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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Wednesday, February 28, 2007, Vol. 8, No. 42

                            Headlines


A U S T R I A

BAUUNTERNEHMEN MAYR: Claims Registration Period Ends March 30
BAWAG PSK: Eyes EUR400-Mln Profit by 2011 Before IPO Launch
GEFAHRGUT SCHULUNG: Linz Court Orders Business Shutdown
KOECK KEG: Claims Registration Period Ends March 7
MASTERMASSIV LLC: Claims Registration Period Ends March 14

MEGATECHNIK LLC: Claims Registration Period Ends March 30
MUENZ STAHLBAU: Claims Registration Period Ends April 10
NOWAK KEG: Claims Registration Period Ends March 28
RETZER WARENHANDELS: Claims Registration Period Ends March 12
ROEHRENBACHER NFG: Claims Registration Period Ends March 21

SMARAGD LLC: Vienna Court Orders Business Shutdown


B E L G I U M

ARVINMERITOR INC: Repays Outstanding Term Loan B in Full
ARVINMERITOR INC: Earns US$7 Mln in Quarter Ended December 31
ARVINMERITOR INC: Moody's Lifts Ba1 Bank Debt Rating to Baa3


C Y P R U S

BANK OF CYPRUS: Acquires 57,829 Shares in Cytrustees Investment


D E N M A R K

BIO-RAD LABORATORIES: Earns US$16.6 Million in 2006 Fourth Qtr.
HILTON HOTELS: Moody's Lifts Rating to Ba1 on Strong Earnings


F R A N C E

ALCATEL-LUCENT: Eyes Another 1,700 Job Cuts in Europe
ALCATEL-LUCENT: Wins US$1.5-Billion Patent Suit vs. Microsoft
ALCATEL-LUCENT: Will Build WiMax Network for Telmex Chile
KAUFMAN & BROAD: Moody's Lifts Rating to Ba1 on Good Performance


G E O R G I A

BANK OF GEORGIA: Earns GEL10.3 Million in Fourth Quarter 2006


G E R M A N Y

ALM GMBH: Claims Registration Period Ends April 2
BADER & SOEHNE: Claims Registration Period Ends April 2
BENQ MOBILE: Assets to Land in eBay & Second-Hand Market
CAFE WEINBERG: Claims Registration Period Ends April 2
CICERO VERWALTUNGS: Claims Registration Period Ends March 30

COMPLAY BELICHTUNGS: Claims Registration Period Ends March 30
COTTON HOUSE: Claims Registration Period Ends March 29
DAIMLERCHRYSLER AG: May Accept GM Stake in Exchange for Chrysler
DAIMLERCHRYSLER AG: Supervisory Board Okays Chery Motors Pact
DAIMLERCHRYSLER AG: Chrysler Eyes Sale of Dodge Cars in China

DERNEBURGER WINTERGARTEN: Claims Registration Ends April 13
DOMPLATZ 12: Claims Registration Period Ends March 12
E-NAUTICS GMBH: Claims Registration Period Ends March 23
EMA HEIZUNGS: Claims Registration Period Ends March 27
EVIDENT GMBH: Claims Registration Period Ends March 19

FRIELOG GMBH: Claims Registration Ends March 30
GARI BETRIEBS: Claims Registration Ends March 26
GEORG HEWING: Claims Registration Ends March 3
GERANA COSMETIC: Claims Registration Ends March 30
GOZDZIEWICZ GMBH: Creditors' Meeting Slated for April 12

IMMOPA GMBH: Claims Registration Period Ends March 30
ITRADE GMBH: Claims Registration Period Ends March 9
KAPP GMBH: Claims Registration Period Ends March 21
KFH VERTRIEBS: Claims Registration Period Ends March 6
MORISHIMA GMBH: Creditors Must Register Claims by March 26

NISA GMBH: Creditors Must Register Claims by March 28
PROMISE XX2 2003-1: S&P Lifts Class F Debt Rating to BB
REISEWEGE-TOURISTIK: Creditors Must Register Claims by April 18
SANITAR- UND HEIZUNGSBAU: Claims Registration Ends April 10
SANTINI DUE: Creditors Must Register Claims by March 20

SAWOBAU SANIERUNGS: Creditors Must Register Claims by April 8
SEHMISCH GMBH: Claims Registration Ends April 4
SILBERSTEINSTRASSE: Creditors Meeting Slated for April 11
SPEDITION FERDINAND: Claims Registration Ends March 30
STAUPITZER AGRARPRODUKTION: Claims Registration Ends March 16

SULTER KIES: Claims Registration Ends March 23
T & J GMBH: Claims Registration Ends March 28
TRANSPORT + LOGISTIK: Claims Registration Period Ends March 21
UK GRAPHIC: Claims Registration Period Ends March 16
VORMUM & RIEDEL: Claims Registration Period Ends March 9

WEYRAUCH KRANKENTRANSPORT: Claims Registration Ends March 28


I R E L A N D

SILENUS LTD: S&P Rates EUR7-Million Class G Notes at BB


I T A L Y

FIAT SPA: Denies WSJ Report on Spin-off Plans for Auto Division
PMI 2: S&P Affirms BB Ratings on Class D Notes
POPOLARE ITALIANA: Unions Ink Staffing Agreement with BPVN


K A Z A K H S T A N

ACTOBECOMSERVICE LLP: Creditors Must File Claims by April 6
DON LTD: Creditors' Claims Due April 6
JANATALAP LLP: Proof of Claim Deadline Slated for April 6
JEZGORTECHMASH LLP: Claims Registration Ends April 6
KAZAKHSTAN RMBS: Fitch Assigns BB Ratings to Class C Notes

MATRIX CONSTRUCTION: Claims Filing Period Ends April 6
OMIRLIK-1 LLP: Creditors Must File Claims by April 6
ORIENTIR LLP: Creditors' Claims Due April 6
PRINT-EXPRESS LLP: Proof of Claim Deadline Slated for April 6

RAM-BI LLP: Claims Registration Ends April 6
RICKS LLP: Claims Filing Period Ends April 6


K Y R G Y Z S T A N

SUROT TASMA: Creditors' Meeting Slated for March 12


L I T H U A N I A

BITE LIETUVA: Fitch Puts B- IDR with Stable Outlook


N E T H E R L A N D S

GETRONICS NV: Inks Strategic Partnership with NTT Data Corp
SMILE SECURITISATION: Moody's Rates EUR83.4-Mln Notes at Ba3
SMILE SECURITISATION: Fitch Assigns BB- Ratings to Class E Notes


N O R W A Y

PETROLEUM GEO-SERVICES: Earns US$78.7-Mln in Fourth Quarter 2006


R U S S I A

ALFA-BANK: Closes US$300-Million Lower Tier 2 Notes Issue
BELOKHOLUNITSKIY BUTTER: Names V. Alalykin as Insolvency Manager
BELYJ LEV: Creditors Must File Claims by March 3
EURO-STROY CJSC: Creditors Must File Claims by April 3
EXPRESS CJSC: Creditors Must File Claim by March 3

GROATS FACTORY: Creditors Must File Claim by April 3
MASLODEL OJSC: Creditors Must File Claim by March 3
MONOLITH-SERVICE CJSC: Creditors Must File Claims by March 3
NEW TRANSPORT: Creditors Must File Claims by March 3
PROM-STROY-SERVICE: Court Starts Bankruptcy Supervision

STOCK SHIPPING: Creditors Must File Claims by March 3
SUKHOBEZVODNINSKIY BAKERY: Creditors Must File Claims by March 3
TROITSKOYE OJSC: Creditors Must File Claim by March 3
TYUMEN-GAS-STROY: Creditors Must File Claim by March 3
UFIMSKAYA IMMOVABLE: Creditors Must File Claim by March 3

VNESHTORGBANK JSC: Forming Namibian JV with Two Russian Firms
YUKOS OIL: Eni SpA Eyes Bid for Arcticgas & Urengoy Assets
ZA RODINU: Asset Sale Slated for March 12


S P A I N

DELPHI CORP: Closing Manufacturing Facility in Spain
HIPOCAT 11: S&P Junks EUR28-Million Class D Notes
HIPOCAT 11: Fitch Puts Junk Ratings to EUR28-Mln Class D Notes
TDA 27: Fitch Assigns Low-B Ratings to Class E & F Notes


S W I T Z E R L A N D

BOURBAKI FOOD: Lucerne Court Starts Bankruptcy Proceedings
GPA KARTING: Creditors' Liquidation Claims Due March 15
HETRAG LLC: Creditors' Liquidation Claims Due March 19
M. J. MAILLIS: Creditors' Liquidation Claims Due March 13
MODAG JSC: Aargau Court Starts Bankruptcy Proceedings

POWER PIZZA: Creditors' Liquidation Claims Due April 5
PRO-INFORMATIC: Creditors' Liquidation Claims Due March 15
RABER ORG + INFO: Creditors' Liquidation Claims Due March 15
SOLARIUS HOLDING: Schwyz Court Closes Bankruptcy Proceedings
VILLIGER-RADSPORT: Creditors' Liquidation Claims Due March 13


U K R A I N E

AES CORP: Restating Financials & Delays Fourth Quarter Results
AGRICULTURAL INVESTMENT: Claims Submission Deadline Set March 9
KOROTINO LLC: Claims Submission Deadline Set March 9
STINA LLC: Claims Submission Deadline Set March 9
CIDI-KOLA LLC: Claims Submission Deadline Set March 9

UKRSOTSBANK OJSC: S&P Keeps B Rating on Creditwatch Positive
VIKING LLC: Claims Submission Deadline Set March 9


U N I T E D   K I N G D O M

ADVANCED MARKETING: Court Allows Hiring of Capstone as Advisors
ADVANCED MARKETING: Gets Court Nod to Hire Focus as Advisors
ARMSTRONG WORLD: Settles Intercompany Claims for US$20 Million
AVOCA CLO: S&P Assigns B Ratings to EUR14-Mln Class F Notes
CAMPBELL & LAW: Creditors' Meeting Slated for March 12

CENTRAL VENUE: Creditors' Meeting Slated for March 13
CHILTERN INVADEX: Administrators Affirm Sale of Business
COLLINS & AIKMAN: Files 60-Day Notice to Close Missouri Plant
CORUS GROUP: Tata Dismisses Speculation on Scunthorpe Plant Sale
ELLIOT TAYLOR: Creditors' Meeting Slated for March 14

GENERAL MOTORS: Daimler May Accept GM Stake for Chrysler
MOBILE COMMUNITY: Brings In T Papanicola as Administrator
NATIONAL PROVIDENT: S&P Affirms BB+ Rating With Stable Outlook
PERSONAL CATERING: Appoints Duncan Roderick to Administer Assets
POLESTAR GROUP: Creditors' Meeting Slated for March 8

REFCO INC: Refco LLC Trustee Pays US$38.3 Mln in Cure Amounts
REFCO INC: Refco LLC Pays US$9.6 Million in Exchange Memberships
SANDWELL COMMERCIAL: Fitch Affirms Class E Notes at BB
SOUTH DEVON: Creditors' Meeting Slated for March 9
TECHNICAL PLASTERING: Creditors' Meeting Slated for March 9

TRIDENT WINDOWS: Creditors' Meeting Slated for March 12
VIRGIN MEDIA: British Sky Expects Termination of Channel Deal
WOODS MEMORIAL: Brings In Administrators from P&A
WOODSTYLE FURNITURE: Taps Tenon Recovery as Joint Administrators

                            *********

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


BAUUNTERNEHMEN MAYR: Claims Registration Period Ends March 30
-------------------------------------------------------------
Creditors owed money by LLC Bauunternehmen Mayr (FN 40752f) have
until March 30 to file written proofs of claim to court-
appointed estate administrator Stephan Kasseroler at:

         Dr. Stephan Kasseroler
         Lieberstrasse 3
         6020 Innsbruck
         Austria
         Tel: 0512/57 1331
         Fax: 0512/57 33199
         E-mail: office@kasseroler.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:15 a.m. on April 16 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Hall 212
         Second Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Hopfgarten im Brixental, Austria, the Debtor
declared bankruptcy on Feb. 12 (Bankr. Case No. 19 S 12/07y).


BAWAG PSK: Eyes EUR400-Mln Profit by 2011 Before IPO Launch
-----------------------------------------------------------
Bawag PSK has to post at least EUR400 million in net profit by
2011 before launching an initial public offering, daily
Wirtschaftsblatt reports citing Bawag CEO Ewald Nowotny as
saying.

Mr. Nowotny said Bawag posted over EUR20 million in net profit
in 2006, slightly above its forecast, Wirtschaftsblatt says.
The chief executive added that the company will reduce its
4,500-strong workforce by 400 employees by 2011 to meet the
profit targets of Bawag's incoming owner, Ceberus Cerberus
Capital Management L.P.

In a TCR-Europe report on Jan. 3, Osterreichischer
Gewerkschaftsbundhad formally approved the sale of Bawag a
consortium led by Cerberus on Dec. 29, 2006.  OeGB agreed to
sell Bawag for EUR3.2 billion.  Cerberus will pay around EUR2.6
billion for the assets and inject EUR600 million into the bank.

Cerberus expects to complete the takeover in May.  Following the
takeover, Cerberus will sell all non-bank assets of Bawag except
the piano manufacturer Boesendorfer, Mr. Nowotny was quoted by
Die Presse as saying.

                         About BAWAG

Headquartered in Vienna, Austria, BAWAG P.S.K. (Bank fur Arbeit
und Wirtschaft AG) is an Austrian universal bank founded in 1922
by former Austrian Chancellor Karl Renner.  As of 2004, the
bank's majority shareholder was the OGB (Osterreichischer
Gewerkschaftsbund), the Austrian Trade Union Federation.  The
bank had total consolidated assets of EUR56 billion as of
Dec. 31, 2004.

                        *      *      *

As of Feb 27, Bawag PSK carries an E+ bank financial strength
rating from Moody's.


GEFAHRGUT SCHULUNG: Linz Court Orders Business Shutdown
-------------------------------------------------------
The Land Court of Linz entered Feb. 9 an order shutting down the
business of LLC Gefahrgut Schulung & Beratung (FN 219786s).

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

The estate administrator can be reached at:

         Mag. Wolfgang Kempf
         Buergerstrasse 41
         4020 Linz
         Austria
         Tel: 77 72 07
         Fax: 78 25 70
         E-mail: ra.kempf.linz@utanet.at

Headquartered in Gallneukirchen, Austria, the Debtor declared
bankruptcy on Feb. 5 (Bankr. Case No. 38 S 7/07v).


KOECK KEG: Claims Registration Period Ends March 7
--------------------------------------------------
Creditors owed money by KEG Koeck (FN 270469z) have until
March 7 to file written proofs of claim to court-appointed
estate administrator Oliver Lorber at:

         Mag. Oliver Lorber
         St.Veiter Ring 51
         Second Floor
         9020 Klagenfurt
         Austria
         Tel: 0463/57 9 50
         Fax: 0463/57 9 50-9
         E-mail: rechtsanwalt@lorber.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 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 Klagenfurt, Austria, the Debtor declared
bankruptcy on Feb. 9 (Bankr. Case No. 40 S 11/07v).


MASTERMASSIV LLC: Claims Registration Period Ends March 14
----------------------------------------------------------
Creditors owed money by LLC MasterMassiv (FN 242630i) have until
March 14 to file written proofs of claim to court-appointed
estate administrator Gerhard Brandl at:

         Dr. Gerhard Brandl
         Kardinalschuett 7
         9020 Klagenfurt
         Austria
         Tel: 0463/55577
         Fax: 04634/502191
         E-mail: insolvenzverwaltung@kanzlei-brandl.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on March 20 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 Klagenfurt, Austria, the Debtor declared
bankruptcy on Feb. 8 (Bankr. Case No. 40 S 10/07x).


MEGATECHNIK LLC: Claims Registration Period Ends March 30
---------------------------------------------------------
Creditors owed money by LLC MEGATECHNIK (FN 251546x) have until
March 30 to file written proofs of claim to court-appointed
estate administrator Susanne Poeltenstein-Rosenegger at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on April 13 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 9 (Bankr. Case No. 28 S 17/07i).


MUENZ STAHLBAU: Claims Registration Period Ends April 10
--------------------------------------------------------
Creditors owed money by LLC Muenz Stahlbau (FN 218825b) have
until April 10 to file written proofs of claim to court-
appointed estate administrator Peter Bubits at:

         Mag. Peter Bubits
         c/o Mag. Andrea Prochaska
         Elisabethstrasse 2
         2340 Moedling
         Austria
         Tel: 02236/42210
         Fax: 02236/42210-25
         E-mail: peter.bubits@bkb-partner.at
                 anwalt@andrea-prochaska.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on April 24 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 Moedling, Austria, the Debtor declared
bankruptcy on Feb. 9 (Bankr. Case No. 11 S 16/07z).  Andrea
Prochaska represents Mag. Bubits in the bankruptcy proceedings.


NOWAK KEG: Claims Registration Period Ends March 28
---------------------------------------------------
Creditors owed money by KEG NOWAK (FN 242053k) have until
March 28 to file written proofs of claim to court-appointed
estate administrator Beate Holper at:

         Mag. Beate Holper
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 533 28 55
         Fax: 533 28 55 28
         E-mail: office@anwaltwien.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on April 11 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1609
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 8 (Bankr. Case No. 38 S 8/07i).


RETZER WARENHANDELS: Claims Registration Period Ends March 12
-------------------------------------------------------------
Creditors owed money by LLC Retzer Warenhandels (FN 170690s)
have until March 12 to file written proofs of claim to court-
appointed estate administrator Cornelia Strauss at:

         Mag. Cornelia Strauss
         Dr. Arthur Lemisch Platz 4
         9020 Klagenfurt
         Austria
         Tel: 0463/55 4 80
         Fax: 0463/55 4 80-4
         E-mail: rechtsanwalt@mag-strauss.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on March 19 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 St. Veit an der Glan, Austria, the Debtor
declared bankruptcy on Feb. 9 (Bankr. Case No. 41 S 13/07w).


ROEHRENBACHER NFG: Claims Registration Period Ends March 21
-----------------------------------------------------------
Creditors owed money by LLC Roehrenbacher Nfg & Co KG (FN
233791k) have until March 21 to file written proofs of claim to
court-appointed estate administrator Edwin Schubert at:

         Dr Edwin Schubert
         Triester Strasse 21
         2620 Neunkirchen
         Austria
         Tel: 02635/62611
         Fax: 02635/62611-13
         E-mail: ra-e.schubert@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on April 4 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 Ternitz, Austria, the Debtor declared
bankruptcy on Feb. 8 (Bankr. Case No. 10 S 14/07y).


SMARAGD LLC: Vienna Court Orders Business Shutdown
--------------------------------------------------
The Trade Court of Vienna entered Feb. 9 an order shutting down
the business of LLC Smaragd (FN 272362h).

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

The estate administrator can be reached at:

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

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


=============
B E L G I U M
=============


ARVINMERITOR INC: Repays Outstanding Term Loan B in Full
--------------------------------------------------------
ArvinMeritor Inc. repaid in full the US$169.5 million aggregate
principal amount of its outstanding Term Loan B due in 2012.
Net proceeds from the recent issue of convertible senior
unsecured notes along with other sources were used to fund the
repayment.

The company also disclosed that lenders participating in the
Senior Secured Revolving Credit Facility due in 2011 have
unanimously approved amendments to the facility.

The amendments include a reduction of the revolving credit
facility from US$980 million to US$900 million in addition to
less restrictive financial covenant levels.

Jim Donlon, senior vice president and CFO said, "While the
reductions and improvements to our revolving credit facility
were not required, they demonstrate our ongoing effort to
continuously improve our balance sheet."  He continued, "With
the recently announced agreement to sell our Emissions
Technologies Group, the need for facilities of more than US$1
billion is no longer necessary.  We believe the enhancements
will provide additional financial flexibility as we focus on
transforming our company and we are pleased with the support of
our bank group in helping us achieve our goals."

                       Credit Facility Amendment

The company entered into Amendment No. 1 to Credit Agreement,
among ArvinMeritor, ArvinMeritor Finance Ireland, the financial
institutions party and JPMorgan Chase Bank, National
Association, as Administrative Agent.

The amendment relates to the Credit Agreement, dated as of June
23, 2006, by and among ArvinMeritor, AFI, the institutions from
time to time parties thereto as lenders, JPMorgan Chase Bank,
National Association, as Administrative Agent, Citicorp North
America, Inc. and UBS Securities LLC, as Syndication Agents, ABN
AMRO Bank N.V., BNP Paribas and Lehman Commercial Paper Inc., as
Documentation Agents, and J.P. Morgan Securities Inc. and
Citigroup Global Markets, as Joint Lead Arrangers and Joint Book
Runners.

The primary purposes of the amendment are:

    (a) to provide for repayment by ArvinMeritor of the
        US$170 million term loan under the Credit Agreement;

    (b) to reduce the amount of the revolving loan commitment
        under the Credit Agreement to US$900 million from
        US$980 million; and

    (c) to amend certain covenants in the Credit Agreement,
        including covenants with respect to maintenance by
        ArvinMeritor of specified debt and fixed charge coverage
        ratios.

A full text copy of Amendment No. 1 to Credit Agreement, dated
as of February 23, 2007, is available for free at:

              http://ResearchArchives.com/t/s?1a56

                       About ArvinMeritor

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies a broad range of
integrated systems, modules and components to the motor vehicle
industry.  The company serves light vehicle, commercial truck,
trailer and specialty original equipment manufacturers and
certain aftermarkets.  ArvinMeritor employs approximately 27,500
people at more than 110 manufacturing facilities in 26
countries.  It maintains 23 facilities in Argentina, Belgium,
Brazil, Germany, the United Kingdom, and Venezuela, among
others.  ArvinMeritor common stock is traded on the New York
Stock Exchange under the ticker symbol ARM.

                           *     *     *

As reported in the Troubled Company Reporter on Feb. 12, 2007,
Dominion Bond Rating Service assigned a rating of BB (low) to
the US$175 million Convertible Senior Unsecured Notes of
ArvinMeritor Inc.  The trend is Stable.

In a TCR-Europe on Feb. 6, Moody's Investors Service has
downgraded ArvinMeritor's Corporate Family Rating to Ba3 from
Ba2.  Ratings on the company's secured bank obligations and
unsecured notes were lowered one notch as a result.

Ratings lowered:

ArvinMeritor Inc.

    -- Corporate Family Rating to Ba3 from Ba2

    -- Senior Secured bank debt to Ba1, LGD-2, 20% from Baa3,
       LGD-2, 18%

    -- Senior Unsecured notes to B1, LGD-4, 65% from Ba3,
       LGD-4, 64%

    -- Probability of Default to Ba3 from Ba2

    -- Shelf unsecured notes to (P)B1, LGD-4, 65% from (P)Ba3,
       LGD-4, 64%

Arvin Capital I

    -- Trust Preferred to B2, LGD-6, 96% from B1, LGD-6, 96%

Arvin International PLC

    -- Unsecured notes guaranteed by ArvinMeritor Inc. to B1,
       LGD-4, 65% from Ba3, LGD-4, 64%

Ratings affirmed:

ArvinMeritor Inc.

    -- Speculative Grade Liquidity rating, SGL-2


ARVINMERITOR INC: Earns US$7 Mln in Quarter Ended December 31
-------------------------------------------------------------
ArvinMeritor, Inc. reported US$7 million of net income on
US$2.3 billion of sales for the quarter ended Dec. 31, 2006,
compared with US$34 million of net income on US$2.09 billion of
sales in the comparable period of 2005.

"We are operating in a difficult environment in the passenger
car, light-duty truck, and commercial vehicle segments.  In an
effort to address the ongoing challenges, and create value for
our shareowners, we are making good progress and are on track
with our recently announced initiative, Performance Plus.  By
proactively taking control of our future through this global
transformational initiative, while at the same time maintaining
focus on improving our operational and financial performance, we
will emerge a stronger, more dynamic global organization," said
Chip McClure, Chairman, CEO and President.

The company reduced its fiscal year 2007 forecast for light
vehicle production to 15.3 million vehicles in North America,
down from 15.8 million forecasted last quarter.  The company's
forecast for Western Europe is unchanged at 16.1 million
vehicles.

The company anticipates sales from continuing operations in
fiscal year 2007 in the range of US$8.9 to US$9.1 billion, and
the outlook for full-year diluted earnings per share from
continuing operations to be in the range of US$1.15 to US$1.25.
Cash flow guidance for fiscal year 2007 is US$75 million to
US$125 million, as previously forecast.  This guidance excludes
gains or losses on divestitures, restructuring costs, and other
special items,
including potential extended customer shutdowns or production
interruptions.

"We are focused on redefining ArvinMeritor by creating a culture
of operational, commercial and individual excellence," said
Mr. McClure.

"Our vision is to be a global systems provider focused on our
target markets, deliver strong financial performance and drive
even greater value for our shareowners, employees and
customers."

A full-text copy of the company's Form 10-Q for the quarter
ended Dec. 31, 2006 is available for free at:

              http://ResearchArchives.com/t/s?1a55

                       About ArvinMeritor

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies a broad range of
integrated systems, modules and components to the motor vehicle
industry.  The company serves light vehicle, commercial truck,
trailer and specialty original equipment manufacturers and
certain aftermarkets.  ArvinMeritor employs approximately 27,500
people at more than 110 manufacturing facilities in 26
countries.  It maintains 23 facilities in Argentina, Belgium,
Brazil, Germany, the United Kingdom, and Venezuela, among
others.  ArvinMeritor common stock is traded on the New York
Stock Exchange under the ticker symbol ARM.

                           *     *     *

As reported in the Troubled Company Reporter on Feb. 12, 2007,
Dominion Bond Rating Service assigned a rating of BB (low) to
the US$175 million Convertible Senior Unsecured Notes of
ArvinMeritor Inc.  The trend is Stable.

In a TCR-Europe on Feb. 6, Moody's Investors Service has
downgraded ArvinMeritor's Corporate Family Rating to Ba3 from
Ba2.  Ratings on the company's secured bank obligations and
unsecured notes were lowered one notch as a result.

Ratings lowered:

ArvinMeritor Inc.

    -- Corporate Family Rating to Ba3 from Ba2

    -- Senior Secured bank debt to Ba1, LGD-2, 20% from Baa3,
       LGD-2, 18%

    -- Senior Unsecured notes to B1, LGD-4, 65% from Ba3,
       LGD-4, 64%

    -- Probability of Default to Ba3 from Ba2

    -- Shelf unsecured notes to (P)B1, LGD-4, 65% from (P)Ba3,
       LGD-4, 64%

Arvin Capital I

    -- Trust Preferred to B2, LGD-6, 96% from B1, LGD-6, 96%

Arvin International PLC

    -- Unsecured notes guaranteed by ArvinMeritor Inc. to B1,
       LGD-4, 65% from Ba3, LGD-4, 64%

Ratings affirmed:

ArvinMeritor Inc.

    -- Speculative Grade Liquidity rating, SGL-2


ARVINMERITOR INC: Moody's Lifts Ba1 Bank Debt Rating to Baa3
------------------------------------------------------------
Moody's Investors Service upgraded ArvinMeritor's senior secured
bank debt rating to Baa3 (LGD 2, 13%) from Ba1 (LGD-2, 20%) and
affirmed the company's Corporate Family Rating of Ba3,
Speculative Grade Liquidity rating of SGL-2, and stable outlook.

The actions follow shifts in the company's capital structure,
which have enhanced expected recovery rates on secured
indebtedness, an amendment to its bank credit facilities, and
the announcement of the pending sale of its Emission Technology
business.

During February, ARM issued US$200 million of unsecured
convertible notes with maturity in 2027.  Proceeds will be used
to pre-pay a US$170 million senior secured bank term loan due in
2012 with the balance after fees and expenses retained for
general corporate purposes.  The company also amended its bank
revolving credit facility.  This involved a reduction in the
committed amount from US$980 million to US$900 million and flows
from the smaller aggregate size of the organization's
requirements, which will arise post the disposition of its
Emission Technologies business.

At the same time, two financial covenants in its bank credit
facility were amended which will expand the company's compliance
headroom over the intermediate term.  Moody's would not expect
any material change in key metrics affecting the firm's
Corporate Family rating if proceeds were used to reduce
indebtedness as total debt in proportion to continuing EBITDA
should not appreciably change, nor would those ratios be
materially affected by the refinancing.  Although interest
coverage may improve slightly, other ratios will remain in a
range typical of peers in the Ba3 rating category.  While
Emissions Technology had lower margins than ARM's other business
groups, it was expected to contribute to free cash flow.
Accordingly, the Corporate Family Rating has been affirmed.

ARM will continue to face challenges in certain markets over the
coming year.  But, it will do so with a solid liquidity profile,
the benefits of geographic diversification, participation in
multiple remaining segments with market leadership, and
contributions from its restructuring initiatives.  The Emissions
Technology group provided some upside potential from its
solutions to changing regulatory requirements, particularly in
the commercial vehicle market in advance of the 2010 EPA
requirements in North America.

However, margins in Emissions Technology were also being
affected by higher nickel prices and related costs of stainless
steel.  Although quantitative metrics for much of 2007 will be
affected by the decline in North American Class 8 production,
those volume declines will be partially offset by levels of
ongoing demand for medium and heavy duty vehicles in Europe as
well as contributions from its aftermarket parts, trailer and
Asian markets.  North American commercial vehicle production is
anticipated to recover in 2008 and 2009.  On balance, the
company's financial performance in 2007 and 2008 should remain
within the parameters of its assigned Corporate Family Rating.
Consequently, the stable outlook remains appropriate.

The refinancing activity alters recovery expectations in
downside scenarios on debt in ARM's capital structure.  While
aggregate enterprise value is essentially unchanged, the
reduction in the amount of higher priority secured debt and
increase in unsecured obligations beneath their claims has
improved recovery rates on the bank facility.

This is reflected in results in Moody's Loss Given Default
model. On a pro forma basis as of Dec. 31, 2006 and adjusting
for the convertible issuance, term loan repayment and revolving
credit commitment reduction, the rating on the secured bank debt
was raised by one notch to Baa3 (LGD-2, 13%) from Ba1 (LGD-2,
20%).  The recovery rate for unsecured debt was not materially
affected.  Its recovery assessment at LGD-4, 63% declined
marginally but remains within the bounds of its B1 rating
category.  Similarly, ratings on Arvin Capital and ARM's other
obligations were not affected.  ARM's convertible note issues
are not rated by Moody's.  The rating on the secured bank term
loan has been withdrawn upon its repayment.

The SGL-2 liquidity rating represents good liquidity over the
coming 12 months.  The rating incorporates significant internal
sources arising from existing cash, modest free cash flow
expectations post the business disposition, and anticipated
receipt of proceeds from the announced sale of Emissions
Technologies (the valuation is stated as US$310 million but
includes consideration of a US$20 million seller note, the
assumption of certain liabilities and is subject to settlement
adjustments).

While external committed facilities have been reduced 8%, the
amount remains ample with respect to the requirements of the
smaller size of the continuing business (pro forma revenues will
be roughly 30% lower).  A recent amendment to the bank
facilities also established incremental headroom under its
prescribed leverage and fixed charge covenants.

Ratings changed:

   * ArvinMeritor, Inc.

     -- Senior secured revolving credit facility to Baa3
        (LGD-2, 13%) from Ba1 (LGD-2, 20%)

Changes to Loss Given Default Assessments:

   * ArvinMeritor, Inc.

     -- Senior unsecured notes to LGD-4, 63% from LGD-4, 65%

     -- Shelf unsecured to LGD-4, 63% from LGD-4, 65%

The last rating action was on January 19 at which time ARM's
Corporate Family Rating was lowered to Ba3 from Ba2.

ArvinMeritor, Inc., headquartered in Troy, Mich., is a global
supplier of a broad range of integrated systems, modules and
components serving light vehicles, commercial trucks, trailers,
and specialty original equipment manufacturers as well as
certain aftermarket.  Revenues in fiscal 2006 were approximately
US$9.2 billion.


===========
C Y P R U S
===========


BANK OF CYPRUS: Acquires 57,829 Shares in Cytrustees Investment
---------------------------------------------------------------
Bank of Cyprus Public Co. Ltd. acquired, through transactions on
the Cyprus Stock Exhange, 57,829 shares in Cytrustess Investment
Public Co. Ltd. on Feb. 20.

Before the transaction, Bank of Cyprus holds 4,776,106 shares
equivalent to 19.78% in Cytrustees.

The bank's direct shareholding in Cystrustees is estimated to be
at 20.04% after the transaction, exceeding 20% of Cytrustees'
issued share capital.

                      About Bank of Cyprus

Headquartered in Nicosia, Cyprus, Bank of Cyprus --
http://www.bankofcyprus.com/-- offers a wide range of financial
products and services, which include banking services in Cyprus,
Greece, United Kingdom, Australia and Channel Islands, finance,
leasing, factoring, brokerage, fund management, general and life
insurance services in Cyprus and Greece, and investment banking
services in Cyprus.

                          *     *     *

As reported in the TCR-Europe on Nov. 10, 2006, Moody's
Investors Service changed to positive from stable the outlooks
for the Baa1 foreign currency long-term deposit rating and D+
financial strength rating assigned to Bank of Cyprus Public
Company Ltd.  Also changed to positive from stable, are the
outlooks for BOC's Baa1 foreign currency senior debt and Baa2
foreign currency subordinated debt ratings.  At the same time,
Moody's affirmed the Prime-2 for both foreign currency short-
term deposits and for commercial paper.


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


BIO-RAD LABORATORIES: Earns US$16.6 Million in 2006 Fourth Qtr.
---------------------------------------------------------------
Bio-Rad Laboratories Inc. reported that for fourth quarter ended
Dec. 31, 2006, revenues were US$343.1 million, up 11.6% compared
to US$307.3 million reported for the fourth quarter of 2005.

On a currency-neutral basis, revenues increased 7.6% compared to
the same period last year.  This growth was primarily organic
across product areas in both the Life Science and Clinical
Diagnostics segments complemented by two acquisitions completed
during the fourth quarter.

Income from continuing operations for the fourth quarter was
US$16.6 million compared to US$13.5 million during the fourth
quarter last year.  Fourth-quarter gross margin from continuing
operations was 54.1% compared to 52.9% in the same period last
year.

For the full year, Company sales grew by 7.9% to US$1,273.9
million compared to US$1,181.0 in 2005.  Normalizing for the
impact of currency effects, growth was 7.7%. Favorable impacts
on year-to-date figures for 2006 include a Russian tender won in
the first quarter for laboratory equipment as well as one-time
additional revenue of US$11.7 million resulting from a licensing
settlement agreement reached with bioMerieux SA.  Full-year
gross margin from continuing operations was 55.9%, up from last
year's figure of 54.7%.

Year-over-year income from continuing operations grew 33.1% to
US$103.3 million, from US$77.6 million, in 2005.

"2006 was a year of continued progress on many fronts," said
Norman Schwartz, Bio-Rad president and chief executive officer.
"The year brought increased organic growth within our core
businesses, expansion of our product lines through new product
introductions and strategic acquisitions, and infrastructure
improvements. As a result, Bio-Rad is well-positioned in key
market areas and has a strengthened foundation for the long
term."

                        Life Science

The Life Science segment net sales for the quarter were
US$159.0 million, up 13.0% compared to the fourth quarter of
last year.  On a currency-neutral basis, segment sales increased
by 8.8%. Full-year reported revenues were US$575.6 million for
the segment, up 4.7% over the prior year, or 4.6% on a currency-
neutral basis. Performance in the Life Science segment was
boosted by a number of factors including significant growth in
protein expression analysis, process chromatography, and
amplification reagents.  In addition, the segment benefited from
the purchase of Ciphergen Biosystems, Inc.'s life science
business including worldwide technology rights to Ciphergen's
Surface Enhanced Laser Desorption/Ionization (SELDI) technology
and ProteinChip(R) System.  These results were somewhat tempered
by reduced BSE revenue and slowed life science markets in the
U.S. and Japan.

                      Clinical Diagnostics

The Clinical Diagnostics segment reported net sales of US$180.1
million for the quarter, up 10.6% compared to the prior-year
quarter, or 6.5% excluding currency effects. Full-year segment
sales were US$684.9 million, a 10.8% increase compared to 2005
results, or 10.4% excluding currency effects. These results were
largely due to continued growth across all product lines, most
notably blood virus products as well as MRSASelect(TM)
chromogenic media, which detects Methicillin-resistant
Staphylococcus aureus.  Sales of quality controls product lines
were also up significantly during the quarter. During the
quarter, the segment completed the purchase of Blackhawk
BioSystems, Inc., a manufacturer of infectious disease quality
control products.

                      2006 Full Year Review

     * Full-year Company sales grew by 7.9% to US$1,273.9
       million.

     * Year-over-year income from continuing operations grew by
       33.1% to US$103.3 million from US$77.6 million in 2005.

     * In February of 2006, the Company settled litigation and
       resumed U.S. sales of certain thermal cycling products.

     * In April, the Company announced that it had signed a
       multi-year agreement in which Premier, one of the largest
       group purchasing organizations in the U.S., had agreed to
       a 3-year sole-source contract with Bio-Rad covering
       diabetes monitoring instrumentation and products.

     * As a result of a settlement reached with bioMerieux SA,
       in the second quarter Bio-Rad reported additional revenue
       of US$11.7 million in royalties and licensing fees.

     * Also during the second quarter, the segment launched a
       number of products including Platelia(R) Dengue NS1 Ag
       Assay for dengue screening; a diagnostic test for celiac
       disease, an autoimmune disorder; and a new Rack Loader
       for use in conjunction with the D-10(TM) Hemoglobin
       Testing System, which expanded the sample handling
       capacity of the system to 50 samples per run.

     * In September, Bio-Rad announced the availability of the
       ProteOn(TM) XPR36 Protein Interaction Array System.  In
       addition, the Company announced that it had completed the
       purchase of the diagnostics business of Provalis plc, a
       provider of point of care diagnostic products for chronic
       disease management of diabetes and osteoporosis.

     * In October, Bio-Rad announced that it had acquired
       Blackhawk BioSystems, Inc., a manufacturer of quality
       control products used in laboratories that perform
       infectious disease testing procedures.

     * In November, Bio-Rad completed the purchase of Ciphergen
       Biosystems, Inc.'s life science business including
       worldwide technology rights to Ciphergen's Surface
       Enhanced Laser Desorption/Ionization (SELDI) technology
       and ProteinChip(R) System.


                          About Bio-Rad

Headquartered in Hercules, California, Bio-Rad Laboratories,
Inc. (AMEX: BIO) (AMEX: BIOb) -- http://www.bio-rad.com/-- is a
multinational manufacturer and distributor of life science
research products and clinical diagnostics.  It serves more than
85,000 research and industry customers worldwide through its
global network of operations.  The company employs over 5,000
people globally and had revenues of nearly US$1.3 billion in
2006.  Aside from the U.S., the company maintains operations in
Bulgaria, Canada, Denmark, Greece, India, Philippines, Taiwan,
and The Netherlands.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 12, 2006,
Moody's Investors Service confirmed its Ba2 Corporate Family
Rating for Bio-Rad Laboratories Inc. in connection with its
implementation of its Probability-of-Default and Loss-Given-
Default rating methodology.


HILTON HOTELS: Moody's Lifts Rating to Ba1 on Strong Earnings
-------------------------------------------------------------
Moody's Investors Service upgraded Hilton Hotels Corporation's
corporate family rating to Ba1 from Ba2 reflecting a reduction
in leverage from a faster than expected pace of asset sales and
strong earnings during 2006.  Adjusted debt to EBITDAR has
improved to around 5.0x from 6.0x in January 2006.

Moody's capitalizes total rent at 8x and adds a debt equivalent
of approximately 20% of Hilton's guaranty exposure to debt.  The
rating outlook is stable reflecting the solid outlook for demand
and limited supply additions.  Hilton's rating outlook could
move to positive if the company continues to execute it asset
sale program at reasonable multiples and uses the proceeds to
repay debt resulting in adjusted debt to EBITDAR around 3.75x.
The ratings could be considered for upgrade, if leverage is
likely to remain at lower levels in the context of the industry
operating environment, management's financial policy and
willingness to manage the company's growth initiatives in the
context of an investment grade rating.

Absent event risk, Moody's does not anticipate downward rating
pressure given the strong earnings outlook, the success of the
asset disposition program to date and the strong appetite for
lodging assets by third parties.  Pursuant to Moody's Lodging
Rating Methodology, Hilton maps to an overall rating in the Baa
category reflecting a strong Baa rating with respect to
diversification, and profitability, and mid-Ba rating with
respect to leverage and coverage.  The difference between its
assigned and methodology implied rating is expected during peak
industry cycles that currently exists, and Hilton's reliance on
asset sales to improve credit metrics more in line with the Baa
rating category.

Moody's notes that once Hilton's reduces its total leverage
ratio at or below 4.5x for two consecutive quarter, Hilton's
bank and public debt will no longer be guaranteed or secured by
stock pledges.  The release of this collateral is expected to
occur during 2007.

Ratings upgraded:

   -- Corporate family rating to Ba1 from Ba2.

   -- Senior secured bank facility to Ba1, LGD4 from Ba2, LGD4

   -- Senior bonds, debenture and convertible notes to Ba1, LGD4
      from Ba2, LGD4

   -- Multiple seniority shelf to (P)Ba1, LGD4, from (P)Ba2,
      LGD4, and to (P)Ba2, LGD6 from (P)B1, LGD6

Rating confirmed:

   -- Commercial paper at Not Prime.

Hilton Hotels Corporation, based in Beverly Hills, California,
is a leading hotel company that generated revenues, net of cost
reimbursements, of US$6.3 billion during its 2006 fiscal year.


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


ALCATEL-LUCENT: Eyes Another 1,700 Job Cuts in Europe
-----------------------------------------------------
Alcatel-Lucent will slash over 1,700 jobs in Europe on top of
1,468 cuts already announced in France, the Associated Press
reports citing Patrick Moreau, an official of CGT union.

The company, according to Mr. Moreau, will reduce its workforce
by:

   -- 877 jobs in Germany,
   -- 310 in Spain,
   -- 250 to 280 in Italy,
   -- 140 to 180 in the Netherlands, and
   -- 140 in Belgium.

As previously reported in the TCR-Europe, Alcatel-Lucent, which
posted EUR618 million in net losses against EUR4.42 billion in
net revenues for the fourth quarter 2006, plans to decrease its
global workforce by 12,500 employees.

Patricia Russo, Chief Executive of Alcatel-Lucent, said the job
cuts could help the company save as much as EUR1.7 billion in
pre-tax cost within three years, with at least EUR600 million
for 2007.

Alcatel-Lucent, meanwhile, refused a request from Gerard
Larcher, France's employment minister, to suspend the job cuts
pending conclusions of a working group that will study the
telecommunications industry in France, Bloomberg News reports
citing union CFTC Metallurgie.

Alcatel, however, said it "welcomes" the creation of a working
group and will take part in it, Bloomberg News adds.

                    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: Wins US$1.5-Billion Patent Suit vs. Microsoft
-------------------------------------------------------------
A U.S. federal jury has ordered Microsoft Corp. to pay around
US$1.52 billion in infringement damages to Alcatel-Lucent, the
Associated Press reports.

The jury ruled that Microsoft infringed two MP3 patents, which
cover the encoding and decoding of audio into the digital MP3
format.

"We think this verdict is completely unsupported by the law or
the facts," Tom Burt, a Microsoft deputy general counsel, said.

Lucent Technologies Inc., which merged with Alcatel in 2006 to
form Alcatel-Lucent, filed 15 patent claims in 2003 against
Gateway Inc. and Dell Inc. for technology developed by Bell
Laboratories, its research arm, AP relates.  In April 2003,
Microsoft added itself to the list of defendants, saying the
patents were closely tied to its Windows operating system.  A
judge had dismissed the claims and scheduled six separate trials
for the remaining disputes.  The case in question went on trial
on Jan. 29.

Microsoft argued in court that Alcatel-Lucent's patents govern
its MP3 encoding and decoding tools, stressing that its MP3
software for Windows Media Player was licensed from Fraunhofer-
Gesellschaft, which developed the format along with Bell Labs
and French electronics group Thomson.

"The damages award seems particularly outrageous when you
consider we paid Fraunhofer only US$16 million to license this
technology," Microsoft said adding that the damages were
calculated by multiplying Windows sales volumes and PC sales
prices worldwide since May 2003.

John Desmarais, who represents Alcatel-Lucent in the case, said
the proposed damages were consistent with patent law, adding
that it was not appropriate to compare the amount Microsoft paid
Thomson to the figure Lucent paid Bell Labs since Bell Labs
patents were far more valuable, AP relays.

The federal jury agreed on all Alcatel-Lucent's arguments but
reached an impasse on whether Microsoft had willfully infringed
on the Bell Labs patents, AP reports.  AP suggests that if jury
had found that Microsoft did, the firm would have had to pay
triple damages.

AP suggests that the case, if upheld on appeal, could become a
precedent for possible damage actions against firms
manufacturing MP3-playing products.  These firms, AP adds, could
face demands to pay royalties to Alcatel-Lucent.

The court will consider the patent suits relating to speech
coding in March or April, AP says citing Microsoft.  Other
patents in question include video coding on Microsoft's Xbox
game console and Windows' user interface.

Headquartered in Redmond, Washington, Microsoft Corp. --
http://www.microsoft.com/-- develops, manufactures, licenses
and supports a range of software products for computing devices.

                    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: Will Build WiMax Network for Telmex Chile
---------------------------------------------------------
Alcatel-Lucent said in a statement that it has been awarded a
contract to construct a WiMax network for the Chilean unit of
Mexico's Telmex.

Business News Americas relates that the Telmex Chile network
will comply with the IEEE 802.16e-2005 standard for fixed,
nomadic and mobile usage in the 3.5 gigahertz frequency band
using the Alcatel-Lucent's 9100 WiMax end-to-end solution.

The network will be operational in the second half of this year,
BNamericas notes.

Telmex Chile General Manager Eduardo Diaz-Corono told the press
that the firm will invest US$15 million this year in the
network.

Telmex Chile expects that the network will cover 90% of Chile's
municipalities by the end of the year.  With the network, Telmex
Chile will target the business market, particularly the small
and medium-sized enterprises, BNamericas states.

                        About Telmex

Telefonos de Mexico, SA, aka Telmex owns and operates
telecommunications system in Mexico.  It is a nationwide
provider of fixed-line telephony services, as well as fixed
local and long-distance telephone services.  It also provides
other telecommunications and telecommunications-related
services, such as corporate networks, Internet services,
directory services, information network management, telephone
equipment sales, satellite services, paging services and
interconnection services to other carriers.  It offers voice,
data and Internet services in Brazil, Chile, Argentina, Peru and
Colombia.  In January 2006, together with Alcatel and SBC
International, Inc., a subsidiary of AT&T Inc., Telefonos de
Mexico, S.A. acquired an aggregate 51% interest in the capital
stock of 2Wire.  In October 2006, it acquired an 80% interest in
the affiliate of Blue Equity, LLC that publishes Enlace Spanish
Yellow Pages.  In connection with the acquisition, such
affiliate changed its name to SECCION AMARILLA USA, LLC.

                    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.  The company has operations in
Brazil and Indonesia.

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.


KAUFMAN & BROAD: Moody's Lifts Rating to Ba1 on Good Performance
----------------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating
of Kaufman & Broad S.A. to Ba1 from Ba2 and the rating on the
EUR150-million Senior Unsecured Notes due 2009 to Ba2 from Ba3
due to the group's solid operating and financial performance.
The outlook on all ratings is stable.

Moody's rating action reflects:

   (i) K&B's solid operating performance, as evidenced by rising
       net orders, a robust gross margin and an all-time high
       backlog of EUR1.15 billion as of Nov. 30, 2006,
       equivalent to 11.5 months of activity;

  (ii) the group's ongoing geographic diversification resulting
       in a more balanced split of activities between the Ile-
       de-France region and the other regions, with the latter
       accounting in 2006 for nearly two-thirds of total orders;
       and

(iii) its strong financial metrics, which the rating agency
       expects to be maintained around current levels going
       forward.

Moody's last rating action on K&B was on March 9, 2006, when the
agency upgraded the company's ratings to Ba2/Ba3 and changed the
outlook to positive from stable.

Headquartered in Neuilly-sur-Seine, France, Kaufman & Broad S.A.
is one of the country's largest residential developers, with
total revenues of EUR1.3 billion during the fiscal year 2006.
US homebuilder KB Home owns 49% and 67% of the group's of the
share capital and voting rights, respectively.


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

BANK OF GEORGIA: Earns GEL10.3 Million in Fourth Quarter 2006
-------------------------------------------------------------
JSC Bank of Georgia released its unaudited consolidated
financial results for the fourth quarter ended Dec. 31, 2006.

Bank of Georgia posted GEL10.3 million (US$6 million) in net
income against GEL40.2 million (US$23.4 million) in total
operating income for the fourth quarter ended Dec. 31, 2006,
compared with GEL13.6 million (US$7.6 million) in net income
against GEL63.4 million (US$35.4 million) in total operating
income for the same period in 2005.

At Dec. 31, 2006, Bank of Georgia's balance sheet showed GEL1.2
billion (US$724.7 million) in total assets and GEL871 million
(US$508.3 million) in total liabilities, resulting in a GEL370.8
million (US$216.4 million) stockholders' equity.

"In 2006, we continued to expand our business through a
combination of organic growth, development of alternative
distribution channels and selected acquisitions," Lado
Gurgenidze, Chairman of the Supervisory Board, said.  "We opened
a record number of branches, gained over 250,000 new retail
clients, expanded our coverage of corporate clients and
continued to invest in our technology and people.  In 2006, we
achieved a number of significant milestones: became the first
Georgian company to have been listed on the main market of the
London Stock Exchange; became the first Georgian entity to have
been rated by all three major rating agencies; expanded into
Ukraine through the establishment of Galt & Taggart Securities
(Ukraine) and purchase of a small stake in a Ukrainian bank; and
entered the merchant banking business through the establishment
of Galt & Taggart Capital.  I am pleased that our progress has
been noticed, as both Euromoney and The Banker named us the bank
of the year in Georgia in 2006.  Above all, I am delighted that
we were able to grow our Basic EPS 47% y-o-y to GEL 1.67."

"Our 2007 objectives are clear: continuing to invest in all
areas of our domestic franchise to sustain growth, while
remaining highly disciplined in credit management, continuing
our regional expansion through selective acquisitions and
investments in Ukraine and elsewhere, and keeping a keen eye on
the expansion-driven growth of our cost base to ensure that we
operate as effectively and efficiently as possible during the
current high-growth phase," Mr. Gurgenidze added.

                     About Bank of Georgia

Bank of Georgia, a leading universal Georgian bank with
operations in Georgia and Ukraine, is the largest bank by
assets, loans and equity in Georgia.  The major component of the
Galt & Taggart Index, the bank has 101 branches and over
400,000 retail and approximately 47,000 corporate current
accounts.  The bank offers a full range of retail banking and
corporate and investment banking services to its customers
across Georgia.  The bank also provides a wide range of
corporate and retail insurance products through its wholly owned
subsidiary, BCI, as well as asset & wealth management services.

                          *     *     *

Bank of Georgia has 'B+/B' rating with a stable outlook from
Standard & Poor's; 'B3/NP' (FC) and 'Baa3/P-3' (LC) ratings with
a stable outlook from Moody's; and a 'B/B' credit rating with a
stable outlook from Fitch.


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


ALM GMBH: Claims Registration Period Ends April 2
-------------------------------------------------
Creditors of ALM GmbH have until April 2 to register their
claims with court-appointed insolvency manager Uwe Pirl.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Mannheim
         Area 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 contacted at:

         Uwe Pirl
         Brueckenkopfstr. 1/2
         69120 Heidelberg
         Germany
         Tel: 06221/4566-0

The District Court of Mannheim opened bankruptcy proceedings
against ALM GmbH on Feb. 19.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         ALM GmbH
         Attn: Novica Po-povic, Manager
         Landzungenstr. 14a und Elfenstr. 59
         68159 Mannheim
         Germany


BADER & SOEHNE: Claims Registration Period Ends April 2
-------------------------------------------------------
Creditors of Bader & Soehne GmbH have until April 2 to register
their claims with court-appointed insolvency manager Axel W.
Bierbach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 101
         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:

         Axel W. Bierbach
         Schwanthalerstr. 32
         80336 Munich
         Germany
         Tel: 54511-0
         Fax: 54511-444

The District Court of Munich opened bankruptcy proceedings
against Bader & Soehne GmbH on Feb. 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Bader & Soehne GmbH
         Attn: David and Jakob Gorin, Managers
         Zenettistrasse 11
         80337 Munich
         Germany


BENQ MOBILE: Assets to Land in eBay & Second-Hand Market
--------------------------------------------------------
Administrators of BenQ Mobile GmbH & Co. OHG, the bankrupt
mobile subsidiary of Taiwan-based BenQ Corp., are set to sell
the company's assets through eBay and the second-hand market,
Reuters reports.

According to the report, BenQ Mobile's office equipment,
furniture and even plants will be sold through the online
auction house and the insolvency administrator's Web site at
http://www.pluta.net/while larger items, such as factory-
production equipment, will find itself in second-hand markets.

Martin Prager, BenQ Mobile's insolvency administrator, said the
company would be liquidated and sold off in parts after a
potential bidder dropped plans to buy the bankrupt firm.

Proceeds from the sale, which Mr. Prager estimated to be about
EUR310 million, would go to BenQ Mobile's largest creditors,
chipmaker Infineon Technologies AG and credit-insurance firm
Euler Hermes, Reuters relates.

                          About BenQ

Headquartered in Taiwan, Republic of China, BenQ Corp.,
Inc. -- http://www.benq.com/-- is principally engaged in
manufacturing, developing and selling of computer peripherals
and telecommunication products.  It is also a major provider of
3G handset, 3G handset, Camera phones, and other products.

BenQ Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency
in Germany on Sept. 29, after BenQ Corp.'s board decided to
discontinue capital injection into the mobile unit in order to
stem unsustainable losses.  The collapse follows a year after
Siemens sold the company to Taiwanese technology group BenQ.
BenQ Mobile has lost market share against giant competitors.

A Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to meet the
deadline in finding a buyer for the company on Dec. 31, 2006.


CAFE WEINBERG: Claims Registration Period Ends April 2
------------------------------------------------------
Creditors of Cafe Weinberg GmbH have until April 2 to register
their claims with court-appointed insolvency manager Nicola
Walter.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 14, 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 Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         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:

         Nicola Walter
         Bautzner Landstrasse 21
         01324 Dresden
         Germany

The District Court of Dresden opened bankruptcy proceedings
against Cafe Weinberg GmbH on Feb. 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Cafe Weinberg GmbH
         Attn: Mark Harzer, Manager
         Kaitzer Weinberg 12
         01217 Dresden
         Germany


CICERO VERWALTUNGS: Claims Registration Period Ends March 30
------------------------------------------------------------
Creditors of Cicero Verwaltungs GmbH have until March 30 to
register their claims with court-appointed insolvency manager
Michael W. Scholz.

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 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 contacted at:

         Michael W. Scholz
         Welckerstrasse 8
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Cicero Verwaltungs GmbH on Feb. 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Cicero Verwaltungs GmbH
         Attn: Hartmut Witt, Manager
         Sophienallee 6
         20257 Hamburg
         Germany


COMPLAY BELICHTUNGS: Claims Registration Period Ends March 30
-------------------------------------------------------------
Creditors of CompLay Belichtungs-Service GmbH have until
March 30 to register their claims with court-appointed
insolvency manager Wilhelm Wessel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Eutin
         Hall D
         Jungfernstieg 3
         23701 Eutin, Germany

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

The insolvency manager can be contacted at:

         Dr. Wilhelm Wessel
         Roeckstrasse 1
         23568 Luebeck
         Germany

The District Court of Eutin opened bankruptcy proceedings
against CompLay Belichtungs-Service GmbH on Feb. 16.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         CompLay Belichtungs-Service GmbH
         Attn: Istvan Berthoty, Manager
         Albert-Einstein-Strasse 40
         23617 Stockelsdorf
         Germany


COTTON HOUSE: Claims Registration Period Ends March 29
------------------------------------------------------
Creditors of Cotton House design & mode GmbH & Co KG have until
March 29 to register their claims with court-appointed
insolvency manager Jan H. Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on April 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Syke
         Hall 112
         Hauptstr. 5A
         28857 Syke
         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:

         Jan H. Wilhelm
         Markt 1
         28195 Bremen
         Germany
         Tel: 0421/178765
         Fax: 0421/1787665

The District Court of Syke opened bankruptcy proceedings against
Cotton House design & mode GmbH & Co KG on Feb. 19.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Cotton House design & mode GmbH & Co KG
         Attn: Rudolf Kolbe, Manager
         Hagendamm 1
         28844 Weyhe
         Germany


DAIMLERCHRYSLER AG: May Accept GM Stake in Exchange for Chrysler
----------------------------------------------------------------
DaimlerChrysler AG mulls accepting a minority stake in General
Motors Corp. in return for Chrysler if both groups come to an
agreement on the sale of the unit, John Reed writes for the
Financial Times.

As reported in the Troubled Company Reporter-Europe on Feb. 19,
citing German publication Manager Magazin, DaimlerChrysler and
General Motors are in talks about a possible purchase of the
Chrysler Group by GM.

If the all-equity deal pushes through, DaimlerChrysler stands to
save billions of dollars in synergies and merger costs, FT
states.

According to the report, both companies have not confirmed the
discussions, although at least two of DaimlerChrysler
institutional shareholders are in favor of the all-share deal.

DaimlerChrysler also has the option to sell the ailing unit to
private equity or industry investors and is relying on JPMorgan
Chase for advice on its available alternatives, FT relates.

                   About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the
world's largest automaker and has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 284,000
people around the world.  It has manufacturing operations in 33
countries and its vehicles are sold in 200 countries.  GM sells
cars and trucks under these brands: Buick, Cadillac, Chevrolet,
GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, and
Vauxhall.

                      About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- develops, manufactures,
distributes, and sells various automotive products, primarily
passenger cars, light trucks, and commercial vehicles worldwide.
It primarily operates in four segments: Mercedes Car Group,
Chrysler Group, Commercial Vehicles, and Financial Services.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.


DAIMLERCHRYSLER AG: Supervisory Board Okays Chery Motors Pact
-------------------------------------------------------------
The DaimlerChrysler AG Supervisory Board approved the framework
of a limited partnership to develop small vehicles between the
Chrysler Group and Chery Motor Company of China.

The deal is still contingent upon approval by the Chinese
government, but the final pact of the framework will be signed
by the end of March.

Under the non-equity partnership, Chery-built vehicles will be
distributed under Chrysler Group brands, primarily in North
America and Western Europe.

Chrysler Group indicated that the partnership would allow the
company to become a bigger player on the global automotive stage
by giving it access to products in new segments more quickly,
with less capital spending.

Small vehicles such as these will allow Chrysler Group brands to
compete in segments in which the brands do not currently
compete, and which are especially important in price- and fuel-
economy sensitive markets.

Some 67% of all vehicles sold outside of North America are in
these segments.  Chrysler Group's major competitors in the U.S.
and Western Europe have similar arrangements with Asian
manufacturers for vehicles in these segments.

Chrysler is strengthening its ties to China to take benefit from
low manufacturing costs at the Asian country.

"All carmakers will have to take advantage of China's low-cost
manufacturing, as well as the nation's increasing domestic
market, to be globally competitive." Li Chunbo of Citic
Securities Co. told Bloomberg News.

                       About DaimlerChrysler

Headquartered in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- develops, manufactures,
distributes, and sells various automotive products, primarily
passenger cars, light trucks, and commercial vehicles worldwide.
It primarily operates in four segments: Mercedes Car Group,
Chrysler Group, Commercial Vehicles, and Financial Services.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.


DAIMLERCHRYSLER AG: Chrysler Eyes Sale of Dodge Cars in China
-------------------------------------------------------------
Chrysler Group, the troubled U.S. unit of DaimlerChrysler AG,
will start selling Dodge cars in China to further tap demand and
increase market share in the country, Bloomberg News reports.

Chrysler will introduce a Dodge model, three Jeep models and one
Chrysler vehicle in China this year.  Chrysler sold 1,477 cars
in January, up 81% from the same period in 2006.

The company will also start the production of its Chrysler
Sebring sedans at its joint venture in Beijing at end-2007,
Trevor Hale, a DaimlerChrysler spokesman in China, told
Bloomberg News.

The company's profitable Mercedes-Benz unit, meanwhile,
currently trails behind Audi and BMW, which have been in China
for around two years.  Mercedes-Benz sold 2,700 units in
January, up 64% from the same period in 2006, Bloomberg News
relays.

DaimlerChrysler and its partners are investing EUR1.5 billion in
China to increase capacity and hike its market share.  The
company opened a manufacturing site with 105,000-unit capacity
in Beijing in September 2006.  The site could produce up to
25,000 Mercedes-Benz E-Class and C-Class sedans annually, as
well as Chrysler and Mitsubishi Motor vehicles.

                       About DaimlerChrysler

Headquartered in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- develops, manufactures,
distributes, and sells various automotive products, primarily
passenger cars, light trucks, and commercial vehicles worldwide.
It primarily operates in four segments: Mercedes Car Group,
Chrysler Group, Commercial Vehicles, and Financial Services.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.


DERNEBURGER WINTERGARTEN: Claims Registration Ends April 13
-----------------------------------------------------------
Creditors of Derneburger Wintergarten Vertriebs-GmbH i.L. have
until April 13 to register their claims with court-appointed
insolvency manager Henning Bosse.

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

The meeting of creditors will be held at:

         The District Court of Hildesheim
         Hall 13
         Main Building
         Kaiserstrasse 60
         31134 Hildesheim
         Germany

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

The insolvency manager can be contacted at:

         Henning Bosse
         Prinzenstr. 3
         30159 Hannover
         Germany
         Tel: 0511-35399160
         Fax: 0511-35399166
         E-mail: hannover@brf-partner.de

The District Court of Hildesheim opened bankruptcy proceedings
against Derneburger Wintergarten Vertriebs-GmbH i.L. on Feb. 20.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Derneburger Wintergarten Vertriebs-GmbH i.L.
         Schlossstr. 8
         31188 Holle
         Germany


DOMPLATZ 12: Claims Registration Period Ends March 12
-----------------------------------------------------
Creditors of Domplatz 12 Gastronomiebetriebsges. mbH have until
March 12 to register their claims with court-appointed
insolvency manager Karina Schwarz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 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 Magdeburg
         Hall E
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg
         Germany

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

The insolvency manager can be contacted at:

         Karina Schwarz
         Klausenerstr. 24
         39112 Magdeburg
         Germany
         Tel: 0391/ 6286260
         Fax: 0391/ 6286266
         E-mail: magdeburg@Rechtsanwaelte-Schwarz.de

The District Court of Magdeburg opened bankruptcy proceedings
against Domplatz 12 Gastronomiebetriebsges. mbH on Feb. 19.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Domplatz 12 Gastronomiebetriebsges. mbH
         Attn: Ewald Suchy, Manager
         Domplatz 12
         39104 Magdeburg
         Germany


E-NAUTICS GMBH: Claims Registration Period Ends March 23
--------------------------------------------------------
Creditors of e-nautics GmbH have until March 23 to register
their claims with court-appointed insolvency manager Jan
Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 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 Kiel
         Hall 17
         Kiel
         Germany

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

The insolvency manager can be reached at:

         Jan Wilhelm
         Am Germaniahafen 2
         24143 Kiel
         Germany
         Tel: 0431/7759190

The District Court of Kiel opened bankruptcy proceedings against
e-nautics GmbH on Feb. 12.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         e-nautics GmbH
         Attn: Ruediger Richter-Langbehn, Manager
         AG Kiel 7214 KI
         Eekbrook 15
         24159 Kiel
         Germany


EMA HEIZUNGS: Claims Registration Period Ends March 27
------------------------------------------------------
Creditors of EMA Heizungs- und Sanitaertechnik GmbH have until
March 27 to register their claims with court-appointed
insolvency manager Michael C. Frege.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 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 Frankfurt (Main)
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany

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

The insolvency manager can be reached at:

         Michael C. Frege
         Barckhausstrasse 12-16
         60325 Frankfurt/Main
         Germany

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against EMA Heizungs- und Sanitaertechnik GmbH on
Feb. 13.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         EMA Heizungs- und Sanitaertechnik GmbH
         Sossenheimer Weg 69
         65929 Frankfurt-Unterliederbach
         Germany

         Attn: Friedrich-Otto Ackermann, Manager
         Philipp-Reis-Str. 2
         61140 Oberursel(Taunus)
         Germany


EVIDENT GMBH: Claims Registration Period Ends March 19
------------------------------------------------------
Creditors of Evident GmbH & Co. KG have until March 19 to
register their claims with court-appointed insolvency manager
Thomas Bueckmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Duisburg
         Hall C407
         Fourth Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be contacted at:

         Thomas Bueckmann
         Kohlenkamp 39
         45468 Muelheim an der Ruhr
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against Evident GmbH & Co. KG on Feb. 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Evident GmbH & Co. KG
         Alexanderstr. 60
         45472 Muelheim
         Germany


FRIELOG GMBH: Claims Registration Ends March 30
-----------------------------------------------
Creditors of FrieLog GmbH have until March 30 to register their
claims with court-appointed insolvency manager Dr. Berthold
Riering.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on May 22, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Itzehoe
         Hall 2
         Itzehoe
         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. Berthold Riering
         Osdorfer Landstr. 230
         22549 Hamburg
         Germany

The District Court of Itzehoe opened bankruptcy proceedings
against FrieLog GmbH on Feb. 15.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         FrieLog GmbH
         GF Manfred Schuemann
         Hindenburgstr. 7
         25524 Itzehoe
         Germany


GARI BETRIEBS: Claims Registration Ends March 26
------------------------------------------------
Creditors of GARI Betriebs-Service und Verwaltungs GmbH
have until March 26 to register their claims with court-
appointed insolvency manager Dr. Martin Moderegger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Dr. Martin Moderegger
         Schiffgraben 23
         30159 Hannover
         Tel: 0511 3536738
         Fax: 0511 3536739

The District Court of Hannover opened bankruptcy proceedings
against GARI Betriebs-Service und Verwaltungs GmbH on Feb. 19.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         GARI Betriebs-Service und Verwaltungs GmbH
         Ballhofstr. 12
         30159 Hannover
         Germany


GEORG HEWING: Claims Registration Ends March 3
----------------------------------------------
Creditors of georg hewing GmbH have until March 3 to register
their claims with court-appointed insolvency manager Andreas
Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Muenster
         Meeting Hall 13 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Andreas Sontopski
         Gnoiener Platz 1
         48493 Wettringen
         Germany
         Tel: 02557/9384-0
         Fax: +492557938450

The District Court of Muenster opened bankruptcy proceedings
against georg hewing GmbH on Feb. 15.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         georg hewing GmbH
         Boomkamp 107
         48599 Gronau
         Germany

         Attn: Georg Hewing, Manager
         Brinkerei 2
         48599 Gronau
         Germany


GERANA COSMETIC: Claims Registration Ends March 30
--------------------------------------------------
Creditors of gerana cosmetic GmbH have until March 30 to
register their claims with court-appointed insolvency manager
Bernd Krumbholz.

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

         Bernd Krumbholz
         Fr.-Engels-Str. 1a
         07545 Gera
         Germany

The District Court of Gera opened bankruptcy proceedings against
gerana cosmetic GmbH on Feb. 16.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         gerana cosmetic GmbH
         Stadtgraben 16
         07545 Gera
         Germany


GOZDZIEWICZ GMBH: Creditors' Meeting Slated for April 12
--------------------------------------------------------
The court-appointed insolvency manager for Gozdziewicz GmbH,
Joachim Voigt-Salus, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:05
a.m. on April 12.

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 9:55 a.m. on May 31 at the same venue.

Creditors have until April 20 to register their claims with the
court-appointed insolvency manager.

The District Court of Charlottenburg opened bankruptcy
proceedings against Gozdziewicz GmbH on Feb. 13.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The insolvency manager can be reached at:

         Joachim Voigt-Salus
         Rankestr. 33
         10789 Berlin
         Germany

The Debtor can be reached at:

         Gozdziewicz GmbH
         Reinickendorfer Str. 21
         13347 Berlin
         Germany


IMMOPA GMBH: Claims Registration Period Ends March 30
-----------------------------------------------------
Creditors of Immopa GmbH have until March 30 to register their
claims with court-appointed insolvency manager Dr. Wolfgang
Koehler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on May 11, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Arnsberg
         Meeting Hall 328
         Eichholzstr. 4
         59821 Arnsberg
         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. Wolfgang Koehler
         Marktstrasse 22
         59555 Lippstadt
         Germany

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

The Debtor can be reached at:

         Immopa GmbH
         Attn: Christa Papenberg, Manager
         Brunnenstrasse 6
         59514 Welver
         Germany


ITRADE GMBH: Claims Registration Period Ends March 9
----------------------------------------------------
Creditors of iTrade GmbH have until March 9 to register their
claims with court-appointed insolvency manager Oliver Reichelt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.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 Weilheim
         Meeting Hall E 020
         Weilheim
         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 Reichelt
         Ohmstr. 13/III.
         80802 Munich
         Germany
         Tel: 089/3838710
         Fax: 089/338308

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

The Debtor can be reached at:

         iTrade GmbH
         Gschwend 27
         82435 Bad Bayersoien
         Germany

         Attn: Ariane Kapp, Manager
         Otto-Gildemeister-Str. 5
         28209 Bremen
         Germany


KAPP GMBH: Claims Registration Period Ends March 21
---------------------------------------------------
Creditors of Kapp GmbH have until March 21 to register their
claims with court-appointed insolvency manager Dr. Jan Markus
Plathner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 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 Darmstadt
         Hall 4.312
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         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. Jan Markus Plathner
         Lyoner Strasse 14
         60528 Frankfurt
         Germany
         Tel: 069/962334-0
         Fax: 069/962334-22
         E-Mail: m.plathner@brinkmann-partner.de

The District Court of Darmstadt opened bankruptcy proceedings
against Kapp GmbH on Feb. 12.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Kapp GmbH
         Rhein-Neckar-Zentrum
         Robert-Schumann-Strasse 1
         68519 Viernheim
         Germany

         Attn: Ariane Kapp, Manager
         Otto-Gildemeister-Str. 5
         28209 Bremen
         Germany


KFH VERTRIEBS: Claims Registration Period Ends March 6
------------------------------------------------------
Creditors of KFH Vertriebs GmbH have until March 6 to register
their claims with court-appointed insolvency manager Udo Claes-
Hellmich.

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

The meeting of creditors will be held at:

         The District Court of 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:

         Udo Claes-Hellmich
         Overwegstrasse 47
         45879 Gelsenkirchen
         Germany

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

The Debtor can be reached at:

         KFH Vertriebs GmbH
         Gelsenkircher Str. 16
         44649 Herne
         Germany

         Attn: Michael Hiesgen, Manager
         Alte Str. 38 B
         58452 Witten
         Germany


MORISHIMA GMBH: Creditors Must Register Claims by March 26
----------------------------------------------------------
Creditors of Morishima GmbH have until March 26 to register
their claims with court-appointed insolvency manager
Bruno M. Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Nuremberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuremberg
         Germany

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

The insolvency manager can be reached at:

         Dr. Bruno M. Kuebler
         Laufertorgraben 4
         90489 Nuremberg
         Germany

The District Court of Nuremberg opened bankruptcy proceedings
against Morishima GmbH on Feb. 19.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Morishima GmbH
         Attn: Patricia Frank & Thomas Schmidt, Managers
         Nuremberger Str. 81
         91224 Pommelsbrunn
         Germany


NISA GMBH: Creditors Must Register Claims by March 28
-----------------------------------------------------
Creditors of NISA GmbH have until March 28 to register their
claims with court-appointed insolvency manager Hildegard Hoevel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Frankfurt (Main)
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany

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

The insolvency manager can be reached at:

         Hildegard A. Hoevel
         Raimundstr. 98
         D 60320 Frankfurt/Main
         Germany
         Tel: 069/9454846-0
         Fax: 069/945484677

The District Court of Frankfurt am Main opened bankruptcy
proceedings against NISA GmbH on Feb. 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         NISA GmbH
         Sonnenmannstrasse 3
         60314 Frankfurt am Main
         Germany

         Attn: Keramedin Jusufi, Manager
         Stoltzestrasse 17
         60311 Frankfurt am Main
         Germany


PROMISE XX2 2003-1: S&P Lifts Class F Debt Rating to BB
-------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch with
positive implications and raised its credit ratings on the class
B, C, D, E, and F notes in HVB's German SME CLO transaction
Promise XXS 2003-1 PLC.

At the same time, the ratings on the senior CDS and the class A+
and A notes were affirmed.  Standard & Poor's also removed from
CreditWatch with positive implications its ratings on the class
B, C, D, and E notes and affirmed its ratings on all the notes
in Promise Color 2003-1 PLC.

These ratings actions follow a detailed review of the
performance of the two transactions.  Standard & Poor's took
into account the experienced defaults, losses, and actual
remaining first-loss protection in both transactions.

                          Ratings List

Promise Color 2003-1 PLC
   EUR218.15 Million Credit-Linked Floating-Rate Notes And
   EUR894.45 Million For Two Senior Credit Default Swaps

           Class                Rating
                      To                      From

   Ratings Removed From CreditWatch With Positive Implications
   And Affirmed

         E            B                       B/Watch Pos
         B            A                       A/Watch Pos
         C            BBB                     BBB/Watch Pos
         D            BB                      BB/Watch Pos

                        Ratings Affirmed

                        Senior CDS   AAA
                        A1+          AAA
                        CDS          AAA
                        A2+          AAA
                        A            AAA

For Promise Color 2003-1, Standard & Poor's analysis focused on
the performance and development of the asset pool, as well as on
the collateral available in the securitization and the top
obligor concentration.  Based on the level of information
available, Standard & Poor's received comfort to affirm the
ratings on all classes.

Mr. Milev explained: "The transaction is performing strongly.
The outstanding threshold currently stands at its initial volume
of EUR20.3 million, as no losses have been allocated so far.
The aggregated balance of impaired reference obligations is just
EUR4.5 million."

Total collateral available in the transaction adds up to 84.9%
of the current outstanding pool balance.  There is a notable
obligor concentration in the portfolio.  The 10 largest obligors
comprise 19.8% of the outstanding pool balance.  Standard &
Poor's will continue to look at the transaction as it amortizes
to see if further positive reviews need to be conducted.

                           Ratings List

Promise XXS 2003-1 PLC
   EUR454.55 Million Floating-Rate Credit-Linked Notes And
   EUR1.947 Billion Senior
   Credit Default Swap

           Class                   Rating
                       To                         From

   Ratings Removed From CreditWatch With Positive Implications
   And Raised

          B            AA+                        AA/Watch Pos
          C            AA-                        A/Watch Pos
          D            A-                         BBB/Watch Pos
          E            BBB-                       BB/Watch Pos
          F            BB                         B/Watch Pos

                        Ratings Affirmed

                        Senior CDS   AAA
                        A+           AAA
                        A            AAA

For Promise XXS 2003-1, Standard & Poor's applied the same
rating approach as in the initial analysis of the transaction,
but updated all parameters according to the latest pool
developments.  Based on the results of this analysis Standard &
Poor's refined its stress assumptions and derived updated
estimates for the expected losses in the transaction at the
various rating categories.  These were compared with the
currently available loss threshold, which stands at
EUR73.9 million.

"Promise XXS 2003-1 was structured as a static transaction
without a replenishment period.  The amortization of the
portfolio, combined with the sequential repayment of various
classes, has lead to a significant increase in available credit
enhancement," said credit analyst Viktor Milev.  "The pool
factor stands at 40% as of December 2006."

Promise XXS 2003-1 has demonstrated a very stable performance
over the past years.  The level of impaired reference
obligations in the transaction never reached the level of
available first-loss protection.  This is despite the collateral
available in the securitization, which was taken into account
during the initial analysis.


REISEWEGE-TOURISTIK: Creditors Must Register Claims by April 18
---------------------------------------------------------------
Creditors of Reisewege-Touristik GmbH have until April 18 to
register their claims with court-appointed insolvency manager
Romy Metzger.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 a.m. on May 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Erfurt
         Hall 15
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         Germany

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

The insolvency manager can be reached at:

         Dr. Romy Metzger
         Steigerstrasse 30
         99096 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against Reisewege-Touristik GmbH on Feb. 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Reisewege-Touristik GmbH
         Kindleber Strasse 190
         99867 Gotha
         Germany


SANITAR- UND HEIZUNGSBAU: Claims Registration Ends April 10
-----------------------------------------------------------
Creditors of Sanitar- und Heizungsbau Erhard Laue GmbH have
until April 10 to register their claims with court-appointed
insolvency manager Klaus Wrede.

Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.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 Stendal
         Hall 411
         Albrecht der Bar
         Scharnhorststrasse 40
         39576 Stendal
         Germany

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

The insolvency manager can be contacted at:

         Klaus Wrede
         Lennestrasse 10
         39112 Magdeburg
         Germany
         Tel: 0391/59733-0
         Fax: 0391/5973333

The District Court of Stendal opened bankruptcy proceedings
against Sanitar- und Heizungsbau Erhard Laue GmbH on Feb. 20.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Sanitar- und Heizungsbau Erhard Laue GmbH
         Attn: Erhard Laue, Manager
         Stendaler Strasse 51
         39517 Tangerhuette
         Germany


SANTINI DUE: Creditors Must Register Claims by March 20
-------------------------------------------------------
Creditors of Santini Due Modevertriebs GmbH have until March 20
to register their claims with court-appointed insolvency manager
Dr. Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on March 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 409
         Fourth 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. Winfrid Andres
         Neuer Zollhof 3
         40221 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Santini Due Modevertriebs GmbH on Feb. 20.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Santini Due Modevertriebs GmbH
         Rethelstrasse 149
         40237 Duesseldorf
         Germany


SAWOBAU SANIERUNGS: Creditors Must Register Claims by April 8
-------------------------------------------------------------
Creditors of SAWOBAU Sanierungs- und Wohnungsbautrager GmbH have
until April 8 to register their claims with court-appointed
insolvency manager Katrin Bringezu.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.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 Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         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:

         Katrin Bringezu
         Prager Strasse 34
         04317 Leipzig
         Germany
         Tel: 0341/486930
         Fax: 0341/4869393
         E-mail: leipzig@hbml.de

The District Court of Leipzig opened bankruptcy proceedings
against SAWOBAU Sanierungs- und Wohnungsbautrager GmbH on
Feb. 19.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         SAWOBAU Sanierungs- und Wohnungsbautrager GmbH
         Attn: Claudia Gerstenlauer, Manager
         Stoehrerstrasse 7
         04347 Leipzig
         Germany


SEHMISCH GMBH: Claims Registration Ends April 4
-----------------------------------------------
Creditors of Sehmisch GmbH Tief- und Strassenbau have until
April 4 to register their claims with court-appointed insolvency
manager Hubertus Bartelheimer.

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

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

The insolvency manager can be reached at:

         Dr. Hubertus Bartelheimer
         Bernburger Str. 32
         10963 Berlin
         Germany

The District Court of Cottbus opened bankruptcy proceedings
against Sehmisch GmbH Tief- und Strassenbau on Feb. 16.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Sehmisch GmbH Tief- und Strassenbau
         Kochhorstweg 59
         04910 Elsterwerda
         Germany


SILBERSTEINSTRASSE: Creditors Meeting Slated for April 11
---------------------------------------------------------
The court-appointed insolvency manager for Silbersteinstrasse
104/106 Grundstuecks-GmbH & Co. Baustoffhandels-KG, Christian
Koehler-Ma, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:45 a.m. on
April 11.

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 9:00 a.m. on July 11 at the same venue.

Creditors have until May 14 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christian Koehler-Ma
         Kurfuerstendamm 212
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Silbersteinstrasse 104/106 Grundstuecks-GmbH
& Co. Baustoffhandels-KG on Feb. 16.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Silbersteinstrasse 104/106 Grundstuecks-GmbH & Co.
         Baustoffhandels-KG
         Pohlstr.20
         10785 Berlin
         Germany


SPEDITION FERDINAND: Claims Registration Ends March 30
------------------------------------------------------
Creditors of Spedition Ferdinand Schmidt GmbH have until
March 30 to register their claims with court-appointed
insolvency manager Ulrich Zerrath.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 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:

         Ulrich Zerrath
         Lange Wanne 57
         45665 Recklinghausen
         Germany

The District Court of Bochum opened bankruptcy proceedings
against Spedition Ferdinand Schmidt GmbH on Feb. 15.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Spedition Ferdinand Schmidt GmbH
         Bahnhofstr. 89
         45731 Waltrop
         Germany

         Attn: Stefan Luecke, Manager
         Breede 24
         59379 Selm
         Germany


STAUPITZER AGRARPRODUKTION: Claims Registration Ends March 16
-------------------------------------------------------------
Creditors of Verwaltungsgesellschaft Staupitzer Agrarproduktion
GmbH have until March 16 to register their claims with court-
appointed insolvency manager Rainer M. Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         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:

         Rainer M. Bahr
         Prager Strasse 34
         04317 Leipzig
         Tel: 0341/486930
         Fax: 0341/4869393
         E-mail: leipzig@hbml.de

The District Court of Leipzig opened bankruptcy proceedings
against Verwaltungsgesellschaft Staupitzer Agrarproduktion GmbH
on Feb. 16.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Verwaltungsgesellschaft Staupitzer Agrarproduktion GmbH
         Torgauer Strasse 21
         04889 Pfluckuff
         Germany


SULTER KIES: Claims Registration Ends March 23
----------------------------------------------
Creditors of Sulter Kies GmbH have until March 23 to register
their claims with court-appointed insolvency manager Michael
Wilkens.

Creditors and other interested parties are encouraged to attend
the meeting at 12:00 p.m. on April 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Schwerin
         Hall 7
         Demmlerplatz 14
         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 Wilkens
         Elbchaussee 140
         22763 Hamburg
         Germany

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

The Debtor can be reached at:

         Sulter Kies GmbH
         Attn: Ingo Schwark, Manager
         Hasenhager Str.
         19077 Suelte
         Germany


T & J GMBH: Claims Registration Ends March 28
---------------------------------------------
Creditors of T & J GmbH have until March 28 to register their
claims with court-appointed insolvency manager Ottmar Hermann.

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 Frankfurt/Main
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt/Main
         Germany

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

The insolvency manager can be reached at:

         Ottmar Hermann
         Bleichstrasse 2-4
         D 60313 Frankfurt/Main
         Germany
         Tel: 069/9130920
         Fax: 069/91309230

The District Court of Frankfurt/Main opened bankruptcy
proceedings against T & J GmbH on Feb. 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         T & J GmbH
         Attn: Jana Poellmann, Manager
         Elbstrasse 49-53
         60329 Frankfurt
         Germany


TRANSPORT + LOGISTIK: Claims Registration Period Ends March 21
--------------------------------------------------------------
Creditors of S & H Transport + Logistik GmbH have until March 21
to register their claims with court-appointed insolvency manager
Dirk Hammes.

Creditors and other interested parties are encouraged to attend
the meeting at 12:10 p.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 Duisburg
         Hall C205
         Second Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be reached at:

         Dirk Hammes
         Wilhelmshofallee 75
         47800 Krefeld
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against S & H Transport + Logistik GmbH on Feb. 8.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         S & H Transport + Logistik GmbH
         Heinestrasse 41
         47057 Duisburg
         Germany


UK GRAPHIC: Claims Registration Period Ends March 16
----------------------------------------------------
Creditors of UK Graphic Cleaning GmbH have until March 16 to
register their claims with court-appointed insolvency manager
Marc Daniel Schulz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 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 Bersenbrueck
         Meeting Hall 11
         Main Building
         Stiftshof 8
         49593 Bersenbrueck
         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 Daniel Schulz
         Lublinring 12
         48147 Munster
         Tel: 0251/162830
         Fax: 0251/1628311
         E-Mail: muenster@pluta.net

The District Court of Bersenbrueck opened bankruptcy proceedings
against UK Graphic Cleaning GmbH on Feb. 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         UK Graphic Cleaning GmbH
         Muhlenweg 2
         49596 Gehrde
         Germany


VORMUM & RIEDEL: Claims Registration Period Ends March 9
--------------------------------------------------------
Creditors of Vormum & Riedel Bauunternehmung GmbH have until
March 9 to register their claims with court-appointed insolvency
manager Dr. Petra Hilgers.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on April 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 Frankfurt/Main
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt/Main
         Germany

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

The insolvency manager can be reached at:

         Dr. Petra Hilgers
         Goethestrasse 85
         10623 Berlin
         Germany

The District Court of Frankfurt opened bankruptcy proceedings
against Vormum & Riedel Bauunternehmung GmbH on Feb. 16.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Vormum & Riedel Bauunternehmung GmbH
         Akazienallee 10
         16341 Panketal
         Germany


WEYRAUCH KRANKENTRANSPORT: Claims Registration Ends March 28
------------------------------------------------------------
Creditors of Thomas F. Weyrauch Krankentransport GmbH have until
March 28 to register their claims with court-appointed
insolvency manager Claudia Jansen.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 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 Frankfurt/Main
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt/Main
         Germany

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

The insolvency manager can be reached at:

         Claudia Jansen
         Bockenheimer Landstrasse 20
         60323 Frankfurt/Main
         Germany
         Tel: 069/42726865270
         Fax: 069/42726865555

The District Court of Frankfurt/Main opened bankruptcy
proceedings against Thomas F. Weyrauch Krankentransport GmbH on
Feb. 19.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Thomas F. Weyrauch Krankentransport GmbH
         Schultheissenweg 109
         60489 Frankfurt am Main
         Germany


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


SILENUS LTD: S&P Rates EUR7-Million Class G Notes at BB
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR1.24 billion commercial mortgage-backed
variable- and floating-rate notes to be issued by Silenus Ltd.,
a limited company incorporated in Ireland.

On the closing date, the issuer will issue the notes and use the
note issuance proceeds to acquire the eight German loans from
the originator.  It will also subscribe for or acquire French
and Italian notes to be issued by the French issuer and the
Italian issuer.

The intermediate vehicles will use the subscription proceeds of
the French and Italian notes to purchase from Morgan Stanley
Bank International Limited the right to receive payments of
interest and repayments of principal, together with the related
security for three French loans and five Italian loans.

All of the loans were originated by Morgan Stanley Bank
International between May 2006 and January 2007-except for the
Michelangelo loan which was part of European Loan Conduit No.
20-and are secured on 216, mostly commercial properties located
throughout Germany, France, and Italy.

Two of the loans have subordinated debt in the form of B-notes
that do not form part of the securitization.  The relationship
between the senior lenders and the subordinated lenders will be
governed by intercreditor deeds, which will be entered into on
or before the closing date.

The rating on each class of notes reflects the subordination of
the classes of notes below it and addresses the issuer's ability
to meet timely payments of interest-subject to the available
funds cap on the class E, F, and G notes-and repayment of
principal for all notes not later than the legal final maturity
date.

                           Ratings List

Silenus Ltd.
   EUR1.24 Billion Commercial Mortgage-Backed Variable- And
   Floating-Rate Notes

                              Prelim.        Prelim.
               Class          rating         amount (Mln. EUR)
               -----          ------         -----------------
               X              AAA                0.05
               A              AAA            1,035.00
               B              AA                60.00
               C              A                 63.00
               D              BBB               46.00
               E              BBB               20.00
               F              BBB-              14.50
               G              BB                 7.00


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


FIAT SPA: Denies WSJ Report on Spin-off Plans for Auto Division
---------------------------------------------------------------
Fiat SpA denied a Wall Street Journal report that the company
intends to spin off its auto unit after the group injected EUR6
billion to Fiat Partecipazioni SpA's equity, Bloomberg News
relates.

The WSJ report disclosed that the EUR6 billion investment into
Fiat Partecipazioni SpA in May 2006 boosted the unit's worth to
EUR7.97 billion on Dec. 31, 2006, from EUR581 million a year
earlier, giving rise to spin-off speculations.

However, a Fiat spokesman who requested anonymity told Bloomberg
in an interview that the company doesn't have a spin-off in the
works for its auto unit.

"As long as the car business retains its financial wherewithal
and has solid results, its financial position will match that of
a standalone company as soon as 2008 . . .  But we have
absolutely no commitment to embark on a spin-off process," Fiat
CEO Sergio Marchionne said in November 2006.

                        About Fiat S.p.A.

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

                          *     *     *

As reported in the TCR-Europe on Feb. 14, Moody's Investors
Service upgraded to Ba2 from Ba3 Fiat SpA's Corporate Family
Rating and the group's other long-term senior unsecured ratings.
At the same time, Moody's maintained the positive outlook on all
long-term ratings.  The short-term non-Prime rating remains
unchanged.

Issuers: Fiat Finance & Trade Ltd.
         Fiat Finance Canada Ltd.
         Fiat Finance Luxembourg S.A.
         Fiat Finance North America Inc.
         Fiat France S.A.
         Fiat S.p.A.

On Jan. 30, Fitch Ratings upgraded Fiat S.p.A.'s and Fiat
Finance and Trade Ltd. S.A.'s respective Issuer Default and
senior unsecured ratings to 'BB' from 'BB-'.  Fitch affirmed
Fiat's Short-term rating at 'B'.  Fitch said the outlook on the
Issuer Default rating remains positive.

On Jan. 30, Standard & Poor's Ratings Services revised its
outlook on Italian industrial group Fiat SpA to positive from
stable.  At the same time, Standard & Poor's affirmed the 'BB'
long-term and 'B' short-term corporate credit ratings on Fiat.


PMI 2: S&P Affirms BB Ratings on Class D Notes
----------------------------------------------
Standard & Poor's Ratings Services has removed from CreditWatch
with positive implications and raised its credit ratings on the
class B and C notes issued by PMI 2 Finance S.r.l.  At the same
time, it affirmed the ratings on the class A and D notes.

                          Ratings List

              Class                   Rating
                             To                  From

PMI 2 Finance S.r.l.
   EUR307.3 Million Floating- And Variable-Rate Notes

                        Ratings Affirmed

                        A           AAA
                        D           BB


   Ratings Removed From CreditWatch With Positive Implications
   And Raised

             B           AA+                 AA/Watch Pos
             C           BBB+                BBB/Watch Pos

The class B and C notes were placed on CreditWatch on Feb. 8,
2007.

The notes, issued in December 2004, were backed at closing by a
EUR307.3 million static portfolio of commercial loans granted to
Italian SMEs in the northwest of Italy.

Since closing, the performance of the transaction has been
robust.  The end of the interest-only period in the underlying
portfolio has not triggered any major deterioration in the
performance.

As of the latest interest payment date, gross cumulative
defaults were 0.63% of the initial collateral balance.  Thanks
to the trapping mechanism in place, approximately 24% of these
have been covered through excess spread.  Recoveries on
defaulted positions have come through at a good pace, standing
at the end of the last collection period at approximately 27% of
cumulative gross defaults.  Delinquencies are low at 2.74% of
the current outstanding balance, with most of these in arrears
for just one installment.

With 717 positions outstanding, the portfolio is relatively
granular.  The 20 largest positions have higher-than-average
credit estimates and none of them is in arrears. Sector exposure
is in line with that at closing because prepayments have so far
been very low at around 1%. In terms of performance, there has
been no significant concentration of defaults in specific
sectors.

Due to the fast amortization schedule of the portfolio, credit
enhancement available for all the rated classes of notes is
increasing at a fast pace.  The current weighted-average life of
the underlying pool is one year.

The average credit quality of the outstanding portfolio is
broadly in line with that at closing.  The distribution of the
credit estimates is now less concentrated around the average,
and exhibits fatter tails.

The rating estimates were based on the Credit Risk Tracker, a
proprietary credit risk information system developed by Standard
& Poor's Risk Solutions group, which is used to determine the
creditworthiness of SMEs.  From the results of the CRT, CDO
Evaluator was used to determine the scenario default rate for
the various rated issuances.  Accordingly, Standard & Poor's
could determine at each rating level a foreclosure probability
that was then used in the cash flow model.

Based on this input, Standard & Poor's conducted a cash flow
analysis which ran a number of scenarios to test the structure's
ability to meet timely payment of interest and ultimate
repayment of principal.  In every scenario, the cash flows have
been strong enough to allow the class B and C notes to run
at the 'AA+' and 'BBB+' scenarios, respectively.


POPOLARE ITALIANA: Unions Ink Staffing Agreement with BPVN
----------------------------------------------------------
Banco Popolare di Verona e Novara has entered an employment
agreement with the unions of Banca Popolare Italiana Scrl,
AFX News reports citing daily Finanza & Mercati as its source.

BPVN and the unions have agreed to keep the workforce at BPI's
Lodi site at the current level of 1,035 personnel.  The firm
hopes to strike a similar deal with unions at its Credito
Bergamasco unit, AFX News relates.

Shareholders of both BPVN and BPI will meet on March 10 to
approve the merger between the two banks.

In October 2006, the Board of Directors of BPI accepted a
EUR8.2-billion takeover offer from larger rival BPVN.  BPI and
BPVN will form a holding company that will launch a share swap
to stakeholders of the groups:

   -- 0.43 share for every BPI share, and
   -- a share for every BPVN share.

Aside from the share swap, BPI would distribute an extraordinary
dividend of EUR2 per share, for a total cash of EUR1.5 billion,
to existing shareholders.  The share-and-cash offer values BPI
at EUR12 per share, based on BPVN's share price of EUR22.81 on
Oct. 13.

The merged company will be called Banco Popolare and will
concentrate on savings and loans in northern Italy.  The
companies forecasted an 18.9% hike in operating profit in
2006-2010 and a 45% cost-to-income in 2010.  The payout ratio
will be around 50% in 2010.

                 About Banco Popolare di Verona

Headquartered in Verona, Italy, Banco Popolare di Verona e
Novara (BPVN) -- http://www.bpv.it/-- offers private banking,
investment banking and asset management services, as well as
other services in the tax and real estate sectors.  The
Company's banking network comprises over 1,170 branches, which
are spread throughout the Italian regions of the Veneto, Emilia-
Romagna, Piedmont and Lombardy, and internationally in London,
Luxembourg, Hong Kong and Shanghai.

                  About Banca Popolare Italiana

Headquartered in Lodi, Italy, Banca Popolare Italiana --
http://www.bancapopolareitaliana.it/-- attracts deposits and
offers commercial banking services.  The Bank offers securities
brokerage, asset management, mortgage loans, insurance, lease
financing and treasury services and manages mutual funds.
Through a subsidiary, Banca Popolare Italiana offers merchant
banking services and medium- and long-term lending.

                        *     *     *

As of Feb. 23, BPI carries Moody's Investors Service's D
financial strength rating, Ba2 junior subordinated debt rating,
and Ba2 preferred stock and Tier III debt ratings.

At the same time, BPI also carries Fitch's C financial strength
rating, BB+ junior subordinated debt rating, and BB+ preferred
stock rating.


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


ACTOBECOMSERVICE LLP: Creditors Must File Claims by April 6
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Actobecomservice insolvent.

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

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


DON LTD: Creditors' Claims Due April 6
--------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Don Ltd insolvent.

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


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


JANATALAP LLP: Proof of Claim Deadline Slated for April 6
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Janatalap insolvent.

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

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


JEZGORTECHMASH LLP: Claims Registration Ends April 6
----------------------------------------------------
LLP Jezgortechmash has declared insolvency.  Creditors have
until April 6 to submit written proofs of claim to:

         LLP Jezgortechmash
         Sylykbaev Str. 20
         Jezkazgan
         Karaganda
         Kazakhstan


KAZAKHSTAN RMBS: Fitch Assigns BB Ratings to Class C Notes
----------------------------------------------------------
Fitch Ratings assigned Kazakh Mortgage-Backed Securities 2007-1
B.V.'s Class A, Class B and Class C notes expected ratings of
'A-', 'BBB' and 'BB' respectively.  The final ratings are
contingent on the receipt of the final documents conforming to
information already received.

The transaction is a securitization of first-ranking residential
mortgage loans denominated in Kazakh Tenge and indexed to
USD/KZT exchange rate, together with their ancillary rights.
The loans are secured on properties located in the Republic of
Kazakhstan.  The originator and seller of the mortgage portfolio
is JSC BTA Ipoteka incorporated under the laws of Kazakhstan and
fully owned by Bank Turan Alem, the second- largest bank in
Kazakhstan.  In Fitch's view BTAI's credit quality is linked to
that of its parent.

The transaction totals US$150 million and represents the first
publicly rated RMBS transaction from the Republic of Kazakhstan.
"We expect further activity from the leading banks in the
country to support continued expansion of the banking sector,
which has been seeing asset growth in excess of 50%," says
Antonio Corbi, Associate Director in Fitch's Emerging Markets
Structured Finance.

The expected ratings are based on the quality of the collateral,
the available credit enhancement, the underwriting and servicing
capabilities of BTAI, and the integrity of the legal structure
of the transaction.  The ratings address timely payment of
interest and ultimate payment of principal in accordance with
the terms of the notes.  The expected ratings do not address the
payment of the step-up interest on the notes, which will be
subordinated to the replenishment of the reserve fund in the
waterfall structure.  The failure to pay step-up interest on
March 2014 will not constitute an event of default under the
transaction documentation.

Initial credit enhancement of 15.5% on the Class A notes will be
provided by the subordination of the Class B notes and the Class
C notes.  Further credit enhancement is available in the form of
a fully funded cash reserve in the amount of 2.5% of the
issuance.  A liquidity facility will be made available to cover
interest and senior fees shortfalls up to a limit of 5% of the
outstanding balance of the notes.  ABN AMRO Bank will provide an
interest-rate swap to hedge the interest-rate risk between the
fixed rate accrued by the loans and the Libor-based coupon of
the notes.  The transaction will benefit from a political risk
insurance policy provided by the Multilateral Investment
Guarantee Agency, a company of the World Bank Group, that will
make available liquidity to the transaction in the event that
certain risks associated with any restriction on the
convertibility and transfer of hard currency out of the country
are imposed by the authorities of the Republic of Kazakhstan.

The Kazakh legal system is in a state of evolution, and the
legal environment governing securitization remains untested.
The assignment of the assets and their ancillary rights relies
on provisions on the Kazakhstan civil law as no specific cross-
currency securitization law currently exists in the country.
The transaction's legal opinions are able to confirm that the
essential components of a true sale are achieved under the
transaction documents.  In addition, the structural features of
the transaction adequately mitigate these uncertainties but the
ratings are nonetheless credit-linked to the rating of the
originator.


MATRIX CONSTRUCTION: Claims Filing Period Ends April 6
------------------------------------------------------
LLP Matrix Construction Company has declared insolvency.
Creditors have until April 6 to submit written proofs of claim
to:

         LLP Matrix Construction Company
         Nemirovich-Danchenko Str. 18
         Almaty
         Kazakhstan


OMIRLIK-1 LLP: Creditors Must File Claims by April 6
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Omirlik-1 insolvent.

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

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


ORIENTIR LLP: Creditors' Claims Due April 6
-------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region has declared LLP Orientir insolvent.

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

         The Specialized Inter-Regional Economic Court of West
         Kazakhstan Region
         Chapaev Str. 2
         Podstepnoye
         Terektinsky District
         West Kazakhstan Region
         Kazakhstan
         Tel: 8 (232) 36-4-72


PRINT-EXPRESS LLP: Proof of Claim Deadline Slated for April 6
-------------------------------------------------------------
LLP Print-Express 2002 has declared insolvency.  Creditors have
until April 6 to submit written proofs of claim to:

         LLP Print-Express 2002
         Micro District "Golubye Prudy"
         13-223 Karaganda
         Kazakhstan


RAM-BI LLP: Claims Registration Ends April 6
--------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region has declared LLP Ram-Bi insolvent.

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

         The Specialized Inter-Regional Economic Court of West
         Kazakhstan Region
         Chapaev Str. 2
         Podstepnoye
         Terektinsky District
         West Kazakhstan Region
         Kazakhstan
         Tel: 8 (232) 36-4-72


RICKS LLP: Claims Filing Period Ends April 6
--------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Ricks insolvent.

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

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


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


SUROT TASMA: Creditors' Meeting Slated for March 12
---------------------------------------------------
Creditors of LLC Surot-Tasma-Salonu will convene at 10:00 a.m.
on March 12 at:

         Room 106
         Moskovskaya Str. 151
         Bishkek, Kyrgyzstan

The Inter-District Court of Bishkek for Economic Issues declared
LLC Surot-Tasma-Salonu (Case No.ED-153/06 mbs8) insolvent on
April 6, 2006.  Subsequently, bankruptcy proceedings were
introduced at the company.

Creditors must submit their proofs of claim and be registered
within seven days before the meeting with the temporary
insolvency manager.

Proxies must have authorization to vote.

The temporary insolvency manager is:

         Mr. Dayirbek Kadinov
         Tel: (0-502) 51-27-79


=================
L I T H U A N I A
=================


BITE LIETUVA: Fitch Puts B- IDR with Stable Outlook
---------------------------------------------------
Fitch Ratings assigned Lithuania-based UAB Bite Lietuva an
Issuer Default rating of 'B-'with a Stable Outlook.

At the same time, Fitch has assigned SIA EECF Bella FinCo's
EUR15 million senior secured revolving credit facility a 'B'/
'RR3' rating.  It has also assigned Bite Finance International
BV's proposed senior secured notes an expected 'B'/'RR3' rating
and proposed senior subordinated notes an expected 'CCC+'/'RR5'
rating.  The final ratings on the senior secured and the senior
subordinated notes are contingent upon final documentation and
structure conforming to information thus far received.

On Feb. 9, 2007, Mid Europa Partners and a consortium of co-
investors acquired Bite from TDC A/S for a total price of
EUR443 million.  The acquisition is to be funded by a
EUR187 million equity contribution, a senior secured note
offering of EUR185 million and a senior subordinated note
offering of EUR115 million.

"The 'B-' IDR reflects the high initial consolidated net
leverage of 9.2x and the continued funding requirement
represented by the free cash flow-negative Latvian operations,"
said Michelle De Angelis, Senior Director in Fitch's Leveraged
Finance team in London.  "This is balanced by the established
Lithuanian operations, the cash flows of which, together with
cash on balance sheet and the committed secured facility, should
be sufficient to support investment in Latvia until breakeven."

The Lithuanian mobile operations were launched in 1995 and have
been EBITDA-positive since 1998.  In 2006 the Lithuanian
business reported revenues and EBITDA of EUR178 million and
EUR41 million respectively, corresponding to an EBITDA margin of
23%.  The Latvian operations were launched in September 2005 but
remain EBITDA- and free cash flow-negative for the time being,
reporting revenues of EUR7 million and negative EBITDA of
EUR11 million in 2006.  The additional capacity and coverage
investments required in 2007-2008 are expected to maintain the
high capital expenditure levels seen so far, but thereafter
expenditure should be scaleable according to performance.  Based
on Bite's experience in the competitive Lithuanian market,
synergies inherent in a single head office and administrative
centre, and the overall size of the Latvian market, Fitch
estimates that EBITDA breakeven for Bite Latvia could occur
within three to four years, which is in line with the experience
of other third entrant operators in Europe.

Consolidated net leverage at closing is high for the rating
level but is expected to reduce in 2007.  The higher level of
consolidated leverage and lower Fitch-estimated consolidated
interest and fixed charge cover in comparison to the Lithuanian
operations' standalone metrics reflect the higher degree of
short- to medium-term risk for the group than for the Lithuanian
operations on a standalone basis.

In rating Bite's debt instruments, Fitch applies a bespoke
recovery analysis, which assumes a distress scenario and applies
estimated overall recoveries to the outstanding debt in order of
priority.  In the case of Bite, a going concern analysis is
applied to the Lithuanian operations and a liquidation analysis
to the Latvian business.  The discounted EBITDA assumed is
EUR39 million, representing a discount of 5% to the YE06
Lithuanian operations' EBITDA.  The enterprise value multiple
used is 6.25x, which reflects the small market size, low ARPUs
and widespread use of handset subsidies.  The strong expected
recoveries for both the revolving credit facility and the senior
secured notes are capped at 'RR3' due to the Lithuanian
jurisdiction, corresponding to an expected instrument rating of
'B'.  The senior subordinated notes are expected to achieve
below-average recoveries, corresponding to a 'CCC+' / 'RR5'
rating.

Established in 1995, Bite is the second largest mobile operator
in Lithuania with 1.3 million subscribers and since 2005 is the
third largest new entrant mobile operator in Latvia with 0.1
million subscribers.  In 2006 Bite reported consolidated
revenues and EBITDA of EUR179 million and EUR29.5 million
respectively.


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


GETRONICS NV: Inks Strategic Partnership with NTT Data Corp
-----------------------------------------------------------
Klaas Wagenaar, CEO of Getronics N.V., and Tomokazu Hamaguchi,
President and CEO of NTT Data Corp., have agreed to form a
strategic partnership between the firms in Japan.

The proposed transaction will enable Getronics to expand its
workspace management activities in Japan and increase
international client business with NTT Data Corporation. As part
of this strategic partnership, NTT Data Corporation has agreed
to acquire 70% of Getronics' local operations in Japan for an
undisclosed sum.  The proposed transaction is subject to
agreement of definitive documents and necessary consents, and
will be completed in the second quarter of 2007.

NTT Data Corporation is well established in Japan, with a
particularly strong position in the financial services sector
and an extensive local service network.  Getronics' current
Japanese business is also strong in the financial services
sector, in particular in the area of banking application
services. As such, there is a strong fit between the two
operations.

NTT Data Corporation will work closely with Getronics to ensure
that the interface with Getronics' Global Service Delivery Model
is effective and that their local service delivery operations
are smoothly integrated with Getronics' remote service delivery
network.  NTT Data Corporation's established local presence in
Japan will help Getronics to increase its regional profile. In
turn, Getronics' leadership position in service innovation will
enable NTT Data Corporation to follow more opportunities with
new and existing clients.

"By forming strong partnerships with leading local players,
Getronics can ensure the depth of service that our international
clients demand," Mr. Wagenaar said. "We also look forward to
exploring shared business opportunities with NTT Data
Corporation, as its major clients look to our key markets."

Getronics operations in Japan generated EUR103 million of
revenues in 2006.  The parties expect that no further financial
details will be provided until completion.

                   About NTT Data Corporation

NTT Data Corporation is a public company currently traded on the
Tokyo Stock Exchange (9613 JP) and is a subsidiary of NTT Group
of Japan. NTT is an abbreviation for Nippon Telegraph and
Telephone Corporation of Japan.  As an US$8 billion system
integrator with over 20,000 employees globally, NTT Data
Corporation has regional offices/subsidiaries in Japan, Asia
(Beijing, Shanghai, South Korea, and Kuala Lumpur), Europe
(London) and North America (New York, New Jersey, Pennsylvania,
Washington D.C., and California).

                         About Getronics

Headquartered in Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.
Its shares are traded on Euronext Amsterdam.

                          *     *     *

Getronics N.V.'s 'B' long-term corporate credit rating, along
with the 'CCC+' senior unsecured debt, 'B' bank loan, and '3'
recovery ratings on CreditWatch with negative implications,
where they had originally been placed on Jan. 19.

The '3' recovery rating indicates Standard & Poor's expectation
of meaningful (50%-80%) recovery of principal for secured
lenders in the event of a payment default.

Moody's Investors Service downgraded Getronics' corporate family
rating to B2 from B1 and placed the ratings on review for
possible downgrade following the company's announcement of half
year results showing a widening of net losses and fall in
margins below the company's expectations.  Concurrently the
rating on the EUR100 million senior unsecured convertible Dutch
bonds due 2008 has been downgraded to Caa1 from B3.


SMILE SECURITISATION: Moody's Rates EUR83.4-Mln Notes at Ba3
------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
five classes of asset-backed notes to be issued By Smile
Securitisation Company 2007 B.V.:

   -- EUR4,563,564,000 Class A Asset-Backed Notes due 2053: Aaa;

   -- EUR98,141,000 Class B Asset-Backed Notes due 2053: Aa2;

   -- EUR73,606,000 Class C Asset-Backed Notes due 2053: A1;

   -- EUR73,606,000 Class D Asset-Backed Notes due 2053: Baa2;
      and

   -- EUR83,420,000 Class E Asset-Backed Notes due 2053; Ba3.

The Notes have a scheduled maturity date in 2015.

Smile Securitisation Company 2007 B.V. is the third SME
transaction launched by ABN AMRO.  The previous two transactions
have experienced a positive performance so far.  Under this
transaction, ABN AMRO securitizes loans granted to small and
medium-sized corporate borrowers.  The initial amount of the
portfolio is EUR4.9 billion.  In comparison to other
transactions, the pool exhibits a relatively high degree of
granularity with approx. 10,000 different obligors and with a
maximum loan size of 0.20 per cent of the pool.  The maximum
industry concentration is 23% in the agriculture sector and the
portfolio is well diversified over the various geographic
regions.

According to Moody's, the ratings take into account of, among
other factors, the debtor composition, granularity and credit
quality of the reference pool.  Additional support is provided
by the strong swap in place, which guarantees senior fees,
notes' interest and a margin of 15bps per annum.  An additional
relevant feature of this transaction is the mixed pro-
rata/sequential amortization order linked to performance,
starting with the more senior classes of notes.  The structure
also envisages an optional redemption call at year 8.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes.  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the Notes by the legal
final maturity.  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.


SMILE SECURITISATION: Fitch Assigns BB- Ratings to Class E Notes
----------------------------------------------------------------
Fitch assigned Smile Securitisation Company 2007 B.V.'s issue of
EUR4.90 billion floating-rate notes due 2053 final ratings:

   -- EUR4.56 bmillion Class A: 'AAA'
   -- EUR98.14 million Class B: 'AA+'
   -- EUR73.61 million Class C: 'AA-'
   -- EUR73.61 million Class D: 'BBB+'
   -- EUR83.42 million Class E: 'BB-'

This transaction is a static cash flow securitisation of a pool
of loans granted by ABN Amro Bank N.V. to over 9,800 small and
medium-sized enterprises in the Netherlands.

The final ratings on the notes are based on the credit quality
of the loan portfolio, the security backing the loans, the
servicing and underwriting capabilities of ABN AMRO's consumer
and commercial business unit, the available credit enhancement
from subordination, the reserve fund and excess spread, and the
transaction's sound financial and legal structure.  The
transaction will also benefit from structural protection via a
principal deficiency ledger to trap excess spread for protection
against losses under the notes.

Credit enhancement in the form of subordination for the Class A
notes totals 7% and is provided by the Class B notes, the Class
C notes, the Class D notes, the Class E notes and the unrated
Class F notes.  Credit enhancement in the form of subordination
for the Class B, C, D and E notes amounts to 5%, 3.5%, 2% and
0.3%, respectively.

The final ratings address the timely payment of interest and the
repayment of principal by legal final maturity for each note in
accordance with the terms and conditions of the documentation.

The issuer is a private company with limited liability,
incorporated under the laws of the Netherlands.


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


PETROLEUM GEO-SERVICES: Earns US$78.7-Mln in Fourth Quarter 2006
----------------------------------------------------------------
Petroleum Geo-Services ASA released its unaudited financial
results for the fourth quarter ended Dec. 31, 2006.

PGS posted US$78.7 million in net income against US$361 million
in revenues for the fourth quarter ended Dec. 31, 2006, compared
with US$89 million in net losses against US$264.1 million in
revenues for the same period in 2005.

At Dec. 31, 2006, the Company's balance showed US$1.2 billion in
total assets and US$789.8 million in total liabilities,
resulting in a US$444.8-million shareholders' equity.

"2006 was the best year ever for PGS," Svein Rennemo, PGS
President and Chief Executive Officer, commented.  "We delivered
substantial growth in revenues, operating profit and cash flow,
driven by strengthened market conditions and improved
operational performance.  Marine realized a record high contract
margin, while Onshore improved its profitability significantly
from 2005.  We experienced a stronger underlying demand for
multi-client seismic in 2006 compared to 2005 and despite fewer
licensing rounds internationally we further improved our late
sales.  Our Gulf of Mexico depth processing products, strong
performance of our library offshore West Africa and increased
demand for our Brazil library were important elements in this
success."

"We expect a continued strong seismic market driven by increased
E&P spending worldwide and the demand for more advanced seismic
solutions.  Construction of the new Ramform Sovereign remains on
budget and on time.  Acquisition of the large wide azimuth
multi-client survey in Gulf of Mexico, Crystal, is progressing
according to plan.  Both projects illustrate our efforts to
increase high-end capacity and to provide our customers with
more advanced seismic technology," Mr. Rennemo added.

"Due to a substantial over performance on the business goals set
for 2006, PGS has rewarded all our employees with a cash bonus
equaling 1.5 months salary in recognition of their outstanding
contribution. We look forward to an exciting 2007," he
concluded.

A full-text copy of the company's financial report for the
fourth quarter ended Dec. 31, 2006 is available for free at:
http://ResearchArchives.com/t/s?1a64

                    About Petroleum Geo-Services

Headquartered in Lysaker, Norway, Petroleum Geo-Services --
http://www.pgs.com/-- is a technologically focused oilfield
service company principally involved in geophysical and floating
production services.  PGS provides a broad range of seismic and
reservoir services, including acquisition, processing,
interpretation, and field evaluation.  PGS owns and operates
four floating production, storage and offloading units.

                        *     *     *

As of Feb. 27, Petroleum Geo-Services carries Moody's Ba3 long-
term corporate family and bank loan debt rating with a stable
outlook.

In addition, Standard & Poor's rates the company's senior
unsecured debt and long-term issuer default ratings at BB- with
a stable outlook.


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


ALFA-BANK: Closes US$300-Million Lower Tier 2 Notes Issue
---------------------------------------------------------
Alfa-Bank successfully closed a US$300-million 10-year non-call-
five subordinated unsecured notes (LT2) transaction on Feb 22.
This is the second subordinated debt issue of the Bank to date.

The offering was priced at par with a coupon of 8.635% (+355 bp
over mid-swaps or +396 basis points over UST) and 150bp step-up
after five years.  The issue is rated "Ba3" by Moody's and "B+"
by S&P and matures on Feb. 22, 2017.

The transaction attracted strong institutional investor demand
with initial book of around US$620 million and 87 investors
participating.  The diversified demand came from asset managers
(42%), private banks (33%) and banks (25%).  In addition, the
issue met broad geographic distribution with 20% of the bonds
sold to Asia, 30% to the U.K., 11% to Switzerland, 8% to Benelux
countries, 8% to Germany, 6% to Scandinavia, 8% to offshore
regions and 7% to the rest.

"This transaction represents the first Russian subordinated debt
deal in 2007.  We are pleased to see excellent results of the
new issue and high level of investor demand to this deal, which
underlines Alfa-Bank as one of the key players on the market.
The offering contributes to increase the bank's capital ratio
and further diversification of Alfa-Bank's funding sources,"
Andrew Baxter, Chief Financial Officer of Alfa-Bank, said.

Dresdner Kleinwort and JP Morgan acted as Joint Lead Managers
and Joint Bookrunners on the deal.

                         About Alfa Bank

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

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

                        *     *     *

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

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


BELOKHOLUNITSKIY BUTTER: Names V. Alalykin as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Kirov appointed Mr. V. Alalykin as
Insolvency Manager for OJSC Belokholunitskiy Butter Factory.  He
can be reached at:

         V. Alalykin
         Surikova Str. 33
         Kirov
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A28-671/06-112/10.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Belokholunitskiy Butter Factory
         Belokholunitskiy, Kirov
         Russia


BELYJ LEV: Creditors Must File Claims by March 3
------------------------------------------------
Creditors of CJSC Belyj Lev have until March 3 to submit written
proofs of claim to:

         A. Zadunayskiy, Temporary Insolvency Manager
         Proletarskaya Str. 73V
         Olkhovka
         Olkhovskiy
         403650 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A55-16260/2006.

The Court is located at:

         The Arbitration Court of Samara
         Avrory Str. 148
         Samara
         Russia

The Debtor can be reached at:

         CJSC Belyj Lev
         K. Marksa Str. 47
         Tolyatti, Samara
         Russia


EURO-STROY CJSC: Creditors Must File Claims by April 3
------------------------------------------------------
Creditors of CJSC Building-Investment Group Euro-Stroy (TIN
7706262025, OGRN 1027700224133) have until April 3 to submit
proofs of claim to:

         M. Dyakonov, Insolvency Manager
         Post User Box 481
         111141 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-47022/06-103-983B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Building-Investment Group Euro-Story
         Building 1
         Staromonetnyj 9
         Moscow
         Russia


EXPRESS CJSC: Creditors Must File Claim by March 3
--------------------------------------------------
Creditors of CJSC Express (TIN 7709049087) 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. A40-36084/06-95-731 B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Express
         Kommunisticheskaya Str. 1/3
         Moscow
         Russia


GROATS FACTORY: Creditors Must File Claim by April 3
----------------------------------------------------
Creditors of LLC Groats Factory have until April 3 to submit
written proofs of claim to:

         A. Khristyanov, Insolvency Manager
         Office 804v
         Svobody Str. 173
         Izhevsk
         426011 Udmurtiya
         Russia

The Arbitration Court of Udmurtiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A71-008647/2006 G21.

The Court is located at:

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

The Debtor can be reached at:

         LLC Groats Factory
         Apartment 10
         Oktyabrskaya Str. 15
         Severnyj
         Sarapulskiy
         427012 Udmurtiya
         Russia


MASLODEL OJSC: Creditors Must File Claim by March 3
---------------------------------------------------
Creditors of OJSC Maslodel have until March 3 to submit written
proofs of claim to:

         S. Lebedev, Insolvency Manager
         Post User Box 52
         394030 Voronezh-30
         Russia

The Arbitration Court of Lipetsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A56-30210/2006.

The Court is located at:

         The Arbitration Court of Lipetsk
         Skorokhodova Str. 2
         398019 Lipetsk
         Russia

The Debtor can be reached at:

         OJSC Maslodel
         Mira Square 1B
         Lipetsk
         Russia


MONOLITH-SERVICE CJSC: Creditors Must File Claims by March 3
------------------------------------------------------------
Creditors of CJSC Monolith-Service have until March 3 to submit
written proofs of claim to:

         N. Popov, Insolvency Manager
         Post User Box 366
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-33456/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Monolith-Service
         Millionnaya 11
         St. Petersburg
         Russia


NEW TRANSPORT: Creditors Must File Claims by March 3
----------------------------------------------------
Creditors of LLC New Transport Company (TIN 4101101309) have
until March 3 to submit written proofs of claim to:

         V. Sipko, Temporary Insolvency Manager
         Office 402
         Leningradskaya Str. 33A
         683003 Petropavlovsk-Kamchatskiy
         Russia

The Arbitration Court of Kamchatka commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A24-5983/06-06.

The Debtor can be reached at:

         V. Sipko, Temporary Insolvency Manager
         Office 402
         Leningradskaya Str. 33A
         683003 Petropavlovsk-Kamchatskiy,
         Russia


PROM-STROY-SERVICE: Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Krasnodar commenced bankruptcy
supervision procedure on CJSC Prom-Stroy-Service (TIN
2308093629).  The case is docketed under Case No. A-32-2679/
06-38/20-B.

The Temporary Insolvency Manager is:

         V. Ovchinnikov
         Post User Box 5654
         350000 Krasnodar
         Russia

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         CJSC Prom-Stroy-Service
         Zapolotnyannaya Str. 15
         Ust-Labinsk
         385330 Krasnodar
         Russia


STOCK SHIPPING: Creditors Must File Claims by March 3
-----------------------------------------------------
Creditors of CJSC Stock Shipping Company have until March 3 to
submit written proofs of claim to:

         N. Popov, Insolvency Manager
         Post User Box 366
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-36359/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Stock Shipping Company
         Marshala Govorova 29
         St. Petersburg
         Russia


SUKHOBEZVODNINSKIY BAKERY: Creditors Must File Claims by March 3
----------------------------------------------------------------
Creditors of LLC Sukhobezvodninskiy Bakery (TIN 5228007669) have
until March 3 to submit written proofs of claim to:

         N. Rykova, Temporary Insolvency Manager
         Chkalova Str. 9v-19
         603002 Nizhniy Novgorod
         Russia

The Arbitration Court of Nizhniy Novgorod commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A43-35304/2006-36-1114.

The Court is located at:

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

The Debtor can be reached at:

         LLC Sukhobezvodninskiy Bakery
         Sovetskaya Str.
         Sukhobezvodnoye
         Semenovskiy, Nizhniy Novgorod
         Russia


TROITSKOYE OJSC: Creditors Must File Claim by March 3
-----------------------------------------------------
Creditors of OJSC Agricultural Company Troitskoye (TIN
5622003937, KPP 562201001have until March 3 to submit written
proofs of claim to:

         V. Kirzhaev, Insolvency Manager
         Gaya Str. 23a
         460000 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-15479/2005-14GK.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Agricultural Company Troitskoye
         Sovetskaya Str. 33
         Troitskoye
         Asekeevskiy
         461703 Orenburg
         Russia


TYUMEN-GAS-STROY: Creditors Must File Claim by March 3
------------------------------------------------------
Creditors of CJSC Specialized Company Tyumen-Gas-Stroy have
until March 3 to submit written proofs of claim to:

         D. Pushkarev, Insolvency Manager
         Office 305a
         Stankostroiteley Str. 1
         625048 Tyumen
         Russia

The Arbitration Court of Tyumen commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A-70-9862/3-06.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Specialized Company Tyumen-Gas-Story
         Energetikov Str. 165
         Tyumen
         Russia


UFIMSKAYA IMMOVABLE: Creditors Must File Claim by March 3
---------------------------------------------------------
Creditors of OJSC Ufimskaya Immovable Property (TIN 0278036352)
have until March 3 to submit written proofs of claim to:

         A. Lisitsa, Insolvency Manager
         Post User Box 26
         Ufa-61
         450061 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07-23183/06-G-FLE.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Ufimskaya Immovable Property
         Bashkortostan
         Russia


VNESHTORGBANK JSC: Forming Namibian JV with Two Russian Firms
-------------------------------------------------------------
Vneshtorgbank JSC, OAO Techsnabexport and the Renova Group have
agreed to create a joint venture for uranium production in
Namibia, RIA Novosti reports citing Sergei Kiriyenko, head of
the Russian Nuclear Agency.

"Our enterprises -- Renova and Vneshtorgbank -- already hold
licenses to produce uranium in Namibia.  We agreed to found a
joint venture to prospect and produce uranium," Mr. Kiriyenko
said following a meeting with Namibian president Hifikepunye
Pohamba.

Renova recently won a tender to develop two uranium deposits in
Namibia, while VTB received its license earlier, Natural
Resources Minister Yury Trutnev told RIA Novosti.

Anna Belova, a spokeswoman for Techsnabexport, said her firm and
Renova will commence geological prospecting work in Namibia
while waiting for the licenses.

Namibia and Russia were holding talks over possible use of
Russian nuclear technology to meet Namibia's energy needs.  The
country expects a cut in energy supplies from South Africa in
the next three years and forecasts an energy deficit of 300
megawatts.

                          About Renova

Headquartered in Moscow, Russia, the Renova Group
-- http://www.renova.ru/-- holds stakes and strategic
investments in leading Russian stand-alone and holding companies
in the metallurgical, oil, machine engineering, mining,
chemical, construction, housing & utilities and financial
sectors.

                       About Techsnabexport

Headquartered in Moscow, Russia, OAO Techsnabexport
-- http://www.tenex.ru/-- export goods and services produced by
enterprises of the Russian Federation Federal Agency for Atomic
Energy as well as import of state-of-the-art technological,
medical and other types of equipment.

                       About Vneshtorgbank

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

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

                        *     *     *

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


YUKOS OIL: Eni SpA Eyes Bid for Arcticgas & Urengoy Assets
----------------------------------------------------------
Italy's Eni SpA will participate in bidding for Yukos Oil Co.'s
Arcticgas and Urengoy assets after reaching an agreement with
Russia's Gazprom for gas transportation, AFX News reports citing
Eni CEO Paolo Scaroni as saying.

AFX says Eni will jointly bid with Enel SpA and Russia's ESN for
Arcticgas, while a bidding partner for Urengoy is yet to be
disclosed.  Mr. Scaroni expects to launch a bid for the two
assets within the next 30 days, AFX 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.


ZA RODINU: Asset Sale Slated for March 12
-----------------------------------------
The insolvency manager and bidding organizer for OJSC Fish
Industry Za Rodinu will open a public auction for the company's
properties at 11:00 a.m. on March 12 at:

         The Insolvency Manager and Bidding Organizer
         Office 2
         Kubano-Naberezhnaya Str. 100
         Krasnodar
         Russia

The company has set a RUR2.4 million starting price for the
auctioned assets.

Interested participants have until March 7 to deposit an amount
of RUR250,000 to:

         OJSC Fish Industry Za Rodinu
         Settlement Account 40702810500960003596
         Correspondent Account 30101810600000000966
         OJSC Yug-Investbank, additional office 353520
         BIK 040349966

The Debtor can be reached at:

         OJSC Fish Industry Za Rodinu
         Peresyp
         Temryukskiy, Krasnodar
         Russia


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


DELPHI CORP: Closing Manufacturing Facility in Spain
----------------------------------------------------
Delphi Corp. is planning to shut down a Cadiz, Spain facility,
which manufactures steering mechanisms, Jeff Bennett of
Bloomberg News reports.  The company employs approximately 1,570
employees.

Due to high operating costs, the Cadiz Facility has incurred
losses aggregating US$196,000,000 in the last five years, the
Associated Press relates in a separate news report.

Delphi did not disclose the date of the planned closure.  The
company, however, has informed the Facility's labor unions of
the imminent closure, Delphi spokeswoman Cheryl Kilborn told
Bloomberg.  Among the labor unions representing Cadiz Facility
workers are the Confederacion Sindical de Comisiones Obreras and
the Union General de Trabajadores.

The Facility is not part of Delphi's proposal to sell its
steering division to Platinum Equity Holdings LLC.

The contemplated plant closure will not only affect the
Facility's workers, but will also indirectly affect 4,000
related jobs, Jose Barriga, a UGT union official, noted in a
press statement.  UGT is set to hold a strike tomorrow, March 1.

                    About Delphi Corp.

Troy, Mich.-based Delphi Corporation -- http://www.delphi.com/
-- is the single largest global supplier of vehicle electronics,
transportation components, integrated systems and modules, and
other electronic technology.  The company's technology and
products are present in more than 75 million vehicles on the
road worldwide.  Delphi has regional headquarters in Japan,
Brazil and France.

The Company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Aug. 31, 2005, the Debtors' balance sheet showed
US$17,098,734,530 in total assets and US$22,166,280,476 in total
debts.


HIPOCAT 11: S&P Junks EUR28-Million Class D Notes
-------------------------------------------------
Standard & Poor's Ratings Services it assigned its preliminary
credit ratings to the EUR1.628 billion floating-rate notes to be
issued by Hipocat 11, Fondo de Titulizaci¢n de Activos.

This is the 11th securitization of Caixa Catalunya's residential
mortgage portfolio.

The notes will ultimately be backed by a pool of first-ranking
mortgages secured over owner-occupied residential properties in
Spain and originated by Caixa Catalunya.

The sole purposes of Hipocat 11 are to acquire the mortgage loan
participations from the participations' issuer, Caixa d'Estalvis
de Catalunya and to fund this through the issuance of five
classes of mortgage-backed floating-rate notes.  The class D
notes will fund the cash reserve and will not be backed by the
pool of mortgages to be securitized.

The collateral for this issuance solely comprises flexible
loans, which allow borrowers to take payment holidays and make
further drawdowns.  However, additional drawdowns are not
automatically granted and must meet Caixa Catalunya's
requirements and credit approval.  The pool has a slightly
higher risk profile than in the previous transaction due to
higher proportion of loans with LTV ratio values above 80%.

The transaction mixes principal and interest from the mortgages
to pay interest and principal due under the notes.  To protect
the holders of the more senior notes under certain stress
scenarios, the priority of payments features a trigger based on
the accumulated level of defaults.  If the trigger is breached,
the payment of subordinated interest is moved to a more
subordinated position in the priority of payments.  In addition,
the transaction features a write-off mechanism where principal
amortization is accelerated by the amount of loans over 18
months past due.

                          Ratings List

Hipocat 11, Fondo de Titulizaci¢n de Activos
   EUR1.628 Billion Floating-Rate Notes

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

            A1             AAA            200.0
            A2             AAA          1,083.2
            A3             AAA            200.0
            B              A               52.8
            C              BBB             64.0
            D              CCC-            28.0


HIPOCAT 11: Fitch Puts Junk Ratings to EUR28-Mln Class D Notes
--------------------------------------------------------------
Fitch Ratings assigned expected ratings to Hipocat 11, Fondo de
Titulizacion de Activos' EUR1,628 million mortgage-backed
floating-rate notes due in January 2050 as follows:

   -- EUR200 million Class A1: 'AAA'
   -- EUR1,083.2 million Class A2: 'AAA'
   -- EUR200 million Class A3: 'AAA'
   -- EUR52.8 million Class B: 'A+'
   -- EUR64 million Class C: 'BBB'
   -- EUR28 million Class D: 'CCC'

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

This transaction is a cash flow securitization of a
EUR1,600 million static pool of first-ranking Spanish mortgage
credit facilities originated and serviced by Caixa d'Estalvis de
Catalunya.

The expected ratings are based on the quality of the collateral,
the underwriting and servicing of the mortgage credit
facilities, available credit enhancement, the integrity of the
transaction's legal and financial structure and Gestion de
Activos Titulizados, S.G.F.T., S.A.'s administrative
capabilities.

Initial CE" for the Class A to C notes is provided by
subordination and a reserve fund, which will be funded at
closing using part of the proceeds from the issuance of the
notes. The Class D notes are uncollateralized but benefit from
the excess spread available within the structure.

The expected ratings address payment of interest on the notes
according to the terms and conditions of the documentation,
subject to a deferral trigger on the Class B and Class C notes,
as well as the repayment of principal at legal final maturity.

The fund will be regulated by Spanish Securitization Law 19/1992
and Royal Decree 926/1998.  Its sole purpose will be to
transform into fixed-income securities a portfolio of mortgages
certificates acquired from Caixa d'Estalvis de Catalunya.  The
CTHs will be subscribed by Gestion de Activos Titulizados,
S.G.F.T., S.A., whose sole function is to manage asset-backed
notes on behalf of the fund.


TDA 27: Fitch Assigns Low-B Ratings to Class E & F Notes
--------------------------------------------------------
Fitch Ratings assigned final ratings to TDA 27, Fondo de
Titulizacion de Activos' EUR930.6 million mortgage-backed
floating-rate notes as follows:

   -- EUR302.3 million Class A1 due in December 2050: 'AAA'

   -- EUR395.2 million Class A2 due in December 2050: 'AAA'

   -- EUR181.3 million Class A3 due in December 2050: 'AAA'

   -- Non-accelerated interest-only security due in
      December 2009: 'AAA'

   -- EUR13.9 million Class B due in December 2050: 'AA'

   -- EUR9.3 million Class C due in December 2050: 'A'

   -- EUR14 million Class D due in December 2050: 'BBB'

   -- EUR14 million Class E due in December 2050: 'BB'

   -- EUR0.6 million Class F due in December 2050: 'B+'

This transaction is a cash flow securitization of a
EUR930 million static pool of first and second-ranking Spanish
residential mortgage loans originated and serviced by Caixa
d'Estalvis de Terrassa, Caja General de Ahorros de Granada, Caja
de Ahorros de Vitoria y Alava and Union de Credito Financiero
Mobiliario e Inmobiliario.

The final ratings are based on the quality of the collateral,
the underwriting and servicing of the mortgage loans, available
credit enhancement, the integrity of the transaction's legal and
financial structure and Titulizacion de Activos, S.G.F.T.,
S.A.'s administrative capabilities.

Initial credit enhancement for the A to D notes is provided by
subordination and a reserve fund, which has been funded at
closing using part of the proceeds from the issuance of the
notes.  Initial CE for the Class E notes is provided by the
reserve fund only.  The Class F notes are uncollateralized by
mortgage loans but benefit from the excess spread available
within the structure.

The final ratings of the Class A, B, C, D and E notes address
payment of interest on the notes according to the terms and
conditions of the documentation, subject to a deferral trigger
on the Class B, C, D and E notes, as well as the repayment of
principal by the legal final maturity date of the fund.  The
final rating of the Class F notes addresses the ultimate payment
of interest and principal by legal final maturity date.  The
final rating of the NAS-IO strip addresses the timely payment of
interest.

The fund is regulated by Spanish Securitisation Law 19/1992 and
Royal Decree 926/1998.  Its sole purpose is to transform into
fixed-income securities a portfolio of mortgage participations
and mortgages certificates and "certificados de transmission de
hipoteca", acquired from the sellers.  The PHs and CTHs are
subscribed by Titulizacion de Activos, S.G.F.T., S.A., whose
sole function is to manage asset-backed notes on behalf of the
fund.

The NAS-IO notes pay a coupon on a notional balance defined as
the minimum of 16% of the initial balance of the Class A3 notes
or the current balance of the Class A3 notes at any point in
time.  The coupon is equivalent to 7.7% per year until the
fourth interest payment date of the transaction, 5.8% per year
for the fifth to the eight interest payment date of the
transaction, and 3.8% per year for the ninth to the 12th and
final interest payment dates until the expected maturity date of
the NAS-IO strip in December 2009.  During this period, some
collateral revenues will be used to pay the NAS-IO note coupon,
reducing the amount of excess spread available for first loss
protection.


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


BOURBAKI FOOD: Lucerne Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Lucerne commenced bankruptcy proceedings
against JSC Bourbaki Food on Jan. 31.

The Debtor can be reached at:

         JSC Bourbaki Food
         Lowenplatz 11
         6004 Lucerne
         Switzerland

The Bankruptcy Service of Lucerne can be reached at:

         Bankruptcy Service of Lucerne
         6000 Lucerne 5
         Switzerland


GPA KARTING: Creditors' Liquidation Claims Due March 15
-------------------------------------------------------
Creditors of LLC GPA Karting have until March 15 to submit their
claims to:

         Steiger Andreas
         Liquidator
         Eichenmoosstrasse 3
         6233 Buron
         Sursee LU
         Switzerland

The Debtor can be reached at:

         LLC GPA Karting
         Sursee LU
         Switzerland


HETRAG LLC: Creditors' Liquidation Claims Due March 19
------------------------------------------------------
Creditors of LLC Hetrag have until March 19 to submit their
claims to:

         JSC Buchhaltung
         Liquidator
         Weberrutistrasse 3
         8833 Samstagern
         Switzerland

The Debtor can be reached at:

         LLC Hetrag
         Richterswil
         Horgen ZH
         Switzerland


M. J. MAILLIS: Creditors' Liquidation Claims Due March 13
---------------------------------------------------------
Creditors of LLC M. J. Maillis Schweiz have until March 13 to
submit their claims to:

         Dr. Christoph G. Lang
         Liquidator
         Pestalozzi Lachenal Patry
         Lowenstrasse 1
         8001 Zurich
         Switzerland

The Debtor can be reached at:

         LLC M. J. Maillis Schweiz
         Pfaffikon ZH
         Switzerland


MODAG JSC: Aargau Court Starts Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against JSC Modag on Jan. 31.

The Debtor can be reached at:

         JSC Modag
         Spreitenbach
         Bodenacker 3
         8957 Spreitenbach
         Baden AG
         Switzerland

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Baden
         5402 Baden AG
         Switzerland


POWER PIZZA: Creditors' Liquidation Claims Due April 5
------------------------------------------------------
Creditors of LLC Power Pizza have until April 5 to submit their
claims to:

         Janarthanan Thiyagarajah
         Liquidator
         Sophie Tauberstrasse 2
         8050 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Power Pizza
         Zurich
         Switzerland


PRO-INFORMATIC: Creditors' Liquidation Claims Due March 15
----------------------------------------------------------
Creditors of LLC Pro-Informatic Reed have until March 15 to
submit their claims to:

         LLC Pro-Informatic Reed
         Muhlemattstrasse 9
         6374 Buochs NW
         Switzerland


RABER ORG + INFO: Creditors' Liquidation Claims Due March 15
------------------------------------------------------------
Creditors of LLC Raber ORG + INFO have until March 15 to submit
their claims to:

         Xaver Raber
         Liquidator
         Neumattstrasse 10
         5712 Beinwil am See
         Kulm AG
         Switzerland

The Debtor can be reached at:

         LLC Raber ORG + INFO
         Beinwil am See
         Kulm AG
         Switzerland


SOLARIUS HOLDING: Schwyz Court Closes Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Service of Schwyz entered Feb. 2 an order closing
the bankruptcy proceedings of JSC Solarius Holding.

The Debtor can be reached at:

         JSC Solarius Holding
         Gersauerstrasse 76
         6440 Brunnen
         Ingenbohl SZ
         Switzerland

The Bankruptcy Service of Schwyz can be reached at:

         Bankruptcy Service of Schwyz
         6430 Schwyz
         Switzerland


VILLIGER-RADSPORT: Creditors' Liquidation Claims Due March 13
-------------------------------------------------------------
Creditors of JSC Villiger-Radsport have until March 13 to submit
their claims to:

         Fritz Villiger
         Liquidator
         Ibach 13
         8712 Stafa
         Meilen ZH
         Switzerland

The Debtor can be reached at:

         JSC Villiger-Radsport
         8942 Oberrieden
         Horgen ZH
         Switzerland


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


AES CORP: Restating Financials & Delays Fourth Quarter Results
--------------------------------------------------------------
The AES Corp. expects to reschedule the release of its fourth
quarter and full year 2006 financial results and its earnings
conference call that was tentatively scheduled for Feb. 28.

The Company would restate its previously reported financial
statements.  Revised dates for the earnings release and
conference call will be announced at a future time.  As the
Company has not finalized its accounting review or year-end
audit, it will likely seek an extension from the SEC of its
filing deadline for its 2006 10-K to March 16.

                       Material Weakness

The Company has identified certain errors in its financial
statements.  Many of these errors were identified as a result of
the Company's continuing remediation of previously identified
material weaknesses.  Other errors were discovered during the
Company's quarterly and year-end accounting reviews.  As a
result of the errors discovered, the Company has decided to
conduct additional reviews and analyses as of year-end, which
are currently ongoing.  The Company believes that all errors,
which have been identified to date, were inadvertent and
unintentional.

Since the accounting review is not complete, no definitive
conclusions can be presented regarding the adjustments that will
be made in the restatement.  However, at this stage of the
Company's review, the net impact of recording these adjustments
is not expected to be material to any prior periods.
Nevertheless, the Company is still required to restate its
financial statements because, if it did not, the cumulative
impact of correcting these adjustments would be recorded in the
fourth quarter and the full year ending Dec. 31, 2006, and would
likely be material.  In addition, the Company does not believe
that any adjustments will affect total cash balances.  However,
as noted, subsequent review and analysis could reveal errors
that are material to prior periods or that affect cash.

In addition, the Company is reviewing its accounting for long
term compensation, which includes restricted stock units and
stock options.  At this stage of the review, management does not
believe that any accounting errors related to long-term
compensation are the result of any fraudulent practice.  The
Company's review relates primarily to the fact that it has
generally been treating the board approval date for its annual
long-term compensation grants as the accounting measurement date
for its share-based compensation.

However, since accounting measurement dates are determined by
finalization of awards or communication to employees of awards,
it is likely that the Company incorrectly calculated its share-
based compensation expense.  The Company is also reviewing the
potential impact on the accounting measurement date of
administrative errors in the granting process, including
administrative delays, errors in data entry and communication,
and other mistakes.  The Company has retained an outside
consulting firm to assist with its review of its accounting for
share-based compensation.  As this review is in process, the
Company is still evaluating whether any adjustment to its share-
based compensation expense may be required and, if there is such
an adjustment, whether the expense will be material to any prior
period.  In addition, subsequent findings could alter the scope
of the review.

The decision to restate prior financial statements was made by
management on Feb. 22 after consultation with AES's Financial
Audit Committee and after discussion with the Company's
independent registered public accounting firm, Deloitte & Touche
LLP.

                            About AES

AES Corporation -- http://www.aes.com/-- is a global power
company.  Generating 44,000 megawatts of electricity through 124
power facilities, the company delivers electricity through 15
distribution companies.  The company operates in South America,
Europe, Africa, Asia, and the Caribbean countries.

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

                        *     *     *

As reported in the TCR-Europe on Oct. 23, 2006, Moody's
Investors Service affirmed its B1 Corporate Family Rating for
AES Corp. in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating
methodology.

Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on the company's loans
and bond debt obligations including the B1 rating on its senior
unsecured notes 7.75% due 2014, which was also given an LGD4
loss-given default rating, suggesting note holders will
experience a 55% loss in the event of a default.


AGRICULTURAL INVESTMENT: Claims Submission Deadline Set March 9
---------------------------------------------------------------
Creditors of LLC Agricultural Investment Company (code EDRPOU
31171822) have until March 9 to submit written proofs of claim
to:

         Viktor Sunica, Liquidator
         P.O. Box 70
         01042 Kiev-42
         Ukraine
         Tel: 566-73-38

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Jan. 18 after finding it insolvent.  The
case is docketed under Case No. 43/462.

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 Agricultural Investment Company
         Artem Str. 66
         Kiev
         Ukraine


KOROTINO LLC: Claims Submission Deadline Set March 9
----------------------------------------------------
Creditors of Joint LLC Korotino (code EDRPOU 31970100) have
until March 9 to submit written proofs of claim to:

         State Tax Inspection in Shpola District, Liquidator
         Lenin Str. 12
         Shpola
         20600 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 14/4387.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         Joint LLC Korotino
         Korotino
         Shpola District
         20653 Cherkassy
         Ukraine


STINA LLC: Claims Submission Deadline Set March 9
-------------------------------------------------
Creditors of LLC Stina (code EDRPOU 03730377) have until March 9
to submit written proofs of claim to:

         Oksana Cheshkovskaya, Liquidator
         Uspensky Str. 69, ap. 29
         21000 Vinnica
         Ukraine
         Tel: 520-355

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company on Jan. 11 after finding it insolvent.  The
case is docketed under Case No. 10/212-06.

The Court is located at:

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

The Debtor can be reached at:

         Stina LLC
         Lenin Str. 6
         Stina
         Tomashpolye District
         24231 Vinnica
         Ukraine


CIDI-KOLA LLC: Claims Submission Deadline Set March 9
-----------------------------------------------------
Creditors of LLC Cidi-Kola (code EDRPOU 31282129) have until
March 9 to submit written proofs of claim to:

         Alexander Bandola, Liquidator
         S. Hohlovyh Str. 6-B
         04119 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Jan. 29 after finding it insolvent.
The case is docketed under Case No. 24/35-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 Cidi-Kola
         Zoologichnaya 8
         04119 Kiev
         Ukraine


UKRSOTSBANK OJSC: S&P Keeps B Rating on Creditwatch Positive
------------------------------------------------------------
Standard & Poor's Ratings Services' 'B' long-term counterparty
credit rating on Ukraine-based Ukrsotsbank OJSC remains on
CreditWatch with positive implications.  The rating was
originally placed on CreditWatch positive on Feb. 15, 2006 and
was subsequently raised on Sept. 11, 2006.

The CreditWatch status reflects the potential acquisition of
88.55% of USB's share capital by Italy-based Intesa Sanpaolo
SpA.  The acquisition, announced in February 2006, has been
considerably delayed by legal preparations and examinations.
The current purchase agreement specifies a deadline of March 31,
2007, after which the parties may terminate the agreement and
pursue other options.  The CreditWatch status will be reviewed
at that time, with reference to the parties' decisions.

"If the acquisition is successful, the ratings on USB could be
raised by a maximum of two notches, not to exceed the 'BB-'
sovereign foreign currency rating on Ukraine," said Standard &
Poor's credit analyst Ekaterina Trofimova.   We will assess the
strategic importance of USB for Intesa; its operational and
financial commitment and support; the revised strategy to be
implemented; and the impact of these factors on the stand-alone
and final ratings on USB.

"Cancellation of the acquisition would be unlikely to have an
adverse impact on the current ratings on USB, which are stand-
alone ratings and reflect no support from Intesa," said Ms.
Trofimova.

USB is among the top five banks in Ukraine and reported total
assets of Ukrainian hryvnia 14.4 billion at Sept. 30, 2006.  The
bank is indirectly controlled by prominent Ukrainian businessman
Viktor Pinchuk, and is part of a larger financial-industrial
group, Interpipe.


VIKING LLC: Claims Submission Deadline Set March 9
--------------------------------------------------
Creditors of LLC Company Viking (code EDRPOU 32430782) have
until March 9 to submit written proofs of claim to:

         Andrew Zharikov, Liquidator
         Turgenevskaya Str. 52/58
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Jan. 17 after finding it insolvent.  The
case is docketed under Case No. 43/7.

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 Company Viking
         Podgornaya/Tatarskaya Str. 3/7
         04053 Kiev
         Ukraine


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


ADVANCED MARKETING: Court Allows Hiring of Capstone as Advisors
---------------------------------------------------------------
The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for
the District of Delaware approved Advanced Marketing Services
Inc. and its debtor-affiliates' application to employ Capstone
Advisory Group LLC as their financial advisors in their
Chapter 11 cases.

Capstone will be entitled to allowance of compensation and
reimbursement of expenses, upon the filing and Court approval of
monthly, interim, and final applications, Judge Sontchi says.

Judge Sontchi notes that the consideration of the "Success Fee"
is continued until that time as Capstone seeks Court approval
and provides notice to interested parties for it.  The rights of
all parties with respect to any application are hereby reserved.

The Debtors will have no obligation to indemnify Capstone, or to
provide contribution or reimbursement to Capstone, for any claim
or expense that is judicially determined -- the determination
having become final -- to have arisen from Capstone's gross
negligence, willful misconduct or bad faith, Judge Sontchi says.

The Debtors formerly asked the Court for permission to employ
Capstone Advisory Group LLC as their financial advisors in their
chapter 11 cases.

Specifically, the Debtors will look to Capstone to:

   (a) analyze and challenge the Debtors' short-term and long-
       term cash flow forecasts;

   (b) assist management, as appropriate, in developing
       corresponding liquidity analysis;

   (c) analyze the Debtors' business plan and any alternative
       business plans suggested by the Debtors;

   (d) assist the Debtors and their advisors in identifying and
       evaluating strategic financial and restructuring
       alternatives;

   (e) support or assist investment banks of the Debtors in
       their efforts to sell or restructure the business entity;

   (f) act as a liaison between the Debtors and their investment
       bankers;

   (g) assist in providing data and information requested by
       Houlihan, Lokey, Howard & Zukin Capital Inc., in its
       efforts to market and refinance the Debtors;

   (h) assist Houlihan Lokey in its efforts to market or
       refinance the Debtors;

   (i) assist Houlihan, Lokey in identifying and executing an
       alternative transaction that best meets the objectives of
       the Debtors' and their estates; and

   (j) perform other tasks as may be requested by the Debtors
       from time to time.

Mark D. Collins, Esq., at Richards, Layton & Finger, PA, in
Wilmington, Delaware, related that Capstone specializes in
providing creative value-added solutions for stakeholders,
lenders and investors dealing with distressed and fraud
situations; for parties in commercial disputes; and for lenders
and investors evaluating capital transactions.

Capstone has provided services to the Debtors since May 2006.
At that time, Capstone was hired, through the Debtors' counsel,
O'Melveny & Myers LLP, to review the Debtors' short-term and
long-term financial forecasts, and assist the Debtors in
identifying and evaluating restructuring alternatives.

The Debtors also previously sought to employ Focus Management
Group U.S.A. Inc. as their financial advisors in a request
approved by the Court.  Mr. Collins said that Focus was retained
prior to Capstone and Focus' familiarity with the Debtors'
books, records, and financial reporting has aided Capstone's
provision of financial analysis and advisory services.
Furthermore, the Debtors, Focus, and Capstone have conferred and
will continue to do so to ensure there is no duplication of
effort or overlap of work between and among Focus and Capstone
in order to ensure that the Debtors estates receive their
maximum value.

"Focus will be working on a number of projects either in
conjunction with Capstone or under the supervision of Capstone,"
Mr. Collins says.

The Debtors will pay Capstone hourly rates on actual hours
worked at Capstone's standard hourly rates in effect when the
services are rendered.  Capstone's hourly rates are:

   Designation                    Hourly Rate
   -----------                    -----------
   Executive Directors          US$505 - US$595
   Staff                        US$275 - US$475
   Support                       US$90 - US$200

The Capstone employees that are expected to be directly
responsible for the engagement and their hourly rates are:

   * Mark Rohman, Capstone Executive Director -- US$595
   * Monique Atkins -- US$450

Mr. Collins noted that there will be a fee awarded to Capstone
upon the completion of a successful sale or refinancing of the
Debtors, equal to 30% of any transaction fee or financing fee
paid by the Debtors to Houlihan Lokey.

In addition, Mr. Collins stated that Capstone will be reimbursed
for all reasonably incurred out-of-pocket expenses in connection
with the rendering of services.  These include travel, lodging,
costs of reproduction, reasonable out-of-pocket counsel fees,
and other direct expenses.

The Debtors will also indemnify Capstone for its services.

Mr. Rohman assured the Court that Capstone and its partners and
associates do not have any connection with or any adverse
interest to the Debtors, their creditors, or any other parties-
in-interest.

If, before the earlier of (a) a final order confirming a Chapter
11 plan in the Debtors' bankruptcy cases, or (b) an order
closing the Debtors' Chapter 11 cases, Capstone believes that it
is entitled to the payment of any amounts by the Debtors on
account of the Debtors' indemnification, contribution, and
reimbursement obligations under its employment agreement with
the Debtors, Capstone must file an application with the Court
and the Debtors may not pay any of those amounts before any
Court ruling approving the payment.

Upon Court approval, the Debtors may indemnify Capstone,
pursuant to the terms of the Employment Agreement as amended in
the Debtors' employment application, for any claim related to
Capstone's performance of the services described in the
Employment Agreement.

Judge Sontchi further ruled that upon Court approval and in
accordance with the Employment Agreement as amended in the
Employment Application, the Debtors may indemnify and hold
harmless Capstone for any claim related to the consulting
services, but not for any claim related to Capstone's
postpetition performance of any services other than described in
the Employment Agreement unless the postpetition services and
indemnification are approved by the Court.

                    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
approximately 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. 7; 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.


ADVANCED MARKETING: Gets Court Nod to Hire Focus as Advisors
------------------------------------------------------------
The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for
the District of Delaware approved Advanced Marketing Services
Inc. and its debtor-affiliates' application to employ Focus
Management Group U.S.A. Inc. and avail of their financial
reporting, consulting, and advisory services in their Chapter 11
cases.

Focus will be entitled to allowance of compensation and
reimbursement of expenses, upon the filing and Court approval of
monthly, interim, and final applications, Judge Sontchi says.

Judge Sontchi notes that the Debtors will have no obligation to
indemnify Focus, or to provide contribution or reimbursement to
Focus, for any claim or expense that is judicially determined --
the determination having become final -- to have arisen from
Focus' gross negligence, willful misconduct or bad faith.

The Debtors previously asked the U.S. Bankruptcy Court for the
District of Delaware for authority to employ Focus Management
Group U.S.A. Inc. to provide them with financial reporting,
consulting, and advisory services in their Chapter 11 cases.

Mark D. Collins, Esq., at Richards, Layton & Finger, PA, at
Wilmington, Delaware, related that Focus has substantial
experience in both the financial analysis area and certain
insolvency services, having served in Chapter 11 cases on behalf
of debtors and creditors.

On March 8, 2006, the Debtors hired Focus for the purpose of,
inter alia, developing financial models and other tools to
assist in the Debtors' reporting to their senior secured
lenders.  To develop the models, Focus reviewed in detail the
Debtors' financial and operations reporting and systems.  Mr.
Collins said that Focus has developed a significant amount of
knowledge of the Debtors' businesses.

Specifically, Focus will:

   (a) prepare and, from time to time, update cash flow
       forecasts, other projections and other financial data for
       the Debtors;

   (b) assemble and prepare information for the Debtors' DIP
       lenders;

   (c) assist the Debtors in monitoring compliance with
       operating cash flow requirements as per the loan
       agreement with the Debtors' DIP lenders;

   (d) assist the Debtors in the preparation of reports to the
       United States Trustee;

   (e) assist the Debtors in complying with guidelines
       established by the U.S. Trustee;

   (f) assist the Debtors in connection with other financial
       operations and related tasks;

   (g) periodically communicate with and participate in meetings
       with the Debtors' management and other parties-in-
       interest regarding the Debtors' financial condition; and

   (h) perform other functions as requested by the Debtors,
       their legal counsel, and their financial advisors.

Mr. Collins added that Focus' retention centers around its
familiarity from prepetition work with certain aspects of the
Debtors' books, records and financial reporting needs.

Focus will be working on a number of projects either in
conjunction with the Capstone Advisory Group, LLC, or under the
supervision of Capstone.

Moreover, Mr. Collins noted that it is necessary and essential
that the Debtors employ Focus to render the professional
services necessary to assist the Debtors with their duties as
debtors and debtors-in-possession.  "The Debtors believe that
Focus is well qualified to serve them in these chapter 11 cases
and that the retention of Focus is necessary and in the best
interests of their estates and creditors," said Mr. Collins.

Robert O. Riiska, a managing director at Focus, assured the
Court that Focus' partners and associates do not have any
connection with or any interest adverse to the Debtors, their
creditors, or any other party-in-interest, or their attorneys.

Prior to the Dec. 29, 2006, the Debtors paid Focus US$1,044,850
for fees and expenses for prepetition services rendered by Focus
to the Debtors, as well as to serve as retainer, of which
US$775,452 was received during the 90 days prior to the Petition
Date.

After deducting fees and expenses previously billed -- and paid
-- and estimated unbilled prepetition amounts for prepetition
services rendered, US$346,626 remains as a retainer.  The
balance will be available to be applied to postpetition services
and any prepetition fees and expenses incurred but unprocessed,
prior to the Petition Date.

The Debtors will pay Focus its hourly fees and reasonable
expenses.  Focus' discounted hourly rate schedule for the
Debtors is:

   Designation                Hourly Rate
   -----------                -----------
   Managing Directors            US$375
   Senior Consultants            US$350

Traveling time to and from the Debtors' corporate headquarters
will not be charged to the Debtors; however, the Debtors will
pay for all costs and expenses incurred in connection with the
services provided.

The Debtors and Focus also agreed to certain indemnification
provisions.

If, before the earlier of (a) a final order confirming a Chapter
11 plan in the Debtors' bankruptcy cases, or (b) an order
closing the Debtors' bankruptcy cases, Focus believes that it is
entitled to the payment of any amounts by the Debtors under its
employment agreement with the Debtors, Focus must file an
application with the Court and the Debtors may not pay any of
those amounts before any Court ruling approving the payment.

Upon Court approval, the Debtors may indemnify Focus for any
claim related to Focus' performance of the services described in
the Employment Agreement.

Furthermore, upon Court approval and in accordance with the
Employment Agreement, the Debtors may indemnify and hold
harmless Focus for any claim related to the consulting services,
but not for any claim related to Focus' postpetition performance
of any services other than described in the Employment Agreement
unless the postpetition services and indemnification are
approved by the Court, Judge Sontchi adds.  Except as expressly
set forth, the indemnification provisions will be enforceable in
all respects.

                    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
approximately 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. 7; 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.


ARMSTRONG WORLD: Settles Intercompany Claims for US$20 Million
--------------------------------------------------------------
Armstrong Holdings Inc. and its former subsidiary, Armstrong
World Industries Inc., have reached a settlement on all inter-
company claim and tax issues.

The settlement, if approved by the U.S. Bankruptcy Court for the
District of Delaware, calls for AWI to pay AHI US$20 million in
cash, and gives AHI an allowed claim under AWI's confirmed Plan
of Reorganization of US$8.5 million.

The settlement gives AWI the right to make all relevant tax
elections and file all required tax returns on behalf of the
Armstrong group of companies for all relevant tax periods during
which the two companies were affiliated, and to receive and
retain all related tax refunds.  AHI would recover on the AHI
Claim on the same basis as other unsecured creditors of AWI
under the AWI Plan of Reorganization.  The initial distribution
in satisfaction of the US$8.5 million AHI Claim would consist of
approximately US$2 million in cash plus approximately 98,690
shares of reorganized AWI.

Shareholders of AHI will be mailed a notice of the hearing,
which is scheduled for April 2, 2007.

                         About Armstrong

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. (NYSE: AWI) -- http://www.armstrong.com/-- designs and
manufactures floors, ceilings and cabinets.  AWI operates 42
plants in 12 countries and employs approximately 14,200 people
worldwide.  In Europe, the company maintains operations
facilities and/or sales offices in Belgium, France, Germany, and
the United Kingdom.

The company and its affiliates filed for chapter 11 protection
on Dec. 6, 2000 (Bankr. Del. Case No. 00-04469).
StephenKarotkin, Esq., at Weil, Gotshal & Manges LLP, and
Russell C.Silberglied, Esq., at Richards, Layton & Finger, P.A.,
represent the Debtors in their restructuring efforts.  The
company and its affiliates tapped the Feinberg Group for
analysis, evaluation, and treatment of personal injury asbestos
claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written
confirmation order on Aug. 18, 2006.  The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 9, 2006,
Standard & Poor's Ratings Services raised its corporate credit
rating on Armstrong World Industries Inc. to 'BB' from 'D',
following the Company's emergence from bankruptcy on Oct. 2,
2006.  The outlook is stable.


AVOCA CLO: S&P Assigns B Ratings to EUR14-Mln Class F Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR663 million floating-rate notes to be
issued by Avoca CLO VII PLC, a special purpose entity. At the
same time, Avoca CLO VII will issue unrated notes totaling
EUR48 million.

This transaction will be managed by Avoca Capital Holdings.  It
will be Avoca Capital's seventh leveraged loan CLO, following
Avoca CLO VI PLC, which closed in November 2006.  The collateral
portfolio will consist of senior and mezzanine loans, and high-
yield bonds.

The structure of this transaction is very similar to that of
Avoca CLO VI.

From the effective date to May 2010, the investment manager will
have the option to extend the weighted-average maturity test by
three years providing that there was no default in the pool, the
collateral balance of the pool is at least equal to
EUR700 million, and the portfolio profile and the collateral
quality tests have been satisfied.

                            Ratings List

Avoca CLO VII PLC
   EUR711 Million Floating-Rate Notes

              Class          Prelim.        Prelim.
                             rating         amount (Mil. EUR)

              F deferrable   B               14.0
              notes
              A1             AAA            405.5
              A2             AAA             86.0
              B deferrable   AA              48.5
              notes
              C deferrable   A               46.5
              notes
              D deferrable   BBB             31.5
              notes
              E deferrable   BB              31.0
              notes
              G subordinated NR              48.0
              notes


CAMPBELL & LAW: Creditors' Meeting Slated for March 12
------------------------------------------------------
Creditors of Campbell & Law Ltd. will meet at 11:30 a.m. on
March 12 at:

         The Premier Travel Inn
         Main Road
         Boreham
         Chelmsford
         Essex
         CM3 3HJ
         England

Secured creditors who want to vote at the meeting must submit
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 March 8 at the offices of:

         Baker Tilly
         46 Clarendon Road
         Watford
         Hertfordshire
         WD17 1JJ
         England

Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing
and other services for mid-cap and smaller publicly listed
companies and private companies, particularly those expanding
into new foreign markets.  Services include business and
financial planning, tax-related services, corporate finance,
litigation support, turnaround services, and technology
consulting.


CENTRAL VENUE: Creditors' Meeting Slated for March 13
-----------------------------------------------------
Creditors of Central Venue Sports Management Ltd. will meet at
10:30 a.m. on March 13 at:

         The Smithies
         Ossington Road
         Norwell
         NG23 6GZ
         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:

         BWC Business Solutions
         8 Park Place
         Leeds
         LS1 2RU
         England


CHILTERN INVADEX: Administrators Affirm Sale of Business
--------------------------------------------------------
Allan Watson Graham and Mark Jeremy Orton, the joint
administrators of Chiltern Invadex Ltd., sold the firm's
business and assets to a subsidiary of the Powertronics Group.

"I am delighted with the sale, which secures the continuation of
the business and provides certainty to the company's 115
employees.  The company is a logical complement to the
Powertronics Group, which will provide it with a good platform
for the future," Mr. Graham disclosed.

"Chiltern is now leaner and hungrier and its products are backed
up by a team representing over one thousand man years of
experience in the industry.  I am optimistic that our purchase
puts Chiltern on a firm footing for the future," Robert Hale,
managing director of Powertronics added.

Chiltern Invadex brought in administrators from KPMG
Restructuring on Jan. 4.

Headquartered in Birmingham, England, 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 Bicester, England, Chiltern Invadex Ltd.
manufactures and installs medical care products.


COLLINS & AIKMAN: Files 60-Day Notice to Close Missouri Plant
-------------------------------------------------------------
Collins & Aikman Corp. has filed a 60-day notice under the
Federal Worker Adjustment and Retraining Notification Act to
close the instrument panels Columbia, Missouri plant at 4000
Waco Road on March 3, the Columbia Daily Tribune reported.

The Columbia plant has around 250 employees.  The closure could
be averted if a buyer steps forward or if customers need the
plant's product beyond the scheduled closing date, David
Youngman, Collins spokesman, said.

Mr. Youngman earlier mentioned, "the Columbia plant could be
could be vulnerable because of 'continued deterioration' in the
instrument panel sector."

Collins is trying to sell the company or its business units as
it liquidates its assets.

              Flex-N-Gate Interested in Evart Plant

Illinois-based Flex-N-Gate may purchase Collins' Evart,
Michigan, plant.  According to Cadillac News, Flex-N-Gate asked
workers at the plant to accept a concession package that would
reduce the employees' pay, pensions and insurance.

The workers, members of the UAW Local 2270, voted 283 to 157 in
favor of the contract.  While some are unhappy with the
decision, Gregg Sherman, a member of the local's bargaining
committee, wants to see the workforce move forward.  "We were a
factory without a company and needed a company to buy us," he
says.

Contract details, which have not been disclosed, are subject to
the Bankruptcy Court's approval.

                    About Collins & Aikman

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
US$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 53;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


CORUS GROUP: Tata Dismisses Speculation on Scunthorpe Plant Sale
----------------------------------------------------------------
Tata Steel may sell the Scunthorpe plant of Corus Group plc to
resolve debts obtained for the financing of its US$12.1-billion
acquisition of the Anglo-Dutch steelmaker, The Economic Times
relates citing a report by a British publication.

According to the report, Russian steelmaker Severstal offered
Tata Steel US$1.9 billion for the Scunthorpe plant, where 80% of
the value in the long products division resides.

The Scunthorpe division has an estimated total asset value of
US$3 billion but it may sell at a discount because of debt and
low profitability.

The report adds that Severstal owner Alexie Mordashov might put
in a counter bid for Corus.

A group of steelmakers, including Brazil's Gerdau, Russia's
Evraz and Arcelor Mittal, has also expressed interest in buying
Corus assets, the report continues.

However, Tata dismissed speculations regarding the sale of Corus
assets.

It "didn't make sense for Tata Steel to sell a plant that was
producing long products," industry analysts in India were quoted
by the Economic Times as saying.

Tata is currently finalizing the financing structure and
integration of Corus operations with the company, sources close
to the Indian steelmaker reveal.

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

                        About Tata Steel

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

                        About Corus Group

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

Corus turns over GBP10 billion annually and employs 47,300 in
over 40 countries and sales offices and service centers
worldwide, including Indonesia and the Philippines.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 2, 2007, Standard & Poor's Ratings Services kept its 'BB'/
long-term corporate credit rating on U.K.-based steelmaker Corus
Group PLC on CreditWatch with developing implications, after the
completion of the auction process, during which India-based
steel manufacturer Tata Steel Ltd. offered the highest bid of
608 pence per share.

This values the company at GBP5.75 billion, up from the 455
pence per share of the initial bid.

At the same time, the 'BB+' long-term debt rating on Corus'
EUR700 million senior secured bank loan and the 'BB-' unsecured
debt ratings on Corus remain on CreditWatch with developing
implications.  The 'B' short-term corporate credit rating
remains on CreditWatch with positive implications.

All ratings were placed on CreditWatch on Oct. 18, 2006,
following the disclosure of an initial bid by Tata Steel.

On Feb 2, 2007, Fitch Ratings said that Corus Group Plc's
Issuer Default 'BB-' and Short-term 'B' ratings remain on Rating
Watch Negative following a recommended bid, valued at GBP6.2
billion, from India-based Tata Steel Limited in the wake of an
auction process conducted by the UK Takeover Panel on 30-31
January 2007.  The RWN also applies to the 'B+' ratings on CS's
EUR800 million 7.5% senior notes and Corus Finance Plc's GBP200m
6.75% guaranteed bonds.

At the same time, Moody's Investors Service placed Corus Group
plc's Ba2 Corporate Family and other ratings under review.


ELLIOT TAYLOR: Creditors' Meeting Slated for March 14
-----------------------------------------------------
Creditors of Elliot Taylor Ltd. will meet at 11:30 a.m. on
March 14 at:

         McCabe Ford Williams
         41-43 William Street
         Herne Bay
         Kent
         CT6 5NT
         England

Creditors who want to vote at the meeting have until noon on
March 13 to submit their proxy forms together with particulars
of their claims or of any security at the said address.

David Jenner Cork of McCabe Ford Williams will furnish creditors
with information concerning the company's affairs free of charge
as they may reasonably require.


GENERAL MOTORS: Daimler May Accept GM Stake for Chrysler
--------------------------------------------------------
DaimlerChrysler AG mulls accepting a minority stake in General
Motors Corp. in return for Chrysler if both groups come to an
agreement on the sale of the unit, John Reed writes for the
Financial Times.

As reported in the Troubled Company Reporter-Europe on Feb. 19,
citing German publication Manager Magazin, DaimlerChrysler and
General Motors are in talks about a possible purchase of the
Chrysler Group by GM.

If the all-equity deal pushes through, DaimlerChrysler stands to
save billions of dollars in synergies and merger costs, FT
states.

According to the report, both companies have not confirmed the
discussions, although at least two of DaimlerChrysler
institutional shareholders are in favor of the all-share deal.

DaimlerChrysler also has the option to sell the ailing unit to
private equity or industry investors and is relying on JPMorgan
Chase for advice on its available alternatives, FT relates.

                      About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- develops, manufactures,
distributes, and sells various automotive products, primarily
passenger cars, light trucks, and commercial vehicles worldwide.
It primarily operates in four segments: Mercedes Car Group,
Chrysler Group, Commercial Vehicles, and Financial Services.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.

                   About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the
world's largest automaker and has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 284,000
people around the world.  It has manufacturing operations in 33
countries and its vehicles are sold in 200 countries.  GM sells
cars and trucks under these brands: Buick, Cadillac, Chevrolet,
GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, and
Vauxhall.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on
Dec. 15, 2006, Standard & Poor's Ratings Services affirmed its
'B' corporate credit rating and other ratings on General Motors
Corp. and removed them from CreditWatch with negative
implications, where they were placed March 29, 2006.  S&P said
the outlook is negative.

As reported in the TCR-Europe on Nov. 16, 2006, Standard &
Poor's Ratings Services assigned its 'B+' bank loan rating to
General Motors Corp.'s proposed US$1.5 billion senior term loan
facility, expiring 2013, with a recovery rating of '1'.  The
'B+' rating was placed on Creditwatch with negative
implications, consistent with the other issue ratings of GM,
excluding recovery ratings.

At the same time, Moody's Investors Service assigned a Ba3,
LGD1, 9% rating to the proposed US$1.5 Billion secured term loan
of General Motors Corp.  The term loan will be secured by a
first priority perfected security interest in all of the U.S.
machinery and equipment, and special tools of GM and Saturn
Corp.


MOBILE COMMUNITY: Brings In T Papanicola as Administrator
---------------------------------------------------------
T Papanicola of Bond Partners LLP was named administrator of The
Mobile Community Ltd. (Company Number 04225583) on Feb. 2.

The administrator can be reached at:

         T Papanicola
         Bond Partners L LP
         The Grange
         100 High Street
         London
         N14 6TG
         England
         Tel: 020 8444 2000
         Fax: 020 8444 3400

The company can be reached at:

         The Mobile Community Ltd.
         243 Lavender Hill
         Wandsworth
         London
         SW11 1JW
         England
         Tel: 0870 770 5077
         Fax: 0870 770 5078


NATIONAL PROVIDENT: S&P Affirms BB+ Rating With Stable Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
counterparty credit rating on U.K.-based life assurer National
Provident Life Ltd.  The outlook is stable.  At the same time,
the rating was withdrawn at the request of the company.

At the time of the rating withdrawal, there were no outstanding
ratings on directly issued or guaranteed obligations of NPL,
following the call of the guaranteed junior subordinated notes
issued by NPI Finance PLC in 2006.  Although Standard & Poor's
will not maintain a public rating opinion on NPL, it will
maintain ongoing surveillance on the performance of NPL's
securitized in-force block that supports notes issued by Mutual
Securitization PLC.


PERSONAL CATERING: Appoints Duncan Roderick to Administer Assets
----------------------------------------------------------------
Duncan Roderick Morris of The Till Morris Partnership was
appointed administrator of The Personal Catering Co. Ltd.
(Company Number 02243486) on Feb. 13.

The administrator can be reached at:

         Duncan Roderick Morris
         The Till Morris Partnership
         2 Church Street
         Warwick
         Warwickshire
         CV34 4AB
         England
         Tel: 01926 497 722
         Fax: 01926 497 733

The company can be reached at:

         The Personal Catering Co. Ltd.
         Unit D1-D6
         Fruit & Vegetable Market
         London
         SW8 5EE
         England
         Tel: 020 7498 4000
         Fax: 020 7498 2091


POLESTAR GROUP: Creditors' Meeting Slated for March 8
-----------------------------------------------------
Creditors of The Polestar Group Ltd. (Company Number 3489002)
will meet at 10:30 a.m. on March 8 at:

         Deloitte & Touche
         Athene Place
         66 Shoe Lane
         London
         EC4A 3BQ
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on March 7 at:

         N B Kahn
         Joint Administrative Receiver
         Deloitte & Touche
         PO Box 810
         66 Shoe Lane
         London
         EC4A 3BQ
         England

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.


REFCO INC: Refco LLC Trustee Pays US$38.3 Mln in Cure Amounts
-------------------------------------------------------------
Pursuant to an order authorizing him to (i) assume and perform
an Acquisition Agreement with Man Financial, Inc., (ii) sell
regulated futures commission merchant business, and (iii) assume
and assign related executory contracts to Man Financial,
Albert Togut, the Chapter 7 Trustee overseeing the liquidation
of Refco LLC's estate, reports that he has paid US$38,354,067 in
cure amounts on account of more than 700 contracts:

Date           Description                                Amount
----           -----------                                ------
11/28/05       Pioneer Futures-Viola Contract Cure US$27,225,000
03/17/06       Currenex Cure Payment                   1,422,137
04/28/06       Broker Cure Payments                    5,397,005
05/23/06       Nyfix Overseas Cure Payment               251,196
06/02/06       Gombas Cure Payment                       319,899
07/07/06       Broker Cure Payments                      759,591
09/21/06       Broker Cure Payments                    2,973,855
Various Dates  Property Lease Cure Payments                5,384

Refco LLC is a debtor-affiliate of Refco Inc.

A schedule detailing all counterparties to assumed contracts and
leases and the Cure Amounts paid is available at no charge at
http://ResearchArchives.com/t/s?1a1e

                         About Refco Inc.

Headquartered in 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. 57; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


REFCO INC: Refco LLC Pays US$9.6 Million in Exchange Memberships
----------------------------------------------------------------
Albert Togut, the Chapter 7 Trustee overseeing the liquidation
of the Refco LLC estate, discloses that more than 90 claims were
satisfied from the US$9,601,267 proceeds of the Debtor's
exchange memberships in accordance with an order authorizing him
to assume and perform the Acquisition Agreement with Man
Financial, Inc.

To facilitate the transfer of Refco LLC's Exchange Memberships
to Man Financial free and clear of liabilities pursuant to the
Acquisition Agreement, the Chapter 7 Trustee posted deposits
with commodity exchanges totaling approximately US$87,100,000.
The deposits served as a proxy for the exchange memberships that
were transferred to Man Financial, and secured payment of any
claims that were made in accordance with applicable exchange
rules.

Consequently, a number of exchanges and exchange members
asserted claims against the deposits that had been posted by the
Chapter 7 Trustee.

The Chapter 7 Trustee states that all claims asserted at
commodity exchanges have now been resolved, and all claims
allowed at the exchanges have been paid from the proceeds of the
deposits used to secure the transfer of the Exchange Memberships
to Man Financial free and clear of liens and liabilities.

The consolidated amounts paid for Exchange Fees & Member Claims
are:

   Fee Type        Exchange                              Amount
   --------        --------                              ------
Exchange Fees   Chicago Board Options Exchange     US$1,369,273

Member Claims   Chicago Board Options Exchange          765,869

Exchange Fees   Chicago Mercantile Exchange           4,261,488

Member Claims   Chicago Mercantile Exchange           1,200,888

Exchange Fees   New York Mercantile Exchange, Inc.    1,815,810

Exchange Fees   New York Board Of Trade                  26,937

Exchange Fees   Kansas City Board of Trade               23,444

Member Claims   Kansas City Board of Trade              128,794

Exchange Fees   Mineapolis Grain Exchange                 8,763

Refco LLC is a debtor-affiliate of Refco Inc.

A detailed report of claims paid from the deposits used to
secure the transfer of Exchange Memberships is available at no
charge at http://ResearchArchives.com/t/s?1a1f

                         About Refco Inc.

Headquartered in 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. 57; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


SANDWELL COMMERCIAL: Fitch Affirms Class E Notes at BB
------------------------------------------------------
Fitch Ratings affirmed Sandwell Commercial Finance No.1 plc's
commercial mortgage-backed floating-rate notes due 2039 and
Sandwell Commercial Finance No.2 plc's commercial mortgage-
backed floating-rate notes due 2037 as follows:

   * Sandwell I:

      -- GBP136.8 million Class A at 'AAA'
      -- GBP17.5 million Class B at 'AA'
      -- GBP12.5 million Class C at 'A'
      -- GBP10 million Class D at 'BBB'
      -- GBP5 million Class E at 'BB'

   * Sandwell II:

      -- GBP235.1 million Class A at 'AAA'
      -- GBP18.9 million Class B at 'AA'
      -- GBP17.2 million Class C at 'A'
      -- GBP21.7 million Class D at 'BBB'
      -- GBP14 million Class E at 'BB'

Fitch notes that despite the significant amount of substitutions
seen in Sandwell I and Sandwell II, the ratings on the
respective transactions are unaffected.  This is the major
finding in Fitch's performance report titled "Sandwell
Commercial Finance - A Performance Update" released today.

"Regular substitutions have been an issue as at the time of
their being made the transaction failed to meet the necessary
criteria. Rating agency approval was required for many
substitutions," notes the report.  "But while Fitch is aware of
this it has not significantly influenced the quality of the
transactions."

The report offers a description of the disposal, substitution
and prepayment activities that have occurred, and the effects of
these activities on the respective transactions.  The report
looks at the quality of the loans in the transactions, the
credit enhancements made and the remaining loan collateral, and
how these influence the ratings.


SOUTH DEVON: Creditors' Meeting Slated for March 9
--------------------------------------------------
Creditors of South Devon Removals Ltd. will meet at 12:45 p.m.
on March 9 at:

         The Alexander Partnership
         St. Andrews Court
         St. Andrews Street
         Devon
         PL1 2AH
         England

Creditors who want to vote at the meeting have until noon on
March 8 to submit their proxy forms together with particulars of
their claims or of any security at:

         Rothman Pantall & Co.
         Clareville House
         26-27 Oxendon Street
         London
         SW1Y 4EP
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge on March 7 at Rothman
Pantall & Co.


TECHNICAL PLASTERING: Creditors' Meeting Slated for March 9
-----------------------------------------------------------
Creditors of Technical Plastering Services Ltd. will meet at
1:30 p.m. on March 9 at:

         Kallis & Co.
         1148 High Road
         Whetstone
         London
         N20 0RA
         England

Creditors who want to vote at the meeting have until noon on
March 8 to submit their proxy forms together with particulars of
their claims or of any security to Elizabeth Arakapiotis at the
said address.

Elizabeth Arakapiotis of Kallis & Co. will furnish creditors
with information concerning the company's affairs free of charge
as they may reasonably require.


TRIDENT WINDOWS: Creditors' Meeting Slated for March 12
-------------------------------------------------------
Creditors of Trident Windows & Conservatories Ltd. will meet at
11:30 a.m. on March 12 at:

         Bulley Davey
         69-75 Lincoln Road
         Peterborough
         PE1 2SQ
         England

A list of names and addresses of the company's creditors will be
available for inspection on March 8.


VIRGIN MEDIA: British Sky Expects Termination of Channel Deal
-------------------------------------------------------------
British Sky Broadcasting Group plc disclosed that there exists
the real possibility that the agreement in relation to the
carriage of its basic channels on Virgin Media Inc.'s cable
network will not be reached before expiry of the current
contract at midnight on Feb. 28.

Despite the constructive approach adopted by Sky throughout
negotiations, the recent behavior of Virgin Media appears at
odds with a genuine desire to conclude the agreement.

The Company wishes that the Sky basic channels that Virgin Media
currently carries, including Sky One, Sky Two, Sky Sports News
and the award-winning Sky News, remain available to Virgin Media
customers and has negotiated in good faith with Virgin Media and
shown flexibility on price.  More has been offered to Virgin
Media than ever before, including HD services and new channels
such as Sky Three and Sky Arts, the U.K.'s only dedicated arts
channel.

Sky has increased investment in its basic channels by 68% over
the last five years to around GBP200 million per annum and, as a
consequence, the most watched pay TV programs in cable
households are on the Sky basic channels.  It is simply seeking
a fair price so that it can continue to provide the great shows
and choice that Virgin Media customers value.

Unlike the open satellite platform, Virgin Media's cable network
is closed.  The only way Sky's channels can be available to
cable viewers is if Virgin Media chooses to carry them.  As a
consequence, Sky's basic channels would become unavailable to
all Virgin Media customers for an indeterminate period of time.

Sky receives revenue in relation to the carriage of its basic
channels on Virgin Media's cable network, both directly from
Virgin Media in the form of monthly carriage fees and,
indirectly, via advertising on those channels which are viewed
within Virgin Media households.

The Company estimates that the financial impact on Sky, were an
agreement not to be concluded in relation to the remainder of
the year to June 30, would be a reduction of GBP15 to GBP20
million of operating profit.  This reflects the impact of lower
wholesale carriage fees and lower advertising revenues.  It does
not include any of the future benefits or costs associated with
accelerated customer growth should cable customers decide to
switch to Sky.  This would include subscriber acquisition costs
and any revenues received either through on-going subscriptions
or one-off installation and equipment costs.

Sky continues to be willing to negotiate with Virgin Media in
good faith at any time.

"We are disappointed that Virgin Media appear to have walked
away from negotiations," Jeremy Darroch, CFO, said.  "Sky
offered more channels to Virgin Media than ever before.  We have
invested in developing our channel offering and sought a fair
price, which reflects that fact.  With three days still to go
before the deadline, we hope that Virgin Media will focus on
getting a deal done rather than on their PR offensive."

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.

                          *     *     *

As of Feb. 13, Virgin Media Inc. (fka NTL Inc.) carries these
ratings:

   * Moody's Investors Service:

      -- Long-Term Corporate Family Rating: Ba3

   * Standard & Poor's:

      -- Long-Term Foreign Issuer Credit Rating: B+
      -- Long-Term Local Issuer Credit Rating: B+
      -- Outlook Positive

   * Fitch:

      -- Long-Term Foreign Issuer Default Rating: B+
      -- Short-Term Issuer Default Rating: B
      -- Short-Term Rating: B
      -- Outlook Stable


WOODS MEMORIAL: Brings In Administrators from P&A
-------------------------------------------------
Christopher Michael White and Andrew Philip Wood of The P&A
Partnership were appointed joint administrators of Woods
Memorial Craft Ltd. (Company Number 02608935) on Feb. 12.

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

The company can be reached at:

         Woods Memorial Craft Ltd.
         21A
         Dereham Road
         Norwich
         Norfolk
         NR2 4HY
         England
         Tel: 01603 626 680
         Fax: 01603 661 923


WOODSTYLE FURNITURE: Taps Tenon Recovery as Joint Administrators
----------------------------------------------------------------
T J Binyon and S J Parker of Tenon Recovery were appointed joint
administrators of Woodstyle Furniture Ltd. (Company Number
04150984) on Feb. 13.

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

The company can be reached at:

         Woodstyle Furniture Ltd.
         Green Gates
         Merton
         Thetford
         Norfolk
         IP25 6QP
         England
         Tel: 01953 884 333

                           *********

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.


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