatment as
what will be used to satisfy the holders of general unsecured
claims.  Allowed claims and interests for these three plan
classes total $24.5 million for the ERISA plan class and a total
of $204 million for the debt securities class and the common
stock securities class.  Holders of existing Delphi common stock
will receive a distribution of shares of reorganized Delphi,
five-year warrants exercisable to purchase shares of reorganized
Delphi, and transferable and non-transferable subscription
rights to purchase shares of reorganized Delphi.

The settlements embodied by the Plan feature rights offerings
that will be conducted after confirmation of the Plan and which
will allow Delphi's common stockholders, who are holders of
shares of Delphi common stock as of the date when the
Confirmation Hearing commences, to purchase,

   (i) through the exercise of transferable rights,
       approximately 28% of the common stock of reorganized  
       Delphi at a discount to the negotiated plan value, and

  (ii) through the exercise of non-transferable rights, up to
       $572 million worth of shares (in the aggregate) of
       reorganized Delphi at the negotiated plan enterprise
       value price of $45 per share.

The rights offerings are expected to commence following
confirmation of Delphi's plan of reorganization and conclude 30
days thereafter prior to Delphi's emergence from Chapter 11
reorganization.

The rights will be issued only to those individuals who are
holders of Delphi's existing common stock as of the date the
Confirmation Hearing commences and after the Bankruptcy Court
has confirmed the company's Plan and the SEC has approved
Delphi's registration statement for the Rights Offerings.

                     Labor Transformation

Delphi previously negotiated and signed Memoranda of
Understanding with each of its six U.S. unions and GM covering
site plans, workforce transition as well as other comprehensive
transformational issues.  In addition, pursuant to the
previously announced attrition agreements, over 24,000 employees
voluntarily retired, accepted buy outs or opted to flow back to
GM within provisions of negotiated attrition plans.  Delphi will
continue to own and operate four UAW-represented sites, three
IUE-CWA-represented sites and one USW-represented site.  
Additionally, 25 North American sites will be sold or closed.

                     GM Settlement Agreements

Pursuant to the company's Plan, subject to Bankruptcy Court
approval as part of the plan confirmation process, Delphi and GM
have entered into comprehensive settlement agreements consisting
of a Global Settlement Agreement.  Most obligations set forth in
the GSA are to be performed upon the occurrence of the Effective
Date of the Plan or as soon as reasonably possible after.  By
contrast, resolution of most of the matters addressed in the MRA
will require a significantly longer period that will extend for
a number of years after confirmation of the Plan.

The GSA is intended to resolve outstanding issues among Delphi
and GM that have arisen or may arise before Delphi's emergence
from Chapter 11, and will be implemented by Delphi and GM in the
short term.  The GSA addresses, among other things, commitments
by Delphi and GM regarding OPEB and pension obligations, other
GM contributions with respect to labor matters, releases, and
claims treatment.

   -- GM will make significant contributions to cover costs  
      associated with certain post-retirement benefits for
      certain of the company's active and retired hourly
      employees, including health care and life insurance;

   -- Delphi will freeze its Hourly Pension Plan as soon as
      possible following the Effective Date, as provided in the
      union settlement agreements, and GM's Hourly Pension Plan
      will become responsible for certain future costs related
      to Delphi's Hourly Pension Plan;

   -- Delphi will transfer certain assets and liabilities of
      its Hourly Pension Plan to the GM Hourly Pension Plan, as
      set forth in the union term sheets;

   -- Shortly after the effective date, GM will receive an
      interest bearing note from Delphi in the amount of
      $1.5 billion to be paid within 10 days of its issuance;

   -- GM will make significant contributions to Delphi to fund
      various special attrition programs, consistent with the
      provisions of the union Memorandum of Understanding;

   -- GM and certain related parties and Delphi and certain
      related parties will exchange broad, global releases
      (which will not apply to certain surviving claims as set
      forth in the GSA); and

   -- On the Effective Date, subject to certain surviving
      claims in the GSA and in satisfaction of various GM
      claims, Delphi will pay GM $2.7 billion, and the GM Proof
      of Claim will be settled.

The MRA is intended to govern certain aspects of Delphi and GM's
commercial relationship following Delphi's emergence from
Chapter 11.  The MRA addresses, among other things, the scope of
GM's existing and future business awards to Delphi and related
pricing agreements and sourcing arrangements, GM commitments
with respect to reimbursement of specified ongoing labor costs,
the disposition of certain Delphi facilities, and the treatment
of existing agreements between Delphi and GM.

Through the MRA, Delphi and GM have agreed to certain terms and
conditions governing, among other things:
     
   -- the scope of existing business awards, related pricing
      agreements, and extensions of certain existing supply
      agreements;

   -- GM's ability to move production to alternative suppliers;
      and

   -- Reorganized Delphi's rights to bid and qualify for new
      business awards.

   a) GM will make significant, ongoing contributions to Delphi
      and Reorganized Delphi to reimburse the company for labor
      costs in excess of $26 per hour at specified
      manufacturing facilities;

   b) GM and Delphi have agreed to certain terms and conditions
      concerning the sale of certain of its non-core
      businesses;

   c) GM and Delphi have agreed to certain additional terms and
      conditions if certain of its businesses and facilities
      are not sold or wound down by certain future dates; and

   d) GM and Delphi have agreed to the treatment of certain
      contracts between Delphi and GM arising from Delphi's
      separation from GM and other contracts between Delphi and
      GM.

                       Pension Plans

One of Delphi's principal goals throughout Chapter 11 was to
retain the benefits accrued under the existing defined benefit
U.S. pension plans for both the hourly and salaried workforce.  
To accomplish this, Delphi will freeze the current hourly and
salaried U.S. pension plans as of the first of the month
following the Effective Date of the Plan and replace them with
contemporary plans.

As part of the resolution of its pension issues, Delphi obtained
temporary waivers of its minimum funding requirements from the
IRS and the PBGC, under the hourly plan and the salaried plan.  
By obtaining the waivers, Delphi can delay its minimum funding
requirements from June 15, 2007, through the expected Effective
Date of its Plan of Reorganization.

Delphi will also facilitate the transfer of $1.5 billion of the
company's net hourly pension obligations to GM's Hourly Pension
Plan under applicable federal law.  On the date of such
transfer, GM will receive a note in the principal amount of $1.5
billion that will be paid in full within 10 days of issuance.  
This transfer facilitates Delphi's resolution of its pension
issues and will help allow Delphi to make up required
contributions to the plans that were not made in full during
Chapter 11.

Full-text copies of the Global Settlement Agreement between
Delphi and GM, and Delphi's Plan of Reorganization and
Disclosure Statement are available for free at:

             http://ResearchArchives.com/t/s?231c

                      About Delphi Corp.

Headquartered in Troy, Michigan, 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 $11,446,000,000
in total assets and $23,851,000,000 in total debts.  

The Adequacy Hearing for the Disclosure Statement is scheduled
for Oct. 3, 2007.  The Debtors' exclusive plan-filing period
expires on Dec. 31, 2007.  

                          About GM

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

                          *     *     *

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

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


GILBRAITH TANKERS: J. M. Titley Leads Liquidation Procedure
-----------------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed liquidator of
Gilbraith Tankers Ltd. on Aug. 9 for the creditors’ voluntary
winding-up procedure.

The liquidator can be reached at:

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


LONSWISS LTD: Appoints Keith Aleric Stevens as Liquidator
---------------------------------------------------------
Keith Aleric Stevens of Wilkins Kennedy was appointed liquidator
of Lonswiss Ltd. on Aug. 23 for the creditors’ voluntary
winding-up procedure.

The liquidator can be reached at:

         Wilkins Kennedy
         Gladstone House
         77/79 High Street
         Egham
         TW20 9HY
         England


MEOPHAM MEATS: Names Ian Mark Defty Liquidator
----------------------------------------------
Ian Mark Defty of Kingston Smith & Partners LLP was appointed
liquidator of Meopham Meats Ltd. on Aug. 24 for the creditors’
voluntary winding-up procedure.

The liquidator can be reached at:

         Kingston Smith & Partners LLP
         105 St. Peters Street
         St. Albans
         Hertfordshire
         AL1 3EJ
         England

The company can be reached at:

         Meopham Meats Ltd.
         33A Chipstead Valley Road
         Coulsdon
         Surrey CR5 2RB
         England


NDNT LTD: Taps Liquidators from BDO Stoy Hayward LLP
----------------------------------------------------
Malcolm Cohen and David Swaden of BDO Stoy Hayward LLP were
appointed joint liquidators of NDNT (U.K.) Ltd. on Aug. 20 for
the creditors’ voluntary winding-up proceeding.

Mr. Cohen can be reached at:

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

Mr. Swaden can be reached at:

         BDO Stoy Hayward LLP
         Commercial Buildings
         11-15 Cross Street
         Manchester
         England


NG BARS: Joint Liquidators Take Over Operations
-----------------------------------------------
J. S. French and G. Mummery of Vantis Business Recovery Services
were appointed joint liquidators of NG Bars Ltd. (t/a 43 South
Molton) on Aug. 20 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


NITRO COURIER: Brings In Liquidators from Vantis plc
----------------------------------------------------
Colin Ian Vickers and Christopher David Stevens of Vantis plc
were appointed joint liquidators of Nitro Courier Services Ltd.
on Aug. 24 for the creditors’ voluntary winding-up procedure.

The joint liquidators can be reached at:

         Vantis plc
         Fourth Floor
         Southfield House
         11 Liverpool Gardens
         Worthing
         West Sussex
         BN11 1RY
         England


QZERO SYSTEMS: Hires Liquidator from Wilkins Kennedy
----------------------------------------------------
John Arthur Kirkpatrick of Wilkins Kennedy was appointed
liquidator of Qzero Systems Ltd. on Aug. 22 for the creditors’
voluntary winding-up procedure.

The liquidator can be reached at:

         Wilkins Kennedy
         6c Church Street
         Reading
         RG1 2SB
         England


SANDUSKY WALMSLEY: Taps Liquidators from PricewaterhouseCoopers
---------------------------------------------------------------
Michael Horrocks and Russell Stewart Cash of
PricewaterhouseCoopers LLP were appointed joint liquidators of
Sandusky Walmsley Ltd. on Aug. 10 for the creditors’ voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         PricewaterhouseCoopers LLP
         101 Barbirolli Square
         Lower Mosley Street
         Manchester
         M2 3PW
         England


SDH REALISATIONS: Creditors' Meeting Slated for Sept. 19
--------------------------------------------------------
Creditors of SDH Realisations Ltd. (fka Space Decks (Holdings)
Ltd. and Finchfair Ltd.) (Company Number 01898330) Sdl
Realisations Ltd. (fka Space Decks Ltd.) (Company Number
00501495) will meet at 11:00 a.m. and 11:30 a.m. on Sept. 19 at:

         31 Great George Street
         Bristol
         BS1 5QD
         England

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

         R.N. Lewis and D.A. Howell
         Joint Administrators
         PricewaterhouseCoopers LLP
         One Kingsway
         Cardiff
         CF10 3PW
         England

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.  


SOLO CUP: Fitch Affirms Junk Rating on Senior Subordinated Notes
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings for Solo Cup Company as:

  -- Issuer default rating 'B-';
  -- Senior secured first lien term loan 'B+/RR2';
  -- Senior secured revolving credit facility 'B+/RR2';
  -- Senior subordinated notes 'CCC/RR6'.

In addition, Fitch withdraws this rating:

  -- Senior secured second lien credit facility.

The Rating Outlook is Negative.  Approximately US$1 billion of
debt is covered by the ratings.  The company's Canadian bank
debt is excluded from the ratings.

The ratings reflect concerns about the company's weak cash
flows, high leverage, margin pressure due to intense competition
and higher resin and energy prices, low unit volume growth, a
lengthy and difficult integration process associated with the
Sweetheart acquisition, and a few remaining material weaknesses
in internal accounting controls.  The ratings also recognize
Solo's leading market share across its product categories,
strong brand recognition, diversified raw materials mix,
diverse, stable customer base, and modest near-term debt
maturities.

The Negative Outlook is based on constrained operating cash flow
generation and the need to execute asset sales to meaningfully
reduce leverage.  Although the company showed material
improvement in 2Q07 on several levels, risks to the credit
profile remain.  Solo's operating environment remains
challenging, and there is execution risk with regards to any
additional asset sales which might be contemplated.  Solo must
also meet covenant ratio requirements which continue to tighten
for the remainder of the year.

Despite these concerns, in the first half of 2007 the company
has made substantive strides in improving operations, filling
key management vacancies with experienced industry leaders,
addressing and resolving some key integration issues, reducing
funded debt and improving the liquidity profile.  Solo's
operating results in the second quarter were encouraging.  The
company's new technology system has been implemented which has
improved order management and reduced redundancies stemming from
the Sweetheart merger.  This and other manufacturing initiatives
are starting to lead to improved profitability and positive cash
flow.

If the company is able to demonstrate stabilized performance
during the remainder of the year, and if additional meaningful
asset sales are completed, Fitch will likely review the outlook
and recovery ratings on the capital structure for a possible
upgrade.

In connection with December 2006 financing arrangements, the
credit facility covenants were modified to allow for the sale of
up to 20% of consolidated assets in 2007, with proceeds used to
pay down debt.  After a recent sale-leaseback transaction, Solo
eliminated US$130 million of second-lien term loan,
precipitating the withdrawal of the ratings for this tranche.
The transaction was executed on six manufacturing facilities and
annual rent on the now leased properties is about US$11.7
million.  Solo continues to consider other asset sales and has
announced the sale of a 118 acre parcel in Chicago with expected
proceeds of US$15 million.

Fitch calculates 12 months ended July 1, 2007, total leverage
ratio of 7.5 times, and senior leverage ratio of 5.0x using
operating EBITDA of US$133.7 million.  Interest coverage for the
same period was 1.3x.  The company must meet a total leverage
ratio requirement of 8.75x by Sept. 30, 2007, and senior
leverage ratio of 5x by the same date.  Leverage and interest
coverage ratios calculated for bank covenant compliance make
certain adjustments for rents, interest expense and other items
related to asset sales on a pro-forma LTM basis and are not
equivalent to Fitch's calculations.  The company should be able
to meet upcoming ratio requirements, but Fitch believes
compliance could be by a narrow margin and the company may need
to seek a waiver from senior lenders if operating results do not
improve as expected.

As of July 01, 2007 the company had about US$92 million of
availability under the U.S. and Canadian revolvers and cash of
US$24.4 million for total liquidity of roughly US$116 million.
Near term debt maturities are not significant with US$6.5
million due in both 2007 and 2008.  Solo plans capital
expenditures of US$40 to US$50 million for 2007 and pension
contributions of US$12 million.  The amended credit agreement of
December 22, 2006, stipulates that all management fees to Vestar
will be suspended in 2007, unless the consolidated leverage
ratio is equal to or less than 4.5x.

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.


SOUTH WEST: Appoints Liquidator from Wilkins Kennedy
----------------------------------------------------
Keith Aleric Stevens of Wilkins Kennedy was appointed liquidator
of South West Cradles (London) Ltd. on Aug. 24 for the
creditors’ voluntary winding-up procedure.

The liquidator can be reached at:

         Wilkins Kennedy
         Gladstone House
         77-79 High Street
         Egham
         TW20 9HY
         England


TATA MOTORS: Reports Slight Decrease in August 2007 Sales
---------------------------------------------------------
Tata Motors Ltd reported total sales of 45,144 vehicles
(including exports) for the month of August 2007, compared to
45,325 vehicles sold in August last year.  Cumulative sales for
the company at 2,14,603 units reported a marginal decline of
0.8%.  The domestic market continues to be sluggish, due to the
high interest rate regime, continuing to affect retails.

Commercial Vehicles

The company's sales of commercial vehicles in August 2007 in the
domestic market were 23,431 units, a growth of 1.6% over 23,069
vehicles sold in August last year.  Medium and Heavy Commercial
Vehicle sales stood at 11,625 units, a decline of 13.6% over
August 2006, while Light Commercial Vehicle sales were 11,806
units, a growth of 23% over August 2006.

Cumulative sales of commercial vehicles in the domestic market
for the fiscal were 1,05,835 units, a decline of 1.8% over last
year. Cumulative M&HCV sales stood at 54,647 units, a decline of
12% over last year, while LCV sales for the fiscal were 51,188
units, an increase of 12.4% over last year.

Passenger Vehicles

The passenger vehicle business achieved total sales of 16,620
vehicles in the domestic market in August 2007, a decline of 5%
over August 2006.  The Indica reported sales of 11,396 units., a
decline of 4% over August 2006.  The Indigo family registered
sales of 2,192 units, a growth of 1% over August 2006.  The Sumo
and Safari accounted for sales of 3,032 units, a decline of 12%
over August 2006.

Cumulative sales of passenger vehicles in the domestic market
for the fiscal were flat at 85,471 units.  Cumulative sales of
the Indica were flat at 57,092 units.  Cumulative sales of the
Indigo family were 11,984 units, a decline of 8%.  Cumulative
sales of Sumo and Safari were 16,395 units, an increase of 5.3%.

Exports

The company's sales from exports at 5,093 vehicles in August
2007 grew by 8% as compared to 4,715 vehicles in August 2006.
The cumulative sales from exports in the current period at
23,297 units have recorded a marginal growth of 1.4% over the
previous year.

                       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.


TITAN EUROPE: S&P Puts B Ratings on Watch on Interest Shortfalls
----------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'B' credit
rating on the class H notes in the Titan Europe 2006-1 PLC
transaction on CreditWatch with negative implications.  The
ratings on the other classes in the transaction are unaffected.
  
This CreditWatch placement follows technical interest shortfalls
on the class H notes and the subsequent deferral of EUR8,280
interest due on these notes.  Shortfalls have occurred because
of interest on liquidity facility drawings being paid, but are
not covered by the facility, loan interest being paid intra-
period, and legal expenses relating to the purchase of a B-note
on one of the securitized loans being paid senior in the
waterfall.  In this last instance, Standard & Poor's considers
that servicers should ensure that the securitization does not
bear the expense of transactions which occur outside the
structure.
  
The existence of a class X note senior to the class H note in
the waterfall, which absorbs excess spread, has ensured that
interest could not be paid to the class H noteholders, and while
this transaction allows interest to be deferred until a date
when there are available funds to pay the class H noteholders,
the absence of excess spread at the bottom of the waterfall will
prevent the interest shortfall from being rectified under the
present structure.
  
Standard & Poor's understands that transaction parties are aware
of the interest shortfalls and are exploring ways to rectify the
situation.  Given the recurring nature of interest shortfalls,
Standard & Poor's expects the rating on the class H notes to be
lowered to 'D' in the near future if the shortfalls remain
outstanding.
  
Titan Europe 2006-1 closed on March 22, 2006, and was originated
by Credit Suisse.  The notes were backed by a pool of 10 loans
secured by 56 commercial properties in Germany.
  
To date, the original balance of EUR723.25 million has amortized
by 41.3% to EUR411.76 million.  There have been four loan
prepayments and 36 properties remain in the portfolio.


TYSON FOODS: CEO Richard Bond Outlines Financial Turnaround
-----------------------------------------------------------
Tyson Foods Inc.'s President and Chief Executive Officer Richard
L. Bond described how the company will achieve a
US$700 million increase in pre-tax earnings in fiscal 2007 after
absorbing almost US$300 million in additional grain cost,
resulting in a US$1 billion operational improvement over last
year.

Despite a financial loss in fiscal 2006 and the absorption of
increased grain costs, Tyson has experienced strong progress in
2007 with solid earnings in the first, second and third
quarters.  Market conditions have improved and some export
markets have reopened, but the factors under the company's
control are where the biggest improvements have been, according
to Bond.

Tyson rationalized three beef plants to improve capacity
utilization, closed two prepared foods plants that didn't fit
the company's business model, sold two commodity poultry plants
and chose not to rebuild another poultry plant destroyed by
fire.  The company also cut costs significantly through a cost
management initiative started in mid-2006, which is expected to
result in an excess of US$250 million in savings for fiscal
2007.

Diluted earnings per share through the first nine months of
fiscal 2007 totaled US$0.66 and all segments of Tyson's business
are expected to be profitable in the fourth quarter.

"However, we are revising our fiscal 2007 guidance to US$0.72 to
US$0.80 per share," Mr. Bond reports.  "The fourth quarter is
turning out to be more challenging than expected.  Our beef
business has been affected by higher than expected live cattle
costs and a decline in beef revenues due to a disruption in
South Korean beef trade.  Meanwhile, live hog prices were higher
due to speculation about Chinese pork imports.

"In chicken, we successfully implemented price increases earlier
in the year, but gave up some sales volume as a result," Mr.
Bond adds.  "The company is now working through these larger
quantities of higher valued inventories."

Despite the fourth quarter, Mr. Bond says "I'm very excited and
optimistic about the company's long-term success because we've
made a lot of changes in how we run the business, and we've
reached a lot of milestones."

Tyson officials believe the company's long-term performance will
be enhanced by some new product initiatives.  Tyson's new 100%
All Natural(TM), Raised Without Antibiotics chicken, which was
launched in the third quarter, has been very well received.  It
has generated expanded distribution with current customers and
also resulted in new sales accounts.  Tyson will also soon roll
out advertisements to support a new line of restaurant-style
frozen snacks called Tyson(R) Any'tizers(TM), which was
successfully launched this summer.  In addition, this past
spring Tyson Food Service converted its entire line of
marinated, uncooked chicken to 100% All Natural(TM) to meet
growing consumer interest in all natural foods.

These product lines are examples of Tyson's efforts to continue
the creation of innovative and insight driven food solutions,
which is one of the key business strategies Bond will outline in
his presentation.  Other strategic principles the company is
implementing include optimization of commodity business models,
building a multi-national enterprise and efforts to
revolutionize the conversion of raw materials and by-products
into high-margin initiatives.

"In the food business...you must continually innovate to survive
and grow," according to Bond.  "This is why we finished building
our new Discovery Center research and development facility at a
time we were cutting costs elsewhere."

Tyson management is also continuing efforts to improve the
effectiveness of the company's business structure.  Mr. Bond
will report Tyson has started a new initiative called FAST,
which stands for focus, agility, simplify and trust.  The goal
is to place greater emphasis on doing only value-added
activities and encouraging faster decision making.

The evaluation process, which is now underway and will continue
through mid-October, is expected to help the company continue
streamlining the way it does business.  It is expected to
involve modifying or reducing some layers of management and
giving Team Members more decision-making authority.

Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN) --
http://www.tysonfoods.com/-- is a processor and marketer of   
chicken, beef, and pork.  The company produces a wide variety of
protein-based and prepared food products, which are marketed
under the "Powered by Tyson(TM)" strategy.  The company has
operations in China, Japan, Singapore, South Korea, Taiwan, and
the United Kingdom.

                       *     *     *

As reported in the Troubled Company Reporter on Aug. 24, 2007,
Moody's Investors Service affirmed Tyson Foods Inc.'s ratings,
including its Ba1 corporate family rating and Ba1 probability of
default rating.  The rating outlook is negative.


VOICE CORPORATION: Calls In Liquidators from Tenon Recovery
-----------------------------------------------------------
A. J. Pear and I. M. D. G. Cadlock of Tenon Recovery were
appointed joint liquidators of Voice Corporation Ltd. on Aug. 10
for the creditors’ voluntary winding-up proceeding.

The joint liquidators can be reached at:

          Tenon Recovery
          Lyndean House
          43-46 Queens Road
          Brighton
          BN1 3XB
          England


* BOOK REVIEW: Competition in the Health Care Sector: Past,
               Present, and Future: Proceedings of a Conference
               Sponsored by the Bureau of Economics, Federal
               Trade Commission, March 1978
---------------------------------------------------------------
Author:     Warren Greenberg
Publisher:  Beard Books
Paperback:  424 pages
List Price: US$34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587981300/internetbankru
pt

This book is a compendium of proceedings from a 1977 conference
conducted by the Bureau of Economics of the Federal Trade
commission.

Included papers focus on competition in selected sectors,
insurance and alternative delivery systems, and competition and
regulation.  Such an important and comprehensive array of
research belongs on the library shelves of all economists,
policymakers, health care administrators, professionals in the
health care field, and anyone concerned about the nature and
future of the health care industry.

The 24 chapters in this book are presented in four sections.  
The first is "Opening Remarks and Introduction," followed by
sections on "Competition in Selected Sectors," "Insurance,
Competition, and Alternative Delivery Systems," and "Competition
and Regulation."  Many of the chapters are titled "Comment,"
which contain comments by an individual on one of the topics
presented in the four major sections.  There is also a detailed
index that leads readers to specific subjects of interest.

The critical issue of competition in the healthcare industry was
omnipresent during the conference.  Most of the topics covered
during the conference addressed, to some degree or another, the
effects of competition.  The impact of competition on
physicians, hospitals, and insurers was analyzed.  Another area
of discussion focused on the interrelationship between
competition and alternative means of payment.  Appropriately for
a conference sponsored by the FTC, the interrelation of
competition and regulation came under study.

Warren Greenberg has a Ph.D. in economics from Bryn Mawr
University.  Author of many books and articles in the area of
industrial organization economics and healthcare, Mr. Greenberg
is also a professor of Health Economics and of Health Care
Sciences at George Washington University.
  
                           *********

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

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

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

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

                           *********


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

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

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

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

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

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


                 * * * End of Transmission * * *