TCREUR_Public/070216.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, February 16, 2007, Vol. 8, No. 34

                            Headlines


A U S T R I A

B & M ANLAGENBAU: Claims Registration Period Ends March 19
BALEMBO LLC: Claims Registration Period Ends March 21
L. PALWEIN: Claims Registration Period Ends February 20
PTP - PERIPHERIE: First Creditors' Meeting Set for February 28
SCHISTER FRUCHTHANDEL: Vienna Court Orders Business Shutdown


F I N L A N D

METSO OYJ: German Unit to Operate Maintenance Services


F R A N C E

ALCATEL-LUCENT: In Talks with Spanish Unions Over 310 Job Cuts
ALCATEL-LUCENT: To Lay Off 12% of France Workforce


G E O R G I A

VTB GEORGIA: Fitch Rates IDR at B with Stable Outlook


G E R M A N Y

ADMIRAL GMBH: Claims Registration Period Ends April 23
ALLGEMEINE HYPOTHEKENBANK: Names Klaus Vajc to Management Board
AUTOHAUS GERSTMANN: Claims Registration Ends April 2
AUTOMOBILE SCHEPKER: Claims Registration Period Ends April 2
BEACHY VERTRIEBSGESELLSCHAFT: Claims Registration Ends April 2

CARMIX GMBH: Claims Registration Period Ends March 27
CARMIX-SERVICE: Claims Registration Period Ends March 27
CONEN-ERFURTER: Claims Registration Period Ends May 2
E.B.I. INDUSTRIESERVICE: Claims Registration Ends March 26
ELKO-TEC GMBH: Claims Registration Period Ends April 5

FBB KAMPFMITTELBERGUNG: Claims Registration Ends March 22
FRIEDHELM NOLTE: Claims Registration Ends April 4
GADDUM GMBH: Claims Registration Ends March 30
GALERIE JOELLENBECK: Claims Registration Ends March 26
GERSTMANN GMBH: Claims Registration Ends April 2

GSTALTMAYR PFERDEBOXEN: Claims Registration Ends March 30
HANDWERK WOLFSBURG: Claims Registration Ends April 17
HANS WEHR: Claims Registration Ends April 4
HOERMANN & NICOLAUS: Claims Registration Ends March 20
HUGO MILDE: Claims Registration Ends March 22

JULETEC SASSNITZ: Creditors Must Register Claims by March 2
KARL SCHUENEMANN: Creditors Must Register Claims by March 30
KLEIN KORROSIONSSCHUTZ: Creditors Meeting Slated for March 15
LPW REINIGUNGSTECHNIK: Creditors Must File Claims by March 27
METSO OYJ: German Unit to Operate Maintenance Services

NORDWACHT GMBH: Creditors Must Register Claims by April 2
NORDWACHT NIEDERSACHSEN: Claims Registration Ends April 2
QUANTUM - B: Claims Registration Ends April 3
R - F SERVICE: Claims Registration Ends April 10
REAL-CONSULT: Claims Registration Ends April 4

RICKENS BAUUNTERNEHMEN: Claims Registration Ends May 15
RMH GMBH: Creditors Meeting Slated for March 19
SCHWARTZ & SCHREINER: Creditors Meeting Slated for March 19
VIVESCO GMBH: Claims Registration Period Ends May 15
WOLF BAU: Claims Registration Period Ends April 16


I R E L A N D

SMURFIT KAPPA: Moody's Puts B1 Rating on Review & May Upgrade


K A Z A K H S T A N

AKTAUREMSERVICE LLP: Creditors Must File Claims by March 23
AMERICAN EXPRESS LLP: Creditors' Claims Due March 23
ATASH LLP: Proof of Claim Deadline Slated for March 23
CENTRAL-ASIAN LLP: Claims Registration Ends March 23
KARACHAGANAK LLP: Creditors Must File Claims by March 23

KARAOZEK LLP: Claims Filing Period Ends March 23
KAZAGROEXPO LLP: Creditors' Claims Due March 23
OTTEGI-SERVICE LLP: Proofs of Claim Deadline Slated for March 23
TOKTASYN LLP: Claims Registration Ends March 23


K Y R G Y Z S T A N

BISHKEK TRANSBUSINESS: Claims Filing Period Ends March 30
OTK LLC: Creditors Must File Claims by March 30


N E T H E R L A N D S

HALCYON STRUCTURED: Moody's Rates Class E & P Notes at Low-B
PYATEROCHKA HOLDING: Discloses New Management Appointments


R U S S I A

AGRO-PROM-KHIMIYA CJSC: Creditors Must File Claims by March 27
ALFA-BANK: Places Lenenergo's RUR3-Bln Bond on MICES Exchange
CRYSTAL FACTORY: Creditors Must File Claims by March 27
INVEST-SIB-COAL OJSC: Asset Sale Slated for February 28
KAZANSKAYA TOBACCO: Court Starts Bankruptcy Supervision

KIMRSKAYA LLC: Creditors Must File Claims by March 27
LESNYE POLYANY: Creditors Must File Claims by March 27
MILYUTINSKOYE CJSC: Bankruptcy Hearing Slated for April 16
MINE ZELENOGORSKAYA: Creditors Must File Claims by March 27
OMSK VODOKANAL: Moody's Withdraws Caa1 Corporate Family Rating

ORENBURG-TOURIST: Creditors Must File Claims by February 27
PARNAS CJSC: Creditors Must File Claims by March 27
PETERBURGSKOYE ASSOCIATION: Claims Filing Period Ends March 27
ROSAL' CJSC: Creditors Must File Claims by February 27
SAKHALIN-MOR-OIL-GAS-INVEST: Claims Filing Period Ends March 27

SMOLENSK-TRANS-MILK: Bankruptcy Hearing Slated for February 27
TRANSNEFT OAO: To Build New Oil Pipeline in Primorsk Port
VNESHTORGBANK JSC: Places JSC Lenenergo RUR3-Bln Bonds on MICES
YUKOS OIL: Creditor Claims Rise to RUR709 Billion
YUKOS OIL: Gazprom, Itera & Norilsk to Join Bidding War

YUKOS OIL: Russian Tax Service Points to PwC for Lawsuit Delay
ZLATOUSTOVSKIY FACTORY: Creditors Must File Claims by March 27


S P A I N

ALCATEL-LUCENT: In Talks with Spanish Unions Over 310 Job Cuts


S W E D E N

CONCORDIA BUS: Liquidity Position Prompts S&P's Stable Outlook


S W I T Z E R L A N D

CONSUS JSC: Creditors' Liquidation Claims Due March 1
JURT JSC: March Court Closes Bankruptcy Proceedings
PIZZERIA LEONE: Creditors' Liquidation Claims Due March 1
SWISSAIR: Presentation of Schedule of Claims Ends March 6
WARENHANDEL SALIHOVIC: Creditors' Liquidation Claims Due March 1

ZUSATZSTIFTUNG FUR: Creditors' Liquidation Claims Due March 13


U K R A I N E

NASKA: Claims Submission Deadline Set March 2
SEVERODONETSK INSTRUMENT-MAKING: Liquidator Looking for Buyers
SOUTH ELECTRO: Claims Submission Deadline Set March 4
TRUBEX LLC: Claims Submission Deadline Set March 2
VYRY OJSC: Creditors Must Submit Claims by March 4


U N I T E D   K I N G D O M

COLLINS & AIKMAN: Judge Rhodes OKs Beringea as Investment Banker
COLLINS & AIKMAN: Wants to Enter Into Pine River's DIP Facility
CORUS GROUP: Tata May Buy Back Existing Debt; Investors at Risk
CORUS GROUP: Netherlands Unit Sets March 7 Bondholder Meeting
CORUS GROUP: Meeting on Revised Tata Offer Slated for March 7

EMI GROUP: Lowers Profit Expectations by 15%
LLOYD'S OF LONDON: Reveals Bankruptcy Risk Due to Crippling Law
PRIME 2006-1: Moody's Rates EUR13 Million Class E Notes at Ba2
RANK GROUP: Eyes Bingo Club Closures in England and Wales
SCOTTISH RE: Advisors Recommend 'Yes' Vote to MassMutual Deal

SCOTTISH RE: Moves Release of 2006 Results to February 20
SMURFIT KAPPA: Fitch Puts B+ IDR on Watch After IPO Announcement

* BOOK REVIEW: Railroad Consolidation: Its Economics and
Controlling Principles


                            *********


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


B & M ANLAGENBAU: Claims Registration Period Ends March 19
----------------------------------------------------------
Creditors owed money by LLC B & M Anlagenbau (FN 240397a) have
until March 19 to file written proofs of claim to court-
appointed estate administrator Bernhard Astner at:

         Dr. Bernhard Astner
         Schloegelgasse 1
         8010 Graz
         Austria
         Tel: 0316/832527-0
         Fax: 0316/814315
         E-mail: b.astner@hba.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on April 3 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Hall K
         Room 205
         Second Floor
         Graz, Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Jan. 29 (Bankr. Case No. 40 S 3/07z).


BALEMBO LLC: Claims Registration Period Ends March 21
-----------------------------------------------------
Creditors owed money by LLC BALEMBO (FN 198533k) (fka LLC KK)
have until March 21 to file written proofs of claim to court-
appointed estate administrator Brigitte Stampfer at:

         Dr. Brigitte Stampfer
         Stadlergasse 27
         1130 Vienna
         Austria
         Tel: 877 33 30
         E-mail: ra-stampfer@utanet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on April 4 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 29 (Bankr. Case No. 2 S 15/07d).


L. PALWEIN: Claims Registration Period Ends February 20
-------------------------------------------------------
Creditors owed money by KEG L. Palwein (FN 209947x) have until
Feb. 20 to file written proofs of claim to court-appointed
estate administrator Alfred Schneider at:

         Mag. Alfred Schneider
         Klosterrotte 4
         3180 Lilienfeld
         Austria
         Tel: 02762/55 280
         Fax: 02762/55 280-20
         E-mail: office@derschneider.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on March 13 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 Hainfeld, Austria, the Debtor declared
bankruptcy on Jan. 25 (Bankr. Case No. 14 S 20/07t).


PTP - PERIPHERIE: First Creditors' Meeting Set for February 28
--------------------------------------------------------------
Creditors owed money by LLC PTP - Peripherie Technik Potocnik
(FN 202329v) are encouraged to attend the first creditors'
meeting at 10:35 a.m. on Feb. 28.

The creditors' meeting will be held at:

         The Land Court of Leoben
         Hall 4
         First Floor
         Leoben, Austria

The Court will also examine the claims at 10:00 a.m. on March
28, at the same venue.

Creditors have until March 8 to file written proofs of claim to
court-appointed estate administrator Karl Maier at:

         Dr. Karl Maier
         Hauptplatz 13
         8720 Knittelfeld
         Austria
         Tel: 03512-83428
         Fax: 03512-83428-50
         E-mail: office@ra-maier.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 25 (Case No. 17 S 8/07f).


SCHISTER FRUCHTHANDEL: Vienna Court Orders Business Shutdown
------------------------------------------------------------
The Trade Court of Vienna entered, Jan. 26, an order shutting
down the business of LLC Schister Fruchthandel (FN 182799y).

Court-appointed estate administrator Richard Proksch 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. Richard Proksch
         c/o Dr. Edmund Roehlich
         Heumarkt 9/I/11
         1030 Vienna
         Austria
         Tel: 713 46 51
         Fax: 713 84 35
         E-mail: proksch@eurojuris.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 17 (Bankr. Case No. 38 S 3/07d).  Edmund Roehlich
represents Dr. Proksch in the bankruptcy proceedings.


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F I N L A N D
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METSO OYJ: German Unit to Operate Maintenance Services
------------------------------------------------------
Metso Paper, a unit of Metso Oyj, through its Scandinavian Mill
Service subsidiary, will establish and operate maintenance
services at the new Plattling Papier paper mill, next to
Myllykoski's MD Plattling mill in Germany.

The value of the long-term, full-scope agreement will not be
disclosed.  The mill, which is one of the world's most modern,
is scheduled to start up in the first quarter of 2008.

The agreement -- which uses the principles of Myllykoski's
alliance partner Rhein Papier's operational model based on long-
term partnering -- covers both the establishment of a
maintenance infrastructure, such as building up an organization
and computerized maintenance management system, and the
maintenance operations themselves.

The operations consist of roll maintenance and daily
maintenance, the focus being on preventive and predictive
activities. SMS will be responsible for mechanical, electrical,
automation and civil maintenance for the entire mill.

SMS uses the latest state-of-the-art maintenance concepts
combined with Metso's machinery, process and automation know-
how, and the operator maintenance principle.  Once fully
operational, SMS will employ 40 people in Plattling.

The Scandinavian Mill Service Group operates and develops pulp
and paper industry maintenance.  The Group employs approximately
500 people in Finland, Sweden, Norway, the Czech Republic and
Spain, and now also in Germany.

Myllykoski is a family-owned international paper group with
manufacturing in Finland, Germany, Switzerland and North
America, and sales offices around the world. The Group's
products are wood-containing uncoated and coated publication
papers, including newsprint.  Myllykoski operates nine paper
mills with a total annual capacity of 2.8 million tons,
including its alliance partner Rhein Papier GmbH. The Group
companies employ approximately 3,600 people.

                        About Metso

Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj --
http://www.metso.com/-- is a global engineering and technology
corporation with 2005 net sales of around EUR4.2 billion.  Its
22,000 employees in more than 50 countries serve customers in
the pulp and paper industry, rock and minerals processing, the
energy industry and selected other industries.

The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom and the United States.

                        *    *    *

As of Feb. 9, 2007, Metso Oyj carries Standard & Poor's 'BB+'
long-term and 'B' short-term corporate credit ratings and 'BB'
senior unsecured debt rating.


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


ALCATEL-LUCENT: In Talks with Spanish Unions Over 310 Job Cuts
--------------------------------------------------------------
Alcatel-Lucent met with representatives of Spain Works Council
to begin discussing how the company's synergy plans will impact
employee positions in Spain.

In April 2006, when the merger between Alcatel and Lucent
Technologies was announced, the companies stated the primary
driver of the merger was to generate growth in revenues and
earnings while yielding synergies of about EUR1.4 billion in
annual pre-tax cost synergies within three years after the
merger, which closed on Nov. 30, 2006.

On Feb. 9, the company announced its results and provided an
update on its integration efforts.  It believes the combination
of the original synergy plan and additional cost reductions will
enable it to realize a total of EUR1.7 billion pre-tax cost
savings within three years.  The cost reductions will entail
further reductions to the workforce than was originally planned,
and Alcatel-Lucent now expects to reduce headcount by about
12,500 positions over the next three years.

The topics presented to the works council are a starting point
for communication with employees and unions prior to any
actions.

"We have undertaken a thorough and thoughtful review of our
operations in Spain, and we anticipate that we need to eliminate
some 310 positions over the next 24 months," said Alfredo
Redondo, President Alcatel Lucent for Iberia.  "These are
difficult decisions, and we will be sensitive to employees and
treat them with the dignity and respect they deserve.  As we
have done in the past, we will do what we can to minimize the
impact of this decision."

Currently, Alcatel-Lucent employs some 1,250 people in Spain, in
a variety of positions.  The force reductions primarily reflect
duplications in positions and rationalization in product and
solution portfolio created with the merger of the two companies.

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that
enable service providers, enterprises and governments worldwide,
to deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol (IP) technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work and on the move.

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

                          *     *     *

As of Feb. 7, Alcatel-Lucent's Long-Term Corporate Credit rating
and Senior Unsecured Debt carry Standard & Poor's BB- rating.
It's Short-Term Corporate Credit rating stands at B.

Moody's on the other hand put a Ba2 rating on Alcatel's
Corporate Family and Senior Debt rating.  Lucent carries Moody's
B1 Senior Debt rating and B2 Subordinated debt & trust preferred
rating.

Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured
Debt rating at BB.


ALCATEL-LUCENT: To Lay Off 12% of France Workforce
--------------------------------------------------
Within the framework of the global cost reduction plan of
EUR1.7 billion confirmed by Alcatel-Lucent on Feb. 9, the
management teams of Alcatel-Lucent France, ABS and Compagnie
Financiere Alcatel-Lucent disclosed of their respective
restructuring projects to the social partners in France.

These plans are related to previous announcements concerning the
merger of Alcatel and Lucent Technologies, the acquisition of
Nortel's UMTS activities, as well as the highly competitive
market environment.

The objective of the plans is to quickly rationalize
duplications in positions resulting from the recent strategic
moves, adapt the company's business model to the business model
of our customers (carriers and enterprises), as well as align
our investments with our perspective.

The restructuring plans could impact 1,468 positions by the end
of 2008, which represents about 12% of Alcatel-Lucent's
workforce in France.  The Parisian area will be slightly more
impacted than the rest of the country.  However, the plan
includes the merging of sites in Brittany, reinforcing the two
key sites of Orvault (Nantes) and Lannion by redeploying the
competences currently based in Rennes-Cesson and Rennes-St
Gregoire.

Employees will be offered a voluntary program based on four main
measures:

   -- internal mobility for job openings in 2007-2008;

   -- support for the creation of professional projects outside
      the company (with support for creation or expansion of a
      new company);

   -- an agreement named "Projet Activité Seniors" which
      offers to 55-year old and older employees the opportunity
      to continue a professional activity (either a full- or
      part-time job or, professional or humanitarian activity)
      for a period of 36 months;

   -- a proposal named "Cessation d'Activité Par Anticipation"
      which allows employees to stop working four years before
      their legal retirement age.

Within Alcatel-Lucent, France remains a major competence center,
with several worldwide excellence centers for: 3G, WiMAX,
Convergence, Long Distance Optics, especially submarine
activities, Enterprise, and Vacuum Technology activities.

France, together with the Bell Labs in the United States, is the
major Research & Innovation center of Alcatel-Lucent.  The
company's executive offices as well as the operational center
for the Europe and South region are also based in France.  The
Europe and South region covers the Mediterranean area, Africa,
Middle East, South Asia and Latin America.

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that
enable service providers, enterprises and governments worldwide,
to deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol (IP) technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work and on the move.

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

                          *     *     *

As of Feb. 7, Alcatel-Lucent's Long-Term Corporate Credit rating
and Senior Unsecured Debt carry Standard & Poor's BB- rating.
It's Short-Term Corporate Credit rating stands at B.

Moody's on the other hand put a Ba2 rating on Alcatel's
Corporate Family and Senior Debt rating.  Lucent carries Moody's
B1 Senior Debt rating and B2 Subordinated debt & trust preferred
rating.

Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured
Debt rating at BB.


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G E O R G I A
=============


VTB GEORGIA: Fitch Rates IDR at B with Stable Outlook
-----------------------------------------------------
Fitch Ratings assigned JSC VTB Bank ratings of Issuer Default
'B' with a Stable Outlook, Short-term 'B', Individual 'D/E' and
Support '4'.

The bank's IDR, Short-term and Support ratings are underpinned
by possible support from the bank's majority shareholder JSC
Vneshtorgbank, Russia's second-largest and state-controlled
bank.  In Fitch's opinion, VTB would have a strong propensity to
support the bank, given its 53% ownership, shared brand and VTB
Georgia's small size.  However, potential Georgian country risks
limit the extent to which this support can be factored into the
ratings.

The bank's Individual rating reflects its small size, limited,
albeit growing, local franchise and potential political risks
stemming from tensions in Russo-Georgian relations, although to
date the latter has not created any serious issues for the bank.
VTB Georgia's liquidity is potentially vulnerable although the
bank has not suffered any significant liquidity squeezes to
date.  Its capitalization is likely to become rather tight
relative to local regulatory requirements in 2007.

VTB Georgia's asset quality is adequate, although the loan
portfolio has been growing rapidly and problems could be
revealed at a later stage, when the long-term portfolio seasons.
Profitability is adequate and improved in 2005/9M06 on the back
of greater business scale, increased leverage and growing micro-
finance lending.  However, profitability is likely to be
constrained in the short- to medium-term by lower-margin
corporate lending, a costly branch network and funding
diversification efforts.

Movement in the bank's IDR, Short-term and Support ratings could
most likely result from changes in Georgia's country risk.

Upside potential for the Individual rating is currently limited,
but could result from a substantial increase in the bank's size
and franchise without any deterioration of asset quality or
capitalization.  Substantial credit losses or heightened
liquidity pressure from any further deterioration of Russo-
Georgian relations could put downward pressure on the rating,
although these scenarios are not considered likely at present.

VTB Georgia, formerly United Georgian Bank, has become one of
the top three banks by assets in Georgia following VTB's
acquisition of a majority stake in January 2005.  This was
attributable to a growing local franchise and an US$92 million
investment loan back-to-back financed by VTB as part of its
strategy to serve customers across the CIS.  At end-Q306 the
back-to-back loan accounted for 41% and 36% of VTB Georgia's
loans and liabilities respectively, although it did not weigh on
capitalization or breach single-borrower exposure regulatory
limits due to the risk-free nature of the transaction for VTB
Georgia.


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


ADMIRAL GMBH: Claims Registration Period Ends April 23
------------------------------------------------------
Creditors of Admiral GmbH have until April 23 to register their
claims with court-appointed insolvency manager Gerhard Fichter.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 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 Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         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 contacted at:

         Gerhard Fichter
         Uhlandstrasse 4
         74072 Heilbronn
         Germany
         Tel: 07131/888666
         Fax: 07131/888667

The District Court of Heilbronn opened bankruptcy proceedings
against Admiral GmbH on Feb. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Admiral GmbH
         Attn: Claudio Guarino, Manager
         Ferdinand-Porsche-Strasse 6
         71711 Murr
         Germany


ALLGEMEINE HYPOTHEKENBANK: Names Klaus Vajc to Management Board
---------------------------------------------------------------
The Supervisory Board of Allgemeine HypothekenBank Rheinboden AG
appointed Dr. Klaus Vajc to the Management Board of AHBR.  His
responsibilities at AHBR will cover all back-office functions
and auditing activities.

Dr. Klaus Vajc, who graduated in business administration with
the degree of Diplom-Kaufmann, will assume his duties on April
1.  He was most recently head of credit risk management for
commercial real estate financing at Deutsche Genossenschafts-
Hypothekenbank AG, following previous positions at HVB Real
Estate Bank AG and Bayerische Hypo- und Vereinsbank AG.

"In Dr. Vajc, we have brought on board a well-known real estate
banker with a wealth of experience that will help boost the
success of Corealcredit", Arnd Stricker, member of the
Management Board, said.

The expansion of the Management Board to three members took
place in line with the implementation schedule for the new
business model under the Corealcredit brand.  This virtually
concludes the bank's realignment, which included appointments to
key operations management positions as well as the expansion of
the Management Board.

Dr. Klaus Vajc's accession will be accompanied by a
redistribution of responsibilities among the Management Board.
As Chairman of the Management Board, Dr. Claus Nolting will be
responsible for strategic corporate management, along with sales
and support divisions.  Arnd Stricker will be responsible for
capital market business, IT and bank organisation.

                        About the Company

Headquartered in Frankfurt, Germany, Allgemeine Hypothekenbank
Rheinboden AG -- http://www.ahbr.de/-- finances residential and
commercial real estate projects locally.  The group is also
engaged in commercial lending abroad.  It has assets of more
than EUR80 billion.  It is owned directly and indirectly --
through BHW -- by the trade union private equity holding group
BGAG.  BGAG has provided it EUR1.2 billion in financing, and
guaranteed it under a EUR1.2 billion risk protection scheme.  It
recently sold the company to U.S. investment group Lone Star for
EUR400 million.

                        *     *     *

As of Feb. 15, AHBR's Foreign Currency Long-Term Debt; Local
Currency Long-Term Debt; Long-Term Bank Deposits; and Senior
Unsecured Debt, carry Moody's Ba3 rating.  AHBR's Subordinated
debt carry Moody's B1 rating.

Standard & Poor's on the other hand has its BB rating on AHBr's
Long-Term Foreign Issuer Credit; Long-Term Local Issuer Credit;
Short-Term Foreign Issuer Credit; and Short-Term Local Issuer
Credit.  S&P says that Outlook is Negative.

AHBR's Subordinated Debt also carries Fitch's BB+ rating.


AUTOHAUS GERSTMANN: Claims Registration Ends April 2
----------------------------------------------------
Creditors of Autohaus Gerstmann GmbH have until April 2 to
register their claims with court-appointed insolvency manager
Helmut Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on April 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 Duisburg
         Hall C215
         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 at 9:30 a.m. on May 23, at:

         The District Court of Duisburg
         Hall C315
         Third Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

The insolvency manager can be contacted at:

         Dr. Helmut Schmitz
         Flohbusch 1
         47802 Krefeld
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against Autohaus Gerstmann GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Autohaus Gerstmann GmbH
         Wehrstr. 17-33
         46047 Oberhausen
         Germany

         Attn: Thomas Gerstmann, Manager
         Krokusweg 18
         40231 Duesseldorf
         Germany


AUTOMOBILE SCHEPKER: Claims Registration Period Ends April 2
------------------------------------------------------------
Creditors of Automobile Schepker GmbH have until April 2 to
register their claims with court-appointed insolvency manager
Helmut Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on April 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 Duisburg
         Hall C215
         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 at 11:30 a.m. on May 23, at:

         The District Court of Duisburg
         Hall C315
         Third Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

The insolvency manager can be contacted at:

         Dr. Helmut Schmitz
         Flohbusch 1
         47802 Krefeld
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against Automobile Schepker GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Automobile Schepker GmbH
         Lindnerstr. 100
         46149 Oberhausen
         Germany

         Attn: Thomas Gerstmann, Manager
         Krokusweg 18
         40231 Duesseldorf
         Germany


BEACHY VERTRIEBSGESELLSCHAFT: Claims Registration Ends April 2
--------------------------------------------------------------
Creditors of Beachy Vertriebsgesellschaft mbH have until April 2
to register their claims with court-appointed insolvency manager
Bernd Peters.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on April 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 Delmenhorst
         Hall 2
         Branch 1
         Cramerstrasse 183
         27749 Delmenhorst
         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 contacted at:

         Dr. Bernd Peters
         Wall 146
         28195 Bremen
         Germany
         Tel: 0421/244009-0
         Fax: 0421/244009-29

The District Court of Delmenhorst opened bankruptcy proceedings
against Beachy Vertriebsgesellschaft mbH on Jan. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Beachy Vertriebsgesellschaft mbH
         Schollendamm 121
         27751 Delmenhorst
         Germany

         Attn: Wolfgang Gohlke, Manager
         Eichen 8
         27798 Hude
         Germany


CARMIX GMBH: Claims Registration Period Ends March 27
-----------------------------------------------------
Creditors of CARMIX GmbH have until March 27 to register their
claims with court-appointed insolvency manager Stefan Hinrichs.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.m. on April 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Oldenburg
         Meeting Hall
         Second Floor
         Elisabethstrasse 6
         26135 Oldenburg
         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 contacted at:

         Stefan Hinrichs
         Heiligengeiststrasse 29
         26121 Oldenburg
         Germany
         Tel: 0441 218910
         Fax: 0441 2189139

The District Court of Oldenburg opened bankruptcy proceedings
against CARMIX GmbH on Jan. 31.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         CARMIX GmbH
         Nadorster Strasse 249
         26125 Oldenburg
         Germany

         Attn: Rainer Vossgroene, Manager
         Vehrter Landstrasse 256
         49088 Osnabrueck
         Germany


CARMIX-SERVICE: Claims Registration Period Ends March 27
--------------------------------------------------------
Creditors of CARMIX-Service GmbH have until March 27 to register
their claims with court-appointed insolvency manager Norbert
Kruse.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on April 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 101 B
         First Floor
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be contacted at:

         Norbert Kruse
         Bonhoefferstr. 10
         48282 Emsdetten
         Germany

The District Court of Muenster opened bankruptcy proceedings
against CARMIX-Service GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         CARMIX-Service GmbH
         Puesselbuerener Damm 134
         49477 Ibbenbueren
         Germany

         Attn: Rainer Vossgroene, Manager
         Vehrter Landstrasse 256
         49088 Osnabrueck


CONEN-ERFURTER: Claims Registration Period Ends May 2
-----------------------------------------------------
Creditors of Conen-Erfurter Bekleidungswerke GmbH have until
May 2 to register their claims with court-appointed insolvency
manager Jochen Grentzebach.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on May 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 Erfurt
         Hall 12
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         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 contacted at:

         Jochen Grentzebach
         Wendenstrasse 4
         20097 Hamburg
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against Conen-Erfurter Bekleidungswerke GmbH on Feb. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Conen-Erfurter Bekleidungswerke GmbH
         Haarbergstrasse 71
         99097 Erfurt
         Germany


E.B.I. INDUSTRIESERVICE: Claims Registration Ends March 26
----------------------------------------------------------
Creditors of E.B.I. Industrieservice GmbH have until March 26 to
register their claims with court-appointed insolvency manager
Rolf Dieter Moenning.

Creditors and other interested parties are encouraged to attend
the meeting at noon on April 17, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         Germany

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

The insolvency manager can be contacted at:

         Dr. Rolf Dieter Moenning
         Juelicher Strasse 116
         52070 Aachen
         Germany

The District Court of Aachen opened bankruptcy proceedings
against E.B.I. Industrieservice GmbH on Feb. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         E.B.I. Industrieservice GmbH
         Philipsstr. 15
         52068 Aachen
         Germany

         Attn: Eckard Boehlke, Manager
         Ginsterweg 11
         53894 Mechernich
         Germany


ELKO-TEC GMBH: Claims Registration Period Ends April 5
------------------------------------------------------
Creditors of elko-tec GmbH have until April 5 to register their
claims with court-appointed insolvency manager Ulrich Nehrig.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 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 Freiburg
         Hall 6
         Holzmarkt 2
         79098 Freiburg
         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 contacted at:

         Ulrich Nehrig
         LG-Fach 107
         Schillerstr. 2
         79102 Freiburg
         Germany
         Tel: 0761/703900
         Fax: 0761/7039052

The District Court of Freiburg opened bankruptcy proceedings
against elko-tec GmbH on Feb. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         elko-tec GmbH
         Attn: Dirk Boge and Wolfgang Hepp, Managers
         Milchhofstr. 1
         79312 Emmendingen
         Germany


FBB KAMPFMITTELBERGUNG: Claims Registration Ends March 22
---------------------------------------------------------
Creditors of FBB Kampfmittelbergung GmbH have until March 22 to
register their claims with court-appointed insolvency manager
Christian Graf Brockdorff.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt
         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 Graf Brockdorff
         Breite Str. 9 A
         14467 Potsdam
         Germany

The District Court of Frankfurt opened bankruptcy proceedings
against FBB Kampfmittelbergung GmbH on Feb. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         FBB Kampfmittelbergung GmbH
         Finowfurter Ring 46
         16244 Finowfurt
         Germany


FRIEDHELM NOLTE: Claims Registration Ends April 4
-------------------------------------------------
Creditors of Friedhelm Nolte GmbH have until April 4 to register
their claims with court-appointed insolvency manager Dr. Norbert
Westhoff.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 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 Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         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:

         Dr. Norbert Westhoff
         Adenauerplatz 4
         33602 Bielefeld
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Friedhelm Nolte GmbH on Jan. 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Friedhelm Nolte GmbH
         Nagelsholz 4
         33739 Bielefeld
         Germany


GADDUM GMBH: Claims Registration Ends March 30
----------------------------------------------
Creditors of Gaddum GmbH & Co. KG have until March 30 to
register their claims with court-appointed insolvency manager
Stephan Ries.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on April 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Room A234
         2nd floor
         Eiland 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Stephan Ries
         Wall 28
         42103 Wuppertal
         Germany
         Tel: 0202/317558-0
         Fax: 0202/317558-10

The District Court of Wuppertal opened bankruptcy proceedings
against Gaddum GmbH & Co. KG on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Gaddum GmbH & Co. KG
         Roettgenstr. 31
         42551 Velbert
         Germany


GALERIE JOELLENBECK: Claims Registration Ends March 26
------------------------------------------------------
Creditors of Galerie Joellenbeck GmbH & Co.
Kommanditgesellschaft have until March 26 to register their
claims with court-appointed insolvency manager Dr. Sabine
Feuerborn.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 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 Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Sabine Feuerborn
         Else-Lang-Str. 1
         50858 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Galerie Joellenbeck GmbH & Co. Kommanditgesellschaft on
Jan. 29.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Galerie Joellenbeck GmbH & Co. Kommanditgesellschaft
         Aachener Str. 1193
         50858 Koeln
         Germany


GERSTMANN GMBH: Claims Registration Ends April 2
------------------------------------------------
Creditors of Gerstmann GmbH & Co. KG - Duesseldorf have until
April 2 to register their claims with court-appointed insolvency
manager Dr. Helmut Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on April 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 Duisburg
         Room C215
         Second Floor
         Kardinal-Galen-Str. 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:

         Dr. Helmut Schmitz
         Am Flohbusch 1
         47802 Krefeld
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against Gerstmann GmbH & Co. KG - Duesseldorf on Feb. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Gerstmann GmbH & Co. KG - Duesseldorf
         Prof.-Oehler-Str. 1
         40589 Duesseldorf
         Germany


GSTALTMAYR PFERDEBOXEN: Claims Registration Ends March 30
---------------------------------------------------------
Creditors of "Gstaltmayr Pferdeboxen" Niski GmbH have March 30
to register their claims with court-appointed insolvency manager
Matthias Riemer.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on April 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 Landshut
         Meeting Hall 9/I
         Maximilianstrasse 22-24
         Landshut
         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:

         Matthias Riemer
         Bayerwaldstrasse 57
         84030 Landshut
         Germany
         Tel: 0871/4307593
         Fax: 0871/4307595

The District Court of Landshut opened bankruptcy proceedings
against Gstaltmayr Pferdeboxen Niski GmbH on Feb. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Gstaltmayr Pferdeboxen Niski GmbH
         Chr.-Jorhan-Str. 34
         85465 Langenpreising
         Germany


HANDWERK WOLFSBURG: Claims Registration Ends April 17
-----------------------------------------------------
Creditors of Handwerk Wolfsburg GmbH have until April 17 to
register their claims with court-appointed insolvency manager
Joachim C. Hausherr.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 11, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Wolfsburg
         Hall F
         Rothenfelder Strasse 43
         38440 Wolfsburg
         Germany

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

The insolvency manager can be reached at:

         Joachim C. Hausherr
         Bruchtorwall 6
         38100 Braunschweig
         Germany
         Tel: 0531/244 80-29
         Fax: 0531/244 80-80
         E-mail: jchausherr@hausherr-steuerwald.de

The District Court of Wolfsburg opened bankruptcy proceedings
against Handwerk Wolfsburg GmbH on Feb. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Handwerk Wolfsburg GmbH
         Attn: Karl-Heinz Duwe, Manager
         ZHW Personaldienste
         Benzstr. 1
         38448 Wolfsburg
         Germany


HANS WEHR: Claims Registration Ends April 4
-------------------------------------------
Creditors of Hans Wehr Bedachungen GmbH have until April 4 to
register their claims with court-appointed insolvency manager
Holger Zbick.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 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 Muenster
         Meeting Hall 119 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Holger Zbick
         Marktplatz 2/4
         48712 Gescher
         Germany
         Tel: 02542/9178-0
         Fax: +492542917829

The District Court of Muenster opened bankruptcy proceedings
against Hans Wehr Bedachungen GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Hans Wehr Bedachungen GmbH
         Wuellener Strasse 60
         48691 Vreden
         Germany

         Attn: Hans Wehr, Manager
         von-Manderscheidt-Strasse 2
         48691 Vreden
         Germany


HOERMANN & NICOLAUS: Claims Registration Ends March 20
------------------------------------------------------
Creditors of Hoermann & Nicolaus GmbH have until March 20 to
register their claims with court-appointed insolvency manager
Dr. Mark Zeuner.

Creditors and other interested parties are encouraged to attend
the meeting at 3:45 p.m. on April 3, 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 Stendal
         Hall 411
         Albrecht der Bar
         Scharnhorststrasse 40
         39576 Stendal
         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. Mark Zeuner
         Lehmweg 17 D
         20251 Hamburg
         Germany
         Tel: 040/480 63 90
         Fax: 040/480 63 999

The District Court of Stendal opened bankruptcy proceedings
against Hoermann & Nicolaus GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Hoermann & Nicolaus GmbH
         Braunschweiger Strasse 30
         29410 Salzwedel
         Germany

         Attn: Hans-Joachim Nicolaus, Manager
         Dammchenweg 30
         29410 Salzwedel
         Germany


HUGO MILDE: Claims Registration Ends March 22
---------------------------------------------
Creditors of Hugo Milde GmbH & Co. KG have until March 22 to
register their claims with court-appointed insolvency manager
Joseph Albers.

Creditors and other interested parties are encouraged to attend
the meeting at 1:45 p.m. on April 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 Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany

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

The insolvency manager can be reached at:

         Joseph Albers
         Von-der-Recke-Str. 5-7
         45879 Gelsenkirchen
         Germany
         Tel: 0209/179890

The District Court of Essen opened bankruptcy proceedings
against Hugo Milde GmbH & Co. KG on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Hugo Milde GmbH & Co. KG
         Haldenstr. 21
         45966 Gladbeck
         Germany


JULETEC SASSNITZ: Creditors Must Register Claims by March 2
-----------------------------------------------------------
Creditors of Juletec Sassnitz GmbH have until March 2 to
register their claims with court-appointed insolvency manager
Joerg Sievers.

Creditors and other interested parties are encouraged to attend
the meeting at 9:55 a.m. on March 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 Stralsund
         Hall A 421
         Fourth Floor
         House A
         Frankendamm 17
         Stralsund
         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:

         Joerg Sievers
         Robert-Blum-Str. 1
         17489 Greifswald
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against Juletec Sassnitz GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Juletec Sassnitz GmbH
         Attn: Marina Stahmann, Manager
         Bachstr. 49
         18546 Sassnitz
         Germany


KARL SCHUENEMANN: Creditors Must Register Claims by March 30
------------------------------------------------------------
Creditors of Karl Schuenemann GmbH have until March 30 to
register their claims with court-appointed insolvency manager
Ruediger Marahrens.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hildesheim
         Hall 124
         Main Building
         Kaiserstrasse 60
         31134 Hildesheim
         Germany

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

The insolvency manager can be reached at:

         Ruediger Marahrens
         Lilly-Reich-Str. 7
         31137 Hildesheim
         Germany
         Tel: 05121/69772-0
         Fax: 05121/69772-20
         Germany

The District Court of Hildesheim opened bankruptcy proceedings
against Karl Schuenemann GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Karl Schuenemann GmbH
         Attn: Jochen Thielebein, Manager
         Am Markt 4
         31162 Bad Salzdetfurth
         Germany


KLEIN KORROSIONSSCHUTZ: Creditors Meeting Slated for March 15
-------------------------------------------------------------
The court-appointed insolvency manager for Klein
Korrosionsschutz GmbH, Marc Herbert, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 11:30 a.m. on March 15.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at during the meeting.

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

The insolvency manager can be reached at:

         Marc Herbert
         Neikesstrasse 3
         66111 Saarbruecken
         Germany
         Tel: 0681-954580
         Fax: 0681-954 5823

The District Court of Saarbruecken opened bankruptcy proceedings
against Klein Korrosionsschutz GmbH on Feb. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Klein Korrosionsschutz GmbH
         Attn: Helmut Halfar, Manager
         Dieselstrasse 8
         66763 Dillingen
         Germany


LPW REINIGUNGSTECHNIK: Creditors Must File Claims by March 27
-------------------------------------------------------------
Creditors of LPW Reinigungstechnik GmbH have until March 27 to
register their claims with court-appointed insolvency manager
Gerhard Walter.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Tuebingen
         Hall 208
         Second Floor
         Branch Office
         Schulberg 14
         72074 Tuebingen
         Germany

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

The insolvency manager can be reached at:

         Gerhard Walter
         Beim Kupferhammer 5/4
         72070 Tuebingen
         Germany
         Tel. 07071/945661

The District Court of Tuebinger opened bankruptcy proceedings
against LPW Reinigungstechnik GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         LPW Reinigungstechnik GmbH
         Attn: Antonio Alvarez & Gerhard Koblenzer, Managers
         Industriestr. 19
         72585 Riederich
         Germany


METSO OYJ: German Unit to Operate Maintenance Services
------------------------------------------------------
Metso Paper, a unit of Metso Oyj, through its Scandinavian Mill
Service subsidiary, will establish and operate maintenance
services at the new Plattling Papier paper mill, next to
Myllykoski's MD Plattling mill in Germany.

The value of the long-term, full-scope agreement will not be
disclosed. The mill, which is one of the world's most modern, is
scheduled to start up in the first quarter of 2008.

The agreement -- which uses the principles of Myllykoski's
alliance partner Rhein Papier's operational model based on long-
term partnering -- covers both the establishment of a
maintenance infrastructure, such as building up an organization
and computerized maintenance management system, and the
maintenance operations themselves.

The operations consist of roll maintenance and daily
maintenance, the focus being on preventive and predictive
activities. SMS will be responsible for mechanical, electrical,
automation and civil maintenance for the entire mill.

SMS uses the latest state-of-the-art maintenance concepts
combined with Metso's machinery, process and automation know-
how, and the operator maintenance principle.  Once fully
operational, SMS will employ 40 people in Plattling.

The Scandinavian Mill Service Group operates and develops pulp
and paper industry maintenance.  The Group employs approximately
500 people in Finland, Sweden, Norway, the Czech Republic and
Spain, and now also in Germany.

Myllykoski is a family-owned international paper group with
manufacturing in Finland, Germany, Switzerland and North
America, and sales offices around the world. The Group's
products are wood-containing uncoated and coated publication
papers, including newsprint.  Myllykoski operates nine paper
mills with a total annual capacity of 2.8 million tons,
including its alliance partner Rhein Papier GmbH. The Group
companies employ approximately 3,600 people.

                        About Metso

Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj --
http://www.metso.com/-- is a global engineering and technology
corporation with 2005 net sales of around EUR4.2 billion.  Its
22,000 employees in more than 50 countries serve customers in
the pulp and paper industry, rock and minerals processing, the
energy industry and selected other industries.

The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom and the United States.

                        *    *    *

As of Feb. 9, Metso Oyj carries a 'BB+' long-term and 'B' short-
term corporate credit ratings and 'BB' senior unsecured debt
rating from Standard and Poor's.


NORDWACHT GMBH: Creditors Must Register Claims by April 2
---------------------------------------------------------
Creditors of Nordwacht GmbH have until April 2 to register their
claims with court-appointed insolvency manager Jan H. Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting at 11:16 a.m. on April 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 Flensburg
         Hall A 220
         Flensburg
         Germany

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

The insolvency manager can be reached at:

         Jan H. Wilhelm
         Albert-Einstein-Ring 11
         22761 Hamburg
         Germany

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

The Debtor can be reached at:

         Nordwacht GmbH
         Attn: Arno Boehnke, Manager
         Batteriestrasse 31
         24939 Flensburg
         Germany


NORDWACHT NIEDERSACHSEN: Claims Registration Ends April 2
---------------------------------------------------------
Creditors of Nordwacht Niedersachsen GmbH & Co. KG have until
April 2 to register their claims with court-appointed insolvency
manager Jan H. Wil-helm.

Creditors and other interested parties are encouraged to attend
the meeting at 11:16 a.m. on April 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 Flensburg
         Hall A 220
         Flensburg
         Germany

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

The insolvency manager can be reached at:

         Jan H. Wil-helm
         Albert-Einstein-Ring 11
         22761 Hamburg
         Germany

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

The Debtor can be reached at:

         Nordwacht Niedersachsen GmbH & Co. KG
         Attn: Arno W. Boehnke
         Dorfstrasse 143
         38524 Sassenburg
         Germany


QUANTUM - B: Claims Registration Ends April 3
---------------------------------------------
Creditors of Quantum - B GmbH have until April 3 to register
their claims with court-appointed insolvency manager Michael
Waculik.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on April 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wilhelmshaven
         Hall 109
         Old Building
         Market Route 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:

         Michael Waculik
         Schlosserstr. 40
         26441 Jever
         Germany
         Tel: 04461/745750
         Fax: 04461/745751
         E-mail: kanzlei@waculik.de

The District Court of Wilhelmshaven opened bankruptcy
proceedings against Quantum - B GmbH on Jan. 31.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Quantum - B GmbH
         Rheinstr. 41
         26382 Wilhelmshaven
         Germany

         Attn: Erhard Boettcher, Manager
         Feldahornweg 7
         26127 Oldenburg
         Germany

         Attn: Holger Spengeler, Manager
         Bremer Str. 6
         26349 Jade
         Germany


R - F SERVICE: Claims Registration Ends April 10
------------------------------------------------
Creditors of R - F Service Fachbetrieb fuer Radio- und
Fernsehtechnik GmbH have until April 10 to register their claims
with court-appointed insolvency manager Burghard Wegener.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 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 Goettingen
         Hall B11
         Berliner Strasse 8
         37073 Goettingen
         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:

         Burghard Wegener
         Obere Karspuele 36
         D 37073 Goettingen
         Germany
         Tel: 0551/5085920
         Fax: 5085921

The District Court of Goettingen opened bankruptcy proceedings
against R - F Service Fachbetrieb fuer Radio- und Fernsehtechnik
GmbH on Feb. 1.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         R - F Service Fachbetrieb fuer Radio- und
         Fernsehtechnik GmbH
         Attn: Johannes Strauch and Harald Bergmann, Managers
         Rodeweg 20
         37081 Goettingen
         Germany


REAL-CONSULT: Claims Registration Ends April 4
----------------------------------------------
Creditors of Real-Consult GmbH Immobilien- und
Beteiligungsinvestitionen have until April 4 to register their
claims with court-appointed insolvency manager Dr. Oliver Jakob.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 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 Ludwigsburg
         Hall 2008
         Schorndorfer Str. 28
         71638 Ludwigsburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Oliver Jakob
         Loeffelstr. 1
         70597 Stuttgart
         Germany
         Tel: (0711) 720715-0

The District Court of Ludwigsburg opened bankruptcy proceedings
against Real-Consult GmbH Immobilien- und
Beteiligungsinvestitionen on Feb. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Real-Consult GmbH Immobilien- und
         Beteiligungsinvestitionen
         Attn: Dr. Joachim C. Wrede, Manager
         Lauerhaldenweg 12
         71229 Leonberg
         Germany


RICKENS BAUUNTERNEHMEN: Claims Registration Ends May 15
-------------------------------------------------------
Creditors of Rickens Bauunternehmen GmbH have until May 15 to
register their claims with court-appointed insolvency manager
Stefanie Luethje.

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

The meeting of creditors will be held at:

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:00 a.m. on June 28.

The insolvency manager can be reached at:

         Stefanie Luethje
         Ostertorsteinweg 74/75
         28203 Bremen
         Tel: 792570
         Fax: 7925757
         E-mail: Luethje@oelb.de

The District Court of Bremen opened bankruptcy proceedings
against Rickens Bauunternehmen GmbH on Feb. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Rickens Bauunternehmen GmbH
         Attn: Joern Rickens, Manager
         Am Wendeplatz 9
         28307 Bremen
         Germany


RMH GMBH: Creditors Meeting Slated for March 19
-----------------------------------------------
The court-appointed insolvency manager for RMH GmbH,
Dr. Hubert Ampferl, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
8:45 a.m. on March 19.

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

         The District Court of Deggendorf
         Meeting Hall 3
         E 29
         Amanstrasse 17
         94469 Deggendorf
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 11:15 a.m. on June 11 at the same venue.

Creditors have until April 11 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Hubert Ampferl
         Kumpfmuhlerstr. 30
         93051 Regensburg
         Germany
         Tel: 0941/2807370
         Fax: 0941/2807379

The District Court of Deggendorf opened bankruptcy proceedings
against RMH GmbH on Feb. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

  RMH GmbH
  Waldweg 1
  94532 Aussernzell
  Germany


SCHWARTZ & SCHREINER: Creditors Meeting Slated for March 19
-----------------------------------------------------------
The court-appointed insolvency manager for Schwartz & Schreiner
GmbH, Jean-Olivier Boghossian, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
10:30 a.m. on March 19.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 8:45 a.m. on April 23 at the same venue.

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

The insolvency manager can be reached at:

         Jean-Olivier Boghossian
         Kapellenstrasse 18
         66271 Kleinblittersdorf
         Germany
         Tel: 06805/ 9090
         Fax: 06805/ 909 100

The District Court of Saarbruecken opened bankruptcy proceedings
against Schwartz & Schreiner GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Schwartz & Schreiner GmbH
         Dachsweg 2
         66128 Saarbrucken
         Germany


VIVESCO GMBH: Claims Registration Period Ends May 15
----------------------------------------------------
Creditors of Vivesco GmbH have until May 15 to register their
claims with court-appointed insolvency manager Olaf Kupke.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on June 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 Erfurt
         Hall 12
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         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:

         Olaf Kupke
         Neuwerkstr. 38
         99084 Erfurt
         Germany


WOLF BAU: Claims Registration Period Ends April 16
--------------------------------------------------
Creditors of Wolf Bau GmbH have until April 16 to register their
claims with court-appointed insolvency manager Jens Lieser.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on April 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Jens Lieser
         Josef-Gorres-Platz 5
         56068 Koblenz
         Tel: 0261-304790
         Fax: 0261-9114729

The District Court of Montabaur opened bankruptcy proceedings
against Wolf Bau GmbH on Jan. 31.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Wolf Bau GmbH
         Schulstrasse 12
         56412 Heilberscheid
         Germany


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


SMURFIT KAPPA: Moody's Puts B1 Rating on Review & May Upgrade
-------------------------------------------------------------
Moody's Investors Service placed the B1 Corporate Family Rating
for Smurfit Kappa Holdings plc and other rated debt instruments
on review for possible upgrade.

This follows the shareholders' announcement to take the company
public and apply the proceeds to immediate debt reduction.

The review was triggered by the shareholders' decision to
partially float the company's equity during March and to apply
about EUR1.3 billion of the proceeds to repayment of debt,
namely the EUR325-million 11.5% 2015 PIK bonds (rated Caa2) and
to redeem pro-rata the EUR350-million 10.125% 2012 bonds (B3)
and the US$750-million 9.625% notes (B3).  This would lower FYE
2006 net debt from about EUR5.8 billion to around EUR4.5 billion
and decrease net leverage from about 6.1x to pro-forma 4.7x.

The review will follow the progress of the initial public
offering and the subsequent tender offer for the aforementioned
bonds as well as update Moody's assessment of the outlook for
SKG's operating performance in view of the potential for new
containerboard capacities coming on stream and the continuing
pressure from rising input costs.  In this respect Moody's notes
that announced price increases still have to be sustained at a
level above cost increases for energy and fibre in order for SKG
to achieve the profitability and cash flow improvements that
would place the company solidly into the Ba rating category.
The rating impact of the review for upgrade, if any, is likely
to be limited to one notch.

The B1 CFR currently reflects SKG's leading market positions in
Europe and Latin America, the integrated containerboard and
corrugated container operations, the synergy potential of the
merged entity as well as an experienced management team. The
ratings, however, also take into account:

   (i) the highly competitive and cyclical nature of the
       industry and the commodity character of the large part of
       SKG's product portfolio;

  (ii) the adverse impact from potentially rising raw material
       costs on profitability and cash flows; and

(iii) the high leverage at 6.1x per FYE06.

These ratings were placed under review:

On Review for Possible Upgrade:

   * Smurfit Kappa Funding plc

     -- Subordinate Regular Bond/Debenture, Placed on Review for
        Possible Upgrade, currently Caa1;

     -- Senior Unsecured Regular Bond/Debenture, Placed on
        Review for Possible Upgrade, currently B3;

   * Smurfit Kappa Holdings plc

     -- Corporate Family Rating, Placed on Review for Possible
        Upgrade, currently B1;

     -- Senior Unsecured Regular Bond/Debenture, Placed on
        Review for Possible Upgrade, currently Caa2;

   * Smurfit Kappa Treasury Funding Ltd.

     -- Senior Unsecured Regular Bond/Debenture, Placed on
        Review for Possible Upgrade, currently B1

Outlook Actions:

   * Smurfit Kappa Funding plc

     -- Outlook, Changed To Rating Under Review From Stable

   * Smurfit Kappa Holdings plc

     -- Outlook, Changed To Rating Under Review From Stable

   * Smurfit Kappa Treasury Funding Ltd.

     -- Outlook, Changed To Rating Under Review From Stable

SKG was formed in December 2005 through the combination of the
Jefferson Smurfit Group Limited and Kappa Holding B.V., which
created the largest European manufacturer of containerboard and
corrugated containers and a leading industry player in Latin
America.  Since the merger, management has taken out capacities
of nearly 495,000 tons of containerboard capacity during 2006
and has realized cost synergies of EUR87 million.

Smurfit Kappa Group, headquartered in Dublin/Ireland, is
Europe's largest integrated manufacturer of containerboard,
corrugated containers and other paper-based packaging products.
SKG holds leading positions in Latin America, which accounted
for the remainder, 13%, group sales totaling approximately
EUR7 billion.


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


AKTAUREMSERVICE LLP: Creditors Must File Claims by March 23
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Aktauremservice insolvent.

Creditors have until March 23 to submit written proofs of claim
to:


         Building Of The Former Kindergarten # 51
         Micro District 27
         Aktau
         Mangistau Region
         Kazakhstan


AMERICAN EXPRESS LLP: Creditors' Claims Due March 23
----------------------------------------------------
LLP American Express Travel Services has declared insolvency.
Creditors have until March 23 to submit written proofs of claim
to:

         LLP American Express Travel Services
         Seifullin Str. 537
         Almaty
         Kazakhstan


ATASH LLP: Proof of Claim Deadline Slated for March 23
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Atash insolvent.

Creditors have until March 23 to submit written proofs of claim
to:

         Building Of The Former Kindergarten 51
         Micro District 27
         Aktau
         Mangistau Region
         Kazakhstan


CENTRAL-ASIAN LLP: Claims Registration Ends March 23
----------------------------------------------------
LLP Central-Asian Tourist Corporation has declared insolvency.
Creditors have until March 23 to submit written proofs of claim
to:

         LLP Central-Asian Tourist Corporation
         Kaldayakov Str. 35/23
         Almaty
         Kazakhstan


KARACHAGANAK LLP: Creditors Must File Claims by March 23
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region has declared LLP Karachaganak Building Service
Stroyservice insolvent.

Creditors have until March 23 to submit written proofs of claim
to:

         The Specialized Inter-Regional Economic Court of West
         Kazakhstan Region
         Seifullin Str. 37
         Uralsk
         West Kazakhstan Region
         Kazakhstan


KARAOZEK LLP: Claims Filing Period Ends March 23
------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Company-Karaozek insolvent.

Creditors have until March 23 to submit written proofs of claim
to:

         The Specialized Inter-Regional Economic Court of
         Kyzylorda
         Abai ave. 48
         Kyzylorda
         Kazakhstan
         Tel: 8 (32422) 23-56-11


KAZAGROEXPO LLP: Creditors' Claims Due March 23
-----------------------------------------------
LLP Kazagroexpo has declared insolvency.  Creditors have until
March 23 to submit written proofs of claim to:

         LLP Kazagroexpo
         Sholohov Str. 1
         Almaty
         Kazakhstan


OTTEGI-SERVICE LLP: Proofs of Claim Deadline Slated for March 23
----------------------------------------------------------------
LLP Ottegi-Service has declared insolvency.  Creditors have
until March 23 to submit written proofs of claim to:

         LLP Ottegi-Service
         Micro District 7, 5-131
         Aktau
         Mangistau
         Kazakhstan


TOKTASYN LLP: Claims Registration Ends March 23
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Toktasyn insolvent.

Creditors have until March 23 to submit written proofs of claim
to:

         The Specialized Inter-Regional Economic Court of
         Kyzylorda
         Abai ave. 48
         Kyzylorda
         Kazakhstan
         Tel: 8 (32422) 23-56-11


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


BISHKEK TRANSBUSINESS: Claims Filing Period Ends March 30
---------------------------------------------------------
LLC Bishkek Transbusiness Service (INN 00212199910066) has
declared insolvency.  Creditors have until March 30 to submit
written proofs of claim to:

         LLC Bishkek Transbusiness Service
         Kojevennaya Str. 73
         Bishkek, Kyrgyzstan


OTK LLC: Creditors Must File Claims by March 30
-----------------------------------------------
LLC Wholesale-Transport Company Optovo-Transportnaya Kompaniya
OTK has declared insolvency.  Creditors have until March 30 to
submit written proofs of claim to:

         LLC OTK
         Micro District 5, 11/1-68
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 51-32-27


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


HALCYON STRUCTURED: Moody's Rates Class E & P Notes at Low-B
------------------------------------------------------------
Moody's assigned these definitive ratings to eight classes of
notes issued by Halcyon Structured Asset Management European CLO
2006-II B.V., a bankruptcy remote special purpose vehicle
incorporated in the Netherlands:

   -- EUR106-million Class A-1 Senior Secured Floating Rate
      Notes due 2023: Aaa;

   -- EUR80-million Class A-1R Senior Secured Revolving Floating
      Rate Notes due 2023: Aaa;

   -- EUR80-million Class A-1D Senior Secured Delayed Funding
      Floating Rate Notes due 2023: Aaa;

   -- EUR34.3-million Class B Senior Secured Floating Rate Notes
      due 2023: Aa2;

   -- EUR27.1-million Class C Senior Secured Deferrable Floating
      Rate Notes due 2023: A2;

   -- EUR21.8-million Class D Senior Secured Deferrable Floating
      Rate Notes due 2023: Baa3;

   -- EUR12.5-million Class E Senior Secured Deferrable Floating
      Rate Notes due 2023: Ba3; and

   -- EUR5-million Class P Combination Notes due 2023 Ba2.

The ratings of the notes address the expected loss posed to
investors by the legal maturity of each class in 2023.  The
rating on the Class P Combination Notes addresses the expected
loss posed to investors by the legal maturity as a proportion of
the Rated Balance where the Rated Balance is equal, at any time,
to the principal amount of such class of Combination Notes on
the closing date minus the aggregate of all payments made from
the closing date until such date, either through interest or
principal payments.

These ratings are based upon:

   1. an assessment of the credit quality and of the
      diversification of the assets in the initial portfolio;

   2. an assessment of the eligibility criteria applicable to
      the future additions to the portfolio;

   3. the over-collateralization of the notes;

   4. the protection against losses through the subordination of
      the Class B, C, D, E notes, the EUR46.1-million
      subordinated notes and the excess spread available in the
      transaction;

   5. the analysis of the foreign currency risk involved in the
      transaction; and

   6. the legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a portfolio of senior and mezzanine loans.  Halcyon
Structured Asset Management L.P dynamically manages this
portfolio.  This is the second European arbitrage CLO
transaction managed by Halcyon Structured Asset Management L.P.
The portfolio acquired at closing date represents approximately
75% of the Target Par Amount to be achieved at the Effective
Date.  Further purchases will take place during the nine-month
ramp-up period at the end of which the portfolio shall comply
with these tests (subject to Moody's matrix): a diversity score
greater than 35, a weighted average rating factor lower than
2,513, a weighted average spread greater than 2.70% and a
weighted average recovery rate greater than 55%.

Thereafter, the portfolio of loans will be actively managed and
the portfolio manager will have the option to direct the issuer
to buy or sell loans.  Any addition or removal of loans will be
subject to a number of portfolio criteria.

This transaction features a multi-currency revolving class of
notes (class A-1R notes) that can be drawn either in Euros or in
Sterling.  Sterling advances will be used to purchase loans
denominated in Sterling.  Should such Sterling assets default,
Sterling advances would not be fully collateralized by Sterling
assets and therefore Euro proceeds may need to be converted into
Sterling in order to redeem Sterling advances, thus creating a
foreign exchange risk exposure that is partially mitigated by
the use of options.  This currency risk has been considered in
Moody's analysis.


PYATEROCHKA HOLDING: Discloses New Management Appointments
----------------------------------------------------------
X5 Retail Group N.V. (fka Pyaterochka Holding N.V.) disclosed
several new appointments to the Group's management.

          Corporate Affairs Managing Director

Yuri Kobaladze was appointed Corporate Affairs Managing
Director.  Mr. Kobaladze will be responsible for implementing
the company's corporate affairs policy, as well as maintaining
relationships with state structures and government institutions.

Mr. Kobaladze graduated from Moscow State Institute of
International Relations with a degree in international
journalism.  Before 1999, Mr. Kobaladze worked for Russia's
Foreign Intelligence Service and held the rank of Major General.

Starting in January 1999, he worked as First Deputy of the
General Director at the information agency ITAR-TASS.

From October 1999 until when he moved to X5, he worked as the
Managing Director of the independent investment company
Renaissance Capital.

              Chief Operational Officer

Antonio Melo was appointed Chief Operational Officer.

Mr. Melo will be responsible for the retail operations of stores
of all formats, as well as creating an integrated logistics
system.

Mr. Melo graduated from the Instituto de Empresas de Madrid
(Business Institute of Madrid) and obtained a master's degree in
commercial managing and marketing.  Mr. Melo began his career in
1981 at the Portuguese supermarket chain SUPA.

From 1989 to 2005, Mr. Melo worked at the SHV Holding (MAKRO),
where he ultimately reached the position of General Director of
Makro Asia and managed the company in China, Thailand, the
Philippines, Indonesia, Malaysia and Pakistan.

                  Human Resources Director

Yulia Anokhina was appointed Human Resources Director.

Ms. Anokhina will be responsible for implementing the company's
HR policies.  Ms. Anokhina graduated Minsk State Pedigogical
Institute of Foreign Languages.

Ms Anokhina began her career working as a manager of
compensation and bonuses at Philip Morris Management Services B.
V. and then as HR Director at Bristol-Myers Squibb Products
S. A. and Reemtsma.  She has also worked as Vice President
responsible for HR at YUKOS and the HR Director of Campomos
(part of the Campofrio Group).

Before joining X5 Retail Group N.V., Ms Anokhina worked at
Renaissance Capital, where she was the HR Director.

                Chief Information Officer

Teimur Shternlib was appointed Chief Information Officer.

Mr. Shternlib will be responsible for implementing the company's
IT policies and for integrating the IT departments of the
Group's various chains.  Mr. Shternlib graduated Moscow State
Institute of Steel and Alloys.  Before joining X5 Retail Group
N.V., Mr. Shternlib worked as the Chief Information Officer at
Alfa Group Consortium.

Beginning in March 2006, Mr. Shternlib assisted in the process
of merging Perekrestok and Pyaterochka as the Director of the IT
Strategy Department.

"With these important appointments, we are continuing to compose
an international team of managers that has extensive and
successful work experience at both the largest Russian companies
and leading international retailers," Lev Khasis, Chief
Executive Officer of X5 Retail Group N.V., said.

"I am sure that the experience and professionalism of the
appointed managers completely correspond with the level of
importance and responsibility of the Group's key objectives:
continue the dynamic growth of the integrated company, bring the
company's business management to a qualitatively higher level
and, as a result, ensure additional advantages for our
customers," Mr. Khasis added.

                  About Pyaterochka Holding

Headquartered in the Netherlands, Pyaterochka Holding N.V. (nka
X5 Retail Group N.V.) (LSE: FIVE) -- http://www.5chka.com/--
operates a large store network largely covering the Moscow
region and St. Petersburg but also has a good presence in other
Russian regions through its franchise operations.  The company
has recently acquired two of its successful regional franchise
operations -- in Yekaterinburg and Chelyabinsk.

Pyaterochka's 2004 net revenues were US$1.1 billion.  The
company has reported unaudited net revenues of US$1.4 billion
for 2005.

                          *     *     *

As of Feb. 15, Pyaterochka Holding's Long-Term Corporate Family
Rating carries Moody's B1 rating with a stable outlook.

The company's Long-Term Foreign Issuer Credit Rating and Long-
Term Local Issuer Credit Rating carry Standard & Poor's BB-
rating with a negative Outlook.


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


AGRO-PROM-KHIMIYA CJSC: Creditors Must File Claims by March 27
--------------------------------------------------------------
Creditors of CJSC Agro-Prom-Khimiya have until March 27 to
submit written proofs of claim to:

         A. Larin, Insolvency Manager
         Post User Box 210
         197372 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-49107/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Agro-Prom-Khimiya
         3rd passage
         Promarea
         Kengisepp
         188450 Leningrad
         Russia


ALFA-BANK: Places Lenenergo's RUR3-Bln Bond on MICES Exchange
-------------------------------------------------------------
Alfa-Bank and JSC Vneshtorgbank made a full placement on the
MICES stock exchange of the second issue of RUR3 billion
documentary interest bearing bonds payable to bearer issued by
JSC Lenenergo on Feb. 2.

There were 72 bids submitted by the investors, with the total
volume reaching RUR4.85 billion.  The proposed first coupon rate
ranged from 8.15% to 8.90% p.a., and most of the bids were
within 8.50% to 8.60% p.a.

The first coupon rate was set by the auction at placement and
amounted to 8.54% p.a. (which is RUR 42.58 per a bond); the
rates of the second to tenth coupons were equal to the first
coupon rate.

Effective YTM of the bonds was 8.72% p.a.  As a result of the
auction, 39 bids were satisfied.

The issue was fully placed on the commencement day.  The success
was underpinned by:

   -- a favorable market environment,
   -- impressive membership of the syndication and
   -- high credit quality of Lenenergo.

Alfa-Bank and VTB acted as arrangers and underwriters.

Co-arrangers were:

   -- Absolut Bank,
   -- Dresdner Bank,
   -- Evrofinance Mosnarbank,
   -- Rossiyskiy Kredit Bank and
   -- Bank Soyuz.

Co-underwriters were:

   -- AK BARS Bank,
   -- TransCreditBank,
   -- International Bank of St. Petersburg,
   -- Metallinvestbank,
   -- National Reserve Bank,
   -- NovikomBank,
   -- NOMOS BANK,
   -- Rosselkhozbank,
   -- RTK-Broker,
   -- IC Russ-Invest,
   -- TRINFICO Investment Company,
   -- Uniastrum Bank and
   -- Russian International Bank.

                       About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

As of Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

                         About Alfa Bank

Headquartered in Moscow, Russia, Alfa Bank --
http://www.alfabank.com/-- provides services in every key
sector of the financial service industry, including corporate
banking, retail banking, investment banking, trade finance,
insurance and asset management.  Alfa Bank's branch network has
grown to 121, including subsidiary banks in Russia, Ukraine,
Kazakhstan and the Netherlands.

In 2005 total assets of the Alfa Bank and its subsidiaries grew
to US$9.8 billion, total equity increased to US$855.8 million,
loan portfolio net of provisions increased to US$5.7 billion.
The net profit for a year 2005 was US$180.6 million.

                        *     *     *

As reported in the TCR-Europe on Dec 26, Standard & Poor's
Ratings Services raised its long-term counterparty credit rating
on Alfa-Bank to BB from BB-.  The short-term rating on the bank
was affirmed at B.  The outlook is stable.  At the same time,
the Russian national scale rating was raised to ruAA from ruAA-.

As reported in the TCR-Europe on Oct. 6, Fitch Ratings assigned
Alfa MTN Issuance Limited's US$400 million 7.875% notes issue
due October 2009 a Long-term BB- rating.  The proceeds from the
issue will be on-lent to Alfa Bank, rated Issuer Default BB-
/Outlook Stable, Short-term B, Support 4, Individual C/D, and
National Long-term A+/Outlook Stable.


CRYSTAL FACTORY: Creditors Must File Claims by March 27
-------------------------------------------------------
Creditors of OJSC Crystal Factory (TIN 3304007074) have until
March 27 to submit written proofs of claim to:

         A. Povolotskiy, Insolvency Manager
         Building 15
         Nizhegorodskaya Str. 32
         109029 Moscow
         Russia

The Arbitration Court of Vladimir commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A11-4302/2006-K1-208B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Crystal Factory
         Kalinina Str. 28
         Gus'-Khrustalnyj
         601550 Vladimir
         Russia


INVEST-SIB-COAL OJSC: Asset Sale Slated for February 28
-------------------------------------------------------
G. Tretyak, the insolvency manager and bidding organizer for
OJSC Invest-Sib-Coal, will open a public auction for the
company's properties at 2:00 p.m. on Feb. 28 at:

         G. Tretyak
         Room 212
         Pionerskiy Avenue
         Khabarovsk
         Russia

Interested Participants have until Feb. 21 to deposit an amount
equivalent to 10% of the starting price to:

         OJSC Invest-Sib-Coal
         Settlement Account 407028103260201034108 in
         Kemerovskiy branch SB 8615
         TIN 7707083893/KPP 420502002
         Correspondent Account 3010181020000000612
         BIK 043207612

Bidding documents must be submitted to:

         G. Tretyak
         Room 212
         Pionerskiy Avenue
         Khabarovsk
         Russia

The Debtor can be reached at:

         G. Tretyak
         Room 212
         Pionerskiy Avenue
         Khabarovsk
         Russia


KAZANSKAYA TOBACCO: Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Tatarstan commenced bankruptcy
supervision procedure on CJSC Kazanskaya Tobacco Factory.
The case is docketed under Case No. A65-25454/2006-SG4-31.

The Temporary Insolvency Manager is:

         R. Farrakhov
         Post User Box 97
         Kazan
         420094 Tatarstan
         Russia

The Court is located at:

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

The Debtor can be reached at:

         R. Farrakhov
         Post User Box 97
         Kazan
         420094 Tatarstan
         Russia


KIMRSKAYA LLC: Creditors Must File Claims by March 27
-----------------------------------------------------
Creditors of LLC Poultry Farm Kimrskaya have until March 27 to
submit written proofs of claim to:

         V. Bakulin, Insolvency Manager
         Post User Box 0652
         170000 Tver 100
         Russia

The Arbitration Court of Tver commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A66-103/2006.

The Court is located at:

         The Arbitration Court of Tver
         Room 7
         Sovetskaya Str. 23b
         Tver
         Russia

The Debtor can be reached at:

         LLC Poultry Farm Kimrskaya
         Kimrskiy, Tver
         Russia


LESNYE POLYANY: Creditors Must File Claims by March 27
------------------------------------------------------
Creditors of Federal State Unitary Enterprise Breeding Factory
Lesnye Polyany have until March 27 to submit written proofs of
claim to:

         A. Vakka, Insolvency Manager
         Post User Box 281
         107078 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A41-K2-14870/04.

The Court is located at:

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

The Debtor can be reached at:

         Federal State Unitary Enterprise Breeding Factory
         Lesnye Polyany
         Lesnye Polyany
         Pushkinskiy
         141200 Moscow
         Russia


MILYUTINSKOYE CJSC: Bankruptcy Hearing Slated for April 16
----------------------------------------------------------
The Arbitration Court of Rostov will convene on April 16 to hear
the bankruptcy supervision procedure on CJSC Milyutinskoye (TIN
6120000109, OGRN 1026101258061).  The case is docketed under
Case No. A53-16638/06-S2-36.

The Temporary Insolvency Manager is:

         I. Shirshov
         Apartment 103
         Entuziastov Str. 7
         Belaya Kalitva
         341042 Rostov

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         CJSC Milyutinskoye
         Obraztsov
         Milyutinskiy
         347120 Rostov
         Russia


MINE ZELENOGORSKAYA: Creditors Must File Claims by March 27
-----------------------------------------------------------
Creditors of LLC Mine Zelenogorskaya have until March 27 to
submit written proofs of claim to:

         E. Kikel, Insolvency Manager
         Post User Box 3190
         650070 Kemerovo-70,
         Russia

The Arbitration Court of Kemerovo commenced bankruptcy
proceedings against the company after finding it insolvent.  The
hearing in the Court will convene at 11:00 a.m. on Jan. 14,
2008.  The case is docketed under Case No. A27-10903/2006-4.

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         LLC Mine Zelenogorskaya
         Podgornaya Str. 6
         Krapivinskiy
         652440 Kemerovo
         Russia


OMSK VODOKANAL: Moody's Withdraws Caa1 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service withdrawn the Caa1 corporate family
rating of JSC Omsk Vodokanal for business reasons.

At the same time, Moody's Interfax Rating Agency, which is
majority owned by Moody's, also withdrew the Ba3.ru national
scale rating of Vodokanal for the same reasons.

JSC Omsk Vodokanal is headquartered in the city of Omsk and is
responsible for the operation and maintenance of water and
wastewater facilities, provision of water and wastewater
services in Omsk.


ORENBURG-TOURIST: Creditors Must File Claims by February 27
-----------------------------------------------------------
Creditors on CJSC Orenburg-Tourist have until Feb. 27 to submit
written proofs of claim to:

         S. Makarova, Temporary Insolvency Manager
         Post User Box 41
         Syzran'
         446001 Samara
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
supervision procedure on CJSC Orenburg-Tourist.  The case is
docketed under Case No. A47-12510/2005-14GK.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Orenburg-Tourist
         Orenburg
         Russia


PARNAS CJSC: Creditors Must File Claims by March 27
---------------------------------------------------
Creditors of CJSC Parnas have until March 27 to submit written
proofs of claim to:

         N. Goroshilov, Insolvency Manager
         Room 206
         Angliyskiy Pr. 3
         St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.   The case is docketed under Case No. A56-40641/06.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Parnas
         Kurchatova Str. 4
         St. Petersburg
         Russia


PETERBURGSKOYE ASSOCIATION: Claims Filing Period Ends March 27
--------------------------------------------------------------
Creditors of CJSC Peterburgskoye Association of Oil Companies
(TIN 7816128784) have until March 27 to submit written proofs of
claim to:

         A. En'kov, Insolvency Manager
         Office 521
         Mezhevoy Kanal, 5
         St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-56787/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Peterburgskoye Association of Oil Companies
         Slavy Pr. 2/5
         St. Petersburg
         Russia


ROSAL' CJSC: Creditors Must File Claims by February 27
------------------------------------------------------
Creditors of CJSC Production-Commerce Company Rosal'
have until Feb. 27 to submit written proofs of claim to:

         A. Sergeev, Temporary Insolvency Manager
         Post User Box 616
         Berezniki
         618400 Perm
         Russia

The Arbitration Court of Arkhangelsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A05-2626/2006-6.

The Court is located at:

         The Arbitration Court of Arkhangelsk
         Loginova Str. 17
         163069 Arkhangelsk
         Russia

The Debtor can be reached at:

         CJSC Production-Commerce Company Rosal'
         Parizhskoy Kommuny Str., 6-25
         163002 Arkhangelsk
         Russia


SAKHALIN-MOR-OIL-GAS-INVEST: Claims Filing Period Ends March 27
---------------------------------------------------------------
Creditors of CJSC Sakhalin-Mor-Oil-Gas-Invest have until
March 27 to submit written proofs of claim to:

         O. Butuzova, Insolvency Manager
         Office 21
         Sakhalinskaya Str. 32-a
         693007 Yuzhno-Sakhalinsk
         Russia

The Arbitration Court of Sakhalin commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A59-4924/06-S9.

The Court is located at:

         The Arbitration Court of Sakhalin
         Kommunisticheskiy Pr. 24
         693020 Yuzhno-Sakhalinsk
         Russia

The Debtor can be reached at:

         CJSC Sakhalin-Mor-Oil-Gas-Invest
         Okha
         Sakhalin
         Russia


SMOLENSK-TRANS-MILK: Bankruptcy Hearing Slated for February 27
--------------------------------------------------------------
The Arbitration Court of Smolensk will convene on Feb. 27 to
hear the bankruptcy supervision procedure on OJSC Smolensk-
Trans-Milk (TIN 6731001949).  The case is docketed under Case
No. A-62-697-N/2005 (4485/05).

The Temporary Insolvency Manager is:

         A. Borunov
         Building 1
         Mira Pr. 68
         129110 Moscow
         Russia

The Debtor can be reached at:

         OJSC Smolensk-Trans-Milk
         Soboleva Str. 102
         214000 Smolensk
         Russia


TRANSNEFT OAO: To Build New Oil Pipeline in Primorsk Port
---------------------------------------------------------
OAO Transneft will construct a new oil-export link in Primorsk,
Russia, as the government seeks to end supplying fuel to Europe
through the Druzhba land pipeline, Bloomberg News reports.

Semyon Vainshtok, president of OAO Transneft, told Bloomberg
News that the government would decide on the pipeline
construction within a month.  The 50-million-ton-a-year capacity
pipeline could be expanded if necessary to increase exports via
the Primorsk port.

The Russian government conceived the Primorsk link following a
snag with Belarus, which demanded that Russia pay transit fee.
The conflict forced Transneft, a government-owned company, to
cut oil supplies through the Druzhba pipeline, causing fuel
interruption to Central Europe.

"The transit risks for Russian oil are increasing," Mr.
Vainshtok said.  "We will cut tariffs to make it more
profitable."

                     About the Company

Headquartered in Moscow, Russia, OAO Transneft --
http://www.transneft.ru/-- operates one of the largest networks
of oil pipelines in the world.  The company moves crude oil
through more than 30,000 miles of pipeline stretching across
Eastern Europe and Asia.  Transneft operates a transportation
network consisting of more than 30,000 miles of pipeline, about
330 pump stations, and 934 tankers capable of storing more than
13 million cu. meters of petroleum product.  The company
transports about 93% of the oil produced in Russia.

                        *     *     *

OAO Transneft carries Fitch's 'BB' rating.


VNESHTORGBANK JSC: Places JSC Lenenergo RUR3-Bln Bonds on MICES
---------------------------------------------------------------
Alfa-Bank and JSC Vneshtorgbank made a full placement on the
MICES stock exchange of the second issue of RUR3 billion
documentary interest bearing bonds payable to bearer issued by
JSC Lenenergo on Feb. 2.

There were 72 bids submitted by the investors, with the total
volume reaching RUR 4.85 billion.  The proposed first coupon
rate ranged from 8.15% to 8.90% p.a., and most of the bids were
within 8.50% to 8.60% p.a.

The first coupon rate was set by the auction at placement and
amounted to 8.54% p.a. (which is RUR 42.58 per a bond); the
rates of the second to tenth coupons were equal to the first
coupon rate.

Effective YTM of the bonds was 8.72% p.a.  As a result of the
auction, 39 bids were satisfied.

The issue was fully placed on the commencement day.  The success
was underpinned by:

   -- a favorable market environment,
   -- impressive membership of the syndication and
   -- high credit quality of Lenenergo.

Alfa-Bank and VTB acted as arrangers and underwriters.

Co-arrangers were:

   -- Absolut Bank,
   -- Dresdner Bank,
   -- Evrofinance Mosnarbank,
   -- Rossiyskiy Kredit Bank and
   -- Bank Soyuz.

Co-underwriters were:

   -- AK BARS Bank,
   -- TransCreditBank,
   -- International Bank of St. Petersburg,
   -- Metallinvestbank,
   -- National Reserve Bank,
   -- NovikomBank,
   -- NOMOS BANK,
   -- Rosselkhozbank,
   -- RTK-Broker,
   -- IC Russ-Invest,
   -- TRINFICO Investment Company,
   -- Uniastrum Bank and
   -- Russian International Bank.

                         About Alfa Bank

Headquartered in Moscow, Russia, Alfa Bank --
http://www.alfabank.com/-- provides services in every key
sector of the financial service industry, including corporate
banking, retail banking, investment banking, trade finance,
insurance and asset management.  Alfa Bank's branch network has
grown to 121, including subsidiary banks in Russia, Ukraine,
Kazakhstan and the Netherlands.

In 2005 total assets of the Alfa Bank and its subsidiaries grew
to US$9.8 billion, total equity increased to US$855.8 million,
loan portfolio net of provisions increased to US$5.7 billion.
The net profit for a year 2005 was US$180.6 million.

                       About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

As of Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

                        *     *     *

Following the recent upgrade of the Russian sovereign foreign
and local currency IDRs to BBB+ from BBB, Fitch ratings affirmed
Vneshtorgbank's Individual rating at C/D and Support at 2.


YUKOS OIL: Creditor Claims Rise to RUR709 Billion
--------------------------------------------------
OAO Yukos Oil Co. is facing more than RUR709 billion
(US$26.8 billion) in claims filed by 68 creditors in its
bankruptcy proceedings, according to published reports citing
Eduard Rebgun, the company's bankruptcy manager, as saying.

As of Jan. 31, the company's largest creditors include:

                                     Claim Amount
   Creditor                   (RUR)              (US$)
   --------               -------------      ------------
   Federal Tax Service    429.3 billion      16.3 billion
   Rosneft                264.6 billion        10 billion
   Tomskneft               12.2 billion       465 million
   Samaraneftegaz           1.9 billion        70 million
   Siberian Service Co.   228.4 million       8.7 million

According to AK&M News, Yukos' assets are valued at US$33
billion minus a 30% discount.  The sale of the company's
remaining assets, which include refineries and two oil
production units, will begin following the completion of the
valuation process this month.

                        About Yukos Oil

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

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was
dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark.

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

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

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

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


YUKOS OIL: Gazprom, Itera & Norilsk to Join Bidding War
-------------------------------------------------------
Gazprom, Itera and Norilsk Nickel are among the latest firms to
express interest in acquiring the assets of bankrupt OAO Yukos
Oil Co., Nikolai Lankevich, a spokesman for Yukos' bankruptcy
receiver, Eduard Rebgun, said.

As reported in the Troubled Company Reporter-Europe on Feb. 13,
Chevron Corp. became the first U.S. firm to convey its plans to
enter the bidding race for Yukos.  Aside from the four
companies, other global energy investors, including ESN Group --
a consortium comprised of Italy's Eni SpA and Enel SpA -- have
indicated its intention to bid.

According to AK&M News, Yukos' assets are valued at
US$33 billion minus a 30% discount.  The sale of the company's
remaining assets, which include refineries and two oil
production units, will begin following the completion of the
valuation process this month.

A Gazprom spokeswoman hinted to Miriam Elder of The Moscow Times
that the company would likely bid for Yukos' 20 percent stake in
Gazprom Neft, Gazprom's oil subsidiary (fka Sibneft) after it
bought Sibneft from Roman Abramovich in 2005.

Itera, on the other hand, suggests a bid for Yukos' prized
assets: oil-production units Tomskneft and Samaraneftegaz, Ms.
Elder cited Itera spokesman Yevgeny Ostapov as saying.

Meanwhile, Norilsk Nickel is eyeing to improve its research in
hydropower and thus plans to bid for Yukos' research and
development center, The Moscow Times relates.

As previously reported by the Wall Street Journal, most
observers believe the Kremlin will maintain tight, though
informal, control over the auction proceedings even amidst
promises of an open and fair process from the office of Mr.
Rebgun.

Rosneft Oil and Gazprom are widely expected to take over the
bulk of the nearly 200 Yukos assets set to be liquidated this
year, The Moscow Times reports.

Analysts told The Moscow Times that Rosneft and Gazprom could be
aligning themselves with foreign and domestic partners in a bid
to avoid the legal mess in the 2004 bidding war for
Yuganskneftegaz, Yukos' main production unit.

                        About Yukos Oil

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

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was
dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few
days later, the Russian Government sold its main production unit
Yugansk to a little-known firm Baikalfinansgroup for US$9.35
billion, as payment for US$27.5 billion in tax arrears for 2000-
2003.  Yugansk eventually was bought by state-owned Rosneft,
which is now claiming more than US$10 billion from Yukos.

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

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

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

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


YUKOS OIL: Russian Tax Service Points to PwC for Lawsuit Delay
--------------------------------------------------------------
The Federal Tax Service of Russia has accused the local branch
of U.K.-based PricewaterhouseCoopers, the auditor of bankrupt
OAO Yukos Oil Co. in 2002-2004, of deliberately delaying a suit
against Yukos, RIA Novosti reports.

According to RIA, the Moscow Arbitration Court postponed its
Feb. 14 hearing on the case to Feb. 26 due to the absence of
arbitration assessors.

The tax regulator filed the case against PwC in December 2006,
accusing the firm of covering up Yukos's alleged illegal
financial schemes and compiling two different audits, RIA
Novosti relates.

According to the report, arbitration assessors are invited to
the trial upon the request of the British auditor, despite
objections from tax officials.  The tax service then presented
their candidacy to the assessor and later discovered that PwC
allegedly didn't submit its own candidacy based on court
documents, RIA relates.  A PwC representative produced to court
during the hearing a copy of a candidacy request allegedly
submitted Feb. 2, RIA adds.

PwC argued that it didn't know why the original document was not
among the case materials as it had filed the request on the
afternoon of Feb. 2.

Subsequently, the court postponed the session due to the absence
of assessors from both sides.

On Dec. 18, the court accepted the case from the Federal Tax
Service, which sought to invalidate a contract between Yukos and
PwC's Russian office on auditing services.  The tax regulator
also demanded a US$145,000 repayment from PwC on the cost of the
contract, RIA Novosti noted.

According to RIA Novosti, the court granted FTS' request to
change the litigation claims to charge US$480,000 from PwC,
instead of the US$145,000 demand.

"The tax service has evidence that the auditor's report to the
[oil] company's management and the official report were mutually
contradictory," the tax service told RIA Novosti.

As previously reported, the tax officials said PwC confirmed
that Yukos's financial operations in 2003-2004 were in full
compliance with Russian legislation, even amidst tax violations
discovered in 2002, to which Yukos has failed to remove in the
subsequent two years.

The auditing firm has denied the tax regulator's accusations
asserting that the management of a company, not an auditor, was
responsible for financial decisions.

PwC argued that its report on Yukos contained an amendment
highlighting the disclosed irregularities, which the firm also
included in a written statement recommending that the company
review its operations.

                        About Yukos Oil

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

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was
dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark.

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

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

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

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


ZLATOUSTOVSKIY FACTORY: Creditors Must File Claims by March 27
--------------------------------------------------------------
Creditors of LLC Zlatoustovskiy Factory of Building Materials
have until March 27 to submit written proofs of claim to:

         A. Belugin, Insolvency Manager
         Kovshova Str. 23-29
         Zlatoust
         456200 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A76-12406/2006-34-153.

The Court is located at:

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

The Debtor can be reached at:

         LLC Zlatoustovskiy Factory of Building Materials
         Medvedevka
         Kusinskiy
         Chelyabinsk
         Russia


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


ALCATEL-LUCENT: In Talks with Spanish Unions Over 310 Job Cuts
--------------------------------------------------------------
Alcatel-Lucent met with representatives of Spain Works Council
to begin discussing how the company's synergy plans will impact
employee positions in Spain.

In April 2006, when the merger between Alcatel and Lucent
Technologies was announced, the companies stated the primary
driver of the merger was to generate growth in revenues and
earnings while yielding synergies of about EUR1.4 billion in
annual pre-tax cost synergies within three years after the
merger, which closed on Nov. 30, 2006.

On Feb. 9, the company announced its results and provided an
update on its integration efforts.  It believes the combination
of the original synergy plan and additional cost reductions will
enable it to realize a total of EUR1.7 billion pre-tax cost
savings within three years.  The cost reductions will entail
further reductions to the workforce than was originally planned,
and Alcatel-Lucent now expects to reduce headcount by about
12,500 positions over the next three years.

The topics presented to the works council are a starting point
for communication with employees and unions prior to any
actions.

"We have undertaken a thorough and thoughtful review of our
operations in Spain, and we anticipate that we need to eliminate
some 310 positions over the next 24 months," said Alfredo
Redondo, President Alcatel Lucent for Iberia.  "These are
difficult decisions, and we will be sensitive to employees and
treat them with the dignity and respect they deserve.  As we
have done in the past, we will do what we can to minimize the
impact of this decision."

Currently, Alcatel-Lucent employs some 1,250 people in Spain, in
a variety of positions.  The force reductions primarily reflect
duplications in positions and rationalization in product and
solution portfolio created with the merger of the two companies.

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that
enable service providers, enterprises and governments worldwide,
to deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol (IP) technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work and on the move.

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

                          *     *     *

As of Feb. 7, Alcatel-Lucent's Long-Term Corporate Credit rating
and Senior Unsecured Debt carry Standard & Poor's BB- rating.
It's Short-Term Corporate Credit rating stands at B.

Moody's on the other hand put a Ba2 rating on Alcatel's
Corporate Family and Senior Debt rating.  Lucent carries Moody's
B1 Senior Debt rating and B2 Subordinated debt & trust preferred
rating.

Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured
Debt rating at BB.


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


CONCORDIA BUS: Liquidity Position Prompts S&P's Stable Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Sweden-based bus services provider Concordia Bus AB to stable
from negative.

At the same time, Standard & Poor's affirmed it 'B-' long-term
corporate credit rating on Concordia and assigned its 'B-' long-
term corporate credit rating to Concordia's subordinate holding
company Concordia Bus Nordic Holding AB.  The 'CCC+' senior
secured debt rating on the EUR130 million notes issued by
Concordia's wholly owned indirect subsidiary Concordia Bus
Nordic AB was also affirmed.  Concordia Bus Nordic Holding
provides a guarantee in favor of the notes.

"The outlook revision reflects the benefit to the group's
liquidity position of improving trading and a strengthened
capital base," said Standard & Poor's credit analyst Leigh
Bailey.

Financial performance has gradually improved during the current
financial year, reflected by a small operating profit recorded
by Concordia Bus Nordic Holding of Swedish krona 30 million for
the three months to Nov. 30, 2006, after a significant period of
losses.  Improving profits and cash flows help to underpin the
group's liquidity situation, which remains tight but appears
adequate.  Stable diesel prices, volume development in existing
business, and the beginning of the phase-out of loss-making
contracts have provided early signs that Concordia can make
progress toward its 3% EBIT margin target in the full year
ending Feb. 28, 2008. Business conditions remain challenging,
but an improving contract portfolio and a more benign oil price
environment could provide further support to financial
performance.  The group has some fuel hedging protection through
the indexation of Swedish local public authority bus contracts
revenues, which reduces diesel price exposure by about 60%, but
is not currently hedged for interest and currency exposure.

"Standard & Poor's expects Concordia's successful completion of
its additional share issue to lower cash debt service costs and
give the group additional flexibility to meet its short-term
financial obligations," Mr. Bailey added.

S&P expects group EBITDA to net fixed-charge coverage and funds
from operations to adjusted debt to remain at above 1.0x and
about 10%, respectively.  The outlook or ratings could be
pressured, however, in the event that liquidity becomes
threatened.


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


CONSUS JSC: Creditors' Liquidation Claims Due March 1
-----------------------------------------------------
Creditors of JSC Consus have until March 1 to submit their
claims to:

         Reto Wolfisberg
         Liquidator
         Seestattstrasse 20
         8852 Altendorf SZ
         Switzerland

The Debtor can be reached at:

         JSC Consus
         Altendorf SZ
         Switzerland


JURT JSC: March Court Closes Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Service of March entered Jan. 23, an order
closing the bankruptcy proceedings of JSC Jurt.

The Debtor can be reached at:

         JSC Jurt
         Seefeldstr. 6
         8853 Lachen
         March SZ
         Switzerland

The Bankruptcy Service of March can be reached at:

         Bankruptcy Service of March
         8853 Lachen
         March SZ
         Switzerland


PIZZERIA LEONE: Creditors' Liquidation Claims Due March 1
---------------------------------------------------------
Creditors of LLC Pizzeria Leone have until March 1 to submit
their claims to:

         Vreny Leone-Kuonen
         Liquidator
         3956 Guttet-Feschel
         Leuk VS
         Switzerland

The Debtor can be reached at:

         LLC Pizzeria Leone
         3956 Guttet-Feschel
         Leuk VS
         Switzerland


SWISSAIR: Presentation of Schedule of Claims Ends March 6
---------------------------------------------------------
Swissair's creditors have until March 6 to inspect the company's
liquidation status as of Dec. 31, 2006, at the offices of
liquidator:

         Karl Wuthrich
         Wenger Plattner
         Seestrasse 39
         Goldbach-Center
         8700 Kusnacht ZH
         Switzerland

The liquidation status includes the respective inventory, as
well as the schedule of claims that have been drawn up in the
debt restructuring proceeding with the assignment of assets of
Swissair, which is in debt restructuring liquidation.

In order to inspect the schedule of claims, creditors must
schedule an appointment with Milena Munst at tel. +41 43 222 38
00.

Creditors who wish to contest the schedule of claims must lodge
their complaints with the single judge in accelerated
proceedings at:

         The District Court of Bulach
         Spitalstrasse 13
         8180 Bulach ZH
         Switzerland

Complaints must be submitted within 20 days after the Swiss
Official Gazette of Commerce announces the commencement of the
inspection.

The inspection period, which was announced in the Swiss Gazette
Feb. 14, will run until March 6.  The schedule of claims will
become final if no actions contesting the schedule of claims are
lodged.

The debtor can be reached at:

         Swissair Swiss Air Transport Company Ltd.
         Balz Zimmermann-Strasse
         8302 Kloten ZH
         Switzerland


WARENHANDEL SALIHOVIC: Creditors' Liquidation Claims Due March 1
----------------------------------------------------------------
Creditors of LLC Warenhandel Salihovic have until March 1 to
submit their claims to:

         Sema Muharemovic-Salihovic
         Liquidator
         Rolliweg 27
         2543 Lengnau BE
         Switzerland

The Debtor can be reached at:

         LLC Warenhandel Salihovic
         Lengnau BE
         Switzerland


ZUSATZSTIFTUNG FUR: Creditors' Liquidation Claims Due March 13
--------------------------------------------------------------
Creditors of JSC Zusatzstiftung fUr Personalvorsorge der Vermat
have until March 13 to submit their claims to:

         JSC Zusatzstiftung fUr Personalvorsorge der Vermat
         Liquidator
         Uferstrasse 12
         4414 Fullinsdorf
         Liestal BL
         Switzerland

The Debtor can be reached at:

         JSC Zusatzstiftung fUr Personalvorsorge der Vermat
         Uferstrasse 12
         4414 Fullinsdorf
         Liestal BL
         Switzerland


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


NASKA: Claims Submission Deadline Set March 2
---------------------------------------------
Creditors of Small Enterprise Naska (code EDRPOU 20356880) have
until March 2 to submit written proofs of claim to:

         Denis Matveychuk, Liquidator
         P.O. Box 189
         Mariupol
         87557 Donetsk
         Ukraine

The Court is located at:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/10b.

The Debtor can be reached at:

         Small Enterprise Naska
         Vyzvoliteley Str. 66/18
         Mariupol
         87541 Donetsk
         Ukraine


SEVERODONETSK INSTRUMENT-MAKING: Liquidator Looking for Buyers
--------------------------------------------------------------
The liquidator of OJSC Severodonetsk Instrument-Making Plant,
V. Bondarev, has launched a tender for the ownership of the
bankrupt enterprise.

Potential buyers have until Feb. 26 to submit their bids to:

         V. Bondarev, Liquidator
         Severodonetsk Novikov Str. 2
         93400 Lugansk
         Ukraine
         Tel: (06452)973-24
         Fax: (0645)71-45-03

The liquidator will review the bids on March 2.


SOUTH ELECTRO: Claims Submission Deadline Set March 4
-----------------------------------------------------
Creditors of OJSC South Electro Net Building (code EDRPOU
22915450) have until March 4 to submit written proofs of claim
to:

         T. Savchuk, Liquidator
         Mihaylovsky Avenue 4
         01001 Kiev
         Ukraine

The Economic Court of Kyiv commenced bankruptcy proceedings
against the company on Jan. 16 after finding it insolvent.  The
case is docketed under Case No. 15/79B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC South Electro Net Building
         Alma-Ata Str. 8
         02090 Kiev
         Ukraine


TRUBEX LLC: Claims Submission Deadline Set March 2
--------------------------------------------------
Creditors of have until March 2 to submit written proofs of
claim to:

         Vladimir Shmal, Liquidator
         Heroes of Chernobil Str. 61/18
         Nikopol
         53210 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent. LLC
Trubex (code EDRPOU 33323905) on Jan. 23.  The case is docketed
under Case No. B 24/414-06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Trubex
         Sokol 1
         49000 Dnipropetrovsk
         Ukraine


VYRY OJSC: Creditors Must Submit Claims by March 4
--------------------------------------------------
Creditors of OJSC VYRY (code EDRPOU 32444224) have until March 4
to submit written proofs of claim to:

         Tatiana Nagorneva, Temporary Insolvency Manager
         Gagarin Str. 2
         Sumy
         Ukraine
         Tel: (0542)22-14-06

The Economic Court of Sumy commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
6/150-06.

The Court is located at:

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

The Debtor can be reached at:

         OJSC VYRY
         Vyry
         Belopolye District
         41850 Sumy Ukraine


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


COLLINS & AIKMAN: Judge Rhodes OKs Beringea as Investment Banker
----------------------------------------------------------------
The Honorable Steven W. Rhodes of the U.S. Bankruptcy Court for
the Eastern District of Michigan authorized Collins & Aikman
Corp. and its debtor-affiliates to employ Beringea LLC as
investment banker, nunc pro tunc to Dec. 8, 2006.

Notwithstanding anything to the contrary in the Bankruptcy Code,
the Bankruptcy Rules, the Local Rules, any Court orders or
guidelines regarding submission and approval of fee
applications, Beringea is not required to maintain time records
for services rendered.

The TCR-Europe on Feb. 12 relates that as part of the Debtors'
sale process, Beringea will assist in marketing and selling
different and unrelated assets in the Plastics business.

Beringea will handle the plants located in Evart, Michigan;
Windsor, Ontario; Belvidere, Illinois; St. Louis, Missouri; and
Mississuaga, Ontario.

Specifically, Beringea will:

    -- conduct sell-side due diligence on their assigned plants;
    -- determine the fair market value of the Plants;
    -- organize a data room, virtual or otherwise;
    -- coordinate acquirer due diligence;
    -- negotiate a stalking horse bid, if appropriate;
    -- assist in the preparation of management presentations;
    -- identify prospective parties to a transaction;
    -- prepare information on the plastics businesses;
    -- assist in conducting auctions of the Plastics businesses;
    -- disseminate information to prospects; and
    -- provide testimony at hearings, as requested.

Beringea and the Debtors had agreed, in an engagement letter, to
a five-month term, wherein each party may terminate the
Agreement by giving a 15-day prior written notice.

The Debtors will pay Beringea non-refundable US$68,500 cash
advisory fee upon signature of the Agreement; and US$65,000
monthly fee, the first payment due on Jan. 8, and on the eighth
day of each succeeding month.  Beringea will be reimbursed for
its out-of-pocket expenses.

If the Debtors concluded a transaction during the term of the
engagement, or Beringea advised the Debtors with respect to an
offer, agreement, commitment or letter of intent with a
potential buyer during the term that leads to a concluded
transaction with the potential buyer within six months of the
termination of the Agreement, the Debtors will compensate
Beringea with a transaction fee paid on or before closing of a
transaction.

Consideration for separate transactions will be accumulated for
purposes of determining the applicable percentage.  Transaction
fees for an individual transaction will be based on the
applicable percentage for the incremental consideration added to
the accumulated sum by virtue of the individual transaction.

   Cumulative Consideration                 Applicable %
   ------------------------                 ------------
   Less than or equal to US$10,000,000          3.50%
   More than US$10,000,000                      1.00%

If transaction fees are due, the aggregate sum of the
transaction fees should not be less than US$350,000.  Beringea
will credit all non-refundable cash advisory fees to reduce any
transaction fees payable.

Kevin M. Heckman, a member of the firm, informed the Court that
the Beringea does not hold or represent any adverse interest to
the Debtors' estates.  The firm has connections and
relationships with potential parties-in-interest that includes
Huron Valley Steel Corp., ArvinMeritor, Inc., and Clarion
Technologies Inc.  A Beringea employee is also the spouse of
Collins & Aikman Corp.'s director of International Taxation and
an officer of one of the Debtors.  Beringea do not believe that
the connections create a conflict of interest regarding the
Debtors in their Chapter 11 cases.

Mr. Heckman added that certain Beringea employees may have
business associations with certain potential parties-in-
interest.  Beringea has not and will not represent the interests
of these clients in the Debtors' Chapter 11 cases, Mr. Heckman
assured the Court.

Mr. Heckman attested that Beringea is a "disinterested person"
as that term is defined in Section 101(14) of the Bankruptcy
Code, as modified by Section 1107(b).

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
US$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 52;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


COLLINS & AIKMAN: Wants to Enter Into Pine River's DIP Facility
---------------------------------------------------------------
Collins & Aikman Corp. and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the Eastern District of
Michigan to be a participating customer in the debtor-in-
possession financing facility of Pine River Plastics Inc., and
to enter into a subordinated participation agreement and inter-
customer agreement.

Before filing for bankruptcy, Pine River Plastics supplied
automotive parts to the Debtors for incorporation in the end-
production of various automobiles manufactured by certain of the
Debtors' major original-equipment-maker customers, including
DaimlerChrysler Corp. and General Motors Corp.  Pine River is a
critical supplier of the Debtors; it supplies the automotive
parts on a just-in-time basis.

Pine River sought Chapter 11 protection on Feb. 1, presently
pending before Judge Phillip J. Shefferly in the U.S.
Bankruptcy Court for the Eastern District of Michigan, Southern
Division.  To fund its postpetition operations, Pine River has
entered into a debtor-in-possession credit facility with PNC
Bank, N.A.  As a condition to obtaining the DIP Financing
Facility, certain customers, each representing over 5% of Pine
River's annual business, including the Debtors, were required to
participate in the DIP Financing Facility, and, inter alia,
enter into the subordinated participation agreement.

Patrick J. Kukla, Esq., at Carson Fischer, P.L.C., in Bloomfield
Hills, Michigan, tells the Court that if the Debtors do not
participate and enter into the Subordinated Participation
Agreement and a related inter-customer agreement, Pine River
will cease to produce automotive parts for the Debtors.  The
Debtors' estates could incur substantial damage claims from DCC
and GM, he warns.

In consideration of the Debtors' agreement to participate and
enter into the two agreements, Pine River and its Lender agreed
to enter into an access agreement, which provides the Debtors,
and the other participating Customers, with the right to access
Pine River's facility, if Pine River defaults, to ensure
production of the automotive parts.

A copy of the Access Agreement is available for free at:

               http://ResearchArchives.com/t/s?19c8

By participating in the DIP Financing Facility, the Debtors
agree to provide certain credit enhancements:

   (a) reconciliation and payment of net prepetition
       accounts and  an agreement not to assert
       consequential damages with respect to
       prepetition accounts;

   (b) a limitation of set-offs against prepetition and
       postpetition accounts;

   (c) an agreement to purchase inventory if certain events
       occur;

   (d) a change of postpetition payment terms to net seven days
       or equivalent expedited basis; and

   (e) an agreement not to resource production until Feb. 23.

Under the Subordinated Participation Agreement, the Debtors
agree to purchase from Lender subordinated participations in the
DIP Financing Facility, which will be made available to Pine
River as incremental overformula advances.

The significant terms of the Subordinated Participation
Agreement include:

    -- The participations will be purchased and owned as
       determined by the Intercustomer Agreement; and

    -- Unless and until the Lender's portion of the DIP loans
       have been repaid in full; all other costs, expenses and
       obligations of Pine River to the Lender have been repaid
       in full; and the Lender's commitment have been
       terminated, the Participating Customers will set off
       or recoup any amounts owed by Pine River to them
       on account of the participations against any amounts
       owed by the Participating Customers to Pine River.

A copy of the Subordinated Participation Agreement is available
for free at http://ResearchArchives.com/t/s?19c9

The terms of the Inter-customer Agreement are:

   (x) Each Participating Customer will give at least
       seven days' prior written notice to the
       other Participating Customers of the dates on which
       its parts production program will be resourced to a
       new supplier, and on which the resourcing
       activities will substantially complete;

   (y) For the period before completion of their resourcing, the
       Debtors agree to fund 17.7% of Pine River's out-of-
       formula Financing needs (less the US$1,400,000 to
       be funded by Pine River's Lender) arising under its
       DIP Loans; and

   (z) After the Debtors' resourcing is completed, they will
       fund all incremental, identifiable labor cots of Pine
       River incurred after resourcing related to the removal of
       the Debtors' tooling and inventory.

A copy of the Intercustomer Agreement is available for free at:

               http://ResearchArchives.com/t/s?19ca

The Debtors are to be compensated for the Debtors' financial
contributions under the DIP Financing Facility and Subordinated
Participation Agreement, and Intercustomer Agreement, by DCC and
GM in accordance with the Customer Agreement and corresponding
protocol previously approved by the Court.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
US$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 52;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


CORUS GROUP: Tata May Buy Back Existing Debt; Investors at Risk
---------------------------------------------------------------
Investors holding derivatives contracts linked to debt
previously issued by Corus Group Plc may be at risk as Tata
Steel intends to buy back existing debt of the steelmaker in its
financing of the GBP6.7 billion (US$13.1 billion) acquisition,
The Financial Times reports citing people familiar with the
matter.

According to FT, Tata's move could slash the value of
derivatives contracts and cause losses for the investors holding
these contracts, such as hedge funds.

Tata declined to provide further details regarding its financing
mechanism for the acquisition or for Corus's outstanding debt
since talks are still ongoing.

However, Tata is considering a bridge finance scheme to buy out
Corus's current shareholders and debtors via a special-purpose
vehicle that would take over Corus's assets, financed by fresh
equity and new non-recourse debt, raised against Corus's cash
flows, FT relates.

FT says holders of Corus derivatives contracts would want Tata
to link the debt raised in this way to outstanding Corus credit-
default swap contracts because CDS contracts, which protect
investors from corporate default, in effect lose their value if
a company suddenly withdraws all its outstanding debt.

However, officials familiar with the financing plans told FT
that outstanding Corus contracts will probably have no
deliverable debt under the financing structure making them
"orphaned" or potentially worthless.

Corus has about EUR800 million (US$1 billion) of euro bonds and
GBP300 million of sterling bonds outstanding.  The volume of
related CDS contracts written in private markets is estimated to
be between five and 10 times that value, FT reveals.

As previously reported in the TCR-Europe on Jan. 31, Tata Steel
won an auction for Corus over Companhia Siderurgica Nacional
after offering investors 608 pence per share in cash, or
GBP5.7 billion (US$11.3 billion).

                        About Tata Steel

Established in 1907, Tata Steel is Asia's first and India's
largest private sector steel company. Tata Steel is among the
lowest cost producers of steel in the world and one of the few
select steel companies in the world that is EVA+ (Economic Value
Added).

                       About Corus Group

Corus Group plc, fka British Steel, was formed when the U.K.
privatized its major steelworks in 1988.  It then changed its
name to Corus Group after acquiring most of Dutch rival
Koninklijke Hoogovens.  Corus makes coated and uncoated strip
products, sections and plates, wire rod, engineering steels, and
semi-finished carbon steel products.  It also manufactures
primary aluminum products. Customers include companies in the
automotive, construction, engineering, and household-product
manufacturing industries.

Six years ago, the group suffered from the crisis in British
manufacturing, which prompted it to shake up management, close
plants, cut jobs, and sell assets to lower debt.  Its debt was
thought to stand at GBP1.6 billion in 2002.

After posting a net loss of GBP458 million in 2003, it embarked
on a restructuring program, signed a new EUR1.2 billion banking
facility, and issued GBP307 million worth of shares.  It
returned to operating profit in the first quarter of 2004.  The
recent recovery of steel prices and the strength of the euro are
expected to help it achieve relatively strong earnings.

                          *     *     *

As reported in the TCR-Europe on Feb. 2, Fitch Ratings said that
Corus Group Plc's Issuer Default 'BB-' and Short-term 'B'
ratings remain on Rating Watch Negative following a recommended
bid, valued at GBP6.2 billion, from India-based Tata Steel Ltd.
in the wake of an auction process conducted by the U.K. Takeover
Panel on Jan. 30-31.

The RWN also applies to the 'B+' ratings on CS's EUR800 million
7.5% senior notes and Corus Finance Plc's GBP200m 6.75%
guaranteed bonds.

At the same time, Standard & Poor's Ratings Services kept its
'BB' long-term corporate credit rating on U.K.-based steelmaker
Corus Group PLC on CreditWatch with developing implications,
after the completion of the auction process, during which India-
based steel manufacturer Tata Steel Ltd. offered the highest bid
of 608 pence per share.


CORUS GROUP: Netherlands Unit Sets March 7 Bondholder Meeting
-------------------------------------------------------------
Corus Nederland BV is calling a Bondholder Meeting for holders
of its NLG345 million 4.625% convertible bonds due April 2007,
of which NLG335 million are currently outstanding.

The Bondholder Meeting will be held at 10:00 a.m. CET on March 7
at the offices of:

         De Brauw Blackstone Westbroek
         Tripolis
        (Tower 100)
         Burgerweeshuispad 301
         1076 Amsterdam
         The Netherlands

If necessary, the Adjourned Bondholder Meeting will be held at
the same address on March 26.

                           Background

On Jan. 31, it was disclosed that Tata Steel Ltd. had emerged as
the winner of an auction process for Corus Group plc.  Tata
Steel's winning bid of 608 pence in cash for each share in Corus
valued the company at approximately GBP6.2 billion.  The
acquisition of Corus is to be made by Tata Steel U.K. Ltd., a
wholly owned indirect English subsidiary of Tata Steel.

The Acquisition is proposed to be effected by means of a scheme
of arrangement under section 425 of the Companies Act 1985 of
England and Wales, but may, in the alternative, be effected by
way of an offer in accordance with the City Code on Takeovers
and Mergers in the United Kingdom.  The date on which the Scheme
is currently proposed to be effective is April 2.

Corus Nederland BV is offering Bondholders the opportunity to
redeem the Bonds early in conjunction with the Acquisition.
Bondholders are asked to consider whether they wish the Bonds to
be redeemed on the Early Redemption Date.  The necessary
resolution will be voted upon at a Bondholder Meeting to be held
on March 7.  Bondholders may vote by proxy if they do not wish
to attend the Bondholder Meeting.

                        The Proposal

If the Resolution is passed, the Issuer and the Trustee will
enter into a supplemental trust deed amending the terms of the
Bonds. If the effective date of the Scheme, or the date on which
the Offer becomes unconditional in all respects, then occurs on
or before April 18, the redemption of the Bonds will occur on
the day two business days after the Effective Date, instead of
on April 22 as currently documented.  In these circumstances the
Bonds will be redeemed at the Early Redemption Price plus
accrued interest on the Bonds from April 22 to Dec. 30, 2006.

If the Resolution is passed and the Bonds are redeemed on the
Early Redemption Date, Bondholders on whose behalf a Dutch bank
or other institution submits a Voting Instruction in favor of
the Resolution to the Tabulation Agent so that it arrives prior
to 16:00 CET on the Early Submission Date (Feb.28) will, subject
to the terms and conditions in the Consent Solicitation
Statement, receive, in addition, a premium in an amount of
NLG2.50 per NLG1,000 principal amount of the Bonds which were
the subject of that Voting Instruction, provided that such
Bondholders do not revoke their Voting Instructions or attend
the Bondholder Meeting or Adjourned Bondholder Meeting.

                  The Early Redemption Price

The Early Redemption Price in Dutch Guilders for each NLG1,000
principal amount of Bonds will be calculated in accordance with
the following formula:

   (CR x OP x FX)
    ------------      x NLG 1,000
       1,000

   CR= the Conversion Ratio (the number of Corus shares
       which would, if the Bonds were converted in
       accordance with the Trust Deed, be issued per
       NLG1,000 principal amount of Bonds), which is
       57.7821 (being NLG 1,000 divided by the
       Conversion Price (as defined in the Trust Deed) per
       Corus share of EUR7.8533))

   OP= the offer price per Corus share for the purposes of
       the Acquisition, being GBP6.08; and

   FX= the Dutch Guilder/Pound Sterling foreign exchange
       rate, determined by the Issuer, expressed as the
       number of Dutch Guilders per GBP1, and derived from
       the official Dutch Guilder/Euro rate of NLG2.203710
       per EUR1, and using the Euro/Pound Sterling
       foreign exchange rate taken to be the GBP/EUR
       FX rate as posted on Bloomberg page GBPEURCRNCY (or
       such other similar rate as the Trustee may approve if
       no such rate is posted) at midday, London time, on
       the Effective Date

Bondholders who convert in the Corus 2007 financial year are
entitled, under the Trust Deed, to accrued interest on their
Bonds in respect of the Corus 2006 financial year (which ended
on Dec. 30, 2006).  This is the reason why under the Proposal
Bondholders will also receive the Accrued Interest.  Under the
Trust Deed, no accrued interest is payable to any converting
Bondholder for any period after the end of the 2006 financial
year.

              Participating in the Consent Solicitation

Bondholders may vote at the Bondholder meeting by one of two
methods, as follows:

   1. By giving proxy to the Trustee, or its nominee, to vote
      on the Bondholder's behalf.  This can be implemented
      by instructing an Affiliate Institution which holds
      the Bonds on behalf of the Bondholder to submit a
      Voting Instruction to the Tabulation Agent prior to
      16:00 CET on the Final Submission Date or the
      Adjourned Meeting Submission Date, respectively.
      The Voting Instruction must be accompanied by
      a Declaration from that Affiliate Institution. Details
      of how to do this and Forms of Voting Instruction
      and Declaration are included in the Consent
      Solicitation Statement.

   2. By attending the Bondholder Meeting in person or
      by another proxy.  Details of how to do this are
      included in the notice of the Bondholder Meeting which
      is  expected to be published on Feb. 14 (and which is
      set out in the Consent Solicitation Statement).

The Declaration of the Affiliate Institution accompanying a
Voting Instruction includes an undertaking from the Affiliate
Institution through which the Bonds are held that the Bondholder
will remain the co-owner of the Bonds until three Business Days
(as defined in the Trust Deed) after the day of the Bondholder
Meeting or, provided that the Adjourned Bondholder Meeting is
convened within two Business Days after the Bondholder Meeting,
until the Business Day after the Adjourned Bondholder Meeting
(if required) or, if earlier than either of these days, the
Business Day after which Corus Nederland BV gives notice that
the Proposal has been withdrawn.  Accordingly, a Bondholder
which has submitted a Voting Instruction will not be able to
transfer or submit for conversion the Bonds to which that Voting
Instruction refers during this period.

            Conditions of the Consent Solicitation

The Proposal will only become effective if the Resolution is
passed at the Bondholder Meeting (or at a subsequent Adjourned
Bondholder Meeting, if required) and if the Effective Date
occurs on or before the Backstop Date, April 18.  Should these
conditions not be met, the terms and conditions of the Bonds
will remain unchanged, the Bonds will mature on April 22 and
neither the Early Redemption Price nor the Early Voting Premium
will be payable.

                      Transaction Timetable

    Date             Time                Event
    ----             ----                -----
   Feb. 14          Morning       Notice of Bondholder Meeting
                                  published in Het
                                  Financieele Dagblad
                                  and Euronext Amsterdam
                                  Official 2007 Price List

   Feb. 28         16:00          Early Submission Date
                   CET            Bondholders must submit a
                                  Qualifying Voting Instruction
                                  in favor of the Resolution by
                                  this time in order to be
                                  eligible to receive the
                                  Early Voting Premium.

   March 5         16:00          Final Submission Date.
                   CET            Final date for submission
                                  of Voting Instructions.

   March 7         10:00          Bondholder Meeting.  If
                   CET            a quorum is not present,
                                  it will be necessary to
                                  call the Adjourned
                                  Bondholder Meeting.  If
                                  Resolution is passed,
                                  execution of the Supplemental
                                  Trust Deed.

                                  Notice of Results.  As soon as
                                  practicable after the
                                  Bondholder Meeting.  notice of
                                  results of Bondholder Meeting
                                  published in Het Financieele
                                  Dagblad, and Euronext
                                  Amsterdam Official Price List
                                  and on Bloomberg and Reuters
                                  IIIA.

                                  Anticipated date of court
                                  meeting and extraordinary
                                  general meeting of Corus
                                  Shareholders to approve the
                                  Scheme.

   March 22      16:00            Adjourned Meeting
                 CET              Submission Date.  Final date
                                  of submission of Voting
                                  Instructions for Adjourned
                                  Bondholder Meeting.

   March 26      10:00            Adjourned Bondholder Meeting
                  CET             (if required).  If the
                                  Resolution is passed,
                                  execution of the Supplemental
                                  Trust Deed.

                                  Notice of Results. As soon as
                                  practicable after the
                                  Adjourned Bondholder Meeting,
                                  notice of results of Adjourned
                                  Bondholder Meeting published
                                  in Het Financieele Dagblad,
                                  and Euronext Amsterdam
                                  Official Price List.  and on
                                  Bloomberg and Reuters IIIA.

   April 2      Business          Anticipated Effective Date.
                hours             Fixing of Dutch Guilder/
                                  Pound/Sterling FX rate at
                                  midday (London time)

   Effective Date  Business       Early Redemption Date
   + 2 business    hours
   days

   April 18        Close of       Backstop Date
                   business


                        About Tata Steel

Established in 1907, Tata Steel is Asia's first and India's
largest private sector steel company. Tata Steel is among the
lowest cost producers of steel in the world and one of the few
select steel companies in the world that is EVA+ (Economic Value
Added).

                       About Corus Group

Corus Group plc, fka British Steel, was formed when the U.K.
privatized its major steelworks in 1988.  It then changed its
name to Corus Group after acquiring most of Dutch rival
Koninklijke Hoogovens.  Corus makes coated and uncoated strip
products, sections and plates, wire rod, engineering steels, and
semi-finished carbon steel products.  It also manufactures
primary aluminum products. Customers include companies in the
automotive, construction, engineering, and household-product
manufacturing industries.

Six years ago, the group suffered from the crisis in British
manufacturing, which prompted it to shake up management, close
plants, cut jobs, and sell assets to lower debt.  Its debt was
thought to stand at GBP1.6 billion in 2002.

After posting a net loss of GBP458 million in 2003, it embarked
on a restructuring program, signed a new EUR1.2 billion banking
facility, and issued GBP307 million worth of shares.  It
returned to operating profit in the first quarter of 2004.  The
recent recovery of steel prices and the strength of the euro are
expected to help it achieve relatively strong earnings.

                          *     *     *

As reported in the TCR-Europe on Feb. 2, Fitch Ratings said that
Corus Group Plc's Issuer Default 'BB-' and Short-term 'B'
ratings remain on Rating Watch Negative following a recommended
bid, valued at GBP6.2 billion, from India-based Tata Steel Ltd.
in the wake of an auction process conducted by the U.K. Takeover
Panel on Jan. 30-31.

The RWN also applies to the 'B+' ratings on CS's EUR800 million
7.5% senior notes and Corus Finance Plc's GBP200m 6.75%
guaranteed bonds.

At the same time, Standard & Poor's Ratings Services kept its
'BB' long-term corporate credit rating on U.K.-based steelmaker
Corus Group PLC on CreditWatch with developing implications,
after the completion of the auction process, during which India-
based steel manufacturer Tata Steel Ltd. offered the highest bid
of 608 pence per share.


CORUS GROUP: Meeting on Revised Tata Offer Slated for March 7
-------------------------------------------------------------
Corus Group Plc is reconvening a Court Meeting and Extraordinary
General Meeting relating to the Revised Tata Offer.

The reconvened Court Meeting will be held at 10.00 a.m. on
March 7 at:

         London Hilton
         22 Park Lane
         London
         W1K 1BE
         England

The Extraordinary General Meeting will be held at the same
location at 10.15 a.m. on the same date (or as soon thereafter
as the Court Meeting is concluded or adjourned).

The anticipated timetable of principal events is as follows:

   March 7  - Court Meeting and Extraordinary General Meeting

   March 27 - Court hearing to sanction the Scheme

   March 29 - Dealings in Corus Shares suspended on the
              London Stock Exchange and the Amsterdam
              Stock Exchange and dealings in Corus
              ADSs suspended on New York Stock Exchange

   March 30 - Court hearing to confirm the Reduction of Capital

   April 2  - Effective Date of the Scheme

On Jan. 31, Tata Steel disclosed of its revised offer for Corus
at a price of 608 pence for each Corus Share.  The Revised Tata
Offer is to be implemented by means of a scheme of arrangement
under section 425 of the Companies Act 1985.  Subsequently,
Corus revealed in a statement that its directors intend to
recommend unanimously that the company shareholders vote in
favor of the scheme of arrangement to implement the Revised Tata
Offer.

On Feb. 7, Tata Steel disclosed that it intends to despatch the
consideration pursuant to the Scheme as soon as practicable
following the Effective Date and, if practicable, on the
Effective Date.  Tata Steel is, in any event, required under the
terms of the Scheme to despatch the consideration pursuant to
the Scheme not more than 14 days after the Effective Date.

Copies of the Scheme Document and the Revised Scheme Document
have been submitted to the U.K. Listing Authority and will be
available for inspection at the U.K. Listing Authority's
Document Viewing Facility, which is situated at:

         The Financial Services Authority
         25 The North Colonnade
         Canary Wharf
         London
         E14 5HS
         England

                        About Tata Steel

Established in 1907, Tata Steel is Asia's first and India's
largest private sector steel company. Tata Steel is among the
lowest cost producers of steel in the world and one of the few
select steel companies in the world that is EVA+ (Economic Value
Added).

                       About Corus Group

Corus Group plc, fka British Steel, was formed when the U.K.
privatized its major steelworks in 1988.  It then changed its
name to Corus Group after acquiring most of Dutch rival
Koninklijke Hoogovens.  Corus makes coated and uncoated strip
products, sections and plates, wire rod, engineering steels, and
semi-finished carbon steel products.  It also manufactures
primary aluminum products. Customers include companies in the
automotive, construction, engineering, and household-product
manufacturing industries.

Six years ago, the group suffered from the crisis in British
manufacturing, which prompted it to shake up management, close
plants, cut jobs, and sell assets to lower debt.  Its debt was
thought to stand at GBP1.6 billion in 2002.

After posting a net loss of GBP458 million in 2003, it embarked
on a restructuring program, signed a new EUR1.2 billion banking
facility, and issued GBP307 million worth of shares.  It
returned to operating profit in the first quarter of 2004.  The
recent recovery of steel prices and the strength of the euro are
expected to help it achieve relatively strong earnings.

                          *     *     *

As reported in the TCR-Europe on Feb. 2, Fitch Ratings said that
Corus Group Plc's Issuer Default 'BB-' and Short-term 'B'
ratings remain on Rating Watch Negative following a recommended
bid, valued at GBP6.2 billion, from India-based Tata Steel Ltd.
in the wake of an auction process conducted by the U.K. Takeover
Panel on Jan. 30-31.

The RWN also applies to the 'B+' ratings on CS's EUR800 million
7.5% senior notes and Corus Finance Plc's GBP200m 6.75%
guaranteed bonds.

At the same time, Standard & Poor's Ratings Services kept its
'BB' long-term corporate credit rating on U.K.-based steelmaker
Corus Group PLC on CreditWatch with developing implications,
after the completion of the auction process, during which India-
based steel manufacturer Tata Steel Ltd. offered the highest bid
of 608 pence per share.


EMI GROUP: Lowers Profit Expectations by 15%
--------------------------------------------
EMI Group Plc expects its recorded music division's revenue for
the financial year ending March 31, 2007, to fall by around 15%
at constant currency compared to the prior year.

The revision to expectations resulted from the continued and
accelerating deterioration in market condition in North America
where the physical music market as measured by Soundscan has
declined by 20%.

The net sell-through on EMI Music's current releases and
catalogue was lower than anticipated and the negative impact of
gross margin has been higher than normal.  The company believed
that the profits for the year ending March 31, 2007 would be
below current market expectations.

On Jan. 12, the company warned that revenues for the year could
decline by around 6% to 10% and expects that disruption from the
restructuring initiatives will constrain revenue at EMI Music
until March 31, 2008.

The company reported good progress in the restructuring
initiatives announced on Jan. 12, saying the Group is on track
to deliver GBP110 million of cost savings in full and on time.

As reported by The Wall Street Journal, EMI was in negotiations
with various online music retailers like Snocap, RealNetworks
Inc., eMusic.com, MusicNet Inc. and Viacom Inc.'s MTV Networks
to sell its entire digital music catalog in an unprotected MP3
format.

The company was seeking large advance payments from retailers in
exchange for the right to sell its music in MP3 format, Reuters
reported, citing unnamed sources.

According to Reuters, a spokeswoman for EMI refused to comment
on the report but stated that the company has already tried out
and released singles in MP3 formats.

                          About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

                        *     *     *

According to a TCR-Europe report on Jan. 17, Moody's Investors
Service downgraded EMI Group Plc's Corporate Family and senior
debt ratings to Ba3 from Ba2.  All ratings remain under review
for possible further downgrade.

As reported in the TCR-Europe on Feb. 7, Standard & Poor's
Ratings Services lowered its long-term corporate credit and
senior unsecured debt ratings on U.K.-based music group EMI
Group PLC to 'BB-' from 'BB'.  The 'B' short-term rating was
affirmed.

At the same time, the long-term corporate credit rating and debt
ratings were put on CreditWatch with negative implications.


LLOYD'S OF LONDON: Reveals Bankruptcy Risk Due to Crippling Law
---------------------------------------------------------------
Lloyd's of London's Names disclosed that a statutory instrument
that removes their right to fight bankruptcy orders against them
is putting them at risk of bankruptcy, The Independent reports.

"It provides a fast-track bankruptcy regime for Names in the
event of Equitas's reserves running dry," said Sir William
Jaffray of exlloydsnames.com.  "It must be amended or repealed
to give Names... closure...  Some 34,000 families' futures are
at stake."

Commenting on the issue, a Treasury insider said: "They are
proposing we change the law in anticipation of the [Berkshire
Hathaway] deal.  But you cannot pre-judge how commercial
transactions will go."

Exlloydsnames.com is the campaigning group for Names, the actual
individual insurers behind Lloyd's of London.  The group wrote
to Ed Balls, economic secretary to the Treasury, and asked for a
chance to discuss matters but was turned down.  They now plan to
petition Parliament directly, The Independent states.

According to the report, Names underwrote general liabilities
for companies through Lloyd's of London syndicates between the
1940s and 1970s.  The group had considerable returns at first;
however, they were bombarded by claims, mostly asbestosis, in
the 1980s.

The Lloyd's of London insurance market also suffered a setback
due to the deluge of claims, prompting it to set up Equitas in
1996 to cover its liabilities from before 1992, The Independent
relates.

Equitas has billions of pounds in reserves but if it runs short,
Names will have to pick up the tab.  Only a few members of the
group are capable of doing that, The Independent says.

In October 2006, Berkshire Hathaway, an investment company owned
by U.S. billionaire Warren Buffett, consented to the acquisition
of Equitas's liabilities, staff, operations, and most assets,
The Independent reports.

However, Sir Jaffray claims that liabilities would not be
completely eliminated until the deal's completion, possibly in
2009, The Independent adds.

                     About Lloyd's of London

London-based Lloyd's of London -- http://www.lloyds.com/-- is a
British insurance market providing specialist-insurance services
to businesses in over 200 countries and territories.  It serves
as a meeting place where multiple financial backers or members,
whether individuals, traditionally known as Names, or
corporations, come together to pool and spread risk.  Unlike
most of its competitors in the reinsurance market, it is neither
a company nor a corporation.


PRIME 2006-1: Moody's Rates EUR13 Million Class E Notes at Ba2
--------------------------------------------------------------
Moody's assigned definitive ratings to five classes of Notes
issued by Prime 2006-1 Funding Ltd. Partnership:

   -- EUR119.6-million Class A Floating Rate Notes due 2015:
      Aaa;

   -- EUR15-million Class B Floating Rate Notes due 2015: Aa3;

   -- EUR20-million Class C Floating Rate Notes due 2015: A3;

   -- EUR13.9-million Class D Floating Rate Notes due 2015:
      Baa3; and

   -- EUR13-million Class E Floating Rate Notes due 2015: Ba2.

Prime 2006-1 Funding Limited Partnership has also issued
EUR15-million Class F Notes which are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity in August 2015.

In this transaction, Prime 2006-1 Funding Limited Partnership
will refinance a static portfolio comprising 29 profit
participation agreements of German small and medium sized
corporate borrowers initially originated by LBBW, HSH Nordbank
and Hamburger Sparkasse.  The portfolio includes two types of
profit participation agreements, specifically, Smart Mezzanine
100 Loans which are deeply subordinated loans for which the
fixed remuneration can be deferred upon debtor request and Smart
Mezzanine Loans, which essentially are preferred stock
instruments meeting the standard of the German Commercial Code.
The portfolio's aggregate nominal amount is EUR196.5 million.
The profit participation agreements represent hybrid instruments
ranking between debt and equity in the capital structure of the
borrower.  The principal redemption of such profit participation
agreements will depend on the financial situation of the
debtors.

In its analysis, Moody' used a Monte Carlo simulation in order
to assess the likelihood of a non-payment of interest and
principal by the debtors over the life of the transaction.
Under this approach, the rating migration of each debtor was
modeled for each interest period.  In addition, for each such
interest period, Moody's considered the likelihood of a payment
deferral to occur as a function of the debtor's then current
rating and the rating migration path over the past years.
Eventually, the interest and principal cash flows modeled in
each period were aggregated and then allocated to the rated
notes in accordance with the transaction waterfall. Based on
such cash flow allocation, Moody's calculated the losses at the
legal final maturity for each of the rated notes.


RANK GROUP: Eyes Bingo Club Closures in England and Wales
---------------------------------------------------------
The Rank Group Plc intends to close nine Mecca Bingo clubs in
England and Wales.  The decision to close is in line with the
group's stated aim of improving the quality of its clubs
portfolio in preparation for the introduction this year of
smoking bans in England and Wales.

The nine clubs are in Fulham, Islington, Kingston-upon-Hull,
Liverpool, Reading, Sheffield, Swansea, Welling and
Wolverhampton.

Rank owns the freeholds of five of the clubs to be closed, while
four are operated on a leasehold basis.  A number of the
freehold properties will be sold, crystallizing value and
allowing Rank to redeploy capital into assets with potential for
higher growth and stronger returns.  It is not anticipated that
the closures will have a material effect on Rank's profits in
2007.

It is expected that the proximity of other Mecca Bingo clubs
will enable Rank to continue to provide the majority of the
members affected with high quality bingo within their local
communities.

The club closures will take place following a period of
consultation with the 230 employees who work at the clubs.
Where practicable, they will be offered positions elsewhere
within the business.

Rank will remain the second-largest bingo club operator in the
U.K., with 103 Mecca Bingo clubs in England, Wales and Scotland.

Headquartered in London, United Kingdom, Rank Group PLC --
http://www.rank.com/-- is an international leisure and
entertainment company.  The Group provides services to the film
industry, including film processing, video duplication and
cinema exhibition.  The Group's leisure and entertainment
activities entail gambling services, encompassing Mecca Bingo
Clubs and Grosvenor Casinos, and owned and franchises Hard Rock
cafes.

                        *     *     *

As reported in the TCR-Europe on Feb. 2, Moody's Investors
Service downgraded to Ba3 from Ba2 the corporate family and
issuer ratings of The Rank Group Plc and the debt ratings of its
subsidiary Rank Group Finance plc.  Moody's said the outlook is
negative.

In December 2006, Fitch Ratings affirmed The Rank Group Plc's
Issuer Default ratings at B+ with Negative Outlook, senior
unsecured rating at B+ and Short-term rating at B.  The ratings
are simultaneously withdrawn.

In addition, Standard & Poor's Ratings Services lowered its
long- and short-term corporate credit ratings on U.K.-based
diversified leisure and entertainment company The Rank Group PLC
to 'BB-/B' from 'BBB-/A-3'.  S&P said the outlook is stable.


SCOTTISH RE: Advisors Recommend 'Yes' Vote to MassMutual Deal
-------------------------------------------------------------
Scottish Re Group Ltd. disclosed that Institutional Shareholder
Services and Glass Lewis & Co., both independent proxy advisory
firms, have recommended that Scottish Re shareholders vote for
each of the proposals described in Scottish Re's proxy statement
dated Jan. 19 relating to its proposed transaction with
MassMutual Capital Partners LLC and certain affiliates of
Cerberus Capital Management, L.P.

Scottish Re's board of directors previously unanimously approved
the proposed transaction with MassMutual Capital and Cerberus
and recommends that shareholders vote for each of the proposals
relating to the proposed transaction.

In making its recommendation to Scottish Re's shareholders, ISS
said, "there is no guarantee that the company will find an equal
or superior offer from another party.  Scottish Re appears to
have completed a thorough bid process, as well as conducted
financial due diligence on the feasibility of conducting a
rights issuance or run-off scenario."

"Based on our analysis and the unanimous support of the board,
we believe that the approval of the Securities Purchase
Agreement is in the interests of shareholders," The Glass Lewis
report stated.  "Accordingly, we believe that shareholders
should vote FOR the proposal."

"We are pleased that ISS and Glass Lewis have advised our
shareholders to vote in favor of the proposed transaction with
MassMutual Capital and Cerberus, which will stabilize Scottish
Re, provide long-term liquidity benefits and offers the best
opportunity to deliver long-term value to our shareholders,"
Paul Goldean, chief executive of Scottish Re, said.

On Nov. 27, 2006, Scottish Re announced it had entered into an
agreement whereby MassMutual Capital and Cerberus would each
invest US$300 million into Scottish Re, resulting in a total new
equity investment of US$600 million.  Under the terms of the
agreement, MassMutual Capital and Cerberus will purchase a total
of 1,000,000 newly issued convertible preferred shares of
Scottish Re, which may be converted into 150,000,000 ordinary
shares of Scottish Re at any time, subject to certain
adjustments, representing a 68.7% ordinary share ownership on a
fully diluted basis at the time of investment.

The transaction has cleared U.S. antitrust review, but remains
subject to additional regulatory approvals, including approvals
by certain insurance regulators, as well as various state and
foreign regulatory authorities and self-regulatory
organizations, and approval by the holders of 66-2/3% of
Scottish Re's outstanding ordinary shares entitled to vote at
the extraordinary general meeting of shareholders that will be
held in Bermuda on Feb. 23, 2007.

All shareholders of record are urged to return their proxy card
or to vote by following the instructions for phone or Internet
voting that appear on the proxy card.  If a shareholder does not
vote, the effect will be the same as if he voted against the
transaction.

                       About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/--
provides reinsurance of life insurance, annuities and annuity-
type products through its operating companies in Bermuda,
Charlotte, North Carolina, Dublin, Ireland, Grand Cayman, and
Windsor, England.  At March 31, 2006, the reinsurer's balance
sheet showed US$12.2 billion assets and US$10.8 billion in
liabilities.

                        *     *     *

As of Feb. 15, Scottish Re's Senior Unsecured Debt carry Moody's
Ba3 rating and its Preferred Stock carry Moody's B2 rating.  The
company's Long-Term Local Issuer Credit rating carry Standard &
Poor's B rating.

Fitch rates the company's Long-Term Issuer Default at BB; Senior
Unsecured Debt at BB-; and Preferred Stock at B+.

A.M. Best rates the company's Long-Term Issuer Credit at b-.


SCOTTISH RE: Moves Release of 2006 Results to February 20
---------------------------------------------------------
Scottish Re Group Ltd. has rescheduled the release of its
earnings for the fourth quarter and full year 2006 to Feb. 20,
after market close.

The company's investor call will now be held at 8:30 a.m. ET on
Feb. 21, 2007.

                       About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/--
provides reinsurance of life insurance, annuities and annuity-
type products through its operating companies in Bermuda,
Charlotte, North Carolina, Dublin, Ireland, Grand Cayman, and
Windsor, England.  At March 31, 2006, the reinsurer's balance
sheet showed US$12.2 billion assets and US$10.8 billion in
liabilities.

                        *     *     *

As of Feb. 15, Scottish Re's Senior Unsecured Debt carry Moody's
Ba3 rating and its Preferred Stock carry Moody's B2 rating.  The
company's Long-Term Local Issuer Credit rating carry Standard &
Poor's B rating.

Fitch rates the company's Long-Term Issuer Default at BB; Senior
Unsecured Debt at BB-; and Preferred Stock at B+.

A.M. Best rates the company's Long-Term Issuer Credit at b-.


SMURFIT KAPPA: Fitch Puts B+ IDR on Watch After IPO Announcement
----------------------------------------------------------------
Fitch Ratings placed Smurfit Kappa Acquisitions' Issuer Default
rating of 'B+' and Smurfit Kappa Funding plc's debt on Rating
Watch Positive following the announcement of an initial public
offering of new shares in Smurfit Kappa Plc.

At the same time the agency has affirmed other Smurfit Kappa
debt instrument ratings as summarized below.  The Rating Watch
will be resolved upon completion of the IPO and application of
the proceeds to debt reduction.

"The announcement of the IPO launch and the intended use of
proceeds to reduce its most expensive debt should significantly
strengthen Smurfit Kappa's financial profile and this drives the
Rating Watch Positive," said Michelle De Angelis, Senior
Director in Fitch's Leveraged Finance team in London.  "Based on
estimated pro forma credit metrics, we expect the resolution of
the Watch is most likely to result in a single-notch upgrade of
Smurfit Kappa Acquisitions' IDR to BB minus."

The use of IPO proceeds in the redemption of debt could reduce
net total leverage by as much as 0.8x to approximately 4.5x on a
pro forma basis from 5.3x reported at FYE06.  This level of
leverage and Fitch-estimated pro forma interest cover of at
least 3.5x in 2007 would enhance the company's financial
flexibility and together support a singe-notch upgrade of the
IDR.  Thereafter, further rating upside could come from
sustained EBITDA improvements stemming from synergies and cost-
base improvements, strong cash flow generation resulting in
further debt reduction, and maintenance of net leverage levels
under 4x.

The proposed redemption of the most expensive elements of debt,
being Smurfit Kappa Holdings plc's PIK notes and a portion of
Smurfit Kappa Funding plc's senior notes, would not be expected
to affect the rating for Smurfit Kappa Acquisitions' senior
secured facilities.  Nevertheless, the combination of overall
enhancement of the company's credit profile together with the
reduction in the outstanding amount of senior notes is expected
to result in a two-notch upgrade to both Smurfit Kappa Funding's
remaining senior notes and the senior subordinated notes.  The
rating on the Smurfit Kappa Holdings senior PIK notes would be
withdrawn upon redemption.

The current 'B+' IDR reflects the combination of Kappa Packaging
and Jefferson Smurfit Group into, Smurfit Kappa, now Europe's
largest integrated manufacturer of containerboard, corrugated
containers and other paper-based packaging products.  The
combined Smurfit Kappa operations include some of the most
efficient production facilities in Europe.

                  Instrument ratings affirmed:

   -- Smurfit Kappa Acquisitions' senior secured facilities:
      'BB+' / 'RR1'

   -- Smurfit Kappa Holdings plc's senior PIK notes due 2015:
      'CCC+' / 'RR6'

            Instrument ratings on Rating Watch Positive:

   -- Smurfit Kappa Funding plc's senior notes due 2012: 'B' /
      'RR5'

   -- Smurfit Kappa Funding plc's senior subordinated notes due
      2015: 'B-' (B minus) / 'RR6'


* BOOK REVIEW: Railroad Consolidation: Its Economics and
               Controlling Principles
--------------------------------------------------------
Author:     Julius Grodinsky
Publisher:  Beard Books
Paperback:  352 pages
List Price: US$34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1893122417/internetbankru
pt

The book, Railroad Consolidation: Its Economics and Controlling
Principles, presents a classic economic analysis of railroad
consolidation, written 10 years after the passage of the
Transportation Act of 1920, which was designed to encourage and
promote such consolidation.

Julius Grodinsky, the author, approached his subject from an
economic perspective, asking: What are the business interests
that underlie consolidation projects?

The answer boils down to a simple fact: railroads exist to move
traffic.

His thesis that railroad consolidation was in essence about
traffic -- a problem of economics and transportation, not
politics -- was welcomed as a businesslike perspective on an
issue that had become highly politicized.


                           *********

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/books/to order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including E-mail forwarding, electronic
rE-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via E-mail.  Additional E-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *