TCREUR_Public/070222.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

           Thursday, February 22, 2007, Vol. 8, No. 38

                            Headlines


A U S T R I A

BOEHMERT & CO: Claims Registration Period Ends April 3
CTS CHRISTLMAYR: Claims Registration Period Ends April 2
HALITI LLC: Claims Registration Period Ends March 7
MAIER & CO: Claims Registration Period Ends March 12
POWERTEAM LLC: Claims Registration Period Ends March 17

SMARAGD LLC: Claims Registration Period Ends March 29
TRETTHANN LLC: Claims Registration Period Ends March 13
WT WARMETECHNIK: Claims Registration Period Ends March 29


F R A N C E

AIRBUS SAS: Four-Nation Dispute Spurs Power8 Restructuring Delay
ALCATEL-LUCENT: Inks GSM Network Improvement Deal with T-Mobile
ALCATEL-LUCENT: Provides Content Platform for Partner Comms


G E R M A N Y

AB GEBAUDEREINIGUNGS: Claims Registration Period Ends April 1
AIRBUS SAS: Four-Nation Dispute Spurs Power8 Restructuring Delay
ALTERNA FACHHANDEL: Claims Registration Period Ends March 16
ANGLEX VERTRIEB: Claims Registration Period Ends March 13
ASBA BAU: Claims Registration Period Ends March 27

AUTOHAUS ZICKLER: Claims Registration Period Ends March 16
ESSERS DACHDECKUNGS: Claims Registration Period Ends March 6
FEFIX BERATUNGS: Creditors' Meeting Slated for March 27
FRADOO IMMOBILIEN: Claims Registration Period Ends April 2
FUCHS OBJEKTVERWALTUNGS: Claims Registration Ends March 12

GENOUX GMBH: Creditors' Meeting Slated for March 22
HSH- ANLAGENBAU: Claims Registration Ends March 9
INTERNATIONALE TRANSPORTE: Claims Registration Ends March 16
JECK HEIZ-SA: Claims Registration Ends March 22
KOENIGSHOF OBST: Claims Registration Period Ends March 26

PODZUWEIT METALLBAU: Claims Registration Ends March 22
PODZUWEIT VERWALTUNGS: Claims Registration Ends March 22
PRANG GMBH: Claims Registration Ends March 9
REHA TECHNIK: Claims Registration Ends March 15
RPM AUTOMATEN: Claims Filing Period Ends March 16

SANOTECH SANITATSHAUS: Creditors Must File Claims by March 27
SCHAAL FASHION: Creditors Must Register Claims by April 18
SCHAAL FASSADENBAU: Claims Registration Ends March 9
SOMA-TECH TEILEFERTIGUNG: Creditors Must File Claims by April 11
SPARKURS-BAD GMBH: Creditors Must Register Claims by March 7

SPEDITION KEMPER: Creditors' Meeting Slated for March 15
SPEZIALWASSERBAU GMBH: Claims Registration Ends March 9
SYSTEMTECHNIK SUD: Claims Registration Ends April 10
UFG GESELLSCHAFT: Claims Registration Ends April 5
UNITEDMINDS GMBH: Claims Registration Ends May 8

UNSERHAUS VERTRIEBS: Claims Registration March 14
VISTEON CORP: Dec. 31 Balance Sheet Upside-Down by US48 Million
WEAVER EUROPE: Claims Registration Period Ends March 7
WOHNPARK ELBBLICK: Claims Registration Period Ends March 39
WS + HS: Claims Registration Period Ends March 8

ZFS GMBH: Claims Registration Period Ends March 15


I R E L A N D

ELAN CORP: Posts US$267.3-Million Net Losses in 2006
SCOTTISH RE: Hovde Capital Opposes MassMutual-Cerberus Proposal


I T A L Y

PARMALAT SPA: Court Orders Deloitte to Pay US$130 Mln by Feb. 23
TK ALUMINUM: Proposes Amendments to Nemak Transaction Terms


K A Z A K H S T A N

ANTALIYA-M LLP: Creditors Must File Claims by April 6
ARGUS LLP: Creditors Must File Proofs of Claims by March 30
ARUANA-SERVICE LLP: Creditors Must Submit Claims by April 6
BEK LTD: Creditors' Claims Due March 30
DARINA K: Creditors Must File Proofs of Claim by March 30

DOSTYK LLP: Claims Filing Period Ends March 30
EDA LLP: Creditors Must File Claims by March 30
TRINITY SYSTEMS: Claims Registration Period Ends April 6
VIT LLP: Claims Registration Ends April 6


K Y R G Y Z S T A N

SHUMKAR FREE: Claims Filing Period Ends April 6


N E T H E R L A N D S

DALRADIAN EUROPEAN: S&P Rates EUR15-Mln Class E Notes at BB-


R U S S I A

ALMUKHAMETOVSKIY ELEVATOR: Court Hearing Slated for March 29
AQUA-VITA LLC: Bankruptcy Hearing Slated for May 28
ARZAMASSKAYA CONFECTIONARY: Asset Sale Slated for March 7
EUROCHEM MINERAL: Lithuanian Unit Hikes Product Output in 2006
EUROCHEM MINERAL: Fitch Assigns BB- Issuer Default Rating

IRA-ART CJSC: Creditors Must File Claims by April 3
NIZHNEKAMSKIY FACTORY: Creditors Must File Claims by April 3
OIL-PROM CJSC: Court Names N. Gulyashikh as Insolvency Manager
PERVOMAYSKIY OJSC: Creditors Must File Claims by April 3
POSEVNINSKAYA LLC: Creditors Must File Claims by April 3

PRESS-POLYGRAPH-SERVICE: Court Starts Bankruptcy Supervision
SAKHALINSKAYA FISHING: Court Names O. Yudin to Manage Assets
SASOV-AGRO-KHIM: Creditors Must File Claims by April 3
SBERBANK OAO: Shareholders Order Over US$10-Bln Shares in IPO
STERLITAMAK-ENERGO-STROY: Court Starts Bankruptcy Supervision

STERLITAMAKSKIY FACTORY: Court Names P. Ozerov to Manage Assets
SUAL GROUP: Merger Gains Formal Approval from Competition Agency
TRANS-OIL-PRODUCT: Creditors Must File Claims by March 3
UST'-CHEMSKOYE CJSC: Creditors Must File Claims by March 3
VIP-BANK: Moscow Arbitration Court Starts Bankruptcy Process

VOSTOCHNY EXPRESS: Moody's Assigns B3/Not Prime/E+ Ratings
YUKOS OIL: Eyes Sale of Gazprom Neft & Rosneft Stakes in March
YUKOS OIL: Blocks TGK-8 Energy Reform; UES to Proceed with IPO


S W I T Z E R L A N D

BAUERT BULL: Creditors' Liquidation Claims Due March 9
CYBEROTICSHOP LLC: Creditors' Liquidation Claims Due March 7
EVERSIDE GROUP: Creditors' Liquidation Claims Due March 15
FREY GNEHM: Aargau Court Closes Bankruptcy Proceedings
JARM LLC: Creditors' Liquidation Claims Due March 7

PKA LLC: Creditors' Liquidation Claims Due March 8
SEPTEC JSC: St. Gallen Court Closes Bankruptcy Proceedings
U-I GERUSTBAU: Aargau Court Starts Bankruptcy Proceedings
VEGI WELL: Creditors' Liquidation Claims Due March 7
WIRTH GALLO: Creditors' Liquidation Claims Due March 8


U K R A I N E

BERLOD LLC: Claims Submission Deadline Set March 5
BOSKON LLC: Claims Submission Deadline Set March 5
DIP-7 LLC: Claims Submission Deadline Set March 5
KOZELEC FOOD: Claims Submission Deadline Set March 5
TECHINVEST LLC: Creditors Must Submit Claims by March 5


U N I T E D   K I N G D O M

ACME PAYROLL: Claims Filing Period Ends April 11
ADVANCED MARKETING: Answers Objections to Houlihan Lokey Hiring
ARBON & WATTS: Taps Joint Administrators from PwC
CFH LTD: Brings In KPMG to Administer Assets
COMPLETE BUILD: Creditors' Meeting Slated for February 28

CORDATUS CLO: Moody's Rates EUR18-Mln Class E Notes at Ba3
EMI GROUP: Awaits Formal Offer from Warner Music
ERIKA ISSITT: Hires Liquidators from Tenon Recovery
ETHER MUSIC: Creditors' Meeting Slated for March 1
FEDERAL-MOGUL: Dec. 31 Balance Sheet Upside-Down by US$1.6 Bln

FLAGSHIP COACH: Creditors' Meeting Slated for March 2
GLEN SERVICE: Creditors' Meeting Slated for March 6
HANDL COOKWARE: Creditors' Meeting Slated for March 1
HCA INC: Dec. 31 Balance Sheet Upside-Down by US$11.2 Billion
HCA INC: Inconsistency Does Not Affect Debt Ratings, Says S&P

HOT STUFF: Creditors' Meeting Slated for March 13
JADEMOON LTD: Gary Stones Leads Liquidation Procedure
KEW LAUNDRY: Creditors' Meeting Slated for February 27
LANDMARK MORTGAGE: Fitch Assigns BB Ratings to Class D Notes
LEVEL 3: Unit Completes Offering of US$1 Billion Senior Notes

LEVEL 3: Unit Launches Consent Solicitation for 12.25% Sr. Notes
LEVEL 3: Wants to Redeem US$583 Mln & EUR104 Mln Senior Notes
LEVEL 3: S&P Raises Junk Ratings to B- With Stable Outlook
MANGO DESIGN: Calls In Liquidators from Gerald Edelman
MOORE ON THE MENU: Creditors Confirm Liquidators' Appointment

MPM ELECTRICAL: Creditors' Meeting Slated for March 2
NEWGATE FUNDING: Moody's Puts Low-B Ratings on Class E & F Notes
NEWGATE FUNDING: S&P Assigns Prelim B Ratings to Class F Notes
OVENDEN CIVIL: Appoints Joint Administrators from PwC
PINNEYS OF LUTON: Names Anthony David Kent Liquidator

POLYPORE INT'L: Good Performance Prompts S&P's Revised Outlook
PRIMUS TELECOMMS: NY Court Denies Noteholders' Injunctive Relief
PROMACODE LTD: Taps Laurence Russell to Liquidate Assets
REFCO INC: RCM Trustee Wants to Disallow B. Reifler's Claim
REFCO INC: Former President Tone Grant Charged with Fraud

ROCK ROSE: Claims Filing Period Ends March 27
RTG REALISATIONS: Taps Ian Carr to Liquidate Assets
SAKOONI SWEETS: Creditors' Meeting Slated for February 27
SCOTTISH RE: Hovde Capital Opposes MassMutual-Cerberus Proposal
SEA CONTAINERS: Services Panel Selects Willkie Farr as Counsel

SEA CONTAINERS: Committee Taps Kroll as Financial Advisor
SENSELECT HOLDINGS: Brings In Joint Administrators from KPMG
SOLUTIA INC: Wants to Amend Severance Deals with Seven Officers
SUTTON EXECUTIVE: Appoints Ian C. Brown as Liquidator
TOTAL COMMITMENT: Joint Liquidators Take Over Operations

* Upcoming Meetings, Conferences and Seminars

                            *********

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


BOEHMERT & CO: Claims Registration Period Ends April 3
------------------------------------------------------
Creditors owed money by LLC Boehmert & Co (FN 119758s) have
until April 3 to file written proofs of claim to court-appointed
estate administrator Maria Brandstetter at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on April 17 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         16th Floor
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 1 (Bankr. Case No. 28 S 16/07t).


CTS CHRISTLMAYR: Claims Registration Period Ends April 2
--------------------------------------------------------
Creditors owed money by LLC CTS Christlmayr Trade & Services
(FN 45573w) have until April 2 to file written proofs of claim
to court-appointed estate administrator Daniel Schoepf at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on April 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Salzburg
         Room 221
         Second Floor
         Salzburg, Austria

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on Feb. 1 (Bankr. Case No. 23 S 8/07g).


HALITI LLC: Claims Registration Period Ends March 7
---------------------------------------------------
Creditors owed money by LLC Haliti (FN 268687d) have until
March 7 to file written proofs of claim to court-appointed
estate administrator Petra Diwok at:

         Mag. Petra Diwok
         c/o Dr. Viktor Igali-Igalffy
         Landstrasser Hauptstrasse 34
         1030 Vienna
         Austria
         Tel: 713 80 57
         Fax: 01/713 07 76
         E-mail: diwok@aon.at
                 vii@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on March 21 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg, Austria

Headquartered in Himberg bei Wien, Austria, the Debtor declared
bankruptcy on Feb. 1 (Bankr. Case No. 36 S 14/07m).


MAIER & CO: Claims Registration Period Ends March 12
----------------------------------------------------
Creditors owed money by LLC Maier & Co (FN 126378a) have until
March 12 to file written proofs of claim to court-appointed
estate administrator Andrea Eisner at:

         Mag. Andrea Eisner
         Grazer Strasse 28
         7551 Stegersbach
         Austria
         Tel: 03326/52761
         Fax: 03326/52781
         E-mail: office@ra-eisner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on March 26 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt, Austria

Headquartered in St. Martin an der Raab, Austria, the Debtor
declared bankruptcy on Feb. 1 (Bankr. Case No. 26 S 18/07k).


POWERTEAM LLC: Claims Registration Period Ends March 17
-------------------------------------------------------
Creditors owed money by LLC Powerteam (FN 205084w) have until
March 17 to file written proofs of claim to court-appointed
estate administrator Rudolf Pototschnig at:

         Dr. Rudolf Pototschnig
         Peraustrasse 31
         9500 Villach
         Austria
         Tel: 04242/27835
         Fax: 04242/26107-19
         E-mail: rae.pototschnig-winkler@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on March 13 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Klagenfurt
         Hall 225
         Second Floor
         Klagenfurt, Austria

Headquartered in Villach, Austria, the Debtor declared
bankruptcy on Feb. 1 (Bankr. Case No. 40 S 8/07b).


SMARAGD LLC: Claims Registration Period Ends March 29
-----------------------------------------------------
Creditors owed money by LLC Smaragd (FN 272362h) have until
March 29 to file written proofs of claim to court-appointed
estate administrator Werner Stanek at:

         Dr. Werner Stanek
         Wollzeile 33/20
         1010 Vienna
         Austria
         Tel: 512 29 02
         Fax: 512 29 02 30
         E-mail: werner-stanek@chello.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on April 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 31 (Bankr. Case No. 6 S 11/07w).


TRETTHANN LLC: Claims Registration Period Ends March 13
-------------------------------------------------------
Creditors owed money by LLC Tretthann (FN 256233p) have until
March 13 to file written proofs of claim to court-appointed
estate administrator Csar Guenther at:

         Csar Guenther
         Hauptplatz 35
         2700 Wiener Neustadt
         Austria
         Tel: 02622/23433
         Fax: 02622/23433-22
         E-mail: ra.drcsar@adis.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on March 21 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Hirtenberg, Austria, the Debtor declared
bankruptcy on Jan. 31 (Bankr. Case No. 10 S 11/07g).


WT WARMETECHNIK: Claims Registration Period Ends March 29
---------------------------------------------------------
Creditors owed money by LLC WT Warmetechnik (FN 196709d) have
until March 29 to file written proofs of claim to court-
appointed estate administrator Gerhard Bauer at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on April 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 1 (Bankr. Case No. 5 S 11/07p).


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


AIRBUS SAS: Four-Nation Dispute Spurs Power8 Restructuring Delay
----------------------------------------------------------------
The European Aeronautic Defence & Space Co. has postponed the
announcement of Airbus S.A.S.'s Power8 restructuring plan until
an agreement on the distribution of work among France, Germany,
Britain and Spain is reached, according to published reports.

An unnamed source told the Wall Street Journal that
representatives from Germany, Britain and Spain fear that France
would get more high-value work on the production of a new plane,
the A350, than the other countries.

Toulouse-based Airbus has suffered from the two-year production
delays of its A380 jets, which cost around US$13.5 billion to
build, prompting parent EADS to forecast up to EUR4.8 billion in
losses by 2010 on the A380.  Airbus now aims to slash up to EUR2
billion in annual costs over the next four years as it tries to
push for the development of the A350 to compete with Boeing
Co.'s strong-selling 787 Dreamliner.

"The business plan of the A350 is dependent on the success of
Power8," Louis Gallois, Airbus CEO and EADS co-CEO, said in
December 2006, adding that the Power8 "will lead to a complete
reorganization of the company," WSJ relates.

Daniel Michaels and David Gauthier-Villars of the Wall Street
Journal said planned elements for the restructuring plan
include:

   -- selling some Airbus facilities;

   -- cutting staff; and

   -- increasing the number of components on each plane that are
      bought from outside suppliers.

Mr. Gallois called on the four nations to agree on a deal
quickly as "Airbus cannot delay any longer implementing Power8."

"I made proposals which I deem balanced, both from an industrial
and a technological point of view, and which serve our objective
of economic competitiveness," Mr. Gallois said.

                        Job Cuts

French Prime Minister Dominique de Villepin confirmed on French
radio RTL that Airbus's cost-cutting plan would see 10,000 job
cuts, or a fifth of its workforce, Bloomberg News relates.  A
meeting with French President Jacques Chirac and German
Chancellor Angela Merkel is scheduled tomorrow, Feb. 23, to
discuss Airbus' plans.

According to Bloomberg, Airbus employs more than 11,000 staff in
Britain and 10,000 workers in Hamburg, Germany, where final
assembly of three models takes place.

Airbus plans to launch the two-engine mid-sized A350 XWB plane
into service in 2013.  It plans to manufacture the future models
more efficiently than the previous ones but that, management
says, it will require restructuring moves of the sort called for
in the Power8 plan, WSJ reports.

WSJ adds that EADS aims to improve Airbus's internal efficiency
and competitiveness against Boeing amid a weaker U.S. dollar as
much of EADS's costs are priced in euros.

Headquartered in Toulouse, France, Airbus S.A.S. --
http://www.airbus.com/en-- is a leading aircraft manufacturer
in Europe with around 55,000 people employed at sixteen sites in
Germany, France, Spain and the United Kingdom.


ALCATEL-LUCENT: Inks GSM Network Improvement Deal with T-Mobile
---------------------------------------------------------------
Alcatel-Lucent received a contract from T-Mobile, the wireless
business unit of Deutsche Telekom, one of the world's largest
service providers, to enhance its GSM network with the latest
generation of GSM/EDGE technology, dramatically increasing its
speed.

EDGE technology enables data rates of up to 220 kbit/s, and this
upgrade will significantly increase today's GPRS data rates and
offers data transmission rates of nearly four times that offered
by ISDN.  This deployment will enable T-Mobile to provide its
German mobile subscribers with advanced multimedia services in
all areas including expanding the availability of its
"Web'n'Walk" mobile Internet service.  The latest generation of
base stations being deployed also will help T-Mobile reduce its
operating costs.

The GSM/EDGE network to be upgraded by Alcatel-Lucent will be
operational by the end of 2007.  This contract acknowledges
Alcatel-Lucent's commitment to effectively meet customers'
requirements and will further contribute to expanding its
footprint in the German market.

"Our aim is to continue to offer the best quality of any
available network, by additionally growing its performance and
reliability," Joachim Horn, CTO at T-Mobile International said.
"Thanks to the high speed of EDGE technology, T-Mobile will be
the only operator in Germany to offer broadband mobile Internet
access outside densely populated regions."

Under the agreement, Alcatel-Lucent will replace several
thousand existing GSM base stations in T-Mobile's network with
its latest 9100 Multi-standard Base Station product line. It
will upgrade the existing base stations with EDGE capability and
replace several hundred base station controllers with Alcatel-
Lucent's latest Advanced-TCA based BSC.  Alcatel-Lucent will be
responsible for overall project management, including network
integration, removing old equipment and installing the new
equipment, and subcontractor management.

"This contract is the result of many years of faithful
cooperation with T-Mobile, and we are proud to have been
selected as the supplier," Philippe Keryer, President of
Alcatel-Lucent's GSM/W-CDMA/WiMAX activities, said.  "We will
devote all our efforts to delivering the best-in-class turnkey
solution to T-Mobile to help it enhance the high quality of
service it insists on providing its subscribers.  This new
contract shows that the flexibility and scalability of our
latest line of GSM/EDGE equipment is a key asset for optimizing
large network deployments while enabling operators to minimize
capital expenditures and reduce operating expenses."

Alcatel-Lucent has more than 170 GSM/EDGE customers in over 90
countries, making it a leading provider of mobile communications
solutions. Alcatel-Lucent is boosting its GSM/EDGE portfolio by
introducing the field-proven ATCA-based BSC Evolution associated
with the powerful TWIN Transceiver module.

                    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: Provides Content Platform for Partner Comms
-----------------------------------------------------------
Alcatel-Lucent disclosed that Partner Communications Co. Ltd.,
operating the Orange mobile network in Israel, has launched
enhanced content services using Alcatel-Lucent's delivery and
management solution.

Partner Communications consolidated its existing content
management platforms onto the Alcatel-Lucent mPower Content
Management and Delivery System enabling the service provider to
deliver more compelling television, video and music experiences
to its customers.

The software platform, obtained by Alcatel-Lucent through the
Mobilitec acquisition, enables Partner Communications to
decrease the time to market for content and reduce operating and
content management expenses.

"We are pleased to launch the new platform which we consider to
be a further enhancement of our leadership status in the content
arena in Israel," said Alon Berman, Vice President, Technology,
Partner Communications.  "As a leader in 3G in Israel, this
sophisticated platform allows us the flexibility to launch a
large number of services with a shorter time to market."

The Alcatel-Lucent platform can help broadband and mobile
providers such as Partner Communications increase the operators'
average revenue per subscriber by faster delivery of more
relevant mobile and broadband content.

"The Alcatel-Lucent platform consolidates all content services
under a unified framework providing real end-to-end multimedia
experience to their subscribers," Olivier Picard, President of
Alcatel-Lucent's activities in Europe & South.  "This enhanced
capability enables Partner Communication to continuously provide
attractive new services to their customers and easily manage
delivery of a large variety of new content."

The Alcatel-Lucent mPower system enables Partner Communications
to create a more personalized experience for its subscribers
because the software can handle any data format and ensure
delivery to any handset, regardless of manufacturer.

Additionally, new workflow and management tools will eliminate
manual tasks, add security and enable content providers to
easily add large numbers of new content items into the system.
The Alcatel-Lucent system will also ensure full digital rights
management for content partners.

                    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.


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


AB GEBAUDEREINIGUNGS: Claims Registration Period Ends April 1
-------------------------------------------------------------
Creditors of AB Gebaudereinigungs- und Service GmbH have until
April 1 to register their claims with court-appointed insolvency
manager Jochen Wagner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 10, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be contacted at:

         Jochen Wagner
         Rheinstr. 22
         80803 Munich
         Germany
         Tel: 309050980
         Fax: 3090509810

The District Court of Munich opened bankruptcy proceedings
against AB Gebaudereinigungs- und Service GmbH on Feb. 5.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         AB Gebaudereinigungs- und Service GmbH
         Seidlstr. 8
         80335 Munich
         Germany


AIRBUS SAS: Four-Nation Dispute Spurs Power8 Restructuring Delay
----------------------------------------------------------------
The European Aeronautic Defence & Space Co. has postponed the
announcement of Airbus S.A.S.'s Power8 restructuring plan until
an agreement on the distribution of work among France, Germany,
Britain and Spain is reached, according to published reports.

An unnamed source told the Wall Street Journal that
representatives from Germany, Britain and Spain fear that France
would get more high-value work on the production of a new plane,
the A350, than the other countries.

Toulouse-based Airbus has suffered from the two-year production
delays of its A380 jets, which cost around US$13.5 billion to
build, prompting parent EADS to forecast up to EUR4.8 billion in
losses by 2010 on the A380.  Airbus now aims to slash up to EUR2
billion in annual costs over the next four years as it tries to
push for the development of the A350 to compete with Boeing
Co.'s strong-selling 787 Dreamliner.

"The business plan of the A350 is dependent on the success of
Power8," Louis Gallois, Airbus CEO and EADS co-CEO, said in
December 2006, adding that the Power8 "will lead to a complete
reorganization of the company," WSJ relates.

Daniel Michaels and David Gauthier-Villars of the Wall Street
Journal said planned elements for the restructuring plan
include:

   -- selling some Airbus facilities;

   -- cutting staff; and

   -- increasing the number of components on each plane that are
      bought from outside suppliers.

Mr. Gallois called on the four nations to agree on a deal
quickly as "Airbus cannot delay any longer implementing Power8."

"I made proposals which I deem balanced, both from an industrial
and a technological point of view, and which serve our objective
of economic competitiveness," Mr. Gallois said.

                        Job Cuts

French Prime Minister Dominique de Villepin confirmed on French
radio RTL that Airbus's cost-cutting plan would see 10,000 job
cuts, or a fifth of its workforce, Bloomberg News relates.  A
meeting with French President Jacques Chirac and German
Chancellor Angela Merkel is scheduled tomorrow, Feb. 23, to
discuss Airbus' plans.

According to Bloomberg, Airbus employs more than 11,000 staff in
Britain and 10,000 workers in Hamburg, Germany, where final
assembly of three models takes place.

Airbus plans to launch the two-engine mid-sized A350 XWB plane
into service in 2013.  It plans to manufacture the future models
more efficiently than the previous ones but that, management
says, it will require restructuring moves of the sort called for
in the Power8 plan, WSJ reports.

WSJ adds that EADS aims to improve Airbus's internal efficiency
and competitiveness against Boeing amid a weaker U.S. dollar as
much of EADS's costs are priced in euros.

Headquartered in Toulouse, France, Airbus S.A.S. --
http://www.airbus.com/en-- is a leading aircraft manufacturer
in Europe with around 55,000 people employed at sixteen sites in
Germany, France, Spain and the United Kingdom.


ALTERNA FACHHANDEL: Claims Registration Period Ends March 16
------------------------------------------------------------
Creditors of ALTERNA Fachhandel fuer Solartechnik u.
biologisches Bauen GmbH have until March 16 to register their
claims with court-appointed insolvency manager Dirk Obermueller.

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 Bonn
         Meeting Hall S 2.18
         Second Floor
         William-Strasse 23
         53111 Bonn
         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:

         Dirk Obermueller
         Godesberger Allee 125-127
         53175 Bonn
         Germany
         Tel: 81 000 45
         Fax: 81 000 820

The District Court of Bonn opened bankruptcy proceedings against
ALTERNA Fachhandel fuer Solartechnik u. biologisches Bauen GmbH
on Jan. 30.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         ALTERNA Fachhandel fuer Solartechnik
         u. biologisches Bauen GmbH
         Koenigswinterer Str. 390
         53227 Bonn
         Germany

         Attn: Elke Szukal, Manager
         Tieckstr. 3
         10117 Berlin
         Germany


ANGLEX VERTRIEB: Claims Registration Period Ends March 13
---------------------------------------------------------
Creditors of ANGLEX Vertrieb GmbH have until March 13 to
register their claims with court-appointed insolvency manager
Michael Bremen.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.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 Duesseldorf
         Meeting Hall A 341
         Third Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         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:

         Michael Bremen
         Sternstr. 58
         40479 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against ANGLEX Vertrieb GmbH on Feb. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         ANGLEX Vertrieb GmbH
         Niersstr. 1
         41564 Kaarst
         Germany

         Attn: Alfred Noll, Manager
         Hesemannstr. 7
         41460 Neuss
         Germany


ASBA BAU: Claims Registration Period Ends March 27
--------------------------------------------------
Creditors of ASBA Bau GmbH have until March 27 to register their
claims with court-appointed insolvency manager Sebastian Laboga.

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 Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         Germany

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

The insolvency manager can be contacted at:

         Sebastian Laboga
         Einemstrasse 24
         10785 Berlin
         Germany

The District Court of Neuruppin opened bankruptcy proceedings
against ASBA Bau GmbH on Feb. 6.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         ASBA Bau GmbH
         Veltener Str. 9
         16761 Hennigsdorf
         Germany

         Attn: Herrn Andreas Lodd, Manager
         Schlenken 50
         16767 Leegebruch
         Germany


AUTOHAUS ZICKLER: Claims Registration Period Ends March 16
----------------------------------------------------------
Creditors of Autohaus Zickler GmbH have until March 16 to
register their claims with court-appointed insolvency manager
Ulrich Josephs.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on April 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kassel
         Hall 234
         Friedrichsstrasse 32-34
         34117 Kassel
         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 Josephs
         Wilhelmshoeher Allee 270
         34131 Kassel
         Germany
         Tel: 0561/3166-311
         Fax: 0561/3166-312
         E-mail: ks@leonhardt-westhelle.eu

The District Court of Kassel opened bankruptcy proceedings
against Autohaus Zickler GmbH on Feb. 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Autohaus Zickler GmbH
         Attn: Joerg Zickler, Manager
         Leuschnerstrasse 79
         34134 Kassel
         Germany


ESSERS DACHDECKUNGS: Claims Registration Period Ends March 6
------------------------------------------------------------
Creditors of Essers Dachdeckungs-GmbH have until March 6 to
register their claims with court-appointed insolvency manager
Dr. Leo Schoofs.

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

The meeting of creditors will be held at:

         The District Court of Kleve
         Meeting Hall C 58
         Ground Floor
         Schlossberg 1
         47533 Kleve
         Germany

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

The insolvency manager can be reached at:

         Dr. Leo Schoofs
         Salierstrasse 4
         46395 Bocholt
         Germany
         Tel: 02871-2183-0
         Fax: 02871-2183-410

The District Court of Kleve opened bankruptcy proceedings
against Essers Dachdeckungs-GmbH on Feb. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Essers Dachdeckungs-GmbH
         Wihelm-Fries-Strasse 12
         47533 Kleve
         Germany


FEFIX BERATUNGS: Creditors' Meeting Slated for March 27
-------------------------------------------------------
The court-appointed insolvency manager for FEFIX Beratungs- und
Dienstleistungs GmbH, Bjoern Gehde, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 8:40 a.m. on March 27.

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

         The District Court of Charlottenburg
         Second Stock Hall 218
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:10 a.m. on July 3 at the same venue.

Creditors have until May 8 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Bjoern Gehde
         Goethestr. 85
         10623 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against FEFIX Beratungs- und Dienstleistungs GmbH on
Feb. 8.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         FEFIX Beratungs- und Dienstleistungs GmbH
         Guertelstr. 25
         10247 Berlin
         Germany


FRADOO IMMOBILIEN: Claims Registration Period Ends April 2
----------------------------------------------------------
Creditors of FRADOO Immobilien GmbH have until April 2 to
register their claims with court-appointed insolvency manager
Paul Fink.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.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 Duesseldorf
         Meeting Hall A 341
         Third Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         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. Paul Fink
         Rheinort 1
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against FRADOO Immobilien GmbH on Feb. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         FRADOO Immobilien GmbH
         Attn: Franciscus J. Doornekamp, Manager
         Grafenberger Allee 136
         40237 Duesseldorf
         Germany


FUCHS OBJEKTVERWALTUNGS: Claims Registration Ends March 12
----------------------------------------------------------
Creditors of Fuchs Objektverwaltungs GmbH & Co. Objekt Bonn
Mechenstrasse KG have until March 12 to register their claims
with court-appointed insolvency manager Michael Wirth.

Creditors and other interested parties are encouraged to attend
the meeting at 10:55 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 Nuremberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuremberg
         Germany

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

The insolvency manager can be contacted at:

         Michael Wirth
         Martin-Luther-Str. 20
         91207 Lauf
         Germany
         Tel: 09123/9720-0
         Fax: 09123/9720-20

The District Court of Nuremberg opened bankruptcy proceedings
against Fuchs Objektverwaltungs GmbH & Co. Objekt Bonn
Mechenstrasse KG on Feb. 8.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Fuchs Objektverwaltungs GmbH & Co. Objekt
         Bonn Mechenstrasse KG
         Frankenwaldstr. 11
         95119 Naila
         Germany


GENOUX GMBH: Creditors' Meeting Slated for March 22
---------------------------------------------------
The court-appointed insolvency manager for Genoux GmbH & Co. KG,
Bernd Peters, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:00 a.m. on
March 22.

The meeting of creditors and other interested parties 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 10:00 a.m. on June 21, at the same venue.

Creditors have until May 8 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Bernd Peters
         Wall 146
         28195 Bremen
         Germany
         Tel: 0421/2440090
         Fax: 0421/24400929
         E-mail: dr.peters@dr-peters.org

The District Court of Bremen opened bankruptcy proceedings
against Genoux GmbH & Co. KG on Feb. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Genoux GmbH & Co. KG
         Tillmannstr. 9
         28239 Bremen
         Germany


HSH- ANLAGENBAU: Claims Registration Ends March 9
-------------------------------------------------
Creditors of HSH- Anlagenbau GmbH have until March 9 to register
their claims with court-appointed insolvency manager
Matthias Bott.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on March 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ravensburg
         Hall 1
         Erdgeschoss
         Herrenstr. 42
         88212 Ravensburg
         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 Bott
         Bodnegger Str. 19
         88287 Gruenkraut bestellt
         Germany

The District Court of Ravensburg opened bankruptcy proceedings
against HSH- Anlagenbau GmbH on Feb. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         HSH- Anlagenbau GmbH
         Steinbeiss Str. 6
         88353 Kisslegg-Zaisenhofen
         Germany

         Attn: Arthur Hofer, Manager
         Siemensstr. 37
         88250 Weingarten
         Germany


INTERNATIONALE TRANSPORTE: Claims Registration Ends March 16
------------------------------------------------------------
Creditors of Internationale Transporte GmbH have until March 16
to register their claims with court-appointed insolvency manager
Egi-dius Arens.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 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 Gera
         Rudolf-Diener-Str. 1
         Zimmer 317
         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:

         Egi-dius Arens
         Laasener Str. 5
         07545 Gera
         Germany

The District Court of Gera opened bankruptcy proceedings against
Internationale Transporte GmbH on Feb. 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Internationale Transporte GmbH
         GF Karin Stephan
         Hans-Juergen Stephan
         Zur Quelle 7b
         07549 Gera
         Germany


JECK HEIZ-SA: Claims Registration Ends March 22
-----------------------------------------------
Creditors of Jeck Heiz-Sa GmbH have until March 22 to register
their claims with court-appointed insolvency manager
Marc Schmidt-Thieme.

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

The meeting of creditors will be held at:

         The District Court of Mannheim
         Room 232
         Second Floor
         West Wing
         Schloss
         68149 Mannheim
         Germany

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

The insolvency manager can be reached at:

         Marc Schmidt-Thieme
         Soldnerstr. 2
         68219 Mannheim
         Germany
         Tel: 0621/877080

The District Court of Mannheim opened bankruptcy proceedings
against Jeck Heiz-Sa GmbH on Feb. 8.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Jeck Heiz-Sa GmbH
         Attn: Wolfgang Jeck, Manager
         Dr. Albert-Reimann-Str. 14
         68526 Ladenburg
         Germany


KOENIGSHOF OBST: Claims Registration Period Ends March 26
---------------------------------------------------------
Creditors of Koenigshof Obst-, Gemuese- und Transporte-GmbH have
until March 26 to register their claims with court-appointed
insolvency manager Claus-Peter Langer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be contacted at:

         Claus-Peter Langer
         Herzog-Wilhelm-Str. 17
         80331 Munich
         Germany
         Tel: 089/23 68 58-0
         Fax: 089/26 03 44-0

The District Court of Munich opened bankruptcy proceedings
against Koenigshof Obst-, Gemuese- und Transporte-GmbH on
Feb. 7.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Koenigshof Obst-, Gemuese- und Transporte-GmbH
         Attn: Cam Karahueseyin, Manager
         Maria-Probst-Str. 47
         80939 Munich
         Germany


PODZUWEIT METALLBAU: Claims Registration Ends March 22
------------------------------------------------------
Creditors of Podzuweit Metallbau GmbH & Co. KG have until
March 22 to register their claims with court-appointed
insolvency manager Dr. Sabine Aldermann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 12, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         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 Aldermann
         Landgrafenstr. 2 a
         44139 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against Podzuweit Metallbau GmbH & Co. KG on Jan. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Podzuweit Metallbau GmbH & Co. KG
         Attn: Christof Podzuweit, Manager
         Bergstr. 47
         59069 Hamm
         Germany


PODZUWEIT VERWALTUNGS: Claims Registration Ends March 22
--------------------------------------------------------
Creditors of Podzuweit Verwaltungs GmbH have until March 22 to
register their claims with court-appointed insolvency manager
Dr. Sabine Aldermann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on April 12, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         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 Aldermann
         Landgrafenstr. 2 a
         44139 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against Podzuweit Verwaltungs GmbH on Jan. 26.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Podzuweit Verwaltungs GmbH
         Attn: Christof Podzuweit, Manager
         Bergstr. 47
         59069 Hamm
         Germany


PRANG GMBH: Claims Registration Ends March 9
--------------------------------------------
Creditors of Prang GmbH have until March 9 to register their
claims with court-appointed insolvency manager Dr. Peter Neu.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Dr. Peter Neu
         Elberfelder Strasse 39
         42853 Remscheid
         Germany
         Tel: 02191/499 18-0
         Fax: 02191/499 18-50
         Web site: http://www.meiski.de/

The District Court of Wuppertal opened bankruptcy proceedings
against Prang GmbH on Feb. 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Prang GmbH
         Attn: Peter Prang, Manager
         Losenbuecheler Strasse 12 b
         42857 Remscheid
         Germany


REHA TECHNIK: Claims Registration Ends March 15
-----------------------------------------------
Creditors of REHA Technik GmbH have until March 15 to register
their claims with court-appointed insolvency manager
Walter Broehan.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.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 Luebeck
         Hall E3
         Am Burgfeld 7
         23568 Luebeck
         Germany

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

The insolvency manager can be reached at:

         Walter Broehan
         Muehlenstr. 56
         23552 Luebeck
         Germany

The District Court of Luebeck opened bankruptcy proceedings
against REHA Technik GmbH on Feb. 7.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         REHA Technik GmbH
         Attn: Herrn Martin Boettcher, Manager
         Im Gleisdreieck 34
         23566 Luebeck
         Germany


RPM AUTOMATEN: Claims Filing Period Ends March 16
-------------------------------------------------
Creditors of RPM Automaten Betriebs GmbH have until March 16 to
register their claims with court-appointed insolvency manager
Joern Weitzmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:55 a.m. on April 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Joern Weitzmann
         Arnold-Heise-Strasse 9
         20249 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against RPM Automaten Betriebs GmbH on Feb. 8.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         RPM Automaten Betriebs GmbH
         Attn: Astrid Wesselhoeft, Manager
         Wandsbeker Koenigstrasse 9
         22041 Hamburg
         Germany


SANOTECH SANITATSHAUS: Creditors Must File Claims by March 27
-------------------------------------------------------------
Creditors of Sanotech, Sanitatshaus und Orthopadie GmbH have
until March 27 to register their claims with court-appointed
insolvency manager Norbert Kruse.

The insolvency manager can be reached at:

         Norbert Kruse
         Bonhoefferstr. 10
         48282 Emsdetten
         Germany
         Tel: 02572/875-0
         Fax: +49257287533

The District Court of Muenster opened bankruptcy proceedings
against Sanotech, Sanitatshaus und Orthopadie GmbH on Feb. 8.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Sanotech, Sanitatshaus und Orthopadie GmbH
         Kolpingstr. 6
         48431 Rheine
         Germany

         Attn: Marianne Seck, Manager
         Hedwigstr. 15 a
         48431 Rheine
         Germany


SCHAAL FASHION: Creditors Must Register Claims by April 18
----------------------------------------------------------
Creditors of Schaal Fashion GmbH have until April 18 to register
their claims with court-appointed insolvency manager
Oliver Schartl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Oliver Schartl
         Schwanthalerstr. 32
         80336 Munich
         Tel: 089-545110
         Fax: 089-54511-444
         Germany

The District Court of Munich opened bankruptcy proceedings
against Schaal Fashion GmbH on Feb. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Schaal Fashion GmbH
         Suedliche Muenchner Str. 2a
         82031 Gruenwald
         Germany


SCHAAL FASSADENBAU: Claims Registration Ends March 9
----------------------------------------------------
Creditors of Schaal Fassadenbau und Bedachungen GmbH & Co. KG
have until March 9 to register their claims with court-appointed
insolvency manager Volker Schmidt.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on April 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Hall 178
         70190 Stuttgart
         Germany

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

The insolvency manager can be contacted at:

         Volker Schmidt
         Birkenwaldstr. 151
         70191 Stuttgart
         Germany
         Tel: 0711/25 35 913
         Fax: 0711/25 35 9155

The District Court of Stuttgart opened bankruptcy proceedings
against Schaal Fassadenbau und Bedachungen GmbH & Co. KG on
Feb. 9.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Schaal Fassadenbau und Bedachungen GmbH & Co. KG
         Attn: Helmut Schaal, Manager
         Stuttgarter Str. 26
         71384 Weinstadt
         Germany


SOMA-TECH TEILEFERTIGUNG: Creditors Must File Claims by April 11
----------------------------------------------------------------
Creditors of Soma-tech Teilefertigung GmbH have until April 11
to register their claims with court-appointed insolvency manager
Hendrik Hefermehl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 2, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Ludwigsburg
         Hall 2008
         Palace Schuetz
         Schorndorfer Str. 28
         Ludwigsburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Hendrik Hefermehl
         Olgastr. 54
         70182 Stuttgart
         Germany

The District Court of Ludwigsburg opened bankruptcy proceedings
against Soma-tech Teilefertigung GmbH on Feb. 6.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Soma-tech Teilefertigung GmbH
         Attn: Rolf Weber, Manager
         Siemensstr. 12
         71691 Freiberg/N.
         Germany


SPARKURS-BAD GMBH: Creditors Must Register Claims by March 7
------------------------------------------------------------
Creditors of Sparkurs-Bad GmbH have until March 7 to register
their claims with court-appointed insolvency manager
Andreas Grund.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 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 Hagen
         Hall 283 Karlsruhe
         Second Floor
         Main Building
         Heinitzstrasse 42
         58097 Hagen
         Germany

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

The insolvency manager can be reached at:

         Andreas Grund
         Grabenstr. 28
         58095 Hagen
         Germany

The District Court of Hagen opened bankruptcy proceedings
against Sparkurs-Bad GmbH on Feb. 8.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Sparkurs-Bad GmbH
         Attn: Sven Wahnke, Manager
         Bachstr. 19
         58239 Schwerte
         Germany


SPEDITION KEMPER: Creditors' Meeting Slated for March 15
--------------------------------------------------------
The court-appointed insolvency manager for Spedition Kemper
GmbH, Haro Helms, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:30 a.m. on
March 15.

The meeting of creditors and other interested parties 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 10:00 a.m. on June 6 at the same venue.

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

The insolvency manager can be reached at:

         Haro Helms
         Schillerstr. 10
         28195 Bremen
         Germany
         Tel: 0421/337790
         Fax: 0421/3377933
         E-mail: helms@dr-stankewitz.de
         Web site: http://www.dr-stankewitz.de/

The District Court of Bremen opened bankruptcy proceedings
against Spedition Kemper GmbH on Feb. 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Spedition Kemper GmbH
         Aumunder Feldstr. 47
         28757 Bremen
         Germany

         Attn: Thomas Kemper, Manager
         Hammersbecker Weg 19
         28790 Schwanewede
         Germany


SPEZIALWASSERBAU GMBH: Claims Registration Ends March 9
-------------------------------------------------------
Creditors of Spezialwasserbau GmbH have until March 9 to
register their claims with court-appointed insolvency manager
Christian Langhoff.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on April 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 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:

         Christian Langhoff
         Carl-Heydemann-Ring 55
         18437 Stralsund
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against Spezialwasserbau GmbH on Feb. 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Spezialwasserbau GmbH
         Attn: Holger Roock, Manager
         Dorfstrasse 63
         18519 Wilmshagen OT Bremerhagen
         Germany


SYSTEMTECHNIK SUD: Claims Registration Ends April 10
----------------------------------------------------
Creditors of Systemtechnik Sud GmbH have until April 10 to
register their claims with court-appointed insolvency manager
Dr. Schmid.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Esslingen
         Hall 1
         Ground Floor
         Rit-terstr.5
         Esslingen
         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. Schmid
         Hasenbergsteige 5
         70178 Stuttgart
         Germany
         Tel: 07116690791
         Fax: 07116645068

The District Court of Esslingen opened bankruptcy proceedings
against Systemtechnik Sud GmbH on Feb. 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Systemtechnik Sud GmbH
         Attn: Bernd Leitenberger, Manager
         Fritz-Mueller-Str. 137
         73730 Esslingen
         Germany


UFG GESELLSCHAFT: Claims Registration Ends April 5
--------------------------------------------------
Creditors of UFG Gesellschaft fuer Unterhaltung, Freizeit,
Gastronomie GmbH have until April 5 to register their claims
with court-appointed insolvency manager Frank Imberger.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 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 Bochum
         Hall A29
         Ground Floor
         Main Building
         Viktoriastrasse 14
         44787 Bochum
         Germany

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

The insolvency manager can be reached at:

         Frank Imberger
         Huestrasse 34
         44787 Bochum
         Germany

The District Court of Bochum opened bankruptcy proceedings
against UFG Gesellschaft fuer Unterhaltung, Freizeit,
Gastronomie GmbH on Feb. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         UFG Gesellschaft fuer Unterhaltung, Freizeit,
         Gastronomie GmbH
         Kohlleppelsweg 45
         44791 Bochum
         Germany

         Attn: Horst Koeller, Manager
         Albrechtstr. 25
         44575 Castrop-Rauxel
         Germany


UNITEDMINDS GMBH: Claims Registration Ends May 8
------------------------------------------------
Creditors of unitedminds GmbH have until May 8 to register their
claims with court-appointed insolvency manager Michael C. Frege.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on July 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Charlottenburg
         Second Stock Hall 218
         Amtsgerichtsplatz 1
         14057 Berlin
         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 C. Frege
         Lennestr. 7
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against unitedminds GmbH on Feb. 7.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         unitedminds GmbH
         Kiefholzstr. 3
         12435 Berlin
         Germany


UNSERHAUS VERTRIEBS: Claims Registration March 14
-------------------------------------------------
Creditors of UNSERHAUS Vertriebs GmbH have until March 14 to
register their claims with court-appointed insolvency manager
Martin Schoebe.

Creditors and other interested parties are encouraged to attend
the meeting at 4:00 p.m. on April 10, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Muehldorf
         Hall 112
         Innstrasse 1
         Muehldorf
         Germany

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

The insolvency manager can be reached at:

         Martin Schoebe
         Ainmillerstr. 11
         80801 Muenchen
         Germany

The District Court of Muehldorf opened bankruptcy proceedings
against UNSERHAUS Vertriebs GmbH on Feb. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         UNSERHAUS Vertriebs GmbH
         Attn: Alexander Krinner, Manager
         Muenchener Str. 135
         84453 Muehldorf
         Germany


VISTEON CORP: Dec. 31 Balance Sheet Upside-Down by US48 Million
---------------------------------------------------------------
Visteon Corp. reported a net loss of US$39 million on total
sales of US$2.84 billion for the fourth quarter 2006.  For full
year 2006, Visteon reported a net loss of US$163 million on
total sales of US$11.4 billion.

Visteon's balance sheet at Dec. 31, 2006, showed total assets of
US$6.94 billion and total liabilities of US$6.75 billion
resulting in a total shareholders' deficit of US$188 million.
The company's total shareholders' deficit as of Dec. 31, 2005,
stood at US$48 million.

Commenting on the results, Michael F. Johnston, the company's
chairman and chief executive officer, said, "[o]ur full year
results demonstrate solid progress in achieving our multi- year
improvement plan, even while facing significant production
declines from a number of our customers.  We're leaner, more
efficient and better positioned from a product, customer and
footprint perspective than we were a year ago."

"This new business reflects the strength of our product
portfolio and our manufacturing and engineering footprints,
which are already among the best in the industry," said Donald
J. Stebbins, president and chief operating officer. "We also
continued to diversify our customer base which will enable us to
better withstand global production shifts."

                        Fourth Quarter 2006

Sales for fourth quarter 2006 totaled US$2.84 billion.  Fourth
quarter 2006 product sales were US$2.7 billion, essentially
unchanged from fourth quarter 2005, as favorable currency and
increased sales in Asia were offset by lower production volumes,
principally in North America.  Product sales to non-Ford
customers of US$1.62 billion rose 13 percent, or US$188 million,
over fourth quarter 2005 and represented 60 percent of total
product sales. Services sales of US$131 million decreased US$33
million from the same period in 2005, reflecting the transfer of
about 1,000 Visteon salaried employees associated with two
Automotive Components Holdings (ACH) manufacturing facilities to
Ford in early 2006.

Visteon reported a net loss of US$39 million for the fourth
quarter of 2006, which included reimbursable restructuring
expenses and other qualified costs of US$71 million and a net
tax benefit of US$32 million.  The net tax benefit resulted
primarily from tax effecting current year U.S. operating losses
to the extent of increases in other comprehensive income in
2006, principally attributable to favorable foreign currency
translation.

For the fourth quarter 2005, Visteon reported net income of
US$1.3 billion, which included a gain of US$1.8 billion related
to the ACH transactions, US$335 million of non-cash asset
impairments, US$34 million of restructuring expenses and other
qualified reimbursable costs.  Reimbursements from the escrow
account totaled US$51 million, which included reimbursements for
qualified costs recognized in previous periods.

Cash provided by operating activities for the fourth quarter of
2006 was US$239 million, an increase of US$197 million over the
same period a year ago.  Fourth quarter 2005 was adversely
impacted by the unwinding of the retained negative working
capital associated with the ACH transactions.  Capital
expenditures for the fourth quarter of 2006 of US$108 million
were US$77 million lower than the same period a year ago.  Free
cash flow for the fourth quarter of 2006 was positive US$131
million, compared with negative US$143 million in the same
period of 2005.

                          Full Year 2006

Sales for full year 2006 totaled US$11.4 billion, including
product sales of US$10.9 billion and services sales of US$547
million.  Product sales to non-Ford customers totaled US$6.0
billion, or 55% of total product sales.  Sales for the same
period a year ago totaled US$17.0 billion, including product
sales of US$16.8 billion and services sales of US$164 million.
Of the total product sales for 2005, 62% were to Ford and 38%
were to non-Ford customers.  The transfer of 23 North American
facilities on Oct. 1, 2005, as part of the ACH transactions
decreased year-over-year product sales by US$6.1 billion.

Visteon's net loss of US$163 million for full year 2006
represents an improvement of US$107 million over 2005's net loss
of US$270 million despite lower sales levels.

The net loss for full year 2006 included US$22 million of non-
cash asset impairments related to the company's restructuring
actions and an extraordinary gain of US$8 million associated
with the acquisition of a lighting facility in Mexico.
Restructuring expenses for full year 2006 were US$95 million,
all of which qualified for reimbursement from the escrow
account.

The net loss of US$270 million for full year 2005 included asset
impairments of US$1.5 billion, a US$1.8 billion gain on the ACH
transactions, and US$26 million of restructuring expenses,
partially offset by US$51 million of reimbursements from the
escrow account.

Cash provided by operating activities was US$281 million for
full year 2006 compared with US$417 million for full year 2005.
Capital expenditures of US$373 million for the full year 2006
were US$212 million lower than 2005.  Free cash flow for full
year 2006 was negative US$92 million compared with negative
US$168 million for full year 2005.

                           Cash and Debt

As of Dec. 31, 2006, cash and equivalents totaled US$1.057
billion as compared to US$865 million at the end of 2005.  Total
debt of US$2.2 billion as of Dec. 31, 2006, compared with US$2.0
billion at the end of 2005, principally reflecting the closing
of an additional US$200 million secured term loan under its
existing term loan credit agreement in November 2006.

                          Restructuring

In connection with the company's salaried reduction program
announced in October 2006, about 800 salaried positions have
been identified as of Dec. 31, 2006.  Restructuring expenses in
the fourth quarter of 2006 for these salaried reductions were
US$19 million and qualified for reimbursement from the escrow
account.  The company expects to complete the salaried reduction
program by the end of March 2007 and anticipates achieving per
annum savings of about US$65 million.

Visteon also recognized US$20 million of restructuring expenses
and US$8 million of pension curtailment losses during the fourth
quarter of 2006 related to the company's plan to close a U.S.
climate control manufacturing facility in 2007 in response to
lower sales volumes and cost pressures.

In addition, in 2006 the company completed 11 restructuring
actions in connection with its multi-year improvement plan.
Reimbursable restructuring expenses and other qualified costs
from the escrow account totaled US$106 million for the full year
2006.

As of Dec. 31, 2006, the escrow account had a balance of
US$319 million, US$55 million of which related to expenses
incurred in the fourth quarter of 2006 which were reimbursed
from the escrow account in February 2007.

                        About Visteon Corp.

Headquartered in Van Buren Township, Mich., Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  With corporate offices in
the Michigan (U.S.); Shanghai, China; and Kerpen, Germany; the
company has more than 170 facilities in 24 countries and employs
around 50,000 people.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 5, 2006,
Standard & Poor's Ratings Services affirmed its bank loan and
recovery ratings on auto supplier Visteon Corp.'s senior secured
bank facility, following the announcement that the company will
increase its term loan to US$1 billion from US$800 million.

The secured loan rating is 'B' and the recovery rating is '2',
indicating the expectation for substantial (80%-100%) recovery
of principal in the event of a payment default.

As reported in the Troubled Company Reporter on Nov. 24, 2006,
Moody's Investors Service has downgraded Visteon Corporation's
Corporate Family Rating to B3 from B2, changed the ratings
outlook to stable from under review for possible downgrade and
affirmed the company's liquidity rating of SGL-3.


WEAVER EUROPE: Claims Registration Period Ends March 7
------------------------------------------------------
Creditors of Weaver Europe GmbH have until March 7 to register
their claims with court-appointed insolvency manager Dr. Paul
Fink.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Duesseldorf
         Meeting Hall A 341
         Third Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         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. Paul Fink
         Rheinort 1
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Weaver Europe GmbH on Feb. 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Weaver Europe GmbH
         Haroldstr. 14
         40213 Dsseldorf
         Germany

         Attn: Norbert Hundt, Manager
         Schleusenstr. 8 a
         45525 Hattingen
         Germany


WOHNPARK ELBBLICK: Claims Registration Period Ends March 39
-----------------------------------------------------------
Creditors of Wohnpark Elbblick Zollstrasse Beteiligungs GmbH
have until March 39 to register their claims with court-
appointed insolvency manager Tim F. Gatcke.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 8, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Celle Nebenstelle
         Hall 014
         Ground Floor
         Branch Mill Road 4
         29221 Celle
         Germany

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

The insolvency manager can be reached at:

         Tim F. Gatcke
         Hans-Bockler-Allee 26
         30173 Hannover
         Germany
         Tel: 0511/360960
         Fax: 0511/3609696
         E-mail: k.lange@wedlerundgaetcke.de

The District Court of Celle Nebenstelle opened bankruptcy
proceedings against Wohnpark Elbblick Zollstrasse Beteiligungs
GmbH on Feb. 7.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Wohnpark Elbblick Zollstrasse Beteiligungs GmbH
         Am Holzhof 54
         29221 Celle
         Germany


WS + HS: Claims Registration Period Ends March 8
------------------------------------------------
Creditors of WS + HS Planungs GmbH have until March 8 to
register their claims with court-appointed insolvency manager
Dr. Volker Viniol.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Stuttgart
         Room 4
         Hauffstr. 5
         70190 Stuttgart
         Germany

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

The insolvency manager can be reached at:

         Dr. Volker Viniol
         Danneckerstr. 52
         70182 Stuttgart
         Germany
         Tel: 0711/23 88 90
         Fax: 0711/23 88 930

The District Court of Stuttgart opened bankruptcy proceedings
against WS + HS Planungs GmbH on Feb. 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         WS + HS Planungs GmbH
         Triberger Str. 12
         70569 Stuttgart
         Germany


ZFS GMBH: Claims Registration Period Ends March 15
--------------------------------------------------
Creditors of ZFS GmbH have until March 15 to register their
claims with court-appointed insolvency manager Ruediger
Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting at 11:50 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 Charlottenburg
         Second Stock Hall 218
         Amtsgerichtsplatz 1
         14057 Berlin
         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 Wienberg
         Giesebrechtstr. 1
         10629 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against ZFS GmbH on Feb. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         ZFS GmbH
         Nunsdorfer Ring 2 - 10
         12277 Berlin
         Germany


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


ELAN CORP: Posts US$267.3-Million Net Losses in 2006
----------------------------------------------------
Elan Corp. plc released its unaudited financial results for the
12 months ended Dec. 31, 2006.

Elan posted US$267.3 million in net losses against
US$560.4 million net revenues for the 12 months ended Dec. 31,
2006, compared with US$383.6 million in net losses against
US$490.3 million in net revenues for the same period in 2005.

At Dec. 31, 2006, the Company's balance sheet showed US$2.74
billion in total assets and US$2.66 billion in total
liabilities, resulting in US$85.1 million in stockholders'
equity.

"Elan's 2006 performance further demonstrates our focus on
execution and the delivery of results," Kelly Martin, Elan's
President and Chief Executive Officer, said.  "Our financial
performance improved and our pipeline portfolio continued to
progress.  In that regard, I want to acknowledge the efforts of
all of Elan's employees, who worked tirelessly in 2006 to move
all parts of our business forward."

"Our activity and concentration for 2007 will revolve around
three primary goals and objectives.  First and foremost, by
remaining disciplined and operationally focused, we will aim to
accelerate the move to profitability.  Second, our commitment to
the scientific and clinical pipeline, particularly Alzheimer's
disease, has never been greater.  We expect to make tangible
progress in all areas of our portfolio over the course of the
year.  Lastly, Elan remains firmly focused on bringing
therapeutic options to those who need them the most - the
patients.  As we have demonstrated with Tysabri, we will
continue to work closely with the patients and their physicians
to seek solutions that will meaningfully address disease
pathology in the areas of our expertise," Mr. Martin added.

"2006 was a critical year in our drive towards profitability and
was marked by significant progress in a number of areas: our
operating margins improved with a 30% decrease in net loss and a
58% decrease in Adjusted EBITDA losses due to a 14% increase in
revenues and reduced operating expenses; Tysabri, which we are
confident will be a blockbuster drug in MS, was reintroduced in
the U.S. and launched in the EU; and our financial flexibility
increased due to reduced debt with no scheduled repayments for
almost five years," Shane Cooke, Elan's Executive Vice President
and Chief Financial Officer, said.

"The outlook for the business is strong and we are confident
that we will advance to profitability in the foreseeable future.
We expect to make further significant progress in 2007 with
Tysabri, our Alzheimer's programs and a number of initiatives in
the drug technology business, and we are optimistic that Elan
will achieve break-even, on an Adjusted EBITDA basis, by the end
of the year," Mr. Cooke added.

                      2007 Financial Outlook

Elan is providing guidance as to its potential financial outlook
for 2007.  Elan is not providing revenue guidance for Tysabri
for 2007; however, on the basis of the initial take-up, Elan
believes that growth in Tysabri revenues will drive Elan's
return to profitability.  In relation to the remaining business,
Elan expects total revenues in 2007 to exceed US$500 million,
with a gross profit, excluding revenue and related cost of sales
for Tysabri, in the range of 60% to 65%.

Elan's investment in R&D and SG&A expenses for 2007, including
share-based compensation expense, is anticipated to be in the
range of US$600 million to Us$650 million, of which around 20%
is anticipated to be related to Tysabri R&D and U.S. sales and
marketing costs.

Adjusted EBITDA for Elan is targeted to be less than negative
US$50 million for the full year 2007, and to get to break-even
by the end of 2007.

                       About the Company

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

                         *     *     *

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

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

Also, Moody's Investors Service assigned a B3 rating to the
proposed new senior unsecured notes of Elan Finance plc
reflecting a guarantee from Elan Corporation plc and material
subsidiaries.  At the same time, Moody's affirmed Elan's
existing ratings (B3 Corporate Family Rating) and the stable
rating outlook.

The rating outlook is stable.

Rating assigned:

Elan Finance plc

    * B3 fixed rate senior notes due 2013 (guaranteed by
      Elan Corporation, plc and subsidiaries)

    * B3 floating rate senior notes due 2013 (guaranteed by
      Elan Corporation, plc and subsidiaries)

Ratings affirmed:

Elan Corporation, plc

    * B3 corporate family rating

Elan Finance plc

    * B3 fixed rate senior notes of US$850 million
      due 2011 (guaranteed by Elan Corporation, plc
      and subsidiaries)

    * B3 floating rate senior notes of US$300 million
      due 2011 (guaranteed by Elan Corporation, plc
      and subsidiaries)

Athena Neurosciences Finance, LLC

    * B3 senior notes of US$613 million due 2008 (guaranteed
      by Elan Corporation, plc and subsidiaries)

Moody's does not rate Elan's US$254 million convertible notes
due 2008.


SCOTTISH RE: Hovde Capital Opposes MassMutual-Cerberus Proposal
---------------------------------------------------------------
Hovde Capital Advisors LLC will not vote in favor of the
proposals relating to a proposed investment in Scottish Re Group
Ltd. by MassMutual Capital Partners LLC and an affiliate of
Cerberus Capital Management, L.P. at the upcoming Extraordinary
General Meeting of Shareholders of Scottish Re later this month.

In an earlier letter to Scottish Re's Board of Directors in
November 2006, Hovde Capital stated that it would resist any
sale of the company at a price that did not fairly reflect the
true implied value of Scottish Re and would resist any capital
raising initiative that dilutes existing shareholders at a
depressed valuation through a sale of stock to one or more large
institutional investors.

"The concern we expressed in November, 2006, about the outcome
of Scottish Re's evaluation of its strategic alternatives has
materialized in a recommendation to shareholders of a proposal
by MassMutual and Cerberus," Eric Hovde, Portfolio Manager of
Hovde Capital, stated.  "The Board of Scottish Re has
recommended that the company's shareholders accept a deal that
is far more dilutive and more grossly unfair to existing
shareholders of Scottish Re than we ever could have imagined.
When factoring in the extremely dilutive original issuance price
of US$4.50 per share or lower, coupled with the 7.25% special
preferred dividend attached to those convertible shares that
will siphon off a significant amount of any future earnings, in
our opinion, the ordinary common shareholders will be left with
little or no value."

Hovde Capital also pointed out that under the MassMutual-
Cerberus proposal, possible adjustments to the conversion ratio
for the convertible shares that they will receive could push the
per share price into the US$2.00 range -- further diluting the
common shareholders.  Mr. Hovde said that the proposal
recommended by the Board "flies in the face of the company's own
independent third-party valuation performed by Tilinghast."

On Sept. 11, 2006, Scottish Re reported that the Tilinghast
valuation had concluded that the company's aggregate value was
in excess of its last reported GAAP book value; according to the
company's September 30th 10-Q, the most recently reported GAAP
book value is US$19.13.  Hovde Capital said it will vote against
the MassMutual-Cerberus proposal because it believes the
proposal treats existing shareholders inequitably and represents
a significant and unacceptable level of dilution and because
Hovde believes the Board of Scottish Re should be pursuing other
courses of action that were clearly available to the company,
including:

   -- a liquidation run-off, which Hovde Capital believes could
      capture more of the true imbedded value of the company for
      the existing shareholders that is not being recognized in
      the current proposal and will be lost by the existing
      shareholders; or

   -- a shareholder-backed rights offering in which all existing
      shareholders would have an opportunity to participate,
      such as the proposal made by Brandes Investment Partners,
      L.P. which included a "backstop" of the US$600 million in
      capital to be raised but which the Board of Scottish Re
      rejected.

Mr. Hovde went on to say that Hovde Capital believes the
recommendation of the Board of Scottish Re ignores the best
interests of the company's existing shareholders and that "Hovde
Capital cannot support such an egregious proposal."

Hovde Capital is a registered investment advisor that advises a
series of hedge funds focused on the financial services sector.

                        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.

                          *     *     *

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-.


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


PARMALAT SPA: Court Orders Deloitte to Pay US$130 Mln by Feb. 23
----------------------------------------------------------------
The Hon. Denise Cote of the U.S. District Court for the Southern
District of New York ordered Deloitte Touche Tohmatsu to pay
US$130 million to Parmalat S.p.A. by Feb. 23 as part of a
settlement deal signed in January, according to published
reports.

In a TCR-Europe report on Jan. 18, Deloitte and Dianthus S.p.A.
-- the firm that operated in Italy under the Deloitte & Touche
name until July 2003 -- agreed to a US$149 million settlement to
Parmalat, binding the parties to withdraw all pending actions
and allegations between them.  Parmalat had accused Deloitte and
Dianthus of abetting the company's collapse in December 2003.

Judge Cote also granted Deloitte and Dianthus protection against
further claims by Parmalat, the Financial Times relays.

Parmalat, headed by chief executive Enrico Bondi, has filed
multi-billion euro claims against a number of financial
institutions it accused of playing major roles in its
EUR13-billion bankruptcy.  Mr. Bondi has reached US$775 million
in settlements in the U.S. and Italy, FT states.  The company
still has pending claims against Citigroup Inc., Bank of America
Corp. and Grant Thornton International.

Legal experts, however, said BoA would rather stand trial than
settle with Parmalat, FT reports.  The experts said that even if
BoA is found guilty, the Deloitte ruling would influence the
amount of damages.  BoA called the Deloitte ruling a "fair and
equitable ruling that comports with established legal practice."

The legal experts also noted that firms with pending cases
against Parmalat could still settle for less than Mr. Bondi is
seeking.

                          About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has 40-
some brand product line, which includes yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Parmalat Capital Finance
Ltd., Dairy Holdings, Ltd., and Food Holdings, Ltd.  Dairy
Holdings and Food Holdings are Cayman Island special-purpose
vehicles established by Parmalat S.p.A.

The Finance Companies are under separate winding up petitions
before the Grand Court of the Cayman Islands.  Gordon I. MacRae
and James Cleaver of Kroll (Cayman) Ltd. serve as Joint
Provisional Liquidators in the cases.

On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case
No. 04-10362, in the United States Bankruptcy Court for the
Southern District of New York.  In May 2006, the Cayman Island
Court appointed Messrs. MacRae and Cleaver as Joint Official
Liquidators.  Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey,
Gordon, Herlands Randolph, represent the Finance Companies in
the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.


TK ALUMINUM: Proposes Amendments to Nemak Transaction Terms
-----------------------------------------------------------
TK Aluminum Ltd., the indirect parent of Teksid Aluminum
Luxembourg S.a r.l., S.C.A., is continuing to work with its
major creditor constituencies, to facilitate the consummation of
both its transaction with Tenedora Nemak, S.A. de C.V., a
subsidiary of ALFA, S.A.B. de C.V. and the sale of all of its
equity interests in its subsidiaries located in France, Italy
and Germany to one or more affiliates of BAVARIA
Industriekapital AG.

            Proposed Amendments to Nemak Transaction

TK Aluminum is requesting amendments to the existing agreements
with Nemak that would accelerate the receipt of a portion of the
Nemak sale proceeds by providing for separate closings for the
businesses in respect of which regulatory approvals have been
obtained or are expected to be obtained in the near term, with
the balance of the transaction being completed, in one or more
stages, once the remaining regulatory approvals have been
obtained.

In addition, other elements of the definitive agreement are
expected to change as a result of the ongoing discussions.  In
response to its request, the Company received a signed non-
binding letter from Nemak outlining terms and conditions on
which Nemak is currently willing to consider and engage in the
negotiation of certain amendments.

Key features of the amendments to the definitive agreement
include:

   * cash purchase price for the assets to be purchased under
     the amended definitive agreement to be decreased from
     US$495.9 million to US$485 million;

   * inclusion of Teksid's lost-foam operations in North America
     among assets to be purchased;

   * obligation to assume liabilities in connection with the
     reorganization of the company's remaining operations
     reduced from up to US$7 million to up to US$2 million;

   * an escrow of cash proceeds at each of the initial closing
     and the closing of the Teksid Poland sale of US$20 million
     and US$5 million, respectively, to fund potential short
     fall of working capital or excess net debt at such
     closings;

   * allocation of purchase price and certain other economic
     terms according to relative value of the various components
     of the asset purchase; and

   * no adjustment to the number of shares based on Nemak's
     acquisition of Norsk Hydro.

In addition, the proposed amendments would eliminate any
obligation of the company with respect to minimum aggregate
consideration payable in connection with any offer to purchase
the Senior Notes.  The company has also proposed a cash
settlement of certain loans extended by its French operating
subsidiaries to its Brazilian, Mexican and United States
subsidiaries, which Nemak has indicated it is reviewing.

The letter of understanding places Nemak under no obligation
until a definitive agreement to amend the transaction has been
executed.  Any amendment to the transaction must be approved by
both the board of directors of TK Aluminum Ltd. and Nemak.
Closing of the amended deal is subject to various conditions,
including the receipt by seller of certain consents and waivers
from the company's bondholders and other customary conditions,
including regulatory approvals.

On Feb. 1, 2007, the Mexican antitrust commission granted
approval in respect of the sale of the assets in Mexico.

               Existing Terms of Nemak Transaction

On Nov. 2, 2006, the company entered into a definitive agreement
to sell certain assets to Nemak.  Under the terms of the
existing agreement, the company agreed to sell its operations in
North America, except for its lost-foam operations in Alabama,
and its operations and interests in South America, China and
Poland.  As consideration for the operations being purchased,
the company would receive US$495.9 million in cash, subject to
working capital and net debt adjustments, along with a synthetic
equity interest in the Nemak business post-closing.  Pursuant to
the existing agreement, Nemak also agreed to provide certain
limited assistance to TK Aluminum, including the assumption of
up to US$7 million in liabilities in connection with the
reorganization of the company's remaining operations and provide
a US$25 million loan to be issued in connection with the
transaction.

In addition, pursuant to the existing agreement, ALFA agreed to
provide credit enhancement to support up to US$42 million of
letters of credit in favor of commercial counterparties to
replace existing arrangements under the company's existing
senior credit facilities.

                  Proposed Consent Solicitation

TK Aluminum intends to launch a solicitation of its bondholders
for the consent to both the Nemak and Bavaria transactions.  In
addition, the contemplated solicitation would provide for the
waiver of the company's obligation to offer to purchase bonds at
101% of par under change of control provisions, amend the
indenture to release certain guarantors of the bonds relevant to
the specified sales transactions and would oblige the company to
offer to repurchase the bonds at 100% of par with available
asset sale proceeds net of satisfying secured debt obligations,
unpaid interest, other operating obligations and maintenance of
adequate corporate liquidity.

The contemplated solicitation would also augment the allowed
borrowings under the revolving credit facility by EUR20 million,
and would provide that consenting bondholders shall not take any
action to accelerate the maturity of the bonds or to enforce
remedies under the indenture until April 30, 2007.  Pursuant to
the contemplated solicitation, consenting bondholders
would release all claims against the management, directors,
officers, advisers and stockholders, as such, of the Company,
the Parent Guarantor and its subsidiaries, and would receive a
fee in the amount of EUR20 for every EUR1,000 principal amount
of bonds.

If the Nemak transaction is consummated with the proposed
amendments, the company estimates that the maximum amount of
cash available for distribution to bondholders would decrease
from that estimated on Feb. 2, 2007, by around EUR70 per every
EUR1,000 of principal amount of bonds.  However, including the
proceeds from the US$25 million loan to be issued in connection
with the Nemak transaction, the company estimates that the
maximum amount of cash available to bondholders would be around
EUR500 to EUR560 per every EUR1,000 of principal amount of
bonds.  The company's estimate assumes completion of the Nemak
sale, other than the sale of the company's operations in China
and Poland, by Feb. 28, 2007, completion of the sale of the
company's operations in China and Poland by March 31, 2007, and
completion of the Bavaria transaction by March 31, 2007, and
excludes any cash that may be subsequently realized from the
synthetic equity interest.

                      About Teksid Aluminum

Teksid Aluminum -- http://www.teksidaluminum.com/--  
manufactures aluminum engine castings for the automotive
industry.  Principal products include cylinder heads, engine
blocks, transmission housings and suspension components.  The
company operates 15 manufacturing facilities in Europe, North
America, South America and Asia.  The company maintains
operations in Italy, Brazil and China.

Until Sept. 2002, Teksid Aluminum was a division of Teksid
S.p.A., which was owned by Fiat.  Through a series of
transactions completed between Sept. 30, 2002 and Nov. 22, 2002,
Teksid S.p.A. sold its aluminum foundry business to a consortium
of investment funds led by equity investors that include
affiliates of each of Questor Management Company, LLC, JPMorgan
Partners, Private Equity Partners SGR S.p.A. and AIG Global
Investment Corp.  As a result of the sale, Teksid Aluminum is
owned by its equity investors through TK Aluminum Ltd., a
Bermuda holding company.

                          *     *     *

On Jan. 16, 2007, Moody's Investors Service placed TK Aluminum
Ltd.'s long-term corporate family rating at Caa3.


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


ANTALIYA-M LLP: Creditors Must File Claims by April 6
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Antaliya-M.

Creditors have until April 6 to submit written proofs of claim
to:

         The Specialized Inter-Regional Economic Court of
         Kostanai
         Fourth Floor
         Gogol Str. 177a
         Kostanai
         Kazakhzstan


ARGUS LLP: Creditors Must File Proofs of Claims by March 30
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Argus insolvent.

Creditors have until March 30 to submit written proofs of claim
to:

         The Specialized Inter-Regional Economic Court of Akmola
         Rodnikovaya Str. 1
         Shuchinsk
         Akmola
         Kazakhstan


ARUANA-SERVICE LLP: Creditors Must Submit Claims by April 6
-----------------------------------------------------------
LLP Aruana-Service has declared insolvency.  Creditors have
until April 6 to submit written proofs of claim to:

         LLP Aruana-Service
         Lui Paster Str. 27
         Astana
         Kazakhstan
         Tel: 8 (3172) 97-98-71
              8 701 388 67-52


BEK LTD: Creditors' Claims Due March 30
---------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Firm Bek Ltd. insolvent.  Creditors have until
March 30 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan


DARINA K: Creditors Must File Proofs of Claim by March 30
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Company Darina K insolvent.

Creditors have until March 30 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan


DOSTYK LLP: Claims Filing Period Ends March 30
----------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Dostyk insolvent.

Creditors have until March 30 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


EDA LLP: Creditors Must File Claims by March 30
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Eda insolvent.

Creditors have until March 30 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Mir Str. 43/2
         Krasny Yar
         Akmola
         Kazakhstan


TRINITY SYSTEMS: Claims Registration Period Ends April 6
--------------------------------------------------------
LLP Trinity Systems has declared insolvency.  Creditors have
until April 6 to submit written proofs of claim to:

         LLP Trinity Systems
         Tashenov Str. 8
         Almaty District
         Astana
         Kazakhstan


VIT LLP: Claims Registration Ends April 6
-----------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Vit insolvent.

Creditors have until April 6 to submit written proofs of claim
to:

         The Specialized Inter-Regional Economic Court of
         Kostanai
         Fourth Floor
         Gogol Str. 177a
         Kostanai
         Kazakstan


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


SHUMKAR FREE: Claims Filing Period Ends April 6
-----------------------------------------------
LLC Shumkar Free Ecomomic Zone has declared insolvency.
Creditors have until April 6 to submit written proofs of claim
to:

         LLC Shumkar Free Ecomomic Zone
         Free Economic Zone Bishkek
         Akchy
         Bishkek
         Kyrgyzstan


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


DALRADIAN EUROPEAN: S&P Rates EUR15-Mln Class E Notes at BB-
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the floating-rate notes to be issued by
Dalradian European CLO III B.V., a special purpose entity.

This transaction's portfolio of senior secured, senior
unsecured, second-lien, and mezzanine loans, is expected to be
diversified across several countries and industries.  Dalradian
III is the third CLO managed by Elgin Capital LLP.

At closing, Dalradian III will issue EUR300 million of term
notes, the proceeds of which will be invested in a portfolio of
predominantly senior secured loans.

All the term notes, which will equate to 75% of the transaction
size, will be issued in euros.  At closing, the issuer will
issue VFNs, under which it will be entitled to draw, at any
time, a maximum amount of 25% of the size of the transaction.
Amounts drawn under the VFNs may be denominated in sterling,
euros, or U.S. dollars.

                          Ratings List

Dalradian European CLO III B.V.
   EUR15 million Floating-Rate Notes

            Class          Prelim.        Prelim.
                           rating         amount
                                     (Mln. equiv. EUR)

            E              BB-                15

Dalradian European CLO III B.V. also include
   EUR385 million Floating-Rate Notes

            Variable
            funding
            notes          AAA               100
            A1             AAA               102
            A2             AAA                60
            B              AA                 32
            C              A                  24
            D              BBB-               25
            F              NR                 42


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


ALMUKHAMETOVSKIY ELEVATOR: Court Hearing Slated for March 29
------------------------------------------------------------
The Arbitration Court of Bashkortostan will convene at 2:30 p.m.
on March 29 to hear the bankruptcy supervision procedure on OJSC
Almukhametovskiy Elevator (TIN 0201007694).  The case is
docketed under Case No. A07-3309/06-G-FLE.

The Temporary Insolvency Manager is:

         P. Ozerov
         Post User Box 20
         Central Post Office
         Ufa
         450000 Bashkortostan
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Almukhametovskiy Elevator
         Elevatornaya Str. 22
         Almukhametovo St.
         Avzelilovskiy
         453605 Bashkortostan
         Russia


AQUA-VITA LLC: Bankruptcy Hearing Slated for May 28
---------------------------------------------------
The Arbitration Court of Sakha-Yakutiya will convene on May 28
to hear the bankruptcy supervision procedure on LLC Aqua-Vita.
The case is docketed under Case No. A58-8269/06.

The Temporary Insolvency Manager is:

         N. Mamrukov
         Krupskoy Str. 35
         Yakutsk
         677007 Sakha-Yakutiya
         Russia
         Tel: (4112) 36-39-23
         Fax: (4112) 35-45-65

The Court is located at:

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

The Debtor can be reached at:

         LLC Aqua-Vita
         Office 3
         Druzhby Narodov Str.
         Neryungri
         678922 Sakha-Yakutiya
         Russia


ARZAMASSKAYA CONFECTIONARY: Asset Sale Slated for March 7
---------------------------------------------------------
The insolvency manager and bidding organizer for CJSC
Arzamasskaya Confectionary will proceed with a repeated auction
for the company's properties at 11:00 a.m. on March 7 at:

         Office 106
         Strelka Str. 4a
         Nizhniy Novgorod
         Russia

The company has set a RUR36.5 million starting price for the
auctioned assets.

Interested participants have until March 5 to deposit an amount
of RUR6 million to:

         CJSC Arzamasskaya Confectionary
         Settlement Account 40702810200009429266
         Correspondent Account 30101810400000000893
         BIK 042220893
         CJSC MCB Moskomprivatbank (Nizhnegorodskiy)
         Nizhniy Novgorod
         Russia

Bidding documents must be submitted to:

         V. Veselov
         Office 106
         Strelka Str. 4a
         603086 Nizhniy Novgorod
         Russia
         Tel: (8312) 494-652
         Fax: (8312) 494-653

In a TCR-Europe report on Oct. 24, 2006, the Arbitration Court
of Nizhniy Novgorod appointed Mr. V. Veselov as Insolvency
Manager for CJSC Arzamasskaya.  The Court commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A43-15769/2005 33-270.

The court is located at:

         The Arbitration Court of Nizhniy Novgorod
         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         CJSC Arzamasskaya Confectionary
         Berezina Str. 3
         Arzamas
         Nizhniy Novgorod Region
         Russia


EUROCHEM MINERAL: Lithuanian Unit Hikes Product Output in 2006
--------------------------------------------------------------
Lifosa AB, a part of EuroChem OJSC, reached an all-time record
for its product output in 2006.

The output of a core product -- diammonium phosphate, which is
in great demand in the European Union, Asia, and other regions
of the world -- reached 785,500 tons, up 3.8% from the level of
the previous year.  The production of feed phosphates grew 5.7%
to 68,290 tons.  The output of aluminum fluoride hit the record
high -- 145% of the level of 2005 (11,020 tons).

Respectively, the output of semi-products for phosphate
fertilizers production was also up -- that of sulphuric acid by
2.4% to 1 million 118,000 tons, and wet-processed phosphoric
acid by 1% to 413,100 tons.

In 2006 the enterprise sold 80,400 Gkcal of thermal energy and
15.7 m kW/h of electricity generated with the use of process
heat from sulphuric acid production.

In 2006 investment in the modernization of operating facilities
and equipment reconditioning reached EUR14.14 million.  The
introduction of the project "Utilization of Local and Renewable
Energy Sources from Sulphuric Acid Production for Electricity
Generation" was started.  The project was highly estimated by
Lithuanian governmental institutions, and obtained financial
support in the amount of EUR1.74 million from Structural Funds
of the European Union.

As a result of its 2006 performance, Lifosa AB was recognized
the winner of the Exporter of the Year award, Prize for
Innovations award, and the medal for Business Merits for its
contribution to the energy sector development.

                         About EuroChem

Headquartered in Moscow, Russia, EuroChem Mineral and Chemical
Company CJSC -- http://www.eurochem.ru/-- engages in raw
materials extraction, and production of fertilizers, organics,
feed phosphates in Russia and abroad.

                          *     *     *

Fitch Ratings has assigned Russia-based OJSC EuroChem Mineral
and Chemical Company an Issuer Default 'BB-' (BB minus) rating
and a Short-term 'B' rating.  The Outlook on the Issuer Default
rating is Stable.


EUROCHEM MINERAL: Fitch Assigns BB- Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has assigned Russia-based OJSC EuroChem Mineral
and Chemical Company an Issuer Default 'BB-' rating and a Short-
term 'B' rating.  The Outlook on the Issuer Default rating is
Stable.

"The ratings reflect EuroChem's leading position in the Russian
fertilizer market, conservative financial policy and strong
financial profile," says Angelina Valavina, Director of Fitch's
Industrials team.

The Stable Outlook reflects Fitch's expectations that the world
fertilizer industry will continue to develop favorably and that
the company will be able to maintain its solid credit profile
despite anticipated large investments and rising costs.

EuroChem's strong position among its international and Russian
peers is based on its revenue growth and profitability,
underpinned by its low cost production base and a favorable
fertilizer market environment.  EuroChem's low costs are
supported by subdued domestic gas prices regulated by the
government and the company's high degree of vertical
integration.

Its financial year 2005 EBITDA margin was 30.3% versus the
average of 22.1% for Russian chemical companies and 16.3% for
international chemical producers rated by Fitch.  In Fitch's
view, this provides EuroChem with additional financial
flexibility against an industry downturn and/or a rise in
production costs.

EuroChem's leverage declined to 0.7x in 2005 from 1.6x in 2003
and compares favourably with those of its Russian and
international peers.  The company's cash position is also sound
with US$82 million of cash on the balance sheet as at 30
September 2006.  Fitch believes that the company's current sound
credit metrics provide significant headroom for further
expansion.  In addition, the company's conservative financial
policy should help sustain its credit metrics.

However, the ratings factor in the prospect of the company's
strong financial profile coming under pressure from the expected
liberalization of the Russian gas market with a subsequent rise
in domestic prices.  Nonetheless, Fitch believes that this risk
can be mitigated as domestic prices are still expected to remain
below export prices.

Fitch acknowledges the uncertainty inherent in the future
development of EuroChem's potash business, including the
financing of the projected US$1.1-billion investments over 2007-
2012.  However, Fitch believes that the company's current strong
cash flow position and relatively low leverage allow
considerable headroom for debt increase without putting
substantial pressure on the credit profile.


IRA-ART CJSC: Creditors Must File Claims by April 3
---------------------------------------------------
Creditors of CJSC Ira-Art have until April 3 to submit written
proofs of claim to:

         I. Bashmakova, Insolvency Manager
         Dzerzhinskogo Str. 28
         680000 Khabarovsk
         Russia

The Arbitration Court of Sakhalin commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A59-5032/06-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 Ira-Art
         Beregovaya Str. 9
         Nevelsk
         Russia


NIZHNEKAMSKIY FACTORY: Creditors Must File Claims by April 3
------------------------------------------------------------
Creditors of LLC Nizhnekamskiy Factory of Building and Metal
Constructions have until April 3 to submit written proofs of
claim to:

         R. Radyno, Insolvency Manager
         Post User Box 103
         Nezhnekamsk-6
         423576 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A65-14690/2006-SG4-26.

The Court is located at:

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

The Debtor can be reached at:

         R. Radyno, Insolvency Manager
         Post User Box 103
         Nezhnekamsk-6
         423576 Tatarstan
         Russia


OIL-PROM CJSC: Court Names N. Gulyashikh as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. N. Gulyashikh as
Insolvency Manager for CJSC Oil-Prom (TIN 7708225438).  He can
be reached at:

         N. Gulyashikh
         Office 600
         Skotoprogonnaya Str. 29/1
         109029 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-56112/06-124-1149B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Oil-Prom
         Premise 15
         Building 1
         Krasnoprudnaya Str. 12/1
         107140 Moscow
         Russia


PERVOMAYSKIY OJSC: Creditors Must File Claims by April 3
--------------------------------------------------------
Creditors of OJSC Starch Factory Pervomayskiy have until April 3
to submit written proofs of claim to:

         E. Shirokaeva, Insolvency Manager
         Post User Box 1068
         432026 Ulyanovsk
         Russia

The Arbitration Court of Chuvashiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A79-4976/2006.

The Debtor can be reached at:

         OJSC Starch Factory Pervomayskiy
         Batyrevskiy
         Chuvashiya
         Russia


POSEVNINSKAYA LLC: Creditors Must File Claims by April 3
--------------------------------------------------------
Creditors of LLC Poultry Farm Posevninskaya have until April 3
to submit written proofs of claim to:

         A. Tyutyunnik, Insolvency Manager
         Partizanskaya Str. 23
         Cherepanovo
         633520 Novosibirsk
         Russia
         Tel./Fax: 8-245-2-17-97

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-16905/06-4/339.

The Court is located at:

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

The Debtor can be reached at:

         LLC Poultry Farm Posevninskaya
         Promyshlennaya Str. 1a
         Posevnaya
         Cherepanovskiy
         633511 Novosibirsk
         Russia


PRESS-POLYGRAPH-SERVICE: Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Khabarovsk commenced bankruptcy
supervision procedure on OJSC Press-Polygraph-Service (TIN
2724941912).  The case is docketed under Case No. A73-13726/
2006-38.

The Temporary Insolvency Manager is:

         E. Shtinova
         Respublikanskaya Str. 17
         680023 Khabarovsk
         Russia

The Debtor can be reached at:

         OJSC Press-Polygraph-Service
         Sinelnikova Str. 1
         Khabarovsk
         Russia


SAKHALINSKAYA FISHING: Court Names O. Yudin to Manage Assets
------------------------------------------------------------
The Arbitration Court of Sakhalin appointed Mr. O. Yudin as
Insolvency Manager for CJSC Sakhalinskaya Fishing Industry
Company.  He can be reached at:

         O. Yudin
         Apartment 123
         Voronezhskaya Str. 40
         680022 Khabarovsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A59-659/04-S4.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Sakhalinskaya Fishing Industry Company
         Sovetskaya Str. 109
         Khomsk
         694620 Sakhalin
         Russia


SASOV-AGRO-KHIM: Creditors Must File Claims by April 3
------------------------------------------------------
Creditors of OJSC Sasov-Agro-Khim have until April 3 to submit
written proofs of claim to:

         I. Ryumin, Insolvency Manager
         Office 37
         Moskovskoye Shosse 20
         Ryazan
         Russia

The Arbitration Court of Ryazan commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A54-3547/2006-S20.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Sasov-Agro-Khim
         Sasovskiy, Ryazan
         Russia


SBERBANK OAO: Shareholders Order Over US$10-Bln Shares in IPO
-------------------------------------------------------------
OAO Sberbank Rossii has received over US$10 billion of share
orders on its initial public offering, Bloomberg News reports
citing Moscow-based daily Vedomosti.

Most of the orders were placed at RUR89,400 or US$3,410 a share,
Vedomosti relays.

Alexei Rybnikov, head of Micex Stock Exchange, told Bloomberg
News that Sberbank's current shareholders -- Russia's Central
Bank, local billionaires and fund groups -- were expected to
participate in the IPO to prevent the dilution of their shares.
"A big portion of the issue will go to existing shareholders
because they don't want to be diluted," Mr. Rybnikov said.

Mr. Rybnikov added that with Sberbank's existing owners buying
newly issued shares, public investors might only acquire up to
US$3 billion of new stock.  The IPO was aimed at reducing
Russia's stake in Sberbank from 64% to 58%, Bloomberg News says.

"Demand is going to be huge from all kinds of investors,"
Matthias Siller, a portfolio manager at Baring Investors
Service, told Bloomberg.

According to the Financial Times, citing a source privy to the
IPO, the offering's order book was "building steadily."
Sberbank's board met yesterday, Feb. 21, to set the final price
and amount of the shares.  Alex Kantarovich, an analyst at MDM
Bank, told Bloomberg News that the shares might be priced at
US$3,222.

Current shareholders were given until Feb. 18 to participate in
the IPO, while outsiders would have to wait until March before
they could place orders.  JPMorgan Chase & Co. and Credit Suisse
Group are managing the IPO, which, if successful, would value
Sberbank at around US$81 billion, Bloomberg News says.

                        Overpriced Shares

Some investors, however, said they would not participate in the
IPO since Sberbank has been overvalued and its shares have been
overpriced.

"There's better value elsewhere in the banking sector and in
Russia," Ian Hague, of Firebird Management, told FT.  "It's been
overpriced for a couple of years.  There are lots of much more
solid private institutions that are doing banking in a
transparent way."

According to FT, the procedure for the IPO has been criticized
for being too cumbersome and off-putting for foreign investors.

In a TCR-Europe report on Feb. 2, OAO Sberbank Rossii commenced
its initial public offering on Feb. 1 in Moscow, Russia.
Sberbank is selling 3.5 billion shares during the IPO period.
The company is eyeing to raise US$12 billion from the IPO, and
is planning to use the amount to finance its expansion.
Sberbank is trying to break Rosneft's IPO record for Russian
companies after Rosneft raised around US$10.4 billion in July
2006.

                        About Sberbank

Headquartered in Moscow, OAO Sberbank Rossii --
http://www.sbrf.ru/eng/-- provides a full range of banking
services, including commercial, investment, merchant, mortgage
and retail banking, and a complete range of travel, lending and
credit services.  The Bank operates through 17 territorial
banks, 921 divisions and 19,390 subdivisions across Russia.

                        *     *     *

As of Feb. 1, 2006, Sberbank carries these ratings:

Moody's:

   -- Financial Strength Rating: D
   -- Outlook: Stable

Fitch:

   -- Individual Rating: C


STERLITAMAK-ENERGO-STROY: Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Bashkortostan commenced bankruptcy
supervision procedure on OJSC Sterlitamak-Energo-Stroy (TIN
024200645).  The case is docketed under Case No. A07-27556/
06-G-ShAB.

The Temporary Insolvency Manager is:

         V. Skornyakov
         Post User Box 19
         Sterlitamak-15
         453115 Bashkortostan
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Sterlitamak-Energo-Story
         Severo-Zapadnaya Str.
         Sterlitamak-10
         Bashkortostan
         Russia


STERLITAMAKSKIY FACTORY: Court Names P. Ozerov to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Bashkortostan appointed Mr. P. Ozerov
as Insolvency Manager for OJSC Sterlitamakskiy Factory of
Building Materials.  He can be reached at:

         P. Ozerov
         Post User Box 20
         Central Post Office
         Ufa
         450000 Bashkortostan
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-27944/05-G-ADM.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Sterlitamakskiy Factory of Building Materials
         Dzhmbula Str. 5
         Sterlitamak
         453102 Bashkortostan
         Russia


SUAL GROUP: Merger Gains Formal Approval from Competition Agency
----------------------------------------------------------------
The Federal Anti-Monopoly Service formally approved a merger
between Siberian-Urals Aluminium Company, Russky Alyuminiyum and
Glencore International AG, RIA Novosti reports citing Andrei
Tsyganov, the regulator's deputy head.

In a TCR-Europe report on Jan. 23, FAS approved in principle the
merger deal.  The three firms agreed on Oct. 9, 2006, to merge
their assets to form United Company RusAl, with RusAl holding a
66% stake, Sual 22% and Glencore 12%.  The combined company
would have a total production capacity of 4 million tons of
aluminum and 11 million tons of alumina.  The merged company
will hold 12.5% of the global primary aluminum market and 16% of
the worldwide alumina market, RIA Novosti relates.

The merged company would become the new leader in the global
aluminum and alumina production industry, with operations in 17
countries and more than 110,000 employees, RIA Novosti relays.

Mr. Tsyganov, however, called for the abolition of the import
customs duty on primary aluminum to ensure fair play on the
market.

RusAl, SUAL and Glencore, in a joint news release, express
delight with the regulator's decision, adding that the European
Commission, and anti-monopoly authorities in Ukraine, Montenegro
and Turkey had already approved the merger.

"The decision of the federal authorities has huge importance as
it provides support for the first Russian transnational
corporation, which will become the world's new leader in this
sector," Alexander Bulygin, RusAl Director General, said in the
release.

The merger would be completed by April 1, Valery Draganov, RusAl
Vice President, said.  Mr. Draganov said United Company Rusal's
new management would start running the firm early March.  He
noted that United Company Rusal had been operating in accordance
with a unified business plan from 2007.

As reported in the TCR-Europe on Nov 15, 2006, the United
Company Rusal will include these RUSAL assets:

   -- Bratsk Aluminium Smelter,
   -- Krasnoyarsk Aluminium Smelter,
   -- Novokuznetsk Aluminium Smelter,
   -- Sayanogorsk Aluminium Smelters,
   -- Achinsk Alumina Plant,
   -- Nikolaev Alumina Refinery,
   -- Boksitogorsk Alumina Refinery,
   -- Friguia Alumina Plant (Guinea),
   -- Compagnie des Bauxites de Kindia (Guinea),
   -- Bauxite Company of Guyana,
   -- a stake in the Queensland Alumina Refinery (Australia),
   -- Armenal Alumina Refinery,
   -- Sayanal Alumina Refinery, and
   -- a cathode plant in China.

SUAL Group will contribute:

   -- Irkutsk Aluminium Smelter,
   -- Urals Aluminium Smelter,
   -- Kandalaksha Aluminium Smelter,
   -- Bogoslovsk Aluminium Smelter,
   -- Nadvoitsy Aluminium Smelter,
   -- Volgograd Aluminium Smelter,
   -- Volkhov Aluminium Smelter,
   -- Zaporozhye Aluminium Combine,
   -- Pikalevo Alumina Refinery,
   -- SUBR,
   -- Urals Foil,
   -- Silicon,
   -- SUAL-Silicon-Ural and
   -- SUAL-PM.

Glencore International AG will contribute:

   -- Aughinish in Ireland,
   -- Windalco and Alpart in Jamaica,
   -- Eurallumina in Italy, and
   -- Kubikenborg Aluminium Smelter in Sweden.

                        About Glencore

Headquartered in Baar, Switzerland, Glencore International AG --
http://www.glencore.com/-- engages in the smelting, refining,
mining, processing, purchasing, selling and marketing of metals
and minerals, energy products and agricultural products.
Energy products and commodities are marketed and coordinated
primarily in Glencore's headquarters in Baar, Switzerland and
through the offices of its subsidiaries in London, Stamford and
Singapore.

                         About RusAl

Headquartered in Moscow, Russia, Russky Alyuminiyum --
http://www.rusal.com/-- produces and smelts aluminium with
US$6.65 billion in revenues in 2005.  The group produced 2.714
million tons of primary aluminium in 2005.  RusAl employs about
50,000 people in nine Russian regions and thirteen countries.

                         About SUAL

Headquartered in Moscow, Russia, Siberian-Urals Aluminium
Company -- http://www.sual.com/-- produces and smelts aluminium
and ranks amongst the world's top ten producers.  It comprises
18 businesses that are located in nine Russian regions and in
Ukraine, Zaporozhya City, are involved in the production of
bauxite, alumina, primary aluminium, silicon, semi-finished and
finished aluminium products.  The Group's revenue for the year
ended Dec. 31, 2005, was US$2.7 billion.  It has 60,000
employees.

                        *     *     *

Standard & Poor's Ratings Services assigned its 'BB-'long-term
corporate credit rating to SUAL International Ltd. The outlook
is stable.  Standard & Poor's also assigned its 'ruAA-' Russian
national scale rating to SUAL.

At the same time, Moody's Investors Service, assigned 'Ba3'
corporate family rating to SUAL International Ltd. Outlook is
stable.


TRANS-OIL-PRODUCT: Creditors Must File Claims by March 3
--------------------------------------------------------
Creditors of CJSC Trans-Oil-Product have until March 3 to submit
written proofs of claim to:

         V. Pyatykh, Insolvency Manager
         Apartment 19
         Kultury, 7/1
         603003 N. Novgorod
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-15817/06-123-104 B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Trans-Oil-Product
         Semashko 5
         Moscow
         Russia


UST'-CHEMSKOYE CJSC: Creditors Must File Claims by March 3
----------------------------------------------------------
Creditors of CJSC Ust'-Chemskoye have until March 3 to submit
written proofs of claim to:

         Z. Orlova, Insolvency Manager
         Post User Box 354
         Krasnoobsk
         630501 Novosibirsk
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-18223/06-4/360.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Ust'-Chemskoye
         Ust'-Chem
         Novosibirsk
         Russia


VIP-BANK: Moscow Arbitration Court Starts Bankruptcy Process
------------------------------------------------------------
The Arbitration Court of Moscow began a 12-month bankruptcy
proceeding for VIP-Bank on Feb. 20 and appointed the Agency for
Deposit Insurance as the bank's bankruptcy manager, RIA Novosti
reports.

VIP-Bank lost its license in June 2006 after the Central Bank
discovered infringement of money laundering prevention laws, RIA
Novosti states.

According to the report, the company's most notorious offenses
include delays in reporting transactions requiring inspection by
the Central Bank, risky credit policy, and accounting
violations.

Alexei Frenkel, the bank's former chairperson, is facing
criminal charges for the murder of senior banking regulator
Andrei Kozlov in September 2006, RIA Novosti relates.

                         About VIP-Bank

Based in Russia, VIP-Bank is a small privately owned bank.  In
December 2006, the Central Bank filed an application with the
court to declare the company bankrupt.

When it was declared bankrupt on Feb. 20, the bank had assets of
about RUR350.3 million ($13.2 million), compared with
liabilities of up to RUR703.4 million ($26.5 million).


VOSTOCHNY EXPRESS: Moody's Assigns B3/Not Prime/E+ Ratings
----------------------------------------------------------
Moody's Investors Service assigned B3/Not Prime long-term and
short-term deposit ratings and an E+ financial strength rating
to the Russian institution Vostochny Express Bank.  All ratings
carry stable outlooks.

The ratings assigned to VE reflect its small but rapidly
expanding franchise in the lucrative and fast-growing Russian
retail lending market, which has been the sole focus of VE's
activities since new management team joined the bank in mid-
2005.  The ratings are supported by VE's strong position in its
home region of the Russian Far East, where the bank currently
operates the second-largest retail distribution network and also
has the second-largest retail loan portfolio in the region.
VE's strong profitability, adequate capitalization and good loan
book granularity are the key positive rating drivers.

However, VE's ratings are constrained by the bank's short track
record under its present business model as well as by high level
of operational and credit risks stemming from its aggressive
growth strategy and its focus on the riskiest segment of the
retail loan market, the so-called "express loans."  Moody's
notes that it would need to see evidence that the bank was
building up a longer track record of profitable growth while
also keeping the level of non-performing loans under control
before taking a more optimistic view on VE's prospects.

The bank's B3/NP deposit ratings do not factor in any degree of
support from its shareholders in the event of financial
distress.  Although, in Moody's view, such support cannot be
completely ruled out, its scope and timeliness are difficult to
predict.  Given the bank's low systemic importance, Moody's
considers that any support from the Russian financial
authorities is unlikely.

Headquartered in Khabarovsk, Russia, Vostochny Express Bank
reported total assets and shareholders' equity of RUR7.062
billion (US$264 million) and RUR1.327 billion (US$50 million),
respectively, under IFRS (unaudited) as of Sept. 30, 2006.  Its
controlling shareholder Mr. Igor Kim also controls URSA Bank
(rated B1/NP/E+ with positive outlook), which assisted VE in its
lending expansion during 2006 through acquiring large portions
of VE's retail loan book.  According to Interfax, on Sept. 30,
2006, Vostochny Express Bank ranked as the 161st largest bank in
Russia in terms of total assets as calculated under local
regulatory rules.


YUKOS OIL: Eyes Sale of Gazprom Neft & Rosneft Stakes in March
--------------------------------------------------------------
OAO Yukos Oil Co. will auction its 20 percent stake in Gazprom
Neft and 9 percent holding in Rosneft Oil next month, Eduard
Rebgun, Yukos' bankruptcy receiver, told Kommersant.

According to the report, receivers are asking RUR2.6 billion
more for Gazprom than it is worth, while Rosneft is offered at
RUB18.83 billion, an amount lower than its market price.

Kommersant says, citing unofficial reports, the market price for
the stake in Gazprom is set at RUR111.35 billion and the shares
in Rosneft at RUR191.92 billion.

Gazprom is planning to acquire the 20 percent stake to gain
control of Gazprom Neft, setting aside RUR99.6 billion in its
budget for the equity purchase, Kommersant relates.  Rosneft, on
the other hand, reiterates its plan to buy back its 9.44 percent
stake from Yukos, the paper adds.

                        About Yukos Oil

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

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

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

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

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

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


YUKOS OIL: Blocks TGK-8 Energy Reform; UES to Proceed with IPO
--------------------------------------------------------------
South Generation Company TGK-8 will push through with its
initial public offering this summer even if OAO Yukos Oil Co.
refuses to merge the Kuban Generating Company with TGK-8,
Interfax reports citing Anatoly Chubais, CEO of Unified Energy
System, as saying.

"We have no intention to let the actions of any single
shareholder block the increase in the reliability of generation
in the Krasnodar region," Mr. Chubais was quoted by Interfax as
saying.

According to Mr. Chubais, UES will find ways to arrange the IPO
as it has been anticipating considerable investments through the
initial flotation.

If an agreement with Yukos proved impossible, UES senior
executive Andrei Trapeznikov said TGK-8 would be formalized as a
holding company with the Kuban Generating Company as one of its
operations, Interfax relates.  This would make Yukos' consent to
the IPO unnecessary, Mr. Trapeznikov added.

Experts told RIA Novosti that Eduard Rebgun, the court-appointed
bankruptcy receiver of Yukos, is holding on to its blocking
stakes in the Kuban and Tomsk generating companies as a swap for
smaller stakes in territorial generating companies could trigger
a loss of bonuses for its stakes at a trading session.  The
bonuses could total 20-25%, the paper relates.

"We will resume talks and try to switch over to common shares;
but UES would establish territorial generating companies as
holding companies and contribute its stakes in regional
generating companies to them if the talks fail," Margarita
Nagoga, head of media relations at UES, was quoted by RIA
Novosti as saying.

                        About Yukos Oil

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

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

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

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

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

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


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


BAUERT BULL: Creditors' Liquidation Claims Due March 9
------------------------------------------------------
Creditors of LLC Bauert Bull have until March 9 to submit their
claims to:

         Bauert Alfred
         Liquidator
         Spitzackerstrasse 14
         8309 Nurensdorf
         Bulach ZH
         Switzerland

The Debtor can be reached at:

         LLC Bauert Bull
         Embrach-Embraport
         Bulach ZH
         Switzerland


CYBEROTICSHOP LLC: Creditors' Liquidation Claims Due March 7
------------------------------------------------------------
Creditors of LLC Cyberoticshop have until March 7 to submit
their claims to:

         Thomas Kammerlander
         Liquidator
         Speerstrasse 3
         8637 Laupen ZH
         Switzerland

The Debtor can be reached at:

         LLC Cyberoticshop
         Wetzikon
         Hinwil ZH
         Switzerland


EVERSIDE GROUP: Creditors' Liquidation Claims Due March 15
----------------------------------------------------------
Creditors of LLC Everside Group have until March 15 to submit
their claims to:

         Kluserstrasse 1
         4054 Basel BS
         Switzerland

The Debtor can be reached at:

         LLC Everside Group
         Basel BS
         Switzerland


FREY GNEHM: Aargau Court Closes Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Aargau entered Jan. 23, an order
closing the bankruptcy proceedings of JSC Frey Gnehm.

The Debtor can be reached at:

         JSC Frey Gnehm
         Thutplatz 23/25
         4800 Zofingen AG
         Switzerland

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Oberentfelden
         5036 Oberentfelden
         Aarau AG
         Switzerland


JARM LLC: Creditors' Liquidation Claims Due March 7
---------------------------------------------------
Creditors of LLC Jarm have until March 7 to submit their claims
to:

         Jumi Achermann
         Liquidator
         Tottikonstrasse 13
         6370 Stans NW
         Switzerland

The Debtor can be reached at:

         LLC Jarm
         Lucerne
         Switzerland


PKA LLC: Creditors' Liquidation Claims Due March 8
--------------------------------------------------
Creditors of LLC PKA have until March 8 to submit their claims
to:

         Peter Kasper
         Liquidator
         Hammer 1a
         5703 Seon
         Lenzburg AG
         Switzerland

The Debtor can be reached at:

         LLC PKA
         Moosleerau
         Zofingen AG
         Switzerland


SEPTEC JSC: St. Gallen Court Closes Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of St. Gallen entered Jan. 25, an order
closing the bankruptcy proceedings of JSC Septec.

The Debtor can be reached at:

         JSC Septec
         Widdermoos 15
         9466 Sennwald
         Werdenberg SG
         Switzerland

The Bankruptcy Service of St. Gallen can be reached at:

         Bankruptcy Service of St. Gallen
         Branch Buchs
         Yves Beljean
         9471 Buchs
         Werdenberg SG
         Switzerland


U-I GERUSTBAU: Aargau Court Starts Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC U-I Gerustbau on Jan. 29.

The Debtor can be reached at:

         LLC U-I Gerustbau
         Kreuzstrasse 10
         5726 Unterkulm
         Kulm AG
         Switzerland

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Oberentfelden
         5036 Oberentfelden
         Aarau AG
         Switzerland


VEGI WELL: Creditors' Liquidation Claims Due March 7
----------------------------------------------------
Creditors of LLC Vegi Well have until March 7 to submit their
claims to:

         Ingrid Geiger-Koller
         Liquidator
         Dorfstrasse 10
         6072 Sachseln OW
         Switzerland

The Debtor can be reached at:

         LLC Vegi Well
         Sachseln OW
         Switzerland


WIRTH GALLO: Creditors' Liquidation Claims Due March 8
------------------------------------------------------
Creditors of JSC Wirth Gallo Messtechnik have until March 8 to
submit their claims to:

         Sonnenbergstrasse 55
         8032 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Wirth Gallo Messtechnik
         Zurich
         Switzerland


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


BERLOD LLC: Claims Submission Deadline Set March 5
--------------------------------------------------
Creditors of LLC Berlod (code EDRPOU 21583595) have until
March 5 to submit written proofs of claim to:

         V. Leckan, Liquidator
         Dovzhenko Str. 16B
         03057 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/855-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Berlod
         Pimonenko Str. 3
         Kiev
         Ukraine


BOSKON LLC: Claims Submission Deadline Set March 5
--------------------------------------------------
Creditors of LLC Boskon (code EDRPOU 34015947) have until
March 5 to submit written proofs of claims to:

         S. Blaga, Liquidator
         Heroes of Stalingrad Avenue 138/B
         61162 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on Jan. 15 after finding it insolvent.  The
case is docketed under Case No. B-19/162-06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Boskon
         Morozov Str. 1
         61036 Kharkov
         Ukraine


DIP-7 LLC: Claims Submission Deadline Set March 5
-------------------------------------------------
Creditors of LLC DIP-7 (code EDRPOU 34332638) have until March 5
to submit written proofs of claims to:

         S. Blaga, Liquidator
         Heroes of Stalingrad Avenue 138/B
         61162 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on Jan. 15 after finding it insolvent.  The
case is docketed under Case No. B-19/163-06.

The Court is located at:

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

The Debtor can be reached at:

         LLC DIP-7
         Stancionny Entrance 3
         61020 Kharkov
         Ukraine


KOZELEC FOOD: Claims Submission Deadline Set March 5
----------------------------------------------------
Creditors of OJSC Kozelec Food Plant (code EDRPOU 00381195) have
until March 5 to submit written proofs of claim to:

         Sergey Gorbach, Liquidator
         Mir Avenue 139
         14000 Chernigov
         Ukraine

The Economic Court of Chernigov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 4/336b/76.

The Court is located at:

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

The Debtor can be reached at:

         OJSC Kozelec Food Plant
         Karl Marx Str. 76
         Kozelec
         Chernigov
         Ukraine


TECHINVEST LLC: Creditors Must Submit Claims by March 5
-------------------------------------------------------
Creditors of LLC Agricultural Techinvest (code EDRPOU 25474259)
have until March 5 to submit written proofs of claim to:

         A. Laevsky, Temporary Insolvency Manager
         South Str. 2A
         69037 Zaporozhye
         Ukraine

The Economic Court of Zaporozhye commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 19/12/07.

The Court is located at:

         The Economic Court of Zaporozhye
         Shaumiana Str. 4
         69001 Zaporozhye
         Ukraine

The Debtor can be reached at:

         LLC Agricultural Techinvest
         Ural Str. 61, ap.3
         68068 Zaporozhye
         Ukraine


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


ACME PAYROLL: Claims Filing Period Ends April 11
------------------------------------------------
Creditors of Acme Payroll Company Ltd. have until April 11 to
send in their names, addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any), to:

         Andrew Andronikou
         Joint Liquidator
         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London
         EC2Y 5DH
         England

Andrew Andronikou and Peter Alan Kubik of UHY Hacker Young were
appointed joint liquidators of the company on Feb. 5.


ADVANCED MARKETING: Answers Objections to Houlihan Lokey Hiring
---------------------------------------------------------------
Advanced Marketing Services Inc. and its debtor-affiliates have
responded to objections raised by the Official Committee of
Unsecured Creditors and Kelly Beaudin Stapleton, the United
States Trustee for Region 3, questioning the appropriateness and
the benefit to the Debtors' estate of the employment of Houlihan
Lokey Howard & Zukin Capital as the Debtors' investment banker,
nunc pro tunc to Dec. 29, 2006.

Mark D. Collins, Esq., at Richards, Layton & Finger, PA, at
Wilmington, Delaware, tells the Hon. Judge Christopher S.
Sontchi of the United States Bankruptcy Court for the District
of Delaware that if the Debtors' application to employ Houlihan
Lokey were denied, the delay that would ensue would cause
significant harm to the Debtors.

As reported in the TCR-Europe on Feb. 20, the Debtors sought to
employ Houlihan Lokey to act as their investment banker because
the firm has substantial expertise in advising them, and is well
qualified to perform the services and represent their interests
in the Chapter 11 cases.

Representing the Unsecured Creditors Committee, Thomas F.
Driscoll III, Esq., at Morris, Nichols, Arsht & Tunnell LLP, in
Wilmington, Delaware, objected to the employment of Houlihan
Lokey because, given the high fees being asked by the firm,
there would be no benefit to the estates and creditors to retain
them at this time and that the service for which the firm is to
be employed could be provided by the Debtors' other
professionals.

Kelly Beaudin Stapleton, the United States Trustee for Region 3,
also objected to the firm's professional fees unless and until
the applicant shows that there is a benefit to the estate.  The
fees must be reasonable and necessary, she added.  Ms. Stapleton
also said that Houlihan Lokey should provide hourly rates for
its professionals.

Ms. Stapleton also noted that Houlihan Lokey's monthly fee, if
allowed, should be subject to Section 330 standards, while the
various transaction and financing fees should be disallowed
under the "improvident" standard stated in Section 328 and
subject to Section 330.

               Need for Houlihan Lokey's Services

The Debtors desperately need the services of Houlihan Lokey, Mr.
Collins tells Judge Sontchi.

As investment banker, one of Houlihan Lokey's most critical
tasks is the valuation of the Debtors' assets to determine
whether the greatest value can be achieved through a sale of the
assets or through a liquidation of the estates, Mr. Collins
explains.  He adds that Houlihan Lokey's role is critical and is
not duplicative of the roles performed by other professionals in
the Debtors' Chapter 11 cases.

For its part, Houlihan Lokey points out that the Committee
ignores the substantial work the firm has already performed for
the Debtors, including running the M&A process for the sale of
Advanced Marketing Services Inc., preparing and presenting
financial statements to potential buyers, and advising the
Debtors regarding negotiations with potential buyers.

"On a broader level, the Committee misconstrues the services
provided by Houlihan Lokey by implying that its sole function is
to find potential buyers," Mr. Collins says.  "Significant
further activity would need to be done by Houlihan Lokey even
after a purchaser is identified," he adds.

To address the objections filed by the Committee and the U.S.
Trustee, Mr. Collins contends that the overall compensation
structure for Houlihan Lokey is comparable to compensation
generally charged by investment banking firms of similar stature
to Houlihan Lokey for comparable engagements, both in and out of
court.

The nature of Houlihan Lokey's employment in the Debtors'
bankruptcy cases is especially appropriate for pre-approval
under Section 328(a) of the Bankruptcy Code, Mr. Collins
continues.

Accordingly, the Debtors and Houlihan Lokey maintain that the
Court should approve the Debtors' employment application
pursuant to Section 328(a).

Mr. Collins further notes that to demonstrate to the Court that
the Debtors and Houlihan Lokey are willing to compromise, both
parties would make certain revisions to their engagement letter
and the application if the Court approved Houlihan Lokey's
employment pursuant to Section 328(a).

Among other things, Mr. Collins says, the Debtors would revise
their application so that Houlihan Lokey's retention would be
granted, nunc pro tunc to Jan. 17, 2007, instead of the Dec. 29,
2006 petition date.  Houlihan Lokey, on the other hand, would
modify the terms of the engagement letter as suggested by the
Committee so that the firm would receive a Transaction Fee
during the 12th month "Tail Period," only if an M&A Transaction
or Restructuring Transaction is caused or procured by the firm.

                    About Advanced Marketing

Based in San Diego, California, Advanced Marketing Services Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution, and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom, and Australia and employs
around 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
When the Debtors filed for protection from their creditors, they
listed estimated assets and debts of more than US$100 million.
(Advanced Marketing Bankruptcy News, Issue No. 6; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)

The Debtors' exclusive period to file a chapter 11 plan expires
on April 28, 2007.


ARBON & WATTS: Taps Joint Administrators from PwC
-------------------------------------------------
Stuart Maddison and Robert Hunt of PricewaterhouseCoopers LLP
were appointed joint administrators of Arbon & Watts Ltd.
(Company Number 01347228) on Feb. 12.

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

The company can be reached at:

         Arbon & Watts Ltd.
         96-97 Westgate
         Grantham
         Lincolnshire
         NG31 6LE
         England
         Tel: 01476 400 014


CFH LTD: Brings In KPMG to Administer Assets
--------------------------------------------
Paul Andrew Flint and Richard Dixon Fleming of KPMG LLP were
appointed joint administrators of CFH (U.K.) Ltd. (Company
Number 05932976) on Feb. 8.

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

Headquartered in Manchester, England, CFH (U.K.) Ltd.
manufactures ready-made meals.


COMPLETE BUILD: Creditors' Meeting Slated for February 28
---------------------------------------------------------
Creditors of Complete Build and Heat Ltd. will meet at 11:00
a.m. on Feb. 28 at:

         Hodgsons
         George House
         48 George Street
         Manchester
         M1 4HF
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on Feb. 26.


CORDATUS CLO: Moody's Rates EUR18-Mln Class E Notes at Ba3
----------------------------------------------------------
Moody's Investors Service assigned definitive ratings to eight
classes of notes to be issued by Cordatus CLO I P.L.C.:

   -- EUR78.75-million Euro/Sterling Senior Secured Floating
      Rate Variable Funding Notes due 2024: Aaa;

   -- EUR174.6-million Class A1 Senior Secured Floating Rate
      Notes due 2024: Aaa;

   -- GBP22.635-million Class A2 Senior Secured Floating Rate
      Notes due 2024: Aaa;

   -- EUR39.6-million Class B Deferrable Secured Floating Rate
      Notes due 2024: Aa2;

   -- EUR24.3-million Class C Deferrable Secured Floating Rate
      Notes due 2024: A2;

   -- EUR31.5-million Class D Deferrable Secured Floating Rate
      Notes due 2024: Baa3; and

   -- EUR18-million Class E Deferrable Secured Floating Rate
      Notes due 2024: Ba3.

EUR41.5-million of Class F1 Subordinated Notes due 2024 and
EUR8-million of Class F2 Subordinated Notes due 2024 are also
issued by Cordatus CLO I P.L.C. but are not rated.

In addition, Moody's assigned Baa1 rating to the EUR7-million of
Class W Combination Notes due 2024 made of:

   -- EUR3-million of Class C;
   -- EUR3-million of Class D; and
   -- EUR1-million of Class F1.

Provisional ratings were assigned on these Notes on Dec. 21,
2006.

The ratings on the Notes address the expected loss posed to
investors by the legal final maturity date in 2024.  The rating
on the Class W Combination Notes addresses the ultimate
repayment of the Rated Balance and a Rated Coupon of 0.25%.

This transaction features a Euro/Sterling variable funding note,
a Euro Class A1 and a Sterling Class A2.  Initially, Sterling
drawings will be used to purchase Sterling denominated assets.
Should such non-EUR 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 non-Euro advances, thus creating a foreign exchange risk
exposure.  This currency risk is partially mitigated with
foreign currency options purchased by the Issuer at closing and
has been considered in Moody's analysis.

This transaction is a leveraged loan collateralized loan
obligation related to a EUR440-million portfolio of mostly
European senior and mezzanine loans.  The investments may also
include high yield bonds and synthetics, and non-Euro and non-
Sterling issuers.  This portfolio will be partially acquired at
closing and partially during the one year ramp-up period in
compliance with portfolio guidelines.  Thereafter, the portfolio
of loans will be actively managed and the collateral manager
will be able to buy or sell loans on behalf of the Issuer.  Any
addition or removal of loans will be subject to a number of
portfolio criteria.  CVC Cordatus Group Ltd. will act as
collateral manager while CVC Cordatus Ltd. will be the sub-
collateral manager.  This is the first European Leverage Loan
CLO managed by CVC Cordatus.


EMI GROUP: Awaits Formal Offer from Warner Music
------------------------------------------------
EMI Group PLC is yet to receive a formal offer from Warner Music
Group Corp. for its Board to consider after confirming Tuesday
of a takeover approach from its U.S. rival, according to
published reports.

According to EMI, proposals will be considered with a particular
focus on conditionality, the regulatory and operational risk
profile, and on valuation in relation to the company's stand
alone value and the value creation available from a combination.

Warner approached EMI on Jan. 24, after it obtained the support
of Brussels-based Impala, a trade group for independent European
record labels ending its opposition to a Warner-EMI merger,
Aaron Patrick and Ethan Smith writes for the Wall Street
Journal.

Warner CEO Edgar Bronfman Jr. has been negotiating with Impala
for almost a year to allow Warner's purchase of EMI.  To obtain
Impala's support, Mr. Bronfman agreed to sell parts of combined
EMI-Warner to Impala's members and to provide funding to a new
licensing agency for independent labels, WSJ reported citing
people familiar with the situation.

According to the report, the European Commission will decide on
whether an EMI-Warner merger is anticompetitive but Impala's
support will make approval possible.  Antitrust authorities in
the U.S are not expected to object because EMI does not have a
strong position there.

                            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-LA on Feb. 19, Standard & Poor's Ratings
Services kept the U.K.-based music major EMI Group PLC's ratings
at BB-/Watch Neg/B, after the company announced it expects
revenues in its recorded music division to decline by 15% in the
fiscal year ended March 31, 2007, at constant currencies.  The
ratings also remain on CreditWatch with negative implications,
where they were placed on Feb. 5, 2007.


ERIKA ISSITT: Hires Liquidators from Tenon Recovery
---------------------------------------------------
I. Cadlock and A. J. Pear of Tenon Recovery were appointed joint
liquidators of Erika Issitt Associates Ltd. on Feb. 13 for the
creditors' voluntary winding-up procedure.

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

The company can be reached at:

         Erika Issitt Associates Ltd.
         75 Berwick Street
         City of Westminster
         London
         W1F 8TG
         England
         Tel: 020 7287 1080
         Fax: 020 7287 3980


ETHER MUSIC: Creditors' Meeting Slated for March 1
--------------------------------------------------
Creditors of Ether Music Ltd. will meet at noon on March 1 at
the offices of:

         Harris Lipman
         2 Mountview Court
         310 Friern Barnet Lane
         Whetstone
         London
         N20 0YZ
         England

Creditors have until noon on Feb. 28 to submit their proxy forms
at the said address.

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on Feb. 27 and Feb. 28.


FEDERAL-MOGUL: Dec. 31 Balance Sheet Upside-Down by US$1.6 Bln
--------------------------------------------------------------

               Federal-Mogul Global Inc., et al.
                    Unaudited Balance Sheet
                     As of December 31, 2006
                         (In millions)

                             Assets

Cash and equivalents                                    US$50.8
Accounts receivable                                       543.3
Inventories                                               420.3
Deferred taxes                                            191.2
Prepaid expenses and other current assets                  97.2
                                                       --------
Total current assets                                    1,302.8

Summary of Unpaid Postpetition Debits                     (20.1)
Intercompany Loans Receivable (Payable)                 1,619.0
                                                       --------
Intercompany Balances                                   1,598.9

Property, plant and equipment                             818.0
Goodwill                                                  966.9
Other intangible assets                                   345.8
Insurance recoverable                                     859.0
Other non-current assets                                  486.9
                                                       --------
Total Assets                                         US$6,378.3

              Liabilities and Shareholders' Equity

Short-term debt                                        US$373.7
Accounts payable                                          194.4
Accrued compensation                                       70.4
Restructuring and rationalization reserves                 23.1
Current portion of asbestos liability                         -
Interest payable                                            4.4
Other accrued liabilities                                 229.4
                                                       --------
Total current liabilities                              US$895.5

Long-term debt                                                -
Post-employment benefits                                  769.1
Other accrued liabilities                                 516.4
Liabilities subject to compromise                       5,873.5

Shareholders' equity:
   Preferred stock                                      1,050.6
   Common stock                                           658.1
   Additional paid-in capital                           7,986.9
   Accumulated deficit                                (11,444.9)
   Accumulated other comprehensive income                  73.2
   Other                                                      -
                                                       --------
Total Shareholders' Equity                             (1,676.1)
                                                       --------
Total Liabilities and Shareholders' Equity           US$6,378.3

               Federal-Mogul Global Inc., et al.
               Unaudited Statement of Operations
             For the Month Ended December 31, 2006
                         (In millions)

Net sales                                              US$221.0
Cost of products sold                                     165.2
                                                       --------
Gross margin                                               55.8

Selling, general & administrative expenses                 (0.4)
Amortization                                               (1.2)
Reorganization items                                       33.4
Interest expense, net                                     (15.1)
Other expense, net                                         18.5
                                                       --------
Earnings before Income Taxes                               91.1

Income Tax (Expense) Benefit                              105.0
                                                       --------
Earnings before cumulative effect of change
   in accounting principle                                196.1
                                                       --------
Net Earnings (loss)                                    US$196.1

               Federal-Mogul Global Inc., et al.
               Unaudited Statement of Cash Flows
             For the month ended December 31, 2006
                         (In millions)

Cash Provided From (Used By) Operating Activities:
   Net earning (loss)                                  US$196.1
Adjustments to reconcile net earnings (loss) to net cash:
   Depreciation and amortization                           12.4
   Adjustment of assets held for sale and
      other long-lived assets to fair value                 8.8
   Asbestos charge                                            -
   Summary of unpaid postpetition debits                      -
   Cumulative effect of change in acctg. Principle            -
   Change in post-employment benefits                     316.0
   Decrease (increase) in accounts receivable              40.9
   Decrease (increase) in inventories                      15.1
   Increase (decrease) in accounts payable                (25.1)
   Change in other assets & other liabilities            (455.1)
   Change in restructuring charge                             -
   Refunds (payments) against asbestos liability              -
                                                       --------
Net Cash Provided From Operating Activities               109.1

Cash Provided From (Used By) Investing Activities:
   Expenditures for property, plant & equipment           (13.6)
   Proceeds from sale of property, plant & equipment          -
   Proceeds from sale of businesses                           -
   Business acquisitions, net of cash acquired                -
   Other                                                      -
                                                       --------
Net Cash Provided From (Used By) Investing Activities     (13.6)

Cash Provided From (Used By) Financing Activities:
   Increase (decrease) in debt                           (115.6)
   Sale of accounts receivable under securitization           -
   Dividends                                                  -
   Other                                                    0.1
                                                       --------
Net Cash Provided From Financing Activities              (115.4)

Increase (Decrease) in Cash and Equivalents               (19.9)

Cash and equivalents at beginning of period                70.6
                                                       --------
Cash and equivalents at end of period                   US$50.8

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is an automotive parts
company with worldwide revenue of some US$6 billion.  The
Company filed for chapter 11 protection on Oct. 1, 2001 (Bankr.
Del. Case No. 01- 10582).  Lawrence J. Nyhan Esq., James F.
Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown &
Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.  (Federal-Mogul Bankruptcy News, Issue
No. 128; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


FLAGSHIP COACH: Creditors' Meeting Slated for March 2
-----------------------------------------------------
Creditors of Flagship Coach Services Ltd. will meet at 3:00 p.m.
on March 2 at:

         Stones & Co.
         63 Walter Road
         Swansea
         SA1 4PT
         Wales

Creditors who want to vote at the meeting must submit their
proxy forms together with particulars of their claims or of any
security at the said address.

A list of names and addresses of the company's creditors will be
available for inspection free of charge on Feb. 28.


GLEN SERVICE: Creditors' Meeting Slated for March 6
---------------------------------------------------
Creditors of Glen Service Station Ltd. will meet at 10:45 a.m.
on March 6 at:

         Unity Business Services LLP
         Unity House
         Clive Street
         Bolton
         BL1 1ET
         England

Creditors who want to vote at the meeting have until noon on
March 5 to submit their proxy forms together with particulars of
their claims or of any security at the said address.

C. B. Barrett of Unity Business Services LLP will furnish
creditors with information concerning the company's affairs free
of charge as they may reasonably require.


HANDL COOKWARE: Creditors' Meeting Slated for March 1
-----------------------------------------------------
Creditors Handl Cookware Ltd. will meet at 11:00 a.m. on March 1
at the offices of:

         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London
         EC2Y 5DH
         England

Creditors who want to vote at the meeting have until noon on
Feb. 28 to submit their proxy forms together with particulars of
their claims or of any security at the said address.

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on Feb. 27.


HCA INC: Dec. 31 Balance Sheet Upside-Down by US$11.2 Billion
-------------------------------------------------------------
HCA Inc.'s balance sheet at Dec. 31, 2006, showed
US$23.61 billion in total assets, US$33.94 billion in total
liabilities, US$0.91 billion in minority interests, resulting in
an US$11.24 billion stockholders' deficit.

The company had a US$5.13 billion stockholders' equity at
Sept. 30, 2006, and US$4.86 billion at Dec. 31, 2005.

For the fourth quarter ended Dec. 31, 2006, the company reported
US$122 million of net income on US$6.49 billion of revenues,
compared with US$325 million of net income on US$6.18 billion of
revenues for the same period in 2005.

Fourth quarter 2006 results include gains on investments of
US$103 million, gains on sales of facilities of US$159 million,
transaction costs related to the completed recapitalization of
US$433 million, and an impairment of long-lived assets of
US$24 million.

In the 2005 fourth quarter, HCA results included gains on
investments of US$1 million and gains on sales of facilities of
US$49 million.

Due primarily to the recapitalization transactions, interest
expense increased to US$373 million in the fourth quarter of
2006 compared with US$166 million in same period of 2005.

Same facility admissions increased 0.3% and same facility
equivalent admissions increased 0.2% in the fourth quarter of
2006 compared to the prior year fourth quarter.

Same facility revenue per equivalent admission increased 7.5%
(8.3% increase when adjusted for uninsured discounts) in the
fourth quarter of 2006 compared to the fourth quarter of 2005.

Same facility uninsured discounts, which reduce revenues and the
provision for doubtful accounts by generally equal amounts,
totaled US$296 million in the fourth quarter of 2006 compared
with US$226 million in the same quarter of 2005.

For the year ended Dec. 31, 2006, the company reported
US$1.04 billion of net income on US$25.48 billion of revenues,
compared with US$1.42 billion of net income on US$24.46 billion
of revenues in the prior year period.

Financial results for 2006 include gains on investments of
US$243 million, gains on sales of facilities of US$205 million,
transaction costs related to the recapitalization of
US$442 million, an impairment of long-lived assets of
US$24 million, and a reduction in its professional liability
reserves of US$136 million.

Financial results for 2005 include gains on sales of facilities
of US$78 million and a reduction in its professional liability
reserves of US$83 million.

On Nov. 16, 2006, the company's shareholders approved a merger
with an acquiring consortium led by Bain Capital, Kohlberg
Kravis Roberts & Co., and Merrill Lynch Global Private Equity,
along with HCA founder, Dr. Thomas F. Frist, Jr., and certain
members of his family and HCA management for US$51.00 per share
in cash for each share of HCA common stock held.  The
transaction closed on Nov. 17, 2006.

                            About HCA

Headquartered in Nashville, Tennessee, HCA (Hospital Corporation
of America) Inc. (NYSE: HCA) -- http://www.hcahealthcare.com/--
is a healthcare services provider, composed of locally managed
facilities that include around 173 hospitals and 107
freestanding surgery centers (including seven hospitals and nine
freestanding surgery centers operated through equity method
joint ventures) located in 20 states, London, England and
Geneva, Switzerland.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 22, 2006,
Fitch downgraded and removed from Rating Watch Negative HCA
Inc.'s Issuer Default Rating to 'B' from 'BB+' and senior
unsecured notes to 'CCC+/RR6' from 'BB+'.

As reported in the Troubled Company Reporter on Nov. 22, 2006,
Moody's Investors Service downgraded the ratings of the senior
unsecured notes of HCA Inc. to Caa1 from Ba2.


HCA INC: Inconsistency Does Not Affect Debt Ratings, Says S&P
-------------------------------------------------------------
In the course of reviewing the final documentation for HCA
Inc.'s US$22.5 billion secured financing, Standard & Poor's
Ratings Services has determined that the collateral on the
US$5.7 billion second-lien notes is inconsistent with that
described in the preliminary documentation.

This determination, however, does not affect the loan or
recovery ratings assigned to the company's secured debt on Oct.
20, 2006. The US$16.8 billion first-lien debt was affirmed at
'BB' with a recovery rating of '1', indicating a high
expectation for full recovery of principal in the event of a
payment default.  The second-lien debt was affirmed at 'BB-'
with a recovery rating of '1'.

At issue is the collateral package on the second-lien notes,
which have a second lien on the same assets securing the first-
lien bank facilities.  Standard & Poor's Oct. 20, 2006 recovery
report did not address the exclusion that removes certain real
property assets from the second-lien collateral package.
However, in addition to the second lien on certain assets
securing the first-lien facilities, the second-lien notes also
enjoy a second-lien pledge of the stock of subsidiaries pledged
to the first-lien lenders.  Together, they still provide
sufficient value for the prospect of full recovery of principal
in the event of a payment default.


HOT STUFF: Creditors' Meeting Slated for March 13
-------------------------------------------------
Creditors of Hot Stuff Fireplaces Ltd. will meet at 10:15 a.m.
on March 13 at:

         Quality Bell Hotel
         High Road
         Epping
         Essex
         CM16 4DG
         England

Creditors who want to vote at the meeting have until noon on
March 12 to submit their proxy forms together with particulars
of their claims or of any security at:

         Begbies Traynor (South) LLP
         The Old Exchange
         234 Southchurch Road
         Southend-on-Sea
         SS1 2EG
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on March 9 at Begbies Traynor (South) LLP.

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


JADEMOON LTD: Gary Stones Leads Liquidation Procedure
-----------------------------------------------------
Gary Stones of Stones & Co. was appointed liquidator of Jademoon
Ltd. on Feb. 12 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Jademoon Ltd.
         2 Eastgate
         Cowbridge
         South Glamorgan
         CF717DG
         Tel: 01446 773 738


KEW LAUNDRY: Creditors' Meeting Slated for February 27
------------------------------------------------------
Creditors of Kew Laundry Ltd. will meet at 2:15 p.m. on Feb. 27
at the offices of:

         UHY Hacker Young
         St. James Building
         79 Oxford Street
         Manchester
         M1 6HT
         England

Creditors who want to vote at the meeting have until noon on
Feb. 26 to submit their proxy forms together with particulars of
their claims or of any security at the said address.

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on Feb. 23.


LANDMARK MORTGAGE: Fitch Assigns BB Ratings to Class D Notes
------------------------------------------------------------
Fitch Ratings assigned expected ratings to Landmark Mortgage
Securities No.2 Plc's GBP350 million mortgage-backed floating-
rate notes:

   -- GBP-equivalent 6.1 million Class D notes due 2039: 'BB'

   -- GBP-equivalent 299.95 million Class A notes due 2039:
      'AAA'

   -- GBP-equivalent 32.05 million Class B notes due 2039: 'A'

   -- GBP-equivalent 11.9 million Class C notes due 2039: 'BBB'

The final ratings are contingent upon receipt of final documents
conforming to information already received.

The collateral underlying the notes in this transaction consists
solely of originations from Amber Home Loans, Unity Mortgages
and Infinity Home Loans.

The expected ratings are based on the quality of the collateral,
available credit enhancement, the underwriting criteria of
Amber, Unity and Infinity, the primary servicing capabilities of
Homeloan Management Ltd. and the special servicing capabilities
of Investec and the sound legal structure of the transaction.

Credit enhancement for the Class A notes totals 15.15% and will
be provided by the subordination of the Class B, Class C, Class
D and a reserve fund of 0.85% of the initial issue size.

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


LEVEL 3: Unit Completes Offering of US$1 Billion Senior Notes
-------------------------------------------------------------
Level 3 Communications Inc.'s wholly owned subsidiary, Level 3
Financing Inc., has closed its private offering of US$1 billion
aggregate principal amount of senior notes -- US$700 million
aggregate principal amount of 8.75% Senior Notes due 2017 and
US$300 million aggregate principal amount of Floating Rate Notes
due 2015.

The proceeds from the new offerings will be used to refinance
existing debt, fund acquisitions or capital expenditures.

                      About the Company

Headquartered in Bloomfield, Colorado, Level 3 Communications,
Inc. (Nasdaq: LVLT) -- http://www.Level3.com/-- an
international communications company, provides Internet
connectivity for millions of broadband subscribers.  The company
provides a comprehensive suite of services over its broadband
fiber optic network including Internet Protocol services,
broadband transport and infrastructure services, colocation
services, voice services and voice over IP services.   In
Europe, the company maintains operations in Belgium, Denmark,
France, Germany, and the United Kingdom, among others.

At June 30, 2006, Level 3's balance sheet showed a stockholders'
deficit of US$33 million, compared to a deficit of
US$476 million at Dec. 31, 2005.

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 14, 2007,
Moody's Investors Service assigned a B1 rating to Level 3
Financing Inc.'s new US$1 billion term loan and a B3 rating to
the US$1 billion fixed and floating rate notes at Financing.

Moody's affirmed Level 3 Communications Inc.'s corporate family
rating at Caa1 with a stable outlook, as the pro-forma leverage
is expected to remain in the 8.5x range, as Moody's expects the
company to use the additional liquidity to refinance higher
coupon debt.  In addition, the rating agency expects the company
to commence generating free cash flow late in 2008.

Moody's also affirmed the ratings of existing debt at Level 3.
The existing debt at Financing was downgraded one notch to B3,
given the increased debt level at that entity.  Moody's will
withdraw the ratings upon redemption of the existing 12 7/8%
senior discount notes due 2010, which the company plans to call
following the completion of the new notes offering.


LEVEL 3: Unit Launches Consent Solicitation for 12.25% Sr. Notes
----------------------------------------------------------------
Level 3 Communications Inc.'s wholly owned subsidiary, Level 3
Financing Inc., has commenced a consent solicitation with
respect to certain amendments to the indenture governing Level 3
Financing's outstanding 12.25% Senior Notes due 2013.  The
consent solicitation will expire at 5:00 p.m., New York City
time, on Friday, Feb. 23, 2007, unless extended.

On the terms and subject to the conditions of the consent
solicitation, if Level 3 Financing receives the requisite
consents and the supplemental indenture that contains the
amendments is executed, Level 3 Financing will pay, following
the consent date and the satisfaction of the other conditions
contained in the consent solicitation, to each Holder who has
validly delivered a valid consent on or prior to the consent
date, US$5 for each US$1,000 in principal amount of 12.25%
Senior Notes due 2013.

Level 3 Financing is seeking consents to amend the indenture
relating to the 12.25% Senior Notes due 2013 to provide that, on
a one-time basis at any time between the date the indenture is
amended and Sept. 30, 2007, Level 3 may incur debt that is
permitted based upon a multiple of cash flow available for fixed
charges on a "pro forma" basis giving effect to any acquisition,
merger or consolidation that was completed prior to Feb. 1,
2007.

The amendment would provide for the calculation of the ability
to incur this type of debt in a manner that is consistent with
such calculation under the indentures of Level 3 Financing
governing its 9.25% Senior Notes due 2013, Floating Rate Senior
Notes due 2015 and 8.75% Senior Notes due 2017 other than with
respect to the one-time nature of the adjustment and the
limitation with respect to transactions that had been completed
prior to Feb. 1, 2007.

Copies the Consent Solicitation Statement and related Consent
Letter may be obtained from Global Bondholder Services
Corporation, at (212) 430-3774 and (866) 389-1500 (tollfree).
Merrill Lynch & Co. is the Solicitation Agent for the Consent
Solicitation.  Questions regarding the Consent Solicitation may
be directed to Merrill Lynch & Co. at (888) 654-8637 (toll-free)
and (212) 449-4914.

                      About the Company

Headquartered in Bloomfield, Colorado, Level 3 Communications,
Inc. (Nasdaq: LVLT) -- http://www.Level3.com/-- an
international communications company, provides Internet
connectivity for millions of broadband subscribers.  The company
provides a comprehensive suite of services over its broadband
fiber optic network including Internet Protocol services,
broadband transport and infrastructure services, colocation
services, voice services and voice over IP services.   In
Europe, the company maintains operations in Belgium, Denmark,
France, Germany, and the United Kingdom, among others.

At June 30, 2006, Level 3's balance sheet showed a stockholders'
deficit of US$33 million, compared to a deficit of US$476
million at Dec. 31, 2005.

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 14, 2007,
Moody's Investors Service assigned a B1 rating to Level 3
Financing Inc.'s new US$1 billion term loan and a B3 rating to
the US$1 billion fixed and floating rate notes at Financing.

Moody's affirmed Level 3 Communications Inc.'s corporate family
rating at Caa1 with a stable outlook, as the pro-forma leverage
is expected to remain in the 8.5x range, as Moody's expects the
company to use the additional liquidity to refinance higher
coupon debt.  In addition, the rating agency expects the company
to commence generating free cash flow late in 2008.

Moody's also affirmed the ratings of existing debt at Level 3.
The existing debt at Financing was downgraded one notch to B3,
given the increased debt level at that entity.  Moody's will
withdraw the ratings upon redemption of the existing 12 7/8%
senior discount notes due 2010, which the company plans to call
following the completion of the new notes offering.


LEVEL 3: Wants to Redeem US$583 Mln & EUR104 Mln Senior Notes
-------------------------------------------------------------
Level 3 Communications Inc. called for redemption of all of its
outstanding US$487,801,000 aggregate principal amount of 12-7/8%
Senior Notes due 2010 at a price equal to 102.146% of the
principal amount thereof, all of its outstanding US$95,821,000
of 11.25% Senior Notes due 2010 at a price equal to 101.875% of
principal amount thereof and all of its outstanding
EUR104,325,000 of 11.25% Senior Euro Notes due 2010 at a price
equal to 101.875% of principal amount thereof.

The company will pay accrued and unpaid interest on the senior
notes to but not including the redemption date.  All of these
senior notes will be redeemed by the company on March 16, 2007.

Additional information regarding the redemption of these notes
is available from The Bank of New York, the trustee with respect
to these issues of notes.

Level 3 also disclosed that its wholly owned subsidiary, Level 3
Financing Inc., has commenced a tender offer to purchase for
cash any and all of Level 3 Financing's US$150 million Floating
Rate Notes due 2011 for a price equal to US$1,080 per US$1,000
principal amount of the notes, which includes US$1,050 as the
tender offer consideration and US$30 as a consent payment.

Additionally, the company commenced a tender offer to purchase
for cash any and all of its US$78 million aggregate principal
amount of 11% Senior Notes due 2008 for a price equal to
US$1,054.28 per US$1,000 principal amount of the notes, which
includes US$1,024.28 as the tender offer consideration and US$30
as a consent payment.

In connection with the Tender Offers, Level 3 and Level 3
Financing are soliciting consents to certain proposed amendments
to the respective indentures governing the notes that are
subject to the Tender Offers to eliminate substantially all of
the covenants, certain repurchase rights, certain discharge
rights and certain events of default and related provisions
contained in those indentures.

With respect to the Level 3 Financing Tender Offer and the Level
3 Inc. Tender Offer, holders of notes validly tendered prior to
12:01 a.m., New York City time on March 1, 2007, unless extended
or earlier terminated, if such notes are accepted for purchase,
will receive the total consideration.  The tender offer is
scheduled to expire at 12:01 a.m., New York City time, on
March 15, 2007, unless extended or earlier terminated.

Payment for notes validly tendered on or prior to the Consent
Time and accepted for purchase will be made promptly after the
Consent Time.  Holder of notes who validly tender after the
Consent Time but prior to the Expiration Date, if such notes are
accepted for purchase, will receive the tender offer
consideration but will not receive the consent payment.  Payment
for notes validly tendered after the Consent Time and on or
prior to the Expiration Date and accepted for purchase will be
made promptly after the Expiration Date.  Accrued interest up
to, but not including, the applicable settlement date will be
paid in cash on all validly tendered and accepted notes.

The Tender Offers are also subject to the satisfaction or waiver
of certain other conditions as set forth in the Offer to
Purchase. It is a condition to the consummation of the Tender
Offers that the holders of at least majority of the outstanding
aggregate principal amount of the notes consent to the
amendments to the indenture governing those notes.

Copies of each Offer to Purchase and the related Letter of
Transmittal may be obtained from the Information Agent for the
Tender Offers, Global Bondholder Services Corporation, at (212)
430-3774 and (866) 389-1500 (toll-free).  Merrill Lynch & Co. is
the Dealer Manager for the Tender Offers.  Questions regarding
the Tender Offers may be directed to Merrill Lynch & Co. at
(888) 654-8637 (toll-free) and (212) 449-4914.

                      About the Company

Headquartered in Bloomfield, Colorado, Level 3 Communications,
Inc. (Nasdaq: LVLT) -- http://www.Level3.com/-- an
international communications company, provides Internet
connectivity for millions of broadband subscribers.  The company
provides a comprehensive suite of services over its broadband
fiber optic network including Internet Protocol services,
broadband transport and infrastructure services, colocation
services, voice services and voice over IP services.   In
Europe, the company maintains operations in Belgium, Denmark,
France, Germany, and the United Kingdom, among others.

At June 30, 2006, Level 3's balance sheet showed a stockholders'
deficit of US$33 million, compared to a deficit of US$476
million at Dec. 31, 2005.

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 14, 2007,
Moody's Investors Service assigned a B1 rating to Level 3
Financing Inc.'s new US$1 billion term loan and a B3 rating to
the US$1 billion fixed and floating rate notes at Financing.

Moody's affirmed Level 3 Communications Inc.'s corporate family
rating at Caa1 with a stable outlook, as the pro-forma leverage
is expected to remain in the 8.5x range, as Moody's expects the
company to use the additional liquidity to refinance higher
coupon debt.  In addition, the rating agency expects the company
to commence generating free cash flow late in 2008.

Moody's also affirmed the ratings of existing debt at Level 3.
The existing debt at Financing was downgraded one notch to B3,
given the increased debt level at that entity.  Moody's will
withdraw the ratings upon redemption of the existing 12 7/8%
senior discount notes due 2010, which the company plans to call
following the completion of the new notes offering.


LEVEL 3: S&P Raises Junk Ratings to B- With Stable Outlook
----------------------------------------------------------
Standard & Poor's Rating Services raised its ratings on
Broomfield, Colo.-based Level 3 Communications Inc. and wholly
owned subsidiary, Level 3 Financing Inc., including the
corporate credit rating, which was raised to 'B-' from 'CCC+'.
The outlook is stable.

All ratings are removed from CreditWatch, where they were placed
with positive implications on Feb. 9.  Level 3 is a facilities-
based provider of integrated communication services in the U.S.
and Europe.

S&P also assigned a 'CCC+' rating to Level 3 Financing's
recently completed offerings of US$300 million of senior
floating-rate notes due 2015 and US$700 million 8.75% of senior
notes due 2017.

"The upgrade reflects S&P's expectation for a continuation of
favorable operating trends in light of prospects for some price
stabilization in long-haul transport communications services and
the addition of sizable metro assets that enables Level 3 to
offer more diverse bandwidth applications to its customer base,"
said Standard & Poor's credit analyst Susan Madison.  Credit
quality is also enhanced via improved liquidity resulting from
the completion of a number of financing initiatives over the
last six months that have lowered interest expense and extended
the company's maturity profile.

The ratings on Level 3 continue to reflect the company's
position in a highly competitive industry dominated by large,
well-capitalized competitors, integration risk resulting from an
active acquisition strategy, elevated leverage, and negative
discretionary cash flow because of sizable capital expenditure
requirements and integration expenses.  Tempering factors
include rapidly growing demand for broadband communication
services and Internet content such as video and music downloads,
which when coupled with recent industry consolidation, have
absorbed much of the excess bandwidth capacity; expected good
EBITDA growth; and adequate liquidity from a sizable cash
balance given the absence of significant debt maturities until
2010.


MANGO DESIGN: Calls In Liquidators from Gerald Edelman
------------------------------------------------------
Bernard Hoffman and Ian Douglas Yerrill of Gerald Edelman
Business Recovery were appointed joint liquidators of Mango
Design Ltd. on Feb. 8 for the creditors' voluntary winding-up
proceeding.

Gerald Edelman -- http://www.geraldedelman.com/-- offers
services that include auditing, business development, business
recovery, company registration, corporate finance, independent
financial planning, litigation support services, IT solutions,
taxation, and trusts.

The company can be reached at:

         Mango Design Ltd.
         3-4 Goldhawk Mews
         Hammersmith and Fulham
         London
         W12 8PA
         England
         Tel: 020 8749 7497
         Fax: 020 8749 4747


MOORE ON THE MENU: Creditors Confirm Liquidators' Appointment
-------------------------------------------------------------
Creditors of Moore On the Menu Limited confirmed on Feb. 12 the
appointment of Colin Ian Vickers and Christopher David Stevens
of Vantis plc as the company's joint liquidators.

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,
business and tax advisory services in the United Kingdom.

The company can be reached at:

         Moore On the Menu Ltd.
         Tob Barn, North Farm
         London Road
         Washington
         Pulborough
         West Sussex
         RH204BB
         England
         Tel: 0870 770 7187
         Fax: 01903 872 873


MPM ELECTRICAL: Creditors' Meeting Slated for March 2
-----------------------------------------------------
Creditors of MPM Electrical Ltd. will meet at 10:30 a.m. on
March 2 at the offices of:

         Harris Lipman LLP
         2 Mountview Court
         310 Friern Barnet Lane
         Whetstone
         London
         N20 0YZ
         England

Creditors who want to vote at the meeting have until noon on
March 1 to submit their proxy forms together with particulars of
their claims or of any security at the said address.

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on Feb. 28 and March 1.


NEWGATE FUNDING: Moody's Puts Low-B Ratings on Class E & F Notes
----------------------------------------------------------------
Moody's Investors Service assigned provisional long-term credit
ratings to the Notes to be issued by Newgate 2007-1:

   -- Class A1 Mortgage Backed Floating Rate Notes due
      [Dec 2050]: (P)Aaa;

   -- Class A2 Mortgage Backed Floating Rate Notes due
      [Dec 2050]: (P)Aaa;

   -- Class A3 Mortgage Backed Floating Rate Notes due
      [Dec 2050]: (P)Aaa;

   -- Class M Mortgage Backed Floating Rate Notes due
      [Dec 2050]: (P)Aa1;

   -- Class B Mortgage Backed Floating Rate Notes due
      [Dec 2050]: (P)Aa3;

   -- Class C Mortgage Backed Floating Rate Notes due
      [Dec 2050]: (P)A3;

   -- Class D Mortgage Backed Floating Rate Notes due
      [Dec 2050]: (P)Baa3;

   -- Class E Mortgage Backed Floating Rate Notes due
      [Dec 2050]: (P)Ba2;

   -- Class F Mortgage Backed Floating Rate Notes due
      [Dec 2050]: (P)Ba3; and

   -- 2006-3 Mortgage Early Repayment Certificates due
      [Dec 2050]: (P)Aaa.

The Class T and Class Q Notes are not rated by Moody's. Classes
A1, A2 and A3 Notes may be issued in GBP, EUR or US$, while
Classes, M, B, C and D Notes may be issued in GBP or EUR
depending on market demand.

The Issuer, Newgate Funding plc, is a special purpose vehicle
incorporated in England and Wales, which is ultimately owned by
a charitable trust.  The Issuer is a multi-issuance vehicle and
this transaction represents the fourth series to be issued under
its MTN style Program.  The Issuer will fund the purchase price
of the series mortgage portfolio using the proceeds of the
Notes.

This transaction is the eleventh securitization of non-
conforming and impaired credit mortgage loans originated by
entities belonging to the Mortgages Group trading under the name
of Mortgages PLC.  As in the prior Mortgages plc securization,
the assets supporting the Notes are sub-prime and non-conforming
first residential mortgage loans originated by entities trading
under the name of Mortgages PLC and secured on residential
properties in England, Wales, Northern Ireland and Scotland.

A part of underlying loan portfolio (around 46%) consists of
loans to borrowers classified by the originator as "near prime"
or "near prime plus," with stricter criteria for adverse credit
compared to non-conforming mortgage loans.  Mortgages PLC will
be responsible for the day-to-day servicing of the loans,
handling arrears cases and approving further advances and
product conversions.

The ratings of the Notes are based upon an analysis of the
characteristics of the mortgage pool backing the Notes, the
protection the Notes receive from credit enhancement against
defaults and arrears in the mortgage pool, and the legal and
structural integrity of the issue.  The credit enhancement
available in the deal is provided in the form of excess spread,
reserve fund fully funded at [0.80]% of the original note,
subordination of the Class M [2.50]%, Class B [6.37%], Class C
[3.80%], Class D [2.50%], Class E [0.51%] and Class F [0.50%]
Notes.  The Class A1 Notes represent [32.99%], the Class A2
Notes represent [28.13%] and the Class A3 Notes represent
[22.69%]). Subject to certain conditions being met, the reserve
fund may amortize up to a floor of [0.40%] of the original note
balance.

Moody's issues provisional ratings in advance of the final sale
of securities, but these ratings only represent Moody's
preliminary credit opinion.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign a definitive rating to the Notes.  A definitive rating
may differ from a provisional rating.  Moody's will disseminate
the assignment of any definitive ratings through its Client
Service Desk.

The ratings address the expected loss posed to investors by the
legal final maturity.  In Moody's opinion, the structure allows
for timely payment of interest and ultimate payment of principal
with respect to the Notes by the final legal maturity date.
Moody's ratings address only the credit risks associated with
the transaction.  Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.

The Mortgage Early Repayment Certificates are backed solely by
mortgage early redemption charges that may become payable by
borrowers in the pool on early redemption of their loans within
a certain period.  The (P)Aaa rating on the MERC's addresses the
likelihood of receipt by MERC holders of such amounts if they
are received by the Issuer.  It assumes, without any independent
investigation:

   (i) that payment of the mortgage early redemption charges
       under the mortgage loans is legally valid, binding and
       enforceable, and

  (ii) that such amounts are actually collected from borrowers
       and received by the Issuer.

The amount receivable by MERC holders also depends on prepayment
rates within the pool.  The rating does not address such
prepayment rates.


NEWGATE FUNDING: S&P Assigns Prelim B Ratings to Class F Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the GBP575 million mortgage-backed floating-
rate series 2007-1 notes to be issued by Newgate Funding PLC.
At the same time, Newgate Funding will issue GBP11.2 million of
excess spread rated notes.

This is Mortgages PLC's fourth securitization of a portfolio of
mortgages using the Newgate Funding mortgage asset-backed MTN
program:

                          Ratings List

Newgate Funding PLC
   GBP2.90 Million Mortgage-Backed And Excess Spread Floating-
   Rate Notes Series 2007-1

             Class       Prelim.        Prelim.
                         rating         amount (Mln. GBP equiv.)

             F           B                2.90

Newgate Funding PLC
   Series 2007-1 also include GBP583.3 million Mortgage-Backed
   And Excess Spread Floating-Rate Notes


             A1          AAA            183.10
             A2          AAA            168.65
             A3          AAA            130.10
             M           AAA             14.40
             B           AA              36.65
             C           A               21.85
             D           BBB             14.40
             E           BB               2.95
             T           BBB              5.45
             Q           BB               5.75
             MERCs       AAA               N/A

Strong protection will be provided to the senior notes through
subordination of junior notes, the reserve fund, the discount
reserve fund, excess spread, the sequential payment structure,
and the availability of a liquidity facility.

Protection will be afforded to the junior notes through the cash
reserve fund, discount reserve, and excess spread from the
collateral.

The proceeds of the class T and Q notes will be used to fund the
initial cash reserve and the discount reserve fund, and to meet
the issuer's costs and expenses in relation to the notes.

The ratings reflect the sound payment structure and transaction
cash flow mechanics, and a cash flow analysis to verify that the
notes will be repaid under stress test scenarios.

Standard & Poor's expects to rate the notes on a segregated
basis, that is, the rating on each series will be independent
from the rating on each previous and subsequent series.  This is
the fourth series to be issued.  The structure remains largely
unchanged and is consistent with previous issues.


OVENDEN CIVIL: Appoints Joint Administrators from PwC
-----------------------------------------------------
Karen Lesley Dukes and David Blenkarn of PricewaterhouseCoopers
LLP were appointed joint administrators of Ovenden Civil
Engineering Group Ltd. (Company Number 03522661) on Feb. 6.

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

The company can be reached at:

         Ovenden Civil Engineering Group Ltd.
         Wellhead Farm
         Wingham Well
         Canterbury
         Kent
         CT3 1NS
         England
         Tel: 01227 720 777
         Fax: 01227 728 332


PINNEYS OF LUTON: Names Anthony David Kent Liquidator
-----------------------------------------------------
Anthony David Kent of Maidment Judd was appointed liquidator of
Pinneys of Luton Ltd. on Feb. 8 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Pinneys of Luton Ltd.
         691 Dunstable Road
         Luton
         Bedfordshire
         LU4 0DT
         England
         Tel: 01582 582 733
         Fax: 01582 492 842


POLYPORE INT'L: Good Performance Prompts S&P's Revised Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Charlotte, North Carolina-based Polypore International Inc. and
its subsidiary Polypore Inc. to stable from negative.

At the same time, Standard & Poor's affirmed its ratings on the
company, including its 'B' corporate credit rating.

"The outlook revision acknowledges the company's progress in
stabilizing operating performance especially in its healthcare
segment, its positive free cash flow generation despite
significant cash restructuring costs, and its adequate
liquidity," said Standard & Poor's credit analyst Gregoire Buet.

Polypore experienced a significant drop in revenue and operating
profits during 2005, caused by a conjunction of adverse factors,
notably a change in customer and product mix, volatile demand
for lithium separators in the energy storage business, and by
the loss of one of its largest hemodialysis customers, as market
demand is rapidly shifting from cellulosic to synthetic
membranes technology.

Performance stabilized in 2006 as the company benefited from
volume growth in energy storage and from its lower-cost
production facilities in Asia.  Polypore also exited the
production of cellulosic membranes because demand has weakened
below economically profitable levels, and alternative synthetic
membranes technology is progressively gaining customer
acceptance.

As a result, operating margins remain sound, close to 30%.
Despite cash restructuring costs and higher capital expenditures
expected in 2007, the company should continue to generate
positive free operating cash flow.

The ratings continue to reflect Polypore's highly leveraged
financial risk profile characterized by very high debt levels
and weak credit metrics.


PRIMUS TELECOMMS: NY Court Denies Noteholders' Injunctive Relief
----------------------------------------------------------------
Primus Telecommunications Holding Inc., a wholly owned
subsidiary of Primus Telecommunications Group Inc., reported
that the claim for injunctive relief sought by the plaintiffs in
the disclosed of litigation filed by certain of the purported
holders of 8% Senior Notes due 2014 was denied by the United
States District Court for the Southern District of New York.

On Feb. 15, 2007, the US$22.7 million payable by the company
in respect of its outstanding 5-3/4% Convertible Subordinated
Debentures due Feb. 15, 2007, was satisfied and paid.  As a
result, the February 2007 Group Debentures have been paid in
full.

In January 2007, the companies were served with a complaint by
certain of the purported holders of Holding's 8% Senior Notes
due 2014 seeking the relief described below before the Court.
The complaint effectively sought declaratory and injunctive
relief to prevent, set aside or declare illegal or fraudulent
certain transfers of funds allegedly made by Holding to Group
and injunctive relief to prevent certain payments or
disbursements of funds by Group in respect of outstanding
obligations of Group that are payable, including the February
2007 Payment Obligation.

The companies believe that the remaining claims concerning the
litigation described above are without merit and will continue
to defend the matter vigorously.

Based in McLean, Virginia, PRIMUS Telecommunications Group,
Incorporated (NASDAQ: PRTL) -- http://www.primustel.com/-- is
an integrated communications services provider offering
internationa land domestic voice, voice-over-Internet protocol,
Internet, wireless, data and hosting services to business and
residential retail customers and other carriers located
primarily in the United States, Canada, Australia, the United
Kingdom and western Europe.  PRIMUS provides services over its
global network of owned and leased transmission facilities,
including around 350 points-of-presence throughout the world,
ownership interests in undersea fiber optic cable systems, 16
carrier-grade international gateway and domestic switches, and a
variety of operating relationships that allow it to deliver
traffic worldwide.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 12, 2006,
Moody's Investors Service downgraded Primus Telecommunications
Group Inc.'s corporate family rating to Caa3 from Caa1.  Moody's
downgraded the company's Senior Secured Term Loan dues 2011 to
Caa2 and Senior Notes dues 2014 to Caa3.


PROMACODE LTD: Taps Laurence Russell to Liquidate Assets
--------------------------------------------------------
Laurence Russell of Albert Goodman was appointed liquidator of
Promacode Ltd. on Feb. 14 for the creditors' voluntary winding-
up proceeding.

The company can be reached at:

         Promacode Ltd.
         20 Burge Meadow
         Cotford St. Luke
         Taunton
         Somerset
         TA4 1QN
         England
         Tel: 01823 430 222


REFCO INC: RCM Trustee Wants to Disallow B. Reifler's Claim
-----------------------------------------------------------
Marc S. Kirschner, as the duly appointed Plan Administrator of
Refco Capital Markets Ltd., pursuant to the Reorganized Debtors'
Chapter 11 Plan, and as Chapter 11 Trustee of the RCM estate,
asks the Hon. Lewis A. Kaplan of the U.S. Southern District of
New York to disallow Claim No. 11424 filed by Bradley C. Reifler
against RCM for US$5,851,504.

Mr. Reifler is the grandson of the founder of Refco Inc., and
the son-in-law of Refco's former chief executive officer, Thomas
Dittner.  Mr. Reifler was a long-standing broker at Refco and
ran a business through Refco's trading platform.

Tina L. Brozman, Esq., at Bingham McCutchen LLP, in New York,
relates that in 1996, Mr. Reifler evidently opened, without
documentation, RCM Account No. 2403, entitled "Reifler Trading
Mark-Up Account," through which he traded currencies.

In July 2000, Mr. Reifler transferred to Refco Group Ltd. LLC,
all of the commodities customers, doing business by and through
Reifler Trading Corp., for whom he acted as broker.  The
transaction took the form of a merger of Reifler Trading into
RGL.  Mr. Reifler was the sole shareholder of Reifler Trading
and received US$13,700,000 for the transfer.

Ms. Brozman states that at about the closing of the sale of the
commodities business, Mr. Reifler resigned from RCM.  However,
after resignation, he continued to do business with RCM, under
Account No. 4087, for his foreign exchange and emerging market
customers.  Mr. Reifler also maintained four additional accounts
at RCM, entitled Reifler Capital Advisors; Reifler Capital
Advisors LLC; Reifler Trading Corp.; and Reifler, Bradley.

According to Ms. Brozman, Mr. Reifler alleged that in June 2000,
Philip Bennett, former CEO of Refco, froze Account 2403, to the
extent that no amounts could be debited or credited to that
account, and no interest would be earned on any amount in the
account.

The RCM Administrator, however, believes that the account was
frozen as part of an equity investment or joint venture
enterprise.

Moreover, Mr. Reifler said that after his resignation, he
entered into an oral agreement with Mr. Bennett, in which
Refco's obligation to Mr. Reifler -- evidenced by a US$5,800,000
account balance in Account 2403 -- would serve as an inducement
and overall safety net for RCM to continue to do business with
Mr. Reifler's foreign exchange and emerging market customers at
Refco.

To the contrary, the RCM Administrator believes that Mr. Reifler
entered into the agreement to gain access to lucrative
commission-based business he expected to continue to operate
through the Refco platform.

The RCM Administrator avers that there was no payment schedule
created for Account No. 2403 in 2000 or otherwise, and Mr.
Reifler never demanded for the payment of interest or principal
from the account until the claimant filed proofs of claim in
RCM's case.

The RCM Administrator notes that when Mr. Reifler traded through
the Refco platform, Mr. Reifler charged further markups to his
clients generating significant profits for Mr. Reifler.

Accordingly, the RCM Administrator insists that the Reifler
Claim should be disallowed because:

   (a) Mr. Reifler cannot establish any basis for or evidentiary
       proof of his claim;

   (b) any loan that may have existed must be recharacterized as
       an equity contribution to RCM or a contribution to a
       joint venture with RCM;

   (c) Mr. Reifler had previously waived any claim to the funds;

   (d) Mr. Reifler is estopped by his inaction from pursuing any
       claim to the funds; and

   (e) Mr. Reifler is obligated to return to RCM preferential
       payments aggregating US$2,509,712 pursuant to Section 502
       of the Bankruptcy Code.

                      About Refco Inc.

Headquartered in New York City, Refco Inc. (OTC: RFXCQ) --
http://www.refco.com/-- is a diversified financial services
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore.  In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products.  Refco is one of the largest global
clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).

Refco Commodity Management Inc., formerly known as CIS
Investments Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 57; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                        Plan Update

On Sept. 14, 2006, Refco, Inc., and 25 of its subsidiaries,
along with Marc S. Kirschner, the Chapter 11 Trustee for the
estate of Refco Capital Markets, Ltd., delivered a Chapter 11
plan of reorganization and accompanying Disclosure Statement to
the Court.

On Oct. 10, 2006, the Debtors filed an Amended Plan and
Disclosure Statement and on Oct. 13, filed a Modified Amended
Disclosure Statement.  On Oct. 16, 2006, the Court gave its
tentative approval on the Disclosure Statement and the Court
Clerk entered an order on Oct. 20, 2006.

On Dec. 15, the Modified Joint Chapter 11 Plan of Refco Inc. and
certain of its direct and indirect subsidiaries, including Refco
Capital Markets, Ltd., and Refco F/X Associates LLC, was
confirmed by the Court.  That Plan became effective on
Dec. 26, 2006.


REFCO INC: Former President Tone Grant Charged with Fraud
---------------------------------------------------------
Refco Inc.'s former president Tone N. Grant has been indicted on
securities fraud, bank fraud, wire fraud, and money laundering
in connection with an alleged scheme to hide hundreds of
millions of dollars in trading losses by Refco and its customers
from public investors, according to published reports.

Mr. Grant became the third Refco executive to be charged with
fraud, along with former chief executive officer Phillip Bennett
and former chief financial officer Robert C. Trosten, the
reports note.

Michael J. Garcia, the United States Attorney for the Southern
District of New York, said in a press statement that a
superseding indictment was returned against Tone N. Grant.
Moreover, the charges against Messrs. Bennett and Trosten have
been expanded.

Mr. Bennett previously has been charged with conspiracy,
securities fraud, wire fraud, making false filings with the
Securities and Exchange Commission, and making material
misstatements to auditors.  Mr. Trosten, on the other hand, had
been charged with conspiracy, securities fraud, and wire fraud.

The superseding Indictment, according to Mr. Garcia, charges
Messrs. Bennett, Trosten, and Grant for the first time with bank
fraud and money laundering in connection with the fraud at
Refco.

Mr. Bennett and, at certain times, Messrs. Grant and Trosten,
directed a series of transactions every year from 1999 through
2005 to hide receivables of Refco Group Holdings Inc. -- Refco's
holding company -- from, among others, Refco's auditors, by
temporarily paying down the receivable from RGHI over Refco's
fiscal year-end and replacing it with a receivable from one or
more other entities not related to Mr. Bennett.  Thus, at every
fiscal year-end and, later, at every fiscal quarter-end, Mr.
Bennett directed transactions that turned the debt owed to Refco
from RGHI into a debt owed to Refco by a Refco customer.
Shortlyafter each fiscal year or quarter end, these transactions
were unwound, returning the debt to RGHI.

The superseding Indictment charges that Mr. Grant participated
with Messrs. Bennett and Trosten in the scheme to defraud
participants in the 2004 leveraged buyout of Refco by led by
private equity fund Thomas H. Lee Partners, by misleading the
Lee fund and the purchasers of the US$600 million in notes and
US$800 million in bank debt about the true financial health of
Refco.

The superseding Indictment alleges that Mr. Grant received
US$16 million in proceeds from the leveraged buyout transaction,
as well as the right to share in half of Mr. Bennett's profits
from any future sale of his Refco stock holdings.

The superseding Indictment contains eight new counts: a bank
fraud charge against Messrs. Bennett, Trosten, and Grant in
connection with the 2004 leveraged buyout transaction; money
laundering charges against Messrs. Bennett, Trosten, and Grant
in connection with their laundering of the proceeds of the
leveraged buyout transaction; and additional wire fraud charges
against Messrs. Bennett and Grant.

At the Jan. 19, 2006, hearing before the U.S. District Court
for the Southern District of New York, the three former Refco
executives entered a plea of "not guilty" to all charges,
Reuters reports.

U.S. District Judge Naomi Buchwald set a US$10,000,000 bail for
Mr. Grant.

The trial date for all three Refco officers has been set for
Oct. 9, 2007, said Norman Eisen, Esq., at Zuckerman Spaeder,
LLP, in Washington, D.C., on Mr. Grant's behalf, according to
Reuters.

Each defendant could face a minimum of five and a maximum of
30 years in prison if found guilty.  Each defendant could also
be fined a minimum of US$250,000 for conspiracy and wire fraud
charges, and up to US$5,000,000 for securities fraud.

Mr. Bennett, 58, resides in Gladstone, New Jersey.

Mr. Trosten, 37, resides in Sarasota, Florida.

Mr. Grant, 62, resides in Chicago, Illinois.

Mr. Garcia clarified that the charges contained in the
superseding Indictment are merely accusations, and the
defendants are presumed innocent unless and until proven guilty.

Assistant United States Attorneys David Esseks, Neil Barofsky,
and Lisa Korologos are in charge of the prosecution, Mr. Garcia
added.

                          About Refco Inc.

Headquartered in New York, New York, Refco Inc. --
http://www.refco.com/-- is a diversified financial services
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore.  In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products.  Refco is one of the largest global
clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  (Refco Bankruptcy News, Issue No. 56; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).


ROCK ROSE: Claims Filing Period Ends March 27
---------------------------------------------
Creditors of Rock Rose Security Ltd. have until March 27 to send
their names and addresses with particulars of their debts or
claims to:

         David Moore
         Joint Liquidator
         Begbies Traynor
         No. 1 Old Hall Street
         Liverpool
         L3 9HF
         England

David Moore and Donald Bailey of Begbies Traynor were appointed
joint liquidators of the company on Feb. 13.

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


RTG REALISATIONS: Taps Ian Carr to Liquidate Assets
---------------------------------------------------
Ian Carr was appointed liquidator of RTG Realisations Ltd.
(formerly Rail Tech Group Ltd. and Rail Tech East Anglia Ltd.)
on Jan. 23 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         RTG Realisations Ltd.
         91 Dales Road
         Ipswich
         Suffolk
         IP1 4JR
         England
         Tel: 01473 242 330
         Fax: 01473 242 379


SAKOONI SWEETS: Creditors' Meeting Slated for February 27
---------------------------------------------------------
Creditors of Sakooni Sweets Ltd. (t/a Sakonis) will meet at
10:30 a.m. on Feb. 27 at:

         Ian Holland + Co.
         The Clock House
         Pinner
         Middlesex
         HA5 3BZ
         England

I. D. Holland of Ian Holland + Co. will furnish creditors with
information concerning the company's affairs free of charge as
they may reasonably require.


SCOTTISH RE: Hovde Capital Opposes MassMutual-Cerberus Proposal
---------------------------------------------------------------
Hovde Capital Advisors LLC will not vote in favor of the
proposals relating to a proposed investment in Scottish Re Group
Ltd. by MassMutual Capital Partners LLC and an affiliate of
Cerberus Capital Management, L.P. at the upcoming Extraordinary
General Meeting of Shareholders of Scottish Re later this month.

In an earlier letter to Scottish Re's Board of Directors in
November 2006, Hovde Capital stated that it would resist any
sale of the company at a price that did not fairly reflect the
true implied value of Scottish Re and would resist any capital
raising initiative that dilutes existing shareholders at a
depressed valuation through a sale of stock to one or more large
institutional investors.

"The concern we expressed in November, 2006, about the outcome
of Scottish Re's evaluation of its strategic alternatives has
materialized in a recommendation to shareholders of a proposal
by MassMutual and Cerberus," Eric Hovde, Portfolio Manager of
Hovde Capital, stated.  "The Board of Scottish Re has
recommended that the company's shareholders accept a deal that
is far more dilutive and more grossly unfair to existing
shareholders of Scottish Re than we ever could have imagined.
When factoring in the extremely dilutive original issuance price
of US$4.50 per share or lower, coupled with the 7.25% special
preferred dividend attached to those convertible shares that
will siphon off a significant amount of any future earnings, in
our opinion, the ordinary common shareholders will be left with
little or no value."

Hovde Capital also pointed out that under the MassMutual-
Cerberus proposal, possible adjustments to the conversion ratio
for the convertible shares that they will receive could push the
per share price into the US$2.00 range -- further diluting the
common shareholders.  Mr. Hovde said that the proposal
recommended by the Board "flies in the face of the company's own
independent third-party valuation performed by Tilinghast."

On Sept. 11, 2006, Scottish Re reported that the Tilinghast
valuation had concluded that the company's aggregate value was
in excess of its last reported GAAP book value; according to the
company's Sept. 30 10-Q, the most recently reported GAAP book
value is US$19.13.  Hovde Capital said it will vote against the
MassMutual-Cerberus proposal because it believes the proposal
treats existing shareholders inequitably and represents a
significant and unacceptable level of dilution and because Hovde
believes the Board of Scottish Re should be pursuing other
courses of action that were clearly available to the company,
including:

   -- a liquidation run-off, which Hovde Capital believes could
      capture more of the true imbedded value of the company for
      the existing shareholders that is not being recognized in
      the current proposal and will be lost by the existing
      shareholders; or

   -- a shareholder-backed rights offering in which all existing
      shareholders would have an opportunity to participate,
      such as the proposal made by Brandes Investment Partners,
      L.P. which included a "backstop" of the US$600 million in
      capital to be raised but which the Board of Scottish Re
      rejected.

Mr. Hovde went on to say that Hovde Capital believes the
recommendation of the Board of Scottish Re ignores the best
interests of the company's existing shareholders and that "Hovde
Capital cannot support such an egregious proposal."

Hovde Capital is a registered investment advisor that advises a
series of hedge funds focused on the financial services sector.

                        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.

                          *     *     *

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-.


SEA CONTAINERS: Services Panel Selects Willkie Farr as Counsel
--------------------------------------------------------------
The Official Committee of Unsecured Creditors in Sea Containers
Services, Ltd. and its debtor-affiliates' Chapter 11 case asks
authority from the U.S. Bankruptcy Court for the District of
Delaware to retain Willkie Farr & Gallagher LLP as its counsel,
nunc pro tunc to Jan. 22, 2007.

The Official Services Committee represents the interests of Sea
Containers 1983 Pension Scheme and Sea Containers 1990 Pension
Scheme in the Debtors' bankruptcy cases.

Jane Kathryn Fryer, a director at Aspen Trustees Ltd., says
WF&G's attorneys have extensive experience and knowledge in the
fields of debtors' and creditors' rights, debt restructuring and
corporate reorganizations, tax, real estate, employee benefits,
and commercial litigation, among others.  WF&G's Business
Reorganization and Restructuring Department regularly represents
debtors, official and unofficial committees, and groups of
creditors or equity security holders in Chapter 11 cases and
financial restructurings.

Ms. Fryer adds that the Official Services Committee engaged WF&G
as its counsel on Jan. 22, 2007, and has since acted to protect
and advance the interests of the Committee.  The firm's
attorneys have conducted, and continue to conduct, due diligence
in conjunction with its engagement.  WF&G's services have
materially benefited the Official Services Committee and have
served to protect its rights.  Hence, WF&G is well qualified to
represent the Official Services Committee's interests in the
Debtors' bankruptcy cases.

Among other things, WF&G will:

    a. provide legal advice with respect to the Official
       Services Committee's rights, powers, claims, and duties
       in the bankruptcy cases;

    b. represent the Services Committee at all negotiations,
       hearings, and other proceedings;

    c. advise and assist the Services Committee in discussions
       with the Debtors and other parties-in-interest, as well
       as professionals retained by any of the parties,
       regarding the overall administration of the Chapter 11
       cases;

    d. assist with the Services Committee's investigation of the
       assets, liabilities, and financial condition of the
       Debtor, and of the operations of the Debtors' businesses;

    e. assist and advise the Services Committee with respect to
       its communications with other creditors;

    f. review and analyze on behalf of the Services Committee
       all pleadings, orders, statements of operations,
       schedules, and other legal documents;

    g. prepare on behalf of the Services Committee all
       pleadings, motions, orders, reports, and other papers in
       furtherance of its interests and objectives; and

    h. perform all other legal services for the Services
       Committee that may be necessary and proper.

The firm will be paid for its services based on its standard
hourly rates, plus reimbursement of actual and necessary
expenses incurred by WF&G.

      Designation                Hourly Rate
      -----------                -----------
      Attorneys                US$265 - US$885
      Paralegals               US$150 - US$235

The current hourly rates of the professionals that are likely to
be engaged in the Debtors' Chapter 11 cases are:

      Professionals              Designation    Hourly Rate
      -------------              -----------    -----------
      Marc Abrams, Esq.          Partner          US$885
      Michael J. Kelly, Esq.     Partner          US$725
      Casey Boyle, Esq.          Associate        US$460
      Seth Kleinman, Esq.        Law Clerk        US$260

Marc Abrams, Esq., a member of WF&G, assures the Court that his
firm is a "disinterested person" as that term is defined in
Section 101(14) of the Bankruptcy Code.  The members and
associates of WF&G do not represent or hold an interest adverse
to the Debtors, their creditors, or any other party-in-interest
in the matters regarding WF&G's engagement, Mr. Abrams adds.

Mr. Abrams can be contacted at:

      Marc Abrams, Esq.
      Willkie Farr & Gallagher LLP
      787 Seventh Avenue
      New York
      NY 10019-6099
      Tel: (212) 728-8000
      Fax: (212) 728-8111
      Web site: http://www.willkie.com/

                      About Sea Containers

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

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 11;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

The Debtors' exclusive period to file a chapter 11 plan expires
on June 12, 2007.


SEA CONTAINERS: Committee Taps Kroll as Financial Advisor
---------------------------------------------------------
The Official Committee of Unsecured Creditors in Sea Containers
Services Ltd. and its debtor-affiliates' Chapter 11 cases asks
authority from the U.S. Bankruptcy Court for the District of
Delaware to retain Kroll Ltd. as its financial advisor, nunc pro
tunc to Oct. 26, 2006, pursuant to the terms and conditions of a
letter agreement between the parties dated Feb. 8, 2007.

According to Jane Kathryn Fryer, a director at Aspen Trustees
Ltd., Kroll has significant financial advisory skills and
7expertise in the pensions covenant field, among other things.
Kroll has advised the trustees of the Trinity Retirement Benefit
Scheme, The Rank Group Plc, Mowlem Plc, Alliance Unichem Plc,
Gala Group and Coral Group, Capita Group Plc, Galliford Try Plc,
and HCA International Ltd.  In addition, the firm has
significant experience in cross-border restructurings and has
been involved as administrator of the Federal-Mogul U.K. Group
and Collins & Aikman.

Kroll has acted to protect and advance the interests of the
Official Services Committee in the Debtors' bankruptcy cases
since its formation on Oct. 26, 2006.  Ms. Fryer notes that
Kroll's services have materially benefited the unsecured
creditors of Sea Containers Services, and have served to protect
their rights until Kroll's formal retention.

As a result of its services, Kroll has become directly familiar
with the facts and circumstances surrounding Sea Containers
Services and the issues that the Official Services Committee
will face during the bankruptcy cases.  Kroll and its
professionals are uniquely qualified to advise the Official
Services Committee, Ms. Fryer relates.

As the Official Services Committee's financial advisor, Kroll
will:

    a. evaluate the assets and liabilities of the Debtors and
       their affiliates;

    b. analyze and review the financial and operating statements
       of the Debtors and their affiliates;

    c. analyze the business plans and forecasts of the Debtors
       and their affiliates;

    d. provide specific valuation or other financial analysis as
       the Official Services Committee may require;

    e. help with the claim resolution process and related
       distributions;

    f. provide consideration of and advice on financial and
       commercial aspects of any plan of reorganization proposed
       as part of the Debtors' bankruptcy cases, including
       preparation, analysis and explanation of the plan to the
       Official Services Committee;

    g. attend meetings of the Official Services Committee and
       their advisors;

    h. assist as required with negotiations among the various
       creditors and stakeholders in the bankruptcy cases;

    i. coordinate Kroll's work with that of other professional
       advisors and assist the Official Services Committee in
       the understanding and interpretation of the work;

    j. coordinate regular communications among the Official
       Services Committee, its professionals, and other parties
       as required, to discuss ongoing matters;

    k. provide accounting advice and expertise to the Official
       Services Committee as required; and

    1. any other matters for which the Official Services
       Committee seeks the financial advisory services of Kroll
       and for which Kroll agrees to provide.

Kroll will be paid for its services based on its standard hourly
rates:

      Designation                    Hourly Rate
      -----------                    -----------
      Partner                          US$550
      Director                         US$425
      Senior Associate                 US$400
      Other Senior Professional    US$200 - US$295
      Other Staff                   US$75 - US$150

The firm will also be reimbursed for necessary expenses
incurred.

Ms. Fryer discloses that the Kroll Agreement provides for a
limitation of liability, in certain circumstances, for Kroll in
connection with its engagement.

The terms and conditions of the firm's engagement will be
governed and interpreted in accordance with the laws of England
and Wales and, as applicable, the Bankruptcy Code.

Gary Squires, Esq., a partner in the corporate advisory and
restructuring group at Kroll, assures the Court that his firm is
a "disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code.  Kroll does not represent or
hold an interest adverse to the Debtors or any other party-in-
interest in the matters regarding its engagement, Mr. Squires
adds.

                      About Sea Containers

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

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 11;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

The Debtors' exclusive period to file a chapter 11 plan expires
on June 12, 2007.


SENSELECT HOLDINGS: Brings In Joint Administrators from KPMG
------------------------------------------------------------
Mark Jeremy Orton and Richard James Philpott of KPMG LLP were
appointed joint administrators of Senselect Holdings Ltd.
(Company Number 03974471) on Feb. 2.

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

The company can be reached at:

         Senselect Holdings Ltd.
         The Technocentre
         Coventry University Technology Park
         Puma Way
         Coventry
         West Midlands
         CV1 2TT
         England
         Tel: (0121) 232 3000
         Fax: (0121) 232 3500


SOLUTIA INC: Wants to Amend Severance Deals with Seven Officers
---------------------------------------------------------------
Solutia Inc. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York for permission to
amend the severance provisions in employment contracts for
chairman, president and chief executive officer, Jeffry N.
Quinn, and six other senior executives.

The Executive Compensation and Development Committee of
Solutia's Board of Directors has concluded that it needed to
amend the severance provisions for Mr. Quinn and six other
members of his new management team because the current severance
provisions are not consistent with the current market practices
and do not provide sufficient incentives given the various paths
to emergence that Solutia is pursuing.

At the ECDC's request, Mercer Human Resource Consulting
recommended that Solutia amend the severance provisions for the
Senior Executives on these terms:

   (a) If terminated and no change in control has occurred, the
       executive will receive two times base salary and bonus,
       based on an average of the most recent three years, plus
       the existing emergence bonus; and

   (b) If terminated or resigns and a change of control has
       occurred, the executive will receive three times base
       salary and bonus, the existing emergence bonus, an
       accelerated vesting of equity, and a potential tax gross-
       up.

The severance modifications will bring Solutia's employment
agreements for senior executives more in line with typical
market practices, Hal E. Wallach, Jr., a principal at Mercer,
tells the Court.

A copy of employment agreement, as modified by the severance
provisions, is available for free at:

               http://researcharchives.com/t/s?19f2

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  The
company and 15 debtor-affiliates filed for chapter 11 protection
on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  When the
Debtors filed for protection from their creditors, they listed
US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn
& Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims and
noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq.,
and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.
(Solutia Bankruptcy News, Issue No. 79; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


SUTTON EXECUTIVE: Appoints Ian C. Brown as Liquidator
-----------------------------------------------------
Ian C. Brown of Parkin S. Booth & Co was appointed liquidator of
Sutton Executive Cars Ltd. (Buckingham Executive Travel (North
West) Ltd.) on Feb. 13 for the creditors' voluntary winding-up
procedure.

Parkin S. Booth & Co http://www.parkinsbooth.co.uk/-- deals
entirely with insolvency practice.

The company can be reached at:

         Sutton Executive Cars Ltd.
         Rivacre Business Centre
         Mill Lane
         Ellesmere Port
         Merseyside
         CH663TH
         England
         Tel: 0151 348 1828


TOTAL COMMITMENT: Joint Liquidators Take Over Operations
--------------------------------------------------------
D. J. Whitehouse and S. Wilson of Kroll Ltd. were appointed
joint liquidators of Total Commitment Ltd. on Feb. 5 for the
creditors' voluntary winding-up procedure.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

The company can be reached at:

         Total Commitment Ltd.
         37 Yorkshire Street
         Oldham
         Lancashire
         OL1 3RZ
         England
         Tel: 0161 633 3373
         Fax: 0161 627 2447


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
February 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA-NOW Networking & Panel: Discussing Women's Networking
         Issues
            PBI, Philadelphia, PA
               Contact: 215-657-5551 or
                        http://www.turnaround.org/

February 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA PowerPlay - Atlanta Thrashers
         Philips Arena, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

February 22, 2007
   EUROMONEY
      2nd Annual Euromoney Japan Forex Forum
         Mandarin Oriental, Tokyo, Japan
            Contact: http://www.euromoneyplc.com/

February 25-26, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Marriott Park City, UT
            Contact: http://www2.nortoninstitutes.org/

February 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Member Appreciation FREE Happy Hour
         Maggianos, Tampa, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

February 27, 2007
   PRACTISING LAW INSTITUTE
      Intercreditor Agreements & Bankruptcy Issues Workshop
         San Francisco, CA
            Contact: http://www.pli.edu/

February 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Devil Rays Turnaround
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

February 27-28, 2007
   EUROMONEY INSTITUTIONAL INVESTOR
      5th Annual Corporate Restructuring Summit
         Sheraton Park Lane Hotel, London, U.K.
            Contact: http://www.euromoneyplc.com/

March 1, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - West
         Regency Beverly Wilshire, Los Angeles, CA
            Contact: http://www.abiworld.org/

March 2, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Bankruptcy Battleground West
         Regency Beverly Wilshire, Los Angeles, CA
            Contact: http://www.abiworld.org/

March 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      The Great Debate
         Sydney, Australia
            Contact: http://www.turnaround.org/

March 14-15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Atlanta, GA
         Contact: http://www.turnaround.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      LI Turnaround Management Event
         Long Island, NY
            Contact: http://www.turnaround.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Madness Cocktail Reception with Geraldine Ferraro
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

March 15-18, 2007
   NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
      NABT Spring Seminar
         Ritz-Carlton Buckhead, Atlanta, GA
            Contact: http://www.NABT.com/

March 18-21, 2007
   INSOL
      Annual Europe, Africa & Middle East Conference
         Cape Town, South Africa
            Contact: http://www.insol.org/CapeTown07/

March 20, 2007
   THOMSON WEST LEGALWORKS
      Insurance and Reinsurance Allocation Superbowl
         New York, NY
            Contact: http://www.westlegalworks.com/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      The Next Wave of Distressed Businesses: A Panel Discussion
         South Florida
            Contact: http://www.turnaround.org/
March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

March 21-22, 2007
   EUROMONEY
      2nd Annual Vietnam Investment Forum
         Melia, Hanoi, Vietnam
            Contact: http://www.euromoneyplc.com/

March 21-22, 2007
   EUROMONEY
      Euromoney Indian Financial Market Congress
         Grand Hyatt, Mumbai, India
            Contact: http://www.euromoneyplc.com/

March 22-23, 2007
   EUROMONEY INSTITUTIONAL INVESTOR
      Euromoney Indonesian Financial Markets Congress
         Bali, Indonesia
            Contact: http://www.euromoneyplc.com/

March 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "The Six Keys of Sustained Profitable Growth"
      Rodney Page, Senior Partner of Blue Springs Partners
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons Las Colinas, Dallas, Texas
            Contact: http://www.turnaround.org/

March 29-31, 2007
   ALI-ABA
      Chapter 11 Business Reorganizations
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/


April 5, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Case Study "When Everything Goes Wrong"
         University of Florida, Gainesville, FL
            Contact: http://www.turnaround.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 12, 2007
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
      IWIRC 4th Spring Luncheon and Founders Awards
         Washington, DC
            Contact: http://www.iwirc.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

April 12, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - East
         JW Marriott, Washington, DC
            Contact: http://www.abiworld.org/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Wine Tasting Social
         TBA, Long Island, NY
            Contact: 631-251-6296 or http://www.turnaround.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

April 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "Why Prospects Become Clients"
      Mark Fitzgerald, President of Sales Training Institute Inc
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Jacksonville Zoo Turnaround
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual Credit & Bankruptcy Symposium Golf/Spa Outing
         Fox Hopyard Golf Club, East Haddam, CT
            Contact: 203-265-2048 or http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spa Outing
         Mohegan Sun, Uncasville, CT
            Contact: 203-265-2048 or http://www.turnaround.org/

April 26-27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual Credit & Bankruptcy Symposium
         Mohegan Sun, Uncasville, CT
            Contact: http://www.turnaround.org/

April 26-28, 2007
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Philadelphia, PA
            Contact: http://www.ali-aba.org/

April 29 - May 1, 2007
   INTERNATIONAL BAR ASSOCIATION
      International Insolvency Conference
      Zurich, Switzerland
            Contact: http://www.ibanet.org/

May 4, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - NYC
         Alexander Hamilton U.S. Custom House, SDNY
         New York, NY
            Contact: http://www.abiworld.org/

May 7, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      9th Annual New York City Bankruptcy Conference
         Millennium Broadway Hotel & Conference Center
         New York, NY
            Contact: http://www.abiworld.org/

May 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual TMA Atlanta Golf Outing
         White Columns, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Marriott North, Fort Lauderdale, FL
            Contact: http://www.turnaround.org/

May 17-18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      6th Annual Great Lakes Regional Conference
         Renaissance Quail Hollow Resort, Painesville, OH
            Contact: http://www.turnaround.org/

May 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

May 30-31, 2007
   FINANCIAL RESEARCH ASSOCIATES
      Distressed Debt
         Harvard Club, New York, NY
            Contact: http://www.frallc.com/

June 6-8, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      5th Annual Mid-Atlantic Regional Symposium
         Borgata Hotel Casino & Spa, Atlantic City, NJ
            Contact: http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, WY
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 25-28, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      12th Annual Southeast Bankruptcy Workshop
         The Sanctuary, Kiawah Island, SC
            Contact: http://www.abiworld.org/

August 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
         Cambridge, MD
            Contact: http://www.abiworld.org/

August 23-26, 2007
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Drake Hotel, Chicago, IL
            Contact: http://www.nabt.com/

August 28, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Healthcare Panel
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

September 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
         Las Vegas, NV
            Contact: http://www.abiworld.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Buying and Selling Troubled Companies
         Marriott North, Fort Lauderdale, FL
            Contact: http://www.turnaround.org/

September 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Retail Panel
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

October 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

October 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Crisis Communications With Employees,Vendors and Media
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

October 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

November 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner
         South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

TBA 2008
   INSOL
      Annual Pan Pacific Rim Conference
         Shanghai, China
            Contact: http://www.insol.org/

January 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, DC
            Contact: http://www.abiworld.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, NV
            Contact: http://www.airacira.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, MI
            Contact: http://www.abiworld.org/

August 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, FL
            Contact: http://www.abiworld.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
         Tucson, AZ
            Contact: http://www.abiworld.org/

June 21-24, 2009
   INSOL
      8th International World Congress
         TBA
            Contact: http://www.insol.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers-the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      When Tenants File -- A Landlord's BAPCPA Survival Guide
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Clash of the Titans -- Bankruptcy vs. IP Rights
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Market Opportunities
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Homestead Exemptions under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      BAPCPA One Year On: Lessons Learned and Outlook
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge: Best Practices in E-
      Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Deepening Insolvency - Widening Controversy: Current
      Risks, Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      KERPs and Bonuses under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Diagnosing Problems in Troubled Companies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Equitable Subordination and Recharacterization
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


                           *********

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 * * *