TCREUR_Public/070301.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, March 1, 2007, Vol. 8, No. 43

                            Headlines


A U S T R I A

CON.TEC.-LIMEX: Claims Registration Period Ends April 2
GTR HAUSTECHNIK: Korneuburg Court Orders Business Shutdown
I.D.N.A. LLC: Claims Registration Period Ends March 29
PUTZ UND STUCK: Claims Registration Period Ends April 10
SPORT OLYMPIA: Claims Registration Period Ends March 30


B U L G A R I A

TOPLOFIKACIA-SOFIA: Unpaid Bills Push Firm to Near Bankruptcy


F R A N C E

ALCATEL-LUCENT: European Group Committee Slated for March 16
ALCATEL-LUCENT: Inks Network Deal With Advocate Health Care
ALCATEL-LUCENT: Inks Network Outsourcing Deal with E-Plus
GAP INC: Abandons Forth & Towne Store Concept; Closes 19 Stores


G E R M A N Y

ADVANTAGE PRIME-MOVERS: Claims Registration Ends March 29
AKTIV SPORT: Creditors' Meeting Slated for April 4
AL HESHAM: Creditors' Meeting Slated for April 4
ALBATRIK GMBH: Claims Registration Period Ends March 19
ANTON ECKART: Claims Registration Period Ends March 26

ARNS BETEILIGUNGSGESELLSCHAFT: Claims Registration Ends March 23
AUTOHAUS MAY: Creditors' Meeting Slated for March 15
AUTOHAUS RIESEBECK: Claims Registration Period Ends April 19
BENLI BAU: Claims Registration Period Ends April 13
BS EISENHANDLUNG: Claims Registration Period Ends May 10

CM BAU: Claims Registration Ends March 26
CONSTRUCT BAU: Claims Registration Ends April 13
DAIMLERCHRYSLER: Plans to Cut 1,000 Salaried Jobs by June 2007
DAIMLERCHRYSLER: Chrysler & UAW Ink Two Employee Incentive Deals
DAIMLERCHRYSLER: Magna Makes Chrysler's New Seating Features

DARO ROMAN: Claims Registration Ends April 5
DME EVENT: Claims Registration Ends April 20
DRUCKHAUS DARMSTADT: Claims Registration Ends April 10
LEONHARD WILLEMS: Claims Registration Ends May 15
LUCKS SPEZIALPRAPARATE: Claims Registration Ends April 16

METROPOL MEDIEN: Claims Registration Ends March 27
MUC AUTOMOTIVE: Claims Registration Ends April 10
NEUDERT GMBH: Claims Registration Ends April 30
NKS TELECENTER: Creditors Must Register Claims by April 18
PERGAMON DIENSTLEISTUNGS: Creditors Must File Claims by April 18

PROBIT BEROLINA: Creditors' Meeting Slated for April 13
PUTZ + HOLZ: Creditors Must Register Claims by April 24
ROUTE SOLEIL: Creditors Must Register Claims by March 26
SAROTEC GMBH: Claims Registration Ends March 28
SCHWEISSKONSTRUKTION SCHREYER: Claims Registration Ends April 11

SICHERT GMBH: Claims Registration Ends April 4
STAHLBAU NORD: Claims Registration Ends April 2
STRASSE 8: Claims Registration Ends May 16
SUCCESSFUL MARKETING: Claims Registration Period Ends March 16
TLS THERMO: Claims Registration Period Ends April 5

WITREU: Claims Registration Period Ends April 5
XANTOS AG: Claims Registration Period Ends April 10
XELAN GMBH: Claims Registration Period Ends April 18


G R E E C E

EMPORIKI BANK: Posts EUR234.7-Million Loss for 2006


I T A L Y

ALITALIA SPA: Italy Mulls Capital Hike for Carrier if Sale Fails
ALITALIA SPA: Board Names Managers for Operations and Finance
LEAR CORP: Posts US$707.5 Million Net Loss for Full Year 2006


K A Z A K H S T A N

AGRO STROY: Creditors Must File Claims by March 30
KAZ ELECKS: Creditors' Claims Due April 6
KAZ ZERNO: Proof of Claim Deadline Slated for March 30
RECORD TRADE: Claims Registration Ends March 30
STROITELNYH MATERIALOV: Claims Filing Period Ends April 6


K Y R G Y Z S T A N

DEVELOPMENT FINANCE: Claims Filing Period Ends April 6


L A T V I A

BALTIC TRUST: Moody's Lifts Ba2 Covered Bond Rating to Baa3

L U X E M B O U R G

PENTA CLO: S&P Assigns BB Rating to EUR13-Mln Class E Notes


N E T H E R L A N D S

BITE FINANCE: Moody's Junks EUR115-Mln Sr. Subordinated Notes
BUHRMANN NV: Sustained Earnings Cue S&P to Raise Ratings to BB
X5 RETAIL: Confirms Plan to Buy Karusel Chain Under Call Option


R U S S I A

ABINSKIY LLC: Creditors Must File Claims by March 10
AGRO-INVEST LLC: Creditors Must File Claims by March 10
BELEBEEVSKIY BAKERY: Creditors Must File Claims by April 10
ELIT: Dagestan Court Names G. Murtazaev as Insolvency Manager
EKATERINODAR-FINANCIAL: Court Names E. Leyliyan to Manage Assets

INFORTEKS CJSC: Court Starts Bankruptcy Supervision Procedure
KEMEROVSKIY WINERY: Asset Sale Slated for March 13
KRASNOSELSKOYE CJSC: Bankruptcy Hearing Slated for July 2
LUKOIL OAO: To Keep Buy Option in Kharyaga Oilfield Project
LUKOIL OAO: Vagit Sharifov Sells 160,000 Ordinary Shares

MEGAFON: Takes Part in 3G License Tender Process
MOBILE TELESYSTEMS: Participates in 3G License Bidding Process
NEVEL-AUTO-TRANS: Court Starts Bankruptcy Supervision Procedure
ORLOVSKOYE FUEL: Creditors Must File Claims by April 10
PROMSVYAZBANK JSCB: To Issue Five-Year RUR4.5-Billion Bonds

PROMSVYAZBANK: Fitch Assigns B+ Rating to Upcoming Loan Issue
ROSNEFT OIL: Offers Asset Swap for Gazprom Stake in Oil Field
SARMANOVO-AGRO-KHIM-SERVICE: Claims Filing Period April 10
SINEGORSKIY WOOD-PROM-KHOZ: Claims Filing Period April 10
SPARTA CJSC: Creditors Must File Claims by March 10

TATNEFT OAO: Shareholders' Meeting Slated for June 29
TEPLO-ENERGO-SERVICE: Bankruptcy Hearing Slated for June 4
TMK OAO: Hikes 2006 Overall Shipment Volumes to 3%
TMK OAO: Reviews Investments & Financials in 2006
TRANSNEFT OAO: Issues US$1.3-Billion Bonds to Fund ESPO Project

VIMPEL-COMMUNICATIONS: Submits Bid for 3G License
VNESHTORGBANK JSC: To Place RUR2-Bln Bond for OOO Belon-Finance
X5 RETAIL: Confirms Plan to Buy Karusel Chain Under Call Option
YACHT LLC: Creditors Must File Claims by March 10


S P A I N

TDA CAM: S&P Assigns CCC- Ratings to EUR12.8-Mln Class D Notes


S W I T Z E R L A N D

AERWATECH JSC: Creditors' Liquidation Claims Due March 15
ATLANTIS STUDIO: Creditors' Liquidation Claims Due March 15
FINANCIAL TECHNOLOGY: Creditors' Liquidation Claims Due March 15
HYPO TREUHAND: Zug Court Starts Bankruptcy Proceedings
INTERSOFT INFORMATION: Liquidation Claims Due March 15

NELSON INNS: Zurich Court Closes Bankruptcy Proceedings
SCHAR METALLBAU: Zurich Court Closes Bankruptcy Proceedings
SCHUMANN JSC: Creditors' Liquidation Claims Due March 15
SLAVBELINVEST JSC: Creditors' Liquidation Claims Due March 13
SWISSAIR: Swiss International Denies Talks with Liquidator

URS MULLER: Claims Registration Period Ends March 17


U K R A I N E

AES CORP: Selling Interest in EDC to Petroleos for US$739 Mln
ETM LLC: Creditors Must File Claims by March 9
LIFE COMPLEKT: Creditors Must File Claims by March 9
NIKA-N LLC: Creditors Must File Claims by March 9
RIVIERA LTD: Creditors Must File Claims by March 9

VIKTORIA 2000: Creditors Must File Claims by March 9


U N I T E D   K I N G D O M

ADVANCED MARKETING: Committee Wants Morris as Local Counsel
ADVANCED MARKETING: Committee Wants Lowenstein as Main Counsel
ALMIT BRICKWORK: Appoints Michael C. Kienlen as Liquidator
ARTEL RUBBER: Appoints Joint Administrators from Mazars LLP
CARAMEX LTD: Brings In Begbies Traynor as Joint Administrators

BRITISH AIRWAYS: Hires Porter Novelli for Public Relations Work
BRITISH ENERGY: Fitch Affirms Amortizing Bonds at BB Ratings
CLASSICAL CONSERVATORIES: Joint Liquidators Take Over Operations
COLLINS & AIKMAN: Can Take Part in Pine River's DIP Facility
COLLINS & AIKMAN: Liquidation Analysis Under First Amended Plan

DANA CORP: U.K. Units Settle Historic Balance Sheet Liabilities
FLODEF LTD: Taps Joint Administrators from Hurst Morrison
J F TURKINGTON: Brings In BDO Stoy as Joint Administrators
K D S ELECTRICAL: Creditors Ratify Voluntary Liquidation
KEPLER HOLDINGS: S&P Rates Proposed US$200-Mln Term Loan at BB

LANGBURN LTD: Appoints Joint Administrators from Tenon Recovery
MELANDENE LTD: Claims Filing Period Ends April 3
NORTHERN COUNTIES: Appoints Joint Administrators from KPMG
PROFILE CONCEPTS: Names P. B. Wood as Administrator
PROFILE GLASS: Taps P. B. Wood to Administer Assets

PROFILE SEATING: Names P. B. Wood as Administrator
QUALITY POWDER: Taps Ian C. Brown to Liquidate Assets
REFCO INC: Refco LLC Files Dec. 2006 Monthly Operating Report
RGM MOTORS: Hires Liquidator from Roger Evans
RSBC CLUB: Brings In Liquidator from Bridgestones

THREE COUNTIES: Calls In Liquidators from Begbies Traynor
TUDOR ROSE: Creditors Confirm Liquidator's Appointment
U.K. PLANT: Taps Joint Administrators from F A Simms
WALBRIDGE LTD: Appoints Andrew Rosler to Liquidate Assets
WARNER MUSIC: EMI Merger Talks Prompt S&P's Watch Negative

WILLIAMS PRECISION: Appoints Lloyd Biscoe as Liquidator

* Upcoming Meetings, Conferences and Seminars

                            *********

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


CON.TEC.-LIMEX: Claims Registration Period Ends April 2
-------------------------------------------------------
Creditors owed money by LLC Con.Tec.-Limex (FN 160974b) have
until April 2 to file written proofs of claim to court-appointed
estate administrator Christian Ebmer at:

         Mag. Christian Ebmer
         Schillerstrasse 12
         4020 Linz
         Austria
         Tel: 0732/65 69 69
         Fax: 0732/65 69 69-60
         E-mail: office@hep.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on April 16 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Linz
         Room 522
         Fifth Floor
         Linz, Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Feb. 12 (Bankr. Case No. 12 S 17/07y).


GTR HAUSTECHNIK: Korneuburg Court Orders Business Shutdown
----------------------------------------------------------
The Land Court of Korneuburg entered Feb. 12 an order shutting
down the business of LLC GTR Haustechnik (FN 252148g).

Court-appointed estate administrator Georg Freimueller
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. Georg Freimueller
         Alser Strasse 21
         1080 Vienna
         Austria
         Tel: 01/406 05 51
         Fax: 01/406 96 01
         E-mail: kanzlei@jus.at

Headquartered in Strasshof an der Nordbahn, Austria, the Debtor
declared bankruptcy on Jan. 31 (Bankr. Case No. 36 S 13/07i).


I.D.N.A. LLC: Claims Registration Period Ends March 29
------------------------------------------------------
Creditors owed money by LLC I.D.N.A. (FN 182247k) have until
March 29 to file written proofs of claim to court-appointed
estate administrator Thomas Engelhart at:

         Dr. Thomas Engelhart
         c/o Mag. Clemens Richter
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30
         E-mail: kanzlei@engelhart.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on April 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 12 (Bankr. Case No. 2 S 22/07h).  Clemens Richter
represents Dr. Engelhart in the bankruptcy proceedings.


PUTZ UND STUCK: Claims Registration Period Ends April 10
--------------------------------------------------------
Creditors owed money by LLC Putz und Stuck (FN 31787x) have
until April 10 to file written proofs of claim to court-
appointed estate administrator Thomas Engelhart at:

         Dr. Karl F. Engelhart
         c/o Mag. Daniel Lampersberger
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30-0
         Fax: 712 33 30-30
         E-mail: engelhart@csg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at noon on April 24 for the examination
of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 12 (Bankr. Case No. 6 S 14/07m).  Daniel Lampersberger
represents Dr. Engelhart in the bankruptcy proceedings.


SPORT OLYMPIA: Claims Registration Period Ends March 30
-------------------------------------------------------
Creditors owed money by LLC Sport Olympia Handels (FN 254337a)
have until March 30 to file written proofs of claim to court-
appointed estate administrator Emilio Stock at:

         Dr. Emilio Stock
         Jochberger Strasse 98
         6370 Kitzbuehel
         Austria
         Tel: 05356/72 7 28
         Fax: 05356/72 7 30
         E-mail: rae-brunner-stock@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:45 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 Kitzbuehel, Austria, the Debtor declared
bankruptcy on Feb. 12 (Bankr. Case No. 19 S 13/07w).


===============
B U L G A R I A
===============


TOPLOFIKACIA-SOFIA: Unpaid Bills Push Firm to Near Bankruptcy
-------------------------------------------------------------
Bulgarian Energy Minister Rumen Ovcharov warns a possible
bankruptcy for Toplofikacia-Sofia EAD after the firm halted
payments on a BGN150-million bill to Bulgargas EAD, Sofia Weekly
reports.

Bulgargas, the country's natural gas supplier, may cut supplies
to the company if the bills remain unpaid, Mr. Ovcharov said.

Plamen Iliev, municipal representative for Sofia, said the
company's financial situation roots from the high percentage of
uncollected bills from clients.

Mr. Iliev disclosed that only 12% of TFS's clients have actually
paid their dues in 2007, far from the company's forecast of 78%.

Nasko Mihov, TFS's head, said 32% of the unpaid bills for
January are under BGN50; 30% are between BGN50 and BGN100; and
over 20% are between BGN100 and BGN150.  Mr. Mihov added that
there are around 7,800 uncollected bills for dues over BGN300,
Sofia Weekly relates.

Mr. Mihov said the company is "seriously threatened" by the
situation.  TFS will present its financial report to Sofia Mayor
Boyko Borissov and Mr. Ovcharov this month.

Headquartered in Sofia, Bulgaria, Toplofikacia Sofia produces,
transmits and distributes heat energy, concomitant electricity
production.  The district heating system owns heat sources,
district heating pipelines as main integral part of the city
infrastructure ensuring a reliable supply of heat to over
900,000 inhabitants and steam to industrial customers.


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


ALCATEL-LUCENT: European Group Committee Slated for March 16
------------------------------------------------------------
Alcatel-Lucent will bring together an exceptional European Group
Committee on March 16 under the leadership of chief executive
Patricia Russo, in response to the employee representative's
request made during the European Group Committee on Feb 23.

During the March 16 meeting, the European perspectives of
Alcatel-Lucent will be presented and discussed, as well as the
strategies of the different market segments.

It has also been reaffirmed to the French Prime Minister that:

   -- the French restructuring project will be based exclusively
      on volunteers;

   -- France remains a strategic center of research and
      development, especially in mobile broadband technologies,
      thanks to the acquisition of Nortel's UMTS activity;

   -- Alcatel-Lucent confirms its involvement in competitive
      clusters, in particular "Images & Networks" in Brittany.

Moreover, Alcatel-Lucent confirmed its willingness to actively
participate in the French government initiative to create a
working group on the future of telecoms in Europe.

                      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: Inks Network Deal With Advocate Health Care
-----------------------------------------------------------
Alcatel-Lucent disclosed that Oak Brook has deployed Alcatel-
Lucent OmniTouch My Teamwork(TM) as part of a services
transformation that will help empower its staff -- both
administrative and clinical -- to be more productive through
real-time communication.  The full rollout will provide up to
14,000 of Advocate's employees with real-time, multimedia
conferencing and collaboration capabilities.

With eight hospitals, over 200 sites offering acute care,
outpatient services, home health care, counseling, day care,
physician services, skilled nursing care and health care
education, and 24,500 employees, Advocate is ranked as one of
the top 10 most integrated health care networks in the United
States.  Like many organizations of its size, Advocate strives
to improve the communications capabilities of its large and
growing employee base, which includes on-site administrative and
mobile clinical staff, as well as remote medical personnel.  In
order to decrease travel costs, and to reduce the amount of time
spent in meetings, Advocate deployed the Alcatel-Lucent web
conferencing solution, enabling dispersed teams and cross-
functional personnel to hold effective, virtual meetings on an
as needed basis.

Through the implementation of OmniTouch My Teamwork's real-time
collaboration capabilities, Advocate is successfully
transforming the organization's culture to a model that employs
ad-hoc communication as a means for addressing issues as they
occur.

"Advocate's need for intra-departmental collaboration is the
norm within health care settings, but we set out to turn around
the traditional, less-productive culture it creates through the
use of OmniTouch My Teamwork," said Gary Horn, director network
architecture at Advocate Health Care.

"Alcatel-Lucent's OmniTouch My Teamwork is already enabling our
employees to cut travel time to and from meetings, resulting in
greater productivity and ultimately, better patient care,"  Mr.
Horn added.  "We can foresee hard dollar savings across the
board with the use of OmniTouch My Teamwork."

While Mr. Horn also considered other leading service provider
solutions, he noted "they did not include presence-based IM for
spontaneous collaboration and represented an ongoing cost versus
a fixed capital expenditure."

OmniTouch My Teamwork currently supports 2,250 users including
the Information Systems, Human Resources, and Home Health
divisions, and hosts 30-40 collaboration sessions daily without
any staff members needing to travel.

With OmniTouch My Teamwork accessible to the select functional
areas across the organization, Advocate envisions a borderless
hospital.  Physicians can review and discuss images and test
results from remote locations, enabling collaboration on patient
cases.  Telemedicine consulting supports a "networked practice"
approach where staff can efficiently diagnose, treat patients,
and avoid medical errors with the help of virtual meeting rooms
and presence-based instant messaging.

"As an organization always striving to provide the highest
levels of patient care, Advocate saw an opportunity to transform
the way employees work with one another, which would in turn
make them an even more effective organization," Hubert de
Pesquidoux, President of Alcatel-Lucent enterprise activities,
said.  "Organizations like Advocate who are leading the way into
a new era by embracing new technologies and tools that allow
them to remove the barriers to effective collaboration and true
business transformation."

Alcatel-Lucent is dedicated to transforming traditional
communications and business processes in the health care
industryto deliver new services and applications as demonstrated
with Advocate Health Care and more recently the large network
transformation win with the University of Pittsburg Medical
Center.

                      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: Inks Network Outsourcing Deal with E-Plus
---------------------------------------------------------
Alcatel-Lucent will be managing several network business
divisions of Germany's third-largest mobile communications
provider, E-Plus Mobilfunk GmbH & Co. KG.

Under the terms of the network outsourcing agreement, E-Plus
Mobilfunk will transfer the operational business divisions
responsible for the operation, maintenance and deployment of its
cellular network to Alcatel-Lucent on March 1, enabling E-Plus
to concentrate on its core business, reduce operational expenses
and increase network quality.

As part of this agreement, about 750 E-Plus employees in
Germany will join Alcatel-Lucent.

E-Plus will maintain responsibility for strategic network
planning and network development, including the selection of
mobile communications locations and their technical equipment to
ensure the long-term quality of its cellular network.

"Our decision to enter a strategic partnership with
Alcatel-Lucent is designed to guarantee our subscribers a
network of a constantly increasing quality over the long term,"
Elmar Grasser, Chief Technical Officer of E-Plus Mobilfunk GmbH
& Co. KG, explained.  "Alcatel-Lucent is the world's leading
network integrator with the resources to meet future network
construction and maintenance requirements with greater speed,
flexibility and cost synergies than we could alone.  And with
this step, we're once again playing a pioneering role on the
German market."

The outsourcing of several network divisions is part of
E-Plus's strategic reorientation and follows the company's
recently announced restructuring.  These measures are intended
to lead to increased customer focus as well as boosting
efficiency, flexibility and effectiveness, thus contributing to
E-Plus' continued profitable growth.

"By outsourcing individual business divisions, we can apply
greater energy to our core business - and that means quality and
especially care for our customers.  It will put us in a position
to focus even more attention on the development of simple, cost-
effective mobile communications solutions for clearly defined
customer segments," Mr. Grasser added.

Network operations and managed services is a key focus area for
Alcatel-Lucent's service activities.  Alcatel-Lucent manages
more than 50 networks around the world from ten of its Global
Network Operations Centers and IP Transformation Centers.

"We are proud that an innovative, quality-conscious service
provider like E-Plus has entrusted us with the maintenance and
management of its cellular network," John Meyer, President of
Alcatel-Lucent's service activities, said.  "We are the world's
leading network integrator, and hosted and network operations is
one of our strengths.  We look forward to helping E-Plus meet
the needs of their customers.  We also look forward to having
the experienced and talented employees from E-Plus join the
Alcatel-Lucent team, bolstering our ability to serve this
important customer and expanding our expertise and resources."

                  About E-Plus Mobilfunk

E-Plus Mobilfunk GmbH & Co. KG is the third largest mobile
communications provider in Germany with over 12.7 million
subscribers as of December 2006.

                    About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent (Euronext Paris
and NYSE: ALU) -- 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.


GAP INC: Abandons Forth & Towne Store Concept; Closes 19 Stores
---------------------------------------------------------------
Gap Inc. disclosed that after a thorough assessment of its store
concept, Forth & Towne, it has decided not move forward with a
full rollout.  As a result, the company will close its Forth &
Towne store concept after an 18-month pilot that began August
2005.

While the company was encouraged by the initial performance of
Forth & Towne, a thorough analysis revealed the concept was not
demonstrating enough potential to deliver an acceptable long-
term return on investment.  Instead, the company believes that
future investments should be focused on turning around its Gap
and Old Navy brands as well as supporting other growth
initiatives that have greater potential of creating shareholder
value.

"Forth & Towne was a great test of a promising concept and an
illustration of the innovative risks you need to take in our
business," Bob Fisher, Gap Inc.'s chairman of the board and
interim president and CEO, said.  "We made the tough decision to
close the brand and focus our efforts on stabilizing the
existing businesses."

"I want to thank the talented Forth & Towne team for their hard
work in bringing this brand to life," Gary Muto, President of
Forth & Towne, said.

The company plans to close its 19 Forth & Towne stores located
in 10 U.S. markets. Closures are expected to occur by the end of
June 2007.  The company anticipates the pre-tax expenses
associated with the closure of Forth & Towne to be approximately
$40 million, which will be recognized primarily over the first
and second quarters of fiscal year 2007.

The closure will impact about 550 employees.  Gap Inc. is
looking at ways to redeploy employees to positions in its Gap,
Banana Republic and Old Navy brands, where feasible.

Headquartered in San Francisco, California, Gap Inc. (NYSE: GPS)
-- http://www.gapinc.com/-- is an international specialty
retailer offering clothing, accessories and personal care
products for men, women, children and babies under the Gap,
Banana Republic, Old Navy, Forth & Towne and Piperlime brand
names.  Gap Inc. operates more than 3,100 stores in the United
States, the United Kingdom, Canada, France, Ireland and Japan.
In addition, Gap Inc. is expanding its international presence
with franchise agreements for Gap and Banana Republic in
Southeast Asia and the Middle East.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 28,
Moody's Investors Service downgraded Gap Inc. senior unsecured
notes to Ba1 and assigned a corporate family rating of Ba1 and
speculative grade liquidity rating of SGL-1.  The rating outlook
is stable.


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


ADVANTAGE PRIME-MOVERS: Claims Registration Ends March 29
---------------------------------------------------------
Creditors of Advantage Prime-Movers GmbH & Co. KG have until
March 29 to register their claims with court-appointed
insolvency manager Georg Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Third Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be contacted at:

         Georg Kreplin
         Breite Strasse 27
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Advantage Prime-Movers GmbH & Co. KG on Feb. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Advantage Prime-Movers GmbH & Co. KG
         Christinenstr. 12-14
         40880 Ratingen
         Germany

         Attn: Klaus-Dieter Jeschke, Manager
         945 Savannah Place
         USA-USA Gulfport
         Mississippi


AKTIV SPORT: Creditors' Meeting Slated for April 4
--------------------------------------------------
The court-appointed insolvency manager for Aktiv Sport GmbH,
Hartwig Albers, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 12:20 p.m. on
April 4.

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 11:35 a.m. on July 18 at the same venue.

Creditors have until May 18 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Hartwig Albers
         Luetzowstr. 100
         10785 Berlin
         Germany

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

The Debtor can be reached at:

         Aktiv Sport GmbH
         Johannisthaler Chaussee 295-327
         12351 Berlin
         Germany


AL HESHAM: Creditors' Meeting Slated for April 4
------------------------------------------------
The court-appointed insolvency manager for Al Hesham Travel &
Trading Service GmbH, Christoph Schulte-Kaubruegger, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 12:25 p.m. on April 4.

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 11:40 a.m. on July 18 at the same venue.

Creditors have until May 18 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Al Hesham Travel & Trading Service GmbH on
Feb. 14.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Al Hesham Travel & Trading Service GmbH
         Bismarckstr. 86
         10627 Berlin
         Germany


ALBATRIK GMBH: Claims Registration Period Ends March 19
-------------------------------------------------------
Creditors of Albatrik GmbH have until March 19 to register their
claims with court-appointed insolvency manager Markus
Lehmkuehler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on April 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall S 2.18
         Second Floor
         William-Strasse 21
         53111 Bonn
         Germany

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

The insolvency manager can be contacted at:

         Markus Lehmkuehler
         Wilhelmstr. 40
         53111 Bonn
         Germany

The District Court of Bonn opened bankruptcy proceedings against
Albatrik GmbH on Feb. 14.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be contacted at:

         Albatrik GmbH
         Villichgasse 3
         53177 Bonn
         Germany

         Attn: Dr. Ali Elhag Mohammed Adam, Manager
         Burgstr. 33
         53177 Bonn
         Germany


ANTON ECKART: Claims Registration Period Ends March 26
------------------------------------------------------
Creditors of Anton Eckart GmbH have until March 26 to register
their claims with court-appointed insolvency manager Rolf
Sperling.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on May 3, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Wolfratshausen
         Meeting Hall 3/I
         Bahnhofstrasse 18
         Wolfratshausen
         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:

         Rolf Sperling
         Loisach Ufer 23
         82515 Wolfratshausen
         Germany

The District Court of Wolfratshausen opened bankruptcy
proceedings against Anton Eckart GmbH on Feb. 21.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Anton Eckart GmbH
         Bachstr. 41
         82541 Muensing
         Germany


ARNS BETEILIGUNGSGESELLSCHAFT: Claims Registration Ends March 23
----------------------------------------------------------------
Creditors of Arns Beteiligungsgesellschaft mbH have until
March 23 to register their claims with court-appointed
insolvency manager Norbert Weber.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on April 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 Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be contacted at:

         Norbert Weber
         Friedrich-Ebert-Strasse 146
         42117 Wuppertal
         Germany
         Tel: 0202/30 20 71
         Fax: 0202/31 47 08

The District Court of Wuppertal opened bankruptcy proceedings
against Arns Beteiligungsgesellschaft mbH on Feb. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Arns Beteiligungsgesellschaft mbH
         Attn: Peter Farber, Manager
         Ludwigstrasse 39
         42853 Remscheid
         Germany


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

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on June 14, at the same venue.

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

         Autohaus May GmbH
         Emil-Sommer-Str. 1
         28329 Bremen
         Germany

         Attn: Jack Manfred May, Manager
         Frauenhofer Str. 9
         28357 Bremen
         Germany


AUTOHAUS RIESEBECK: Claims Registration Period Ends April 19
------------------------------------------------------------
Creditors of Autohaus Riesebeck GmbH have until April 19 to
register their claims with court-appointed insolvency manager
Axel Raap.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 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 Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         Germany

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

The insolvency manager can be contacted at:

         Axel Raap
         Marburger Strasse 2
         10789 Berlin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against Autohaus Riesebeck GmbH on Feb. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Autohaus Riesebeck GmbH
         Puschkinallee 5
         16278 Angermuende
         Germany


BENLI BAU: Claims Registration Period Ends April 13
---------------------------------------------------
Creditors of Benli Bau GmbH have until April 13 to register
their claims with court-appointed insolvency manager Andreas
Stratenwerth.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on May 4, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be contacted at:

         Andreas Stratenwerth
         Lemgoer Str. 4
         33604 Bielefeld
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Benli Bau GmbH on Feb. 20.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Benli Bau GmbH
         Herforder Str. 252 a
         33609 Bielefeld
         Germany

         Attn: Aziz Benli, Manager
         Blome Str. 3
         33609 Bielefeld
         Germany


BS EISENHANDLUNG: Claims Registration Period Ends May 10
--------------------------------------------------------
Creditors of BS Eisenhandlung GmbH & Co. KG have until May 10 to
register their claims with court-appointed insolvency manager
Uwe Kuhmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on June 7, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Aurich
         Hall 115
         Schlossplatz 2
         26603 Aurich
         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 Kuhmann
         Schuesselkorb 3
         D 28195 Bremen
         Germany
         Tel: 0421/33061-0
         Fax: 0421/33061-10

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

The Debtor can be contacted at:

         BS Eisenhandlung GmbH & Co. KG
         Ellernweg 17
         26532 Grossheide
         Germany

         Attn: Gottfried Bruentgens, Manager
         Dresdener Ring 4
         47441 Moers
         Germany


CM BAU: Claims Registration Ends March 26
-----------------------------------------
Creditors of CM Bau GmbH have until March 26 to register their
claims with court-appointed insolvency manager Dr. Norbert
Kuepper.

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 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:

         Dr. Norbert Kuepper
         Paderborner Str. 11
         33415 Verl
         Germany
         Tel: 05246/9275-0
         Fax: +495246927511

The District Court of Muenster opened bankruptcy proceedings
against CM Bau GmbH on Feb. 16.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         CM Bau GmbH
         Groeblingen 76
         48336 Sassenberg
         Germany


CONSTRUCT BAU: Claims Registration Ends April 13
------------------------------------------------
Creditors of Construct Bau GmbH have until April 13 to register
their claims with court-appointed insolvency manager Dr. Florian
Stapper.

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

         Dr. Florian Stapper
         Karl-Heine-Str. 16
         04229 Leipzig
         Germany
         Tel: 0341/984110
         Tel: 0341/9841111
         Internet/Email: leipzig@stapper-korn.de

The District Court of Leipzig opened bankruptcy proceedings
against Construct Bau GmbH on Feb. 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Construct Bau GmbH
         Anger 24a
         04838 Eilenburg
         Germany


DAIMLERCHRYSLER: Plans to Cut 1,000 Salaried Jobs by June 2007
--------------------------------------------------------------
As part of DaimlerChrysler AG's Chrysler Group Recovery and
Transformation Plan, the company has targeted the reduction of
2,000 salaried positions by 2008.

The Chrysler Group intends to reach that target through
attrition and special programs.  The special programs include
the following separation incentive and early retirement packages
for non-bargaining unit, or salaried employees.

The aim of the packages is to reach the 2007 reduction target of
1,000 salaried positions by June 30, 2007.

The packages include the following programs:

   Separation Incentive Program:

   * Eligibility

     -- All non-union salaried employees aged 62 or older with
        10 or more years of service as of May 31, 2007.

   * Program Terms:

     -- Offers made May 7, 2007, and returned by May 31, 2007.

     -- Retirements effective May 31, 2007.

     -- Program incentives include three months salary and
        either a US$20,000 car voucher grossed up for taxes, or
        a US$20,000 contribution to the Retirement Health Care
        Account.

     -- 100% Retiree Choice medical credits through aged 64 and
        at age 65 100% Credits in the Health Care Retirement
        Account.  Ordinarily, an employee must be aged 60 with
        30 years of service to receive 100%.

   Special Early Retirement:

   * Eligibility

     All non-union salaried employees aged 53 to 61 years old
     with 10 or more years of service, with earnings in 2006 of
     less than US$100,000 and select non-union salaried
     employees, aged 55 to 61 years old with 10 or more years of
     service with 2006 earnings of US$100,000 or greater.

     -- This is in compliance with Internal Revenue Service
        guidelines.

     -- Eligibility requirements must be satisfied by June 30,
        2007.

   * Program Terms:

     -- Offers will be made to select employees June 4
        and returned by June 29.

     -- Retirements effective June 30.

     -- Retirement benefits will not be reduced by an early
        retirement reduction percent.

     -- 100% Retiree Choice medical credits through age 64 and
        at age 65 100% credits in the Health Care Retirement
        Account.  Ordinarily, an employee must be age 60 with 30
        years of service to receive 100%.

DaimlerChrysler had about 16,800 salaried workers and about
82,500 total employees as of Dec. 31, 2006, Reuters reports
citing Chrysler Group spokesman Mike Aberlich.

                       About DaimlerChrysler

Headquartered in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- engages in the development,
manufacture, distribution, and sale of 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.

DaimlerChrysler has operations in Australia, China, Indonesia,
Japan, Korea, Malaysia and Thailand.

DaimlerChrysler lowered its operating profit forecast for full-
year 2006 to be in the magnitude of EUR5 billion (USUS$6.4
billion) based on an expected full-year operating loss of
approximately EUR1 billion (USUS$1.2 billion) for its Chrysler
Group.

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.  Chrysler Group
will take additional production cuts in the third and fourth
quarters to reduce dealer inventories and make way for its
current product offensive.


DAIMLERCHRYSLER: Chrysler & UAW Ink Two Employee Incentive Deals
----------------------------------------------------------------
DaimlerChrysler AG's Chrysler Group and the United Auto Workers
agreed to two special programs that will provide retirement and
separation incentives for the Company's bargaining-unit
employees in the United States as part of the Chrysler Group's
Recovery and Transformation Plan.

The negotiated programs include an Incentive Program for
Retirement with US$70,000 cash lump-sum amount for employees
with 30 or more years of credited service, or who meet a
combination of age and years-of-service eligibility, and an
Enhanced Voluntary Termination of Employment Program, which
provides a lump sum payment of US$100,000 for employees with at
least one year of credited service.

"These actions enable us to become more competitive going
forward," Chrysler Group Communications Vice President Jason
Vines said.

"Chrysler Group and the UAW want to ensure that we have socially
responsible separation incentives that will allow us to align
our workforce needs with the capacity needs of our manufacturing
operations."

A letter outlining the plans was sent to affected employees
yesterday.

                       About DaimlerChrysler

Headquartered in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- engages in the development,
manufacture, distribution, and sale of 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.

DaimlerChrysler has operations in Australia, China, Indonesia,
Japan, Korea, Malaysia and Thailand.

DaimlerChrysler lowered its operating profit forecast for full-
year 2006 to be in the magnitude of EUR5 billion (USUS$6.4
billion) based on an expected full-year operating loss of
approximately EUR1 billion (USUS$1.2 billion) for its Chrysler
Group.

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.  Chrysler Group
will take additional production cuts in the third and fourth
quarters to reduce dealer inventories and make way for its
current product offensive.


DAIMLERCHRYSLER: Magna Makes Chrysler's New Seating Features
------------------------------------------------------------
Intier Automotive Seating, an operating unit of Magna
International Inc., in conjunction with Chrysler Group, has co-
engineered and manufactured new seating features for Chrysler
Group's 2008 Dodge Grand Caravan and 2008 Chrysler Town &
Country.

Chrysler Group's new 2008 minivans, unveiled at this year's
North American International Auto Show, offer three distinct
seating and storage options.

The newest seating option is a cutting-edge seating technology
called Swivel 'n Go(TM).  It includes second-row quad seats that
swivel 180 degrees rearward to face the third-row seats.

Swivel 'n Go also includes a removable table that installs
between the second- and third-row seats.  The seats swivel
outward, which eases entry and exit or the placement of a child
in a car seat.  Both swiveling seats can also be removed.

Heated cloth or leather first- and second-row seats are
available in the Swivel 'n Go and industry-exclusive Stow 'n
Go(R) seating and storage system configurations in the 2008
Chrysler Group minivans.

"Consumers today are spending more and more time in their
vehicles, ultimately placing a greater emphasis on comfort and
convenience," says Jeff Lambert, Intier Automotive Seating Chief
Engineer for the Chrysler Group minivan seats.

"The Swivel 'n Go seating system, an industry-first in the North
American market, raises the bar by offering a family room on
wheels."

To further enhance the new minivans, Chrysler Group worked with
Intier Automotive Seating to develop a powered version of its
fold-in-the-floor third-row seat.

The one-touch operation, which stows the seat in less than
15 seconds, is a minivan first.  The one-touch, power-folding,
third-row seat will stow in four different modes.

Depending on the passenger/cargo needs, the entire seat can
stow, be in tailgate mode or each section of the seat can stow
or tailgate individually.

The third-row, power-folding seat also includes an obstacle-
detection system that will stop the seat from folding in the
event a person or object is in the way.

"Our drive at Intier Seating is to accommodate our customer's
unique functional requests and to provide innovative
applications like these that translate into market advantages
for the vehicle," said Joe Pittel, president of Intier
Automotive Seating.

Swivel 'n Go and Stow 'n Go are registered trademarks of
DaimlerChrysler Corporation.

               About Intier Automotive Seating

Intier Automotive Seating is an innovative leader in the
development and manufacturing of complete seating systems and
seating mechanisms for the automotive industry.

                  About Magna International

Magna International Inc. designs, develops, and manufactures
automotive systems, assemblies, modules, and components, and
engineers and assembles complete vehicles, primarily for sale to
original equipment manufacturers of cars and light trucks in
North America, Europe, Asia, and South America.  Its
capabilities include the design, engineering, testing, and
manufacture of automotive interior and closure systems; metal
body and structural systems; exterior and interior mirror and
engineered glass systems; exterior systems, including front and
rear end modules, plastic body panels, exterior trim and other
systems; various powertrain and drivetrain systems; as well as,
complete vehicle engineering and assembly.

Magna International has approximately 84,000 employees in 228
manufacturing operations and 62 product development and
engineering centers in 23 countries.

                    About DaimlerChrysler

Headquartered in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- engages in the development,
manufacture, distribution, and sale of 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.

DaimlerChrysler has operations in Australia, China, Indonesia,
Japan, Korea, Malaysia and Thailand.

DaimlerChrysler lowered its operating profit forecast for full-
year 2006 to be in the magnitude of EUR5 billion (US$6.4
billion) based on an expected full-year operating loss of
approximately EUR1 billion (US$1.2 billion) for its Chrysler
Group.

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.  Chrysler Group
will take additional production cuts in the third and fourth
quarters to reduce dealer inventories and make way for its
current product offensive.


DARO ROMAN: Claims Registration Ends April 5
--------------------------------------------
Creditors of DARO Roman Dahl GmbH have until April 5 to register
their claims with court-appointed insolvency manager Rembert
Kuebel-Heising.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Lueneburg
         Hall 302
         Ochsenmarket 3
         21335 Lueneburg
         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:

         Rembert Kuebel-Heising
         Winsener Str. 14
         21376 Salzhausen
         Tel: 04172 / 9090 0
         Fax: 04172 / 9090 11

The District Court of Lueneburg opened bankruptcy proceedings
against DARO Roman Dahl GmbH on Feb. 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         DARO Roman Dahl GmbH
         Reitbahn 1a
         21218 Seevetal
         Germany


DME EVENT: Claims Registration Ends April 20
--------------------------------------------
Creditors of DME Event & Marketing GmbH have until April 20 to
register their claims with court-appointed insolvency manager
Steffen Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 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 Esslingen
         Hall 1
         Eingang Strohstrasse 1. OG
         Rit-terstr.5
         Esslingen
         Germany

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

The insolvency manager can be reached at:

         Steffen Beck
         Breitscheidstr. 10
         70174 Stuttgart
         Germany
         Tel: 0711/252566-0
         Fax: 0711/252566-66

The District Court of Esslingen opened bankruptcy proceedings
against DME Event & Marketing GmbH on Feb. 22.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         DME Event & Marketing GmbH
         GF Timo Bemsel
         Marie-Curie-Str. 3
         73230 Kirchheim/Teck
         Germany


DRUCKHAUS DARMSTADT: Claims Registration Ends April 10
------------------------------------------------------
Creditors of Druckhaus Darmstadt GmbH have until April 10 to
register their claims with court-appointed insolvency manager
Markus Dahmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ludwigshafen/Rhein
         Room XIII
         Wittelsbachstr. 10
         67061 Ludwigshafen/Rhein
         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:

         Markus Dahmann
         Wimphelingstr. 13
         67346 Speyer
         Germany

The District Court of Ludwigshafen am Rhein opened bankruptcy
proceedings against Druckhaus Darmstadt GmbH on Feb. 20.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Druckhaus Darmstadt GmbH
         Hinterm Esel 16a
         67346 Speyer
         Germany


LEONHARD WILLEMS: Claims Registration Ends May 15
-------------------------------------------------
Creditors of Leonhard Willems GmbH have until May 15 to register
their claims with court-appointed insolvency manager Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on July 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 Charlottenburg
         Second Stock Hall 218
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

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

The insolvency manager can be reached at:

         Udo Feser
         Uhlandstr. 165/166
         10719 Berlin
         Germany

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

The Debtor can be reached at:

         Leonhard Willems GmbH
         Erich-Weinert-Str. 11
         10439 Berlin
         Germany


LUCKS SPEZIALPRAPARATE: Claims Registration Ends April 16
---------------------------------------------------------
Creditors of Lucks, Spezialpraparate und Gewuerze zur
Fleischverarbeitung GmbH have until April 16 to register their
claims with court-appointed insolvency manager Dr. Paul Fink.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on May 7, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Third Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Dr. Paul Fink
         Rheinort 1
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Lucks, Spezialpraparate und Gewuerze zur
Fleischverarbeitung GmbH on Feb. 21.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Lucks, Spezialpraparate und Gewuerze
         zur Fleischverarbeitung GmbH
         Attn: Bernd Mueller, Manager
         Duderstadterstr. 13
         40595 Duesseldorf
         Germany


METROPOL MEDIEN: Claims Registration Ends March 27
--------------------------------------------------
Creditors of Metropol Medien Verlag GmbH have until March 27 to
register their claims with court-appointed insolvency manager
Henning Kempermann.

Creditors and other interested parties are encouraged to attend
the meeting at 8:20 a.m. on April 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Henning Kempermann
         Hildesheimer Str. 265
         30519 Hannover
         Germany
         Tel: 0511 87592495
         Fax: 0511 8759100

The District Court of Hannover opened bankruptcy proceedings
against Metropol Medien Verlag GmbH on Feb. 20.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Metropol Medien Verlag GmbH
         Attn: Carsten Merners, Isernhagen, Manager
         Wohlenbergstr. 4 A
         30179 Hannover
         Germany


MUC AUTOMOTIVE: Claims Registration Ends April 10
-------------------------------------------------
Creditors of Muc Automotive Medien- und Verlags GmbH have until
April 10 to register their claims with court-appointed
insolvency manager Dr. Hubert Ampferl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 8, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Hubert Ampferl
         Nymphenburger Str. 20
         80335 Muenchen
         Germany
         Tel: 089/3090586-0
         Fax: 089/3090586-10

The District Court of Munich opened bankruptcy proceedings
against Muc Automotive Medien- und Verlags GmbH on Feb. 19.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Muc Automotive Medien- und Verlags GmbH
         Attn: Armin Reindl, Manager
         Richard-Strauss-Str. 7
         81677 Munich
         Germany


NEUDERT GMBH: Claims Registration Ends April 30
-----------------------------------------------
Creditors of Neudert GmbH have until April 30 to register their
claims with court-appointed insolvency manager Ulrich
Stockburger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 21, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Ulrich Stockburger
         Maybachstr. 31
         74245 Loewenstein
         Germany
         Tel: 07130/40097-0
         Fax 07130/40097-15

The District Court of Ludwigsburg opened bankruptcy proceedings
against Neudert GmbH on Feb. 21.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Neudert GmbH
         Margie Neudert, Manager
         Marbacher Str. 95
         71642 Ludwigsburg
         Germany


NKS TELECENTER: Creditors Must Register Claims by April 18
----------------------------------------------------------
Creditors of NKS Telecenter GmbH have until April 18 to register
their claims with court-appointed insolvency manager
Marlies Greschuchna.

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 his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         Germany

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

The insolvency manager can be reached at:

         Marlies Greschuchna
         Am Steintor 13
         D 06112 Halle
         Germany
         Tel: 0345/6828831
         Fax: 0345/6828897

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against NKS Telecenter GmbH on Feb. 15.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         NKS Telecenter GmbH
         An der Waisenhausmauer 5
         06110 Halle
         Germany

         Attn: Stefan Nebelung, Manager
         Finkenweg 27
         06188 Landsberg
         Germany


PERGAMON DIENSTLEISTUNGS: Creditors Must File Claims by April 18
----------------------------------------------------------------
Creditors of Pergamon Dienstleistungs- und Handelsgesellschaft
mbH have until April 18 to register their claims with court-
appointed insolvency manager Susanne Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         Germany

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

The insolvency manager can be reached at:

         Susanne Mueller
         Vietmannsdorfer Strasse 23
         17268 Templin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against Pergamon Dienstleistungs- und
Handelsgesellschaft mbH on Feb. 21.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Pergamon Dienstleistungs- und Handelsgesellschaft mbH
         Heinestrasse 53
         16341 Panketal
         Germany


PROBIT BEROLINA: Creditors' Meeting Slated for April 13
-------------------------------------------------------
The court-appointed insolvency manager for Probit Berolina
Ingenieur-Team GmbH, Rolf Rattunde, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:00 a.m. on April 13.

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 9:35 a.m. on July 13 at the same venue.

Creditors have until May 18 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Rolf Rattunde
         Kurfuerstendamm 212
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Probit Berolina Ingenieur-Team GmbH on Feb.
16.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Probit Berolina Ingenieur-Team GmbH
         Köpenicker Strasse 325
         12555 Berlin
         Germany


PUTZ + HOLZ: Creditors Must Register Claims by April 24
-------------------------------------------------------
Creditors of Putz + Holz GmbH have until April 24 to register
their claims with court-appointed insolvency manager
Karl-Dieter Sommerfeld.

Creditors and other interested parties are encouraged to attend
the meeting at 9:34 a.m. on May 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 Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Karl-Dieter Sommerfeld
         Hammerweg 3
         51766 Engelskirchen
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Putz + Holz GmbH on Feb. 14.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Putz + Holz GmbH
         Attn: Stefan Hagen, Manager
         Thueringer Strasse 38
         51766 Engelskirchen
         Germany


ROUTE SOLEIL: Creditors Must Register Claims by March 26
--------------------------------------------------------
Creditors of Route Soleil Logistic GmbH have until March 26 to
register their claims with court-appointed insolvency manager
Martin Dreschers.

Creditors and other interested parties are encouraged to attend
the meeting at 11:35 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 Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         Germany

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

The insolvency manager can be reached at:

         Dr. Martin Dreschers
         Juelicher Strasse 116
         52070 Aachen
         Germany
         Tel: 0241/94618-0
         Fax: 0241/533562

The District Court of Aachen opened bankruptcy proceedings
against Route Soleil Logistic GmbH on Feb. 15.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Route Soleil Logistic GmbH
         Wurmtalbruecke 1
         52531 UEbach-Palenberg
         Germany

         Attn: Franz Fuchs, Manager
         Heckstrasse 18
         52531 UEbach-Palenberg
         Germany


SAROTEC GMBH: Claims Registration Ends March 28
-----------------------------------------------
Creditors of Sarotec GmbH have until March 28 to register their
claims with court-appointed insolvency manager Matthias
Schneider.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on May 3, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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. Matthias Schneider
         Dr.-Gustav-Heinemann-Str. 14
         90491 Nuernberg
         Germany
         Tel: 0911/587678-0
         Fax: 0911/587678-77

The District Court of Nuremberg opened bankruptcy proceedings
against Sarotec GmbH on Feb. 21.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Sarotec GmbH
         Hengdorfer Strasse 4
         91189 Rohr
         Germany


SCHWEISSKONSTRUKTION SCHREYER: Claims Registration Ends April 11
----------------------------------------------------------------
Creditors of Schweisskonstruktion Schreyer Fichtel GmbH have
until April 11 to register their claims with court-appointed
insolvency manager Sebastian Nolte.

Creditors and other interested parties are encouraged to attend
the meeting at 12:15 p.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 Meiningen
         Meeting Hall A 0105
         Lindenallee 15
         Meiningen
         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:

         Sebastian Nolte
         Peterstrasse 5
         99084 Erfurt
         Germany

The District Court of Meiningen opened bankruptcy proceedings
against Schweisskonstruktion Schreyer Fichtel GmbH on Feb. 20.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Schweisskonstruktion Schreyer Fichtel GmbH
         Attn: Schreyer-Fichtel, Susanne, Manager
         August-Bebel-Str. 13
         99817 Eisenach
         Germany


SICHERT GMBH: Claims Registration Ends April 4
----------------------------------------------
Creditors of Sichert GmbH have until April 4 to register their
claims with court-appointed insolvency manager Hubert Ampferl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 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 Regensburg
         Room 105
         Augustenstr. 5
         Regensburg
         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. Hubert Ampferl
         Kumpfmuehler Str. 30
         93051 Regensburg
         Germany
         Tel: 0941/2807370
         Telefax: 0941/2807379

The District Court of Regensburg opened bankruptcy proceedings
against Sichert GmbH on Feb. 20.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Sichert GmbH
         Kelheimer Str. 17
         93153 Hemau
         Germany


STAHLBAU NORD: Claims Registration Ends April 2
-----------------------------------------------
Creditors of Stahlbau Nord GmbH & Co.KG i. L. have until April 2
to register their claims with court-appointed insolvency manager
Berthold Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 3:50 p.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 Husum
         Hall 220
         Theodor-Storm-Strasse 5
         Husum
         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:

         Berthold Brinkmann
         Sechslingspforte 2
         22087 Hamburg
         Germany

The District Court of Husum opened bankruptcy proceedings
against Stahlbau Nord GmbH & Co.KG i. L. on Feb. 20.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Stahlbau Nord GmbH & Co.KG i. L.
         Bi de School 1
         25885 Ahrenvioel
         Germany


STRASSE 8: Claims Registration Ends May 16
------------------------------------------
Creditors of Strasse 8 - 14 Management GmbH have until May 16 to
register their claims with court-appointed insolvency manager
Joachim Voigt-Salus.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on July 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 Charlottenburg
         Second Stock Hall 218
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

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

The insolvency manager can be reached at:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Strasse 8 - 14 Management GmbH on Feb. 15.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Strasse 8 - 14 Management GmbH
         Manteuffelstr. 49
         12103 Berlin
         Germany


SUCCESSFUL MARKETING: Claims Registration Period Ends March 16
---------------------------------------------------------------
Creditors of Successful Marketing Concepts GmbH have until
March 16 to register their claims with court-appointed
insolvency manager Martin Benzing.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on April 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Hauffstr. 5
         70190 Stuttgart
         Germany

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

The insolvency manager can be reached at:

         Martin Benzing
         Charlottenstr. 29
         70182 Stuttgart
         Tel: 0711/24 89 080
         Fax: 0711/24 89 08 88

The District Court of Stuttgart opened bankruptcy proceedings
against Successful Marketing Concepts GmbH on Feb. 21.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Successful Marketing Concepts GmbH
         Attn: Rolf Bene, Manager
         Burgacker 40
         71364 Winnenden
         Germany


TLS THERMO: Claims Registration Period Ends April 5
---------------------------------------------------
Creditors of TLS Thermo Logistik Spedition GmbH have until
April 5 to register their claims with court-appointed insolvency
manager Heinrich C. Friedhoff.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on May 7, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Heinrich C. Friedhoff
         Viktoriastrasse 73-75
         52066 Aachen
         Germany
         Tel: 0241/9491932
         Fax: 0241/9491919

The District Court of Aachen opened bankruptcy proceedings
against TLS Thermo Logistik Spedition GmbH on Feb. 16.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         TLS Thermo Logistik Spedition GmbH
         Attn: Edgar Scheidsteger, Manager
         Hasencleverstr. 18-20
         52222 Stolberg
         Germany


WITREU: Claims Registration Period Ends April 5
-----------------------------------------------
Creditors of Witreu - Wirtschaftsberatungstreuhandgesellschaft
mbH have until April 5 to register their claims with court-
appointed insolvency manager Dr. Peter G. Theile.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Limburg
         Hall D 220
         Walderdorffstrasse 12
         65549 Limburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Peter G. Theile
         Kapellenstr. 7
         65555 Limburg-Offheim
         Germany
         Tel: 06431/77990-0
         Fax: 06431/77990-35
         E-Mail: limburg@ts-Insolvenzanwaelte.de

The District Court of Limburg opened bankruptcy proceedings
against Witreu - Wirtschaftsberatungstreuhandgesellschaft mbH on
Feb. 13.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Witreu - Wirtschaftsberatungstreuhandgesellschaft mbH
         Grabenstrasse 61
         65549 Limburg
         Germany

         Attn: Michael Preisinger, Manager
         Uhlandstrasse 8
         65549 Limburg
         Germany


XANTOS AG: Claims Registration Period Ends April 10
---------------------------------------------------
Creditors of Xantos AG have until April 10 to register their
claims with court-appointed insolvency manager Dr. Michael
Jaffe.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on May 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 Munich
         Meeting Room 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Dr. Michael Jaffe
         Franz-Joseph-Str. 8
         80801 Munchen
         Germany
         Telefon: 089/255487-00
         Telefax: 089/255487-10


The District Court of Muenchen opened bankruptcy proceedings
against Xantos AG on Feb. 15.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Xantos AG
         Max-Lebsche-Platz 31
         81377 Munchen
         Germany


XELAN GMBH: Claims Registration Period Ends April 18
----------------------------------------------------
Creditors of Xelan GmbH have until April 18 to register their
claims with court-appointed insolvency manager Frank M. Welsch.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 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 Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 6
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Frank M. Welsch
         Barkeystrasse 30
         33330 Guetersloh
         Germany

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

The Debtor can be reached at:

         Xelan GmbH
         Tecklenburger Weg 149
         33428 Harsewinkel
         Germany

         Attn: Ulrich Muhlenkamp, Manager
         Eichenweg 5
         33775 Versmold
         Germany


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


EMPORIKI BANK: Posts EUR234.7-Million Loss for 2006
---------------------------------------------------
Emporiki Bank of Greece S.A. disclosed its consolidated
financial results for the year 2006.

The bank reported a EUR234.7 million loss on EUR988.5 million
net banking income for the year ended 2006, compared with a
EUR76 million profit on EUR826.3 million net banking income for
the year ended 2005.

The losses include additional provisions, which resulted from a
review to adapt Emporiki's risk management and accounting
practices to Credit Agricole's practices and estimation
methodologies.

Emporiki Bank is fully integrated in Credit Agricole S.A.'s
consolidated accounts effective Aug. 16, 2006.  The adjustments
by Emporiki arising from the alignment of the provisioning
estimation methodologies and its accounting policies with Credit
Agricole have been treated by Credit Agricole as having been
effective as of the date of its acquisition of Emporiki.

The impact of the alignment is a non-recurring event and does
not impact the consolidated income statement of Credit Agricole
S.A.

A full-text copy of Emporiki's annual results is available at no
charge at http://ResearchArchives.com/t/s?1a7f

                      About Credit Agricole

Headquartered in Paris, France, Credit Agricole S.A. (Euronext
Paris: ACA) -- http://www.credit-agricole-sa.fr/-- offers
retail and business banking, lending, and deposit services at
more than 9,000 locations throughout the country, including
those of subsidiary Le Credit Lyonnais (LCL), which it acquired
in 2003.  Credit Agricole is the country's largest bank, owning
a 25% stake each in about 40 regional banks, which in turn own
more than half of Cr,dit Agricole.

                       About Emporiki Bank

Headquartered in Athens, Greece, Emporiki Bank of Greece S.A. --
http://www.emporiki.gr/-- offers banking services in Greece
through a network of 374 branches, through the Emporiki Bank
branch operating in London as well as through the Group's
subsidiaries in Albania, Armenia, Bulgaria, Cyprus, Germany,
Georgia and Romania.  The extensive network of Emporiki Bank is
a major advantage for the Group in the distribution of the
products and services it offers.

                         *    *    *

As of Feb. 28, Moody's rates Emporiki Bank of Greece S.A. at D+
Bank Financial Strength.

Fitch on the other hand, kept its C/D Individual rating on the
bank.


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


ALITALIA SPA: Italy Mulls Capital Hike for Carrier if Sale Fails
----------------------------------------------------------------
The Italian government is reviewing a capital increase option in
case its current tender to sell its 39.9% stake in national
carrier Alitalia S.p.A. fails, AFX News reports citing daily Il
Corriere della Sera as its source.

Under the contingency plan, a potential buyer for Alitalia could
subscribe Italy's share of the capital increase, rather than
acquire the government's stake in the carrier, AFX News relates.
The buyer may not be obliged to launch a bid to buy out minority
shareholders if it acquires more than 30% of Alitalia.

Under Italian laws, an investor acquiring more than 30% of a
listed firm is obliged to launch a bid to acquire the shares of
minority owners, AFX News relays.  The rule, however, can be
waived if the transaction is part of a restructuring of a
troubled firm.

The capital increase, AFX News suggests, could provide funds for
the company if its board decide to write off up to EUR400
million of the value of its fleet, which mostly consists of
older MD80 planes.

In a TCR-Europe report on Feb. 27, the Italian government has
amended the terms of the tender to sell part of its stake in
national carrier Alitalia S.p.A.  Italy, through its Finance
Ministry, is now selling 39.9% of Alitalia, keeping a 10% stake
in the carrier.

Reports say the new terms of the agreement provides that the
buyer must:

   -- retain Alitalia as Italy's national carrier for eight
      years, keeping its brand and logo during the period;

   -- keep Alitalia's headquarters in Italy;

   -- ensure Alitalia has adequate level of local and
      international flights for five years;

The government also gave potential bidders until April 16 to
submit non-binding offers and a five-year business plan for
Alitalia, the Financial Times reports.  The plan, which must
include job levels, will be binding for three years and can only
be amended with the government's approval.

The buyer also has to consult Alitalia's unions and sector trade
associations if it wants to amend its staffing plans, the
Associated Press relates.  The government stressed that it will
not assist the buyer in achieving the business plan.

As reported in the TCR-Europe report on Feb. 19, the Italian
government has chosen five interested parties to participate in
the second round of bidding process for its stake in Alitalia.

The Finance Ministry, advised by Merrill Lynch and Chiomenti
Studio Legale, short-listed these interested parties for the
next phase of the tender:

   -- UBM, a unit of Unicredito Italiano S.p.A.,

   -- Texas Pacific Group Europe LLP,

   -- AP Holding S.p.A., owned by AirOne chief Carlo Toto,

   -- a consortium of Management & Capitali S.p.A., Cerberus
      European Investments LLC, ELQ Investors Ltd. and
      Lefinalc S.p.A., and

   -- MatlinPatterson Global Advisers LLC,

Italy's Ministry of Economy and Finance invited interested
parties to submit a non-binding offer for around 30.1% to 49.9%
of Alitalia's capital and 1,207,147,404 convertible bonds of the
carrier's 7.5% 2002-2010 debenture loan.  The sale will take
place through a competitive procedure involving direct
negotiations with potential buyers.

The Ministry gave short-listed bidders until April 2 to partner
with other interested investors, AFX News relates.  Airline
industry analysts, FT adds, said this clause allows Air France-
KLM to stay in queue to acquire Alitalia.

Italy aims to complete the sale by June.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  In Europe, the company reaches 45
airports, with 1,238 flights per week.  In the rest of the
world, the Alitalia Group's aircrafts operate out of 32 airports
with 255 flights per week.  The Alitalia Group network is
centered on two main airports, Rome Fiumicino and Milan
Malpensa, and includes, as of Sept. 30, 2006, an operating fleet
of 182 aircrafts.  The Italian government owns 49.9% of
Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered
EUR93 million in net profits in 2002 after a EUR1.4 billion
capital injection.  The carrier booked consecutive annual net
losses of EUR520 million in 2003, EUR813 million in 2004, and
EUR168 million in 2005.


ALITALIA SPA: Board Names Managers for Operations and Finance
-------------------------------------------------------------
The new Board of Directors of Alitalia S.p.A. appointed two new
managers on Feb. 27, the Associated Press reports.

Alitalia appointed Giancarlo Schisano as manager of operations
and Gabriele Spazzadeschi as head of financial administration,
AP relates.

The new board has commenced reviewing Alitalia's accounts and
will discuss it further on March 9.

As previously reported in the TCR-Europe, the Italian government
has amended the terms of the tender to sell part of its stake in
national carrier Alitalia S.p.A.  Italy, through its Finance
Ministry, is now selling 39.9% of Alitalia, keeping a 10% stake
in the carrier.

Reports say the new terms of the agreement provides that the
buyer must:

   -- retain Alitalia as Italy's national carrier for eight
      years, keeping its brand and logo during the period;

   -- keep Alitalia's headquarters in Italy;

   -- ensure Alitalia has adequate level of local and
      international flights for five years;

The government also gave potential bidders until April 16 to
submit non-binding offers and a five-year business plan for
Alitalia, the Financial Times reports.  The plan, which must
include job levels, will be binding for three years and can only
be amended with the government's approval.  The buyer also has
to consult Alitalia's unions and sector trade associations if it
wants to amend its staffing plans, the Associated Press relates.
The government stressed that it will not assist the buyer in
achieving the business plan.

The Italian government, advised by Merrill Lynch and Chiomenti
Studio Legale, short-listed five interested parties for the next
phase of the tender:

   -- UBM, a unit of Unicredito Italiano S.p.A.,

   -- Texas Pacific Group Europe LLP,

   -- AP Holding S.p.A., owned by AirOne chief Carlo Toto,

   -- a consortium of Management & Capitali S.p.A., Cerberus
      European Investments LLC, ELQ Investors Ltd. and
      Lefinalc S.p.A., and

   -- MatlinPatterson Global Advisers LLC,

Italy's Ministry of Economy and Finance invited interested
parties to submit a non-binding offer for around 30.1% to 49.9%
of Alitalia's capital and 1,207,147,404 convertible bonds of the
carrier's 7.5% 2002-2010 debenture loan.  The sale will take
place through a competitive procedure involving direct
negotiations with potential buyers.

The Ministry gave short-listed bidders until April 2 to partner
with other interested investors, AFX News relates.  Airline
industry analysts, FT adds, said this clause allows Air France-
KLM to stay in queue to acquire Alitalia.

Italy aims to complete the sale by June.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  In Europe, the company reaches 45
airports, with 1,238 flights per week.  In the rest of the
world, the Alitalia Group's aircrafts operate out of 32 airports
with 255 flights per week.  The Alitalia Group network is
centered on two main airports, Rome Fiumicino and Milan
Malpensa, and includes, as of Sept. 30, 2006, an operating fleet
of 182 aircrafts.  The Italian government owns 49.9% of
Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered
EUR93 million in net profits in 2002 after a EUR1.4 billion
capital injection.  The carrier booked consecutive annual net
losses of EUR520 million in 2003, EUR813 million in 2004, and
EUR168 million in 2005.


LEAR CORP: Posts US$707.5 Million Net Loss for Full Year 2006
-------------------------------------------------------------
Lear Corp. filed its annual report on Form 10-K for the year
ended Dec. 31, 2006, with the U.S. Securities and Exchange
Commission on Feb. 27, 2007.

Lear posted US$707.5 million in net loss on US$17.84 billion in
net sales for the full year 2006, compared with US$1.38 billion
in net loss on US$17.09 billion in net sales for 2005.

As of Dec. 31, 2006, Lear Corp. has around US$7.85 billion in
total assets, around US$7.25 billion in total liabilities and
around US$602 million in total shareholders' equity.

                Divestiture of Interior Business

European Interior Business

On Oct. 16, 2006, the Company completed the contribution of
substantially all of its European interior business to
International Automotive Components Group LLC, the Company's
joint venture with WL Ross & Co. LLC and Franklin Mutual
Advisers LLC, in exchange for a one-third equity interest.

In connection with the transaction, the Company entered into
various ancillary agreements providing the Company with
customary minority shareholder rights and registration rights
with respect to its equity interest in IAC Europe.  The
Company's European interior business included substantially all
of its interior components business in Europe -- other than
Italy and one facility in France -- consisting of nine
manufacturing facilities in five countries supplying door
panels, overhead systems, instrument panels, cockpits and
interior trim to various original equipment manufacturers.  IAC
Europe also owns the European interior business formerly held by
Collins & Aikman Corporation.

In connection with this transaction, the Company recorded the
fair market value of its initial investment in IAC Europe at
US$105.6 million and recognized a pretax loss of approximately
US$29.1 million.  This loss is recorded as part of the Company's
loss on divestiture of interior business in the statement of
operations for the year ended Dec. 31, 2006.  The Company did
not account for the divestiture of its European interior
business as a discontinued operation due to its continuing
involvement with IAC Europe.

North American Interior Business

On Nov. 30, 2006, the Company entered into an Asset Purchase
Agreement with International Automotive Components Group North
America, Inc. and International Automotive Components Group
North America LLC, WL Ross and Franklin, under which the Company
agreed to transfer substantially all of the assets of the
Company's North American interior business, as well as interests
in two China joint ventures and US$25 million of cash, to IAC
North America.

Under the terms of the agreement, the Company will receive a 25%
equity interest in IAC North America and warrants to purchase an
additional 7% equity interest.  In addition, under the terms of
the agreement, the Company will be obligated to fund up to an
additional US$40 million to the IAC North America joint venture,
in the event that the joint venture does not meet certain
financial targets in 2007.  The Asset Purchase Agreement also
contains a closing date net working capital adjustment provision
and requires the Company to have a minimum level of recoverable
customer engineering and tooling as of the closing date.  The
closing of the transaction contemplated by the agreement is
subject to various conditions, including the receipt of required
third-party consents, as well as other closing conditions
customary for transactions of this type.  The transaction is
expected to close in the first quarter of 2007.

The total assets of business held for sale include recoverable
customer engineering and tooling contracts and other monetary
assets amounting to US$92.9 million for which valuation
allowances have been recorded in consolidation in order to
determine the loss on the transaction.  The fair value of these
monetary assets approximates the carrying value indicated above
before any valuation allowances.

                      Sale of Common Stock

On Nov. 8, 2006, the Company completed the sale of 8,695,653
shares of common stock for an aggregate purchase price of
US$23 per share to affiliates of and funds managed by
Carl C. Icahn.  The net proceeds from the sale of
US$199.2 million will be used for general corporate purposes,
including strategic investments in the Company's core
businesses.

                      Restructuring Efforts

In order to address unfavorable industry conditions, the Company
began to implement consolidation and census actions in the
second quarter of 2005.  These actions are part of a
comprehensive restructuring strategy intended to

   -- better align the Company's manufacturing capacity with the
      changing needs of its customers;

   -- eliminate excess capacity and lower the operating costs of
      the Company; and

   -- streamline the Company's organizational structure and
      reposition its business for improved long-term
      profitability.

In connection with the restructuring actions, the Company
currently expects to incur pre-tax costs of around
US$300 million, although all aspects of the restructuring
actions have not been finalized.  Such costs will include
employee termination benefits, asset impairment charges and
contract termination costs, as well as other incremental costs
resulting from the restructuring actions.

These incremental costs will principally include equipment and
personnel relocation costs.  The Company also expects to incur
incremental manufacturing inefficiency costs at the operating
locations impacted by the restructuring actions during the
related restructuring implementation period.

In connection with the Company's restructuring actions, the
Company recorded charges of US$93.2 million in 2006.  This
consists of US$81.9 million recorded as cost of sales and
US$17.2 million recorded as selling, general and administrative
expenses, offset by net gains on the sales of two facilities and
machinery and equipment, which are recorded as other expense,
net.

The 2006 charges consist of:

   -- employee termination benefits of US$79.3 million;
   -- asset impairment charges of US$5.8 million;
   -- contract termination costs of US$6.5 million; and
   -- other net costs of US$1.6 million.

Full-text copy of Lear Corp.'s 10-K Filing is available free-of-
charge at http://researcharchives.com/t/s?1a70

                      About the Company

Southfield, Mich.-based Lear Corp. (NYSE: LEA) --
http://www.lear.com/-- is a global supplier of automotive
interior systems and components.  Lear provides complete seat
systems, electronic products, electrical distribution systems,
and other interior products.

Lear also operates in Argentina, Austria, Belgium, Brazil,
Canada, China, Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, India, Italy, Japan, Mexico, Morocco,
Netherlands, Philippines, Poland, Portugal, Romania, Russia,
Singapore, Slovakia, South Africa, South Korea, Spain, Sweden,
Thailand, Tunisia, Turkey and Venezuela.

                          *     *     *

In a TCR-Europe report on Feb. 13, Standard & Poor's Ratings
Services lowered its corporate credit rating on Southfield,
Mich.-based Lear Corp. to 'B' from 'B+ and placed its ratings on
CreditWatch with negative implications following Lear's
announcement that it had agreed to be acquired by Carl Icahn-
controlled American Real Estate Partners, L.P.

As reported in the Troubled Company Reporter-Europe on Feb. 8,
Moody's Investors Service placed the long-term ratings of Lear
Corporation, corporate family rating at B2, under review for
possible downgrade.  The company's speculative grade liquidity
rating of SGL-2 was affirmed.


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


AGRO STROY: Creditors Must File Claims by March 30
--------------------------------------------------
LLP Agro Stroy Capital has declared insolvency.  Creditors have
until March 30 to submit written proofs of claim to:

         LLP Agro Stroy Capital
         Chkalov Str. 18-76
         Pavlodar
         Kazakhstan


KAZ ELECKS: Creditors' Claims Due April 6
-----------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has declared LLP Kaz Elecks Company insolvent.

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

         The Specialized Inter-Regional Economic Court of East
         Kazakhstan Region
         Utepov Str. 34/4-54
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 24-29-03


KAZ ZERNO: Proof of Claim Deadline Slated for March 30
------------------------------------------------------
LLP Kaz Zerno Product 1 has declared insolvency.  Creditors have
until March 30 to submit written proofs of claim to:

         LLP Kaz Zerno Product 1
         Petrozavodskaya Str. 7/150
         Almaty
         Kazakhstan


RECORD TRADE: Claims Registration Ends March 30
-----------------------------------------------
LLP Record Trade has declared insolvency.  Creditors have until
March 30 to submit written proofs of claim to:

         LLP Record Trade
         Lokomotivnaya Str. 40-9
         Kokshetau
         Akmola
         Kazakhstan


STROITELNYH MATERIALOV: Claims Filing Period Ends April 6
---------------------------------------------------------
LLP Aktubinsky Plant Of Construction Meterials Zavod Stroitelnyh
Materialov has declared insolvency.  Creditors have until
April 6 to submit written proofs of claim to:

         Aktubinsky Plant of Construction Meterials Zavod
         Stroitelnyh Materialov
         Maresyev Str. 91-11
         Aktube
         Kazakhstan


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


DEVELOPMENT FINANCE: Claims Filing Period Ends April 6
------------------------------------------------------
LLC Development Finance KG Ltd. has declared insolvency.
Creditors have until April 6 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 68-08-86.


===========
L A T V I A
===========


BALTIC TRUST: Moody's Lifts Ba2 Covered Bond Rating to Baa3
-----------------------------------------------------------
Moody's Investors Service upgraded Baltic Trust Bank's Covered
Bond Rating to Baa3 from Ba2.  This rating action follows the
upgrade of the bank's long-term senior unsecured rating to Ba1
from Ba3 and concludes the review for possible upgrade initiated
on Oct. 17, 2006.

The Covered Bond Rating reflects the expected loss posed to
investors 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.


===================
L U X E M B O U R G
===================


PENTA CLO: S&P Assigns BB Rating to EUR13-Mln Class E Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR363 million floating-rate notes to be
issued by Penta CLO 1 S.A., a special purpose entity.  At the
same time, Penta CLO 1 will also issue EUR42 million of unrated
notes.

This transaction will be a securitization of a portfolio of
leveraged loans selected and managed by Penta Management Ltd.
The portfolio is expected to be 60% ramped up at closing. Penta
Management, as portfolio manager, will be responsible for
acquiring the target par amount within 12 months of the closing
date.

Penta CLO 1 is the first CLO managed by Penta Management.

                             Ratings List

Penta CLO 1 S.A.
   EUR405 Million Floating-Rate Notes

                            Prelim.    Prelim amount
             Class          rating       (Mln. EUR)
             -----          -------    -------------
             A-1            AAA            240
             A-2            AAA             26
             B              AA              48
             C              A               21
             D              BBB             15
             E              BB              13
             F              NR              42


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


BITE FINANCE: Moody's Junks EUR115-Mln Sr. Subordinated Notes
-------------------------------------------------------------
Moody's assigned a provisional corporate family rating of B3 to
Bite Finance International B.V., together with:

   -- provisional ratings of B3 for the EUR185-million Senior
      Secured Floating Rate Notes due 2014, which Moody's
      expects will be B2 upon implementation beginning March 19
      of Moody's LGD methodology; and

   -- Caa2 for the EUR115-million Senior Subordinated Floating
      Rate Notes due 2017, which Moody's expects will not be
      impacted by the adoption of the methodology.

The outlook for all ratings is stable.

The provisional designation for ratings will be removed once
both series of notes have been issued and assuming no material
changes have occurred to the draft documentation reviewed by
Moody's.

On Feb. 9, private equity firm, Mid Europa Partners, and a group
of co-investors, completed the acquisition of UAB Bite Lietuva
through a leveraged buy-out for a total consideration of
EUR443 million.  In connection with the acquisition, Bite
Finance International B.V. intends to issue two series of notes
to fund the acquisition.

The corporate family rating of (P)B3 was assigned based on
application of Moody's Global Telecommunications Industry Rating
Methodology released in February 2005, together with
consideration of:

   (i) the company's stronger profile in Lithuania as the number
       two player with a 30% revenue market share, a 23% EBITDA
       margin and positive free cash flow generation, offset by
       its new entrant profile in Latvia where substantial
       investment in building the business is still required;

  (ii) the company's very high leverage, low financial
       flexibility, weak credit metrics and liquidity profile,
       partly mitigated by the issuer's expectation for rapid
       de-leveraging through strong EBITDA growth driven by the
       favorable macroeconomic environments, flexibility in
       operating expenditure and capital expenditure relative to
       demand and excess cash of EUR29 million at closing as a
       result of over-funding;

(iii) its small scale taking into account the very competitive
       markets in which it is operating;

  (iv) the risks and uncertainties surrounding the various legal
       regimes that are relied upon as part of the transaction
       structure comprising cross-border inter-company loans,
       guarantees and security components in order to create
       different rights from a priority of claims perspective
       for the different creditor classes; and

  (v) peer comparables.

The expected one notch increase in the B3 rating of the
EUR185-million Senior Secured Floating Rate Notes due 2014 to B2
upon implementation of the LGD methodology in March results from
the very small amount of priority debt in Bite's capital
structure that ranks ahead of these notes, together with
sizeable protection afforded by the junior debt position
provided by the EUR115-million Senior Subordinated Floating Rate
Notes.

The Bite group is a combination of an established Lithuanian
business and nascent Latvian business under-going build out.
The two operations hold very different risk profiles, with the
Lithuanian business representing the vast majority of Group
revenues and profitability and reporting positive cash flows on
an operating cash flow minus capital expenditure basis prior to
the transaction, and the Latvian operations representing a drain
on group cash flows due to its continuing, albeit scalable
build-out.

Nevertheless, the business strategy clearly incorporates the
Latvian operations and debt serviceability depends on the
combined credit risk profile of the Bite group.  Based on pro-
forma credit metrics, gearing will be very high at the outset,
with Moody's calculation of FY06 pro-forma total debt to EBITDA
at around 10 times.  Metrics based on cash flow measures will
also initially be weak over the near term given historic
negative cash flows after capex particularly at the EBIT
interest cover level.  Improvements in metrics rely on the
company's ability to grow margins and market share.

Nevertheless, market dynamics are considered to be positive for
the two businesses, offering opportunities for organic growth in
Lithuania and for expansion into Latvia. Both countries have
experienced strong historic GDP and GDP/capita growth.

The make-up of the business may also allow some flexibility as
the Lithuanian business on a stand-alone basis holds a
materially stronger credit profile than the combined group, with
a total debt to EBITDA multiple calculated by Moody's of around
seven times for FY06 on a pro-forma basis and positive cash
flows after capex.  Separation from the Latvian business if
necessary could realize sale proceeds and would halt what is
currently a significant cash flow drain.

Ratings affected:

   -- (P)B3 corporate family rating assigned to Bite Finance
      International B.V.;

   -- (P)B3 rating assigned to EUR185-million Senior Secured
      Floating Rate Notes due 2014; and

   -- (P)Caa2 rating assigned to EUR115-million Senior
      Subordinated Floating Rate Notes due 2017.

Incorporated in The Netherlands, Bite Finance International B.V.
is the holding company of UAB Bite Lietuva.  Headquarted in
Vilnius, Lithuania, UAB Bite Lietuva is a mobile
telecommunications operator, holding the second and third
position in the Lithuania and Latvian markets respectively.  For
the 12 months ended Dec. 31, 2006, UAB Bite Lietuva reported
total revenues of EUR178.6 million.


BUHRMANN NV: Sustained Earnings Cue S&P to Raise Ratings to BB
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its recovery rating
on the EUR925 million senior secured bank loan facilities issued
by The Netherlands-based office products distributor Buhrmann
U.S. Inc. to '1' from '3'.

The revised recovery rating indicates Standard & Poor's high
expectation of full recovery of principal in the event of a
payment default.  At the same time, the issue rating on the
facilities was raised to 'BB' from 'BB-', one notch above the
corporate credit rating on Buhrmann U.S.' parent company,
Buhrmann N.V.

"Standard & Poor's considers that the strong and sustained
improvement of trading and earnings at Buhrmann translates into
materially enhanced recovery prospects for the senior secured
lenders," said Standard & Poor's recovery analyst Marc Lewis.

Lenders benefit from a reasonably strong security package,
incorporating asset security, subsidiary share pledges, and
guarantees.

The ratings on Buhrmann reflect its highly leveraged financial
risk profile.  Although the group has sustained improvements to
its operating performance, its leverage remains high for the
rating level.  The ratings also reflect Buhrmann's sensitivity
to the business cycle, particularly white-collar employment, and
the highly competitive nature of the global office products
market. The ratings are supported by the group's leading market
positions in North America, Australia, and Europe, together with
Standard & Poor's expectation that Buhrmann will continue to
broadly sustain its operating performance despite the economic
slowdown in the U.S.

                       Recovery Analysis

At the end of 2006, Buhrmann's senior facilities comprised of:

   -- a EUR255 million revolving credit facility maturing in
      2008

   -- an EUR80 million amortizing term loan A repayable by 2009;
      and

   -- a EUR592 million term loan D repayable by 2010;

Other facilities include an accounts receivable securitization
of about EUR200 million, other local debt facilities and finance
leases of about EUR40 million, and EUR350 million of unsecured
high-yield notes.

Senior secured lenders benefit from cross-guarantees and a
security package on at least two-thirds of the group's assets.
Assets pledged are primarily in the U.S. and The Netherlands,
both of which have reasonably favorable insolvency regimes for
secured creditors.  Share pledge security and guarantees are
provided by up to 80% of the group by EBITDA and assets, but
share pledges of the various European operations are restricted
to 65%.  The various gaps in the security package could result
in leakage of about 15% of the stressed enterprise value away
from secured creditors in an enforcement scenario.

The loan documentation allows the group additional flexibility
to raise further amounts under the senior secured facilities,
subject to meeting certain leverage and performance criteria.
The facilities include interest coverage, fixed-charge, and
leverage covenants, with levels set to give adequate headroom
and a 50% cash sweep as long as leverage exceeds EBITDA by
2.5x.

To determine recoveries, Standard & Poor's forecasts a
hypothetical default scenario.  In the case of Buhrmann, this
scenario assumes cyclical pressure on revenues, increasing
costs, and sensitivity to increased interest rates, leading to a
default in 2010.  We have assumed that, although the group
successfully refinances working capital facilities due in 2008,
the default is partially caused by difficulty refinancing the
main term debt maturities in advance of 2010.  Our valuation of
the group in default is estimated to be about EUR1.25 billion.
Priority debt of up to EUR350 million in the form of finance
leases and drawings under the receivables securitization is then
deducted from the enterprise value.  Assuming scheduled
repayments have been met and the revolver is fully drawn,
approximately EUR810 million of the senior secured debt will be
outstanding at default, leading to our expectation of full
recovery for secured lenders.

The subordinated notes all rank pari passu and benefit from a
package of guarantees similar to those available to the secured
debtholders.  The guarantees, and therefore the bonds, are
contractually subordinated to the senior credit facilities and
are rated 'B', which is two notches below the corporate credit
rating.  The notching reflects the level of priority liabilities
to total consolidated assets being more than 30%.


X5 RETAIL: Confirms Plan to Buy Karusel Chain Under Call Option
---------------------------------------------------------------
X5 Retail Group N.V. (fka Pyaterochka Holding N.V.) commented on
a Reuters report reproduced by other news outlets regarding its
alleged sale talks between Russia's Karusel hypermarket chain
and Wal-Mart.

"According to the terms of the option agreement between X5
Retail Group N.V. and the owners of Karusel hypermarket chain,
X5 Retail Group N.V. has a call option to acquire the Karusel
chain.  We confirm our intention to realize this option in case
we consider this to be beneficial to the Group," Lev Khasis,
Group CEO, said.

"The shareholders of Karusel do not participate directly in
negotiations with Wal-Mart.  Two years ago we hired a major
investment bank, which is doing its job at a high level.  The
Karusel shareholders will meet their obligations under the
option agreement with X5 Retail Group.  The Karusel business can
be sold to an international operator only in case X5's refusal
to execute the option.  In such a case Karusel chain will be
sold through the dedicated investment bank at a highest price."
Andrei Rogachev, one of the key shareholders of Karusel chain,
commented.

                      About X5 Retail

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

The Group's pro forma net sales for the 9 months of 2006 were
US$2.4 billion (management accounts).  During 1H 2006, the
Pyaterochka chain provided US$1.4 billion of net sales, while
the Perekrestok chain contributed US$1 billion of net sales.

                          *     *     *

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

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


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


ABINSKIY LLC: Creditors Must File Claims by March 10
----------------------------------------------------
Creditors of on LLC Tinned Food Combine Abinskiy (TIN
2323016668) have until March 10 to submit proofs of claim to:

         A. Antonov, Temporary Insolvency Manager
         Room 307
         Kolkhoznaya Str. 3
         350042 Krasnodar
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy
supervision procedure on the company.  The hearing in the Court
will convene at 11:00 a.m. on April 25.  The case is docketed
under Case No. A-32-1105/2007-1/17 B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC Tinned Food Combine Abinskiy
         Vokzalnaya Str. 37
         Abinsk, Krasnodar
         Russia


AGRO-INVEST LLC: Creditors Must File Claims by March 10
-------------------------------------------------------
Creditors of LLC Agro-Invest have until March 10 to submit
proofs of claim to:

         P. Kul'kin, Insolvency Manager
         Office 207
         Lenina Str. 65
         350000 Krasnodar
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-32-26445/2006-37/2526-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Staroderevenkovskaya St.
         Krasnodar
         Russia

The Debtor can be reached at:

         The Arbitration Court of Krasnodar
         Staroderevenkovskaya St.
         Krasnodar
         Russia


BELEBEEVSKIY BAKERY: Creditors Must File Claims by April 10
-----------------------------------------------------------
Creditors of on OJSC Belebeevskiy Bakery have until April 10 to
submit proofs of claim to:

         P. Krivov, Insolvency Manager
         Ya. Ukhsaya Str. 8
         Belebey
         452000 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07-12566/06-G-ADM.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Belebeevskiy Bakery
         Vostochnaya Str. 68
         Belebey
         452008 Bashkortostan
         Russia


ELIT: Dagestan Court Names G. Murtazaev as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Dagestan appointed Mr. G. Murtazaev as
Insolvency Manager for State Unitary Enterprise Khasavyurtovskiy
Meat Combine Elit.  He can be reached at:

         G. Murtazaev
         Umaniva Str. 12
         Makhachkala, Dagestan
         Russia
         Tel: 8(8722) 68-32-59

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A15-724/2006.

The Debtor can be reached at:

         State Unitary Enterprise Khasavyurtovskiy Meat Combine
         Elit
         Korkmasova Str. 3
         Khasavyurt, Dagestan
         Russia


EKATERINODAR-FINANCIAL: Court Names E. Leyliyan to Manage Assets
----------------------------------------------------------------
The Arbitration Court of Krasnodar appointed Mr. E. Leyliyan as
Insolvency Manager for CJSC Ekaterinodar-Financial Building
Company.  He can be reached at:

         E. Leyliyan
         Office 428
         Krasnaya Str. 180
         350020 Krasnodar
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-18516/2006-27/1165-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Staroderevenkovskaya St.
         Krasnodar
         Russia

The Debtor can be reached at:

         CJSC Ekaterinodar-Financial Building Company
         Krasnoarmeyskaya Str. 1
         350000 Krasnodar
         Russia


INFORTEKS CJSC: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Bashkortostan commenced bankruptcy
supervision procedure on CJSC Inforteks (TIN 0278069157).
The case is docketed under Case No. A07-22302/06-ShAB.

The Temporary Insolvency Manager is:

         N. Mutallapov
         Post User Box 1193
         Central Post Office
         Ufa
         450000 Bashkortostan
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Inforteks
         Vorovskogo Str. 93
         Ufa
         450078 Bashkortostan
         Russia


KEMEROVSKIY WINERY: Asset Sale Slated for March 13
--------------------------------------------------
LLC Partnership of Insolvency Officers of Kuzbass, the bidding
organizer for OJSC Kemerovskiy Winery, will open a public
auction for the company's properties at 11:00 a.m. on March 13
at:

         LLC Partnership of Insolvency Officers of Kuzbass
         Office 406
         Oktyabrskiy Pr. 4
         Kemerovo
         Russia

The company has set a RUR6 million starting price for the
auctioned assets.

Interested participants have until March 12 to deposit an amount
of RUR1.2 million to:

         LLC Partnership of Insolvency Officers of Kuzbass
         Settlement Account 40702810700120000423
         Correspondent Account 30101810600000000791
         BIK 043207791
         OJSC MDM-Bank
         Kemerovo
         Russia

Bidding documents must be submitted to:

         LLC Partnership of Insolvency Officers of Kuzbass,
         Office 406
         Oktyabrskiy Pr. 4
         Kemerovo
         Russia

The Debtor can be reached at:

         OJSC Kemerovskiy Winery
         Bakha Str. 15
         Yagunovskiy, Kemerovo
         Russia


KRASNOSELSKOYE CJSC: Bankruptcy Hearing Slated for July 2
---------------------------------------------------------
The Arbitration Court of Krasnodar will convene on July 2 to
hear the bankruptcy supervision procedure on CJSC
Krasnoselskoye.  The case is docketed under Case No. A-32-
29376/2006-37/2715-B.

The Temporary Insolvency Manager is:

         A. Semenyak
         Zaporozhskaya Str. 97
         Staroderevyankovskaya Sr
         Kanevskiy
         353720 Krasnodar
         Russia

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         CJSC Krasnoselskoye
         Lenina, 2A
         Krasnoselskoye
         Dinskoy
         353223 Krasnodar
         Russia


LUKOIL OAO: To Keep Buy Option in Kharyaga Oilfield Project
-----------------------------------------------------------
OAO Lukoil will keep its option to acquire 20% of the Kharyaga
oilfield, RosBusinessConsulting reports citing company president
Vagit Alekperov as saying.

Mr. Alekperov told RBC that Lukoil will exercise the option in
court if required.  The president added Lukoil is currently
holding talks with members of the consortium that owns the
Kharyaga oilfield.

Mr. Alekperov said buying a stake in the oilfield would be
economically practical for Lukoil, despite unfavorable economic
conditions of the project.

In a TCR-Europe report on Nov. 22, 2006, Lukoil welcomed a
possible 20% stake in Kharyaga oil field project provided that
the decision-making process be changed.

"A 20% stake will suit us, if changes are made to the work
procedure of the board of directors," Ravil Maganov, a member of
Lukoil Board of Directors, told RIA Novsoti.

Total, which has been developing the Kharyaga deposit since
January 1999, holds a 50% stake in the project, along with Norsk
Hydro ASA (40%) and Russia's Nenets Oil Co. (10%).

                         About Lukoil

Headquartered in Moscow, Russia, OAO Lukoil (LSE: LKOD; MICEX,
RTS: LKOH) -- http://www.lukoil.com/-- explores and produces
oil & gas, petroleum products and petrochemicals, and markets
the outputs.  Most of the Company's exploration and production
activity is located in Russia, and its main resource base is in
Western Siberia.

                         *     *     *

OAO Lukoil carries Standard & Poor's BB+ long-term foreign and
local issuer credit ratings with a positive outlook.


LUKOIL OAO: Vagit Sharifov Sells 160,000 Ordinary Shares
--------------------------------------------------------
Vagit S. Sharifov, Vice President of OAO Lukoil and member of
the Management Committee, sold 160,000 ordinary shares for
RUR361.8 million on Feb. 27 in Moscow, Russia.

                         About Lukoil

Headquartered in Moscow, Russia, OAO Lukoil (LSE: LKOD; MICEX,
RTS: LKOH) -- http://www.lukoil.com/-- explores and produces
oil & gas, petroleum products and petrochemicals, and markets
the outputs.  Most of the Company's exploration and production
activity is located in Russia, and its main resource base is in
Western Siberia.

                         *     *     *

OAO Lukoil carries Standard & Poor's BB+ long-term foreign and
local issuer credit ratings with a positive outlook.


MEGAFON: Takes Part in 3G License Tender Process
------------------------------------------------
Russia's three major mobile operators, Megafon OJSC, Mobile
TeleSystems OJSC and OJSC Vimpel-Communications, have submitted
applications to take part in a tender process for three third-
generation (3G) licenses in the country, according to published
reports.

Interfax News disclosed that the Federal Communications Agency
also received requests for tender documentation from other
companies including SMARTS, Network Company (an alliance of
regional operators - SMARTS, Tele2 and New Telephone Company),
Korbina Telecom and Comtel Plus.

A Prime-Tass report states that under the terms of the tender,
only one member of a consortium will receive the license if the
bid is successful.

Successful bidders are expected to commence commercial
operations within two years of receiving licenses, Prime-Tass
further relates.

Aside from paying a RUR2.6-million fee to the Federal
Communications Agency, applicants must also meet the criteria on
infrastructure capacity and financial ability to clear allocated
frequencies, Tai Adelaja writes for The Moscow Times.

Bidding for the 3G licenses began on Jan. 16 and closed on
Feb. 26.

Winners of the tender will be revealed on April 20.

                           About MTS

Headquartered in Moscow, Russia, Mobile TeleSystems OJSC --
http://www.mtsgsm.com/-- is the largest mobile phone operator
in Russia and the CIS.  Together with its subsidiaries, the
Company services over 61.77 million subscribers.  The regions of
Russia, as well as Belarus, Turkmenistan, Ukraine, and
Uzbekistan, in which MTS and its associates and subsidiaries are
licensed to provide GSM services, have a total population of
around 233.1 million.  Since June 2000, MTS' Level 3 ADRs have
been listed on the New York Stock Exchange.

                      About VimpelCom

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

                        About Megafon

Headquartered in Moscow, OJSC MegaFon is the third nationwide
GSM operator in Russia.  For the nine months ending
Sept. 30, 2006, MegaFon generated revenues of US$2.6 billion and
a reported EBITDA of US$1.3 billion.

                        *     *     *

As reported in the TCR-Europe on Feb. 6, Moody's Investors
Service upgraded ratings of Open Joint Stock Company MegaFon to
Ba3 from B1.  Moody's said the outlook on the ratings is stable.

The ratings affected are:

   * OJSC MegaFon

     -- Corporate Family rating upgraded to Ba3 from B1

   * MegaFon S.A.

     -- US$375 million loan participation notes due 2009
        upgraded to Ba3 from B1

Fitch Ratings also upgraded OAO MegaFon's Issuer Default and
senior unsecured ratings to 'BB+' from 'BB'.  Fitch said The
Outlook on the IssuerDefault rating remains Stable.

The other ratings are affirmed at Short-term 'B' and National
Long-term 'AA'.  MegaFon S.A.'s US$375 million eurobond maturing
in December 2009, which is guaranteed by Megafon, is upgraded to
'BB+' from 'BB'.


MOBILE TELESYSTEMS: Participates in 3G License Bidding Process
--------------------------------------------------------------
Russia's three major mobile operators, OJSC Megafon, Mobile
TeleSystems OJSC and OJSC Vimpel-Communications, have submitted
applications to take part in a tender process for three third-
generation (3G) licenses in the country, according to published
reports.

Interfax News disclosed that the Federal Communications Agency
also received requests for tender documentation from other
companies including SMARTS, Network Company (an alliance of
regional operators - SMARTS, Tele2 and New Telephone Company),
Korbina Telecom and Comtel Plus.

A Prime-Tass report states that under the terms of the tender,
only one member of a consortium will receive the license if the
bid is successful.

Successful bidders are expected to commence commercial
operations within two years of receiving licenses, Prime-Tass
further relates.

Aside from paying a RUR2.6-million fee to the Federal
Communications Agency, applicants must also meet the criteria on
infrastructure capacity and financial ability to clear allocated
frequencies, Tai Adelaja writes for The Moscow Times.

Bidding for the 3G licenses began on Jan. 16 and closed on
Feb. 26.

Winners of the tender will be revealed on April 20.

About VimpelCom

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

                        About Megafon

Headquartered in Moscow, OJSC MegaFon is the third nationwide
GSM operator in Russia.  For the nine months ending
Sept. 30, 2006, MegaFon generated revenues of US$2.6 billion and
a reported EBITDA of US$1.3 billion.

                           About MTS

Headquartered in Moscow, Russia, Mobile TeleSystems OJSC --
http://www.mtsgsm.com/-- is the largest mobile phone operator
in Russia and the CIS.  Together with its subsidiaries, the
Company services over 61.77 million subscribers.  The regions of
Russia, as well as Belarus, Turkmenistan, Ukraine, and
Uzbekistan, in which MTS and its associates and subsidiaries are
licensed to provide GSM services, have a total population of
around 233.1 million.  Since June 2000, MTS' Level 3 ADRs have
been listed on the New York Stock Exchange.

                        *     *     *

As of Dec. 31, 2005, MTS had a working capital deficit of
US$631.6 million, compared with a US$189 million working capital
deficit at Dec. 31, 2004.

MTS is rated to BB-/outlook stable by Standard & Poor's and
Ba3/outlook stable by Moody's.


NEVEL-AUTO-TRANS: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Pskov commenced bankruptcy supervision
procedure on CJSC Nevel-Auto-Trans (TIN 6009000856).  The case
is docketed under Case No. A52-4198/2006/4.

The Temporary Insolvency Manager is:

         S. Alekseev
         Pulkovskoye Shosse 7-2-161
         St. Petersburg
         Russia

The Court is located at:

         The Arbitration Court of Pskov
         Nekrasova Str. 23
         Pskov
         Russia

The Debtor can be reached at:

         CJSC Nevel-Auto-Trans
         Mametovoy Str. 110
         Nevel, Pskov
         Russia


ORLOVSKOYE FUEL: Creditors Must File Claims by April 10
-------------------------------------------------------
Creditors of on OJSC Orlovskoye Fuel Enterprise (TIN 5753037513)
have until April 10 to submit proofs of claim to:

         V. Klimenko, Insolvency Manager
         Building 1
         Molodogvardeyskaya Str. 9
         121467 Moscow
         Russia

The Arbitration Court of Orel commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A48-3353/06-16b.

The Court is located at:

         The Arbitration Court of Orel
         Gorkogo Str. 42
         302000 Orel
         Russia

The Debtor can be reached at:

         OJSC Orlovskoye Fuel Enterprise
         Lenina Str. 23
         302028 Orel
         Russia


PROMSVYAZBANK JSCB: To Issue Five-Year RUR4.5-Billion Bonds
-----------------------------------------------------------
The Board of Directors JSCB of Promsvyazbank has decided to
issue RUR4.5 billion bonds at RUR1,000 apiece.

The documentary interest bearing bonds have five-year maturity
and semi-annual coupon payment.  The bonds will be placed on
MICEX by open subscription as an auction to set the first coupon
rate.  Deutsche Bank acts as lead-manager and international
sales coordinator.

"We are pleased that this ruble bonds issue will be the largest
one amongst Russian private banks," Alexander Levkovsky,
president of Promsvyazbank, said.  "The funds, attracted at the
Russian internal market, will allow Promsvyazbank to diversify
funding sources and to reduce risks.  Besides that the borrowing
will enhance dynamic development of bank's retail and corporate
business, as well as strengthen of its position in financing
small and medium business."

"We prize Promsvyazbank's achievements on the Russian financial
market, its business reputation and good credit history on
domestic and international markets," Yuri Soloviev, head of
Global Markets, Russia and CIS, Deutsche Bank Ltd. said.  "It
was a pleasure to work together with Promsvyazbank on this
placement."  Currently, there is one Promsvyazbank's issue
outstanding worth RUR600 million.

                       About Promsvyazbank

Headquartered in Moscow, Russia, JSCB Promsvyazbank --
http://www.psbank.ru/eng/-- engages in lending business,
project finance, leasing regional projects expanding its
presence in the financial markets.

Alexey and Dmitry Annaniev are the major shareholders in the
Bank.  Nova Ljubljanska Banka (Slovenia) holds 3.65% while
Rostelecom owns 0.27%.

                        *     *     *

In a TCR-Europe report on Dec. 21, 2006, Standard & Poor's
Ratings Services raised its long- and short-term counterparty
credit ratings on Russia-based Promsvyazbank JSCB to 'B+/B' from
'B/C'.

At the same time, the ratings were removed from CreditWatch
where they had been placed with positive implications on
Aug. 31, 2006, following the announcement that Germany-based
Commerzbank AG was acquiring a 15.3% stake in PSB, with a
potential step-by-step increase to a majority stake in the
medium term.  The outlook is positive.

As reported in the TCR-Europe on Dec. 11, 2006, Moody's
Investors Service changed from stable to positive the outlook on
Promsvyasbank's Ba3 long-term foreign currency deposit and debt
ratings.  The outlook on the bank's D- financial strength rating
remains unchanged.

At the same time the outlook for the Ba3 long-term foreign
currency debt rating assigned to US$125 million 8.75% senior
unsecured loan participation notes and the B1 long-term foreign
currency debt rating assigned to the US$200 million 9.625%
subordinated loan participation notes issued by PSB Finance S.A.
have also been changed to positive.

As reported in the TCR-Europe on Dec. 8, 2006, Fitch Ratings
changed the Outlook on the Issuer Default Rating of Russia-based
Promsvyazbank to Positive from Stable.  The bank's ratings are
affirmed at IDR B+, Short-term B, Individual D, and Support 5.

Fitch has assigned an expected Long-term rating of B+ to PSB's
upcoming senior unsecured eurobond and an expected Long-term
rating of B- to its upcoming subordinated debt issue.

Fitch Ratings assigned PSB Finance S.A.'s upcoming senior notes
issue expected ratings of Long-term B+ and Recovery RR4.  The
issue is to be used solely for financing a loan to Russia-based
JSC Promsvyazbank, which has been upgraded to Issuer Default
rating B+ from B.  Fitch has also assigned an expected Long-term
rating of B- to the bank's upcoming subordinated debt issue.


PROMSVYAZBANK: Fitch Assigns B+ Rating to Upcoming Loan Issue
-------------------------------------------------------------
Fitch Ratings assigned PSB Finance S.A.'s upcoming issue of
limited recourse notes expected ratings of Long-term 'B+' and
Recovery 'RR4'.  The final ratings are contingent on the receipt
of final documents conforming to information already received.

The notes will be issued solely to finance a loan to Russia-
based Promsvyazbank, rated Issuer Default 'B+' with a Positive
Outlook, Short-term 'B', Individual 'D' and Support '5'.  The
new notes will be consolidated to form a single series with PSB
Finance S.A.'s US$125 million issue of 8.75% notes, due October
2011, rated final 'B+'/'RR4'.

PSB is one of Russia's largest privately held banks, majority-
owned by the Ananiev brothers, who are well-connected
businessmen.  In December 2006 Germany's Commerzbank acquired a
15% stake in PSB and may seek to gain control over the bank in
the medium term.  PSB mainly serves large and mid-sized
corporate clients.  It has built a network of over 130 points-
of-sale across Russia to facilitate an ongoing regional
diversification and franchise expansion into the retail and SME
segments.


ROSNEFT OIL: Offers Asset Swap for Gazprom Stake in Oil Field
-------------------------------------------------------------
OAO Rosneft Oil Co. plans to swap two gas pipelines connecting
Sakhalin Island to Khabarovsk for a share in Gazprom's South
Priobskoye oil field, Interfax News reports citing chief
executive Sergei Bogdanchikov as saying.

"If we are offered terms for swapping part of those assets for a
share in other assets that interest us and Gazprom owns, of
course we'll do it with pleasure," Mr. Bogdanchikov told
Interfax News.

The chief executive said the asset swapping could give Rosneft
"some synergy," adding that Gazprom had had no such offer to the
company.

                        About Gazprom

Headquartered in Moscow, Russia, OAO Gazprom (RTS: GAZP; MICEX:
GAZP; LSE: OGZD) -- http://www.gazprom.ru/eng-- produces 94% of
the country's natural gas, controls 25% of the world's reserves,
and is also the world's largest gas producer.  It focuses on gas
exploration, processing, transport, and marketing

                        About Rosneft

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

                         *     *     *

In a TCR-Europe report on Jan. 16, Standard & Poor's Ratings
Services raised its long-term corporate credit rating on Russian
OJSC Oil Company Rosneft to 'BB+' from 'BB' and removed it from
CreditWatch, where it had been placed with positive implications
on Nov. 15, 2006.  S&P said the outlook is developing.

As reported in the TCR-Europe on Jan. 2, Fitch Ratings placed
OJSC Rosneft Oil's foreign and local currency Issuer Default
ratings of BB+ on Rating Watch Positive following the company's
announcement of strong financial results for the first nine
months of 2006.


SARMANOVO-AGRO-KHIM-SERVICE: Claims Filing Period April 10
----------------------------------------------------------
Creditors of OJSC Sarmanovo-Agro-Khim-Service have until
April 10 to submit proofs of claim to:

         A. Miller, Insolvency Manager
         Post User Box 188
         GOS-11
         Almetyevsk
         423461 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A65-14243/2006-SG4-39.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Sarmanovo-Agro-Khim-Service
         Sovetskaya Str. 1
         Sarmanovo, Tatarstan
         Russia


SINEGORSKIY WOOD-PROM-KHOZ: Claims Filing Period April 10
---------------------------------------------------------
Creditors of on OJSC Sinegorskiy Wood-Prom-Khoz have until
April 10 to submit proofs of claim to:

         V. Shumilov, Insolvency Manager
         M. Gorkogo Str. 24-22
         Perm
         Russia

The Arbitration Court of Kirov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A28-659/06-343/24.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Sinegorskiy Wood-Prom-Khoz
         Oktyabrskaya Str. 24
         Sinegorye
         Nagorskiy, Kirov
         Russia


SPARTA CJSC: Creditors Must File Claims by March 10
---------------------------------------------------
Creditors of CJSC Sparta (TIN 7718101047) have until March 10 to
submit proofs of claim to:

         S. Kuznetsov, Insolvency Manager
         To be called for Mr. S. Kuznetsov
         125009 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-33270/06-123-445B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Sparta
         Apartment 46
         Elektrozavodskaya Str. 37/4
         107076 Moscow
         Russia


TATNEFT OAO: Shareholders' Meeting Slated for June 29
-----------------------------------------------------
OAO Tatneft will hold its annual general shareholders' meeting
on the results of the activities in 2006 at 10:00 a.m. (Moscow
time) on June 29 at:

         Neftche Palace of Culture
         Almetyevsk
         Russia

Registration on the date of the annual general shareholders'
meeting will start at 8:30 a.m. at the same venue.

Preliminary registration for the annual shareholders' meeting
will take place from 8:00 a.m. until 5:00 p.m. starting from
June 18 until June 28 at:

         OAO Tatneft
         Office of the Property Department
         Gagarin Street, 10
         Almetyevsk, Russia

To determine that the list of shareholders entitled to
participate in the meeting shall be compiled on the basis of the
company's shareholders' register as of 8:00 a.m. on May 14.

                         About Tatneft

Headquartered in Tatartan, Russia, Tatneft JSC --
http://www.tatneft.ru/eng/-- explores for, produces, refines
and markets crude oil.  The company operates a chain of retain
gasoline filling stations and exports some of its petrochemical
products to former Soviet Union countries and Europe.

                        *     *     *

As of Feb. 28, Tatneft carries Fitch's B+ Issuer Default rating.
Its Short-Term rating stands at B.  Fitch said the outlook is
positive.


TEPLO-ENERGO-SERVICE: Bankruptcy Hearing Slated for June 4
----------------------------------------------------------
The Arbitration Court of Kareliya will convene on June 4 to hear
the bankruptcy supervision procedure on LLC Teplo-Energo-
Service.  The case is docketed under Case No. A26-8916/2006-184.

The Temporary Insolvency Manager is:

         S. Sedov
         Vidanskaya Str. 15V
         Petrozavodsk, Kareliya
         Russia

The Court is located at:

         The Arbitration Court of Kareliya
         Krasnoarmeyskaya Str. 24a
         Petrozavodsk
         185610 Kareliya
         Russia

The Debtor can be reached at:

         LLC Teplo-Energo-Service
         Kirpichnyj, 1A
         Sulazhgorskiy
         Petrozavodsk, Kareliy
         Russia


TMK OAO: Hikes 2006 Overall Shipment Volumes to 3%
--------------------------------------------------
OAO TMK provides trading update in advance of the publication of
its preliminary results for the year ended Dec. 31 2006, which
will be released in May 2007.

Overall trading for 2006 has been in line with expectations and
revenues are expected to be approximately US$3.3 billion.
During 2006 the Company has experienced a material improvement
in margins.  In accordance with management expectations, the
EBITDA margin for the full year, while not quite reflecting the
same as for the first half of 2006, will represent a substantial
increase in margin over the full year 2005.

As previously stated, in 2006 TMK's plants shipped more than 3
million tons of tubular goods, representing around a 3% increase
over 2005.  Within that figure, OCTG shipment volumes (products
with higher added value) increased by over 16%.  This growth was
achieved at existing production facilities while the strategic
investment program, which will add more than 1.1 million tons of
seamless capacity by 2010, was being implemented.

       Volumes of the pipes shipped by TMK's plants in 2006
                          (K, tons)

                          2006          2005         Variance, %
                          ----          ----         -----------
   Seamless pipes         1,944         1,877           +3.6%
   incl. OCTG               955           818           +16.7%
   Welded pipes           1,074         1,047           +2.6%
   Total, pipes           3,018         2,924           +3.2%

In 2006 there was a strong demand for TMK's products from both
Russian and foreign customers, and the Company does not expect
the market environment to deteriorate in the near future.

In 2006 TMK increased its share of sales outside Russia.  While
the overall growth of shipment volumes in 2006 was over 3%,
shipments outside Russia increased by more than 8%.  The region
where shipment volumes grew most was the United States, where
the increase was more than 90%.  Shipments to the Middle
East and Gulf States increased by approximately 7%.

The largest customers for TMK's seamless pipes in the Russian
market were Surgetneftegas, TNK-BP, Lukoil, Gazprom and Tatneft.
These companies account for 28.6% of the total seamless pipes
shipment volumes.

The main customer for TMK's welded pipes is Gazprom, which
accounts for 25% of the total welded pipe shipment volumes.

In 2006 TMK managed to secure higher prices for its products
against aggregated world prices.  TMK's prices for OCTG
increased by between 15-20% during 2006, substantially ahead of
the world price trend.  Seamless line pipe prices grew by
about 20% in the Russian market, and prices for industrial
seamless pipes grew by between 15-20%.

Growth in electric resistance welded (ERW) average and small
diameter industrial pipe prices, which was a reflection of the
growth of investment into infrastructure projects and of the
construction boom in Russia, increased by between 25-30% during
the year.  Despite some decrease in the overall profitability
shown in the EBITDA, which was the result of an increased
percentage of these pipes in the total shipment volumes,
absolute EBITDA for these pipes rose, which contributed to the
absolute growth of the EBITDA as a whole.

In 2006 there was a considerable increase in the price of scrap.
Prices in the Russian market increased by between 25-30% which
affected the increase in production costs in the second half of
2006.  The Company believes that the price increase in 2006
closed the gap between Russian and export prices for scrap and
it does not expect any significant price increase in 2007 and
beyond.

Rises in prices for other raw materials (strips, pig iron and
purchased billets) were not more than 15% in 2006.  TMK has
balanced the rise in the price of raw materials by increasing
its prices for tubular goods.

The Company expects that the impact of fundamental indicators
defining the demand for tubular goods will continue in 2007 and
that prices for iron raw materials will stabilize close to the
existing levels.  The Company believes that the expected rise in
prices for gas and electricity will not render any significant
impact on TMK's indicators, as the costs of these, within the
Company's overall production costs is not significant.

More than US$300 million was invested in 2006 within the
framework of the strategic investment program, with all the
projects being implemented on time and within budget.
Approximately 30% of the strategic investment program, which
runs until 2010, has been financed to date.

In 2006 two continuous casting machines of one million tons
capacity each were launched at Seversky Pipe Plant and Taganrog
Metallurgical Works.  TMK is also continuing to upgrade its high
value-added, seamless pipe production capacity.

                           About TMK

Headquartered in Moscow, Russia, OAO TMK --
http://www.tmkgroup.ru/eng/-- manufactures the entire product
range of existing pipe products, which are used in the oil-and-
gas industry, the chemical and petrochemical industries, the
energy and machine-building industries, construction and the
municipal housing economy, shipbuilding, aviation, space and
rocket equipment, and agriculture.  TMK has production
facilities located in Russia and Romania, which unite the four
leading enterprises in the Russian pipe industry.

                        *     *     *

As of Feb. 5, OAO TMK carries Moody's B1 long-term corporate
family rating with a positive outlook.

Standard & Poor's rates TMK's long-term foreign and local issuer
credits at B+ with a stable outlook.


TMK OAO: Reviews Investments & Financials in 2006
-------------------------------------------------
OAO TMK disclosed that the Board of Directors of the company and
directors from four of the company's plants, held a joint
meeting in Yekaterinburg, Russia on Feb. 21 to 22.

At the meeting, TMK's operational and financial results for 2006
and the results of the investment activities in 2006, as well as
the investment plans through 2007 were reviewed.

The TMK Board of Directors also approved a new text of the
Dividend Policy for the company, which states that the company's
goal is to pay dividends not less than 25% of consolidated net
profit under IFRS standards.

                           About TMK

Headquartered in Moscow, Russia, OAO TMK --
http://www.tmkgroup.ru/eng/-- manufactures the entire product
range of existing pipe products, which are used in the oil-and-
gas industry, the chemical and petrochemical industries, the
energy and machine-building industries, construction and the
municipal housing economy, shipbuilding, aviation, space and
rocket equipment, and agriculture.  TMK has production
facilities located in Russia and Romania, which unite the four
leading enterprises in the Russian pipe industry.

                        *     *     *

As of Feb. 5, OAO TMK carries Moody's B1 long-term corporate
family rating with a positive outlook.

Standard & Poor's rates TMK's long-term foreign and local issuer
credits at B+ with a stable outlook.


TRANSNEFT OAO: Issues US$1.3-Billion Bonds to Fund ESPO Project
---------------------------------------------------------------
OAO Transneft has priced a successful bond market debut, with
the issue of a total of US$1.3 billion of loan participation
notes.

The proceeds of the issue will be used to finance construction
of the Eastern Siberian-Pacific Ocean Pipeline.  The joint
bookrunners for the transaction were Credit Suisse and Goldman
Sachs International.  Transneft Finance acted as financial
advisor to Transneft.

Following a strong investor response to the seven-year
144A/Regulation S Notes offering, the pricing was revised to
MS+55bps from MS+60bps.

"The transaction represents the first opportunity for global
investors to participate in this credit, the highest-rated
corporate to come out of Russia," Sergei Grigoriev, Vice
President of Transneft, said.  "The high credit quality and
sovereign risk profile combined with the scarcity value of
Transneft, generated strong investor interest, which allowed the
Notes offering to achieve the highly attractive borrowing
level."

In a TCR-Europe report on Feb. 19, chief executive Semyon
Vainshtok said Transneft will issue at least US$500 million in
Eurobonds to finance its pipeline construction projects.

Transneft will construct two large-scale pipelines: one linking
Eastern Siberia to Japan and China; and the extension of its
Baltic Pipeline System, RIA Novosti relays.

Mr. Vainshtok said cost to complete the Eastern Siberian
pipeline almost doubled to US$11 billion due to the need to
build generating capacities and infrastructure.  The pipeline
would be operational in 2008.

                     About the Company

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

                        *     *     *

OAO Transneft carries Fitch's 'BB' rating.


VIMPEL-COMMUNICATIONS: Submits Bid for 3G License
-------------------------------------------------
Russia's three major mobile operators, Megafon, Mobile
TeleSystems and Vimpelcom, have submitted applications to take
part in a tender process for three third-generation (3G)
licenses in the country, according to published reports.

Interfax News disclosed that the Federal Communications Agency
also received requests for tender documentation from other
companies including SMARTS, Network Company (an alliance of
regional operators - SMARTS, Tele2 and New Telephone Company),
Korbina Telecom and Comtel Plus.

A Prime-Tass report states that under the terms of the tender,
only one member of a consortium will receive the license if the
bid is successful.

Successful bidders are expected to commence commercial
operations within two years of receiving licenses, Prime-Tass
further relates.

Aside from paying a RUR2.6-million fee to the Federal
Communications Agency, applicants must also meet the criteria on
infrastructure capacity and financial ability to clear allocated
frequencies, Tai Adelaja writes for The Moscow Times.

Bidding for the 3G licenses began on Jan. 16 and closed on
Feb. 26.

Winners of the tender will be revealed on April 20.

                           About MTS

Headquartered in Moscow, Russia, Mobile TeleSystems OJSC --
http://www.mtsgsm.com/-- is the largest mobile phone operator
in Russia and the CIS.  Together with its subsidiaries, the
Company services over 61.77 million subscribers.  The regions of
Russia, as well as Belarus, Turkmenistan, Ukraine, and
Uzbekistan, in which MTS and its associates and subsidiaries are
licensed to provide GSM services, have a total population of
around 233.1 million.  Since June 2000, MTS' Level 3 ADRs have
been listed on the New York Stock Exchange.

                       About Megafon

Headquartered in Moscow, OJSC MegaFon is the third nationwide
GSM operator in Russia.  For the nine months ending
Sept. 30, 2006, MegaFon generated revenues of US$2.6 billion and
a reported EBITDA of US$1.3 billion.

                      About VimpelCom

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

                        *     *     *

As of Feb. 28, Vimpel-Communications carries Moody's Ba3 long-
term corporate family and senior unsecured debt ratings with a
positive outlook.

Standard & Poor's rates Vimpel-Communications' long-term foreign
and local issuer credits at BB+ with a stable outlook.


VNESHTORGBANK JSC: To Place RUR2-Bln Bond for OOO Belon-Finance
---------------------------------------------------------------
JSC Vneshtorgbank will organize and underwrite a RUR2-billion
bond placement for OOO Belon-Finance on March 1.

Inconvertible interest-bearing documentary bonds with the
nominal value of RUR1,000 will be placed for a five-year period.
The first issue of bonds to the amount of RUR1.5 billion with a
three-year circulation period was placed in June 2006.

The attracted funds will be allocated to implementation of Belon
Group investment programs, in particular, for increase of
production and preparation capacities of the existing
enterprises, and construction of new production facilities.  In
accordance with the corporate development plan, by 2010 the
total production volume of metallurgical and steam coals will
amount to at least 10 million tons a year.

                       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.


X5 RETAIL: Confirms Plan to Buy Karusel Chain Under Call Option
---------------------------------------------------------------
X5 Retail Group N.V. (fka Pyaterochka Holding N.V.) commented on
a Reuters report reproduced by other news outlets regarding its
alleged sale talks between Russia's Karusel hypermarket chain
and Wal-Mart.

"According to the terms of the option agreement between X5
Retail Group N.V. and the owners of Karusel hypermarket chain,
X5 Retail Group N.V. has a call option to acquire the Karusel
chain.  We confirm our intention to realize this option in case
we consider this to be beneficial to the Group," Lev Khasis,
Group CEO, said.

"The shareholders of Karusel do not participate directly in
negotiations with Wal-Mart.  Two years ago we hired a major
investment bank, which is doing its job at a high level.  The
Karusel shareholders will meet their obligations under the
option agreement with X5 Retail Group.  The Karusel business can
be sold to an international operator only in case X5's refusal
to execute the option.  In such a case Karusel chain will be
sold through the dedicated investment bank at a highest price."
Andrei Rogachev, one of the key shareholders of Karusel chain,
commented.

                      About X5 Retail

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

The Group's pro forma net sales for the 9 months of 2006 were
US$2.4 billion (management accounts).  During 1H 2006, the
Pyaterochka chain provided US$1.4 billion of net sales, while
the Perekrestok chain contributed US$1 billion of net sales.

                          *     *     *

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

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


YACHT LLC: Creditors Must File Claims by March 10
-------------------------------------------------
Creditors of LLC Yacht have until March 10 to submit proofs of
claim to:

         I. Gorn, Insolvency Manager
         Post User Box 183
         127018 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A41-K2-21166/06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Yacht
         Yam, v/ch 56135
         Domodedovskiy, Moscow
         Russia


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


TDA CAM: S&P Assigns CCC- Ratings to EUR12.8-Mln Class D Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR1.71 billion floating-rate notes to be
issued by TDA CAM 8, Fondo de Titulización de Activos, a Spanish
special purpose entity.

This is the eighth securitization of Caja de Ahorros del
Mediterraneo residential mortgage loans and its second RMBS
transaction to be rated by Standard & Poor's.  CAM is also an
experienced participant in SMEs and covered bond
securitizations.

In this transaction, CAM will securitize part of its residential
mortgage-lending book.  The loans, mainly originated in
Valencia, Catalonia, and Murcia, represent first-ranking
securities.

As in other Spanish transactions, interest and principal from
the mortgages are combined into a single priority of payments,
with principal deficiency triggers in the payment of the
interest to protect senior noteholders.

                          Ratings List

TDA CAM 8, Fondo de Titulizacion de Activos
   EUR1.71 Billion Floating-Rate Notes

                             Prelim.        Prelim.
              Class          rating         amount (Mln. EUR)
              -----          -------        -------
              A              AAA            1,635.4
              B              A                 45.9
              C              BBB               18.7
              D              CCC-              12.8


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


AERWATECH JSC: Creditors' Liquidation Claims Due March 15
---------------------------------------------------------
Creditors of JSC Aerwatech have until March 15 to submit their
claims to:

         Franz Keller
         Liquidator
         Lengwiler Strasse
         8585 Schonenbaumgarten
         Switzerland

The Debtor can be reached at:

         JSC Aerwatech
         Guttingen
         Kreuzlingen TG
         Switzerland


ATLANTIS STUDIO: Creditors' Liquidation Claims Due March 15
-----------------------------------------------------------
Creditors of JSC Atlantis Studio have until March 15 to submit
their claims to:

         Urs and Ruth Kliby
         Liquidators
         Kleestr. 34
         8280 Kreuzlingen TG
         Switzerland

The Debtor can be reached at:

         JSC Atlantis Studio
         Kreuzlingen TG
         Switzerland


FINANCIAL TECHNOLOGY: Creditors' Liquidation Claims Due March 15
----------------------------------------------------------------
Creditors of JSC Financial Technology Holding have until
March 15 to submit their claims to:

         Karl Mathis
         Liquidator
         MSJG
         Vorstadt 32
         6304 Zug
         Switzerland

The Debtor can be reached at:

         JSC Financial Technology Holding
         Zug
         Switzerland


HYPO TREUHAND: Zug Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC Hypo Treuhand on Jan. 23.

The Debtor can be reached at:

         JSC Hypo Treuhand
         6340 Baar ZG
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service Zug
         6300 Zug
         Switzerland


INTERSOFT INFORMATION: Liquidation Claims Due March 15
------------------------------------------------------
Creditors of JSC Intersoft Information Systems have until
March 15 to submit their claims to:

         JSC Intersoft Information Systems
         Seestrasse 3
         6052 Hergiswil
         Switzerland


NELSON INNS: Zurich Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Zurich entered Jan. 30 an order
closing the bankruptcy proceedings of JSC Nelson Inns.

The Debtor can be reached at:

         JSC Nelson Inns
         Winterthurerstr. 689
         8051 Zurich
         Switzerland

The Bankruptcy Service of Zurich can be reached at:

         Bankruptcy Service of Zurich
         8050 Zurich
         Switzerland


SCHAR METALLBAU: Zurich Court Closes Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Service of Zurich entered Jan. 24 an order
closing the bankruptcy proceedings of JSC Schar Metallbau.

The Debtor can be reached at:

         JSC Schar Metallbau
         Speckstrasse 5
         8330 Pfaffikon ZH
         Switzerland

The Bankruptcy Service of Zurich can be reached at:

         Bankruptcy Service of Zurich
         8330 Pfaffikon ZH
         Switzerland


SCHUMANN JSC: Creditors' Liquidation Claims Due March 15
--------------------------------------------------------
Creditors of JSC Schumann have until March 15 to submit their
claims to:

         Max Auer
         Liquidator
         Bahnhofstrasse 32a
         8360 Eschlikon
         Munchwilen TG
         Switzerland

The Debtor can be reached at:

         JSC Schumann
         Pfyn
         Steckborn TG
         Switzerland


SLAVBELINVEST JSC: Creditors' Liquidation Claims Due March 13
-------------------------------------------------------------
Creditors of JSC Slavbelinvest have until March 13 to submit
their claims to:

         Philipp Machler
         Liquidator
         Sihlporte 3/Talstrasse
         8022 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Slavbelinvest
         Baar ZG
         Switzerland


SWISSAIR: Swiss International Denies Talks with Liquidator
----------------------------------------------------------
Swiss International Air Lines Ltd. runs the risk of a lawsuit by
Swissair Liquidator Karl Wuethrich if it refuses to pay branding
rights to the bankrupt Swiss carrier, Cash daily reports,
quoting Mr. Wuethrich.

The Swissair liquidator also told Cash daily that he is
negotiating with Swiss International Air Lines to settle the
matter, Bloomberg News relates.

However, Swiss International spokeswoman Andrea Kreuzer said the
airline is not even considering buying the branding rights,
effectively denying Mr. Wuethrich's claim, Cash daily states.

            About Swiss International Air Lines Ltd.

Headquartered in Basel, Switzerland, Swiss International Air
Lines Ltd. -- http://www.swiss.com/-- was created from the
ruins of Swissair's bankruptcy and combined with Crossair.
Deutsche Lufthansa AG is taking over the Swiss carrier.

                        About Swissair

Swissair collapsed in October 2001 after accumulating CHF17
billion in debt in relation to significant investments in a
number of European airlines including Sabena, Air Liberte of
France, and Turkish Airlines.  It defaulted on the debt during
the slump that followed the Sept. 11, 2001 terrorist attacks in
the U.S.

The entire Swissair fleet was grounded on Oct. 2, 2001, and
Swissair ceased to exist after Crossair took over most of its
assets on March 31, 2002.  Kurt Hoss Liquidators in Zurich
liquidated the assets that Crossair did not take over.  Crossair
was later renamed Swiss International Air Lines Ltd.

Swissair's liquidation status as of Dec. 31, 2006 --
http://www.liquidator-swissair.ch/-- listed total assets at
CHF509,017,592 over total liabilities of CHF84,684,932.


URS MULLER: Claims Registration Period Ends March 17
----------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against JSC Urs Muller und Partner on Feb. 12.

Creditors have until March 17 to file their written proofs of
claim.

The Debtor can be reached at:

         JSC Urs Muller und Partner
         Buchserstrasse 12
         5001 Aarau AG
         Switzerland

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service Aargau
         Office Oberentfelden
         5036 Oberentfelden
         Aarau AG
         Switzerland


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


AES CORP: Selling Interest in EDC to Petroleos for US$739 Mln
-------------------------------------------------------------
The AES Corp. entered into a definitive agreement with Petroleos
de Venezuela S.A. for the purchase of AES's 82.14% stake in C.A.
La Electricidad de Caracas for approximately US$739 million.

AES expects to receive its share of a dividend, which will
provide up to US$98.6 million, following its conversion from
Bolivares into US Dollars.  As a result of this sale, the
Company expects to record a pre-tax, non-cash charge in the
range of US$550 to US$650 million in the first quarter of 2007.
PDVSA is the state-owned oil company of the Bolivarian Republic
of Venezuela.

The agreement and details of the transaction are available in a
Form 8-K AES filed with the U.S. Securities and Exchange
Commission and are also available at http://www.aes.com/under
Investor Information.

                            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.


ETM LLC: Creditors Must File Claims by March 9
----------------------------------------------
Creditors of LLC ETM (code EDRPOU 22884076) have until March 9
to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/161-b.

The Debtor can be reached at:

         LLC ETM
         Gagarin Str. 7
         02095 Kiev
         Ukraine


LIFE COMPLEKT: Creditors Must File Claims by March 9
----------------------------------------------------
Creditors of LLC Life Complekt (code EDRPOU 31924269) have until
March 9 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/160-b.

The Debtor can be reached at:

         LLC Life Complekt
         Apartment 38
         Gashek Blvd. 4
         02160 Kiev
         Ukraine


NIKA-N LLC: Creditors Must File Claims by March 9
-------------------------------------------------
Creditors of LLC Nika-N (code EDRPOU 24591224) have until
March 9 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/162-b.

The Debtor can be reached at:

         LLC Nika-N
         Vossoedinenie Ave. 15
         02160 Kiev
         Ukraine


RIVIERA LTD: Creditors Must File Claims by March 9
--------------------------------------------------
Creditors of LLC Riviera Ltd. (code EDRPOU 31517359) have until
March 9 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/159-b.

The Debtor can be reached at:

         LLC Riviera Ltd.
         Kalachevskaya Str. 13
         02090 Kiev
         Ukraine


VIKTORIA 2000: Creditors Must File Claims by March 9
----------------------------------------------------
Creditors of LLC Viktoria 2000 (code EDRPOU 30862322) have until
March 9 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/181-b.

The Debtor can be reached at:

         LLC Viktoria 2000
         Kibalchich Str. 13-a
         02160 Kiev
         Ukraine


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


ADVANCED MARKETING: Committee Wants Morris as Local Counsel
-----------------------------------------------------------
The Official Committee of Unsecured Creditors in Advanced
Marketing Services Inc. and its debtor-affiliates' bankruptcy
cases seeks authority from the United States Court for the
District of Delaware to retain Morris, Nichols, Arsht & Tunnell
LLP, as its local counsel, nunc pro tunc to January 31.

The Creditors Committee seeks to retain Morris Nichols because
of the firm's extensive experience, knowledge, and resources in
the fields of, inter alia, debtors' and creditors' rights and
business reorganizations under Chapter 11 of the Bankruptcy
Code, William Sinnott of Random House, the Committee
Chairperson, relates.

Morris Nichols has advantage in expertise, experience, and
knowledge practicing before the Court, as well as its proximity
to the Court, and its ability to respond quickly to emergency
hearings and other emergency matters in the Court, Mr. Sinnott
says.  The Creditors Committee further believes that Morris
Nichols' attorneys are well qualified and able to represent it
in the Debtors' Chapter 11 cases.

As the Creditors Committee's local counsel, Morris Nichols will:

   (a) advise the Committee with respect to its rights, duties
       and powers in the Debtors' bankruptcy cases;

   (b) assist and advise the Committee in its consultations with
       the Debtors relative to the administration of the
       bankruptcy cases;

   (c) assist the Committee in analyzing the claims of the
       Debtors' creditors in negotiating with the creditors;

   (d) assist with the Committee's investigation of the acts,
       conduct, assets liabilities and financial condition of
       the Debtors and of the Debtors' business operation;

   (e) assist the Committee in its analysis of, and negotiations
       with, the Debtors or their creditors concerning matters
       related to, among other things, the terms of a plan or
       plans of reorganization for the Debtors;

   (f) assist and advise the Committee with respect to its
       communications with the general creditor body regarding
       significant matters in the Debtors' bankruptcy cases;

   (g) assist and counsel the Committee in respect to its
       organization; the conduct of its business and meetings;
       the dissemination of information to its constituency; and
       other matters as are reasonably deemed necessary to
       facilitate the administrative activities of the
       Committee;

   (h) attend the meetings of the Committee;

   (i) represent the Committee at all hearings and other
       proceedings;

   (j) review and analyze all applications, orders, statements
       of operations and schedules filed with the Court, and
       advise the Committee as to their propriety;

   (k) assist the Committee in preparing pleadings and
       applications as may be necessary in furtherance of the
       Committee's interests and objectives; and

   (l) perform other legal services as may be required and are
       deemed to be in the interests of the Committee in
       accordance with the Committee's powers and duties as set
       forth in the Bankruptcy Code.

Morris Nichols' compensation for professional services rendered
to the Creditors Committee will be based on the hours actually
expended by each assigned professional at each professional's
hourly billing rate.

Morris Nichols' current hourly rates are:

       Professional                      Hourly Rate
       ------------                      -----------
       Partners                         US$425 - $650
       Associates                        $220 - $400
       Paraprofessionals                        $175
       Case Clerks                              $100

Morris Nichols has discussed with Lowenstein Sandler PC, the
Debtors' main bankruptcy counsel, regarding the division of
their responsibilities so as to minimize duplication of services
on behalf of the Creditors Committee, Mr. Sinnott tells the
Court.

Eric D. Schwartz, Esq., a member of the firm, assures the Court
that none of Morris Nichols' partners, counsel or associates
hold or represent any interest adverse to the Debtors' estates
or their creditors, and that Morris Nichols is a "disinterested
person," as defined in Section 101(14) of the Bankruptcy Code.

                    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: Committee Wants Lowenstein as Main Counsel
--------------------------------------------------------------
The Official Committee of Unsecured Creditors in Advanced
Marketing Services Inc. and its debtor-affiliates' bankruptcy
cases seeks authority from the United States Court for the
District of Delaware to retain Lowenstein Sandler PC as its main
counsel to perform services relating to the Debtors' bankruptcy
cases, effective as of January 12.

The Creditors Committee has selected Lowenstein because of its
attorneys' experience and knowledge.  The Committee believes
that Lowenstein is well qualified to represent it in the
Debtors' Chapter 11 cases.

As the Creditors Committee's counsel, Lowenstein will:

   (a) provide legal advise as necessary with respect to the
       Committee's powers and duties as an official committee
       appointed under Section 1102 of the Bankruptcy Code;

   (b) assist the Committee in investigating the acts, conduct,
       assets, liabilities, and financial condition of the
       Debtors, the Debtors' business operations, potential
       claims, and any other matters relevant to the Debtors'
       bankruptcy cases or to the formulation of a Chapter 11
       plan;

   (c) participate in the formulation of a Plan;

   (d) provide legal advices with respect to any disclosure
       statement and Plan filed the Debtors' bankruptcy cases,
       and with respect to the process for approving or
       disapproving disclosure statements and confirming or
       denying confirmation of a Plan;

   (e) prepare on behalf of the Committee, as necessary,
       applications, motions, complaints, answers, orders,
       agreements and other legal papers;

   (f) appear in the Court to present necessary motions,
       applications, and pleadings, and otherwise protecting the
       interests of those represented by the Committee;

   (g) assist the Committee in requesting the appointment of a
       trustee or examiner, should the action be necessary; and

   (h) perform other legal services as may be required and that
       are in the best interests of the Committee and creditors.

Lowenstein will be paid on an hourly basis, plus reimbursement
of the actual and necessary expenses that Lowenstein incurs in
accordance with the ordinary and customary rates, which are in
effect on the date the services are rendered.

Lowenstein's hourly rates are:

       Professional                      Hourly Rate
       ------------                      -----------
       Partners                         US$320 - $595
       Counsel                           $265 - $425
       Associates                        $165 - $300
       Legal Assistants                   $75 - $150

Kenneth A. Rosen, Esq., a member at Lowenstein, relates that the
charges set forth are based on actual time charges on an hourly
basis and based on the experience and expertise of the attorney
or legal assistant involved.  The hourly rates are subject to
periodic adjustments to reflect economic and other conditions.

Mr. Rosen assures the Court that his firm represents no other
entity in connection with the Debtors' bankruptcy cases, is a
"disinterested person" as the term is defined in Section 101(14)
of the Bankruptcy Code, and does not hold or represent any
interest adverse to the Creditors Committee with respect to the
matters on which it is to be employed.


                    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.


ALMIT BRICKWORK: Appoints Michael C. Kienlen as Liquidator
----------------------------------------------------------
Michael C. Kienlen of Armstrong Watson was appointed liquidator
of Almit Brickwork Contractors Ltd. on Feb. 20 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Almit Brickwork Contractors Ltd.
         Dewsbury Road
         Ossett
         West Yorkshire
         WF5 9HU
         England
         Tel: 01924 216 230


ARTEL RUBBER: Appoints Joint Administrators from Mazars LLP
-----------------------------------------------------------
Alistair Steven Wood and Simon David Chandler of Mazars LLP were
appointed joint administrators of Artel Rubber Co. Ltd. (Company
Number 04390585) on Feb. 8.

Mazars -- http://www.mazars.com/-- provides in audit,
accounting, tax and advisory services.

The company can be reached at:

         Artel Rubber Co. Ltd.
         Unit 10
         Loxley Road
         Wellesbourne
         Warwick
         Warwickshire
         CV35 9JY
         England
         Tel: 01789 470 950
         Fax: 01789 470 951


CARAMEX LTD: Brings In Begbies Traynor as Joint Administrators
--------------------------------------------------------------
Robert Michael Young and Paul Finnity of Begbies Traynor were
appointed joint administrators of Caramex Ltd. (Company Number
02938790) on Feb. 15.

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

The company can be reached at:

         Caramex Ltd.
         28 Raynham Road
         Bishop's Stortford
         Hertfordshire
         CM23 5PE
         England
         Tel: 01279 506 895
         Fax: 01279 501 454


BRITISH AIRWAYS: Hires Porter Novelli for Public Relations Work
---------------------------------------------------------------
British Airways plc has appointed Porter Novelli to support its
North American public relations activities.  In this role,
Porter Novelli will focus on both corporate and consumer
outreach to continue building British Airways' reputation
amongst target audiences throughout North America.

"Porter Novelli has shown an insightful understanding of our
business needs for the North American market," said Robin Hayes,
executive vice president Americas for British Airways.  "We
selected Porter Novelli for its expertise and reputation in
corporate public relations and consumer marketing and we look
forward to working with them on a variety of programs as part of
a larger global effort to increase customer loyalty and further
enhance our brand identity in the region."

"The opportunity to apply our insights about the British Airways
customer and her influencers is among the main reasons we are
thrilled to be working with this iconic global brand," said
Julie Winskie, partner and chief client officer of Porter
Novelli.  "Our 360 degree approach to assure an accurate view of
all possible points of contact for a client -- from
environmental to policy to emerging new consumer forces -- puts
the British Airways opportunity right in the Porter Novelli
sweet spot."

Porter Novelli also represents British Airways for consumer
public relations work in their headquarters UK market as well as
in Trinidad and Tobago.

                      About the Company

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Limited and British Airways Travel
Shops Limited.  BA has offices in India and Guatemala.

                        *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


BRITISH ENERGY: Fitch Affirms Amortizing Bonds at BB Ratings
------------------------------------------------------------
Fitch Ratings affirmed the 'BB' rating of British Energy
Holdings plc's amortizing bonds, guaranteed by the group's
material operating subsidiaries.  The Issuer Default ratings of
BEH and British Energy Group plc are affirmed at 'BB+'.  The
Outlooks are Stable.

The significant rise over the last two years in average sales
price achieved per megawatt-hour has enabled the group to
generate enough net income for cash balances to now exceed debt.
However, the company continues to have significant operational
problems at its advanced gas-cooled reactor power stations.
Unplanned losses for the year to March 2007 are likely to be the
highest on record, and although the company expects that the
Hinkley Point and Hunterston reactors will be back in service by
March 31, 2007, and early April 2007 respectively, both plants
will operate at only 70% of capacity for FY08 at least.

BEG is a price-taking generator with a low proportion of
variable costs and thus has a very high exposure to a sustained
fall in wholesale prices.  For such companies, Fitch rates
through the cycle of prices rather than adjusting ratings with
the wholesale market's ebb and flow.  Fitch upgraded the ratings
in October 2005, as the sub-GBP20/MWh prices that caused the
company to require restructuring no longer appeared likely
within the rating time horizon.  Wholesale electricity prices
have fallen 50% since April 2006, although, as the company
generally contracts a year ahead, the full financial impact of
these falls is unlikely to be felt in FY08.  The group has sold
about three-quarters of its FY08 output at a price of GBP44/MWh,
compared to current forward prices of around GBP30/MWh and
average unit operating costs in the GBP23/MWh-GBP27/MWh range.

BEH's bonds are rated one notch below the IDR because in the
event of an insolvency, the bonds rank behind amounts owed:

     (i) to the Nuclear Liabilities' Fund

    (ii) to the bank providing the GBP60 million receivables
         facility;

   (iii) on certain decommissioning liabilities not included in
         the NLF arrangement; and

    (iv) to collateralized trading parties.

In addition, lenders to Eggborough Power Ltd have security over
its shares and assets and thus these assets will not be
available to bondholders in an insolvency.

BEG will start paying a dividend in FY08.  Its policy will be to
pay a GBP80 million base dividend per year plus an additional
dividend, which will be variable depending on the profits
generated and the cash available in each year.  The company has
yet to announce the level of this first additional dividend,
though it is likely to be paid in February 2008.

Lenders to Eggborough have an option to buy the plant at a fixed
price in 2010.  In January 2007 a group representing lenders
owning 74% of this debt created a company with the intention of
acquiring all of the remaining Eggborough bonds in exchange for
shares in the new company and loan notes.


CLASSICAL CONSERVATORIES: Joint Liquidators Take Over Operations
----------------------------------------------------------------
Creditors of Classical Conservatories Ltd. confirmed on Feb. 15
the appointment of Andrew Andronikou and Peter Kubik of UHY
Hacker Young as the company's joint liquidators.

The company can be reached at:

         Classical Conservatories Ltd.
         Unit 2a & 2b
         Ogden Road
         Shaw Lane Industrial Estate
         Doncaster
         South Yorkshire
         DN2 4SQ
         England
         Tel: 01302 328 600
         Fax: 01302 765 744


COLLINS & AIKMAN: Can Take Part in Pine River's DIP Facility
------------------------------------------------------------
The Honorable Steven W. Rhodes of the U.S. Bankruptcy Court for
the Eastern District of Michigan authorized Collins & Aikman
Corp. and its debtor-affiliates to be 'participating customers'
in the debtor-in-possession financing facility in Pine River
Plastics, Inc.'s case Chapter 11 case; and to enter into the
subordinated participation agreement, intercustomer agreement
and access agreement.

Any and all payments that the Debtors, as Participating
Customers, are, or will be, required to make to, or with respect
to, Pine River, are plant operating cost under, and within the
meaning of, the customer agreement negotiated with the Debtors'
major customers, including DaimlerChrysler Corp., Ford Motor
Company, General Motors Corp., and will be funded pursuant to
the Court-approved funding protocol as defined in the Customer
Agreement.

A TCR-Europe report on Feb. 16 said that by participating in the
DIP Financing Facility, the Debtors agree to provide certain
credit enhancements:

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

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

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

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

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

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

The significant terms of the Subordinated Participation
Agreement include:

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

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

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

The terms of the Inter-customer Agreement are:

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

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

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

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

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

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


COLLINS & AIKMAN: Liquidation Analysis Under First Amended Plan
---------------------------------------------------------------
Collins & Aikman Corp. and its debtor-affiliates filed with the
U.S. Bankruptcy Court for the Eastern District of Michigan a
solicitation version of their liquidation analysis in connection
with the Disclosure Statement to their First Amended Joint Plan.

The liquidation analysis did not contain material changes to the
document submitted to the Court on Jan. 24.  A copy of the
solicitation version of the liquidation analysis is available
for free at http://ResearchArchives.com/t/s?1a6a

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)


DANA CORP: U.K. Units Settle Historic Balance Sheet Liabilities
---------------------------------------------------------------
Dana Corporation's affiliate companies in the United Kingdom
have concluded an agreement with their pension scheme creditors
to settle a substantial portion of their historic balance sheet
liabilities in exchange for a one-time cash settlement and a
transfer of a portion of equity in the business.

This action will enable the companies to preserve jobs in the
U.K. and to complete the U.K. portion of Dana's planned global
divestitures.

"We have found a solution that ensures that our plants can
continue to operate normally, our business can obtain long-term
secured financing, we preserve as many jobs as possible, our
suppliers continue to be paid, and our customers continue to
receive products on time and without disruption," Ralf Goettel,
president of Dana Europe, said.

The restructuring of the Dana U.K. companies has been achieved
by transferring liabilities of the companies to a newly funded
special-purpose company separate from the operating company
group.  This structure was designed to protect the employees,
customers and suppliers of the business and to facilitate a
consensual solution.  With this action, the Dana U.K. companies
will remain on sound financial footing and will proceed with
business as usual on that basis.

Mr. Goettel said the issues faced by the U.K. business are not
the result of the Dana Chapter 11 filing in the United States.
Rather, he said, the nature of the U.K. obligations and U.K.
law, combined with Dana's planned divestiture of several non-
core businesses, have forced the company to address this issue
regardless of any activity in any other region of the world.

"I want to emphasize that none of Dana's operations in any other
region of the world will be affected by this initiative,
including our operations in other locations in Europe," he
added.  "This is an issue specific to the U.K. only, and under
the agreed solution, the liabilities being addressed cannot be
transferred to any other Dana group company in any other region.
All of our plants in every region, including the U.K., are open
and producing products for our customers as specified and
delivering materials on time, and will continue to do so.  This
will not change as a result of the current actions in the U.K."

Dana has worked with the trustees of the pension schemes, the
Pensions Regulator and the Pension Protection Fund to reach this
solution and the Pensions Regulator has now issued a clearance
statement.

The solution will enable the U.K. axle and driveshaft businesses
that are retained to:

   * continue normal plant operations with no disruption to
     customers;

   * secure financing with the opportunity to move forward
     without the crippling burden of legacy pension schemes,
     thereby improving competitiveness and future employment
     prospects;

   * provide for trade suppliers and employees to be paid on
     normal terms;

   * provide for the preservation of the highest possible level
     of accrued pension benefits for current and past employees;
     and

   * maintain the largest possible level of employment
     opportunities.

Furthermore, Dana will be able to complete the planned
divestitures in the U.K., providing those businesses with a
solid foundation for the future.

"This solution creates a sound basis for our retained business
to grow, and for our divested businesses to prosper under new
ownership," Mr. Goettel added.

                          About Dana Corp.

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

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

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

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

The Debtors' exclusive period to file a plan expires on Sept. 3,
2007.  They have until Nov. 2, 2007, to solicit acceptances of
that plan.


FLODEF LTD: Taps Joint Administrators from Hurst Morrison
---------------------------------------------------------
Gareth Wyn Roberts and Paul William Ellison of Hurst Morrison
Thomson CR LLP were appointed joint administrators of Flodef
Ltd. (Company Number 04259268) on Feb. 14.

The administrators can be reached at:

         Gareth Wyn Roberts and Paul William Ellison
         Hurst Morrison Thomson CR LLP
         5 Fairmile
         Henley on Thames
         Oxfordshire
         RG9 2JR
         England
         Tel: +44 (0) 1491 579866
         Fax: +44 (0) 1491 573397
         E-mail: hmt@hmtgroup.co.uk

The company can be reached at:

         Flodef Ltd.
         Pontarddulais Workshops
         Tyn Y Bonau Road
         Pontarddulais
         Swansea
         West Glamorgan
         SA4 8SG
         Wales
         Tel: 01792 881 166
         Fax: 01792 883 171


J F TURKINGTON: Brings In BDO Stoy as Joint Administrators
----------------------------------------------------------
Dermot Justin Power and Matthew Dunham of BDO Stoy Hayward LLP
were appointed joint administrators of J F Turkington
(Engineers) Ltd. (Company Number 03051796) on Feb. 16.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

The company can be reached at:

         J.F. Turkington (Engineers) Ltd.
         Widow Hill Road
         Heasandford Trading Estate
         Burnley
         Lancashire
         BB10 2BE
         England
         Tel: 01282 419 700
         Fax: 01282 419 749


K D S ELECTRICAL: Creditors Ratify Voluntary Liquidation
--------------------------------------------------------
Creditors of K D S Electrical Services Ltd. ratified on Feb. 16
the company's resolutions for voluntary liquidation.

The appointment of Alan H. Tomlinson of Tomlinsons was also
confirmed on the same date.

Tomlinsons -- http://www.tomlinsons.co.uk/-- specializes in all
types of business recovery and insolvency procedures, as well as
offering advice to companies and individuals who believe they
may be heading towards, or are already in, financial difficulty.

The company can be reached at:

         K D S Electrical Services Ltd.
         36 Saltburn Road
         Wallasey
         Merseyside
         CH45 8LU
         England
         Tel: 0151 201 6890
         Fax: 0151 201 6890


KEPLER HOLDINGS: S&P Rates Proposed US$200-Mln Term Loan at BB
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' preliminary
senior secured bank loan rating to Kepler Holdings Ltd.'s
proposed US$200 million term loan.

The rating is subject to final documentation, legal review of
the transaction documents and the segregated cell structure, and
comfort regarding segregation for both this rating and the other
previous and future unrated loans of Kaith Re Ltd.

Kepler Holdings is a newly formed, Bermuda-exempted company.  It
was set up specifically to enter into a US$200 million senior
secured credit facility and to subscribe to the shares of Kaith
Re's newly formed, segregated account: Kepler Re.  Kepler Re has
deposited the proceeds into a collateral trust account to fully
collateralize its reinsurance obligations under an excess-of-
loss reinsurance agreement it entered into with Hannover
Rueckversicherung-AG, E+S Rueckversicherungs AG, and Hannover Re
Bermuda Ltd.

"The rating on the term loan reflects the obligation's very low
modeled probability of default and the structural provisions
that align the interest between Kepler Re and Hannover Re,"
explained Standard & Poor's credit analyst Maren Josefs. Kepler
Re will benefit from the very strong competitive position of
Hannover Re, as one of the world's five largest reinsurers, and
from Hannover Re's very strong operating performance.  Hannover
Re also has an experienced underwriting and modeling team with a
long track record in the global reinsurance market. These
positive factors are partially offset, however, by Hannover Re's
exposure to property catastrophe losses and the high level of
modeling risk inherent in forecasting the frequency and severity
of natural disasters.

The modeled probability of default refers to the percentages of
simulations that result in the term loan becoming impaired and
is based on the modeled loss output from Risk Management
Solutions and AIR Worldwide Corp.  The modeled annual
probability of default for the term loan is 120 basis points.
Standard & Poor's has adjusted this probability to charge for
modeling risk, operational risk, credit risk, and other
unfavorable variance in the assumptions made.

The rating also reflects the application of Standard & Poor's
criteria for obligations exposed to single or multiple event
risk.  Although the modeled and adjusted probabilities are low,
Kepler Re's term loan could become impaired by the occurrence of
a single natural catastrophe event, although modeling suggests
the severity of such an event would have to be in excess of a
one-in-100-year return period.  Ratings for securities where
lenders are exposed to a loss of principal or interest from one
natural catastrophe events are capped at 'BB+'.

Hannover Re will cede a portion of the losses from its property
catastrophe excess-of-loss reinsurance business to Kepler Re via
an excess-of-loss retrocession agreement.  The agreement
provides coverage in respect of losses occurring on and after
March 1, 2007, through to Dec. 31, 2008, for policies in force
during this time period.  Kepler Re will follow the fortunes of
Hannover Re and assume losses exceeding a certain attachment
point up to a defined exhaustion point.

Hannover Re will always retain at least 10% of the risk it cedes
to Kepler Re and bears part of the losses below the attachment
point and above the exhaustion point of the XOL layer. This
creates a strong incentive for Hannover Re to produce quality
business.

At closing, the net proceeds from the capital raising will be
placed into a security trust, which will provide Hannover Re
with a source of security for losses relating to its property
catastrophe excess-of-loss reinsurance business.  Hannover Re
will make payments to cover the expenses of Kepler Holdings and
Kepler Re and pay quarterly premiums in arrears to cover the
floating rate interest payments due to lenders.  In addition,
Hannover Re has committed to make whole any investment shortfall
on the collateral with regard to the predetermined floating rate
and any investment loss upon the sale of the collateral.  The
inherent credit risk this presents is mitigated by the fact that
Kepler Re can offset its payment obligations under the
reinsurance treaty against payments due to it by Hannover Re.


LANGBURN LTD: Appoints Joint Administrators from Tenon Recovery
---------------------------------------------------------------
Christopher Ratten and Martin Shaw of Tenon Recovery were
appointed joint administrators of Langburn Ltd. (Company Number
02873124) on Feb. 16.

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

The company can be reached at:

         Langburn Ltd.
         1 3 Glebe Road
         Skelmersdale
         Lancashire
         WN8 9JP
         England
         Tel: 01695 721 292
         Fax: 01695 711 500


MELANDENE LTD: Claims Filing Period Ends April 3
------------------------------------------------
Creditors of Melandene Ltd. (t/a Connexus) have until April 3 to
send in their names and addresses, with particulars of their
debts or claims to:

         David Moore
         Joint Liquidator
         Begbies Traynor
         No. 1 Old Hall Street
         Liverpool
         L3 9HF
         England

David Moore and Donald Bailey of Begbies Traynor were appointed
joint liquidators of the company on Feb. 20.

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


NORTHERN COUNTIES: Appoints Joint Administrators from KPMG
----------------------------------------------------------
Howard Smith and Mark Granville Firmin of KPMG LLP were
appointed joint administrators of Northern Counties Meat Ltd.
(Company Number 5586539) on Feb. 19.

The company's production stopped and 65 employees lost their
jobs.

"Northern Counties Meat was one of the leading independent meat
processors in the area with GBP12 million turnover, and fully
equipped freehold factory in Sunderland so represents an
exciting opportunity in a fragmented sector," Mark Firmin was
quoted by meatinfo.co.uk as saying.

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 Hendon, England, Northern Counties Meat Ltd.
provides slaughtering services and wholesale trade in fresh
meat.


PROFILE CONCEPTS: Names P. B. Wood as Administrator
---------------------------------------------------
P. B. Wood of Barringtons Ltd. was appointed administrator of
Profile Concepts Ltd. (Company Number 01463573) on Feb. 9.

The administrator can be reached at:

         P. B. Wood
         Barringtons Ltd.
         Richmond House
         570-572 Etruria Road
         Basford
         Newcastle Under Lyme
         Staffordshire
         ST5 0SU
         England
         Tel: 01782 713700
         Fax: 01782 713379
         E-mail: pbw@barraccount.co.uk

The company can be reached at:

         Profile Concepts Ltd.
         Sir Frank Whittle Road
         Derby
         Derbyshire
         DE21 4XE
         England
         Tel: 01332 817 888
         Fax: 01332 369 613


PROFILE GLASS: Taps P. B. Wood to Administer Assets
---------------------------------------------------
P. B. Wood of Barringtons Ltd. was appointed administrator of
Profile Glass Ltd. (Company Number 01290462) on Feb. 9.

The administrator can be reached at:

         P. B. Wood
         Barringtons Ltd.
         Richmond House
         570-572 Etruria Road
         Basford
         Newcastle Under Lyme
         Staffordshire
         ST5 0SU
         England
         Tel: 01782 713700
         Fax: 01782 713379
         E-mail: pbw@barraccount.co.uk

The company can be reached at:

         Profile Glass Ltd.
         Unit 11A
         Sills Road
         Castle Donington
         Derby
         Derbyshire
         DE74 2US
         England
         Tel: 01332 817 888
         Fax: 01332 817 899


PROFILE SEATING: Names P. B. Wood as Administrator
--------------------------------------------------
P. B. Wood of Barringtons Ltd. was appointed administrator of
Profile Seating Ltd. (Company Number 02613633) on Feb. 9.

The administrator can be reached at:

         P. B. Wood
         Barringtons Ltd.
         Richmond House
         570-572 Etruria Road
         Basford
         Newcastle Under Lyme
         Staffordshire
         ST5 0SU
         England
         Tel: 01782 713700
         Fax: 01782 713379
         E-mail: pbw@barraccount.co.uk

The company can be reached at:

         Profile Seating Ltd.
         Sir Frank Whittle Road
         Derby
         Derbyshire
         DE21 4XE
         England
         Tel: 01332 371 333
         Fax: 01332 369 613


QUALITY POWDER: Taps Ian C. Brown to Liquidate Assets
-----------------------------------------------------
Ian C. Brown of Parkin S. Booth & Co. was appointed liquidator
of Quality Powder Coatings (NW) Ltd. on Feb. 15 for the
creditors' voluntary winding-up proceeding.

Parkin S. Booth & Co http://www.parkinsbooth.co.uk/-- deals
entirely with insolvency practice.

The company can be reached at:

         Quality Powder Coatings (NW) Ltd.
         Unit 10
         Slaidburn Industrial Estate
         Slaidburn Crescent
         Southport
         Merseyside
         PR9 9YF
         England
         Tel: 01704 233 377


REFCO INC: Refco LLC Files Dec. 2006 Monthly Operating Report
-------------------------------------------------------------
In lieu of comprehensive financial statements, Albert Togut, the
Chapter 7 Trustee appointed to oversee the liquidation of Refco,
LLC's estate, filed with the U.S. Bankruptcy Court for the
Southern District of New York a monthly statement of cash
receipts and disbursements for the period Dec. 1 to 31, 2006.

The Chapter 7 Trustee reports that Refco LLC's beginning balance
as of Dec. 1, 2006, totals US$620,450,000.  The Debtor's
beginning purchase price account balance totals US$21,927,000,
and its beginning capital account "A" balance totals
US$598,523,000.

The purchase price account includes activity related to Man
Financial, Inc., sale proceeds and related disbursements.
Capital account "A" includes activity related to collection of
excess capital.

Refco LLC received US$6,773,000 in cash and disbursed
US$6,808,000 for the Reporting Period.  The Debtor held
US$620,415,000 at the end of the period.

A full-text copy of Refco LLC's December 2006 Monthly Statement
is available at no charge at:

               http://researcharchives.com/t/s?1a3d

                      About Refco Inc.

Headquartered in New York City, Refco Inc. (OTC: RFXCQ) --
http://www.refco.com/-- is a diversified financial services
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore.  In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products.  Refco is one of the largest global
clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).

Refco Commodity Management Inc., formerly known as CIS
Investments Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 57; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                        Plan Update

On Sept. 14, 2006, Refco, Inc., and 25 of its subsidiaries,
along with Marc S. Kirschner, the Chapter 11 Trustee for the
estate of Refco Capital Markets, Ltd., delivered a Chapter 11
plan of reorganization and accompanying Disclosure Statement to
the Court.

On Oct. 10, 2006, the Debtors filed an Amended Plan and
Disclosure Statement and on Oct. 13, filed a Modified Amended
Disclosure Statement.  On Oct. 16, 2006, the Court gave its
tentative approval on the Disclosure Statement and the Court
Clerk entered an order on Oct. 20, 2006.

On Dec. 15, the Modified Joint Chapter 11 Plan of Refco Inc. and
certain of its direct and indirect subsidiaries, including Refco
Capital Markets, Ltd., and Refco F/X Associates LLC, was
confirmed by the Court.  That Plan became effective on
Dec. 26, 2006.


RGM MOTORS: Hires Liquidator from Roger Evans
---------------------------------------------
Terry Christopher Evans of Rogers Evans was appointed liquidator
of RGM Motors Ltd. on Feb. 19 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         RGM Motors Ltd.
         Arena Business Centres
         9 Nimrod Way
         Wimborne
         Dorset
         BH217SH
         England
         Tel: 01202 862 620


RSBC CLUB: Brings In Liquidator from Bridgestones
-------------------------------------------------
Jonathan Lord of Bridgestones was appointed liquidator of RSBC
Club Ltd. on Feb. 15 for the creditors' voluntary winding-up
proceeding.

The company can be reached at

         RSBC Club Ltd.
         Channelsea House
         London International Freight Terminal
         Temple Mill Lane
         Newham
         London
         E15 2ER
         England
         Tel: 020 8522 7622


THREE COUNTIES: Calls In Liquidators from Begbies Traynor
---------------------------------------------------------
Rob Sadler and Michael E. G. Saville of Begbies Traynor was
appointed liquidator of Three Counties Accountancy Ltd. on
Feb. 19 for the creditors' voluntary winding-up procedure.

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

The company can be reached at:

         Three Counties Accountancy Ltd.
         45a Branthwaite Brow
         Kendal
         Cumbria
         LA9 4TX
         England
         Tel: 01539 721 002
         Fax: 01539 736 667


TUDOR ROSE: Creditors Confirm Liquidator's Appointment
------------------------------------------------------
Creditors of Tudor Rose of Sidmouth Ltd. confirmed on Feb. 19
the appointment of Tracy Ann Taylor of Abbey Taylor Ltd. as the
company's liquidator.

The company can be reached at:

         Tudor Rose of Sidmouth Ltd.
         3 Hacker Close
         Newton Poppleford
         Sidmouth
         Devon
         EX100HF
         England
         Tel: 01395 568 712


U.K. PLANT: Taps Joint Administrators from F A Simms
----------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of F A Simms &
Partners Plc were appointed joint administrators of U.K. Plant
(2002) Ltd. (Company Number 4389513) on Feb. 7.

The administrators can be reached at:

         Richard Frank Simms and Martin Richard Buttriss
         F A Simms & Partners Plc
         Insol House
         39 Station Road
         Lutterworth
         Leicestershire
         LE17 4AP
         England
         Tel: 01455 557111
         Fax: 01455 552572
         E-mail: rsimms@fasimms.com

The company can be reached at:

         U.K. Plant (2002) Ltd.
         Blackpole Trading Estate West
         Worcester
         Worcestershire
         WR3 8TJ
         England
         Tel: 01386 555 958


WALBRIDGE LTD: Appoints Andrew Rosler to Liquidate Assets
---------------------------------------------------------
Andrew Rosler of Ideal Corporate Solutions Ltd. was appointed
liquidator of Walbridge Ltd. on Feb. 20 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Walbridge Ltd.
         Millingford Industrial Estate
         Bridge Street
         Golborne
         Warrington
         Cheshire
         WA3 3QE
         England
         Tel: 01942 715 714
         Fax: 01942 715 725


WARNER MUSIC: EMI Merger Talks Prompt S&P's Watch Negative
----------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Warner
Music Group Corp., including the 'BB-' corporate credit rating,
on CreditWatch with negative implications, following the
company's statement that it is exploring a possible merger
agreement with EMI Group PLC (BB-/Watch Neg/B), which EMI
management has confirmed.

"The two companies have not announced a deal or the possible
structure of financing, other than indicating that consideration
for any deal would be entirely in cash," said Standard & Poor's
credit analyst Michael Altberg.  "This has prompted our
consideration of a potential downgrade."

As of Dec. 31, 2006, Warner Music had approximately US$2.27
billion of debt outstanding.

In resolving the CreditWatch listing, Standard & Poor's will
continue to monitor developments related to the potential buyout
proposal.

                       About EMI Group

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in China,
Brazil, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near GBP2 billion and operating profit
generated was over GBP225 million.

                  About Warner Music Group

Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/--
is a music company that operates through numerous international
affiliates and licensees in more than 50 countries, including
the Philippines.

                           *     *     *

Standard & Poor's Ratings Services raised its long-term
corporate credit and senior secured ratings on Warner Music
Group Corp. to 'BB-' from 'B+'.  At the same time, Standard &
Poor's raised its senior subordinated debt rating on WMG to 'B'
from 'B-', two notches below the 'BB-' corporate credit rating.
S&P said the outlook is stable.

Warner Music Group Corp. carries Fitch Ratings' BB- issuer
default rating assigned in May 2006.


WILLIAMS PRECISION: Appoints Lloyd Biscoe as Liquidator
-------------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed liquidator of
Williams Precision Engineering Services Ltd. on Feb. 14 for the
creditors' voluntary winding-up procedure.

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

The company can be reached at:

         Williams Precision Engineering Services Ltd.
         28 Standard Road
         Bexleyheath
         Kent
         DA6 8DP
         England
         Tel: 01322 431 333
         Fax: 01322 439 501


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
March 1, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - West
         Regency Beverly Wilshire, Los Angeles, CA
            Contact: http://www.abiworld.org/

March 2, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Bankruptcy Battleground West
         Regency Beverly Wilshire, Los Angeles, CA
            Contact: http://www.abiworld.org/

March 6, 2007
   BEARD AUDIO CONFERENCES
      Distressed Claims Trading
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

March 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      The Great Debate
         Sydney, Australia
            Contact: http://www.turnaround.org/

March 14-15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Atlanta, GA
         Contact: http://www.turnaround.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      LI Turnaround Management Event
         Long Island, NY
            Contact: http://www.turnaround.org/

March 15-18, 2007
   NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
      NABT Spring Seminar
         Ritz-Carlton Buckhead, Atlanta, GA
            Contact: http://www.NABT.com/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Madness Cocktail Reception with Geraldine Ferraro
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

March 20, 2007
   THOMSON WEST LEGALWORKS
      Insurance and Reinsurance Allocation Superbowl
         New York, NY
            Contact: http://www.westlegalworks.com/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      The Next Wave of Distressed Businesses: A Panel Discussion
         South Florida
            Contact: http://www.turnaround.org/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

March 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "The Six Keys of Sustained Profitable Growth"
         Rodney Page, Senior Partner of Blue Springs Partners
            Citrus Club, Orlando, FL
               Contact: http://www.turnaround.org/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons
            Las Colinas, Dallas, TX
               Contact: http://www.turnaround.org/

March 29-31, 2007
   AMERICAN LAW INSTITUTE - AMERICAN BAR ASSOCIATION
      Chapter 11 Business Reorganizations
         Scottsdale, AZ
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

April 5, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Case Study "When Everything Goes Wrong"
         University of Florida, Gainesville, FL
            Contact: http://www.turnaround.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 12, 2007
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
      CONFEDERATION IWIRC 4th Spring Luncheon and
         Founders Awards
            Washington, DC
               Contact: http://www.iwirc.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon University Club
         Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

April 12, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - East
         JW Marriott, Washington, DC
            Contact: http://www.abiworld.org/

April 19-20, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Eighth Annual Conference on Healthcare Transactions
         Successful Strategies for Mergers, Acquisitions,
            Divestitures, and Restructurings
               The Millennium Knickerbocker Hotel - Chicago
                  Contact: 800-726-2524;
                     http://renaissanceamerican.com/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Wine Tasting Social
         TBA, Long Island, NY
            Contact: 631-251-6296 or http://www.turnaround.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

April 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "Why Prospects Become Clients"
         Mark Fitzgerald, President of Sales Training
            Institute Inc
               Centre Club, Tampa, FL
                  Contact: http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Jacksonville Zoo Turnaround
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual Credit & Bankruptcy Symposium Golf/Spa Outing
         Fox Hopyard Golf Club, East Haddam, CT
            Contact: 203-265-2048 or http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spa Outing
         Mohegan Sun, Uncasville, CT
            Contact: 203-265-2048 or http://www.turnaround.org/

April 26-27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual Credit & Bankruptcy Symposium
         Mohegan Sun, Uncasville, CT
            Contact: http://www.turnaround.org/

April 26-28, 2007
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Philadelphia, PA
            Contact: http://www.ali-aba.org/

April 29 - May 1, 2007
   INTERNATIONAL BAR ASSOCIATION
      International Insolvency Conference
         Zurich, Switzerland
            Contact: http://www.ibanet.org/

May 4, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - NYC
         Alexander Hamilton US Custom House, SDNY
            New York, NY
               Contact: http://www.abiworld.org/

May 7, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      9th Annual New York City Bankruptcy Conference
         Millennium Broadway Hotel & Conference Center
            New York, NY
               Contact: http://www.abiworld.org/

May 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual TMA Atlanta Golf Outing
         White Columns, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Marriott North, Fort Lauderdale, FL
            Contact: http://www.turnaround.org/

May 17-18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      6th Annual Great Lakes Regional Conference
         Renaissance Quail Hollow Resort, Painesville, OH
            Contact: http://www.turnaround.org/

May 24-25, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Fourth Annual Conference on Distressed Investing Europe
         Maximizing Profits in the European Distressed
            Debt Market
               Le Meridien Piccadilly Hotel - London, UK
                  Contact: 800-726-2524;
                     http://renaissanceamerican.com/

May 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

May 30-31, 2007
   FINANCIAL RESEARCH ASSOCIATES
      Distressed Debt
         Harvard Club, New York, NY
            Contact: http://www.frallc.com/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, NV
            Contact: http://http://www.airacira.org/

June 6-8, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      5th Annual Mid-Atlantic Regional Symposium
         Borgata Hotel Casino & Spa
            Atlantic City, NJ
               Contact: http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, IL
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, MI
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 21-22, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Tenth Annual Conference on Corporate Reorganizations
         Successful Strategies for Restructuring
            Troubled Companies
               The Millennium Knickerbocker Hotel - Chicago
                  Contact: 800-726-2524;
                     http://renaissanceamerican.com

June 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, WY
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 25-28, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      12th Annual Southeast Bankruptcy Workshop
         The Sanctuary, Kiawah Island, SC
            Contact: http://www.abiworld.org/

August 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, MD
               Contact: http://www.abiworld.org/

September 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
            Las Vegas, NV
               Contact: http://www.abiworld.org/

August 23-26, 2007
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Drake Hotel, Chicago, IL
            Contact: http://www.nabt.com/

August 28, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Healthcare Panel
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Buying and Selling Troubled Companies
         Marriott North, Fort Lauderdale, FL
            Contact: http://www.turnaround.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

September 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Retail Panel
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

October 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, FL
            Contact: http://www.ncbj.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place
            Boston, MA
               Contact: 312-578-6900; http://www.turnaround.org/

October 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Crisis Communications With Employees,Vendors and Media
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

November 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner
         South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, CA
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, FL
            Contact: http://www.turnaround.org/

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, DC
            Contact: http://www.abiworld.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, MI
            Contact: http://www.abiworld.org/

August 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, FL
            Contact: http://www.abiworld.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, AZ
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott New Orleans, LA
            Contact: 312-578-6900; http://www.turnaround.org/

December 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, AZ
               Contact: http://www.abiworld.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, AZ
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, NV
            Contact: http://www.ncbj.org/

June 21-24, 2009
INSOL
   8th International World Congress
      TBA
         Contact: http://www.insol.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, FL
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, LA
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
         Validation and Risk Assessment
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation under the
         New Code
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers-the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      When Tenants File -- A Landlord's BAPCPA Survival Guide
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Clash of the Titans -- Bankruptcy vs. IP Rights
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Market Opportunities
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Homestead Exemptions under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      BAPCPA One Year On: Lessons Learned and Outlook
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge: Best Practices in E-
         Discovery and Records Management for Bankruptcy
            Practitioners and Litigators
               Audio Conference Recording
                  Contact: 240-629-3300;
                     http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Deepening Insolvency - Widening Controversy: Current
         Risks, Latest Decisions
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Equitable Subordination and Recharacterization
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/


                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********


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

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

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

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

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

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


                 * * * End of Transmission * * *