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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

          Tuesday, September 18, 2007, Vol. 8, No. 185

                            Headlines


A U S T R I A

ALPENHOTEL GARFRESCHA: Claims Registration Period Ends Oct. 8
GASTRO-EVENTORGANISATION: Court Orders Business Shutdown
IMOTIX AUTOMATION: Claims Registration Period Ends Oct. 8
JAGUAR & LAND ROVER: Salzburg Court Orders Business Shutdown
LW-BAU LLC: Claims Registration Period Ends October 2

MENWORK LLC: Claims Registration Period Ends October 2
PROMOTE4U LLC: Vienna Court Orders Business Shutdown
TWS AUTOHANDEL: Claims Registration Period Ends October 9


F R A N C E

GRAFTECH INT'L: S&P Holds B+ Corp. Rating with Positive Outlook


G E R M A N Y

A3 MUSIC WORLD: Claims Registration Period Ends October 30
AUTOHAUS DIERKS: Claims Registration Period Ends September 28
AUWERA MALERBETRIEB: Claims Registration Ends October 23
BACKEREI OSSWALD: Claims Registration Period Ends September 24
BLUMENKAMP PROCESS: Claims Registration Period Ends September 24
CHRYSLER LLC: Reveals 0% APR Incentive Plan for September 2007

CHRYSLER LLC: Phil F. Murtaugh Appointed as Asia Operations CEO
DEGA GMBH: Claims Registration Period Ends October 29
FAIR PLAY: Claims Registration Ends October 23
FRANZ DEGENHARD: Claims Registration Period Ends October 30
GELEN SPEDITION: Claims Registration Ends October 22

HEDENT GMBH: Claims Registration Period Ends September 25
HENRICH FAHRZEUG: Claims Registration Ends October 23
ISOFLOCK GROUP: Claims Registration Ends October 23
KIRCHMEDIA GMBH: German Court Drops EUR9.3 Million Suit
KLOECKNER PENTAPLAST: Expands Polyester Capacity at Beaver Plant

KLOECKNER PENTAPLAST: Debt Leverage Cues S&P to Cut Ratings to B
LHB INTERNATIONALE: Weak Capitalization Cues Fitch’s D Ratings
LKW-WERKSTATT: Claims Registration Ends October 19
MEHLHORN BAUTENSERVICE: Claims Registration Ends October 19
MW WINKLER: Claims Registration Period Ends October 26

VERAL ROLLADENSYSTEME: Claims Registration Ends October 22

* Michael Keppel Co-Heads Alvarez & Marsal's Germany Office


I T A L Y

DANA CORP: Disclosure Statement Scheduled on October 23
DANA CORP: New Jersey Objects to Disclosure Statement
FIAT SPA: Offers Tech Support to Tata's Bid on Ford Brands
FIAT SPA: European Commission Demands Technical Info Report


K A Z A K H S T A N

AGRO LLP: Proof of Claim Deadline Slated for October 19
ARDEK LLP: Creditors Must File Claims October 19
ASV-COMPANY LLP: Claims Filing Period Ends September 21
BLACKS LLP: Creditors' Claims Due on October 21
DAYA LLP: Claims Registration Ends September 27

IBRAHIM LLP: Proof of Claim Deadline Slated for September 21
KAMEE SERVICES: Creditors Must File Claims October 24
KREPS LLP: Claims Filing Period Ends September 27
MOLZAVOD LLP: Creditors' Claims Due on October 24
TRUST LLP: Claims Registration Ends October 21


K Y R G Y Z S T A N

SPAR TRADE: Proof of Claim Deadline Slated for October 24


N E T H E R L A N D S

BAUSCH & LOMB: Shareholders Urged to Vote For Warburg Deal


P O L A N D

OSTROLECKIE PRZEDSIEBIORSTWO: Cash Injection Cancels Asset Sale
TOORA POLAND: Pragma Inkaso Warns Bankruptcy Filing


P O R T U G A L

KNOLL INC: Inks Asset Purchase Agreement with Edelman Leather


R U S S I A

ANSAL CJSC: Creditors Must File Claims by September 25
INFORTEKS CJSC: Creditors Must File Claims by October 25
KALININSKAYA LLC: Creditors Must File Claims by September 25
KANSKIY OJSC: Creditors Must File Claims by September 25
ROSNEFT OIL: Acquires Oxoil Ltd. for US$42 Million

RUSSNEFT OIL: OAO Sberbank Denies Early Loan Call In
SALYMBUR-OIL LLC: Creditors Must File Claims by September 25
SIB-OIL-SERVICE: Creditors Must File Claims by September 25
TOCHILNOE CJSC: Court Names S. Ogorodnikov as Insolvency Manager
VIMPELCOM OJSC: Inks GTel Mobile Joint Venture Deal in Vietnam


S P A I N

FTA SANTANDER: Moody's Junks EUR20 Million Series E Notes
GENERAL CABLE: To Launch Offering on US$450-Million Senior Notes
GENERAL CABLE: Freeport Deal Cues Moodys' to Review Ratings


S W E D E N

FLEXTRONICS INT'L: Reports Solectron Stockholders' Merger Terms
TUPPERWARE BRANDS: Moody's Rates Proposed Credit Facility at Ba1
TUPPERWARE BRANDS: S&P Affirms BB Corporate Credit Rating


S W I T Z E R L A N D

BELLINI PERSONALBERATUNG: Zug Court Closes Bankruptcy Process
IMS BAU: Aargau Court Starts Bankruptcy Proceedings
ISL (INTERNATIONAL): Zug Court Closes Bankruptcy Proceedings
REPOSTA HANDEL: Creditors' Liquidation Claims Due October 24
XCELSO GROUP: Creditors' Liquidation Claims Due September 28


U K R A I N E

ALFARUS LLC: Creditors Must File Claims by September 19
ARBIS LLC: Creditors Must File Claims by September 19
ATAKA UA: Creditors Must File Claims by September 19
DBC GROUP: Creditors Must File Claims by September 19
DDC LLC: Creditors Must File Claims by September 19

FIRST UKRAINIAN: Track Record Prompts Fitch to Upgrade IDR to B
INTECHBUILDING LLC: Creditors Must File Claims by September 19
PAPER-ALIANCE LLC: Creditors Must File Claims by September 19
PLANT SOUVENIR: Creditors Must File Claims by September 19
SHYROKOGREBELSKOE LLC: Creditors Must File Claims by Sept. 19
UKRAINIAN SPECIAL: Creditors Must File Claims by September 19

VINSYNTHESE-GRANT: Creditors Must File Claims by September 19
UKRAINIAN STEEL: Creditors Must File Claims by September 19
VALKI AGRICULTURAL: Creditors Must File Claims by September 19
WOODWORKING COMPANY: Creditors Must File Claims by September 19
ZARIA: Creditors Must File Claims by September 19

ZARIA LLC: Creditors Must File Claims by September 19


U N I T E D   K I N G D O M

4 SITE: Brings In Liquidators from Vantis
ACTUANT CORP: Acquiring Templeton Kenly for US$48 Million
BEAR STEARNS: Court Drops Ch. 15 Case, Says Funds are U.S.-Based
BEAR STEARNS: Foreign Reps Appeal Order Denying Ch. 15 Petition
BEAR STEARNS: Law Firms to Sue Over Collapsed Hedge Funds

BTC LTD: Calls In Liquidators from Moore Stephens
CHOICESUK PLC: Completes Sale of Retail Stores to Blockbuster GB
DECO THEATER: Reaches Final Stage of Liquidation
FORD MOTOR: Suitors Move to Round Two of Jaguar, Land Rover Sale
GENERAL MOTORS: Nears Deal With UAW on Healthcare Trust Fund

GENERAL MOTORS: EU Orders Technical Information Disclosure
ISLE OF CAPRI: Brean Murray Holds 'Buy' Rating on Firm's Shares
JACKSON'S BASINGSTOKE: Taps Liquidators from KPMG
KRISPY KREME: Moody's Affirms Caa1 Corporate Family Rating
NELSON ELECTRICAL: Claims Filing Period Ends October 8

OLD BELL: Duncan R. Beat Leads Liquidation Procedure
PHARMAFAB LTD: Appoints Liquidators from Tenon Recovery
PHOTRONICS INC: Earns US$2.24 Million in Quarter Ended July 29
PROTON HOLDINGS: Targets to Sell Cars in China by Year-End
SAMSONITE CORP: Posts US$7 Mln Net Loss in Second Quarter 2007

SANYO ELECTRIC: In Talks with Kyocera for Handset Business
SANYO ELECTRIC: To Sell Telecom Sanyo to Telepark for JPY4.88BB
SEA CONTAINERS: Seeks Approval of Bank of Scotland Agreement
SEA CONTAINERS: Wants to Sell Speedinvest Shares to Triformity
SEA CONTAINERS: Earns US$8,467,259 in Month Ended July 31, 2007

TITAN EUROPE 2006-5: S&P Watches F Notes on Interest Shortfalls

* Large Companies with Insolvent Balance Sheet

                            *********

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


ALPENHOTEL GARFRESCHA: Claims Registration Period Ends Oct. 8
-------------------------------------------------------------
Creditors owed money by LLC Alpenhotel Garfrescha (FN 163074s)
have until Oct. 8 to file written proofs of claim to court-
appointed estate administrator Patrick Piccolruaz at:

         Mag. Patrick Piccolruaz
         c/o Dr. Stefan Mueller
         Bahnhofstrasse 8
         6700 Bludenz
         Austria
         Tel: 05552/62286
         Fax: 05552/62286-18
         E-mail: rae@piccol.vol.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Oct. 18 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in St. Gallenkirch, Austria, the Debtor declared
bankruptcy on Aug. 21 (Bankr. Case No. 13 S 44/07m).  Stefan
Mueller represents Mag. Piccolruaz in the bankruptcy
proceedings.


GASTRO-EVENTORGANISATION: Court Orders Business Shutdown
--------------------------------------------------------
The Land Court of Salzburg entered Aug. 16 an order shutting
down the business of LLC Gastro-Eventorganisation (FN 262415f).

Court-appointed estate administrator Rainer Hessenberger
recommended the business shutdown after determining that the
continuing operations would reduce the value of the estate.

The estate administrator can be reached at:

         Mag. Rainer Hessenberger
         Alter Markt 7/2
         5020 Salzburg
         Austria
         Tel: 0662/8411410
         Fax: 0662/848415
         E-mail: hessenberger@aon.at

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on Aug. 2 (Bankr. Case No 23 S 30/07t).


IMOTIX AUTOMATION: Claims Registration Period Ends Oct. 8
---------------------------------------------------------
Creditors owed money by LLC Imotix Automation (FN 261523v) have
until Oct. 8 to file written proofs of claim to court-appointed
estate administrator Gerhard Mueller at:

         Dr. Gerhard Mueller
         c/o Dr. Hannes Grabher
         Maria-Theresien-Strasse 8
         6890 Lustenau
         Austria
         Tel: 05577/88644
         Fax: 05577/88644-3
         E-mail: kanzlei@grabher-mueller.jet2web.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:40 a.m. on Oct. 18 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Hohenems, Austria, the Debtor declared
bankruptcy on Aug. 21 (Bankr. Case No. 13 S 42/07t).  Hannes
Grabher represents Dr. Mueller in the bankruptcy proceedings.


JAGUAR & LAND ROVER: Salzburg Court Orders Business Shutdown
------------------------------------------------------------
The Land Court of Salzburg entered Aug. 16 an order shutting
down the business of LLC Jaguar & Land Rover Center Salzburg
(FN 58304t).

Court-appointed estate administrator Ernst Kohlbacher
recommended the business shutdown after determining that the
continuing operations would reduce the value of the estate.

The estate administrator can be reached at:

         Dr. Ernst Kohlbacher
         Schwarzstrasse 27
         5020 Salzburg
         Austria
         Tel: 0662/883171
         Fax: 0662/883161
         E-mail: ra.kohlbacher@aon.at

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on Aug. 10 (Bankr. Case No 23 S 64/07t).


LW-BAU LLC: Claims Registration Period Ends October 2
-----------------------------------------------------
Creditors owed money by LLC LW-Bau (FN 271064z) have until
Oct. 2 to file written proofs of claim to court-appointed estate
administrator Hans-Peter Pfluegl at:

         Mag. Hans-Peter Pfluegl
         Oberndorfer Ortsstrasse 56a
         3130 Herzogenburg
         Austria
         Tel: 02782/83 553
         Fax: 02782/83553-55
         E-mail: hanspeter.pfluegl@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on Oct. 23 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of St. Poelten
         Room 216
         Second Floor
         Old Building
         St. Poelten
         Austria

Headquartered in St. Poelten, Austria, the Debtor declared
bankruptcy on Aug. 22 (Bankr. Case No. 14 S 147/07v).


MENWORK LLC: Claims Registration Period Ends October 2
------------------------------------------------------
Creditors owed money by LLC Menwork (FN 272802f) have until
Oct. 2 to file written proofs of claim to court-appointed estate
administrator Erwin Senoner at:

         Dr. Erwin Senoner
         Alser Strasse 21
         1080 Vienna
         Austria
         Tel: 4060551
         Fax: 4069601
         E-mail: kanzlei@jus.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Oct. 16 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 17 (Bankr. Case No. 28 S 93/07s).


PROMOTE4U LLC: Vienna Court Orders Business Shutdown
----------------------------------------------------
The Trade Court of Vienna entered Aug. 16 an order shutting down
the business of LLC promote4U (FN 240601a).

Court-appointed estate administrator Gerhard Bauer recommended
the business shutdown after determining that the continuing
operations would reduce the value of the estate.

The estate administrator can be reached at:

         Mag. Gerhard Bauer
         Mahlerstrasse 7
         1010 Vienna
         Austria
         Tel: 512 97 06
         Fax: 512 97 06 20
         E-mail: ra-g.bauer@aon.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 3 (Bankr. Case No 6 S 93/07d).


TWS AUTOHANDEL: Claims Registration Period Ends October 9
---------------------------------------------------------
Creditors owed money by LLC TWS Autohandel (FN 176454t) have
until Oct. 9 to file written proofs of claim to court-appointed
estate administrator Guenther Hoedl at:

         Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 16 55
         Fax: 513 16 55-33
         E-mail: Hoedl@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Oct. 23 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 22 (Bankr. Case No. 28 S 95/07k).


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


GRAFTECH INT'L: S&P Holds B+ Corp. Rating with Positive Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
GrafTech International Ltd. to positive from stable.  At the
same time, S&P's has affirmed all ratings on the company,
including its 'B+' corporate credit rating.

"The outlook revision reflects GrafTech's continued solid
operating results over the past few quarters due to higher
graphite electrode pricing and relatively steady demand, a trend
we expect will continue in the near term," said S&P's credit
analyst Marie Shmaruk.  As a result of the good operating
results, in addition to significant debt repayment due to the
sale of the company's cathodes business earlier in 2007, the
company's consolidated financial profile has improved to a level
that S&P's would consider to be more consistent with a higher
rating.

The ratings on GrafTech reflect its significant exposure to the
cyclical steel industry, limited supplier diversity, and
continued raw material cost pressure.  Still, the company
maintains a good market position in graphite electrodes,
possesses healthy margins driven by current favorable industry
conditions, and its liquidity position is adequate.

                      About GrafTech

Based in Parma, Ohio, GrafTech International Ltd. (NYSE: GTI)
-- http://www.graftechaet.com/-- manufactures and provides high
quality synthetic and natural graphite and carbon based products
and technical and research and development services, with
customers in 80 countries engaged in the manufacture of steel,
automotive products and electronics.  The company manufactures
graphite electrodes, products essential to the production of
electric arc furnace steel.  The company also manufactures
thermal management, fuel cell and other specialty graphite and
carbon products for, and provide services to, the electronics,
power generation, semiconductor, transportation, petrochemical
and other metals markets.  GrafTech operates 11 state of the art
manufacturing facilities strategically located on four
continents.  The company has operations in China, France and
Brazil.


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


A3 MUSIC WORLD: Claims Registration Period Ends October 30
----------------------------------------------------------
Creditors of A3 Music World GmbH have until Oct. 30 to register
their claims with court-appointed insolvency manager Werner
Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 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 Wuerzburg
         Meeting Hall 2
         Second Stock
         Tiepolostr.6
         Wuerzburg
         Germany

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

The insolvency manager can be reached at:

         Werner Mueller
         Mergentheimer Str. 26
         97082 Wuerzburg
         Germany
         Tel. 0931/880800

The District Court of Wuerzburg opened bankruptcy proceedings
against A3 Music World GmbH on Sept. 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         A3 Music World GmbH
         Mainfrankenpark 15
         97337 Dettelbach
         Germany

         Attn: Hans-Joachim Schulz, Manager
         Eichendorffstr. 14
         97072 Wuerzburg
         Germany


AUTOHAUS DIERKS: Claims Registration Period Ends September 28
-------------------------------------------------------------
Creditors of Autohaus Dierks GmbH have until Sept. 28 to
register their claims with court-appointed insolvency manager
Steffen Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:55 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 Walsrode
         Hall 130
         Lange Strasse 29-33
         29664 Walsrode
         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. Steffen Koch
         Albert-Einstein-Ring 11
         22761 Hamburg
         Germany
         Tel: (040) 899 56-0
         Fax: (040) 899 56-10

The District Court of Walsrode opened bankruptcy proceedings
against Autohaus Dierks GmbH on Sept. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Autohaus Dierks GmbH
         Attn: Horst Dierks, Manager
         Westerwalseder Strasse 6
         27386 Kirchwalsede
         Germany


AUWERA MALERBETRIEB: Claims Registration Ends October 23
--------------------------------------------------------
Creditors of AUWERA Malerbetrieb GmbH have until Oct. 23 to
register their claims with court-appointed insolvency manager
Christian Hanken.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Wilhelmshaven
         Hall 109
         Marktstrasse 15-17
         26382 Wilhelmshaven
         Germany

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

The insolvency manager can be reached at:

         Christian Hanken
         Wallstrasse 3
         26409 Wittmund
         Germany
         Tel: 04462/919114
         Fax: 04462/919191
         E-Mail: christian.Hanken@rechtsanwaelte-hanken.de
         Web site: http://www.rechtsanwaelte-hanken.de/

The District Court of Wilhelmshaven opened bankruptcy
proceedings against AUWERA Malerbetrieb GmbH on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         AUWERA Malerbetrieb GmbH
         Attn: Juergen Gronewold, Manager
         Liebigstr. 17
         26389 Wilhelmshaven
         Germany


BACKEREI OSSWALD: Claims Registration Period Ends September 24
--------------------------------------------------------------
Creditors of Backerei Osswald GmbH & Co. KG have until Sept. 24
to register their claims with court-appointed insolvency manager
Manfred Kuersch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Nov. 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 Bad Neuenahr-Ahrweiler
         Hall 4
         Wilhelmstrasse 55-57
         53474 Bad Neuenahr-Ahrweiler
         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:

         Manfred Kuersch
         Kirchstrasse 19
         D 53518 Adenau
         Germany
         Tel: 02691/93283
         Fax: 02691/932840
         E-mail: kanzlei@kuersch.de

The District Court of Bad Neuenahr-Ahrweiler opened bankruptcy
proceedings against Backerei Osswald GmbH & Co. KG on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Backerei Osswald GmbH & Co. KG
         Rotweinstr. 11
         53474 Bad Neuenahr-Ahrweiler
         Germany


BLUMENKAMP PROCESS: Claims Registration Period Ends September 24
----------------------------------------------------------------
Creditors of Blumenkamp Process Systems GmbH have until Sept. 24
to register their claims with court-appointed insolvency manager
Manfred Kuersch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 a.m. on Oct. 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bad Neuenahr-Ahrweiler
         Hall 4
         Wilhelmstrasse 55-57
         53474 Bad Neuenahr-Ahrweiler
         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:

         Manfred Kuersch
         Kirchstrasse 19
         D 53518 Adenau
         Germany
         Tel: 02691/93283
         Fax: 02691/932840
         E-mail: kanzlei@kuersch.de

The District Court of Bad Neuenahr-Ahrweiler opened bankruptcy
proceedings against Blumenkamp Process Systems GmbH on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Blumenkamp Process Systems GmbH
         Attn: Hans-Josef Blumenkamp, Manager
         Nordstr. 11
         53534 Barweiler
         Germany


CHRYSLER LLC: Reveals 0% APR Incentive Plan for September 2007
--------------------------------------------------------------
Chrysler LLC has disclosed that it will continue its low-rate
financing through Oct. 1, 2007, with a 0% APR offering for 72
months or a 0% APR offering for 60 months on select 2007 model
year vehicles.

Separately, the company will offer consumer cash and competitive
lease rates.  These different options give customers many
choices when purchasing a new Chrysler, Jeep or Dodge vehicle.

"Chrysler will extend its low-rate financing into September,
with a 0% APR offering for 72 months on select 2007 models,"
said Michael Keegan, vice president for Volume Planning and
Sales Operations.  "We will continue to focus on our great
products and the 2007 model year-end clearance while emphasizing
the new Lifetime Powertrain Warranty."

The 0% APR offering for 72 months includes the following 2007
model year vehicles: Chrysler Aspen; Chrysler Town & Country and
Dodge Grand Caravan minivans; Jeep Commander; Dodge Dakota and
the Dodge Durango.

The 0% APR on select 2007 models for 60 months includes the
following vehicles: Chrysler Pacifica; Jeep Grand Cherokee; Jeep
Liberty and the Dodge Ram 1500 Regular and Quad-Cab Pickup
Trucks.

                      About Chrysler LLC

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

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

                          *    *    *

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

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

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


CHRYSLER LLC: Phil F. Murtaugh Appointed as Asia Operations CEO
---------------------------------------------------------------
Chrysler LLC has appointed Philip Murtaugh as chief executive
officer for the company's Asia Operations.

In this role, Mr. Murtaugh will be responsible for all of
Chrysler's Asian operations, including China and India.  He will
report to Michael Manley, executive vice president for
International Sales.

"I can't think of anyone more qualified to lead our business
activities in this critical growth region," said Mr. Manley.
"Phil has a proven track record and we are excited he has joined
our team."

"Growth in international markets and leveraging partnerships are
cornerstones of the Chrysler Recovery and Transformation Plan,"
said Thomas W. LaSorda, vice-chairman and president.

Mr. Murtaugh was executive vice president of Chinese automaker
Shanghai Automotive Industry Corp.  SAIC is China's largest
automotive company with sales of 1.3 million vehicles per year.
SAIC has over 70 subsidiary companies in the automotive
business, including well-known joint ventures with General
Motors and Volkswagen.

Before joining SAIC, Mr. Murtaugh served as chairman and CEO of
the General Motors China Group from June 2000 until April 2005.
Based in Shanghai, he was responsible for the overall
coordination of GM's extensive operations in mainland China and
Taiwan.  He also was a member of GM's Asia Pacific Strategy
Board.

Mr. Murtaugh earlier served as executive vice president of
Shanghai General Motors and General Manager of GM China's
Shanghai representative office.  He was part of the negotiating
team and played a key role in the launch of Shanghai General
Motors, GM's largest venture in China.

Since joining GM in 1973 as a General Motors Institute student
with Fisher Body, Mr. Murtaugh held several positions in
production, manufacturing, die and metal stamping, and product
planning in the United States, Japan and China.  These include
director of manufacturing for GM Overseas Corporation in Japan,
executive assistant to the executive director of product
planning at Isuzu Motors and President of IBC in Luton, England.

In addition to a bachelor's degree from GMI (now Kettering
University), Mr. Murtaugh holds a master's degree in industrial
management from Stanford University.  A U.S. citizen, Murtaugh
is married with four children.

                      About Chrysler LLC

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

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

                          *    *    *

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

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

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


DEGA GMBH: Claims Registration Period Ends October 29
-----------------------------------------------------
Creditors of DEGA GmbH have until Oct. 29 to register their
claims with court-appointed insolvency manager Rolf G. Pohlmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.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 Munich
         Meeting Room 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:

         Rolf G. Pohlmann
         Rosental 6
         80331 Muenchen
         Germany
         Tel: (089)548033-0
         Fax: (089)548033-111

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

The Debtor can be reached at:

         DEGA GmbH
         Arastr. 2
         85579 Neubiberg
         Germany


FAIR PLAY: Claims Registration Ends October 23
----------------------------------------------
Creditors of Fair Play Sportwetten-Vermittlung Beratungs GmbH
have until Oct. 23 to register their claims with court-appointed
insolvency manager Andreas Stratenwerth.

Creditors and other interested parties are encouraged to attend
the meeting at 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 Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstr. 6
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Andreas Stratenwerth
         Lemgoer Str. 4
         33604 Bielefeld
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Fair Play Sportwetten-Vermittlung Beratungs GmbH on
Aug. 31.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Fair Play Sportwetten-Vermittlung Beratungs GmbH
         Friedrich-Verleger-Str. 5
         33602 Bielefeld
         Germany

         Attn: Yalcin Kadir, Manager
         Duesseldorfer Str. 46
         33647 Bielefeld
         Germany


FRANZ DEGENHARD: Claims Registration Period Ends October 30
-----------------------------------------------------------
Creditors of Franz Degenhard GmbH have until Oct. 30 to register
their claims with court-appointed insolvency manager Manuel
Sack.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Gifhorn
         Hall 118
         Am Schlossgarten 4
         38518 Gifhorn
         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:

         Manuel Sack
         C/o Brinkmann & Partner
         Theaterstr. 3
         30159 Hannover
         Germany
         Tel: 0511/366020
         Fax: 0511/3660255

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

The Debtor can be reached at:

         Franz Degenhard GmbH
         Riethornweg 6
         31303 Burgdorf
         Germany


GELEN SPEDITION: Claims Registration Ends October 22
----------------------------------------------------
Creditors of Gelen Spedition + Logistik GmbH have until Oct. 22
to register their claims with court-appointed insolvency manager
Thomas Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C205
         Second Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be reached at:

         Thomas Schmitz
         Am Flohbusch 1
         47802 Krefeld
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against Gelen Spedition + Logistik GmbH on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Gelen Spedition + Logistik GmbH
         Im Freihafen 9
         47138 Duisburg
         Germany


HEDENT GMBH: Claims Registration Period Ends September 25
---------------------------------------------------------
Creditors of Hedent GmbH have until Sept. 25 to register their
claims with court-appointed insolvency manager Ole Schertel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 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 Meldorf
         Hall II
         Domstrasse 1
         25704 Meldorf
         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:

         Ole Schertel
         Albert-Einstein-Ring 11
         22761 Hamburg
         Germany
         Tel: 040/89956-0

The District Court of Meldorf opened bankruptcy proceedings
against Hedent GmbH on Sept. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Hedent GmbH
         Zum Autal 1
         25746 Heide
         Germany


HENRICH FAHRZEUG: Claims Registration Ends October 23
-----------------------------------------------------
Creditors of Henrich Fahrzeug-Vermietgesellschaft mbH have until
Oct. 23 to register their claims with court-appointed insolvency
manager Dr. jur. Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at 2:10 p.m. on Nov. 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Dr. jur. Rainer Eckert
         Arthur-Menge-Ufer 5
         30169 Hannover
         Germany
         Tel: 0511 626287-0
         Fax: 0511 626287-10

The District Court of Hannover opened bankruptcy proceedings
against Henrich Fahrzeug-Vermietgesellschaft mbH on Sept. 3.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Henrich Fahrzeug-Vermietgesellschaft mbH
         Attn: Swenja Henrich and Hans-Juergen Henrich, Managers
         Walderseestr. 46
         30177 Hannover
         Germany


ISOFLOCK GROUP: Claims Registration Ends October 23
---------------------------------------------------
Creditors of IsoFlock Group GmbH have until Oct. 23 to register
their claims with court-appointed insolvency manager Dirk
Obermueller.

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 Bonn
         Meeting Hall W 1.26
         First Floor
         Wilhelmstr. 23
         53111 Bonn
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 8:30 a.m. on Dec. 19, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dirk Obermueller
         Godesberger Allee 125-127
         53175 Bonn
         Germany
         Tel: 8100045
         Fax: 81000820

The District Court of Bonn opened bankruptcy proceedings against
IsoFlock Group GmbH on Sept. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         IsoFlock Group GmbH
         Attn: Kurt Fritz Renfer, Manager
         Boevingen 125
         53804 Much
         Germany


KIRCHMEDIA GMBH: German Court Drops EUR9.3 Million Suit
-------------------------------------------------------
The Regional Court of Munich has dismissed a EUR9.3 million
lawsuit filed by the insolvency administrator of Taurus Holding
GmbH & Co. KG (fka Kirch Holding GmbH & Co. KG) against founder
Leo Kirch and five former Taurus managers, Karin Matussek of
Bloomberg News reports.

The court said in an e-mailed statement that the dismissal was
due to the administrator's failure to show that about EUR6.8
million in payments were actually made at the time when the
company was already in crisis, Bloomberg relates.  The court
also found that Mr. Kirch returned an additional EUR2.5 million
to the company, which he took for himself in February 2002,
Bloomberg adds.

               Kirch Suit Against Deutsche Bank

The media mogul had previously filed a case seeking EUR1.6
billion (US$2.1 billion) in damages against Deutsche Bank and
its former chairman, Rolf Breuer, for allegedly abetting in the
2002 collapse of KirchMedia GmbH and its debtor-affiliates.

The suit came nearly 18 months after Germany's Federal Supreme
Court ruled that Deutsche Bank and Mr. Breur were partially
responsible for Kirch's troubles and that Mr. Kirch is legally
entitled to compensation.  The court ruled that Mr. Breuer had
breached client confidentiality in a February 2002 interview, in
which he undermined Kirch's creditworthiness by implying that
banks would not lend the group any more money.

The court, however, said that the comments did not “immediately”
push Taurus into a debt crisis because it took time before its
financial situation declined, Bloomberg relates.

                           About Kirch

Headquartered in Ismaning, Germany, KirchMedia GmbH --
http://www.kirchmedia.de/-- was the country's second-largest
media company prior to its insolvency filing in June 2002.  The
firm's collapse, caused by a US$5.7 billion debt incurred during
an expansion drive, was Germany's biggest since World War II.
Taurus Holding is the former holding company for the Kirch
group.  The case is docketed under Case No. 14 HK O 1877/07 at
the Regional Court of Munich.


KLOECKNER PENTAPLAST: Expands Polyester Capacity at Beaver Plant
----------------------------------------------------------------
The Kloeckner Pentaplast Group will add to its North American
production capacity for polyester films.  Primarily used for
thermoformed packaging and food packaging applications, the new
polyester film capacity will be located at the company's Beaver,
West Virginia, manufacturing facility and is expected to add 15
new employees.  Start up is targeted for March 2008.

"This expansion will enable us to continue to support our
customers' growing demand for high quality polyester films.  The
added capacity will allow us to meet future global market demand
and further enhance new product development capabilities,"
Michael Tubridy, president and COO of Kloeckner
Pentaplast/Americas, noted.

             About the Kloeckner Pentaplast Group

Headquartered in Montabaur, Germany, The Kloeckner Pentaplast
Group -- http://www.kpfilms.com/en/index.asp-- and with legal
domicile in Luxembourg, is a global leader in the manufacturing
of rigid plastics for the pharmaceuticals, food, medical,
electronics, and other packaging industries.  The company
generated nearly EUR1.2 billion of sales during FY 2006 (ending
September), 60% of which came from Europe (including a small
portion from Asia) and 40% from the US, Canada and Latin
America.

On May 3, 2007, an affiliate of The Blackstone Group has signed
a contract to acquire Kloeckner Pentaplast and all its holdings
from Cinven and JPMorganPartners LLC.  The Blackstone Group is
one of the world's leading private-equity firms.  The purchase
price is EUR1.3 billion (US$1.8 billion).


KLOECKNER PENTAPLAST: Debt Leverage Cues S&P to Cut Ratings to B
----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on Germany-based packaging company
Kloeckner Pentaplast S.A. to 'B' from 'BB-'.  At the same time,
the rating was removed from CreditWatch where it had been placed
with negative implications on May 3, 2007.  The outlook is
stable.

"The two-notch downgrade reflects the sharp deterioration of
KP's credit measures and high debt leverage after its
acquisition by Blackstone Group," said Standard & Poor's credit
analyst Alexandra Krief.  Blackstone, a private equity investor,
bought KP in July 2007 for EUR1.3 billion, with subsequent
refinancing.  Pro forma for the refinancing, total non-adjusted
debt was EUR1.1 billion as of July 2007.

The ratings on KP reflect its highly leveraged financial profile
and exposure to high and volatile raw-material prices.  The
ratings are also based on KP's high dependence on calendered
rigid polyvinyl chloride film and the risk of material
substitution.

These factors are offset by the group's leading niche market
position in Europe and North America for PVC and polyethylene
terepthalate based rigid film; its strong in-house proprietary
production technology and expertise in calendered PVC rigid
film; its broad geographic and customer base diversification;
and its relatively stable end-markets.

"The stable outlook reflects our expectation that KP's operating
performance will benefit from efficiency gains, although its
ability to pass through raw-material price increases to
customers could be limited due to increasing pricing pressures,"
said Ms. Krief.  We expect KP to maintain adjusted EBITDA cash
interest coverage of at least 2x and adjusted debt to EBITDA of
about 6.0x-6.5x, as well as adequate liquidity.

If the group is not successful in recovering cost inflation, or
if there is a downturn in the operating environment, this would
put downward pressure on the ratings.  Additional pressure on
the rating could come from any potential debt-financed
acquisitions or tightened liquidity situation.  Upside potential
for the rating is limited at present, and would require a
material improvement in credit measures.


LHB INTERNATIONALE: Weak Capitalization Cues Fitch’s D Ratings
--------------------------------------------------------------
Fitch Ratings has affirmed Germany's LHB Internationale
Handelsbank AG's ratings at Long-term Issuer Default rating
'BBB-' with Stable Outlook, Short-term IDR 'F3', Support '2' and
Individual 'D/E'.

LHB's Long- and Short-term IDRs and Support rating are based on
the high potential support from its Slovenian majority-owner
Nova Ljubljanska Banka (rated 'A-').  Since 2001, LHB has been
majority-owned (56%) by NLB.  NLB's largest shareholder is the
Slovenian state (45.5% direct and indirect).  Any change in
NLB's ratings would likely lead to a change in LHB's ratings, as
would a change in the relationship between the bank and its
majority owner.

LHB's Individual rating reflects its considerable exposure to
emerging markets, high loan concentrations and weak
capitalization.  It also takes into account LHB's established
franchise, increasing profitability, the short-term nature of
its lending and the bank's local market knowledge.

"There is upward potential for the bank's Individual rating if
LHB strengthens its capitalization, increases its impaired loan
coverage ratios and diversifies its funding," says Anna Lozmann,
an associate director at Fitch's Banking Team.  "A track record
of good and stable underlying profitability would also be
beneficial for the bank's Individual rating".

In 2006, LHB's profitability improved as a result of a change in
the calculation method for country risk provisions.  In the
past, the entire balance-sheet volume of the subsidiary banks
outside Germany was used as the basis for the calculation.  From
2006, only those parts of the balance sheet that are exposed to
transfer risk are provisioned for, (i.e. lending made within the
country is not considered).  The change in the calculation
method leads to higher profits of the subsidiaries (i.e. higher
operating income from holdings in associated companies), which
drove the increase in the interest margin by 50bp to 2.9% in
2006.

Net fee and commission income represented 20% of total operating
revenue in 2006; the proportion has decreased slightly year-on-
year.  Trading results arise only from hedge transactions, as
LHB is not a trading book institution.  Trading income amounted
to EUR2.6 million in 2006.  Adjusting for the one-off reversal
of country risk provisions following the change in the
calculation method and the allocation to taxed-hidden 340f
reserve, the loan loss provisions have substantially declined in
2006.

Non-performing loans accounted for a high 9% of gross lending at
end-2006.  Specific, general and country loan loss reserves
(including taxed-hidden 340f reserves) cover 85% of NPLs (before
collateral).  Tight capitalization constrains further growth.
At end-2006, LHB's total capital ratio, according to the German
Banking Act, was at a low 8.9% and its Tier 1 ratio at 9.8%
(Tier 1 ratio excludes market risk under German regulation).

Established in 1974, Frankfurt-based LHB is active in corporate
and interbank lending, and payment transactions.  It focuses
mainly on Germany and countries in south-east Europe (mainly
Slovenia, Croatia and Serbia).  In 2006, the group employed 538
staff on average.


LKW-WERKSTATT: Claims Registration Ends October 19
--------------------------------------------------
Creditors of LKW-Werkstatt in Ilsede GmbH have until Oct. 19 to
register their claims with court-appointed insolvency manager
Torsten Gutmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Gifhorn
         Hall 118
         Schlossgarten 4
         38518 Gifhorn
         Germany

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

The insolvency manager can be reached at:

         Torsten Gutmann
         Zum Blauen See 5
         31275 Lehrte
         Germany
         Tel: 05132/82680
         Fax: 05132/8268-96

The District Court of Gifhorn opened bankruptcy proceedings
against LKW-Werkstatt in Ilsede GmbH on Sept. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         LKW-Werkstatt in Ilsede GmbH
         Heinrich-Hertz-Str. 21
         31228 Peine
         Germany


MEHLHORN BAUTENSERVICE: Claims Registration Ends October 19
-----------------------------------------------------------
Creditors of Mehlhorn Bautenservice GmbH have until Oct. 19 to
register their claims with court-appointed insolvency manager
Christian Hafften.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 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 Schwerin
         Hall 7
         Demmlerplatz 14
         19053 Schwerin
         Germany

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

The insolvency manager can be reached at:

         Christian Hafften
         Alexandrinenstr. 17
         19055 Schwerin
         Germany

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

The Debtor can be reached at:

         Mehlhorn Bautenservice GmbH
         Attn: Heike und Joerk Mehlhorn, Manager
         Strasse der Jugend 18
         19075 Holthusen
         Germany


MW WINKLER: Claims Registration Period Ends October 26
------------------------------------------------------
Creditors of MW Winkler GmbH have until Oct. 26 to register
their claims with court-appointed insolvency manager Tobias
Hoefer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Nov. 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 Pforzheim
         Room 310
         Mannheimer Str. 17
         75179 Pforzheim
         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:

         Tobias Hoefer
         Soldnerstr. 2
         68219 Mannheim
         Germany

The District Court of Pforzheim opened bankruptcy proceedings
against MW Winkler GmbH on Sept. 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         MW Winkler GmbH
         Maximilianstr. 20
         75172 Pforzheim
         Germany


VERAL ROLLADENSYSTEME: Claims Registration Ends October 22
----------------------------------------------------------
Creditors of Veral Rolladensysteme GmbH & Co. KG have until
Oct. 22 to register their claims with court-appointed insolvency
manager Nikolaus Ackermann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 21, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aschaffenburg
         Meeting Hall 5.103
         Schlossplatz 5
         63739 Aschaffenburg
         Germany

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

The insolvency manager can be reached at:

         Nikolaus Ackermann
         Friedrichstr. 19
         63739 Aschaffenburg
         Germany
         Tel: 06021/368919
         Fax: 06021/368924

The District Court of Aschaffenburg opened bankruptcy
proceedings against Veral Rolladensysteme GmbH & Co. KG on
Sept. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Veral Rolladensysteme GmbH & Co. KG
         Frankenstr. 6
         63776 Moembris
         Germany


* Michael Keppel Co-Heads Alvarez & Marsal's Germany Office
-----------------------------------------------------------
Alvarez & Marsal's managing director Michael F. Keppel was named
Geschaftsfuhrer and co-head of the firm's turnaround and
performance improvement practice in Germany.

The practice, which has grown in recent years, is co-led by
managing director Peter Briggs, who heads the firm's operations
in Central and Eastern Europe and is also Geschaftsfuhrer.

Having been with Alvarez & Marsal since 2003, Dr. Keppel served
as chief restructuring officer and chief executive officer of
SecurLog GmbH, a cash and valuables logistics company.  Before
that, he was interim chief financial officer of Ihr Platz GmbH &
Co.KG, one of Germany's drug store chains.

"Michael has been an invaluable member of the Alvarez & Marsal
team in Germany, having served in key interim management roles
on several complex engagements and been instrumental in the
growth and expansion of our practice," Mr. Briggs said.

"As the corporate restructuring market in Europe matures, we are
pleased to develop talented local leaders like Michael who have
the technical expertise and leadership skills necessary to
provide distressed businesses with services that maximize value
for stakeholders and provide an alternative to the traditional
insolvency experience.  He has an outstanding track record and
we are delighted to have him take on this expanded role."

                      About Alvarez & Marsal

Alvarez & Marsal -- http://www.alvarezandmarsal.com/-- is a
professional services firm with expertise in guiding
underperforming companies and public sector entities through
complex operational, financial and organizational challenges.
The firm excels in problem solving and value creation, and
brings a bias toward executing solutions with a distinctive
hands-on approach to serving clients, management and
stakeholders.

Founded in 1983, Alvarez & Marsal draws on its strong
operational heritage to provide specialized services, including
Turnaround and Management Advisory, Crisis and Interim
Management, Performance Improvement, Creditor Advisory Services,
Corporate Finance, Dispute Analysis and Forensics, Tax Advisory,
Business Consulting, Real Estate Advisory and Transaction
Advisory.  A network of experienced professionals in locations
across the U.S., Europe, Asia and Latin America, enables the
firm to deliver on its proven reputation for leadership, problem
solving and value creation.


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


DANA CORP: Disclosure Statement Scheduled on October 23
-------------------------------------------------------
The Hon. Burton R. Lifland of the U.S. Bankruptcy Court for the
Southern District of New York set a hearing on Oct. 23, 2007, to
consider the adequacy of the Disclosure Statement explaining
Dana Corp. and its debtor-affiliates' Joint Chapter 11 Plan of
Reorganization.

Objections to the Disclosure Statement, if any, must be filed by
October 12.

Not later than September 24, 2007, the Debtors will cause the
publication of the Disclosure Statement Notice in the national
editions of The Wall Street Journal and USA Today and the daily
edition of The Blade.

                         Treatment of Claims

On August 31, the Debtors filed with the Court their Joint Plan
and Disclosure Statement explaining that Plan.

The joint plan of reorganization provides for the treatment of
claims against and interests on the Debtors:

Class  Description       Claim Treatment
-----  -----------       ---------------
N/A    Administrative    Paid in full in Cash.
        Claims
                          Estimated Range of Claims:
                          approximately US$107,000,000

N/A    Priority Tax      Paid in full in Cash.
        Claims

1      Priority Claims   Unimpaired.  Holder of Claim will
                          receive Cash equal to the amount of
                          the Allowed Priority Claim.

                          Estimated Aggregate Allowed Amount:
                          US$1,000,000

                          Estimated Recovery: 100%

2A     Secured Claims,   Unimpaired.  Claim holder will:
        other than
        Toledo-Lucas        (a) receive payment in Cash, in
                                full;
        County Port
        Authority's
        Secured Claim       (b) have its Allowed Secured Claim
                                reinstated; or

                            (c) receive the collateral securing
                                that Allowed Secured Claim.

                          Holders of an Allowed Secured Tax
                          Claim will not be entitled to receive
                          any payment on account of any penalty
                          arising with respect to or in
                          connection with that Allowed Secured
                          Tax Claim.

                          Estimated Aggregate Allowed Amount:
                          US$4,000,000

                          Estimated Recovery: 100%

2B     Secured Claims    Unimpaired.  Holder of an Allowed
        Against Debtor    Secured Claim against EFMG will:
        EFMG LLC
                           (a) receive payment in Cash in full;

                           (b) have its Allowed Secured Claim
                               reinstated; or

                           (c) receive the collateral securing
                               that Allowed Secured Claim.

                          Holders of an Allowed Secured Tax
                          Claim will not be entitled to receive
                          any payment on account of any penalty
                          arising with respect to that Allowed
                          Secured Tax Claim.

                          Estimated Aggregate Allowed Amount:
                          US$0

                          Estimated Recovery: 100%

2C     Port Authority    Impaired.  The Port Authority Secured
        Secured Claim     Claim will be satisfied by:

                           (a) Reorganized Debtor
                               Torque-Traction Technologies,
                               LLC, entering into and assuming
                               the Port Authority Lease, as
                               amended;

                           (b) New Dana Holdco executing and
                               delivering an amended guaranty;
                               and

                           (c) Reorganized Torque-Traction and
                               New Dana Holdco executing and
                               delivering any other agreements
                               necessary to implement the
                               Debtors' settlement with the Port
                               Authority.

                          Aggregate Allowed Amount:
                          US$18,875,000

                          Aggregate Recovery: 95%

3      Asbestos          Unimpaired.  Asbestos PI Claims will
        Personal Injury   be reinstated on the Effective Date.
        Claims
                          Estimated Recovery: 100%

4      Convenience       Unimpaired.  Holder of an Allowed
        Claims Against    Convenience Claim will receive Cash
        Consolidated      equal to the amount of the Allowed
        Debtors           Claim.

                          Estimated Aggregate Allowed Amount:
                          US$10,000,000

                          Estimated Recovery: 100%

5A     General           Unimpaired.  Holders of Allowed
        Unsecured Claim   General Unsecured Claims will
        Against EFMG      receive Cash equal to amount of that
                          Allowed Claim.

                          Estimated Aggregate Allowed Amount:
                          US$3,000,000

                          Estimated Recovery: 100%

5B     5.85% Bond        Impaired.  Each holder of an Allowed
        Claims            5.85% Bond Claim will receive:

                           (a) on the Effective Date, its pro
                               rata share of the Distributable
                               Shares of New Dana Holdco Common
                               Stock and the Distributable
                               Excess Minimum Cash; or

                           (b) after the Effective Date, the
                               periodic distributions of
                               Reserved Shares and Reserved
                               Excess Minimum Cash.

                          Estimated Aggregate Allowed Amount:
                          US$462,100,000

                          Estimated Recovery: 69% to 90%

5C     6.5% or 7% Bond   Impaired.  Each holder of an Allowed
        Claims            Claim will receive:

                           (a) on the Effective Date, its pro
                               rata share of the Distributable
                               Shares of New Dana Holdco Common
                               Stock and the Distributable
                               Excess Minimum Cash; or

                           (b) after the Effective Date, the
                               periodic distributions of
                               Reserved Shares and Reserved
                               Excess Minimum Cash.

                         Estimated Aggregate Allowed Amount:
                         US$953,200,000

                         Estimated Recovery: 69% to 90%

5D     9% Bond Claims    Impaired.  Each holder of an Allowed
                          Claim will receive:

                           (a) on the Effective Date, its pro
                               rata share of the Distributable
                               Shares of New Dana Holdco Common
                               Stock and the Distributable
                               Excess Minimum Cash; or

                           (b) after the Effective Date, the
                               periodic distributions of
                               Reserved Shares and Reserved
                               Excess Minimum Cash.

                          Estimated Aggregate Allowed Amount:
                          US$128,400,000

                          Estimated Recovery: 69% to 90%

5E     10.125% Bond      Impaired.  Each holder of an Allowed
        Claims            Claim will receive:

                           (a) on the Effective Date, its pro
                               rata share of the Distributable
                               Shares of New Dana Holdco Common
                               Stock and the Distributable
                               Excess Minimum Cash; or

                           (b) after the Effective Date, the
                               periodic distributions of
                               Reserved Shares and Reserved
                               Excess Minimum Cash.

                          Estimated Aggregate Allowed Amount:
                          US$77,000,000

                          Estimated Recovery: 69% to 90%

5F     Other General     Impaired.  Each holder of an Allowed
        Unsecured         Claim will receive:
        Claims Against
        Consolidated         (a) on the Effective Date, its pro
        Debtors                  rata share of the Distributable
                                 Shares of New Dana Holdco
                                 Common Stock and the
                                 Distributable Excess Minimum
                                 Cash; or

                             (b) after the Effective Date, the
                                 periodic distributions of
                                 Reserved Shares and Reserved
                                 Excess Minimum Cash.

                          Estimated Aggregate Allowed Amount:
                          US$879,300,000 to US$1,629,300,000

                          Estimated Recovery: 69% to 90%

5G     Union Claim       Impaired.  The Debtors will make the
                          UAW and USW Retirees VEBA
                          Contributions.

                          Estimated Aggregate Amount:
                          US$1,100,000,000

                          Estimated Recovery: 69%

6A     Prepetition       Impaired.  Prepetition Intercompany
        Intercompany      Claims that are not eliminated by
        Claims            operation of law in the Restructuring
                          Transactions will be deemed settled,
                          and compromised in exchange for the
                          consideration and other benefits
                          provided to holders of Prepetition
                          Intercompany Claims and are not
                          entitled to any distribution of Plan
                          consideration.

                          Estimated Recovery: 0%

6B     Claims of         Unimpaired.  Claims of wholly owned
        Wholly Owned      and majority owned non-debtor
        and Majority      affiliates other than Dana Credit
        Owned Non-Debtor  Corporation will be reinstated.
        Affiliates
        other than Dana   Estimated Recovery: 100%
        Credit
        Corporation

6C     DCC Claims        Impaired.  The Reorganized Debtors
                          will satisfy in Cash DCC's outstanding
                          liability under the DCC Bonds.

                          Aggregate Claim Amount: US$325,000,000

                          Estimated Recovery: 35%

7A     Old Common        Impaired.  On the Effective Date, the
        Stock of Dana     Old Common Stock of Dana and all
        Interests         Interests related thereto will be
                          canceled, and each holder of Old Dana
                          common stock will receive a
                          contingent, residual interest in the
                          Disputed Unsecured Claims Reserve
                          Assets after all Allowed General
                          Unsecured Claims have been paid in
                          full.

                          Old Common Stock outstanding as of
                          July 31, 2007: 150,202,981 shares

                          Estimated Recovery: 0%

7B     Section 510(b)    Impaired.  Holders of Section 510(b)
        Old Common Stock  Old Common Stock Claims will receive a
        Claims Against    contingent, residual interest in the
        Consolidated      Disputed Unsecured Claims Reserve
        Debtors           Assets after all Unsecured Claims have
                          been paid in full.

                          Estimated Recovery: 0%

8      Subsidiary        Unimpaired.  On the Effective Date,
        Debtor Equity     the Subsidiary Debtor Equity Interests
        Interests         will be reinstated, subject to the
                          Restructuring Transactions.

                          Estimated Recovery: 100%

According to Marc S. Levin, acting secretary for Dana Corp., if
New Dana Holdco is valued at the midpoint reorganization value
of US$3,996,000,000, recoveries to unsecured creditors in
classes 5B, 5C, 5D, 5E and 5F would be:

  Total Claims Amount                   Estimated Recovery
  -------------------                   ------------------
  Between US$2,500,000,000
  and US$2,750,000,000                         82% to 90%

  Between US$2,750,000,000
  and US$3,000,000,000                         75% to 82%

  Between US$3,000,000,000
  and US$3,250,000,000                         69% to 75%

The Debtors are not seeking votes from holders of Claims and
Interests not impaired by the Plan.  The holders of Claims and
Interests in these Classes will be deemed to have voted to
accept
the Plan:

   -- Class 1A (Priority Claims Against the Consolidated
      Debtors),

   -- Class 1B (Priority Claims Against EFMG),

   -- Class 2A (Secured Claims Against the Consolidated Debtors
      Other Than the Port Authority Secured Claim),

   -- Class 2B (Secured Claims Against EFMG),

   -- Class 3 (Asbestos Personal Injury Claims),

   -- Class 4 (Convenience Claims Against the Consolidated
      Debtors),

   -- Class 5A (General Unsecured Claims against EFMG),

   -- Class 6B (Claims of Wholly-Owned and Majority-Owned Non-
      Debtor Affiliates Other than DCC), and

   -- Class 8 (Subsidiary Debtor Equity Interests),

Although holders of Claims in Class 6A (Prepetition Intercompany
Claims) will be impaired under the Plan, each holder of a Claim
in Class 6A will be deemed to have accepted the Plan and,
therefore, will not have the right to vote with respect to the
Plan.

The Debtors are seeking votes from the holders of nine Classes
of allowed Claims and Interests on grounds that they are
impaired under the Plan, and the holders of Allowed Claims or
Interests are receiving a distribution under the Plan:

   -- Class 2C (Port Authority Secured Claim),

   -- Class 5B (5.85% Bond Claims),

   -- Class 5C (6.5% or 7% Bond Claims),

   -- Class 5D (9% Bond Claims),

   -- Class 5E (10.125% Bond Claims),

   -- Class 5F (Other General Unsecured Claims Against the
      Consolidated Debtors),

   -- Class 5G (Union Claim),

   -- Class 6C (DCC Claim),

   -- Class 7B (Section 510(b) Old Common Stock Claims Against
      the Consolidated Debtors), and

   -- Class 7A (Old Common Stock of Dana Interests).

A full-text copy of Dana's Joint Plan of Reorganization is
available for free at http://ResearchArchives.com/t/s?235d

A full-text copy of the Disclosure Statement accompanying Dana's
Plan is available for free at
http://ResearchArchives.com/t/s?235e

                          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. 52;
Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or
215/945-7000).


DANA CORP: New Jersey Objects to Disclosure Statement
-----------------------------------------------------
The state of New Jersey Department of Environmental Protection
tells the U.S. Bankruptcy Court for the Southern District of New
York that Dana Corp. and its debtor-affiliates' disclosure
statement explaining their Joint Plan of Reorganization failed
to mention their environmental obligations to the State and the
administrative action that the State has taken against them for
violation of environmental state laws.

Rachel Jeanne Lehr, Esq., in Trenton, New Jersey, relates that
Dana Corp., as an owner of an industrial establishment that
emitted hazardous substances, is required by the State, pursuant
to a Remediation Agreement, to establish and maintain a funding
source of US$100,000 to guarantee the completion of remediation
and clean-up costs in its facility.

Dana Corp. owned and operated a facility located in the city of
Hurffville, Gloucester County, in New Jersey.

Ms. Lehr asserts that bankruptcy does not relieve the debtor of
its obligation to remediate its site of operations according to
State law and the Remediation Agreement.

                          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. 52;
Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or  215/945-7000).


FIAT SPA: Offers Tech Support to Tata's Bid on Ford Brands
----------------------------------------------------------
Fiat S.p.A. is willing to lend technical support to Tata Motors
Ltd. in its bid for Ford Motor Co.'s Land Rover and Jaguar
brands, Reuters reports.

"If Tata is interested in Jaguar and Land Rover, we are ready to
provide technical support," an unnamed Fiat spokesman was quoted
by Reuters as saying.

Sources told the Financial Times that Tata Motors has moved on
to the second round of the auction process along with Mahindra &
Mahindra and One Equity Partners.

As reported in the TCR-Europe on Sept. 10, 2007, Fiat S.p.A.
chairman Luca Cordero di Montezemolo denied reports that the
company is interested in taking a minority stake in Ford Motor's
British brands.

The TCR-AP previously reported that Tata Motors has made it to
the list of selected bidders for final consideration in the race
for Jaguar and Land Rover.   The company, however, is facing
fierce competition from United States firms.  Other bidders
include TPG Capital, Ripplewood Holdings, One Equity Partners,
Cerberus Capital Management, and India's Mahindra & Mahindra.

Ford aims to complete the sale by the end of 2007 or early 2008.

                         About Fiat SpA

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                            *   *   *

As reported in the TCR-Europe on Aug. 24, 2007, Moody's
Investors Service upgraded to Ba1 from Ba2 Fiat SpA's Corporate
Family Rating, and the group's other long-term senior unsecured
ratings.

At the same time, the positive outlook on all long-term ratings
was maintained.  The short term Not Prime rating remains
unchanged.

Standard & Poor's give Long-Term Foreign and Local Issuer Credit
Ratings of BB+ for Fiat.  Its Short-term Foreign and Local
Issuer Credit Ratings are at B with Positive Outlook.


FIAT SPA: European Commission Demands Technical Info Report
-----------------------------------------------------------
The European Commission has adopted four decisions that legally
bind DaimlerChrysler AG, Toyota Motor Corp., General Motors
Corp. and Fiat SpA to commitments to provide technical
information about car repairs to all independent garages in the
European Union.

The commitments were given after a Commission investigation
found that inadequate access to the full range of technical
information could drive independent repairers from the market
and that the agreements between the car makers and their
authorized repairers would therefore infringe EC Treaty rules on
restrictive business practices.

The resulting reduction in competition between car repairers
could lead to less choice and higher prices for consumers:
independent repairers are often cheaper than authorized outlets,
sometimes by over 50%.  In addition, if repairs were carried out
without the right technical information, this could lead to
vehicles being driven in an unsafe condition, and add to air
pollution and wasted fuel.

The commitments will be binding until the motor vehicle block
exemption expires in May 2010.  By that time, the vehicle
emissions regulation will have entered into force.  This places
an obligation upon vehicle manufacturers to provide independent
repairers with standardized access to all technical repair
information.

Competition Commissioner Neelie Kroes said: “Consumers benefit
from competition between repairers, through lower labor charges
and cheaper spare parts.  These decisions provide a concrete and
timely solution to the problems faced by independent repairers,
who might lose their ability to compete without access to the
relevant technical information.”

The protection of competition on the EU car repair and
maintenance markets is one of the aims of the motor vehicle
block exemption regulation.  Independent repair outlets are
important to European consumers, because they exert competitive
pressure on the franchised networks.

Studies have shown, for instance, that prices charged by
authorized outlets in Germany are on average 16% higher than
those billed by independent repairers, while in the UK, the
difference for a typical service job between independents and
some of the highest priced brands of franchised dealer can be
more than 120%.  These differences are all the more significant
when one considers that over a car's lifetime, repair and
maintenance costs as much as the first owner paid for the car.

Cars are becoming increasingly complex, and even basic repairs
require qualified technicians with brand-specific technical
information.  The Commission's preliminary finding in all four
cases was that the car makers seem to have withheld certain
technical information from independent repairers and have
provided the rest in a way that does not meet their needs.

These apparent inadequacies could force independent repairers
from the markets, resulting in considerable consumer harm.  Such
behavior is prohibited by Regulation 1400/2002, which provides
that full and non-discriminatory access must be given in a
manner proportionate to independent repairers' needs.

                         About Fiat SpA

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                            *   *   *

As reported in the TCR-Europe on Aug. 24, 2007, Moody's
Investors Service upgraded to Ba1 from Ba2 Fiat SpA's Corporate
Family Rating, and the group's other long-term senior unsecured
ratings.

At the same time, the positive outlook on all long-term ratings
was maintained.  The short term Not Prime rating remains
unchanged.

Standard & Poor's give Long-Term Foreign and Local Issuer Credit
Ratings of BB+ for Fiat.  Its Short-term Foreign and Local
Issuer Credit Ratings are at B with Positive Outlook.

Dominion Bond Rating Service gives Fiat a Long-term Issuer
Rating of BB with Positive Outlook.


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


AGRO LLP: Proof of Claim Deadline Slated for October 19
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Firm Agro insolvent.

Creditors have until Oct. 19 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Kazakhstan
         Tel: 8 (3172) 30-04-71


ARDEK LLP: Creditors Must File Claims October 19
------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Ardek insolvent.

Creditors have until Oct. 19 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Astana
         Valihanov Str. 71-68
         Astana
         Kazakhstan
         Tel: 8 (3172) 21-48-16


ASV-COMPANY LLP: Claims Filing Period Ends September 21
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Asv-Company insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


BLACKS LLP: Creditors' Claims Due on October 21
-----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Blacks insolvent.

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

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


DAYA LLP: Claims Registration Ends September 27
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Daya insolvent.

Creditors have until Sept. 27 to submit written proofs of claims
to:

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


IBRAHIM LLP: Proof of Claim Deadline Slated for September 21
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Ibrahim insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


KAMEE SERVICES: Creditors Must File Claims October 24
-----------------------------------------------------
Representation of Company Kamee Services & Capport C.A. in
Kazakh Republic has declared insolvency.  Creditors have until
Oct. 24 to submit written proofs of claims to:

         Representation of Company
         Kamee Services & Capport C.A.
         Furmanov Str. 64
         Almaty
         Kazakhstan
         Tel: 8 (3272) 59-84-10


KREPS LLP: Claims Filing Period Ends September 27
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Kreps insolvent.

Creditors have until Sept. 27 to submit written proofs of claims
to:

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


MOLZAVOD LLP: Creditors' Claims Due on October 24
-------------------------------------------------
LLP Shuchinsky Dairy Plant Molzavod has declared insolvency.

Creditors have until Oct. 24 to submit written proofs of claims
to:

         LLP Shuchinsky Dairy Plant Molzavod
         Michurin Str. 5
         Shuchinsk
         Shuchinsky District
         Akmola
         Kazakhstan


TRUST LLP: Claims Registration Ends October 21
----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Trust insolvent.

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

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


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


SPAR TRADE: Proof of Claim Deadline Slated for October 24
---------------------------------------------------------
LLC Trade Company Spar Trade has declared insolvency.  Creditors
have until Oct. 24 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 90-27-21.


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


BAUSCH & LOMB: Shareholders Urged to Vote For Warburg Deal
----------------------------------------------------------
Bausch & Lomb said Friday that four leading independent U.S.
proxy advisory firms, Institutional Shareholder Services, Egan-
Jones Proxy Services, Glass Lewis & Co. and PROXY Governance
Inc., have each recommended that Bausch & Lomb shareholders vote
"FOR" the proposed transaction with affiliates of Warburg Pincus
at Bausch & Lomb's Sept. 21, 2007, special meeting of
shareholders.

On May 16, 2007, Bausch & Lomb entered into a definitive merger
agreement whereby affiliates of Warburg Pincus will acquire
Bausch & Lomb for US$65.00 in cash for each Bausch & Lomb share,
representing a total purchase price of approximately US$4.5
billion, including approximately US$830 million of debt.

"The recommendations of four leading independent proxy advisory
firms confirm our Board of Directors' unanimous view that the
transaction with Warburg Pincus delivers significant cash value
and is in the best interests of Bausch & Lomb and all of our
shareholders," said Ronald L. Zarrella, chairman and CEO of
Bausch & Lomb.  "We urge all Bausch & Lomb shareholders to vote
‘FOR' the proposed transaction with Warburg Pincus today so that
their votes can be counted at the Company's upcoming special
meeting."

In its analysis, ISS stated*:

". . . given that the Warburg Pincus buyout offer provides
certainty of value to current shareholders, we believe that the
merger agreement warrants shareholder support."

In its analysis, Egan-Jones stated*:

". . . Egan Jones views the proposed merger agreement as a
desirable approach in maximizing stockholder value. … we believe
that the merger agreement is in the best interests of the
company and its stockholders and its advantages and
opportunities outweigh the risks associated to the transaction."

In its analysis, Glass Lewis stated*:

"During the [go-shop] period, the Company's advisors contacted
multiple financial and strategic parties. . . .  The proposed
agreement offers shareholders a valuation that is, on balance,
in line with the valuations presented by the special committee's
financial advisor."

In its analysis, PROXY Governance stated*:

". . . the premium appears reasonable in light of the company's
historic trading price and is supported by the available equity
analyst opinions.  Moreover, based on the board's reasoning and
the opinion of several equity analyst reports, we believe that
shareholders are better off with Warburg's all cash merger
consideration than they would have been with a competing
stock/cash offer from AMO."

Shareholders who have questions or need any assistance in
submitting their proxy or voting their shares should contact
Bausch & Lomb's proxy solicitor, MacKenzie Partners Inc., toll-
free at 1-800-322-2885 or through e-mail at
proxy@mackenziepartners.com.

The special meeting will be held on Sept. 21, 2007, at 10:00
a.m. local time at the Clarion Riverside Hotel, located at 120
East Main Street, in Rochester, N.Y. Shareholders of record as
of August 10, 2007, are entitled to vote at the special meeting.

   * Permission to use quotations was neither sought nor
     obtained.

                       About Bausch & Lomb

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico. "In Europe, the company maintains operations
in Austria, Germany, the Netherlands, Spain, and the United
Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on July 12, 2007,
Standard & Poor's Ratings Services said its 'BB+' corporate
credit and senior secured ratings on Bausch & Lomb Inc. remain
on CreditWatch with negative implications in light of the
July 5, 2007 acquisition bid by Advanced Medical Optics Inc.

As reported in the Troubled Company Reporter on May 18, 2007,
Moody's Investors Service stated that it will continue its
review of Bausch & Lomb Incorporated's ratings for possible
downgrade following the announcement that the company has
entered into a definitive merger agreement with affiliates of
Warburg Pincus.

Ratings subject to review for possible downgrade include the
company's Ba1 Corporate Family rating and Ba1 Probability of
Default rating.

In addition, the Warburg Pincus deal prompted Fitch to maintain
its Negative Rating Watch on the company.  Fitch also warned
that the transaction would significantly increase leverage and
likely result in a multiple-notch downgrade, including an Issuer
Default Rating of no higher than 'BB-'.


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


OSTROLECKIE PRZEDSIEBIORSTWO: Cash Injection Cancels Asset Sale
---------------------------------------------------------------
The court-appointed receiver of Ostroleckie Przedsiebiorstwo
Energetyki Cieplnej Sp z.o.o. cancelled the planned sale of the
bankrupt company's assets, Polish News Bulletin reports.

The receiver cancelled the auction after Energetyka Poludnie
injected PLN150 million in fresh capital into OPEC, allowing the
latter to repay its debts, Polish News Bulletin relates.

State-owned Energetyka Poludnie acquired an 85% stake in OPEC on
Aug. 22, 2007.

Headquartered in Ostroleka, Poland, Ostroleckie Przedsiebiorstwo
Energetyki Cieplnej Sp z.o.o. -- http://www.opec.com.pl/--
generates heat and power for southern Katowice region.


TOORA POLAND: Pragma Inkaso Warns Bankruptcy Filing
---------------------------------------------------
Polish debt collecting agency Pragma Inkaso is set to file a
bankruptcy petition at the Tarnobrzeg court against car parts
manufacturer Toora Poland, saying the company lost its liquidity
and failed to pay suppliers, Puls Biznesu reports.

"Although the debts amount to only several dozen thousands,
Toora's authorities have not answered to any claims.  The
company has lost liquidity, therefore the best solution is to
declare bankruptcy," Szymon Kobierski of Pragma Inkaso told Puls
Biznesu.

At June 30, 2007, Toora's debts totaled PLN406 million.
According to figures obtained by Puls Biznesu, the company
incurred losses of PLN37 million on revenues of PLN145 million
in the first half of 2007.

Radoslaw Kuras of Toora Poland, however, said "the situation is
difficult, but not hopeless.  We try to pay our debts and we ask
for patience."

The executive also confirmed that the company has already
initiated talks with banks, Puls Biznesu relates.


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


KNOLL INC: Inks Asset Purchase Agreement with Edelman Leather
-------------------------------------------------------------
Knoll Inc. has entered into an asset purchase agreement pursuant
to which it will acquire Teddy and Arthur Edelman, Limited,
purveyors of fine leathers to the residential, hospitality,
aviation and contract office furniture markets.

Andrew B. Cogan, Knoll Chief Executive Officer, said, "The
strategic acquisition of Edelman is consistent with our strategy
of building sales in our high design, high margin specialty
businesses, which appeal to both business buyers and consumers
worldwide.  Edelman's reputation in the design community for
unique leathers and its showroom network as well as its storied
history is highly complementary in terms of culture, customers,
markets and products.  We welcome Edelman Leather into the Knoll
fold."

John Edelman, a son of the company's founders, who will continue
to serve as President of Edelman Leather, commented, "It is a
joy to see Edelman become part of the Knoll family.  On behalf
of my parents, Teddy and Arthur, who founded the company over 25
years ago, we look forward to working with Knoll to continue to
expand our brand and presence globally."

Knoll Inc. will acquire Edelman for approximately US$67.0
million in cash, plus the assumption of debt not to exceed
US$3.7 million and certain contingent payouts based on the
future success of the business.  The company expects the
transaction to be accretive in 2008.  Consummation of the
transaction is subject to customary conditions, including
expiration or termination of the applicable Hart-Scott-Rodino
Antitrust Improvements Act waiting period, but is expected to be
completed early in the fourth quarter of 2007.

Edelman Leather will continue to operate as an independent
company and will maintain its own headquarters and distribution
center in New Milford, Connecticut.  In addition to Mr. John
Edelman continuing to serve as President of Edelman Leather,
John McPhee will continue in his role as Chief Operating
Officer.

                      About Knoll Inc.

Headquartered in East Greenville, Pennsylvania, Knoll Inc.
(NYSE: KNL) -- http://www.knoll.com/O-- 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.

                       *     *     *

Knoll Inc. carries Moody's Investors Service's B1 Corporate
Family Rating and the company's US$200 million senior secured
revolver and US$250 million senior secured term loan carry
Moody's Ba2.  Moody's assigned an LGD2 rating to both loans,
suggesting note holders will experience a 27% loss in the event
of a default.


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


ANSAL CJSC: Creditors Must File Claims by September 25
------------------------------------------------------
Creditors of CJSC Joint Russian-Turkish Enterprise Ansal (TIN
7448019871) have until Sept. 25 to submit proofs of claim to:

         M. Fazylov
         Insolvency Manager
         Akhunovo
         Uchalinskiy
         453733 Bashkortostan
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A76-7804/2007-60-98.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Joint Russian-Turkish Enterprise Ansal
         Chelyabinsk
         Russia


INFORTEKS CJSC: Creditors Must File Claims by October 25
--------------------------------------------------------
Creditors of CJSC Management Company Volzhskiy Factory of Metal
Constructions have until Oct. 25 to submit proofs of claim to:

         N. Mutallapov
         Insolvency Manager
         Post User Box 163
         Ufa
         450096 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A07-22302/06-G-ShAB.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Inforteks
         Salavara Yulaeva Str. 93
         Ufa
         450078 Bashkortostan
         Russia


KALININSKAYA LLC: Creditors Must File Claims by September 25
------------------------------------------------------------
Creditors of LLC Agricultural Company Kalininskaya have until
Sept. 25 to submit proofs of claim to:

         V. Fursov
         Temporary Insolvency Manager
         Post User Box 50
         Lenina Str. 25-12
         457040 Yuzhnouralsk
         Russia

The Arbitration Court of Chlyabinsk will convene at 10:00 a.m.
on Nov. 19 to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A76-8500/
2007-32-111.


The Debtor can be reached at:

         LLC Agricultural Company Kalininskaya
         Oktyabrskaya Str. 1
         B. Shumakovo
         Uvelskiy
         Chlyabinsk
         Russia


KANSKIY OJSC: Creditors Must File Claims by September 25
--------------------------------------------------------
Creditors of OJSC Brewery Kanskiy have until Sept. 25 to submit
proofs of claim to:

         B. Stepanov
         Temporary Insolvency Manager
         Post User Box 28495
         660020 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk will convene at 10:00 a.m.
on Oct. 17 to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A33-9005/2007.

The Court is located at:

         The Arbitration Court of Krasnoyarsk
         Lenina Str. 143
         660021 Krasnoyarsk
         Russia

The Debtor can be reached at:

         OJSC Brewery Kanskiy
         Sovetskaya Str. 2
         Kansk
         663600 Krasnoyarsk
         Russia


ROSNEFT OIL: Acquires Oxoil Ltd. for US$42 Million
--------------------------------------------------
OAO Rosneft Oil Co. has acquired Cyprus-registered Oxoil Ltd.
for US$42 million, Reuters reports citing a spokesman for the
state-owned oil company.

Through Oxoil Ltd., which holds a 51.45% holding in Parkoil and
100% stake in Park-Service, Rosneft gained control of 14 gas
filling stations, and a railway loading station in Moscow,
Rosneft's spokesman told Reuters.

According to Reuters, Parkoil operates a network of filling
stations attached to an oil product pipeline in Moscow and owns
oil product storage facilities with a total capacity of around
18,000 cubic meters.  Park-service owns a network of car repair
stations.

                          About Rosneft

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

                            *   *   *

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


RUSSNEFT OIL: OAO Sberbank Denies Early Loan Call In
----------------------------------------------------
OAO Sberbank Rossii has denied reports that it is seeking up to
US$1 billion and RUR17 billion in early repayment of two loans
issued to OAO Russneft Oil and Gas Co., RIA Novosti reports.

Unnamed lawyers for Sberbank had told RIA Novosti that the bank
could call in Russneft's debt.  The Lefortovsky District Court
in Moscow has frozen the oil company's entire stock pending a
criminal investigation against former chief executive Mikhail
Gutseriyev.

As reported in the TCR-Europe on Sepy. 12, 2007, the Tverskoi
Court in Moscow has issued an arrest warrant for Mr. Gutseriev,
for tax evasion and illegal enterprise, charges he has denied.

According to Vedomosti, Mr. Gutseriyev's conflict with the
Russian government started when Russneft acquired some assets of
OAO Yukos Oil Co. before the former fuel giant collapsed in
December 2003.  Kremlin and Mr. Gutseriyev's relationship
further soured in 2006 after the latter refused to sell Russneft
to the government for US$1 billion, a far cry from its estimated
US$8 billion-US$10 billion value.

In an Aug. 22, 2007, report by the TCR-Europe, the Moscow
Arbitration Court upheld a RUR17 billion tax arrear claim
against Russneft, and rejected an appeal to overturn a July 2007
ruling ordering the oil concern to pay the Federal Tax Service
RUR3.7 billion in back taxes for 2003 and first quarter of 2004.

                         About Russneft

Headquartered in Moscow, Russia, OAO Russneft Oil and Gas Co. --
http://eng.russneft.ru/-- operates 30 productive assets, two
refineries and petrol stations network located in 22 regions of
Russia and CIS.  The Company is developing more than 170 oil
fields across the country.


SALYMBUR-OIL LLC: Creditors Must File Claims by September 25
------------------------------------------------------------
Creditors of LLC Salymbur-Oil have until Sept. 25 to submit
proofs of claim to:

         A. Zubairov
         Temporary Insolvency Manager
         Post User Box 6475
         625039 Tyumen-39
         Russia

The Arbitration Court of Khanty-Mansiyskiy will convene on
Nov. 26 to hear the bankruptcy supervision procedure on LLC
Salymbur-Oil.  The case is docketed under Case No. A-75-
3489/2007.

The Court is located at:

         The Arbitration Court of Khanty-Mansiyskiy
         Lenina Str. 54/1
         Khanty-Mansiysk
         Russia

The Debtor can be reached at:

         A. Zubairov
         Temporary Insolvency Manager
         Post User Box 6475
         625039 Tyumen-39
         Russia


SIB-OIL-SERVICE: Creditors Must File Claims by September 25
-----------------------------------------------------------
Creditors of CJSC Sib-Oil-Service (TIN 7204012960) have until
Sept. 25 to submit proofs of claim to:

         P. Kiyatkin
         Temporary Insolvency Manager
         Office 403
         Mamina Sibiryaka Str. 36
         620027 Ekaterinburg
         Russia

The Arbitration Court of Khanty-Mansiyskiy commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A75-2026/2007.

The Court is located at:

         The Arbitration Court of Khanty-Mansiyskiy
         Lenina Str. 54/1
         Khanty-Mansiysk
         Russia

The Debtor can be reached at:

         CJSC Sib-Oil-Service
         Nizhnevartovsk
         Nizhnevartovskiy
         628600 Khanty-Mansiyskiy
         Russia


TOCHILNOE CJSC: Court Names S. Ogorodnikov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Altay appointed S. Ogorodnikov as
Insolvency Manager for CJSC Tochilnoe.  He can be reached at:

         S. Ogorodnikov
         Post User Box 2724
         Barnaul
         656065 Altay
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The Court will convene on
Feb. 18, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A03-7394/06-B.

The Debtor can be reached at:

         CJSC Tochilnoe
         Sovetskaya Str. 8
         Tochilnoe
         Smolenskiy
         659301 Altay
         Russia


VIMPELCOM OJSC: Inks GTel Mobile Joint Venture Deal in Vietnam
--------------------------------------------------------------
OJSC Vimpel-Communications, in connection with the visit of the
Prime Minister of Vietnam to Russia, executed a Principal
Agreement to establish a mobile telecommunications joint venture
in Vietnam under the name of GTel Mobile.  The other
participants in the joint venture will be a company owned by the
Ministry of Public Security of Vietnam and The Millennium Global
Solutions Group, Inc., a U.S. company.

The Principal Agreement contemplates that VimpelCom will invest
up to US$1 billion over the next several years in the
development of a GSM mobile network and provide technical and
operational expertise to the joint venture.  In accordance with
Vietnamese investment laws, VimpelCom will own a minority voting
stake in the joint venture.  However, the Principal Agreement
contemplates that VimpelCom will hold a majority of the economic
interest in the joint venture and will exercise significant
influence over the joint venture’s operations.

"We are very excited about this transaction, our first expansion
outside of Russia and the CIS.  Vietnam is a very attractive
market, with a growing population of approximately 85 million
people and mobile penetration of approximately 32%.  The country
has joined the WTO and the economy is developing rapidly.
Overall we view this as a great growth opportunity for VimpelCom
and its shareholders," said VimpelCom CEO Alexander Izosimov.

The establishment of the joint venture and the terms being
discussed by the parties remain subject to negotiation and
execution of final joint venture documents, receipt of
regulatory approvals (including licenses and frequencies) and
corporate approvals of the parties.

                        About VimpelCom

Headquartered in Moscow, Russia, VimpelCom (NYSE: VIP) --
http://www.vimpelcom.com/-- provides mobile telecommunications
services in Russia and Kazakhstan with newly acquired operations
in Ukraine, Tajikistan and Uzbekistan.  The Company operates
under the 'Beeline' brand in Russia and Kazakhstan.  In
addition, VimpelCom is continuing to use 'K-mobile' and 'EXCESS'
brands in Kazakhstan.

                        *     *     *

As reported in the TCR-Europe on March 13, 2007, Moody's
Investors Service upgraded the corporate family and existing
bond ratings of Open Joint Stock Company Vimpel Communications
to Ba2 from Ba3.  Moody's said the outlook on the ratings is
stable.


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


FTA SANTANDER: Moody's Junks EUR20 Million Series E Notes
---------------------------------------------------------
Moody's Investors Service assigned these ratings to the debt to
be issued by FTA Santander Consumer Spain 07-2:

   -- Aaa to the EUR929.0 million Series A notes;
   -- Aa3 to the EUR27.0 million Series B notes;
   -- A1 to the EUR17.5 million Series C notes;
   -- Baa3 to the EUR26.5 million Series D notes;
   -- Caa2 to the EUR20.0 million Series E notes.

FTA Santander Consumer Spain 07-2 is the fourth consumer loan-
backed securitization transaction carried out by Santander
Consumer EFC, S.A (Santander Consumer) to date, and the first
such deal including consumer loans different from auto loans.

In Moody's view, the strengths of this deal include, among
others:

   (1) a swap agreement guaranteeing an excess spread of 275
       bppa and covering the servicing fee should Santander
       Consumer be substituted as servicer of the pool;

   (2) a 12-month artificial write-off mechanism;

   (3) a granular securitized pool; and

   (4) sequential amortization of the notes.

The weaknesses of the deal include:

   (1) a revolving period of up to two years;

   (2) the relatively low seasoning;

   (3) the negative impact of the interest deferral trigger on
       the subordinated series;

   (4) the non-standard cash reserve amortization pattern; and

   (5) the sensitivity of junior series (Series C and D) to back
       loaded timing of default scenarios.

These increased risks were reflected in the credit enhancement
calculation.

The provisional pool of underlying assets comprised, as of
August 2007, a portfolio of 120,096 loans granted to 117,858
borrowers resident in Spain.  The pool is composed of a mixture
of auto loans (71%) and other type of consumer loans (29%). Most
of the debtors (96%) are individuals, out of which 13% are self-
employed.  The loans have been originated between 2001 and 2007,
with a weighted average seasoning of 9.4 months and a weighted
average remaining life of 5.3 years.  The weighted average
interest rate is 7.98%, with all the loans having a fixed
interest rate.  All of the loans hold a personal guarantee.
Geographically, the pool is concentrated in Andalusia (24%),
Canary Islands (18%) and Catalonia (12%).  At closing, there
will be no loans that are more than 30 days in arrears.

Moody's bases the ratings primarily on these factors:

   (i) an evaluation of the underlying portfolio of loans;

  (ii) the strict eligibility criteria with which any receivable
       must comply in order to be included in the securitized
       pool;

(iii) the early amortization triggers put in place to stop the
       purchase of additional loans;

  (iv) historical performance information;

   (v) the swap agreement;

  (vi) the credit enhancement provided through the GIC accounts,
       the excess spread, the reserve fund and the subordination
       of the notes; and

(vii) the legal and structural integrity of the transaction.

The ratings address the expected loss posed to investors by the
legal final maturity (Aug. 20, 2022).  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal at par with respect to the Series A, B, C
and D notes, and for ultimate payment of interest and principal
at par with respect to the Series E notes, on or before the
final legal maturity date.  Moody's ratings address only the
credit risks associated with the transaction. Other non-credit
risks have not been addressed, but may have a significant effect
on yield to investors.


GENERAL CABLE: To Launch Offering on US$450-Million Senior Notes
----------------------------------------------------------------
General Cable Corporation has intended to commence a private
offering, subject to market conditions, that is expected to be
up to US$450 million in aggregate principal amount of senior
convertible notes.  The Notes may allow the holder to convert
the Notes into the right to receive the Company's common stock
or cash, or a combination of both.  The purpose of this offering
is to fund a portion of the purchase price for the previously
disclosed acquisition of the wire and cable business of
Freeport-McMoRan Copper & Gold Inc. and related costs, as well
as funding the potential expansion of the Company's business in
the United States and in foreign countries, the potential
acquisition of other complementary businesses and other general
corporate purposes.

The Notes will be sold to qualified institutional buyers in
reliance on Rule 144A under the Securities Act of 1933, as
amended.  The Notes and the common stock issuable upon
conversion of the Notes have not been registered under the
Securities Act or any state securities laws, and unless so
registered, may not be offered or sold in the United States
except pursuant to an exemption from the registration
requirements of the Securities Act and applicable state laws.

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes
aluminum, copper, and fiber-optic wire and cable products.  It
has three operating segments: industrial and specialty (wire and
cable products conduct electrical current for industrial and
commercial power and control applications); energy (cables used
for low-, medium- and high-voltage power distribution and power
transmission products); and communications (wire for low-voltage
signals for voice, data, video, and control applications).
Brand names include Carol and Brand Rex.  It also produces power
cables, automotive wire, mining cables, and custom-designed
cables for medical equipment and other products.  General Cable
has locations in China, Australia, France, Brazil, the Dominican
Republic and Spain.

                       *     *     *

As reported in the Troubled Company Reporter on March 13, 2007,
Moody's Investors Service assigned a rating of B1 to the
US$325 million senior unsecured notes of General Cable
Corporation consisting of US$125 million of floating rate notes
and US$200 million fixed rate notes.  Concurrently, Moody's
affirmed all other ratings for this issuer.  Moody's said the
rating outlook remains stable.


GENERAL CABLE: Freeport Deal Cues Moodys' to Review Ratings
-----------------------------------------------------------
Moody's Investors Service placed the ratings for General Cable
Corporation under review for possible downgrade following the
announcement that it had signed a definitive purchase agreement
to acquire the global wire and cable business of Freeport-
McMoRan Copper & Gold Inc. that operates as Phelps Dodge
International Corporation.  The purchase price is roughly US$735
million, subject to adjustments as provided in the underlying
Stock Purchase Agreement.

Moody's understands that General Cable will re-leverage its
balance sheet as a consequence of the PDIC acquisition, although
leverage on a proforma basis is estimated at 2.7 times.
Adjusted for leases, leverage is still anticipated to remain
within the bounds of a Ba3 Corporate Family Rating.  The company
expects to fund the acquisition of PDIC through a combination of
cash on hand, utilization of its asset-based revolving credit
facility which will be expanded together with proceeds from an
offering of convertible notes.  A committed interim bridge
facility will be at the company's disposal as well.

Once additional information on the new structure is obtained,
Moody's rating review will primarily focus on the company's
financial flexibility following the acquisition.  The most
important factors in that analysis are expected to be the
financial structure and legal entities, the business strategy of
the company going forth, the details surrounding the company's
external sources of liquidity and the level of commitment to
debt repayment.

Moody's will also give consideration to the company's
anticipated performance in light of a continuing decline in
telecommunications cable demand.  The potential for further
deterioration in residential construction in addition to the
risk of a downturn in the macroeconomy are also factors that
Moody's will consider as they could have a secondary impact on
various segments of the company's business.

PDIC is one of the largest and best-known wire and cable
businesses in the world, having been operated for the past 50
years as a division of Phelps Dodge and most recently, as a
division of Freeport.  The acquisition is being driven primarily
by complementary geographies and operating philosophies.  The
acquisition is subject to the receipt of clearances or waivers
from competition and regulatory authorities in relevant
jurisdictions with the deal anticipated to close during the
fourth quarter.

These ratings were placed under review for possible downgrade:

-- US$125 million senior unsecured FRNs due 2015, B1 (LGD4,
    63%)

-- US$200 million senior unsecured notes due 2017, B1 (LGD4,
    63%)

-- US$355 million senior unsecured convertible notes due 2013,
    at B1 (LGD4, 63%)

-- Corporate Family Rating, at Ba3

-- Probability of Default Rating, at Ba3

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes
aluminum, copper, and fiber-optic wire and cable products.  It
has three operating segments: industrial and specialty (wire and
cable products conduct electrical current for industrial and
commercial power and control applications); energy (cables used
for low-, medium- and high-voltage power distribution and power
transmission products); and communications (wire for low-voltage
signals for voice, data, video, and control applications).
Brand names include Carol and Brand Rex.  For the last twelve
months ended June 30, 2007, the company reported revenues of
about US$4.1 billion.

General Cable has locations in China, Australia, France, Brazil,
the Dominican Republic and Spain.


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


FLEXTRONICS INT'L: Reports Solectron Stockholders' Merger Terms
---------------------------------------------------------------
Flextronics International Ltd. and Solectron Corporation has
jointly announced that Solectron stockholder wishes to make an
election with respect to the merger consideration to be received
in the proposed acquisition by Flextronics of Solectron, but the
shares of Solectron common stock subject to such election are
not reflected in the stockholder's account, the stockholder may
nonetheless make such election if all of the three conditions
are met:

    -- a properly completed and duly executed Election Form in
       the form provided by Flextronics and Solectron is
       received by Computershare Shareholder Services, Inc. (the
       Exchange Agent) prior to the Election Deadline described
       below;

    -- a properly completed and duly executed Notice of
       Guarantee substantially in the form available as provided
       below is received by the Exchange Agent prior to the
       Election Deadline; and

    -- the shares of Solectron common stock covered by the
       Election Form are delivered to the stockholder's account
       (and in the case of shares held through DTC, the
       applicable DTC participant inputs the election in
       accordance with DTC's procedures) within three New York
       Stock Exchange trading days following the Election
       Deadline.

Solectron stockholders may request copies of the Notice of
Guarantee by calling Innisfree M&A Incorporated toll free from
within the United States and Canada at (877) 825-8971.

The Notice of Guarantee may be delivered by mail or overnight
delivery or by facsimile transmission to the Exchange Agent as
indicated on the form of the Notice of Guarantee and must
include a guarantee by a financial institution that is a
participant in a Medallion Signature Guarantee Program (an
Eligible Institution) in the form set forth in the form of
Notice of Guarantee.

Flextronics and Solectron previously announced that the Election
Deadline by which Solectron stockholders that wish to make an
election with respect to the merger consideration to be received
in the proposed acquisition by Flextronics of Solectron must
deliver a properly completed election form to the Exchange Agent
is 5:00 p.m., New York City time, on Sept. 27, 2007.

Solectron stockholders who hold their shares through a bank,
broker or other nominee may have an election deadline earlier
than the Election Deadline.  These Solectron stockholders should
carefully review any materials they receive from their bank,
broker or other nominee to determine the election deadline
applicable to them.

Beginning on Aug. 13, 2007, the required election forms and
accompanying instructions were mailed to Solectron stockholders
of record as of Aug. 6, 2007.  Solectron stockholders, including
those that acquired their shares after Aug. 6, 2007, may request
copies of these election documents, as well as copies of the
Notice of Guarantee, by calling Innisfree M&A Incorporated toll
free from within the United States and Canada at (877) 825-8971.
Solectron stockholders who hold their shares through a bank,
broker or other nominee should contact their bank, broker or
other nominee to obtain additional copies of the election
documents.

                     About Solectron

Solectron Corporation -- http://www.solectron.com/-- is one of
the world's largest providers of complete product lifecycle
services. Solectron Corp. offers collaborative design and new
product introduction, supply chain management, Lean
manufacturing and aftermarket services such as product warranty
repair and end-of-life support to leading customers worldwide.
Solectron Corp. works with the world's premier providers of
networking, telecommunications, computing, storage, consumer,
automotive, industrial, medical, self-service automation and
aerospace and defense products.  The company's industry-leading
Lean Six Sigma methodology (Solectron Production System(TM))
provides OEMs with quality, flexibility, innovation and cost
benefits that improve competitive advantage.  Based in Milpitas,
California, Solectron Corp. operates in more than 20 countries
on five continents and had sales from continuing operations of
US$10.6 billion in fiscal 2006.

                    About Flextronics

Headquartered in Singapore Flextronics International Ltd.
(Nasdaq: FLEX) -- http://www.flextronics.com/-- is an
Electronics Manufacturing Services provider focused on
delivering complete design, engineering and manufacturing
services to automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile OEMs.  Flextronics helps
customers design, build, ship, and service electronics products
through a network of facilities in over 30 countries on four
continents including Brazil, Mexico, Hungary, Sweden, United
Kingdom, among others.

                       *     *     *

Moody's Investor Services placed Flextronics Intenational's long
term corporate family and probability of default ratings at
"Ba1" in June 4, 2007.


TUPPERWARE BRANDS: Moody's Rates Proposed Credit Facility at Ba1
----------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to Tupperware
Brands Corporation proposed senior secured credit facilities,
consisting of a US$200 million revolving credit facility and a
US$550 million term loan A, both due 2012.

Moody's also affirmed the company's Ba2 corporate family rating
and Ba3 probability of default rating, and changed the outlook
to positive from stable.  The company will primarily use
proceeds from the new credit facility to refinance the existing
credit facility.  The transaction is not expected to increase
pro forma debt levels.  These ratings are subject to review of
final documentation.

Ratings assigned:

   -- US$200 million senior secured revolving credit facility
      due 2012 at Ba1 (LGD2, 22%);

   -- US$550 million senior secured term loan A due 2012 to Ba1
     (LGD2, 22%).

Ratings affirmed:

   -- Corporate family rating at Ba2;
   -- Probability of default rating at Ba3.

Ratings to be withdrawn at closing of new credit facilities:

   -- US$200 million senior secured revolving credit facility
      due 2010 at Ba1 (LGD2, 25%);

   -- US$601 million senior secured term loan due 2012 to Ba1
      (LGD2, 25%).

Tupperware's Ba2 rating is driven by its moderate leverage,
favorable positions in attractive direct selling markets, a
portfolio of recognized brand names, excellent geographic
diversification, and a substantial base of independent sales
consultants that provides a significant platform for growth.
Notwithstanding these positives, the rating also reflects the
company's moderate scale and relatively narrow product
diversification.  The rating also considers ongoing growth
challenges of the direct selling model in mature markets (Europe
and the U.S.), exposure to raw material and currency price
volatility, sensitivity to discretionary spending trends,
competition from traditional retail and direct selling, and the
potential for future acquisitions.

"The positive outlook reflects Moody's expectation that
Tupperware will continue to expand revenues, sustain its
favorable operating performance, and focus on debt reduction
such that credit metrics will further improve from current
levels" stated Moody's Analyst Daniel Marx.

Tupperware Brands Corporation -- http://www.tupperware.com/--
is a global direct seller of premium, innovative products across
multiple brands and categories through an independent sales
force of approximately 1.9 million.  Tupperware's product brands
and categories include design-centric preparation, storage and
serving solutions for the kitchen and home through theTupperware
brand and beauty and personal care products through its Avroy
Shlain, BeautiControl, Fuller, NaturCare, Nutrimetics, Nuvo and
Swissgarde brands.  Tupperware reported revenues of US$1.8
billion for the twelve months ended June 2007.

The company has operations in Indonesia, Argentina, Australia,
Bahamas, Brazil, China, France, Germany, Philippines, Spain, and
Sweden, among others.


TUPPERWARE BRANDS: S&P Affirms BB Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its bank loan and
recovery ratings to Orlando, Florida-based Tupperware Brands
Corp.'s proposed US$750 million senior secured credit
facilities.  The facilities were rated 'BBB-', with a recovery
rating of '1', indicating S&P's expectation of very high (90%-
100%) recovery in the event of a payment default.  The ratings
are based on preliminary terms and are subject to review upon
final documentation.

Also, Standard & Poor's affirmed its 'BB' corporate credit
rating on the company.  The outlook is stable.

Net proceeds from the bank facilities will primarily be used to
refinance existing debt and for general corporate purposes.  The
total bank facilities will consist of a US$200 million senior
secured revolving credit facility maturing in 2012 (US$50
million expected to be drawn at the close of the transaction)
and a US$550 million senior secured term loan A, also maturing
in 2012.

"We don't expect total outstanding debt to materially increase
following the transaction," said Standard & Poor's credit
analyst Christopher Johnson.

For the complete recovery analysis on Tupperware Brands'
proposed US$750 million financing, see Standard & Poor's
recovery report, to be published on RatingsDirect immediately
following the release of this report.

The ratings on Tupperware reflect the risks of direct sales
distribution and the company's participation in the highly
competitive cosmetics industry.  These factors are somewhat
mitigated by Tupperware's well-known brand name and premium
product position within the mature molded-plastic storage
category, and improved product and geographic diversity as a
result of the December 2005 acquisition of the direct-selling
business of Sara Lee Corp.

Tupperware Brands Corporation -- http://www.tupperware.com/--
is a global direct seller of premium, innovative products across
multiple brands and categories through an independent sales
force of approximately 1.9 million.  Tupperware's product brands
and categories include design-centric preparation, storage and
serving solutions for the kitchen and home through theTupperware
brand and beauty and personal care products through its Avroy
Shlain, BeautiControl, Fuller, NaturCare, Nutrimetics, Nuvo and
Swissgarde brands.

The company has operations in Indonesia, Argentina, Australia,
Bahamas, Brazil, China, France, Germany, Philippines, Spain, and
Sweden, among others.


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


BELLINI PERSONALBERATUNG: Zug Court Closes Bankruptcy Process
-------------------------------------------------------------
The Bankruptcy Service of Zug entered Aug. 14 an order closing
the bankruptcy proceedings of JSC Bellini Personalberatung.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Bellini Personalberatung
         Baarerstrasse 98
         6300 Zug
         Switzerland


IMS BAU: Aargau Court Starts Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC IMS Bau on Aug. 13.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Oberentfelden
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         LLC IMS Bau
         Nordstrasse 15
         4665 Oftringen
         Zofingen AG
         Switzerland


ISL (INTERNATIONAL): Zug Court Closes Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Service of Zug entered Aug. 13 an order closing
the bankruptcy proceedings of JSC ISL (International).

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC ISL (International)
         Grafenauweg 2
         6300 Zug
         Switzerland


REPOSTA HANDEL: Creditors' Liquidation Claims Due October 24
------------------------------------------------------------
Creditors of JSC Reposta Handel have until Oct. 24 to submit
their claims to:

         Rainer Hager
         Liquidator
         Dammstrasse 19
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Reposta Handel
         Zug
         Switzerland


XCELSO GROUP: Creditors' Liquidation Claims Due September 28
------------------------------------------------------------
Creditors of JSC Xcelso Group have until Sept. 28 to submit
their claims to:

         Technoparkstrasse 1
         8005 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Xcelso Group
         Zurich
         Switzerland


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


ALFARUS LLC: Creditors Must File Claims by September 19
-------------------------------------------------------
Creditors of LLC Alfarus (code EDRPOU 32597723) have until
Sept. 19 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/370-b.

The Debtor can be reached at:

         LLC Alfarus
         Artem Str. 72
         04050 Kiev
         Ukraine


ARBIS LLC: Creditors Must File Claims by September 19
-----------------------------------------------------
Creditors of LLC Arbis (code EDRPOU 21881938) have until
Sept. 19 to submit written proofs of claim to:

         Dmitry Selevko
         Liquidator
         a/b 1230
         Krivoy Rog
         50027 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 15/234-06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Arbis
         Ordzhonikidze Str. 8
         Krivoy Rog
         Dnipropetrovsk
         Ukraine


ATAKA UA: Creditors Must File Claims by September 19
----------------------------------------------------
Creditors of LLC Ataka UA (code EDRPOU 33500677) have until
Sept. 19 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.   The case is
docketed under Case No. 15/367-b.

The Debtor can be reached at:

         LLC Ataka UA
         Lukianovskaya Str. 7
         04107 Kiev
         Ukraine


DBC GROUP: Creditors Must File Claims by September 19
-----------------------------------------------------
Creditors of LLC Ukrainian-Izraeli Enterprise DBC Group (code
EDRPOU 31230290) have until Sept. 19 to submit written proofs of
claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 24/381-b.

The Debtor can be reached at:

         LLC Ukrainian-Izraeli Enterprise DBC Group
         Academic Tupolev Str. 17
         Kiev
         Ukraine


DDC LLC: Creditors Must File Claims by September 19
---------------------------------------------------
Creditors of LLC DDC (code EDRPOU 24724122) have until Sept. 19
to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/371-b.

The Debtor can be reached at:

         LLC DDC
         Victory Avenue 19
         03055 Kiev
         Ukraine


FIRST UKRAINIAN: Track Record Prompts Fitch to Upgrade IDR to B
---------------------------------------------------------------
Fitch Ratings has upgraded First Ukrainian International Bank's
Long-term Issuer Default Rating to 'B' from 'B-' and National
Long-term rating to 'A-(ukr)' from 'BBB(ukr)'.  Other ratings
are affirmed at Short-term IDR 'B', Individual 'D', Support '5'
and Support Rating Floor 'No Floor'.  The Outlooks for the Long-
term IDR and National rating remain Stable.

The upgrade reflects the bank's continued track record of sound
capitalization, which is one of the highest among Ukrainian
banks, continued satisfactory asset quality and reasonable
profitability.  It also considers improvements in the bank's
funding profile, which has become more diversified towards
longer-term debt and bank funding, a reduction in loan
concentrations and related-party exposures over the last two
years and a gradually improving operating environment.  At the
same time, FUIB's ratings also reflect risks associated with its
rapid asset expansion and currently short track record in retail
lending and the still significant, albeit improved, balance-
sheet concentrations.

FUIB is the 13th-largest bank in Ukraine, with a 2.2% market
share of total assets at end of first half of 2007.
Historically a corporate bank, from 2006 the focus has included
SMEs and affluent retail customers.  Corporate holding company
SCM, ultimately controlled by Rinat Akhmetov, a leading
Ukrainian businessman, is FUIB's ultimate parent; its core
business is steel production, while other interests include
energy, chemicals, telecoms and financial services.  The latter,
including FUIB, are grouped under the sub-holding company, SCM
Finance, which also has stakes in Dongorbank, a regional bank
focused on eastern Ukraine, ASKA, the fourth-largest non-life
insurance company, and ASKA Life, the sixth-largest life
insurance company in Ukraine.


INTECHBUILDING LLC: Creditors Must File Claims by September 19
--------------------------------------------------------------
Creditors of LLC Intechbuilding (code EDRPOU 31354711) have
until Sept. 19 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/332-b.

The Debtor can be reached at:

         LLC Intechbuilding
         Degtiarevskaya Str. 25/a
         04119 Kiev
         Ukraine


PAPER-ALIANCE LLC: Creditors Must File Claims by September 19
-------------------------------------------------------------
Creditors of LLC Paper-Aliance (code EDRPOU 31556108) have until
Sept. 19 to submit written proofs of claims to:

         Dmitry Tsimberov
         Liquidator
         Bakulin Str. 9/13
         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-48/93-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Paper-Aliance
         Shakespeare Str. 12-A
         Kharkov
         Ukraine


PLANT SOUVENIR: Creditors Must File Claims by September 19
----------------------------------------------------------
Creditors of OJSC Plant Souvenir (code EDRPOU 02970978) have
until Sept. 19 to submit written proofs of claim to:

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

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.   The case is
docketed under Case No. 6/216-8/115.

The Debtor can be reached at:

         OJSC Plant Souvenir
         S. Bandera Str. 8
         Skole
         82600 Lvov
         Ukraine


SHYROKOGREBELSKOE LLC: Creditors Must File Claims by Sept. 19
-------------------------------------------------------------
Creditors of State Enterprise Shyrokogrebelskoe LLC Krystal
(code EDRPOU 20087629) have until Sept. 19 to submit written
proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/182-07.

The Debtor can be reached at:

         State Enterprise Shyrokogrebelskoe LLC Krystal
         Litvinenko Str. 27
         Vinnica
         Ukraine


UKRAINIAN SPECIAL: Creditors Must File Claims by September 19
-------------------------------------------------------------
Creditors of LLC Ukrainian Special Machine (code EDRPOU
31201097) have until Sept. 19 to submit written proofs of claim
to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/333-b.

The Debtor can be reached at:

         LLC Ukrainian Special Machine
         Victory Avenue 40
         03057 Kiev
         Ukraine


VINSYNTHESE-GRANT: Creditors Must File Claims by September 19
-------------------------------------------------------------
Creditors of LLC Vinsynthese-Grant (code EDRPOU 34272586) have
until Sept. 19 to submit written 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 proceedings
against the company after finding it insolvent.   The case is
docketed under Case No. 5/258-07.

The Debtor can be reached at:

         LLC Vinsynthese-Grant
         Litvinenko Str. 27
         Vinnica
         Ukraine


UKRAINIAN STEEL: Creditors Must File Claims by September 19
-----------------------------------------------------------
Creditors of LLC Ukrainian Steel Building Company (code EDRPOU
33790680) have until Sept. 19 to submit written proofs of claim
to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  on August 7.
The case is docketed under Case No. 15/476-b.

The Debtor can be reached at:

         LLC Ukrainian Steel Building Company
         Vladimirskaya Str. 46
         01034 Kiev
         Ukraine


VALKI AGRICULTURAL: Creditors Must File Claims by September 19
--------------------------------------------------------------
Creditors of CJSC Valki Agricultural Service (code EDRPOU
30957560) have until Sept. 19 to submit written proofs of claims
to:

         Dmitry Tsimberov
         Liquidator
         Bakulin Str. 9/13
         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-39/129-07.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Valki Agricultural Service
         R. Luxembourg Str. 90
         Valki
         Kharkov
         Ukraine


WOODWORKING COMPANY: Creditors Must File Claims by September 19
---------------------------------------------------------------
Creditors of LLC Woodworking Company (code EDRPOU 31991471) have
until Sept. 19 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 24/247-b.

The Debtor can be reached at:

         LLC Woodworking Company
         Shchors Str. 29
         Kiev
         Ukraine

ZARIA: Creditors Must File Claims by September 19
-------------------------------------------------
Creditors of Joint Agricultural Enterprise Zaria (code EDRPOU
24334160) have until Sept. 19 to submit written proofs of claims
to:

         Dmitry Tsimberov
         Liquidator
         Bakulin Str. 9/13
         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-39/133-07.

The Court is located at:

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

The Debtor can be reached at:

         Joint Agricultural Enterprise Zaria
         Central Str.
         Miroshnikovka
         Kolomatsky District
         Kharkov
         Ukraine


ZARIA LLC: Creditors Must File Claims by September 19
-----------------------------------------------------
Creditors of LLC Agricultural Firm Zaria (code EDRPOU 30774027)
have until Sept. 19 to submit written proofs of claims to:

         Dmitry Tsimberov
         Liquidator
         Bakulin Str. 9/13
         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-39/130-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agricultural Firm Zaria
         Komarov Str. 5
         II-Staroverovka
         Novaya Vodolaga District
         Kharkov
         Ukraine


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


4 SITE: Brings In Liquidators from Vantis
-----------------------------------------
Colin Ian Vickers and Nicholas Hugh O'Reilly of Vantis were
appointed joint liquidators of 4 Site Recruitment Ltd. on Aug. 3
for the creditors' voluntary winding-up proceeding.

Mr. Vickers can be reached at:

         Vantis
         Fourth Floor
         Southfield House
         11 Liverpool Gardens
         Worthing
         West Sussex
         BN11 1RY
         England

Mr. O'Reilly can be reached at:

         Vantis
         66 Wigmore Street
         London
         W1A 3RT
         England


ACTUANT CORP: Acquiring Templeton Kenly for US$48 Million
---------------------------------------------------------
Actuant Corp. has acquired Templeton, Kenly & Co, Inc. for
approximately US$48 million in cash.  Funding for the completed
transaction came from the company's revolving credit facility.

TK will operate within Actuant's Industrial Segment, which
includes Enerpac. Mark Goldstein, Chief Operating Officer of
Actuant, stated: "TK is a great addition to our global
industrial platform.  Their leading positions in the mechanical
jack product line and the railroad end market represent
attractive market extensions for Actuant, and we are excited
about the prospects for utilizing our global distribution
network to accelerate the sales of these products.  In addition,
TK's hydraulic pumps and tools are an excellent complement to
our Enerpac product line.  TK President Tom Danza and his
management team have been successful in creating a growth
platform, and we look forward to them joining the Actuant team."

                         About TK

Headquartered in Broadview, Illinois, TK produces hydraulic
pumps and tools, mechanical jacks, wrenches, and actuators.  Its
products are sold under well-established brand names including
Simplex, Uni-Lift, and Pow'r-Riser.  TK generated approximately
US$33 million in sales in the last year, and has approximately
120 employees.

                     About Actuant Corp.

Headquartered in Butler, Wis., Actuant Corp. (NYSE: ATU) --
http://www.actuant.com/-- is a diversified industrial company
with operations in more than 30 countries including Australia,
China, Italy, United Kingdom, Brazil, among others.  The Actuant
businesses are market leaders in highly engineered position and
motion control systems and branded hydraulic and electrical
tools and supplies.  The company employs a workforce of more
than 6,700 worldwide.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 6, 2007, Moody's Investors Service assigned a Ba2 (LGD3,
43%) rating to Actuant Corporation's US$250 million senior
unsecured notes and affirmed the company's Ba2 Corporate Family
Rating.

Standard & Poor's Ratings Services assigned its 'BB-' rating to
Actuant Corp.'s proposed US$250 million senior unsecured notes
due 2017.  The proceeds from the notes will be principally used
to repay a portion of borrowings under the company's senior
credit facility due 2009.


BEAR STEARNS: Court Drops Ch. 15 Case, Says Funds are U.S.-Based
----------------------------------------------------------------
The Hon. Burton Lifland of the U.S. Bankruptcy Court for the
Southern District of New York denied the liquidators' request
for recognition of the insolvency proceedings of Bear Stearns
High-Grade Structured Credit Strategies Master Fund, Ltd., and
Bear Stearns High-Grade Structured Credit Strategies Enhanced
Leverage Master Fund, Ltd., in the Cayman Islands as "foreign
main" proceedings under Chapter 15 of the Bankruptcy Code.

On July 30, 2007, the Bear Stearns Funds filed winding-up
proceedings under the Companies Law (2007 Revision) of the
Cayman Islands, citing insolvency due to volatility in the
subprime market, which resulted to margin calls.

The next day, Simon Lovell Clayton Whicker and Kristen Beighton,
the Cayman Court-appointed joint provisional liquidators, as
foreign representatives, filed with the Southern District of New
York Bankruptcy Court a Chapter 15 petition seeking recognition
of the Foreign Proceedings as foreign main proceedings, or in
the alternative, as foreign non-main proceedings.

Under Section 1502(4) of the Bankruptcy Code, a foreign main
proceeding is defined as a "foreign proceeding pending in the
country where the debtor has the center of its main interests."
A foreign non-main proceeding, on the other hand, is defined by
Section 1502(5) as any other proceeding "pending in a country
where the debtor has an establishment."

"Establishment" is defined in Section 1502(2) as "any place of
operations where the debtor carries out a nontransitory economic
activity."

Section 1516(c) provides that"[i]n the absence of evidence to
the contrary, the debtor's registered office . . . is presumed
to be the center of the debtor's main interests," Judge Lifland
says.  The Guide to Enactment of the UNCITRAL Model Law on
Cross-Border Insolvency explains that the use of the concept
"where the debtor has the center of its main interests" as the
determination that a foreign proceeding is a "main" proceeding
was modeled on the use of the concept in the European Union
Convention on Insolvency Proceedings.

In the regulation adopting the EU Convention, the COMI concept
is elaborated on as "the place where the debtor conducts the
administration of his interests on a regular basis and is
therefore ascertainable by third parties," Judge Lifland adds.

The Foreign Representatives argue that because no objections
have been filed to their Chapter 15 Petition and the Bear
Stearns Funds' registered offices are in the Cayman Islands, the
U.S. Bankruptcy Court should recognize the Foreign Proceedings
as main proceedings.

Judge Lifland rejects the Foreign Representatives' contention.

Judge Lifland points out that the Foreign Representatives'
pleadings provide the evidence to establish that the Funds' COMI
is in the United States and not in the Cayman Islands.  The only
adhesive connection with the Cayman Islands that the Funds have
is the fact that they are registered there, Judge Lifland adds.

Judge Lifland further points out that the Bear Stearns Funds'
Chapter 15 Petitions have demonstrated that:

   * the Funds have no employees or managers in the Cayman
     Islands;

   * the Funds' investment manager is located in New York;

   * the Funds' Administrator that runs their back-office
     operations is in the U.S. along with their books and
     records; and

   * before the commencement of the Foreign Proceedings, all of
     the Funds' liquid assets were located in the U.S.

During the hearing, Mr. Whicker testified that, although two of
the three investors in the High-Grade Fund are registered as
Cayman Islands companies, both Cayman Islands investors are Bear
Stearns entities, which appear to have the same minimum Cayman
Islands profile as do the Funds.  Meanwhile, the sole investor
in the Enhanced Fund is a U.K. entity.

Judge Lifland also notes that:

   * the investor registries of the Funds are maintained and
     located in the Republic of Ireland;

   * accounts receivables are located throughout Europe and the
     United States; and

   * counterparties to master repurchase and swap agreements are
     based both inside and outside the United States but none
     are claimed to be in the Cayman Islands.

Moreover, there apparently exists the possibility that
prepetition transactions conducted in the United States may be
avoidable under U.S. law, Judge Lifland says.

Accordingly, the presumption that the COMI is the place of the
Funds' registered offices has been rebutted by evidence to the
contrary, Judge Lifland holds.  Each of the Funds' real seat and
therefore their COMI is (i) the United States, the place where
the Funds conduct the administration of their interests on a
regular basis and which is ascertainable by third parties, and
(ii) located in the Southern District of New York where
principal interests, assets and management are located.

Judge Lifland also rules that the Foreign Proceedings are not
eligible for relief as non-main proceedings under Chapter 15.

If recognition is to be accorded to the Foreign Proceeding as
non-main, Judge Lifland says the eligibility requirements of
Section 1502(5) must be met.  Specifically, there must be an
"establishment" in the Cayman Islands for the conduct of
nontransitory economic activity.

As shown by evidence presented with the U.S. Court, Judge
Lifland finds that there is no pertinent nontransitory economic
activity conducted locally in the Cayman Islands by the Funds;
only those activities necessary to their offshore "business."
Judge Lifland adds that the only cash account funds on deposit,
which is more than $15,000,000, migrated to the Cayman Islands
after the Cayman Islands proceedings were initiated.

Judge Lifland says that even if he were to strain to find
sufficient factors to satisfy the "nonmain" eligibility status
pursuant to Section 1502(5), the effort does not yield a finding
of a seat for local business activity.

Nonrecognition of the Foreign Proceedings, however, does not
leave the Foreign Representatives without the ability to obtain
relief from U.S. Courts, Judge Lifland clarifies.  Section
303(b)(4) specifically provides that an involuntary case may be
commenced under Chapter 7 or 11 by a foreign representative of
the estate so that a foreign representative is not left
remediless on nonrecognition.  In addition, Section 1509(f)
provides that failure of a foreign representative to obtain
recognition under Chapter 15 does not affect any right the
foreign representative may have to sue in a U.S. court to
collect or recover a claim, which is property of the debtor.

             Funds Can File Chapter 11 or 7 Petitions

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

Judge Lifland rules that the Preliminary Injunction Order will
remain in effect until September 29, 2007, to give parties-in-
interest an opportunity to file a Chapter 11 or a Chapter 7
petition in the district where the seat of the Funds' management
functions are located.

Judge Lifland says that if there are no Chapter 11 or Chapter 7
petition filings, the Injunction Order will automatically
dissolve after September 29, 2007.

The Associated Press reports the Funds' liquidators see
recoveries of $25,000,000 for High-Grade Fund creditors and less
than $50,000,000 for Enhanced Leverage Fund creditors.

Jay Westbrook, a law professor at the University of Texas at
Austin who helped author the Chapter 15 law, along with Judge
Lifland, said the ruling is "the right result," Bloomberg News
reports.  "The decision doesn't surprise me at all," Mr.
Westbrook said.

Mr. Westbrook believes Bear Stearns may appeal the U.S. Court's
decision, Bloomberg relates.

                    About Bear Stearns Funds

Grand Cayman, Cayman Islands-based Bear Stearns High-Grade
Structured Credit Strategies Enhanced Leverage Master Fund Ltd.
and Bear Stearns High-Grade Structured Credit Strategies Master
Fund Ltd. are open-ended investment companies, which sought high
income and capital appreciation relative to the London Interbank
Offered Rate, and designed for long-term investors.

On July 30, 2007, the Funds filed winding up petitions under the
Companies Law (2007 Revision) of the Cayman Islands.  Simon
Lovell Clayton Whicker and Kristen Beighton at KPMG were
appointed joint provisional liquidators.  The joint liquidators
filed for Chapter 15 petitions before the U.S. Bankruptcy Court
for the Southern District of New York the next day.

Fred S. Hodara, Esq., Lisa G. Beckerman, Esq., and David F.
Staber, Esq., at Akin Gump Strauss Hauer & Feld LLP, represent
the liquidators in the United States.  The Funds' assets and
debts are estimated to be more than $100,000,000 each.  (Bear
Stearns Funds Bankruptcy News, Issue No. 4; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000).


BEAR STEARNS: Foreign Reps Appeal Order Denying Ch. 15 Petition
---------------------------------------------------------------
Simon Lovell Clayton Whicker and Kristen Beighton, as the joint
provisional liquidators and the duly authorized foreign
representatives of Bear Stearns High-Grade Structured Credit
Strategies Master Fund, Ltd., and Bear Stearns High-Grade
Structured Credit Strategies Enhanced Leverage Master Fund,
Ltd., take an appeal to the United States District Court for the
Southern District of New York from the Hon. Burton Lifland of
the U.S. Bankruptcy Court for the Southern District of New
York's order denying the foreign representatives' request for
recognition under Chapter 15 of the Bankruptcy Code of the Bear
Stearns Funds' liquidation proceedings in the Cayman Islands.

"At this time we are actively assessing potential courses of
action as well as conversing with creditors," Bloomberg News
quotes Mr. Whicker as saying.

On August 30, 2007, Judge Lifland declined to recognize Bear
Stearn Funds' Cayman Islands liquidation proceedings as "foreign
main" or "foreign nonmain."  Judge Lifland cited that the Funds'
"center of main interests" are not in the Cayman Islands but
rather are in the United States where all of their liquid assets
are located.

Judge Lifland further noted that the Funds do not have any
employees or managers in the Cayman Islands and their investment
manager is located in New York.

Judge Lifland extended the Injunction Order until September 29,
2007, to give the Funds time to commence a Chapter 11 or 7
petition.

The Funds filed liquidation proceedings in the Cayman Islands on
July 30, 2007, and sought the U.S. Court's recognition as
foreign proceedings under Chapter 15 the next day.

"If the Funds get the recognition they are looking for, they
will be able to keep a higher level of control than in U.S.
courts," Scott Stuart, a managing director at Donlin Recano,
told Bloomberg.  "The ultimate decision on where the hedge funds
can be liquidated will have a wide-ranging effect as more of the
unregulated investment pools suffer losses and are forced to
seek insolvency protection."

"Hedge funds register in the Cayman Islands for tax advantages
and anonymity and aren't interested in the high level of
scrutiny and publicity a U.S. Chapter 11 filing would bring,"
Mr. Stuart said.

                    About Bear Stearns Funds

Grand Cayman, Cayman Islands-based Bear Stearns High-Grade
Structured Credit Strategies Enhanced Leverage Master Fund Ltd.
and Bear Stearns High-Grade Structured Credit Strategies Master
Fund Ltd. are open-ended investment companies, which sought high
income and capital appreciation relative to the London Interbank
Offered Rate, and designed for long-term investors.

On July 30, 2007, the Funds filed winding up petitions under the
Companies Law (2007 Revision) of the Cayman Islands.  Simon
Lovell Clayton Whicker and Kristen Beighton at KPMG were
appointed joint provisional liquidators.  The joint liquidators
filed for Chapter 15 petitions before the U.S. Bankruptcy Court
for the Southern District of New York the next day.

Fred S. Hodara, Esq., Lisa G. Beckerman, Esq., and David F.
Staber, Esq., at Akin Gump Strauss Hauer & Feld LLP, represent
the liquidators in the United States.  The Funds' assets and
debts are estimated to be more than $100,000,000 each.  (Bear
Stearns Funds Bankruptcy News, Issue No. 5; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000).


BEAR STEARNS: Law Firms to Sue Over Collapsed Hedge Funds
---------------------------------------------------------
Aidikoff, Uhl & Bakhtiari; Maddox Hargett & Caruso, P.C.;
David P. Meyer & Associates Co., LPA; and Page Perry, LLC, have
joined together to represent institutional and retail investors
who placed their money in Bear Stearns High Grade Structured
Credit Strategies Master Fund and Bear Stearns High Grade
Structured Credit Strategies Enhanced Leverage Master Fund.

"This team of attorneys provides small investors and financial
institutions alike with local representation across the
country," Mark Maddox, a former Indiana Securities Commissioner,
and partner at Maddox, Hargett & Caruso, said in a news
statement.

"The team has significant experience in individual, multi-party
and class cases and are dedicated to representing investors in
an effort to make them whole.

"Bear Stearns told its clients that the funds were backed by
fixed income securities of which 90% of the portfolio were AAA
to AA- rated by Standard and Poors," Maddox continued.  "The
collapse of the Bear Stearns funds over the last couple of
months is stunning."

For more information on the Bear Stearns litigation, visit
http://www.bearstearnshedgefundlitigation.com/or contact:

   Philip M. Aidikoff, Esq., at paidi@aol.com
   Ryan K. Bakhtiari, Esq., at rbakthiari@aol.com
   Aidikoff, Uhl & Bakhtiari
   Beverly Hills, California; Indian Wells, California
   (800) 382-7969
   (310) 274-0666

   Mark Maddox, Esq., at mmaddox@mhclaw.com
   Tom Hargett, Esq., at tahargett@mhclaw.com
   Steven Caruso, Esq., at SBCaruso@aol.com
   Maddox Hargett & Caruso, P.C.
   (800) 505-5515
   (212) 837-7908

   David P. Meyer, Esq. at dmeyer@dmlaws.com
   David P. Meyer & Associates Co., LPA
   Columbus, Ohio
   (866) 827-6537

   Boyd Page, Esq., at jbpage@pageperry.com
   Page Perry, LLC
   Atlanta, Georgia
   (877) 673-0047
   (770) 673-0047

                    About Bear Stearns Funds

Bear Stearns High-Grade Structured Credit Strategies Master
Fund, Ltd., is an open-ended investment company, which was
incorporated in the Cayman Islands on September 3, 2003.

Bear Stearns High-Grade Structured Credits Strategies Enhanced
Leverage Master Fund, Ltd., is an open-ended investment
companies, which was incorporated in the Cayman Islands on
April 27, 2006.

The Funds filed separate chapter 15 petitions with the Grand
Court of the Cayman Islands on July 31, 2007 under case numbers
07-12383 and 07-12384, respectively.

Simon Lovell Clayton Whicker and Kristen Beighton of KPMG,
Cayman Islands, were appointed as joint provisional liquidators
and foreign representatives of the Funds.

Fred S. Hodara, Esq., Lisa G. Beckerman, Esq., and David F.
Staber, Esq. at Akin Gump Strauss Hauer & Feld LLP represent the
Funds.  When the Funds sought protection from their creditors,
they listed assets and debts of more than $100,000,000.

The Hon. Burton R. Lifland of the United States Bankruptcy Court
for the Southern District of New York presides over the Funds'
U.S. cases.  (Bear Stearns Funds Bankruptcy News, Issue No. 3;
Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000).


BTC LTD: Calls In Liquidators from Moore Stephens
-------------------------------------------------
Nigel Price and Mark Elijah Thomas Bowen of Moore Stephens LLP
were appointed joint liquidators of BTC (Midlands) Ltd. on
Sept. 4 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


CHOICESUK PLC: Completes Sale of Retail Stores to Blockbuster GB
----------------------------------------------------------------
The joint administrators of ChoicesUK Plc have completed, on
Sept. 14, 2007, the sale of a significant number of ChoicesUK's
retail stores to Blockbuster GB Ltd, part of the Blockbuster
group.

Nick Cropper, Colin Haig, Mike Jervis and Stephen Oldfield of
PricewaterhouseCoopers LLP said that as part of the transaction,
Blockbuster GB will re-brand the stores as BLOCKBUSTER.

"Following the sale of the local and direct businesses last
week, I am pleased to announce the sale of a significant number
of the retail stores to Blockbuster GB Ltd.  The sale secures
approximately 450 jobs for those employees in the 59 stores
across the U.K.  It enables the stores to operate under the
renowned Blockbuster brand, backed by a strong management team
with in-dept retail experience, serving customers with the wide
range of products and services Blockbuster offers throughout the
U.K.," Joint Administrator Nick Cropper disclosed.

"Our priority now is to focus all our efforts on achieving a
sale of all or part of the remainder of the store portfolio,"
Mr. Cropper added.

"We see tremendous opportunities with our business in the U.K.
and this purchase fits very well with our overall strategy.  Our
goal is to be a complete source for home entertainment and
during the past several months we've focused on a number of key
initiatives, including expanding our retail selection of movies
and games and improving our rental proposition.  These
enhancements along with our growing game business, trade-in
system and DVD-By-Post give consumers more options that we
believe can satisfy thei home entertainment needs.  We look
forward to making all of these programs available to customers
under the Blockbuster name in our newly acquired stores," Martin
Higgins, managing director for Blockbuster Europe stated.

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.

As reported in the TCR-Europe, the administrators sold the local
and direct parts of ChoicesUK on Sept. 4, 2007, to Findel plc,
which made the acquisition on behalf of its associate company,
Web Group Limited.

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.

Blockbuster group -- http://www.blockbuster.co.uk/-- is a
leading provider of in-home entertainment in the U.K.

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.


DECO THEATER: Reaches Final Stage of Liquidation
------------------------------------------------
Northampton's The Deco theater, which is operated by Jesus Army
Charitable Trust subsidiary Heartcry Ventures, has reached the
final stage of its liquidation process, the Northants Evening
Telegraph reports.

According to a public notice, administrators are to divide the
assets at the theater in Abington square among creditors.

In January 2007, the theater closed after experiencing
disappointing ticket sales during the pantomime season.  It also
faced stiff competition from the reopened Royal and Derngate,
the Northants Evening Telegraph relates.

"Since January we have tried to offer the venue for
entertainment, but we have not had the level of interest that we
had expected," John Campbell, chairman of Jesus Army Charitable
Trust, was quoted by the paper as saying.

The Jesus center, however, is unaffected by the closure, Mr.
Campbell told BBC Radio Northampton.


FORD MOTOR: Suitors Move to Round Two of Jaguar, Land Rover Sale
----------------------------------------------------------------
Tata Motors Ltd., Mahindra & Mahindra and One Equity Partners,
led by former Ford CEO Jacques Nasser, have advanced into the
second round of Ford Motor Company's auction process for its
Jaguar and Land Rover marques, Michael Strong and Abigail
Roberts write for the Financial Times, quoting sources familiar
with the matter.

Concurrently, the same sources said Texas Pacific Group and
Hyundai are also believed to have moved to the next step in the
sale process, FT states.

The sale of the two luxury brands is expected to add about
US$1.5 billion to US$2 billion to Ford's coffers.  Ford is
scrambling to beef up its finances in order to fund a potential
Voluntary Employment Benefits Association, as well as its
ongoing restructuring plans, FT relates.

Meanwhile, the head of Ford’s European operations has revealed
it's too soon to say if the car maker would keep a stake in
either Jaguar or Land Rover, Breaking News.ie reports.

“We're selling the business because we need the money and we
need the focus,” said Lewis Booth, executive vice president of
Ford's European units.  “We're not going out with the intention
of keeping an equity stake.”

Ford expects to finalize a deal for the sale of Jaguar and Land
Rover by December or the early stages of Fiscal Year 2008, Mr.
Booth said, Breaking News.ie notes.  He added that Ford expects
to conclude its strategic review of Volvo for a potential sale
by the end of this year.

                      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.


GENERAL MOTORS: Nears Deal With UAW on Healthcare Trust Fund
------------------------------------------------------------
General Motors Corp. and the United Auto Workers union are
steadily closing the gap between their differences over GM’s
proposal to transfer about US$55 billion in future health care
liabilities to a union-managed fund, known as a Voluntary
Employees’ Beneficiary Association, The Financial Times reports,
citing sources familiar with the negotiations.

Both parties are expected to sign a final contract soon.

The TCR-Europe reported on Sept. 17, 2007, that GM, along with
Ford Motor Company and Chrysler LLC, are believed to be pushing
to finance the health care fund at no more than 70 cents on the
dollar, which would create a trust fund in excess of US$60
billion, making it one of the largest investment funds in the
country.  The trust fund is expected to cut about US$95 billion
from the car makers' retiree costs.

The UAW is extending GM's contract on an hour-to-hour basis
while granting an indefinite extension to the other two Detroit
carmakers, Ford Motor Company and Chrysler LLC, pending the
outcome of talks with GM.  The UAW may use the GM settlement to
extract “pattern” concessions from the other two, Bernard Simon
writes for FT.

GM representatives said five GM plants in the United States were
operating on Saturday while more than 70 union-represented
facilities resumed production on Monday, Reuters relates.  The
UAW had initially threatened to call a strike against GM, before
agreeing to the hourly extension.  UAW's last major strike
against GM was in 1998, when a 59-day walkout at two GM parts
plants caused shortages that eventually shut down almost all of
the automaker's assembly plants and caused sales to plunge,
Reuters states.

                      About General Motors

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

                         *     *     *

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

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


GENERAL MOTORS: EU Orders Technical Information Disclosure
----------------------------------------------------------
The European Commission has adopted four decisions that legally
bind DaimlerChrysler AG, Toyota Motor Corp., General Motors
Corp. and Fiat SpA to commitments to provide technical
information about car repairs to all independent garages in the
European Union.

The commitments were given after a Commission investigation
found that inadequate access to the full range of technical
information could drive independent repairers from the market
and that the agreements between the car makers and their
authorized repairers would therefore infringe EC Treaty rules on
restrictive business practices.

The resulting reduction in competition between car repairers
could lead to less choice and higher prices for consumers:
independent repairers are often cheaper than authorized outlets,
sometimes by over 50%.  In addition, if repairs were carried out
without the right technical information, this could lead to
vehicles being driven in an unsafe condition, and add to air
pollution and wasted fuel.

The commitments will be binding until the motor vehicle block
exemption expires in May 2010.  By that time, the vehicle
emissions regulation will have entered into force.  This places
an obligation upon vehicle manufacturers to provide independent
repairers with standardized access to all technical repair
information.

Competition Commissioner Neelie Kroes said: “Consumers benefit
from competition between repairers, through lower labor charges
and cheaper spare parts.  These decisions provide a concrete and
timely solution to the problems faced by independent repairers,
who might lose their ability to compete without access to the
relevant technical information.”

The protection of competition on the EU car repair and
maintenance markets is one of the aims of the motor vehicle
block exemption regulation.  Independent repair outlets are
important to European consumers, because they exert competitive
pressure on the franchised networks.

Studies have shown, for instance, that prices charged by
authorized outlets in Germany are on average 16% higher than
those billed by independent repairers, while in the UK, the
difference for a typical service job between independents and
some of the highest priced brands of franchised dealer can be
more than 120%.  These differences are all the more significant
when one considers that over a car's lifetime, repair and
maintenance costs as much as the first owner paid for the car.

Cars are becoming increasingly complex, and even basic repairs
require qualified technicians with brand-specific technical
information.  The Commission's preliminary finding in all four
cases was that the car makers seem to have withheld certain
technical information from independent repairers and have
provided the rest in a way that does not meet their needs.

These apparent inadequacies could force independent repairers
from the markets, resulting in considerable consumer harm.  Such
behavior is prohibited by Regulation 1400/2002, which provides
that full and non-discriminatory access must be given in a
manner proportionate to independent repairers' needs.

                      About General Motors

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

                         *     *     *

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

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


ISLE OF CAPRI: Brean Murray Holds 'Buy' Rating on Firm's Shares
---------------------------------------------------------------
Brean Murray analyst Ryan L. Worst has kept his "buy" rating on
Isle of Capri Casinos Inc.'s shares, Newratings.com reports.

Mr. Worst said in a research note that due to a possible deficit
at Pompano, the Isle of Capri would report first quarter 2008
EBITDA "in-line with or marginally short of the estimates."

Mr. Worst told Newratings.com that the Isle of Capri's share
price indicates initial weakness at Pompano.  The valuation of
its stock offers is an attractive investment opportunity due to
the recent improvement in revenues at the unit.

The Isle of Capri would generate strong growth through the
redevelopment of Biloxi in fiscal year 2009, Newratings.com
states, citing Brean Murray.

Based in Biloxi, Mississippi and founded in 1992, Isle of Capri
Casinos Inc. (Nasdaq: ISLE) -- http://www.islecorp.com/-- owns
and operates casinos in Biloxi, Lula and Natchez, Mississippi;
Lake Charles, Louisiana; Bettendorf, Davenport, Marquette and
Waterloo, Iowa; Boonville, Caruthersville and Kansas City,
Missouri and a casino and harness track in Pompano Beach,
Florida. The company also operates and has a 57 percent
ownership interest in two casinos in Black Hawk, Colorado.  Isle
of Capri Casinos' international gaming interests include a
casino that it operates in Freeport, Grand Bahama, a casino in
Coventry, England, and a two-thirds ownership interest in
casinos in Dudley and Wolverhampton, England.

There are four Isle of Capri Casinos brands including "the
isle," Isle of Capri, Colorado Central Station and Rhythm City,
providing over 16,000 slot machines, 550 table games and 3000
hotel rooms for our guests' enjoyment.

                        *     *     *

As reported in the Troubled Company Reporter on June 21, 2007,
Standard & Poor's Ratings Services revised its rating outlook on
Isle of Capri Casinos Inc. to negative from stable.  Ratings on
the company, including the 'BB-' corporate credit rating, were
affirmed.


JACKSON'S BASINGSTOKE: Taps Liquidators from KPMG
-------------------------------------------------
Richard Dixon Fleming and David John Crawshaw of KPMG LLP were
appointed joint liquidators of Jackson's (Basingstoke) Ltd. on
for the creditors' voluntary winding-up procedure.

Mr. Fleming can be reached at:

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

Mr. Crawshaw can be reached at:

         KPMG LLP
         8 Salisbury Square
         London
         EC4T 8BB
         England

The company can be reached at:

         The Clockhouse
         140 London Road
         Guildford
         GU1 1UW
         England


KRISPY KREME: Moody's Affirms Caa1 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service lowered Krispy Kreme Doughnut
Corporation's Speculative Grade Liquidity rating to SGL-4 from
SGL-3, indicating weak liquidity.  Concurrently Moody's revised
the rating outlook to negative while affirming Krispy Kreme's
Caa1 corporate family rating and B3 rating of its US$160 million
senior secured credit facilities.

The downgrade to SGL-4 reflects Moody's belief that Krispy
Kreme's ongoing poor performance and weak cash flow generation
will likely pose serious liquidity challenges over the next 12
months as the company may have difficulty meeting its forecast
and covenant requirement.  Krispy Kreme's continued trend of
weak EBITDA generation is expected to persist over the next
twelve months, highlighted by further store closures and the
reduced supply chain revenues associated with a shrinking store
base, thereby causing very weak covenant cushion.

Although the company does have a modest amount of cash (US$25
million as of July 2007) on the balance sheet that could be used
to pay down some debt to provide temporary covenant cushion,
Moody's expects that Krispy Kreme will need to obtain covenant
relief or a waiver from its creditors to avoid a breach in the
next twelve months in absence of a significant improvement in
cash flow generation or alternative liquidity generated by asset
sales.

With substantially all of Krispy Kreme's assets encumbered by
the credit facilities, the company's alternative liquidity
remains very limited.  Asset sales outside the normal course of
business are capped at US$10 million as governed by the credit
agreement.  In addition, Moody's expects Krispy Kreme will have
no or very limited access to its revolving credit facility in
the next twelve months due to the exhausted cushion under its
financial covenants. However, the SGL rating could be reversed
to SGL-3 if Krispy Kreme could improve the weakening covenant
cushion and resume its borrowing access to the revolver.

The negative outlook reflects the challenge management faces of
dramatically and quickly turning the operating performance to
avoid any potential covenant violations.  Ratings could be
further downgraded should the risk of a potential covenant
violation come to fruition, should liquidity become constrained,
or should the decline in operating performance not show signs of
improvement.

These ratings are affected:

Krispy Kreme Doughnut Corporation

-- Speculative Grade Liquidity rating -- lowered to SGL-4
    from SGL-3
-- Rating outlook -- revised to Negative from Stable

Ratings affirmed:

-- Corporate Family Rating, Caa1, affirmed
-- Probability of Default Rating, Caa3, affirmed
-- US$110 million senior secured bank credit facility due
    2014, B3(LGD2, 18%), affirmed
-- US$50 million senior secured revolving bank credit
    facility due 2013, B3(LGD2, 18%), affirmed

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
-- http://www.krispykreme.com/-- (NYSE: KKD) is a branded
specialty retailer of premium quality doughnuts, including the
company's signature Hot Original Glazed.  There are currently
approximately 320 Krispy Kreme stores and 80 satellites
operating system wide in 43 U.S. states, Australia, Canada,
Mexico, the Republic of South Korea and the United Kingdom.

The U.S. District Court for the Middle District of North
Carolina has set Feb. 7, 2007, as the hearing date for the final
approval of the terms of the settlement of the shareholder
derivative action entitled Wright v. Krispy Kreme Doughnuts
Inc., et al.


NELSON ELECTRICAL: Claims Filing Period Ends October 8
------------------------------------------------------
Creditors of Nelson Electrical Services Ltd. have until Oct. 8
to send in their full names, their addresses and descriptions,
full particulars of their debts and claims and names and
addresses of their solicitors (if any) to:

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

Ian William Kings of Tenon Recovery was appointed liquidator of
the company on Aug. 16 for the creditors' voluntary winding-up
procedure.


OLD BELL: Duncan R. Beat Leads Liquidation Procedure
----------------------------------------------------
Duncan R. Beat of Tenon Recovery was appointed liquidator of Old
Bell Leisure Ltd. on Aug. 31 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England


PHARMAFAB LTD: Appoints Liquidators from Tenon Recovery
-------------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of Pharmafab Ltd. on Aug. 29 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


PHOTRONICS INC: Earns US$2.24 Million in Quarter Ended July 29
--------------------------------------------------------------
Photronics Inc. reported net income of US$2.24 million for three
month ended July 29, 2007, compared to US$4.56 million for the
same period in the previous year.

For nine months ended July 29, 2007, the company reported net
income of US$33.2 million, compared to US$38.3 million in the
same period from the previous year.

In fiscal 2006, the company recorded total restructuring charges
of US$15.6 million related to ceasing operations at its
manufacturing and research and development facility in Austin,
Texas.  During the first quarter of 2007, the company sold this
facility for proceeds of US$5 million and realized a gain of
US$2.3 million.

Net sales for 2007 third quarter decreased 3.6% to US$104.3
million as compared to US$108.2 million for the same period in
2006.  The decrease is related to:

   -- reduced sales of FPD photomasks of US$2 million associated
      with decreased average selling prices for high-end FPD
      photomasks; and

   -- reduced sales of IC photomasks of US$1.9 million as a
      result of a slight decline in ASPs from mainstream
      products.  High-end photomask applications, which have
      higher ASPs, include mask sets for FPD products using G6
      and above technologies and IC products using 90 nanometer
      and below technologies.

By geographic area, net sales in 2007 third quarter as compared
to the same period in the previous year increased by US$1.3
million in Asia, and decreased by US$2 million in North America,
and US$3.2 million in Europe.  As a percent of total sales in
2007 third quarter, sales were 58% in Asia, 26% in North
America, and 16% in Europe.

For 2007 year-to-date, net sales decreased US$19.7 million of
which US$14.3 million of the decrease related to reduced sales
of FPD photomasks and US$5.4 million of reduced sales of IC
photomasks, both of which were a result of decreased ASPs.

Selling, general and administrative expenses increased
US$0.5 million to US$16 million in 2007 third quarter, compared
with US$15.5 million in the same period of the previous year.
The increase was a result of increased costs associated with
starting up the company's NanoFab in Boise, Idaho.

Selling, general, and administrative expenses were
US$46.9 million in YTD-07 and US$46.4 million in YTD-06.

Research and development expenses consist  of development
efforts relating to high-end process technologies for advanced
sub wavelength reticle solutions for IC and FPD technologies.
Research and development expenses decreased by US$2.5 million in
Q3-07 and US$9.7 million in YTD-07, as compared to the same
periods in the prior year, as a result of reduced expenditures
resulting from the 2006 closure of the company's Austin, Texas
research and development operations.

Such reduced expenditures were partially offset by amortization
expenses of the fair value of the agreement to license
technology from Micron Technology Inc.

In January 2007, the company sold its Austin, Texas
manufacturing and research and development facility for proceeds
of US$5 million and realized a gain of US$2.3 million.

                 Liquidity and Capital Resources

The company's working capital was US$124.1 million at July 29,
2007, and US$127.7 million at Oct. 29, 2006.  At July 29, 2007,
US$125 million of the company's outstanding US$150 million,
2.25% convertible subordinated notes due in April of 2008, was
reported as long-term in connection with US$125 million of
credit available to the company under a five-year, revolving
credit facility agreement entered into on June 6, 2007, with a
group of financial institutions.

On Sept. 4, 2007, the aggregate commitment was increased to
US$150 million.  Cash, cash equivalents and short-term
investments decreased to US$145.2 million at July 29, 2007, as
compared to US$199.3 million at Oct. 29, 2006, due to the
redemption of US$87.1 million of the remaining outstanding
balance of the company's 4.75% convertible subordinated notes.

Cash provided by operating activities increased to
US$94.1 million for the nine months ended July 29, 2007, as
compared to US$79.9 million for the nine months ended July 30,
2006, due to increased net income compared to the same prior
year period, and decreased accounts receivable associated with
decreased sales compared to the same period in the prior year,
and increased trade accounts payable, which were in part offset
by decreases in accrued liabilities.

Cash used in investing activities for the nine months ended July
29, 2007 was US$9.4 million, which is comprised of
US$48.3 million proceeds from the sales of investments less
payments for capital expenditures of US$57 million.  Cash used
in financing activities of US$92.1 million related to the
company redeeming its US$87.1 million outstanding 4.75%
convertible subordinated notes.

At July 29, 2007, the company had commitments outstanding of
approximately US$205 million, related to equipment for the
planned U.S. nanofab facility and equipment in Korea, and for a
build-to-suit capital lease through 2012 for the planned U.S.
nanofab facility.

                            Outlook

The company expects capital expenditures for fiscal 2007 to be
approximately US$160 million to US$175 million.  The company
will use its working capital and its credit facility to finance
its capital expenditures.

Photronics believes that its available resources, together with
its capacity for growth, and its access to other debt and equity
financing sources, are sufficient to satisfy its planned capital
expenditures, well as its anticipated working capital
requirements for the foreseeable future.

At July 29, 2007, the company's balance sheet showed total
assets of US$987.3 million, total liabilities of US$288.2
million, and total shareholders' equity of US$650.2 million.

                     About Photronics Inc.

Headquartered in Brookfield, Connecticut, Photronics Inc. --
http://www.photronics.com/-- is a manufacturer of photomasks,
which are high precision quartz plates that contain microscopic
images of electronic circuits.  A key element in the manufacture
of semiconductors and flat panel displays, photomasks are used
to transfer circuit patterns onto semiconductor wafers and flat
panel substrates during the fabrication of integrated circuits,
a variety of flat panel displays and, to a lesser extent, other
types of electrical and optical components.  They are produced
in accordance with product designs provided by customers at
strategically located manufacturing facilities in Asia, Europe,
and North America.  In Europe, the company maintains operations
in Dresden, Germany and Manchester, U.K.

                           *     *     *

As reported in the Troubled Company Reporter on June 13, 2007,
Moody's Investors Service affirmed Photronics Inc.'s B1
corporate family rating and stable outlook after the closing of
its new five-year US$125 million senior secured bank credit
facility.  Simultaneously, Moody's lowered the rating on the
existing US$150 million convertible subordinated note to B3 from
B2.

The company carries Standard & Poor's BB- long term foreign and
local issuer credit ratings.


PROTON HOLDINGS: Targets to Sell Cars in China by Year-End
----------------------------------------------------------
(UK)
Proton Holdings Bhd, through its Chinese partner Jinhua Youngman
Automobile Manufacturing Co, will begin selling cars in China
before the end of the year, Reuters reports.

According to the report, Jinhua Youngman would sell a 1.6 litre
sporty car based on Proton's Gen-2 model at a price of
CNY100,000 to CNY150,000 (US$13,310-19,970).

It gave no volume sales targets, but Proton had said in July it
planned to make its debut in the Chinese market by supplying
30,000 cars to Jinhua Youngman, the report adds.

The Proton model will initially be exported to China, but Jinhua
Youngman, with annual car production capacity of 150,000 units,
will gradually shift to local production.

Over the next five years, Jinhua Youngman will roll out seven
new models, including sporty cars, multipurpose vehicles and
sport utility vehicles, the company said.

                      About Proton Holdings

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

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

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

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


SAMSONITE CORP: Posts US$7 Mln Net Loss in Second Quarter 2007
--------------------------------------------------------------
Samsonite Corporation has reported revenue of US$292.9 million,
operating income of US$16.8 million and net loss to common
stockholders of US$7.0 million for the quarter ended July 31,
2007.  These results compare to revenue of US$257.5 million,
operating income of US$13.9 million and net loss to common
stockholders of US$6.0 million for the second quarter of the
prior year.

Operating income was reduced by charges of US$3.9 million in
fiscal 2008 and US$4.9 million in fiscal 2007 for the write-off
of deferred offering costs related to terminated secondary stock
offerings which were commenced but not completed in both years,
as well as restructuring charges of US$0.3 million in fiscal
2008 and US$1.8 million in fiscal 2007.

The restructuring charges relate to the closure of the company's
Denver, Colorado facilities and related consolidation of its
corporate functions in its Mansfield, Massachusetts office and
the planned relocation of its distribution function from the
company's Denver, Colorado facilities to Jacksonville, Florida.

Adjusted EBITDA (earnings before interest, taxes, depreciation
and amortization, as adjusted to exclude certain items of other
income and expense, minority interests, write-off of deferred
stock offering costs, restructuring charges, asset impairment
charges, stock-based compensation expense, ERP system
implementation expenses, preferred stock dividends, and to
include realized currency hedge gains and losses), a measure of
core business cash flow, was US$32.4 million for the second
quarter of the current year compared to US$30.7 million for the
second quarter of the prior year.

Chief Executive Officer, Marcello Bottoli, stated: "The company
posted a robust second quarter performance, underscoring the
continuing success of our strategy to transform Samsonite into
the world's leading travel lifestyle brand.  Sales during the
quarter increased 13.7% (10.8% on a constant currency basis),
with solid progress in each major region.  Importantly,
subsequent to the slowdown in shipments experienced in our North
American operations in the first quarter, due to the
implementation of our new ERP system in February 2007, we saw a
return to near normal shipments and store in-stock percentages
in the second quarter.  Sales in North America grew 5.6% in the
period, following an 11.0% decline in the first quarter.
Overall, I am very pleased with the Company's performance.  We
continue to strengthen our position in every market segment and
have built a solid platform for future growth.  Looking ahead,
we look forward to continuing our successful journey together
with CVC Capital Partners".

Richard Wiley, Chief Financial Officer, commented: "The company
continues to deliver increased Adjusted EBITDA, while
simultaneously achieving top line growth -- the latter driven by
growth in the Asian region, price increases and the
consolidation of new joint ventures in Asia and the U.S.,
subsequent to their acquisition in the second quarter of fiscal
2007.  Adjusted EBITDA rose 5.6% to US$32.4 million in the
second quarter, an increase of US$1.7 million over the prior
year.  Second quarter gross profit margins rose 270 basis points
year-on-year to reach 52.9%, driven by a combination of price
increases, increased sales of higher margin products and lower
fixed manufacturing and direct product costs.  The company
continues to make good progress on its working capital
efficiency, with average net working capital efficiency
improving 40 basis points over the prior year second quarter, to
15.3% of sales."

Samsonite is a leading manufacturer, marketer and distributor of
luggage and travel-related products.  The company's owned and
licensed brands, which include Samsonite, American Tourister,
Sammies, Lacoste and Timberland, are sold globally through
external retailers and 284 company-owned stores.  Net sales for
the 12-month period ended April 30, 2007 approached US$1.1
billion.  Executive offices are located in London, England.

The company has global locations in Aruba, Australia, Costa
Rica, Indonesia, India, Japan, and the United States among
others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 11, 2007, Moody's Investors Service placed all ratings of
Samsonite Corporation under review for possible downgrade.

Ratings placed under review for possible downgrade are:

  -- US$80 million senior secured revolving credit facility at
     Ba3;

  -- US$450 million senior secured term loan at Ba3;

  -- Corporate Family Rating at B1; and

  -- Probability of Default rating at B2.


SANYO ELECTRIC: In Talks with Kyocera for Handset Business
----------------------------------------------------------
Sanyo Electric Co. Ltd. is into talks with Kyocera Corp., which
is negotiating to buy the mobile phone handset business of the
electronics manufacturer, Reuters reports, citing the Nikkei
business daily.

Citing the Nikkei, Reuters conveys that Sanyo, which has been
struggling to rebuild its core operations, asked Sharp Corp. and
Kyocera if they were interested in buying the mobile phone
handset division, with Kyocera offering the better price.

Reuters notes that Kyocera is aiming to reach a final agreement
by autumn.

                      About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


SANYO ELECTRIC: To Sell Telecom Sanyo to Telepark for JPY4.88BB
---------------------------------------------------------------
Sanyo Electric Co. Ltd. said that it will sell its cell phone
handset sales subsidiary, Telecom Sanyo, to Telepark Corp. for
JPY4.88 billion, writes Reuters.

Reportedly, the sale of Telecom Sanyo is scheduled to take place
on Oct. 31.

The Japanese electronics maker hopes to book some JPY4 billion
in profit from the sale, relates Reuters.

                      About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


SEA CONTAINERS: Seeks Approval of Bank of Scotland Agreement
------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to approve (i)
their letter agreement with The Bank of Scotland, and (i) the
sale of Sea Containers Services Ltd.'s interests in certain
computer equipment.

The Computer Equipment includes certain computers, monitors and
related hardware purchased primarily between 2002 and 2005 by
SCSL and used by the Debtors' various businesses and
subsidiaries.  The purchase of the Computer Equipment was
financed pursuant to an April 19, 2004 loan agreement between
SCSL and BoS.  SCSL made two draws on the BoS loan, on May 14,
2004, and September 30, 2004, aggregating GBP3,423,790, says
Sean T. Greecher, Esq., at Young Conaway Stargatt & Taylor, LLP,
in Wilmington, Delaware.

While the Debtors continued to use the Computer Equipment, BoS
took formal assignment of title to the Computer Equipment
pursuant to certain mortgages executed by SCSL at the time of
the draws.  Consequently, BoS filed Claim No. 40 asserting a
secured claim for GBP830,996 against SCSL for amounts
outstanding under the Term Loan.

While the Debtors dispute the value of BoS' security interest in
the Computer Equipment, upon review of their books and records,
the Debtors believe that the stated amount of the BoS Claim as
of the Petition Date approximates the aggregate amount
outstanding on the Term Loan.

Mr. Greecher notes that the Settlement Agreement resolves the
secured and unsecured claims of BoS against SCSL and provides
for the re-assignment to SCSL from BoS of title to the Computer
Equipment.  Once the Computer Equipment gets re-assigned to
SCSL, SCSL seeks authority to transfer the equipment as part of
certain going-concern sales.

According to Mr. Greecher, SCSL seeks to sell certain of the
Computer Equipment as part of the sales of Ferry and Port
Holdings Limited, doing business as Illustrated London News &
Sketch, and Fairways & Swinford (Travel) Limited, both non-
debtor subsidiaries of Sea Containers U.K. Limited, a non-debtor
direct subsidiary of Sea Containers Ltd. -- in exchange for
GBP10,000 from the proceeds of the sales of each business.

The sales are expected to be consummated this month and provide
significant value to the Debtors' estates.  As a condition to
closing, the purchasers of ILN and F&S each have required clean
title to the Computer Equipment used by ILN and F&S.  Although
the Debtors believe that no liens will attach to the Computer
Equipment once it is re-assigned to SCSL from BoS, out of an
abundance of caution and to provide assurance to the purchasers,
the Debtors ask the Court to find that the sale of equipment
from SCSL to ILN and F&S will be free and clear of any liens.
The Debtors further request that the Court grant ILN and F&S the
protections provided to a good faith purchaser under Section
363(m) of the Bankruptcy Code.

In addition to the sales of ILN and F&S, the Debtors are
pursuing other going-concern sales where it is likely that
Computer Equipment will be transferred along with the
businesses.  As part of these sales, the Debtors first sought
assignment from BoS of only that portion of the Computer
Equipment involved in the sales.  However, no resolution could
be reached regarding other portions of the Computer Equipment,
and BoS expressed a desire to resolve the BoS Claim as a whole.

The Debtors agreed that a global settlement would be preferable
to (i) allow the ILN and F&S sales to move forward, (ii) avoid
piecemeal settlements that could delay future sales, and (iii)
provide certainty regarding the continued use of the Computer
Equipment by SCL and its subsidiaries.

The material terms of the Settlement Agreement with BoS are:

  (a) SCSL will pay GBP60,000 to BoS in full and final
      settlement of that portion of the BoS Claim that is
      secured.  The GBP60,000 will be funded using proceeds from
      the ILN and F&S sales and an advance from SCL.

  (b) in exchange for the GBP60,000 payment, the BoS will
      irrevocably and unconditionally release its security under
      the Mortgages over the Computer Equipment and re-assign
      full and complete title and ownership of the Computer
      Equipment to SCSL.

  (c) BoS will have an allowed general unsecured claim against
      the SCSL estate for GBP770,996.

  (d) each party releases the other from any and all claims that
      arose prior to the effective date of the agreement, except
      for Claim No. 39 filed by BoS in the Debtors' Chapter 11
      cases for GBP30,822.

The Computer Equipment, title to which was assigned to BoS to
secure BoS' Term Loan to SCSL, has been integrated into the
business operations of the Debtors and their affiliates.
Stripping the Computer Equipment from these businesses would
significantly impair their operations and harm their value, Mr.
Greecher tells the Court.

Moreover, the Debtors believe it is critical that BoS' interests
in the Computer Equipment be extinguished so that SCSL can
transfer clean title to purchasers.  This will also ensure a
smooth transition of operations and eliminate risk, Mr. Greecher
adds.

                  About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Debtors have asked the Court to extend their exclusive
period to file a chapter 11 plan until Dec. 21, 2007.  (Sea
Containers Bankruptcy News, Issue No. 26; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000


SEA CONTAINERS: Wants to Sell Speedinvest Shares to Triformity
--------------------------------------------------------------
On January 29, 2002, Sea Containers Ltd. entered into a joint
venture agreement -- JV Agreement -- with Triformity Holdings
S.A., an affiliate of a major shipping operator, pursuant to
which each owns a 50% interest in Speedinvest Ltd., to provide
ferry services across the Adriatic Sea.  Triformity manages the
operations conducted by Speedinvest.

Subsequently, Speedinvest (a) leased a (i) Pescara passenger
vessel from Seacat 2, and (ii) Zara passenger vessel from SNAV
Aliscali SPA, an affiliate of Triformity and (b) purchased a
Croatia passenger vessel.  To fund the purchase of the Croatia
vessel, Speedinvest obtained a US$8,500,000 loan from Vereins
and Westbank AG.  Speedinvest's obligations under the loan are
guaranteed by SCL and Triformity.  As of September 7, 2007,
Speedinvest owes EUR4,600,000 -- approximately US$6,260,000 on
the 1oan.

Due to increased fuel prices and decreased passenger volumes,
Speedinvest suffered losses of approximately US$2,000,000 in
2005, and US$500,000 in 2006, and estimates losses of
approximately US$1,000,000 for 2007.  Since commencing
operations in 2002, Speedinvest has negative total earnings of
approximately US$1,100,000.  Pursuant to the JV Agreement, SCL
is obligated to fund 50% of Speedinvest's losses.

In connection with Sea Containers Ltd. and its debtor-affiliates
operational restructuring and to discontinue funding the losses
incurred by Speedinvest, SCL determined to sell its interest in
Speedinvest, Sean T. Greecher, Esq., at Young Conaway Stargatt &
Taylor, LLP, in Wilmington, Delaware, relates.

Under the JV Agreement, prior to transferring its Speedinvest
shares to a third party, SCL must first offer to sell the shares
to Triformity.  SCL may only proceed to transfer to a third
party those shares which Triformity declines to purchase, and
may only transfer the shares on terms no less favorable than
those offered to Triformity.

Upon becoming aware of SCL's decision to sell its shares in
Speedinvest, Triformity indicated its interest in exercising its
purchase option and submitted an offer to SCL.  After reviewing
the offer and analyzing potential alternatives, SCL determined
that the sale of SCL's Speedinvest shares to any potential third
party purchaser would provide less value to SCL and the Debtors'
estates and their creditors than the offer proposed by
Triformity.

SCL proceeded to engage in extensive arm's-length negotiations
with Triformity.  After weeks of discussion, during which SCL
did
not obtain any third party offers to purchase the Speedinvest
shares, SCL and Triformity entered into the Sale Agreement, the
terms of which include:

  (a) SCL will sell all its shares of Speedinvest to Triformity
      for EUR920,OOO -- approximately US$1,250,000;

  (b) SCL will be released fully from its guarantee under the
      Vereins and Westbank AG -- approximately US$6,260,000
      outstanding; and

  (c) SCL and Triformity will provide each other mutual
      releases.

                Transfer Agreement with Seacat 2

As of September 7, 2007, Speedinvest owes Seacat 2 US$977,344 on
account of overdue lease payments.  In connection with the sale
of SCL's shares of Speedinvest, SCL and Triformity agreed to a
final settlement of Speedinvest's outstanding liabilities,
including the lease payments owed to Seacat 2.

To effectuate the sale of its Speedinvest shares and realize the
associated cost-savings, SCL entered into an agreement with
Seacat 2 pursuant to which SCL will distribute US$977,344 of the
US$1,250,000 Speedinvest sale proceeds to Seacat 2, in full and
final satisfaction of the outstanding payments owed to Seacat 2
on account of Speedinvest' s lease of the Pescara vessel.

Without the settlement of the obligations owed by Speedinvest to
Seacat 2, Triformity would not have agreed to purchase SCL's
Speedinvest shares.  After the distribution to Seacat 2, SCL
will receive approximately US$254,000 of the Speedinvest sale
proceeds.

Accordingly, the Debtors ask the U.S. Bankruptcy Court for the
District of Delaware Court approve (i) the sale of SCL's shares
in Speedinvest to Triformity pursuant to the Sale Agreement, and
(ii) the transfer of portions of the Speedinvest sale proceeds
to Seacat 2 in accordance with the Transfer Agreement.

In the event that a party submits a competing offer prior to the
hearing on the request, the Debtors, in consultation with the
the Official Committees of Unsecured Creditors of Sea Containers
Ltd. and Sea Container Services Ltd., will evaluate, and
determine whether to pursue, the offer.

                      About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Debtors have asked the Court to extend their exclusive
period to file a chapter 11 plan until Dec. 21, 2007.  (Sea
Containers Bankruptcy News, Issue No. 26; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


SEA CONTAINERS: Earns US$8,467,259 in Month Ended July 31, 2007
---------------------------------------------------------------
                     Sea Containers, Ltd.
                    Unaudited Balance Sheet
                      As of July 31, 2007

                           Assets

Current Assets
   Cash and cash equivalents                 US$$32,754,852
   Trade receivables, less allowances
     for doubtful accounts                          233,217
   Due from related parties                       7,887,211
   Prepaid expenses and other current assets      1,660,226
                                               ------------
      Total current assets                   US$$42,535,506

Fixed assets, net                                         -

Long-term equipment sales receivable, net                 -
Investments in group companies                  143,546,856
Intercompany receivables                                  -
Investment in equity ownership interests        224,323,843
Other assets                                      4,197,434
                                               ------------
Total assets                                 US$414,603,639

          Liabilities and Shareholders' Equity




Current Liabilities
   Accounts payable                            US$7,261,450
   Accrued expenses                              48,928,748
   Current portion of long-term debt            171,141,012
   Current portion of senior notes              385,294,979
                                               ------------
      Total current liabilities                 612,626,189

Total shareholders' equity                     (198,022,550)
                                               ------------
Total liabilities and shareholders' equity   US$414,603,639


                       Sea Containers, Ltd.
                 Unaudited Statement of Operations
                 For the Month Ended July 31, 2007

Revenue                                        US$3,523,132

Costs and expenses:
   Operating income                               3,902,253
   Selling, general and
     administrative expenses                     (2,902,745)
   Professional fees                            (11,151,666)
   Charges to provide against
     intercompany accounts                      159,971,911
   Impairment of investment
     in subsidiary companies                   (142,167,251)
   Depreciation and amortization
                                               ------------
      Total costs and expenses                    7,652,502
                                               ------------

Gain or (Loss) on sale of assets                          -
                                               ------------
Operating income (loss)                          11,175,634

Other income (expense)
   Interest income                                  166,150
   Foreign exchange gains or (losses)               (44,121)
   Interest expense, net                         (2,730,404)
                                               ------------
Income (Loss) before taxes                        8,567,259
Income tax expense                                 (100,000)
                                               ------------
Net Profit/(Loss)                              US$8,467,259


                     Sea Containers Services
                     Unaudited Balance Sheet
                       As of July 31, 2007

                            Assets

Current Assets
   Cash and cash equivalents                      US$89,026
   Trade receivables                                 27,271
   Due from related parties                       6,133,280
   Prepaid expenses and other current assets      4,560,805
                                               ------------
      Total current assets                       10,810,381

Fixed assets, net                                 2,440,054

Investments                                       2,731,186
Intercompany receivables                         45,790,213
Other assets                                              0
                                               ------------
Total assets                                  US$61,771,834

             Liabilities and Shareholders' Equity

Current Liabilities
   Accounts payable                            US$2,449,335
   Accrued expenses                               2,759,606
   Current portion of long-term debt              1,689,177
                                               ------------
      Total current liabilities                   6,898,119

Total shareholders' equity                       54,873,716
                                               ------------
Total liabilities and shareholders' equity    US$61,771,834


                     Sea Containers Services
                 Unaudited Statement of Operations
                 For the Month Ended July 31, 2007

Revenue                                        US$2,576,582

Costs and expenses:
   Operating costs                                        -
   Selling, general and
     administrative expenses                       (424,323)
   Professional Fees                             (1,847,860)
   Other charges                                          0
   Depreciation and amortization                    (99,736)
                                               ------------
     Total costs and expenses                    (2,371,919)
                                               ------------

Gains on sale of assets                                   -
                                               ------------
Operating income (loss)                             204,663

Other income (expense)
   Interest income                                       39
   Foreign exchange gains (losses)                        -
   Interest expense, net                            (11,930)
                                               ------------
Income (Loss) before taxes                          192,771
Income tax (charge)/credit                       (4,989,740)
                                               ------------
Net (Loss)/Income                             (US$4,796,970)


Sea Containers Carribean, Inc., reported zero assets and
accounts payable of US$3,530,094, as its sole liabilities in its
July 2007 balance sheet.

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities
US$1,545,384,083.

The Court extended the Debtors' exclusive period to file a Plan
of Reorganization to Sept. 28, 2007.  (Sea Containers Bankruptcy
News, Issue No. 26; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


TITAN EUROPE 2006-5: S&P Watches F Notes on Interest Shortfalls
---------------------------------------------------------------
Standard & Poor's Ratings Services is keeping on CreditWatch
with negative implications its 'BB' credit rating on the class F
floating-rate notes issued by Titan Europe 2006-5 PLC.  The
rating was placed on CreditWatch negative on April 4, 2007.  The
ratings on the other classes in the transaction are unaffected.

This extension of the CreditWatch placement follows technical
interest shortfalls on the class F notes and the subsequent
deferral of a total amount of interest of EUR176,627.61 due on
these notes at the July 2007 interest payment date.  Shortfalls
have occurred because of expenses related to the Balneario
Blancafort loan (6% of mortgage loan pool at closing), which has
not paid any interest since the January 2007 IPD and was
subsequently transferred into special servicing by the
transaction's servicer and special servicer, Hatfield Philips
International Ltd.

The expenses causing the shortfall are special servicer
administrative and legal fees, and interest on liquidity
facility drawings.  These are not covered by the liquidity
facility, but are being paid senior in the waterfall.

The existence of a class X note senior to the class F note in
the waterfall, which absorbs excess spread, has ensured that
interest could not be paid to the class F noteholders.  While
this transaction allows interest to be deferred until a date
when there are available funds to pay the class F 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
and further special servicing expenses, as well as liquidity
facility interest expected in relation to the proceedings with
the Balneario Blancafort loan, Standard & Poor's expects that it
may lower its rating on the class F notes to 'D' if the
shortfalls remain outstanding after the October 2007 IPD.

Liquidity facility drawings continue to cover the interest
payments for the delinquent Balneario Blancafort loan.
At the July 2007 IPD, the balance of these drawings was
EUR1.647 million

The Balneario Blancafort loan is secured on a five-star hotel
and thermal center in La Garriga, 50km north of Barcelona,
Spain, operating under the same name.  The borrower, the hotel
operator (tenant), and the spa operator (subtenant) all belong
to the sponsor of the loan.

Titan Europe 2006-5 is backed by eight loans originated by
Credit Suisse International (AA-/Positive/A-1+) and secured on
commercial real estate properties in Germany and Spain.  The
transaction closed in December 2006.


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

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

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


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


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


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

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


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

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

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


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

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


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


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


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


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


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


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


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


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


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Adecco UK Ltd.            1055417Z   (39)         317    (2316)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Atkins (WS) Plc           ATK       (150)       1,390       62
BCH Group Plc             BCH         (6)         188      (44)
Blenheim Group            BEH       (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd        523362Q (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Britvic Plc               BVIC      (108)         874      (20)
Cineworld Groug           CINE      (115)         748        7
Compass Group             CPG       (668)       2,972     (298)
Curos International       1077746Z  (550)         382      N.A.
Costain Group             COST      (108)         595      (61)
Danka Bus System          DNK.L     (108)         540       34
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI      (2266)       2,950     (296)
Euromoney Institutional
   Investor Plc           ERM.L      (50)         448      (67)
Galiform Plc              GFRM      (152)         889       35
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV        (26)        1273     (277)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Invensys PLC                        (276)       3,914      357
Jarvis Plc                JRVS.L     (28)         370      (22)
Ladbrokes Plc             LAD     (1,227)       1,669     (267)
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
London Stock Exchange     LSE       (689)         526     (195)
M 2003 Plc                        (2,204)       7,205     (756)
Misys Plc                 MSY         (7)       1,123     (131)
Mytravel Group            MT.L      (380)       1,818     (488)
Orange Plc                ORNGF     (594)       2,902        7
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,044)       3,507     (457)
Saatchi & Saatchi         SSI       (119)         705      (41)
SFI Group                           (108)         178     (162)
Skyepharma PLC            SKP        (95)         211        2
Smiths News PLC           NWS       (204)         249      (41)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
Wincanton Plc             WIN        (27)       1,451      (78)
WRG Environmenta          1124263Z    (1)         116       793


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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