TCREUR_Public/070302.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Friday, March 2, 2007, Vol. 8, No. 44

                            Headlines


A U S T R I A

3D-DETEKTEI: Claims Registration Period Ends April 5
BBB-FEIERER: Claims Registration Period Ends March 26
CON.BAU LLC: Claims Registration Period Ends March 12
PETZ LLC: Vienna Court Orders Business Shutdown
S.K.T. LLC: Claims Registration Period Ends March 26


B E L G I U M

GENERAL MOTORS: Expects 6%-7% Decrease in February U.S. Sales
LEVI STRAUSS: Secures New US$325 Million Sr. Unsecured Term Loan
LEVI STRAUSS: Moody's Lifts B2 Rating on US$145-Mln Debt Payment
LEVI STRAUSS: Nov. 26 Balance Sheet Upside-Down by US$1 Billion


F R A N C E

ALCATEL-LUCENT: Partners with GE Capital in U.K. and Ireland
ALCATEL-LUCENT: Expands SFERIA S.A.'s Fixed Wireless Network
ITRON INC: Buys Actaris Metering's Bonds & Stock for US$1.6 Bln
ITRON INC: Actaris Deal Prompts S&P's Negative Creditwatch
THOMSON SA: Moody's Affirms Ba1 Rating on Jr. Subordinated Bonds


G E R M A N Y

AIRBUS SAS: Power8 Restructuring Sees 10,000 Job Cuts
BACKEREI ROOS: Claims Registration Period Ends May 24
BAUMASCHINEN BERNHARD: Claims Registration Period Ends April 24
BIOVEST INT'L: Dec. 31 Balance Sheet Upside Down by US$14 Mln
CH - IMMOBILIENHANDELS: Claims Registration Period Ends April 4

DAIMLERCHRYSLER AG: Two Main Unions Spar Over Chrysler's Future
DAIMLERCHRYSLER AG: Magna Int'l. Interested in Chrysler's Future
DAIMLERCHRYSLER AG: Chrysler Group February Sales Down 8%
DATA POINT: Claims Registration Period Ends March 30
DREVS VERWALTUNGSGESELLSCHAFT: Claims Registration Ends April 10

EGT BORKENHAGEN: Claims Registration Period Ends April 4
F.MUSLEK GMBH: Claims Registration Period Ends March 22
FAY BAUTRAEGER: Claims Registration Period Ends March 15
FIRMA LOUISENPARK: Claims Registration Period Ends March 23
FLEISCHERFACHGESCHAEFT HORST: Claims Registration Ends April 6

FORM-A EINRICHTUNGSBEDARF: Claims Registration Ends April 5
FRANK REIMANN: Claims Registration Ends March 29
H U M B O L D T MASCHINEN- UND: Claims Deadline Set for March 23
HILDESHEIM HAUS: Claims Registration Ends April 30
KNAUFT TRANSPORTE: Claims Registration Period Ends March 23

LIGNUM-PARKETT GMBH: Claims Registration Ends March 27
LSA LIFE: Claims Registration Ends March 29
MATTHIAS SCHMIDT: Claims Registration Ends April 3
MESACOM GMBH: Claims Registration Ends April 18
MICHAEL KAISER: Claims Registration Period Ends March 23

MOTOPORT BETEILIGUNGS: Creditors Must File Claims by March 29
NEUE FENSTER: Creditors Must Register Claims by April 3
PATZSCHKE ENTSORGUNG'S: Creditors Must File Claims by April 25
PLAN 4: Creditors Must Register Claims by April 1
PLANET WORK: Claims Registration Ends April 16

QEZ QUAD: Claims Registration Period Ends April 5
R + W VERMOEGENSMANAGEMENT: Claims Registration Ends March 19
STENTOR WERBEGESELLSCHAFT: Claims Registration March 30
SUGARS GASTRO: Claims Registration Period Ends April 2
SWK TANKSTELLENGESELLSCHAFT: Claims Registration Ends April 11

TINNITUS SIGNAL: Claims Registration Period Ends April 4
VOLKSWAGEN AG: Hikes Voting Rights to 29.9% in MAN AG
WEBER & HOFFRICHTER: Claims Registration Ends April 1


H U N G A R Y

AES CORP: Restatement Issues Won't Affect Ratings Yet, S&P Says
AES CORP: Fitch Affirms Dominica Unit's B- Issuer Default Rating


I R E L A N D

CLOVERIE PLC: Moody's Lifts Ba2-Rated US$12-Mln Notes to Baa2
EUROCHEM FINANCE: Fitch Assigns BB- Rating to Loan Issue
SANYO ELECTRIC: SESC Initiates Probe Over Understated Losses
SANYO ELECTRIC: Fitch Places BB+ Rating on Negative Watch


I T A L Y

ALITALIA SPA Business Plan Stays; Reckons EUR380-Mln 2006 Loss
DANA CORP: Wants Retiree Panel's Schedule Order Amendment Denied
DANA CORP: Wants to Terminate Non-Union Pension Benefits
DANA CORP: Discloses Proposed Section 1113/1114 Modifications
MACDERMID INC: S&P Junks Rating on Proposed US$465-Mln Sr. Notes

TK ALUMINUM: Advisors Okay Nemak Transaction Consent Terms
POLYPORE INT'L: Moody's Affirms Junk Ratings on Senior Notes


K A Z A K H S T A N

AK AHSAP: Creditors Must File Claims by April 6
AUTO-BEKET-KURMET LLP: Creditors' Claims Due April 6
CRAMITEC LLP: Claims Filing Period Ends April 6
DELTA PLUS-2: Selling Assets Via Public Auction on March 5 & 6
DESIGN-INVEST LLP: Claims Registration Ends April 6

KOKTEM ABK: Proof of Claim Deadline Slated for April 6
NAN JSC: Creditors Must File Claims by April 6
PASSAJIR LLP: Creditors' Claims Due April 6
PETROMEDTRADING LLP: Proof of Claim Deadline Slated for April 6
SAIRAM-KAPKA LLP: Claims Registration Ends April 6


K Y R G Y Z S T A N

ASIAN PROPERTIES: Claims Filing Period Ends April 6
FINASIA INVESTMENT: Creditors Must File Claims by April 6


N E T H E R L A N D S

HOLLAND MORTGAGE: Moody's Rates EUR32.5-Mln Notes at (P)Ba2


R U S S I A

AGRO-RODINA OJSC: Creditors Must File Claims by March 10
AGRO-SERVICE OJSC: Creditors Must File Claims by March 10
BASTION-FUEL CJSC: Creditors Must File Claims by March 10
BIYSKAYA ENGINEERING: Creditors Must File Claims by April 10
BUILDER LLC: Creditors Must File Claims by March 10

CRYSTAL CJSC: Creditors Must File Claims by March 10
IZHEVSK-GAS OJSC: Creditors Must File Claims by April 10
LUKHOVITSY-AGRO-PROM-KHIMIYA: Claims Filing Period Ends March 10
LUKOIL OAO: Projects Receive Leningrad Region's Support
MARYINSKAYA OJSC: Creditors Must File Claims by April 10

NIKOLSKOYE LLC: Creditors Must File Claims by March 10
OKA-CENTRE CJSC: Court Starts Bankruptcy Supervision Procedure
SAREPTSKIY TREATING: Bankruptcy Hearing Slated for May 16
SBERBANK ROSSII: Secondary Offering Demand Mostly from Russia
SEL-KHOZ-TEKHNIKA: Creditors Must File Claims by April 10

SIBERIAN SEA: Court Starts Bankruptcy Supervision Procedure
VOSKHOD CJSC: Asset Sale Slated for March 13


S P A I N

ARAMARK CORP: Earns US$87.7 Mln. in Fiscal Quarter Ended Dec. 31


S W I T Z E R L A N D

ANAHID2 LLC: Creditors' Liquidation Claims Due March 19
BLITOG LLC: Creditors' Liquidation Claims Due March 16
CINESHARE JSC: Creditors' Liquidation Claims Due March 16
EVENT GASTRO: Aargau Court Starts Bankruptcy Proceedings
M3 LLC: Bern Court Starts Bankruptcy Proceedings

RESTAURANT ZUM: Bern Court Closes Bankruptcy Proceedings
SGCONCULT JSC: Creditors' Liquidation Claims Due March 19
STEBU CONSULTING: Creditors' Liquidation Claims Due March 19
THERMISCAN JSC: Creditors' Liquidation Claims Due March 19
WANNER JSC: Creditors' Liquidation Claims Due March 19


U K R A I N E

AGROALIANS LLC: Creditors Must File Claims by March 9
ALFA-TRANS LLC: Creditors Must File Claims by March 9
BREADMAKER LLC: Proofs of Claim Filing Deadline Set March 9
KONSTANTA LLC: Creditors Must File Claims by March 9
MARITAN LLC: Creditors Must File Claims by March 9

MEDIA-GROUP ESKORT: Creditors Must File Claims by March 9
OREANDA LLC: Proofs of Claim Filing Deadline Set March 9


U N I T E D   K I N G D O M

ALCATEL-LUCENT: Partners with GE Capital in the U.K. and Ireland
ALFRESCO FINE: Joint Liquidators Take Over Operations
BAR ICE: Creditors' Meeting Slated for March 7
BRADMATT TELECOM: Alex Kachani Leads Liquidation Procedure
C C M S KENT: Appoints Richard Rones as Liquidator

CCS DEVELOPMENTS: Claims Filing Period Ends March 30
CHPM LTD: Brings In Liquidators from Wilson Field
CIRCLE STUDIO: Creditors' Meeting Slated for March 9
COLLINS & AIKMAN: U.S. Trustee Wants Examiner Appointed
COLWICK ELECTRICAL: Taps Andrew Appleyard to Liquidate Assets

GRAPHIC DETAIL: Claims Registration Ends March 20
M THIRTEEN: Claims Filing Period Ends April 4
MCDERMOTT INT'L: No TXU Update Regarding Contracts Amidst Sale
MICHAEL COSTER: Creditors' Meeting Slated for March 13
OLDE SWAN: Creditors' Meeting Slated for March 7

SALISBURY INT'L: Moody's Puts Ba1 Ratings to Two Credit Notes
SARACEN CYCLES: Hires A. Turpin to Liquidate Assets
SILVERSTAR TRADING: Creditors' Meeting Slated for March 6
SOLUTIA INC: Buying Akzo Nobel's 50% Stake in Flexsys Venture
SPECTRUM PROPERTY: Joint Liquidators Take Over Operations

THREE COUNTIES: Appoints Liquidators from Begbies Traynor
WILLIAM BELL: Calls In Liquidator from ThorntonRones LLP
WOODFIELD LODGE: Creditors' Meeting Slated for March 7
YOUR PLACE: Creditors' Meeting Slated for March 7

* BOOK REVIEW: Ocean Transportation

                            *********

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


3D-DETEKTEI: Claims Registration Period Ends April 5
----------------------------------------------------
Creditors owed money by LLC 3D-Detektei Dieter Danneshuber (FN
219466w) have until April 5 to file written proofs of claim to
court-appointed estate administrator Peter Sommerer at:

         Dr. Peter Sommerer
         Nottendorfer Gasse 11
         1030 Vienna
         Austria
         Tel: 503 17 90
         Fax: 503 17 90 444
         E-mail: office@sommerer.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on April 19 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 13 (Bankr. Case No. 5 S 15/07a).


BBB-FEIERER: Claims Registration Period Ends March 26
-----------------------------------------------------
Creditors owed money by LLC BBB-Feierer (FN 172808f) have until
March 26 to file written proofs of claim to court-appointed
estate administrator Stefan Kohlfuerst at:

         Mag. Stefan Kohlfuerst
         Marburgerkai 47
         8010 Graz
         Austria
         Tel: 0316/815454
         Fax: 0316/815454-22
         E-mail: kohlfuerst@hofstaetter.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 3:35 p.m. on April 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 230
         Hall L
         Second Floor
         Graz, Austria

Headquartered in Fernitz bei Graz, Austria, the Debtor declared
bankruptcy on Feb. 13 (Bankr. Case No. 25 S 19/07t).


CON.BAU LLC: Claims Registration Period Ends March 12
-----------------------------------------------------
Creditors owed money by LLC CON.BAU (FN 137138z) have until
March 12 to file written proofs of claim to court-appointed
estate administrator Roland Grilc at:

         Dr. Roland Grilc
         Karfreitstrasse 14/I
         Second Floor
         9020 Klagenfurt
         Austria
         Tel: 0463/54267
         Fax: 0463/54267-77
         E-mail: office@grilc.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on March 19 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on Feb. 13 (Bankr. Case No. 41 S 14/07t).


PETZ LLC: Vienna Court Orders Business Shutdown
-----------------------------------------------
The Trade Court of Vienna entered Feb. 12 an order shutting down
the business of LLC Petz (FN 221445f).

Court-appointed estate administrator Eva Riess 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. Eva Riess
         c/o Dr. Leopold Riess
         Zeltgasse 3/13
         1080 Vienna
         Austria
         Tel: 402 57 01-0
         Fax: 402 57 01 21
         E-mail: law@riess.co.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 31 (Bankr. Case No. 6 S 9/07a).  Leopold Riess
represents Dr. Riess in the bankruptcy proceedings.


S.K.T. LLC: Claims Registration Period Ends March 26
----------------------------------------------------
Creditors owed money by LLC S.K.T. (fka LLC LIFE Haus) (FN
32573b) have until March 26 to file written proofs of claim to
court-appointed estate administrator Otto Werschitz at:

         Dr. Otto Werschitz
         c/o Dr. Georg Alexander Muhri
         Neutorgasse 47/I
         8010 Graz
         Austria
         Tel: 0316/820620-0
         Fax: 0316/820620-4
         E-mail: office@cgo-masseverwaltung.at
                 georg.muhri@mu-we.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:45 p.m. on April 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 230
         Hall L
         Second Floor
         Graz, Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Feb. 13 (Bankr. Case No. 25 S 14/07g).  Georg Alexander Muhri
represents Dr. Werschitz in the bankruptcy proceedings.


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


GENERAL MOTORS: Expects 6%-7% Decrease in February U.S. Sales
-------------------------------------------------------------
Following its decision to reduce sales to daily rental fleets,
General Motors Corp. expects its February U.S. sales to be down
between 6 to 7 percent, Reuters reports.

GM reduced discounted fleet sales with the prospect of returning
to profitability in North America.  The move, according to
analysts, allowed the automaker to keep its assembly plants
running but eroded the value of its brands.

GM spokesman John McDonald told Reuters in an interview that the
company expects retail sales to be flat for the month.  Overall,
Mr. McDonald added, GM expects the U.S. February industry sales
to come in at an annualized rate of 16 million units.

According to Reuters, GM planned to cut its daily rental sales
more than 200,000 units this year after a reduction of about
77,000 units in 2006.  The planned cuts would take GM's annual
rental-related sales below 700,000 units by the end of 2008 from
more than 1 million before the effort began.

GM shares eased more than 2% in pre-market trading after
finishing almost 1% lower in Monday trade on the New York Stock
Exchange, Reuters said.

                    About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries, including Belgium, France, Germany, India, Mexico,
and its vehicles are sold in 200 countries.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 2,
Standard & Poor's Ratings Services said that General Motors
Corp.'s (GM; B/Negative/B-3) announcement that it is restating
financial results from 2002 through the third quarter of 2006
raises new concerns about the integrity of the company's
financial reporting and internal controls, but has no immediate
effect on the ratings on GM, GMAC LLC (BB+/Developing/B-1), or
GMAC unit Residential Capital LLC (ResCap; BBB/Negative/A-3).

In a TCR-Europe report on Dec. 15, 2006, Standard & Poor's
Ratings Services affirmed its 'B' corporate credit rating and
other ratings on General Motors Corp. and removed them from
CreditWatch with negative implications, where they were placed
March 29, 2006.  S&P said the outlook is negative.

Standard & Poor's Ratings Services earlier assigned its 'B+'
bank loan rating to General Motors Corp.'s proposed US$1.5
billion senior term loan facility, expiring 2013, with a
recovery rating of '1'.  The 'B+' rating was placed on
Creditwatch with negative implications, consistent with the
other issue ratings of GM, excluding recovery ratings.


LEVI STRAUSS: Secures New US$325 Million Sr. Unsecured Term Loan
----------------------------------------------------------------
Levi Strauss & Co. has entered into a binding commitment with
Banc of America Securities LLC and Goldman Sachs Credit Partners
L.P., as joint lead arrangers and joint book managers, with
respect to a new seven-year US$325 million senior unsecured term
loan facility.

The company expects, subject to certain conditions, to enter
into a definitive term loan agreement with the joint lead
arrangers, their affiliates and other potential lenders by mid-
March.

The company intends to use the gross proceeds from the new term
loan, plus cash on hand of approximately US$69 million, to
redeem in full its outstanding US$380 million floating rate
notes due 2012 and to pay related redemption premiums,
transaction fees and expenses.

Pursuant to the terms of the indenture relating to the floating
rate notes, the floating rate notes become redeemable on April
1, 2007 at a price of 102% of par.  The company intends to issue
the redemption notice in the near future and to redeem the
floating rate notes shortly after the notes become redeemable.

                       About Levi Strauss

Founded in 1853 by Bavarian immigrant Levi Strauss, Levi Strauss
& Co. -- http://www.levistrauss.com/-- is one of the world's
largest brand-name apparel marketers with sales in more than 110
countries.  The company market-leading apparel products are sold
under the Levi's(R), Dockers(R) and Levi Strauss Signature(R)
brands.

Levi Strauss & Co. is privately held by descendants of the
family of Levi Strauss.  Shares of company stock are not
publicly traded.  Shares of Levi Strauss Japan K.K., the
company's Japanese affiliate, are publicly traded in Japan.

The company employs a staff of approximately 10,000 worldwide,
including approximately 1,010 at the company's San Francisco,
California headquarters.  Levi Strauss Europe is headquartered
in Brussels, Belgium, while Levi's Asia Pacific division is
based in Singapore.


LEVI STRAUSS: Moody's Lifts B2 Rating on US$145-Mln Debt Payment
----------------------------------------------------------------
Moody's Investors Service upgraded its corporate family and
probability of default ratings for Levi Strauss & Co. to B1 from
B2.  The rating outlook is stable.

At the same time Moody's also assigned a B2 rating to the
company's proposed US$325 million senior unsecured term loan,
which reflects the B1 probability of default rating and the loss
given default assessment of LGD4, 62%.  Proceeds from the new
financing and cash on hand are expected to be used to retire the
outstanding floating rate notes due 2012, and upon repayment
Moody's would expect to withdraw the ratings on these notes.
The ratings for other rated senior unsecured debts were also
upgraded to B2 from B3.

"The upgrade reflects revenue and operating margin stability as
well as improved free cash flow generation, which enabled the
company to repay approximately US$145 million of debt in 2006",
commented Moody's Vice President Scott Tuhy.

The upgrade also reflects improving operational and systems
controls which are expected to be enhanced by the rollout of SAP
across the franchise in the near term.  The stable outlook
reflects Moody's expectations that the company's financial
metrics will remain at appropriate levels for the B1 rating
category.

Assigned:

   * US$325 million Senior Unsecured Term Loan due 2014, B2,
LGD4,
     62%

Upgraded:

   * Corporate Family Rating and Probability of Default Ratings:
     to B1 from B2

   * Various Senior Unsecured Notes: to B2 from B3

San Francisco, California-based Levi Strauss & Co markets
apparel products in more than 110 countries primarily under the
"Levi's", "Dockers" and "Levi Strauss Signature" brands.  The
company had global net revenues of approximately US$4.2 billion
in its fiscal year ending Nov. 26, 2006.  Levi Strauss Europe is
headquartered in Brussels, Belgium, while Levi's Asia Pacific
division is based in Singapore.


LEVI STRAUSS: Nov. 26 Balance Sheet Upside-Down by US$1 Billion
---------------------------------------------------------------
Levi Strauss & Co. reported US$239 million of net income on
US$4.19 billion of net revenues for the fiscal year ended
Nov. 26, 2006, compared with US$156 million of net income on
US$4.22 billion of net revenues in fiscal 2005.

The increase in net income was primarily due to a US$29 million
benefit plan curtailment gain in the third quarter, lower losses
on early extinguishment of debt, and lower income tax and
interest expense.  The effective tax rate for 2006 was 30.8%
compared to 44.8% for 2005, driven by a US$32 million benefit
resulting from a modification of the ownership structure of
certain of the company's foreign subsidiaries in the second
quarter of 2006 and a US$29 million net reversal of valuation
allowances in certain jurisdictions in the fourth quarter of
fiscal 2006.

Stable net revenue reflects higher net revenues in the U.S.
Levi's(R), U.S. Dockers(R) and Asia Pacific businesses, offset
by lower net revenues in the Europe and U.S. Levi Strauss
SignatureR) businesses and currency translation.

For the fourth quarter of fiscal 2006, Levi Strauss & Co.
reported US$96 million of net income on US$1.24 billion of net
revenues, compared with US$44 million of net income on US$1.19
billion of net revenues in the same period of fiscal 2005.  The
improvement was driven primarily by higher operating income and
lower tax expense.

"Our fourth-quarter performance was encouraging, with net
revenue growth in each of our three regions," said John
Anderson, chief executive officer.  "For the full year, we
delivered stable revenues and strong profits, and paid down
debt.  The year ended with improved performance in virtually all
of our business units.  I am pleased with our positive momentum
heading into 2007."

Selling, general and administrative expenses decreased 2 percent
or US$33 million to US$1.3 billion for fiscal 2006 compared to
the prior year.  The decrease reflects reduced advertising and
promotion expense and the US$29 million curtailment gain,
partially offset by costs related to new company-operated retail
stores.

Operating income increased US$24 million to US$614 million
compared to US$589 million in fiscal 2005.  The increase was
driven primarily by lower selling, general and administrative
expenses.  The operating margin for fiscal 2006 was 14.6 percent
compared to 13.9 percent in fiscal 2005.

Interest expense for the year decreased US$13 million to
US$251 million compared to US$264 million in fiscal 2005.  The
decrease was primarily attributable to lower debt levels and
lower average interest rates in fiscal 2006.

Strong cash flow in 2006 is attributable to lower income tax
payments, improved working capital management, and lower
restructuring and interest payments.

"We accomplished our objectives for 2006," said Hans Ploos van
Amstel, chief financial officer.  "We ended the year with
revenues growing, and we sustained our strong margins while
increasing our investments in our brands, retail expansion and
SAP.  We also delivered strong cash flow, which is a key
priority for us.  For 2007, we expect to continue our strong
profits and cash flow and, at minimum, achieve revenue
stability."

At Nov. 26, 2006, the company's balance sheet showed US$2.8
billion in total assets and US$3.8 billion in total liabilities,
resulting in a US$1 billion total stockholders' deficit.

Full-text copies of the company's consolidated financial
statements for the fiscal year ended Nov. 26, 2006, are
available for free at http://researcharchives.com/t/s?1a02

                       About Levi Strauss

Founded in 1853 by Bavarian immigrant Levi Strauss, Levi Strauss
& Co. -- http://www.levistrauss.com/-- is one of the world's
largest brand-name apparel marketers with sales in more than 110
countries.  The company market-leading apparel products are sold
under the Levi's(R), Dockers(R) and Levi Strauss Signature(R)
brands.

Levi Strauss & Co. is privately held by descendants of the
family of Levi Strauss.  Shares of company stock are not
publicly traded.  Shares of Levi Strauss Japan K.K., the
company's Japanese affiliate, are publicly traded in Japan.

The company employs a staff of approximately 10,000 worldwide,
including approximately 1,010 at the company's San Francisco,
California headquarters.  Levi Strauss Europe is headquartered
in Brussels, Belgium, while Levi's Asia Pacific division is
based in Singapore.


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F R A N C E
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ALCATEL-LUCENT: Partners with GE Capital in U.K. and Ireland
------------------------------------------------------------
Alcatel-Lucent agreed with GE Capital Solutions in the U.K. to
provide finance solutions for U.K. and Irish enterprises.

GE's finance solutions enable U.K. and Irish businesses and
organizations to reap the benefits of Alcatel's hardware and
software communications products and services, without the
burden of significant upfront investment.

These financial solutions are also designed to help Alcatel-
Lucent's business partners increase sales, as well as build on
the profitability of each sale.  Furthermore, by encouraging
customer loyalty, these financial packages will help secure
future upgrades and new deployments.

This launch will entitle Alcatel-Lucent's premium and expert
partner customers to a special introductory promotion on the
purchase of its Alcatel-Lucent OmniPCX Office and Alcatel-Lucent
OmniPCX Enterprise communications platforms for small, medium
and large enterprises, as well as its conferencing and
collaboration tool, Alcatel-Lucent My Teamwork.

"GE is the ideal partner to work with for our finance offering,"
said Graeme Allan, for Alcatel-Lucent Enterprise activities in
U.K. and Ireland.  "Its finance consultants will support our
business partners throughout the sales process, while its
automated financing process, which will be available through our
partner site, will make smaller transactions quick and easy to
process."

"The launch of these finance solutions, working with Alcatel-
Lucent, will allow customers to improve their business processes
and productivity with Alcatel-Lucent's leading convergence
solutions, without impacting on their cash flow," Lynne Wood of
GE said.  "We've worked with Alcatel-Lucent to ensure that the
products we've designed are competitive and truly beneficial to
the business partners, by understanding and specifically meeting
the needs of its end-user customers."

                      About GE Capital

GE Capital Solutions -- http://gecapsol.com/-- offers financing
services for commercial, industrial, construction and technology
equipment; corporate aircraft; trucks and trailers; franchise
facilities; transportation fleets; private label, wholesale; and
outsourced sales and inventory.  The company also offers tax-
exempt and non tax-exempt financing for federal, state and local
governments and non-profit organizations.

                    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 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.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Australia, Brunei and Cambodia.

                        *     *     *

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: Expands SFERIA S.A.'s Fixed Wireless Network
------------------------------------------------------------
Alcatel-Lucent, within the framework of three frame agreements
with SFERIA S.A., has upgraded and expanded the SFERIA network
and is responsible for the maintenance of the operator's
telecommunication wireless network based on CDMA2000 technology
in the Warsaw calling area.

Under terms of the agreements, Alcatel-Lucent upgraded SFERIA's
existing base stations, with CDMA2000 1xEV-DO technology to
enable high-speed wireless broadband data services at speeds of
up to 2.4 Megabits per second.  Part of the project was the
implementation by Alcatel-Lucent of a more efficient transport
network to support increased traffic carried over SFERIA's
expanded CDMA2000 wireless broadband network.

Alcatel-Lucent implemented several new end-user applications and
new network management tools and was responsible for general
deployment and other services and will continue to maintain the
network.

"SFERIA is taking a significant step to expand their network and
enhance the services they offer their customers, and we are
proud to be selected to help them with this important project,"
said Andrzej Dulka, Country Senior Officer, Alcatel-Lucent in
Poland.  "This achievement further confirms the role that our
CDMA2000 technology plays in providing customers a competitive
advantage in the market."

The new synchronous digital hierarchy (SDH) transport network is
based on Alcatel-Lucent's METROPOLIS(R) AMU and METROPOLIS(R)
ADM Universal products. New network management tools to run the
network include Alcatel-Lucent's NAVIS(TM) OMS (Optical
Management System) and NAVISAAA(TM) software, to manage and
protect SFERIA'snetwork against unauthorized access and provide
billing information for data services.

Alcatel-Lucent designed and deployed the new optical network,
managed the CDMA2000 1xEV-DO upgrade and provided network
integration for the new software platforms and applications.  In
addition, under an extension of an existing maintenance
agreement, Alcatel-Lucent services will provide spare parts
management, first-line maintenance and remote technical support
(RTS) services.  SFERIA will continue its participation in
Alcatel-Lucent's Base Release Software (BRS) program, which
guarantees that it receives major releases, point releases and
software updates as they become available for both its mobile
switching centres (MSCs) and base stations.  Alcatel-Lucent's
relationship with SFERIA dates back to the first half of 2003,
when the companies signed a contract to upgrade SFERIA's network
to support CDMA2000 1X technology.

                    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 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.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Australia, Brunei and Cambodia.

                        *     *     *

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.


ITRON INC: Buys Actaris Metering's Bonds & Stock for US$1.6 Bln
---------------------------------------------------------------
Itron Inc. has signed an agreement to acquire all of the stock
and convertible bonds of Actaris Metering Systems.

The purchase price is EUR800 million plus the retirement of
approximately EUR445 million of debt, which, at an exchange rate
of 1.30, totals approximately US$1.6 billion.  The acquisition
is expected to close in the second quarter of 2007.

This acquisition will allow Actaris to offer Itron's industry
leading AMR and advanced metering infrastructure technologies,
software and systems expertise to customers outside of North
America, and expand Actaris gas and water meter opportunities in
North America.

For the twelve months ended Dec. 31, 2006, Actaris generated
revenue of approximately US$1 billion and adjusted earnings
before interest, taxes, depreciation and amortization (Adjusted
EBITDA) of approximately US$159 million.

"This acquisition, which will more than double Itron's annual
revenues, brings together two industry leaders and reunites two
former Schlumberger divisions," said LeRoy Nosbaum, chairman and
CEO.  "We have been looking for an investment that would allow
Itron to bring its superior AMR technology and systems expertise
to customers outside of North America.  Our acquisition of
Actaris is the perfect choice to combine their quality meters
and established distribution channels with our expertise, which
will ultimately bring more value to customers around the globe.
No other meter or AMR provider offers a similar breadth and
depth of solutions to their customers in the utility industry.
This deal combines two companies that share a heritage, vision
and passion for this industry and our combined customers."

The acquisition of Actaris will be funded by approximately
US$1.1 billion of fully-committed senior secured debt
facilities, the net proceeds of the private placement of
approximately US$235 million of common stock, which was
completed Feb. 25 and cash on hand.

Based on management's expectation for closing in the second
quarter, Itron expects that in 2007 the acquisition will add
approximately US$720 - US$730 million in revenue, US$0.20 -
US$0.30 in non-GAAP EPS and US$110-US$115 million Adjusted
EBITDA.  These estimates are subject to financing terms and
dependent on the closing date of the transaction and do not take
into effect any intangible amortization expenses, in-process
research and development expenses, charges related to inventory
revaluation required under purchase accounting or other
acquisition expenses.

"This acquisition brings together two very talented management
teams, including many individuals who have worked together in
previous careers with Schlumberger," said Mr. Nosbaum.  "These
are both well-run companies that produce the highest quality
products in very efficient and productive factories around the
world.  Bringing these companies together unites research and
development, manufacturing and business synergies that no other
provider can match.

"There can be no doubt that this acquisition represents a
historical turning point in the life of our company and a
significant commitment on the part of our investors," commented
Mr. Nosbaum.  "But as I look at the strength of our businesses
and cash flow, the talent of our combined management team and
employee base, the synergies in our technology offerings, and
the expanding opportunities in the global marketplace, I have
no doubt that this is the right move -- both strategically and
financially -- and the right time to take Itron to an entirely
new level and drive strong future growth in our business on a
global scale."

                          Conditions

The acquisition is not subject to U.S. regulatory review.
However, it will be subject to review by several regulatory
bodies in countries outside the U.S., including, Ukraine,
Germany, Brazil, Spain and Portugal, which require filings
regardless of competitive product overlap.

Itron has received a senior secured underwritten agreement from
UBS to finance the transaction.  Additionally, UBS acted as
exclusive financial advisor to the Company and sole placement
agent for the private placement of common stock.  Gibson, Dunn &
Crutcher LLP and Perkins Coie LLP acted as legal advisors to
Itron.  Mayer, Brown, Rowe & Maw LLP acted as legal advisor to
Actaris.

                        About Actaris

Actaris Metering Systems -- http://www.actaris.com/-- designs
and manufactures meters and associated systems for the
electricity, gas, water and heat markets, providing innovative
products and systems that integrate the latest technologies to
meet the evolving needs of public or private energy and water
suppliers, utility services and industrial companies worldwide.
Actaris is active in more than 30 countries, employs
approximately 6,000 people in 60 locations and has 29
manufacturing sites worldwide.  The company has a cumulative
installed base of some 300 million electricity, gas and water
meters throughout the world.

                         About Itron

Itron Inc. (NASDAQ: ITRI) -- http://www.itron.com/-- is a
technology provider and critical source of knowledge to the
global energy and water industries.  Nearly 3,000 utilities
worldwide rely on Itron technology to provide the knowledge they
require to optimize the delivery and use of energy and water.
Itron creates value for its clients by providing industry-
leading solutions for electricity metering; meter data
collection; energy information management; demand response; load
forecasting, analysis and consulting services; distribution
system design and optimization; web-based workforce automation;
and enterprise and residential energy management.  Effective
April 2006, Itron has acquired Brazil's ELO Tecnologia.  Itron
Tecnologia has offices and a manufacturing assembly facility in
Campinas and offices in Santiago.  The company maintains
operations in Canada, Qatar, Mexico, Taiwan, France and
Australia, The Netherlands, and The United Kingdom.

                      *     *     *

As reported in the Troubled Company Reporter on Oct. 27, 2006,
Moody's Investors Service confirmed Itron Inc.'s Ba3 Corporate
Family Rating in connection with the rating agency's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology.

As reported in the Troubled Company Reporter on Sept. 1, 2006,
Standard & Poor's Ratings Services assigned its 'B' rating to
Itron Inc.'s $345 million convertible senior subordinated notes
due Aug. 1, 2026, and affirmed all of its other ratings,
including its 'BB-' corporate credit rating.


ITRON INC: Actaris Deal Prompts S&P's Negative Creditwatch
----------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings, including
its 'BB-' corporate credit rating, on Itron Inc. on CreditWatch
with negative implications.

The CreditWatch placement follows the company's report that it
has signed an agreement to acquire Luxembourg-based Actaris
Metering Systems, a European manufacturer of electric, gas, and
water meters, for more than US$1.6 billion.  Itron had total
debt of approximately US$469 million as of Dec. 31, 2006.

"The CreditWatch placement reflects the increased financial risk
associated with this type of transformational acquisition," said
Standard & Poor's credit analyst James Siahaan.

Although Itron's annual revenues will more than double with the
purchase, its debt levels will increase by a more than
commensurate amount.  The majority of the acquisition price is
expected to debt financed, through a new US$1.1 billion credit
facility along with more than US$325 million of cash on hand.
The company indicates that equity proceeds (via a private
placement in public equity, or PIPE transaction) of roughly
US$235 million will be used to fund a part of the transaction
price as well.

Itron's business risk profile is expected to improve somewhat,
as Actaris provides the company with increased geographic and
product diversity, coming by way of a strong foothold in the
European market and the production of water and gas meters.
This should provide additional opportunity for Itron to bundle
its automated meter reading technology to a wider array of
utilities.

Standard & Poor's will resolve the CreditWatch placement
following a meeting with management to discuss the acquisition
in greater detail.  The resolution of the CreditWatch will weigh
the expected improvement in Itron's business risk profile and
the company's financial policies against the additional leverage
that will result from the transaction.


THOMSON SA: Moody's Affirms Ba1 Rating on Jr. Subordinated Bonds
----------------------------------------------------------------
Moody's Investor's Service affirmed the long-term issuer rating
for Thomson S.A. at Baa2 and the rating on its perpetual junior
subordinated bonds at Ba1.  The outlook remains negative.

"Thomson has all but completed its corporate transformation in
2006, having stabilized the performance of its core businesses,
broadened the customer base and having reduced debt," Oliver
Giani, Senior Analyst at Moody's said.  "Although the forecasted
strengthening of key credit metrics (operating margins, cash
leverage) has yet to be fully achieved, we expect that with
renewed management attention focusing on internal improvements
and with an unchanged financial discipline -- continued debt
reduction supported by a moderate dividend policy -- the decline
in Thomson's financial profile should have bottomed out in 2006
and it should moderately improve over the next couple of years."

During 2006, Thomson's financial performance has not improved in
line with our expectations and in line with criteria set by
Moody's for a stabilization of the Baa2 rating at the time of
the last downgrade.  This was largely driven by weaker than
expected DVD Services and Access Products.  The negative outlook
reflects these current weak metrics and the downward rating
pressure should there be no improvement in Thomson's operating
performance and debt protection metrics going forward.

However, Moody's affirmation of the rating at Baa2 takes into
consideration the expectation that Thomson's financial profile
should improve over the next couple of years, provided that the
company will continue to reduce net debt and continue its
moderate financial policy.  The achieved improvements in
Thomson's business profile as a result of the company's nearly
finalized transformation should allow management to concentrate
on growing the business organically, translating into gradually
improving financials over the next couple of years.  Thomson's
diversified positioning in growth sectors such as post-
production services, network operating services, or its
broadcast and networks systems should increasingly enable the
company to offset the secular decline of DVD services and other
mature, declining businesses.

In order to stabilize the rating and reduce negative rating
pressure, Thomson will need to:

   (i) improve operating margin to above 6% -- vs. 4.5% actual
       in 2006; and

  (ii) strengthen the ratio of retained cash flow to net debt
       above 25% (20.2% in 2006), which would be supported by
       rising cash flow contributions from the growth businesses
       and debt reduction as the main drivers for the increase
       in the debt protection metric.

At the same time, Moody's notes that a further weakening -- or
the absence of any strengthening -- in the group's operating
margin or cash leverage from 2006 levels could indicate that
expected improvements take significantly longer to materialize,
which would most likely result in a downgrade to Baa3.

Thomson has realized the largest part of its transformation from
a consumer electronics company to a technology, systems and
service provider for media and entertainment companies.
Management has attained a leadership position in its core
fields.  Based primarily on stable royalty income and continuing
revenue growth in its Services and Systems division at high
single digit operating margins, the core business should
demonstrate growth, profitability and generate substantial free
cash flows.  To conclude the transformation process Thomson
still has to divest its Audio-Video and Accessories business
which had been put for sale in December 2005.  In January 2007
the sale of the US Accessories business has been closed with
proceeds of US$70 million.  Thomson is confident of being able
to dispose of the remaining business marked as discontinued
during 2007.

The last rating action for Thomson has been on March 10, 2006,
when Moody's downgraded the issuer rating to Baa2 from Baa1 and
the rating on Thomson's perpetual junior subordinated bonds to
Ba1 from Baa3.

Headquartered in Paris, France, Thomson is a leading provider of
technology, systems and service solutions for integrated media
and entertainment companies operating in three business
segments: Thomson's Services division offers end-to-end
management of network operations and services for the media and
entertainment industry, from finishing movie content (post-
production) to content replication of film and DVD and
distribution.  The Systems division provides professional
broadcasting and network equipment for TV stations and other
network operators as well as broadband access products.  The
Technology division combines Thomson's research and exploitation
of its patent portfolio through licensing programs.  In fiscal
year 2006 the company employed 29,628 people and generated
revenues from continuing operations of EUR5.9 billion.


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


AIRBUS SAS: Power8 Restructuring Sees 10,000 Job Cuts
-----------------------------------------------------
Airbus S.A.S. presented the details of its Power8 restructuring
plan to the Airbus European Works Council following the
unanimous approval by the Board of Directors of parent European
Aeronautic Defence & Space Co. on Monday.

According to Airbus, Power8 will enable the plane maker to face
the very substantial challenge of the US dollar weakness,
increased competitive pressure, the financial burden related to
the A380 delays as well as meet its other future investment
needs.

Power8 provides for strong cost-cutting measures, aims at
transforming the Airbus business model and the development of a
global network of partners.  It will allow Airbus to devote its
resources to core activities and eliminate inefficiencies within
its current structure.  The program aims at the full industrial
integration of Airbus by establishing a new industrial
organization with transnational Centers of Excellence replacing
the existing national structures.  This transformation will
happen progressively over several years and includes the further
extension of Airbus' global footprint.

As part of Power8, the Airbus management will implement strong
cost reduction and cash generating efforts leading to EBIT
contributions of EUR2.1 billion from 2010 onwards and additional
EUR5 billion of cumulative cash flow from 2007 to 2010.  A large
part of the cost savings will be achieved through reducing the
total Airbus overhead workforce (including temporary and on-site
supplier workforce) by 10,000.  The envisaged measures to reduce
overhead costs, and specifically headcount, require a provision
of EUR680 million to be taken in the first quarter of 2007.
Airbus has put in place a tracking system with tangible matrix
regarding cost and cash impact up to their materialization in
the financial statements.

Airbus has the full support of all EADS core shareholders for
Power8.  The EADS and Airbus management has reviewed the program
thoroughly and is convinced that the envisaged measures will
deliver on its economic promises.

"The core objective of the program is to make Airbus more
efficient and competitive, so as to produce the most advanced
and profitable products, and to serve its customers better in
the future", the CEOs of EADS Tom Enders and Louis Gallois said.

"We have had an excellent sales and delivery performance in
2006.  But our long-term future is at stake if we don't act
now," Mr. Gallois, who is also Airbus President and CEO, said.
"We fully appreciate that this transformation must be undertaken
jointly and in close consultation with our social partners."
Airbus will report a negative EBIT in 2006 and, following the
A380 delays, faces significant cash needs and deteriorating
profits in the future, together with large investments needed
for current and future programs, in particular the A350 XWB.
More fundamentally, the Dollar weakness alone has led to a 20
percent loss of competitiveness in only six years versus Airbus'
competition.  "We cannot continue to produce at our current Euro
costs and sell at Boeing's dollar prices," he said.

"Without establishing Power8 quickly, profitability will drift
significantly short of industry standards and of reasonable
expectations.  This is an unsustainable and unacceptable
situation.  Power8 is designed to reduce that gap," said EADS
and Airbus CFO Hans Peter Ring.

Power8 envisages these measures:

  (1) Lighter and cost efficient management

      The objective of a lighter and cost efficient management
      will be addressed by several Power8 program modules and in
      particular by the Reduction of Airbus Overhead costs
      module.

  (2) Reduction of Airbus Overhead Costs

      The Airbus management proposes a progressive headcount
      reduction of 10,000 overhead positions over four years -
      thereof in Airbus Deutschland around 3,700 in Airbus
      France around 3,200, in Airbus UK around 1,600, in Airbus
      CE around 1,100 and in Airbus Espa¤a around 400.

      About 5,000 of these positions are temporary or on-site
      subcontractors, where reductions will begin immediately.
      The other 5,000 overhead positions affected will be direct
      Airbus employees.  Priority is given to achieve reductions
      through negotiated voluntary severance processes and
      schemes in each country concerned.  The respective
      national processes, including negotiations in each country
      of voluntary severance schemes, will be launched
      immediately.  Airbus' total workforce consists of 57,000
      direct employees plus 30,000 subcontractors.

      At this stage, the Airbus management proposes no forced
      redundancies.  Should these schemes not generate the
      expected level of reductions within the next 12 to 18
      months, other measures will have to be considered to fully
      achieve the cost saving targets.

      "We will manage the social impact of these measures
      properly and in close dialogue with our employee
      representatives," Mr. Gallois stressed.  "The burden will
      be spread in a fair and equitable manner across Airbus.
      The balance of the Airbus founding nations will be
      preserved."

      Airbus will launch a strong training initiative, to
      identify the skills required by the "New Airbus" and to
      deliver the relevant training programs.

      Other substantial cost cutting and strict budget control
      measures are already underway.  They include a temporary
      hiring freeze, an executive salary freeze for 2007, as
      well as significant cuts in general expenses.  As part of
      the overall cost cutting, Airbus and EADS will work
      together to implement the strategy of shared services and
      sourcing.

                         Power8 Modules

Further Power8 modules aimed at streamlining Airbus' processes
and supporting the transition to the "New Airbus" are:

  (a) Develop Faster

      This module aims at the reduction of cycle time of new
      aircraft development from 7.5 to 6 years, while
      establishing robust development processes with risk-
      sharing partners to secure these cycle time reductions, as
      well as the required aircraft maturity at entry into
      service.  It also aims at improving the productivity of
      the company's engineering activities by 15 percent.

  (b) Lean Manufacturing

      It is meant to further integrate manufacturing and
      associated engineering, and ensure the deployment of
      consistent lean production principles across all plants.
      A productivity increase by 16 per cent is targeted by
      2010.

  (c) Smart Buying

      This module aims at the reduction of the Airbus supply
      cost base.  It will also contribute to the reshaping and
      consolidation of our supply base, and the building of a
      network of strong Risk Sharing Partners to Tier 1
      suppliers, while streamlining the logistics organization
      (from 80 to 8 logistic centers).

  (d) Maximize Cash

      This module targets the reduction of financial working
      capital and the tight control of cash in all operations.

      The Customer First Module will ensure the interests of
      customers to always come first.  "Delivering and even
      improving on our commitments, serving our customers even
      better, with even higher levels of services, more
      reliability and reactivity, and further improved quality
      is our prime objective in all this", explains Mr. Gallois.

  (e) Focus on core business

      In the future, Airbus will focus on "core business"
      activities that are critical for the integrity and safety
      of the aircraft, or vital for technological and commercial
      differentiation, for the operability and reliability of
      the aircraft and its maturity at entry into service.
      These activities include overall aircraft and cabin
      architecture, systems integration, as well as the design,
      assembly, installation, equipping, customization and
      testing of major and complex components or manufacturing
      of new technology parts.

      "This shift is essential for Airbus' future.  Many
      industries face similar challenges, but we have to
      establish our own way with specific solutions.  We must
      retain the competencies that are essential to design,
      develop, produce, deliver and support the best and most
      efficient products for our customers," Mr. Gallois said.
      "If we move carefully, pragmatically and quickly, we will
      leverage our position as a leading global player in the
      civil airliner market."

      This "core" activity focus will be implemented in the
      "make or buy" strategy adopted for the A350 XWB.  About 50
      percent of aerostructure work will be outsourced to risk-
      sharing partners (EUR1.8 billion non recurring costs and
      EUR600 million associated CAPEX).  This is proportionally
      about twice as much as in earlier programs.

      The workshare responsibility for the development of the
      A350 XWB will be split equitably among the founding
      nations with about 35 percent for Germany and France, 20
      percent for the UK and 10 percent for Spain.

  (f) Long-term global partnership network

      Airbus will restructure its industrial set up and
      establish in the coming years a long-term oriented network
      with strong partners.  This will allow Airbus to share
      development costs as well as engineering resources.

      "We will turn Airbus into an extended enterprise.  The
      A350 XWB will draw on this new business model, as we
      assign large work packages to Tier 1 suppliers in return
      for a better distribution of future investment, risks and
      opportunities, with a consolidated supply base," Mr.
      Gallois said.

      Airbus is considering industrial partnerships at its
      plants in Filton, Meaulte and Nordenham, in order to
      facilitate their development from metallic to composite
      design and manufacturing technology.  The company has
      already received unsolicited proposals by potential
      industrial partners ready to invest in these sites and to
      possibly take partially or fully the control of them in
      the framework of the extended enterprise concept.

      Airbus is determined to pragmatically attain the optimum
      scope of industrial activities and to optimize resource
      allocation and enhance capital efficiency.  "This is the
      right time to consider such a partnership approach," Mr.
      Gallois said.  "Our order book translates into more than
      five years of production, and customer demand continues to
      be very high for our aircraft.  We are ramping up our
      production everywhere and have just launched the A350 XWB.
      We are ready to share attractive business opportunities
      with strong partners."

      The sites in Laupheim, St. Nazaire-Ville and Varel will
      continue to perform long-term substantial workloads on the
      current Airbus aircraft programs, such as the A380, the
      A320, the A330/A340 families, and the A400M.  Airbus is
      committed to seeking viable future opportunities for these
      sites, this includes options to sell sites to key
      suppliers, management buy out or combination with nearby
      sites.  This will of course be done in close consultation
      with the social partners.

      "We will prepare the future of each and every one of our
      sites in the overall interest of Airbus, to strengthen
      industrial partners and suppliers, and to ensure long-term
      local business and employment continuity," said Mr.
      Gallois.

  (g) Streamline the final assembly lines

      A number of measures are also being implemented to further
      increase the efficiency of the final assembly lines
       (FALs).

      The A350 XWB will be assembled and receive its interior
      furnishing in Toulouse, in the same facilities as the
      current A330/A340, enabling a capacity enhancement of this
      FAL.

      A third A320 Family FAL will be set up in Hamburg
      immediately to cope with the steep production ramp-up
      currently under way.  This FAL will be established in
      already existing facilities and will have full type
      flexibility when demand for A320s exceeds rate 14 per
      month.  The A320 will continue to be assembled in Toulouse
      up to rate 14.  Hamburg will also perform final assembly
      of the future New Single Aisle family.

      Furthermore, in order to allow parts to be fitted in the
      most logical place to optimize the overall cycle time,
      some upstream preparatory A320 and A380 cabin installation
      work will be transferred from Hamburg to Toulouse. Cabin
      installation will remain in Hamburg. A380 deliveries will
      still be made from both Hamburg and Toulouse.

  (h) Fully integrated and transnational organization

      Airbus will introduce a fully integrated and transnational
      organization to support the implementation of Power8 and
      the establishment of the new business model.

      This new organization will enable cost savings and
      strengthen leadership through clearer accountability,
      faster decision-making and simpler interfaces.

      "Integration means strengthening the accountability of
      those responsible.  It is not an invitation for
      centralization or doing everything in-house.  On the
      contrary, we demand an empowerment of those in charge,"
      Mr. Gallois explained.

      The new industrial organization will force process
      streamlining through the establishment of four truly
      transnational "centers of excellence" led by the Head of
      Operations: Fuselage & Cabin, Wing & Pylon, Rear, and
      Aerostructure, the latter being in charge of fuselage
      subassembly and interior furnishing activities.  This will
      replace the current organization of eight nationally
      structured centers of excellence.

      Further organizational changes include completing the
      integration of support functions such as Finance and HR as
      well as reinforcing the authority of core functions such
      as Engineering, Procurement and Programs.

The national entity leaders will assume a strong representative
role, acting as Airbus ambassadors.  They will be accountable
for all aspects connected to national regulations (legal, social
etc.) but will not have any operational responsibility.  They
will report to the Airbus CEO office and act on its behalf.

Sharing services with EADS corporate functions where clear
benefits arise, will be another lever to improve the efficiency
of the support processes, optimize resources and reduce overhead
costs.

Concluding his comments, Louis Gallois said: "None of these
changes will be easy, but they are essential to securing the
future of Airbus as a world-leading aircraft manufacturer for
the long-term, and a business of which all its stakeholders can
be rightly proud."

Airbus operates in a growth market of 22,000 new aircraft in the
next 20 years.  The order backlog represents about five years of
future production, and the company continues to deliver record
levels of aircraft.

Breakdown of Power8 EBIT contribution by module:

                                         EBIT
                                         ----
         Develop Faster                    6%
         Smart Buying                     31%
         Lean Manufacturing               16%
         Reduce Overhead                  32%
         Maximize Cash                     -
         Restructure Industrial Set up/
         Focus on Core                    12%
         Final Assembly Line               3%
                                         ----
         Total                           100%

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

                           A380 Delays

Airbus has been plagued by the two-year production delays of its
A380 jets.  The delays, caused by Airbus' failure to provide
uniform software to aircraft design teams, and the ever-weaker
U.S. dollar, prompted Airbus to estimate a loss before-interest-
and-tax in 2006.

EADS has forecast up to EUR4.8 billion in losses by 2010 on the
A380.

"Our financial estimate is a consequence of our 2006 turbulences
-- in particular reflecting the effect of the A380 delay.  We
are also taking into account the launch of the A350 XWB and the
financial impact of Power 8, which we originally expected for
2007," says Airbus President and CEO Louis Gallois.  "Clearly we
are cleaning the grounds and preparing for a new Airbus."

EADS, which at the same time issued a profit, said its other
divisions would compensate for Airbus' losses.  It added that it
might take additional charges tied to the two-year slip in
deliveries of the A380, which cost around US$13.5 billion to
develop.

                A380 Eyes First Delivery in October

Mr. Gallois revealed in January that Airbus, which has finally
fixed electrical problems in the A380, was "determined to
complete this first delivery in October 2007, as we announced,
and to prepare ourselves for the next deliveries in 2008," BBC
News relates.

The group said it is now on track to deliver the A380 superjumbo
to its launch customer, Singapore Airlines, in October.


BACKEREI ROOS: Claims Registration Period Ends May 24
-----------------------------------------------------
Creditors of Backerei Roos GmbH & Co.KG have until May 24 to
register their claims with court-appointed insolvency manager
Stefan Hinrichs.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 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 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:

         Stefan Hinrichs
         Heiligengeiststr. 29
         26121 Oldenburg
         Germany
         Tel: 0441/21891-0
         Fax: 0441/21891-39

The District Court of Aurich opened bankruptcy proceedings
against Backerei Roos GmbH & Co.KG on Feb. 20.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Backerei Roos GmbH & Co.KG
         Leeraner Str. 82
         26725 Emden
         Germany

         Attn: Hans-Erich Roos, Manager
         Leeraner Strasse 87 b
         26725 Emden
         Germany


BAUMASCHINEN BERNHARD: Claims Registration Period Ends April 24
---------------------------------------------------------------
Creditors of Baumaschinen Bernhard Kazmierczak GmbH have until
April 24 to register their claims with court-appointed
insolvency manager Helmut Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 15, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C407
         Fourth Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be contacted at:

         Dr. Helmut Schmitz
         Flohbusch 1-3
         47802 Krefeld
         Germany


BIOVEST INT'L: Dec. 31 Balance Sheet Upside Down by US$14 Mln
-------------------------------------------------------------
Biovest International, Inc. filed its quarterly financial
statements for the three-month period ended Dec. 31, 2006, with
the U.S. Securities and Exchange Commission.

At Dec. 31, 2006, the company's balance sheet showed
US$8,960,000 in total assets, US$17,034,000 in total
liabilities, resulting in a US$14,074,000 stockholders' deficit.
At Sept. 30, 2006, stockholders' deficit stood at US$16,520,000.

The company's December 31 balance sheet also showed strained
liquidity with US$4,122,000 in total current assets available to
pay US$15,955,000 in total current liabilities coming due within
the next 12 months.

For the three-month period ended Dec. 31, 2006, the company
reported a US$23,950,000 net loss on US$1,327,000 of total
revenues, compared to a net loss of US$3,014,000 on total
revenues of US$1,085,000 in the same prior year period.

Total revenues for the three months ended Dec. 31, 2006 was
US$1.3 million which is an increase of US$0.2 million over the
three months ended Dec. 31, 2005.  This represents an increase
of 18%. This quarterly increase is primarily due to growth in
the sales of instrument hardware and disposables.

Research and development expenses for the three months ended
Dec. 31, 2006 were US$2.9 million compared to the same prior
year period of US$2.8 million.  These costs relate to vaccine
production supporting the on-going clinical trial and design
engineering expense associated with design of the AutovaxID.

The company has historically had significant losses from
operations and these losses continued during the three months
ended Dec. 31, 2006 resulting in a net operating cash flow
deficit of US$4 million.  At Dec. 31, 2006, the company had an
accumulated deficit of approximately US$76.2 million and working
capital deficit of approximately US$11.8 million.  It has been
meeting its cash requirements through proceeds from its cell
culture and instrument manufacturing activities, various
financing transactions, the use of cash on hand, short-term
borrowings (primarily from affiliates), the sale of stock to and
demand notes from Accentia Biopharmaceuticals, Inc., and by
managing its accounts payable.

A full-text copy of the company's financial statements for the
quarterly period ended Dec. 31, 2006, is available for free at:
http://researcharchives.com/t/s?1a7e

                      Going Concern Doubt

Aidman Piser & Company P.A., in Tampa, Florida, expressed
substantial doubt about Biovest International's ability to
continue as a going concern after auditing the company's
financial statements for the year ended Sept. 30, 2006.  The
auditing firm cited that the company incurred significant losses
and used cash in operating activities during the years ended
Sept. 30, 2006 and 2005, and had working capital and
shareholders' deficits at Sept. 30, 2006.

                  About Biovest International

BioVest International, Inc. -- http://www.biovest.com/-- is a
biotechnology company that provides cell culture services to
research institutions and the biopharmaceutical industry.
BioVest also develops, manufactures and markets cell culture
systems.  For over 10 years the company has been designated, by
the National Institutes of Health, as the National Cell Culture
Center.  Through its proprietary technology, BioVest provides
cell culture services to research institutions, biotechnology
companies and the pharmaceutical industry.  The company is the
holder of a Cooperative Research and Development Agreement with
the National Cancer Institute for the commercialization of a
personalized biologic therapeutic cancer vaccine for the
treatment of non-Hodgkin's lymphoma currently in its phase III
pivotal trial.

The company has sales offices in China, Germany, Japan,
Korea, Singapore, and Taiwan.


CH - IMMOBILIENHANDELS: Claims Registration Period Ends April 4
---------------------------------------------------------------
Creditors of CH - Immobilienhandels GmbH have until April 4 to
register their claims with court-appointed insolvency manager
Frank Nikolaus.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on April 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany

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

The insolvency manager can be contacted at:

         Dr. Frank Nikolaus
         Alfredstr. 108-112
         45131 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against CH - Immobilienhandels GmbH on Feb. 22.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         CH - Immobilienhandels GmbH
         Girardetstr. 72
         45131 Essen
         Germany

         Attn: Berthold Morsbach, Manager
         Alfredstr. 379
         45133 Essen
         Germany


DAIMLERCHRYSLER AG: Two Main Unions Spar Over Chrysler's Future
---------------------------------------------------------------
DaimlerChrysler AG's two major unions, German IG Metall and the
United Auto Workers of the U.S., disagree over the mechanics of
the looming sale of the troubled Chrysler unit, the Wall Street
Journal relates.

According to the report, labor representatives on the company's
board intend to block a potential all-share deal with GM in
exchange for Chrysler.

As reported in THE TCR-Europe on Feb. 28, DaimlerChrysler is
considering General Motors Corp.'s offer to give the company a
minority stake in GM in return for Chrysler if both groups come
to an agreement on the sale of the unit.

The unions' common ground regarding the unit's sale ends there,
however, as regional interests collide.  IG Metall is concerned
that capital which could be spent augmenting the German
Mercedes-Benz brand would instead be wasted on saving Chrysler,
WSJ states.

On the other hand, the U.S. arm is highly dependent on the
Mercedes-Benz brand, with UAW President Ron Gettelfinger urging
DaimlerChrysler's management to use the German division's
resources to fix Chrysler, the report says.

The Troubled Company Reporter revealed on Feb. 28 that the
company's Chrysler Group and UAW agreed on two special programs
that will provide retirement and separation incentives for the
Company's bargaining-unit employees in the U.S. as part of the
Chrysler Group's Recovery and Transformation Plan.

Meanwhile, DaimlerChrysler plans to give bonuses of EUR2,000
each to 132,000 of its German employees as reward for the
stellar performances of its Mercedes unit and commercial-truck
division, WSJ reports.

                      About DaimlerChrysler

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

The company's worldwide operations are located in Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam, and Australia.

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

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

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


DAIMLERCHRYSLER AG: Magna Int'l. Interested in Chrysler's Future
----------------------------------------------------------------
Magna International Inc. indicated that it has a role in the
future of DaimlerChrysler AG's Chrysler Group, Bernard Simon and
John Reed write for the Financial Times.

According to reports, DaimlerChrysler is Magna's biggest
customer, contributing about 26% of total sales.

The discussions between the two companies are all about
"protecting Magna's franchise," Greg Keenan writes for Globe and
Mail, citing an industry source in Detroit.

However, KeyBanc analyst Brett Hoselton told investors that his
sources said Magna is seriously considering a purchase of
Chrysler, Tom Krisher writes for the Associated Press.

Mr. Hoselton said Magna officers received Chrysler's financial
information, visited Chrysler facilities, and met with United
Auto Workers representatives, Mr. Krisher adds.

                       About DaimlerChrysler

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

The company's worldwide locations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam and Australia.

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

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

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


DAIMLERCHRYSLER AG: Chrysler Group February Sales Down 8%
---------------------------------------------------------
DaimlerChrysler AG's Chrysler Group reported sales for February
2007 of 174,506 units, down 8% compared with February 2006 with
190,367 units.  All sales figures are reported unadjusted.

"In a generally soft market environment in February, the
Chrysler Group had good traffic and solid customer interest
especially for our newly launched, fuel efficient models like
the Dodge Avenger, Dodge Caliber, and Jeep(R) Compass.  Also,
the Jeep Wrangler had its best February ever," Chrysler Group
Vice President for Sales and Field Operations Steven Landry
said.

The Dodge Avenger posted sales of 5,205 units.  The vehicle is
one of the Chrysler Group's five new models that achieve 30
miles per gallon or better in highway driving.

Jeep Wrangler and Wrangler Unlimited continued to post strong
sales in February with 9,240 units, a rise of 63% over February
2006 sales of 5,673 units.  February 2007 marks the best month
of February in the history of the Jeep Wrangler.

Sales of the Jeep Compass increased 3% over the previous month
with 4,071 units compared with 3,965 units in January 2007.

The Dodge Caliber finished February with sales of 9,900 units,
an increase of 14% compared with last month with 8,672 units.

Dodge Ram pickup sales continued to increase after an already
strong January and posted sales of 28,633 units, up by 17% over
the previous month with 24,379 units.

"Building on the sales momentum of the Dodge Ram in the first
two months of 2007, March will be the Chrysler Group's 'National
Truck Month.'

"Our marketing approach will primarily focus on our biggest
volume model, the Dodge Ram, and tie it with the value of one of
our most successful product features, the legendary HEMI(R)
engine," Chrysler Group Vice President for Sales and Dealer
Operations Michael Manley said.

"Customers have the opportunity to get a no-extra-charge HEMI
engine upgrade for the Dodge Ram 1500 as well as the Dodge
Durango.  We are confident that 'National Truck Month' will
resonate well with our customers."

Chrysler Group finished the month with 492,230 units of
inventory, or a 68-day supply.  Inventory is down by 8% compared
with February 2006 when it was at 532,534 units.

                       National Truck Month

Dodge will offer a no-extra charge Hemi(R) engine on a Dodge Ram
1500 and the Dodge Durango this month.

"We have a no-charge Hemi and special incentives for both
consumers and our dealers.  So our dealers really ordered and
stocked up in anticipation of a really strong truck month," Mr.
Landry said.

"It's kind of an anniversary of sorts.  We've done it in the
past and our dealers are geeked.  And we think it's going to be
a huge, huge Dodge Ram, Dakota, and Durango month in March."

                 Uncertainty Impact February Sales

"I certainly think it had something to do with it," Mr. Landry
said in reply to a question that uncertainty surrounding the
Chrysler Group had an impact on February sales results.

"The industry was soft enough on its own.  Our sales were off
8%.  I think it could have been a lot worse, considering the
impact of the notification of the options for our company.  But,
you know, our employees are standing strong, our dealers are
totally behind us, so we expect to bounce back fairly strongly
in March."

                       About DaimlerChrysler

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

The company's worldwide locations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam and Australia.

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

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

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


DATA POINT: Claims Registration Period Ends March 30
----------------------------------------------------
Creditors of Data Point Service GmbH & Co. KG have until
March 30 to register their claims with court-appointed
insolvency manager Georg Bernsau.

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

The meeting of creditors will be held at:

         The District Court of Hanau
         Hall 111
         Engelhardstrasse 21
         63450 Hanau
         Germany

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

The insolvency manager can be contacted at:

         Dr. Georg Bernsau
         Zeilweg 42
         D 60439 Frankfurt/Main
         Germany
         Tel: 069 963 761-130
         Fax: 069 963 761-145
         E-mail: info@bl-law.de
         Web site: http://bl-law.de/

The District Court of Hanau opened bankruptcy proceedings
against Data Point Service GmbH & Co. KG on Feb. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Data Point Service GmbH & Co. KG
         Birkenweiherstr. 11
         63505 Langenselbold
         Germany

         Attn: Sylvia Sauser, Manager
         Bahnhofstr. 10
         63543 Neuberg
         Germany


DREVS VERWALTUNGSGESELLSCHAFT: Claims Registration Ends April 10
----------------------------------------------------------------
Creditors of Drevs Verwaltungsgesellschaft mbH have until
April 10 to register their claims with court-appointed
insolvency manager Susanne Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on May 7, at which time the insolvency
manager will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Neubrandenburg
         Hall 1
         Fr.-Engels-Ring 15-18
         Neubrandenburg
         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:

         Susanne Mueller
         Vietmannsdorfer Strasse 23
         17268 Templin
         Germany

The District Court of Neubrandenburg opened bankruptcy
proceedings against Drevs Verwaltungsgesellschaft mbH on
Feb. 14.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Drevs Verwaltungsgesellschaft mbH
         Muehlenberg 62
         17192 Klink
         Germany


EGT BORKENHAGEN: Claims Registration Period Ends April 4
--------------------------------------------------------
Creditors of EGT Borkenhagen GmbH have until April 4 to register
their claims with court-appointed insolvency manager Uwe
Kuhmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 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 Essen
         Meeting Hall 186
         First Floor
         Zweigertstr. 52
         45130 Essen
         Germany

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

The insolvency manager can be contacted at:

         Uwe Kuhmann
         Friedrich-List-Str. 20
         45128 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against EGT Borkenhagen GmbH on Feb. 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         EGT Borkenhagen GmbH
         Hasselbruch 28
         45356 Essen
         Germany

         Attn: Dominik Borkenhagen, Manager
         Werrastr. 43
         45136 Essen
         Germany


F.MUSLEK GMBH: Claims Registration Period Ends March 22
-------------------------------------------------------
Creditors of F.Muslek GmbH have until March 22 to register their
claims with court-appointed insolvency manager Peter
Staroselski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on April 5, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall W 1.26
         First 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 reached at:

         Peter Staroselski
         Godesberger Allee 125-127
         53175 Bonn
         Germany
         Tel: 8100045
         Fax: 8100020

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

The Debtor can be reached at:

         F.Muslek GmbH
         Attn: Franjo Muslek, Manager
         Friesdorfer Strasse 258
         53175 Bonn
         Germany


FAY BAUTRAEGER: Claims Registration Period Ends March 15
--------------------------------------------------------
Creditors of Fay Bautraeger GmbH have until March 15 to register
their claims with court-appointed insolvency manager Dr.
Wolfgang Petereit.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Mainz
         Hall 174
         Building B
         Ernst-Ludwig Strasse 7
         55116 Mainz
         Germany

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

The insolvency manager can be reached at:

         Dr. Wolfgang Petereit
         Kaiserstrasse 24a
         D 55116 Mainz
         Germany
         Tel: 06131/626080
         Fax: 06131/6260813

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

The Debtor can be reached at:

         Fay Bautraeger GmbH
         Attn: Christiane Fay, Manager
         Weinbergstr. 3
         55129 Mainz-Hechtsheim
         Germany


FIRMA LOUISENPARK: Claims Registration Period Ends March 23
-----------------------------------------------------------
Creditors of Firma Louisenpark Immobiliengesellschaft mbH have
until March 23 to register their claims with court-appointed
insolvency manager Joerg Nerlich.

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

The meeting of creditors will be held at:

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on April 20, at the same venue.

The insolvency manager can be contacted at:

         Dr. Joerg Nerlich
         Louise-Dumont-Str. 25
         40211 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Firma Louisenpark Immobiliengesellschaft mbH on Feb. 23.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Firma Louisenpark Immobiliengesellschaft mbH
         Attn: Stephan Heublein, Manager
         Benderstrasse 134
         40625 Duesseldorf
         Germany

         Ingeborg Heublein, Manager
         Neuenhausstrasse 59
         40699 Erkrath
         Germany


FLEISCHERFACHGESCHAEFT HORST: Claims Registration Ends April 6
--------------------------------------------------------------
Creditors of Fleischerfachgeschaeft Horst Rafalcik GmbH have
until April 6 to register their claims with court-appointed
insolvency manager Dr. Petra Mork.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 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 Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

         Dr. Petra Mork
         Arndtstr. 28
         44135 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against Fleischerfachgeschaeft Horst Rafalcik GmbH on Feb. 12.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Fleischerfachgeschaeft Horst Rafalcik GmbH
         Attn: Horst Rafalcik, Manager
         Schillerstr. 1
         58730 Froendenberg
         Germany


FORM-A EINRICHTUNGSBEDARF: Claims Registration Ends April 5
-----------------------------------------------------------
Creditors of form-a Einrichtungsbedarf GmbH have until April 5
to register their claims with court-appointed insolvency manager
Dr. Paul Fink.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on April 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 409
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Dr. Paul Fink
         Rheinort 1
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against form-a Einrichtungsbedarf GmbH on Feb. 21.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         form-a Einrichtungsbedarf GmbH
         Kasernenstr. 14
         40213 Duesseldorf
         Germany


FRANK REIMANN: Claims Registration Ends March 29
------------------------------------------------
Creditors of Frank Reimann GmbH have until March 29 to register
their claims with court-appointed insolvency manager Dr. Bruno
Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 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 Wuppertal
         Room A234
         2nd Floor
         Eiland 2
         42103 Wuppertal
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
1constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Bruno Kuebler
         Vohwinkeler Str. 58
         42329 Wuppertal
         Germany
         Tel: 0202/7470430
         Fax: 0202/7470431
         Web: http://www.kuebler-gbr.de

The District Court of Wuppertal opened bankruptcy proceedings
against Frank Reimann GmbH on Feb. 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Frank Reimann GmbH
         Breite Str. 71
         42369 Wuppertal
         Germany


H U M B O L D T MASCHINEN- UND: Claims Deadline Set for March 23
----------------------------------------------------------------
Creditors of H U M B O L D T Maschinen- und Geraete-
Handelsgesellschaft mbH have until March 23 to register their
claims with court-appointed insolvency manager Ingrid Trompertz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on April 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall S 2.18
         Second Floor
         William-Strasse 23
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Ingrid Trompertz
         Sternstr. 79
         53111 Bonn
         Germany
         Tel: 94 59 820
         Fax: 94 59 729

The District Court of Bonn opened bankruptcy proceedings against
H U M B O L D T Maschinen- und Geraete- Handelsgesellschaft mbH
on Feb. 14.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         H U M B O L D T Maschinen- und Geraete-
         Handelsgesellschaft mbH
         Schwellenbach 41
         53804 Much
         Germany

         Attn: Lucia Stolze, Liquidator
         Schwellenbach 41
         53804 Much
         Germany


HILDESHEIM HAUS: Claims Registration Ends April 30
--------------------------------------------------
Creditors of Hildesheim Haus GmbH have until April 30 to
register their claims with court-appointed insolvency manager
Ingo Thurm.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 22, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Ingo Thurm
         Aegidientorplatz 2B
         30159 Hannover
         Tel: 0511 / 475577-0
         Fax: 0511 / 475577-99
         E-mail: kanzlei@rae-bax.de

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

The Debtor can be reached at:

         Hildesheim Haus GmbH
         Senkingstr. 10
         31137 Hildesheim
         Germany


KNAUFT TRANSPORTE: Claims Registration Period Ends March 23
-----------------------------------------------------------
Creditors of Knauft Transporte GmbH have until March 23 to
register their claims with court-appointed insolvency manager
Ulrich Hauter.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Muehlhausen
         Hall 35
         Untermarkt 17
         Muehlhausen
         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 Hauter
         Untermarkt 12
         99974 Muehlhausen
         Germany

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

The Debtor can be reached at:

         Knauft Transporte GmbH
         Attn: Roland Knauft, Manager
         Bei der Station 24
         37327 Leinefelde
         Germany


LIGNUM-PARKETT GMBH: Claims Registration Ends March 27
------------------------------------------------------
Creditors of Lignum-Parkett GmbH have until March 27 to register
their claims with court-appointed insolvency manager Dr.
Christian Willmer.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on April 3, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Trier
         Hall 63
         Justizstrasse 2,4,6
         54290 Trier
         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. Christian Willmer
         Georgstrasse 5
         27283 Verden
         Germany
         Tel: 04231/88445
         Fax: 04231/88455
         E-mail: info@willmer-inso.de
         Web: http://www.willmer-inso.de/

The District Court of Trier opened bankruptcy proceedings
against Lignum-Parkett GmbH on Feb. 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Lignum-Parkett GmbH
         Bruehl 11
         54340 Kluesserath
         Germany

         Attn: Theodor Hoehns, Manager
         Alter Muehlenweg 58
         27386 Hemsbuende
         Germany


LSA LIFE: Claims Registration Ends March 29
-------------------------------------------
Creditors of LSA Life Science Agency GmbH have until March 29 to
register their claims with court-appointed insolvency manager
Dr. Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 reached at:

         Dr. Winfrid Andres
         Neuer Zollhof 3
         40221 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against LSA Life Science Agency GmbH on Feb. 22.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         LSA Life Science Agency GmbH
         Merowinger Platz 1
         40225 Duesseldorf
         Germany

         Dr. Sylvia Deutschmann, Manager
         Kirschbaumstr. 24
         42115 Wuppertal
         Germany


MATTHIAS SCHMIDT: Claims Registration Ends April 3
--------------------------------------------------
Creditors of Matthias Schmidt Stuck GmbH have until April 3 to
register their claims with court-appointed insolvency manager
Karl-Horst Beutel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 of Nuremberg
         Meeting Hall 126/I
         Flaschenhofstrasse 35
         Nuernberg
         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-Horst Beutel
         Fuerther Str. 62
         90429 Nuremberg
         Germany
         Tel: 0911/312203
         Fax: 0911/325523

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

The Debtor can be reached at:

         Matthias Schmidt Stuck GmbH
         Attn: Matthias Schmidt, Manager
         Egenhauser Str. 7
         90431 Nuremberg
         Germany


MESACOM GMBH: Claims Registration Ends April 18
-----------------------------------------------
Creditors of mesacom GmbH have until April 18 to register their
claims with court-appointed insolvency manager Heiko Fialski.

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

The meeting of creditors will be held at:

         The District Court of 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:

         Heiko Fialski
         Raboisen 38
         20095 Hamburg
         Germany
         Tel: 040/33446-0
         Fax: 040/33446111

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

The Debtor can be reached at:

         mesacom GmbH
         Zuernkamp 27
         21217 Seevetal
         Germany

         Attn: Marcus Haschke, Manager
         Hinterm Holze 22
         21271 Asendorf
         Germany


MICHAEL KAISER: Claims Registration Period Ends March 23
--------------------------------------------------------
Creditors of Michael Kaiser Bauunternehmung GmbH have until
March 23 to register their claims with court-appointed
insolvency manager Ulrich Hauter.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 a.m. on April 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Muehlhausen
         Hall 35
         Untermarkt 17
         Muehlhausen
         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 Hauter
         Untermarkt 12
         99974 Muehlhausen
         Germany

The District Court of Muehlhausen opened bankruptcy proceedings
against Michael Kaiser Bauunternehmung GmbH on Feb. 14.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Michael Kaiser Bauunternehmung GmbH
         Attn: Michael Kaiser, Manager
         Weinbergstr. 3
         Niedertopfstedter Str. 2
         99718 Greussen
         Germany


MOTOPORT BETEILIGUNGS: Creditors Must File Claims by March 29
-------------------------------------------------------------
Creditors of Motoport Beteiligungs-GmbH have until March 29 to
register their claims with court-appointed insolvency manager
Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 409
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Biner Bahr
         Graf-Adolf-Platz 15
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Motoport Beteiligungs-GmbH on Feb. 22.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Motoport Beteiligungs-GmbH
         Reisholzer Werftstrasse 19
         40589 Duesseldorf
         Germany


NEUE FENSTER: Creditors Must Register Claims by April 3
-------------------------------------------------------
Creditors of Neue Fenster ohne Dreck GmbH have until April 3 to
register their claims with court-appointed insolvency manager
Andree Wernicke.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Augsburg
         Meeting Hall 162
         Alten Einlass 1
         86150 Augsburg
         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:

         Andree Wernicke
         Grottenau 6
         86150 Augsburg
         Germany

The District Court of Augsburg opened bankruptcy proceedings
against Neue Fenster ohne Dreck GmbH on Feb. 22.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Neue Fenster ohne Dreck GmbH
         Stuttgarter Str. 12
         86156 Augsburg
         Germany


PATZSCHKE ENTSORGUNG'S: Creditors Must File Claims by April 25
--------------------------------------------------------------
Creditors of Patzschke Entsorgung's GmbH & Co.
Kommanditgesellschaft have until April 25 to register their
claims with court-appointed insolvency manager Andreas Amelung.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on May 25, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Andreas Amelung
         Im Mediapark 6 B
         50670 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Patzschke Entsorgung's GmbH & Co. Kommanditgesellschaft
on Feb. 21.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Patzschke Entsorgung's GmbH & Co. Kommanditgesellschaft
         Moltkestr. 25
         42799 Leichlingen
         Germany


PLAN 4: Creditors Must Register Claims by April 1
-------------------------------------------------
Creditors of plan 4 GmbH have until April 1 to register their
claims with court-appointed insolvency manager Robert Schiebe.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on April 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bad Kreuznach
         Hall 309
         Ringstrasse 79
         55543 Bad Kreuznach
         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:

         Robert Schiebe
         Lauterenstrasse 37
         55116 Mainz
         Germany
         Tel.: 06131/693040
         Fax: 06131/6930411

The District Court of Bad Kreuznach opened bankruptcy
proceedings against plan 4 GmbH on Feb. 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         plan 4 GmbH
         Naheweinstr. 122
         55452 Guldental
         Germany


PLANET WORK: Claims Registration Ends April 16
----------------------------------------------
Creditors of Planet Work Personaldienstleistungen GmbH have
until April 16 to register their claims with court-appointed
insolvency manager Achim Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 7, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

         Achim Thomas Thiele
         Bronnerstrasse 7
         44141 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against Planet Work Personaldienstleistungen GmbH on Feb. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Planet Work Personaldienstleistungen GmbH
         Attn: Marzena-Beata Kanitz, Manager
         Evinger Str. 176
         44339 Dortmund
         Germany


QEZ QUAD: Claims Registration Period Ends April 5
-------------------------------------------------
Creditors of QEZ QUAD Event Zentrum Nord GmbH have until April 5
to register their claims with court-appointed insolvency manager
Christoph Henningsmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Christoph Henningsmeier
         Osdorfer Landstrasse 230
         22549 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against QEZ QUAD Event Zentrum Nord GmbH on Feb. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         QEZ QUAD Event Zentrum Nord GmbH
         Langenhorner Chaussee 299
         22149 Hamburg
         Germany

         Attn: Schroeder Thomas Wolfgang, Manager
         Bansgraben 35
         22459 Hamburg
         Germany


R + W VERMOEGENSMANAGEMENT: Claims Registration Ends March 19
-------------------------------------------------------------
Creditors of R + W Vermoegensmanagement AG have until March 19
to register their claims with court-appointed insolvency manager
Martin Manstein.

Creditors and other interested parties are encouraged to attend
the meeting at 8:50 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 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:

         Martin Manstein
         Prannerstr. 11
         80333 Munich
         Germany
         Tel: 089/211115 - 00
         Telefax: 089/211115 - 55

The District Court of Munich opened bankruptcy proceedings
against R + W Vermoegensmanagement AG on Feb. 21.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         R + W Vermoegensmanagement AG
         Eugen-Sanger-Ring 1
         85649 Brunnthal-Nord
         Germany


STENTOR WERBEGESELLSCHAFT: Claims Registration March 30
-------------------------------------------------------
Creditors of Stentor Werbegesellschaft mbH have until March 30
to register their claims with court-appointed insolvency manager
Arno Wolf.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Bad Homburg v.d. Hoehe
         Room E32
         Auf der Steinkaut 10-12
         61352 Bad Homburg v.d. Hoehe
         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:

         Arno Wolf
         Minnholzweg 2 b
         61476 Kronberg/Ts
         Tel: 06173/78340
         Fax: 06173/783422

The District Court of Bad Homburg v.d. Hoehe opened bankruptcy
proceedings against Stentor Werbegesellschaft mbH on Feb. 19.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Stentor Werbegesellschaft mbH
         Attn: Gert Matheisen, Friedrichsdorf, Manager
         Waldstrasse 6
         61440 Oberursel/Ts
         Germany


SUGARS GASTRO: Claims Registration Period Ends April 2
------------------------------------------------------
Creditors of Sugars Gastro GmbH have until April 2 to register
their claims with court-appointed insolvency manager Harald
Schwartz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 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:

         Harald Schwartz
         Merianweg 3
         93051 Regensburg
         Germany
         Tel: 0941/7803241
         Fax: 0941/7803245

The District Court of Regensburg opened bankruptcy proceedings
against Sugars Gastro GmbH on Feb. 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Sugars Gastro GmbH
         Rodinger Str. 3
         93413 Cham
         Germany


SWK TANKSTELLENGESELLSCHAFT: Claims Registration Ends April 11
---------------------------------------------------------------
Creditors of SWK Tankstellengesellschaft mbH have until April 11
to register their claims with court-appointed insolvency manager
Wolfgang Folger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 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 Flensburg
         Hall A 220
         Flensburg
         Germany

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

The insolvency manager can be reached at:

         Wolfgang Folger
         Wrangelstrasse 19
         24937 Flensburg
         Germany

The District Court of Flensburg opened bankruptcy proceedings
against SWK Tankstellengesellschaft mbH on Feb. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         SWK Tankstellengesellschaft mbH
         Am Markt 6
         24848 Kropp
         Germany

         Attn: Stefan Wolff-Koch
         Klueser Weg 52
         24939 Flensburg
         Germany


TINNITUS SIGNAL: Claims Registration Period Ends April 4
--------------------------------------------------------
Creditors of Tinnitus Signal Medizin GmbH have until April 4 to
register their claims with court-appointed insolvency manager
Christina Siegert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 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:

         Christina Siegert
         Oskar-von-Miller-Ring 34-36
         80333 Muenchen
         Germany
         Tel: 089-24440930
         Fax: 089-244409365


The District Court of Munich opened bankruptcy proceedings
against Tinnitus Signal Medizin GmbH on Feb. 19.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Tinnitus Signal Medizin GmbH
         Kapellenweg 6
         81371 Muenchen
         Germany


VOLKSWAGEN AG: Hikes Voting Rights to 29.9% in MAN AG
-----------------------------------------------------
Volkswagen AG disclosed that via shares, its voting rights in
MAN AG have exceeded the 25% limit of the voting rights on
Feb. 26.

The company's voting rights in MAN AG now amount to 29.9%,
corresponding to 42,150,000 voting rights.

Headquartered in Wolfsburg, Germany, the Volkswagen Group --
http://www.volkswagen.de/-- is one of the world's leading
automobile manufacturers and the largest carmaker in Europe.
With 47 production plants in eleven European countries and a
further seven countries in the Americas, Asia and Africa,
Volkswagen has more than 343,000 employees producing over 21,500
vehicles or are involved in vehicle-related services on every
working day.

                        *    *    *

Volkswagen has been carrying out measures to cut costs and raise
profits, which could affect up to 30,000 jobs.  The potential
job cuts represent about a third of the carmaker's workforce and
three times higher than initial estimates made by then CEO
Bernd Pischetsrieder and former Volkswagen brand head,
Wolfgang Bernhard.

In November 2005, Volkswagen maintained its 2005 earnings
guidance amid rumors it may lower targets.  The company predicts
a year-on-year improvement in both operating profit after
special items and profit before tax this year.  Rumors flew that
the company would slash full-year earnings forecast due to
higher restructuring costs.  The company said the impact of its
workforce reduction measures, which will be charged as special
items in the fourth quarter, will be lower than last year's.

The company also admitted there were no significant improvements
in the economic environment in the first nine months of 2005,
and the overall situation in the important automotive markets
remained difficult.  It also expected tougher competition in the
Chinese and U.S. markets, and the rise in fuel prices to
influence consumer confidence.


WEBER & HOFFRICHTER: Claims Registration Ends April 1
-----------------------------------------------------
Creditors of Weber & Hoffrichter Verwaltungs-GmbH have until
April 1 to register their claims with court-appointed insolvency
manager Dr. Sabine Feuerborn.

Creditors and other interested parties are encouraged to attend
the meeting at 1:55 p.m. on May 2, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         Dr. Sabine Feuerborn
         Else-Lang-Str. 1
         50858 Cologne
         Tel: (0221) 2855470
         Fax: (0221) 28554729

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:

         The District Court of Siegen
         Hall 009
         Ground Floor
         Main Building
         Berliner Str. 21-22
         57072 Siegen
         Germany

The District Court of Siegen opened bankruptcy proceedings
against Weber & Hoffrichter Verwaltungs-GmbH on Feb. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Weber & Hoffrichter Verwaltungs-GmbH
         Weidenauer Str. 20
         57078 Siegen
         Germany


=============
H U N G A R Y
=============


AES CORP: Restatement Issues Won't Affect Ratings Yet, S&P Says
---------------------------------------------------------------
Standard & Poor's Ratings Services said that The AES Corp.'s
(BB-/Stable/--) announcement that it would delay the release of
its 2006 10-K, that it would restate previous financial
statements because it has discovered certain errors mostly
related to previously identified material weaknesses, and that
it is reviewing its accounting for long-term compensation does
not immediately affect the company's ratings or outlook.

The review is not yet complete and AES Corp. has not yet
determined the final amount of the adjustments, but at this time
the company does not believe they will be material or will
affect its cash balances.  The restatements should not affect
our view of the company's future credit quality, but they do
raise further questions regarding AES Corp.'s accounting and
financial controls, problems with which were first brought to
light about two years ago.  Although not expected to cause
credit deterioration on their own, these accounting issues could
hinder the company's ability to develop positive rating momentum
as long as they go unresolved.

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

AES has been in Eastern Europe for more than 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.

The company also has Asian presence in China, India and Sri
Lanka.


AES CORP: Fitch Affirms Dominica Unit's B- Issuer Default Rating
----------------------------------------------------------------
Fitch has affirmed AES Dominicana Energia Finance, S.A.'s
foreign currency Issuer Default Rating at 'B-'.  The rating
outlook is stable.

Fitch has also affirmed the 'B-/RR4' rating of the company's
US$160 million of senior unsecured notes due 2015.  The notes
are jointly and severally guaranteed by AES Dominicana's two
operating companies, AES Andres B.V. and Dominican Power
Partners.  In addition, the notes benefit from a six-month debt-
service reserve account and a US$23.5 million guarantee from AES
Corp., rated 'B+' by Fitch.  The 'RR4' recovery rating reflects
the Dominican Republic's recovery rating cap.

AES Dominicana's ratings are based on the credit quality of the
company's two main electricity generation assets, Andres and
Dominican Power.  The company's credit metrics are considered
strong for the rating category and have recently improved
significantly.  The ratings also consider the company's
dependence on government subsidies and the systemic risks
associated with the power sector in the Dominican Republic.
Over the next two years, Fitch expects the government to
continue to support the sector via subsidies and the sector to
slowly recover.  The recent government initiatives to re-
negotiate power purchase agreements might increase cash flow
generation uncertainty for generation companies.

Andres and Dominican Power enjoy a competitive advantage due to
their favorable power purchase agreements and the use of
liquefied natural gas or LNG versus other fuels to generate
electricity.  AES Dominicana controls the only LNG import point
into the Dominican Republic.  Andres is the newest and most
efficient power plant in the country and ranks among the lowest
cost electricity generators in the country.  Andres' combined-
cycle plant burns natural gas and is expected to be fully
dispatched as a base load unit as long as the LNG price is not
more than 15% above the imported price of fuel oil No. 6.

Due to increased electricity generation, strong collections and
favorable natural gas prices, AES Dominicana's credit metrics
have exceeded expectations and are considered to be one year
ahead of projections.  The company generated EBITDA of US$74.3
million as of the last twelve months ended Sep. 30, 2006.
Annual debt service of US$17.6 million can be adequately met
using cash on hand of US$46 million as of Sept. 30, 2006, and
free cash flow generation.

The Dominican Republic power sector is characterized by low
collections from end users and high electricity losses.  This
creates great uncertainty towards the government respect for
private property.  Such conditions have kept distribution
companies from effectively transferring cash to the country's
generation companies.  The proposed electricity law reform that
will penalized electricity theft is viewed as positive for the
sector.  Should the reform be approved by congress and passed
into law, the sector benefits are expected to take place in two
phases.  Phase one will be a sharp reduction in electricity
losses from theft of electricity from industrial customers.  The
second phase would be more challenging given that it requires
significant investments from distribution companies in order to
convert non-paying non-subscribers families and small users to
regulated customers.

Over the past two and a half years, the Dominican government has
provided approximately US$1.4 billion of subsidies to the sector
and has budgeted US$400 million in subsidies for 2007.  This
compare favorably with the US$500 million budgeted and allocated
subsidies during 2006 and the US$600 million of subsidies during
2005.  Going forward, subsidies to distribution companies are
expected to decline as discos should increase efficiency by
increasing collections and reducing losses and government
funding tightens.  If the sector's systemic problem does not
improve, it will continue depending on the government's onerous
subsidy program in order to endure.

AES Dominicana is an energy group operating in the Dominican
Republic, which manages two of AES Corp.'s wholly owned
generation assets, Andres and Dominican Power.  AES Dominicana,
through an AES Corp subsidiary, also has a management agreement
to operate EDE-Este, one of the three distribution companies in
the country.  Andres is a power plant with a 304 MW combined
cycle generation facility with duel fuel capability (gas and
diesel) but with natural gas supplied through the LNG import
facility serving as the primary fuel while DPP is a 236 MW power
plant comprising two simple-cycle combustion turbines that can
burn both natural gas and fuel oil Number 2.  Both plants
together have PPA contracts with EDE-Este for 260 MW that
increase over time, but Andres is currently servicing all
contracts given its greater efficiency.  Andres LNG terminal
includes a large tanker berth and jetty, an LNG refueling pier,
and a one million barrel (160,000 cubic meters, m3) LNG storage
tank, as well as regasification and handling facilities for both
LNG and diesel.

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

AES has been in Eastern Europe for more than 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.

The company also has Asian presence in China, India and Sri
Lanka.


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


CLOVERIE PLC: Moody's Lifts Ba2-Rated US$12-Mln Notes to Baa2
-------------------------------------------------------------
Moody's Investors Service has taken these rating actions in
respect of notes issued by Cloverie Plc (Sphaera I):

   -- Upgraded to Aa1 from Aa2, the Series 2005-90,
      EUR17.5-million Floating Rate Portfolio Credit Linked
      Notes due 2010;

   -- Upgraded to Aa2 from A2, the Series 2005-91,
      EUR7.5-million Floating Rate Portfolio Credit Linked Notes
      due 2010;

   -- Upgraded to Aa3 from Baa2 the Series 2005-92 EUR10-million
      Floating Rate Portfolio Credit Linked Notes due 2010; and

   -- Upgraded to Baa2 from Ba2 the Series 2005-93 US$12-million
      Floating Rate Portfolio Credit Linked Notes due 2010.

These upgrades are due to credit migration in the underlying
reference portfolio in addition to a reduced time to maturity.


EUROCHEM FINANCE: Fitch Assigns BB- Rating to Loan Issue
--------------------------------------------------------
Fitch Ratings assigned EuroChem Finance p.l.c.'s proposed issue
of loan participation notes an expected senior unsecured 'BB-'
rating.

The final rating is contingent on the receipt of final
documentation conforming to information already received and
further details regarding the amount and tenor.

EuroChem Finance p.l.c. is a public limited liability company
incorporated under the laws of Ireland.  The notes are limited
recourse obligations of the issuer.  While the notes are
referred to as "secured", such security is established to ensure
a link to the ultimate borrower OJSC EuroChem Mineral and
Chemical Company by assigning certain rights under a loan
agreement between EuroChem Finance p.l.c and EuroChem.  The
purpose of EuroChem Finance p.l.c. is to issue the notes and
lend the proceeds under a loan agreement to EuroChem.  The
latter will use the proceeds to refinance existing debt and for
general corporate purposes.

EuroChem Finance p.l.c.'s payment obligations in respect of the
notes and obligations under a trust deed with Deutsche Trustee
Company Limited will benefit from a first fixed charge with full
title guarantee in favor of the trustee for the benefit of
itself and the noteholders of certain EuroChem Finance p.l.c.'s
rights and interests as lender under the loan agreement.  The
loan agreement, the trust deed and other related documents are
governed by English law.

Furthermore, covenants in the loan agreement include, among
others, an equal ranking of the loan with present or future
unsecured creditors of EuroChem and a negative pledge.  EuroChem
also has a total debt-to-consolidated EBITDA ceiling of 3:1 and
a minimum level of total consolidated net worth of US$1 billion.
With FY05 total debt/EBITDA ratio of 0.8x and consolidated net
worth of US$1.02 billion at September 2006 the company has
sufficient headroom under the above-mentioned covenants,
although Fitch expects EuroChem's leverage to deteriorate over
the next two to five years on the back of rising capital
expenditure to finance its development strategy implementation.

In addition, events of default clauses include a cross default
clause with a US$15 million threshold.  It should be noted that
the documentation does not include a change-of-control clause.

EuroChem is the largest fertilizer producer in Russia and among
the world's top 10 manufacturers, and is involved in the full
range of fertilizer products.  The company's revenues totaled
US$1.9 billion in 2005 and EBITDA margin was 30.3%.


SANYO ELECTRIC: SESC Initiates Probe Over Understated Losses
------------------------------------------------------------
The Securities and Exchange Surveillance Commission commenced an
investigation on whether Sanyo Electric Co. failed to fully
disclose its losses, Bloomberg News reports.

According to Zee News, Tokyo, Sanyo Electric said on Friday that
it was fully cooperating with the SESC's investigation into the
alleged window-dressing of earnings at the company.  AFX News
Limited explains that Sanyo allegedly underestimated valuation
losses on its holdings in struggling subsidiaries and affiliates
in reporting earnings for fiscal 2003.

Specifically, the Asahi newspaper earlier reported that Sanyo
had written off losses of JPY190 billion (US$1.6 billion) at its
subsidiaries, but reported the losses as JPY50 billion
(US$412 million).  The Osaka-based company may have falsely
reported a profit when it was in the red, the newspaper said.

The Asahi report, however, stated that the differences have been
corrected over the years, thus, Sanyo Electric's recent earnings
reports are no longer false.

According to Bloomberg, the SESC probe may hamper efforts by
Goldman Sachs Group Inc., Daiwa Securities SMBC Co. and Sumitomo
Mitsui Financial Group Inc. to revive Sanyo, which is projecting
a third year of losses.

The report recounts that New York-based Goldman, the world's
most profitable securities firm, Daiwa and Sumitomo Mitsui
invested JPY300 billion (US$2.5 billion) in Sanyo in January
2006 in return for management control.  Goldman and Daiwa each
bought JPY125 billion of preferred stock that can be converted
into a 24.5% stake in the company and sold to outside investors
without Sanyo's consent starting March 14.

                          Shares Fall

Sanyo Electric shares lost more than a fifth of their value on
Friday after the consumer electronics group admitted it was
under investigation, The Australian relates.

Bloomberg says that Sanyo's stock fell JPY48 to JPY181 at last
week's close in Tokyo -- 35% lower than Thursday's closing price
of JPY229.  The cost of protecting the company's debt against
default doubled compared with that of Feb. 22 as perceptions of
its creditworthiness deteriorated, the report cites BNP Paribas.
Five-year credit-default swaps based on JPY1 billion of Sanyo
bonds rose to JPY16.8 million from JPY8 million on Feb. 22,
according to BNP Paribas.

                    To Restate 2003 Financials

AFX News, citing the Nikkei, notes that Sanyo Electric has
decided to voluntarily restate its year to March 2004 earnings
following the launch of the SESC investigation into its
accounting procedures for that year.

The exact size of the revision has yet to be determined, the
report says.

Sanyo, AFX says, is expected to make the announcement next
month.

                       About Sanyo Electric

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

Sanyo, according to press reports, has struggled after an
earthquake damaged a key chip-making plant in Niigata, central
Japan in October 2004.  Operating losses in the unit mounted to
JPY17.7 billion in the year to March 2005 and JPY35.1 billion
the following year.

An investigation was launched by Japan's Securities and Exchange
Commission on Sanyo's financial accounts for the year to March
2004.  The probe, media reports say, is a blow to Sanyo at a
time when it has been struggling to turn around its business,
trimming thousands of jobs, reducing factory space and dropping
some businesses since announcing a restructuring plan in 2004.

The company got a much-needed capital boost in January 2006 from
a group of investors led by Goldman Sachs Group Inc., which
became the company's top shareholders and took over the board,
putting new management in place.

The Troubled Company Reporter - Asia Pacific reported on
December 22, 2006, that Fitch Ratings has affirmed the 'BB+'
Long-term foreign and local currency Issuer Default and senior
unsecured ratings on Sanyo Electric Co., Ltd.  The Outlook on
the ratings remains Stable.  The rating affirmations follow
Sanyo's latest downward revision of its forecast for the fiscal
year ending March 2007, reflecting the difficulty of its
operating environment, the need for additional restructuring
activities, as well as the recent recall of its rechargeable
batteries.  Fitch says Sanyo's revised forecast is in line with
the agency's expectation for the company at the time of
assigning the current ratings.

The TCR-AP also reported on Dec. 20, 2006, that Standard &
Poor's Ratings Services lowered to 'BB-' from 'BB' its long-term
corporate credit rating on Sanyo Electric.  At the same time,
Standard & Poor's lowered to 'BB' from 'BB+' its issue ratings
on Sanyo Electric's senior unsecured debt.  The outlook on the
long-term credit rating is negative.  The ratings were removed
from CreditWatch, where they were placed on Nov. 22, 2006.


SANYO ELECTRIC: Fitch Places BB+ Rating on Negative Watch
---------------------------------------------------------
Fitch Ratings has placed Sanyo Electric Co. Ltd.'s 'BB+' Long-
term foreign and local currency Issuer Default and senior
unsecured ratings on Rating Watch Negative.

The rating action was triggered by the ongoing investigation
into Sanyo by Japan's Securities and Exchange Surveillance
Commission.  Fitch understands that The SESC is undertaking a
review of Sanyo's past accounting practices.  Although there is
uncertainty regarding the timing and outcome of the
investigation, Fitch considers that any negative conclusion by
the authority will likely affect Sanyo's creditworthiness.  This
has already been adversely affected by a difficult operating
environment, notwithstanding the company's various turnaround
efforts.

Although the agency believes that any negative cash flow impact
on the company resulting directly from the investigation may not
be material, a negative outcome from the investigation would
likely result in a further weakening of Sanyo's brand equity and
its operating performance.  Fitch acknowledges that the company
has a limited level of flexibility within the current rating
category and, therefore, any material weakening of the credit
profile would likely result in a rating downgrade.

Sanyo is a major Japanese consumer electronics manufacturer,
with its business segmented into three groups, namely consumer,
commercial and components.  For fiscal year ending 2006, the
company recorded sales of JPY2,484.3 billion, an operating loss
of JPY17.2 billion and a net loss of JPY205.7 billion.


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


ALITALIA SPA Business Plan Stays; Reckons EUR380-Mln 2006 Loss
--------------------------------------------------------------
Alitalia S.p.A. will stick to its present business plan until
the Italian government completes the sale of its 39.9% stake in
the troubled carrier, AFX News reports.

Alitalia's board will refrain from discussing the business plan
until it completes the review of the carrier's financial results
for full year 2006, AFX News relates.  The board has commenced
the review of Alitalia's accounts for 2006 and will meet on
March 9 to decide on the results.

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,

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.


DANA CORP: Wants Retiree Panel's Schedule Order Amendment Denied
----------------------------------------------------------------
Dana Corp. and its debtor-affiliates ask the Honorable Burton R.
Lifland of the U.S. Bankruptcy Court for the Southern District
of New York to deny the Official Committee of Non-Union
Retirees' request to amend the Section 1113/1114 Scheduling
Order.

What the Retiree Committee truly seeks is to delay the
resolution of the Debtors' Section 1113/1114 Motion for a period
of at least two months, Corinne Ball, Esq., at Jones Day, in New
York, argues.

Delaying the resolution of the Section 1113/1114 Process for at
least two months will seriously jeopardize the Debtors' ability
to complete their plan of reorganization and exit bankruptcy
within 2007, Ms. Ball contends.

According to Ms. Ball, the Debtors did not promise to provide
the 2008 financial projections to the Retiree Committee and
there are no written agreements that will support the Retiree
Committee's allegation to that effect.

The financial projections for 2008 and beyond are not yet
complete, and will not likely be complete until March 2007 at
the earliest, Ms. Ball says.  "A multi-year financial plan will
not reveal some miraculous financial reversal sufficient to
obviate the Debtors' need for significant and permanent relief
on their labor and retiree costs," Ms. Ball adds

               IAMAW Agrees with Retiree Committee

The International Association of Machinists and Aerospace
Workers relates that like the Retiree Committee, it has not
received the Debtors' financial projections for 2008 and beyond.

The IAMAW agrees with the Retiree Committee that the 2008 and
beyond financial projections are necessary for it to evaluate
the Debtors' proposed retiree benefit elimination and the
collective bargaining agreement modification.

                          About Dana Corp.

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

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

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

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

The Debtors' exclusive period to file a plan expires on Jan. 3,
2007.  They have until March 5, 2007, to solicit acceptances to
that plan.  (Dana Corporation Bankruptcy News, Issue No. 27;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DANA CORP: Wants to Terminate Non-Union Pension Benefits
--------------------------------------------------------
Dana Corp. and its debtor-affiliates seek authority from the
Honorable Burton R. Lifland of the U.S. Bankruptcy Court for the
Southern District of New York to terminate, effective as of
April 1, 2007, unvested Non-Pension Retiree Benefits to their
Non-Union Retirees and Non-Union Active Employees.

The Debtors anticipate that termination of the Benefit Plans
will reduce the accumulated pension benefit obligations for both
Non-Union Retirees and Non-Union Active Employees by
approximately US$404,000,000.

The Debtors currently offer non-pension retiree welfare
benefits, including hospital, medical, surgical, dental,
prescription drug, vision, hearing, and life insurance, to their
non-union retirees.

In addition, non-union active employees hired on or before
December 31, 2003, may be entitled to benefits under one of the
Debtors' Non-Pension Retiree Benefit plans, provided that they
have satisfied all conditions for eligibility.

As of January 1, 2006, approximately 6,330 Non-Union Retirees
were receiving Non-Pension Retiree Benefits and approximately
7,674 Non-Union Active Employees would potentially be covered
under the Non-Pension Retiree Benefit plans, according to
Corinne Ball, Esq., at Jones Day, in New York.

During the same period, the Debtors accumulated post-retirement
benefit obligations of approximately US$424,000,000 for Non-
Union Retirees and Non-Union Active Employees.  In 2006, the
estimated cash cost to the Debtors of their existing Non-Union
Retirees was approximately US$37,900,000, Ms. Ball adds.

Ms. Ball informs the Court that the Non-Union Retirees are
mostly covered under one of three "master" plans -- The "Brown
Book," the "Blue Book" and the "Retiree Flex."

   1. The Brown Book refers to the benefit plan that covers Non-
      Union Retirees who retired on or after 1980 but before
      1983.

   2. The Blue Book refers to the benefit plan that covers Non-
      Union Retirees who retired between 1983 and 1987.

   3. The Retiree Flex Plan refers to the benefit plan that
      covers Non-Union Retirees who retired between 1988 and
      1992.  Non-Union Retirees who retired between 1988 and
      1991 were responsible for 10% of the cost associated with
      that benefit plan.  Non-Union Retirees who retired in 1992
      were given the option of:

         -- paying 10% of the cost associated with that plan; or

         -- utilizing the Debtors' newly announced methodology
            for determining the amount of retiree healthcare
            premium to be paid by the retiree based on years of
            service and age at retirement.

      Non-Union Retirees retiring after January 1, 1992, are
      covered under either of the 1995 Retiree Flex Plan or the
      2001 Retiree Flex Plan.

A small number of Non-Union Retirees, Ms. Ball continues, remain
covered under benefit plans specific to a facility or a
division:

   1. Approximately 85 Non-Union Retirees formerly affiliated
      with the Debtors' Warner Electric Facility receive
      Non-Pension Retiree Benefits under either the 1998
      Products and Electrical Motors & Controls Divisions Plan
      or the 1999 Warner Post-Medicare Plan.

   2. Approximately 529 Non-Union Retirees formerly affiliated
      with the Debtors' Superior Electric facility receive Non-
      Pension Retiree Benefits under either a "flexible" benefit
      plan for retirees aged below 65 years, or plans "A" or "B"
      for retirees over the age of 65.

   3. Approximately 283 Non-Union Retirees formerly affiliated
      with one of the Debtors' automotive aftermarket locations
      currently receive Non-Pension Retiree Benefits under one
      of five benefits plans -- three of the plans pertain to
      pre-Medicare retirees and two pertain to post-Medicare
      retirees.  The plans cover specific divisions or locations
      within the Dana Automotive Aftermarket Group:

         (i) The Dana Automotive Aftermarket Group Quarter
             Century Club Post-Medicare Retiree Health Plan SPD;
             and

        (ii) The Dana Automotive Aftermarket Group Pre-Medicare
             Retiree Health Plan SPD.

   4. Approximately 257 Non-Union Retirees formerly affiliated
      with the Debtors' Wix Filtrator products division receive
      Non-Pension Retiree Benefits under the Wix retiree
      benefits plan for Wix salaried retirees.

A list of the Non-Pension Retiree Benefit Plans is available for
free at http://bankrupt.com/misc/dana_nonpensionbenefits.pdf

Ms. Ball contends that to the extent current Non-Union Retirees
and Non-Union Active Employees have any rights to non-pension
retirement benefits, those rights exist solely as a matter of
contract.  "The Employee Retirement Income Security Act of 1974,
as amended, 29 U.S.C. S 1001 et seq. deliberately provides no
protection for such rights," Ms. Ball says.

The Debtors point out that none of their Non-Pension Retiree
Benefit Plans contain "clear and express" language purporting to
vest retiree welfare benefits.  Thus, Ms. Ball concludes, under
applicable contract and non- bankruptcy law, the Non-Pension
Retiree Benefits are not vested and the Benefit Plans can be
terminated immediately with the aim of reducing significantly
the Debtors' current and future cash expenditures for Non-
Pension Retiree Benefits to Non-Union Retirees and Active
Employees.

Termination of unvested benefits does not require approval under
the procedures of Section 1114 of the Bankruptcy Code because
neither the language of nor legislative history to Section 1114
evidence any intent by Congress to create or enhance the rights
of retirees beyond what they would possess outside of
bankruptcy, Ms. Ball maintains.  This conclusion is supported by
published decisions of the Second Circuit, Ms. Ball adds.

                          About Dana Corp.

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

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 Jan. 3,
2007.  They have until March 5, 2007, to solicit acceptances to
that plan.  (Dana Corporation Bankruptcy News, Issue No. 27;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DANA CORP: Discloses Proposed Section 1113/1114 Modifications
-------------------------------------------------------------
Dana Corp. and its debtor-affiliates through their Section
1113/1114 Motion, proposed to undertake wage cuts and
modifications and eliminations of their union workers' benefits,
the TCR reported.

The proposed Section 1113/1114 modifications include:

   (a) Reduction of hourly wage rates currently paid to Union
       employees working at the Debtors' Auburn Hills, Michigan;
       Fort Wayne, Indiana; Lima, Ohio; Marion, Ohio; and
       Pottstown, Virginia facilities;

   (b) Creation of a two-tier wage rate structure at the
       Debtors' Union plants, which will classify current
       employees as Tier 1 employees and new hires under Tier 2
       employees.  Tier 1 employees will be paid approximately
       US$16 per hour, while Tier 2 employees will be paid US$13
       per hour after three years of employment.  During the
       next three years of employment, Tier 2 Employees would
       earn 85% to 95% of the US$13 wage;

   (c) Modification of overtime wage structure present in many
       CBAs and modification of work rules at certain
       facilities, including the implementation of standardized
       vacation benefits and holiday schedules, and elimination
       of prior policy of providing paid personal time-offs,
       tuition reimbursement, service award, and attendance
       bonus programs;

   (d) Elimination of lump-sum bonuses, wage improvements and
       COLA payments paid at certain facilities and wage
       re-opener provisions contained in the CBAs governing
       several plants;

   (e) Termination of the Debtors' existing long-term disability
       insurance program effective as of July 1, 2007;

   (f) Reduction of benefits for short-term disability offered
       to active Union employees effective January 1, 2007, and
       life/accidental death and disability insurance benefits;

   (g) Freezing of the accumulation of all future pension
       credited service under the Debtors' various pension
       benefit programs effective 2007;

   (h) Offering of a defined contribution 401(k) plan for any
       active Union employees not already covered under the
       Debtors' SavingsWorks/SavingsPlus programs;

   (i) Migrating active Union employees who are not previously
       participants of the HealthWorks health care program to
       the HealthWorks 2007 program starting Jan. 1, 2007.

                            Objections

These entities ask the Court to deny the Debtors' Section
1113/1114 Motion:

   1. The Official Committee of Non-Union Retirees,

   2. The International Association of Machinists and Aerospace
      Workers, and

   3. The International Union, United Automobile, Aerospace and
      Agricultural Implement Workers of America; and the United
      Steel, Paper and Forestry, Rubber, Manufacturing, Energy,
      Allied Industrial and Service Workers International Union.

The Unions tell the Court that the Debtors have not provided
them relevant information necessary for them to evaluate the
proposed rejections.  Also, the Debtors did not meet with any of
the Unions to negotiate the proposed changes before filing the
Section 1113/1114 Motion, the Unions assert.

Representing the UAW and USW, Babette A. Ceccotti, Esq., at
Cohen, Weiss and Simon, LLP, in New York, asserts that the
Debtors' attack on the CBAs and retiree benefits undermines the
most fundamental premise of Sections 1113 and 1114 of the
Bankruptcy Code -- to halt the use of the "bankruptcy law as an
offensive weapon in labor relations."

Ms. Ceccotti adds that the statutes were designed to ensure that
"covered employees do not bear either the entire financial
burden of making the reorganization work or disproportionate
share of that burden, but only their fair and equitable share of
the necessary sacrifices."

The UAW and USW point out that the Debtors did not provide any
evidence that the proposed reduced wages and modifications would
be in line with those of their competitors in the auto parts
industry.

The IAMAW contends that proceedings under Sections 1113 and 1114
do not apply to three of the labor agreements the Debtors
propose to reject.  IAMAW's counsel, Marianne Goldstein Robbins,
Esq., at Previant, Goldberg, Uelman, Gratz, Miller & Brueggeman,
S.C., in Milwaukee, Wisconsin, maintains that the Debtors' labor
agreements with IAMAW in the Robinson, Illinois; the Manchester,
Missouri; and the Churubusco, Indiana facilities are
postpetition executory contracts under Section 365 of the
Bankruptcy Code, not Section 1113.

Since most of the Debtors' labor agreements will be assumed by
another entity pursuant to their divestiture plans, the Unions
contend that the Debtors will realize no cost savings in
rejecting the bargaining units.

The Debtors' remaining contractual responsibilities with respect
to IAMAW is the bargaining unit in Robinson, Illinois, and the
pre-May 6, 2002, retirees from Churubusco, Indiana, who are not
covered by the terms of the Engine Products Business sale, Ms.
Robbins notes.  The Debtors' remaining obligation to IAM-
represented employees and retirees are modest, hence, there is
no need for them to reject the agreements, Ms. Robbins says.

The Retiree Committee filed its objection to the Section
1113/1114 Motion under seal.

                          About Dana Corp.

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

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 Jan. 3,
2007.  They have until March 5, 2007, to solicit acceptances to
that plan.  (Dana Corporation Bankruptcy News, Issue No. 27;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


MACDERMID INC: S&P Junks Rating on Proposed US$465-Mln Sr. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its bank loan and
recovery ratings to MacDermid Inc.'s proposed US$560 million
senior secured credit facilities, based on preliminary terms and
conditions.  The 'B+' bank loan rating and the '1' recovery
rating indicate the rating agency's expectation that lenders
will experience full (100%) recovery of principal in a payment
default scenario.

Standard & Poor's also assigned its 'CCC+' rating to the
proposed US$250 million senior unsecured notes due in 2014 and
to the proposed US$215 million senior subordinated notes due
2017.  Both note issues are rated two notches below the expected
'B' corporate credit rating to reflect the substantial amount of
priority debt in the capital structure.

Standard & Poor's said that its 'BB+' corporate credit rating
and other existing ratings on MacDermid remain on CreditWatch
with negative implications, where they were placed on Sept. 6,
2006. The ratings were placed on CreditWatch after the
disclosure that MacDermid received a proposal letter from the
investor group consisting of Daniel H. Leever, MacDermid's
chairman and chief executive officer, Court Square Capital
Partners, and Western Presidio to purchase all of its
outstanding common stock at US$32.50 per share.  Subsequently,
the merger agreement was signed on Dec. 15, 2006, with a
purchase price of US$35.00 per share.

The investor group will use proceeds from the new bank credit
facilities, the senior unsecured notes, and the senior
subordinated notes to finance the acquisition of MacDermid in a
transaction valued at about US$1.3 billion.

Upon successful completion of the acquisition and proposed
financing, Standard & Poor's will resolve the CreditWatch
listing. "We will lower the corporate credit rating on MacDermid
to 'B' from 'BB+' to reflect the substantial increase in debt
and subsequent deterioration of the financial profile," said
Standard & Poor's credit analyst David Bird.

"We also expect to withdraw all of the ratings on the existing
debt instruments upon closing of the proposed refinancing."

After the completion of the pending transaction, the ratings on
MacDermid will reflect its satisfactory business position,
offset by a highly leveraged financial profile.  MacDermid
manufactures and markets specialty chemicals to a variety of
industries, including graphic arts, electronic materials, and
metal finishing. Graphic arts include liquid and solid-sheet
photopolymer plates for flexographic printing, and offset
blankets for the offset printing segment.  In electronic
materials, the company focuses on chemicals used in the
fabrication of printed circuit boards. Metal finishing products
include decorative and functional metal and plastic plating,
andsurface treatment chemicals used in a variety of end-markets,
including automotive, electronic equipment, and appliances.

MacDermid Inc. -- http://www.macdermid.com/-- is manufacturer
of a broad line of chemicals and related equipment for a range
of applications, including metal and plastic finishing,
electronics, graphic arts and printing, and offshore drilling.
The company maintains its headquarters in Denver, Colorado, but
operates facilities worldwide, including China, Germany, Italy,
and Japan.  Revenues for the twelve months ended June 30, 2006,
were US$797 million.

Moody's Investors Service revised the ratings outlook for
MacDermid, Incorporated to developing from stable.

Ratings for the issuer are:

Corporate family rating - Ba2

   * US$301.5 million 9.125% Guaranteed Senior Subordinated
     Notes due 2011 -- Ba3


TK ALUMINUM: Advisors Okay Nemak Transaction Consent Terms
----------------------------------------------------------
TK Aluminum Ltd., the indirect parent of Teksid Aluminum
Luxembourg S.a. r.l., S.C.A. disclosed that the discussions with
Houlihan Lokey Howard & Zukin (Europe) Limited and Cadwalader,
Wickersham & Taft LLP, the financial and legal advisors to an ad
hoc noteholders committee regarding terms for Noteholder consent
to the sale of certain Teksid assets to Tenedora Nemak, S.A. de
C.V., a subsidiary of ALFA, S.A. de C.V., and the distribution
of proceeds from such sale, the Advisors confirmed they would
recommend approval of those terms to the Ad Hoc Committee.

The Ad Hoc Committee represents holders of over 50% of the
outstanding Teksid Aluminum senior notes, and accordingly the
company anticipates that its consent solicitation will be
accepted by the Majority Noteholders.  The company also
announced the release of updated information relating to the
proposed sources and uses of the proceeds from the Nemak
transaction.

                   Terms of Consent Solicitation
                      and Indenture Amendment

The consent solicitation will provide for approval by the
Noteholders of the Nemak transaction, and the release of note
guarantees of the relevant Nemak-purchased subsidiaries involved
in the transaction, as well as providing the necessary
amendments to the existing indenture.  The proposed indenture
amendments would also require Teksid Aluminum to pay out of the
proceeds from the first closing of the Nemak transaction
(relating to all of the assets being sold to Nemak other than
the operations in Poland and the majority of Teksid Aluminum's
interests in its China operations) the interest due and unpaid
on the Senior Notes as of Jan. 15, 2007, together with required
interest on such unpaid interest to the date of payment (the
"January 15 Interest Payment", which amount, if the closing of
the Nemak transaction occurs on Feb. 28, 2007, would equal
approximately US$19,522,000, increasing by approximately
US$6,600 for each day thereafter).  The January 15 Interest
Payment will be paid to holders of record of the Senior Notes on
Jan. 1, 2007.

In addition, the indenture amendment would require Teksid
Aluminum to make a tender offer for a limited portion of the
Senior Notes at 100% of par (including accrued but unpaid
interest to the date of purchase).  The tender offer would
involve that amount of Senior Notes, which can be purchased
(including accrued interest on such Senior Notes from Jan. 15,
2007 to the date of purchase in the tender) for the euro
equivalent (such euro equivalent as determined by Teksid
Aluminum) of US$71,891,000 less the sum of:

    (i) the January 15 Interest Payment and

   (ii) if the first closing of the Nemak transaction occurs
        after Feb. 28, 2007, but before March 15, 2007, the
        incremental amount (as determined by Teksid Aluminum) as
        a result of any delay in such first closing from
        Feb. 28, 2007, of additional interest payable on debt
        being paid or purchased in connection with the first
        closing of the Nemak transaction and additional overdue
        interest on the January 15 Interest Payment, and such
        US$71,891,000 is subject to further adjustment for
        changes in exchange rates from the assumed exchange rate
        of 1 euro = US$1.295 used in the computation of the
        US$71,891,000 amount in connection with amounts payable
        on the Sources and Uses.

The amount of the required tender offer is the result of
negotiations between the company and the Advisors as to
permitted uses of proceeds and limitations on the use of funds
for certain purposes.  Such permitted uses of proceeds are a
component of the indenture amendment and include the items
provided for in the Sources and Uses, including among other
things, and without duplication:

    (i) repayment of senior secured indebtedness;

   (ii) cash collateralization of outstanding letters of credit;

  (iii) payment of the January 15 Interest Payment;

   (iv) the purchase of intercompany obligations by Nemak;

    (v) repayment of capitalized leases;

   (vi) repayment of non-recourse factoring relating to
        the entities sold in the first closing of the Nemak
        transaction;

  (vii) settlement of certain intercompany transactions
        necessary for the consummation of the Nemak transaction;

(viii) payment of certain employee-related expenses and
        professional fees and expenses related to the
        transaction; and

   (ix) a reserve of additional funds to provide for
        contingencies.

As a result of the foregoing, Teksid Aluminum's French
subsidiaries will receive approximately EUR40 million.  The
permitted uses of the proceeds will also include payments to
Teksid Aluminum's Italian subsidiaries, including payments to
terminate certain agreements between such Italian subsidiaries
and the companies being sold to Nemak, which payments will
provide Teksid Italy with funds sufficient to allow the Italian
subsidiaries to entirely repay their secured indebtedness under
the senior credit facility in the amount of EUR26 million,
obtain the release of all the collateral over their assets in
respect thereof, and satisfy certain other obligations,
including intercompany obligations, of the Italian subsidiaries,
thereby improving the financial position of the Italian
subsidiaries.

The indenture amendment also contemplates that the proceeds to
be received under its settlement agreement with Fiat, proceeds
received from subsequent anticipated sales of its Polish and
Chinese operations pursuant to the Nemak transaction agreement,
and any remainder of a purchase price adjustment escrow that is
returned by Nemak to Teksid Aluminum, in each case less certain
expenses, will be used to repurchase additional Senior Notes
through tender offers at 100% of par plus accrued and unpaid
interest thereon to the date of purchase.  Remaining Senior
Notes will be left outstanding in accordance with their original
terms (as amended by the indenture amendment), but will no
longer be guaranteed by those subsidiaries purchased by Nemak.
In addition, the indenture amendment implements a standstill
preventing acceleration of the Senior Notes through
March 15, 2007, provided the lenders under Teksid Aluminum's
credit facilities do not accelerate the amounts due under our
senior credit facilities.  In addition, the amendments to the
indenture would permit an increase of up to EUR15 million in the
amount of indebtedness, which may be incurred by Teksid Aluminum
under its existing senior credit facility (provided that any of
such amounts borrowed are required to be repaid at the first
Nemak closing, or be applied to meet expenditures that result in
a working capital adjustment in Teksid's favor).  The indenture
amendment would limit to US$55.25 million (including amounts
borrowed under a bridge facility, if any) the amount of Nemak
sale proceeds that can be paid into the company's subsidiaries
in Italy, France and Germany.  Finally, the indenture amendments
would defer Teksid Aluminum's financial statement reporting
requirements to Noteholders.

There will not be any consent fee offered to Noteholders in
conjunction with the consent solicitation.  Most of the
amendments to the indenture will not become effective if the
first closing of the Nemak transaction does not occur on or
before March 15, 2007.

                    Consent Agreements

The company expects to enter into consent agreements with the
Majority Noteholders that will obligate such Noteholders to
accept the consent solicitation promptly after it is launched.
The Advisors will recommend that the Majority Noteholders enter
into consent agreements; however, there is no guarantee that the
Majority Noteholders will do so.  The consent agreements, like
the indenture amendment, provide for a standstill through
March 15, 2007, and certain restrictions on transfer prior to
the effectiveness of the amendment.  The consent agreements
further provide that the company will promptly appoint a
representative of Alvarez and Marsal as the chief restructuring
officer of the appropriate Teksid Aluminum entity or entities
for an appropriate period of time to assist in the
restructuring, recapitalization or disposition of the company's
operations in France, Italy and Germany.

Prior to the execution of the indenture amendment, the consent
agreement may be terminated under certain circumstances,
including if:

    (i) the Company withdraws the consent solicitation or amends
        the terms in a manner adverse to the Majority
        Noteholders;

   (ii) certain bankruptcy-related events or filings occur;

  (iii) the lenders under the company's senior secured
        indebtedness accelerate the amounts due thereunder;

   (iv) the Nemak transaction agreement is terminated; or

    (v) the company and the Majority Noteholders agree to
        terminate the consent agreements.

              Status of the Nemak Transaction

On Feb. 12, 2007, the company received a signed term sheet from
Nemak indicating revised terms for the transaction, taking into
account the most current circumstances.  The company continues
to work with Nemak to finalize definitive documentation
consistent with these terms and consummate the Nemak
transaction.  If Majority Noteholders provide their consent in
the consent solicitation, as recommended by the Advisors, one of
the conditions to the closing of the Nemak transaction will be
satisfied.  The company anticipates that Majority Noteholder
consent will be received; however, until such Noteholders have
delivered their consent in the consent solicitation, there can
be no guarantee that the consents will be received.  In
addition, the previously announced letter of understanding with
Nemak places Nemak under no obligation to consummate a
transaction until a definitive agreement to amend the
transaction has been executed.  Failure to close the Nemak
transaction could materially and adversely affect the Company's
ability to continue trading.  Closing of the amended Nemak
transaction is subject to various conditions, including the
receipt of the Noteholder consent discussed above and other
customary conditions, including regulatory approvals.

           Italian Subsidiary Intercompany Loans

Pursuant to intercompany loans by Teksid Aluminum's Italian
subsidiaries to the Issuer, Teksid Investment Aluminum B.V. and
TK Aluminum-Luxembourg Finance S.a. r.l. existing prior to the
Nemak transaction, Teksid Aluminum's Italian subsidiaries are
owed approximately EUR41 million.  As a result of the settlement
of intercompany relationships in connection with the first
closing of the Nemak transaction, the company expects the amount
due to Teksid Aluminum's Italian subsidiaries to be reduced to
approximately EUR22.5 million, approximately EUR8 million of
which will be due from the Issuer.  There can be no guarantee
that these intercompany arrangements can be settled as expected,
and thus the amounts that remain outstanding after the first
closing of the Nemak transaction may be greater than
anticipated.

              Sources and Uses for Nemak Transaction

The Sources and Uses have been reviewed by the Advisors, and, if
the indenture amendments are approved by the Noteholders, the
Sources and Uses provide the general basis for the terms of the
amendment relating to the use of proceeds from the Nemak
transaction and receipt of Fiat settlement agreement proceeds,
if received.

The Sources and Uses are provided to aid the Noteholders in
their assessment of the Nemak transaction and consent
solicitation.  However, the Sources and Uses are based on
numerous assumptions and projections about our financial
condition, results of operations, business, strategies,
objectives, future business, financing needs and capital
expenditures.  These assumptions and projections may prove to be
materially inaccurate.  In addition, other than the amount of
the initial tender offer to Noteholders, in the company's
current operating environment it is difficult to accurately
quantify the payments from the Nemak transaction proceeds that
the company will need to make, and the actual amounts may be
higher or lower than those set forth in the Sources and Uses.
The Sources and Uses are based on estimated working capital on
an assumed date for each closing of the Nemak transaction, and
thus the actual sources and uses may vary materially if the
estimated working capital as of the actual date of any such
closing is different.  Accordingly, actual results may differ
materially from those expressed or implied by the Sources and
Uses.

                   About Teksid Aluminum

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

                        *     *     *

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


POLYPORE INT'L: Moody's Affirms Junk Ratings on Senior Notes
------------------------------------------------------------
Moody's Investors Service affirmed the ratings of Polypore
International, Inc., and the ratings of Polypore, Inc.:

   -- corporate family rating, B3;
   -- guaranteed senior secured credit facilities, Ba3;
   -- guaranteed senior subordinated notes, Caa1; and
   -- unguaranteed senior discount notes, Caa2.

The outlook is changed to stable from negative.

The ratings continue to reflect the company's high leverage and
weak interest coverage metrics, which are consistent with a low
speculative grade rating.

However, in changing the rating outlook, Moody's recognizes the
actions that the company has taken to stabilize performance and
enhance future earnings and cash flow.  During the past year
Polypore has successfully applied focused sales efforts, cost
saving initiatives, and select price increases to improve
performance in its energy business.

At the same time, Polypore has restructured its healthcare
business, exiting cellulosic membrane production and increasing
volumes in its synthetic membranes business; actions which
should stem losses from the healthcare sector.  The stable
rating outlook also reflects Moody's view that Polypore's
liquidity profile should provide the company with sufficient
financial flexibility to continue to implement its turnaround
initiatives.

These ratings were affirmed:

   * Polypore International, Inc.

      -- B3 Corporate Family rating;
      -- B3 Probability of Default rating;

      -- Caa2 rating for the $300 million of 10.5% unguaranteed
         senior discount notes due October 2012, with LGD
         assessment modified to LGD6, 91% from LGD6, 90%;

   * Polypore, Inc.

      -- Ba3 ratingfor the guaranteed senior secured credit
         facilities, with LGD assessment unchanged;

      -- Caa1 rating for the U.S. Dollar guaranteed senior
         subordinated notes due May 2012, with LGD assessment
         modified to LGD4, 65% from LGD4, 61%; and

      -- Caa1 rating for the Euro guaranteed senior subordinated
         notes due May 2012, with LGD assessment modified to
         LGD4, 65% from LGD4, 61%.

The last rating action was on Sept. 22, 2006 when the LGD
Methodology was applied.

Using Moody's standard adjustments for the last twelve months
ended Sept. 30, 2006, Polypore's consolidated total debt/EBITDA
leverage approximated 8.3x, inclusive of the holding company
discount notes.  EBIT coverage of cash interest was 1.1x, and
free cash flow was approximately $35MM for the LTM period.

However, the company's interest coverage is enhanced by the fact
that a portion of interest expense is non-cash, and the
company's free cash flow further benefits from its relatively
modest ratio of CAPEX to depreciation.

Moody's believes that in order to more comfortably service its
significant debt burden and support a higher level of
reinvestment in the business, Polypore will need to demonstrate
improved revenue growth and sustained margin improvement.  The
restructuring actions taken over the course of the past year
should help in this regard and support the stable outlook for
the B3 rating.

Polypore maintains a $90 million revolving credit facility under
which there were no borrowings at Sept. 30, 2006.  The financial
covenants under the senior secured facilities should provide
sufficient cushion for the company to access the full revolving
credit in the near-term.  The company also maintained $64
million of cash on hand.

Future events that could potentially improve Polypore's ratings
or outlook include: improving revenues and operating margins
through organic growth and improved free cash flow generation
that facilitates debt reduction.  Consideration for a higher
outlook or rating could arise if any combination of these
factors were to increase EBIT/Interest coverage to over 1.25x or
reduce leverage below 6.0x.

Future events that could result in a reduction in the rating or
outlook include: sustained erosion of revenues or margins, or
inability to sustain free cash flow generation as the company
increases in level of business reinvestment.  Acquisitions or
business investments, as well as any incremental returns of
capital to investors, that increase debt or delay debt reduction
would also adversely affect the rating.  Consideration for a
lower rating could arise if any combination of these factors
results in increasing leverage, EBIT/cash interest coverage
below 1.0x, or deteriorating liquidity.

Polypore International Inc. -- http://www.polypore.net/-- is a
worldwide developer, manufacturer and marketer of highly
specialized polymer-based membranes used in separation and
filtration processes. Polypore's products and technologies
target specialized applications and markets that require the
removal or separation of various materials from liquids, with
concentration in the ultrafiltration and microfiltration
markets.  As a global provider, Polypore has manufacturing
facilities or sales offices in ten countries serving five
continents.  Polypore's corporate offices are located in
Charlotte, NC.  The company has manufacturing facilities in
France, Germany, Italy, Australia, China and Thailand.


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


AK AHSAP: Creditors Must File Claims by April 6
-----------------------------------------------
Branch Of JSC Ak Ahsap Tarim Urunleri Ticaret Ve Senayi A.S. has
declared insolvency.  Creditors have until April 6 to submit
written proofs of claim to:

         JSC Ak Ahsap Tarim Urunleri Ticaret Ve Senayi A.S.
         Micro District Samal-2 56a
         Almaty
         Kazakhstan
         Tel: 8 (3272) 64-64-52


AUTO-BEKET-KURMET LLP: Creditors' Claims Due April 6
----------------------------------------------------
LLP Auto-Beket-Kurmet has declared insolvency.  Creditors have
until April 6 to submit written proofs of claim to:

         LLP Auto-Beket-Kurmet
         Micro District 5
         19 Aksai
         Burlinsky District
         West Kazakhstan Region
         Kazakhstan


CRAMITEC LLP: Claims Filing Period Ends April 6
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Cramitec insolvent.

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

         The Specialized Inter-Regional Economic Court of Almaty
         Micro District Jetysu-4 10-11
         Almaty
         Kazakhstan
         Tel: 8 (3272) 56-61-46
              8 (7056) 51-99-29


DELTA PLUS-2: Selling Assets Via Public Auction on March 5 & 6
--------------------------------------------------------------
The insolvency manager of LLP Delta Plus-2 has set the public
auction of the LLP Delta Plus-2 complex at 2:00 p.m. on March 5
and March 6.

Price starts at KZT379,979,168.

Interested bidders are required to deposit a 10% equivalent of
the starting price to the cashier of LLP Delta Plus-2 or to:

         Account Number: 028467076
         JSC Tsesna Bank (BIK 195301684/RNN 481600210289)
         Akmolinsky Branch
         Kokshetau
         Kazakhstan

LLP Delta Plus-2 is engaged in the production and processing of
agricultural products.  The company can be reached at:

         LLP Delta Plus-2
         Room 512
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (3162) 40-19-27
              8 (7015) 27-08-36


DESIGN-INVEST LLP: Claims Registration Ends April 6
---------------------------------------------------
LLP Design-Invest has declared insolvency.  Creditors have until
April 6 to submit written proofs of claim to:

         LLP Design-Invest
         Maresiev Str. 95-47
         Aktube
         Kazakhstan
         Tel: 8 (3132) 59-52-24


KOKTEM ABK: Proof of Claim Deadline Slated for April 6
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Koktem Abk insolvent.

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

         The Specialized Inter-Regional Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (31622) 25-79-32


NAN JSC: Creditors Must File Claims by April 6
----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has declared JSC Nan insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Ushanov 78-27
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 26-24-41


PASSAJIR LLP: Creditors' Claims Due April 6
-------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has declared LLP Passajir insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Ushanov 78-27
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 26-24-41


PETROMEDTRADING LLP: Proof of Claim Deadline Slated for April 6
---------------------------------------------------------------
LLP Petromedtrading has declared insolvency.  Creditors have
until April 6 to submit written proofs of claim to:

         LLP Petromedtrading
         Parhomenko Str. 194
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


SAIRAM-KAPKA LLP: Claims Registration Ends April 6
--------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region has declared LLP Sairam-Kapka insolvent.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan Region
         Jeleznodorojnaya Str. 23
         Sastobe
         Tulkubassky District
         South Kazakhstan Region
         Kazakhstan
         Tel: 8 701 433 30-01


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


ASIAN PROPERTIES: Claims Filing Period Ends April 6
---------------------------------------------------
LLC Asian Properties 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.


FINASIA INVESTMENT: Creditors Must File Claims by April 6
---------------------------------------------------------
LLC Finasia Investment 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.


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


HOLLAND MORTGAGE: Moody's Rates EUR32.5-Mln Notes at (P)Ba2
-----------------------------------------------------------
Moody's Investors Service assigned these provisional long term
credit ratings to six classes of Notes to be issued by Holland
Mortgage Backed Series (Hermes) XIII B.V.:

  -- EUR785.5-million Senior Class A1 Mortgage-Backed Floating
     Rate Notes 2007 due 2039: (P)Aaa;

  -- EUR1.56-billion Senior Class A2 Mortgage-Backed Floating
     Rate Notes 2007 due 2039: (P)Aaa;

  -- EUR48.75-million Mezzanine Class B Mortgage-Backed Floating
     Rate Notes 2007 due 2039: (P)Aa1;

  -- EUR40-million Mezzanine Class C Mortgage-Backed Floating
     Rate Notes 2007 due 2039: (P)Aa3;

  -- EUR28.75-million Junior Class D Mortgage-Backed Floating
     Rate Notes 2007 due 2039: (P)Aa3; and

  -- EUR32.5-million Subordinated Class E Floating Rate Notes
     2007 due 2039: (P)Ba2.

This transaction represents the fourteenth securitization of
Dutch residential mortgage loans originated by SNS Bank N.V.
under the Hermes program, and has been arranged by SNS Bank with
lead managers Deutsche Bank and BNP Paribas.

The pool has been partially originated by BLG Hypotheekbank
([31.8]%) a fully owned subsidiary of SNS Bank acquired in 1993.
Hermes XIII is using a structure very similar to the previous
Hermes transactions.  Similar to Hermes XI and XII, savings
mortgages are included in the reference pool and a savings sub-
participation is used in the structure.  As in the Hermes XII
transaction, the structure is not revolving and notes will start
amortizing immediately after closing.

However, please note that in Hermes XIII, all the notes are
backed by mortgages and that the Class A has been divided into
two sub-classes A1 and A2 repaid on a timely sequential order
but sharing the same Principal Deficiency Ledger.  Also there is
no reserve fund in this transaction.  An Excess Margin of [35]
bps is guaranteed over the life of the transaction through the
interest rate swap provided by SNS Bank (A1/ Prime-1).  The
liquidity facility and the GIC are also provided by SNS Bank.

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only represent Moody's
preliminary opinion.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive rating to the Notes.  A final rating may
differ from a provisional rating.  The provisional ratings
address the expected loss posed to investors by the legal final
maturity.  In Moody's opinion, the structure allows for timely
payment of interest and ultimate payment of principal by the
legal final maturity.


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


AGRO-RODINA OJSC: Creditors Must File Claims by March 10
--------------------------------------------------------
Creditors of OJSC Agro-Rodina have until March 10 to submit
proofs of claim to:

         O. Savkin, Temporary Insolvency Manager
         Slavy Pr. 90
         Belgorod
         Russia

The Arbitration Court of Belgorod commenced bankruptcy
supervision procedure on the company.  The hearing in the Court
will convene on April 27.  The case is docketed under Case No.
A08-9607/06-2 B.

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         OJSC Agro-Rodina
         M. Gorkogo Str. 34
         Rovenki, Belgorod
         Russia


AGRO-SERVICE OJSC: Creditors Must File Claims by March 10
---------------------------------------------------------
Creditors of OJSC Agro-Service 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-K2-17338/06.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Agro-Service
         Kuybysheva Str. 47-a
         Voskresensk, Moscow
         Russia


BASTION-FUEL CJSC: Creditors Must File Claims by March 10
---------------------------------------------------------
Creditors of CJSC Company Bastion-Fuel (TIN 4629003652) have
until March 10 to submit proofs of claim to:

         A. Motorykin, Insolvency Manager
         Room 406
         Dzerzhinskogo Str. 68
         305001 Kursk
         Russia

The Arbitration Court of Kursk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A35-8566/06 g.

The Court is located at:

         The Arbitration Court of Kursk
         K. Marksa Str. 25
         305004 Kursk
         Russia

The Debtor can be reached at:

         CJSC Company Bastion-Fuel
         Sergeeva Pr.
         Kursk
         Russia


BIYSKAYA ENGINEERING: Creditors Must File Claims by April 10
------------------------------------------------------------
Creditors of OJSC Biyskaya Engineering Company have until
April 10 to submit proofs of claim to:

         S. Ogorodnikov, Insolvency Manager
         Post User Box 2724
         Barnaul
         656065 Altay
         Russia

The Arbitration Court of Altay commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A03-9006/05-B.

The Court is located at:

         The Arbitration Court of Altay
         Lenina Pr. 76
         Barnaul
         656015 Altay
         Russia

The Debtor can be reached at:

         OJSC Biyskaya Engineering Company
         Prom.zona
         Biysk
         659315 Altay
         Russia


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

         N. Shevchenko, Insolvency Manager
         Krasnodonskaya Str. 4-15
         640008 Kurgan
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-75-4630/06.

The Court is located at:

         The Arbitration Court of Krasnodar
         Staroderevenkovskaya St.
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC BUILDER
         Poykovo, Krasnodar
         Russia


CRYSTAL CJSC: Creditors Must File Claims by March 10
----------------------------------------------------
Creditors of CJSC Crystal (TIN 7709076323) have until March 10
to submit proofs of claim to:

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

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-40621/06-44-826B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Crystal
         Apartment 63
         Building 1
         Nizhegorodskaya Str. 7
         109029 Moscow
         Russia


IZHEVSK-GAS OJSC: Creditors Must File Claims by April 10
--------------------------------------------------------
Creditors of OJSC Izhevsk-Gas (TIN 1826001578) have until
April 10 to submit proofs of claim to:

         G. Busygin, Insolvency Manager
         Post User Box 209
         Ekaterinburg
         620027 Sverdlovsk
         Russia

The Arbitration Court of Udmurtiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A71-108/2004-G21.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Izhevsk-Gas
         Kommunarov Str. 359
         Izhevsk
         426008 Udmurtiya
         Russia


LUKHOVITSY-AGRO-PROM-KHIMIYA: Claims Filing Period Ends March 10
----------------------------------------------------------------
Creditors of OJSC Lukhovitsy-Agro-Prom-Khimiya have until
March 10 to submit proofs of claim to:

         E. Chuprov, Insolvency Manager
         Post User Box 38
         111396 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 41-K2-24169/06.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Lukhovitsy-Agro-Prom-Khimiya
         Pushkin Str. 8th km
         Lukhovitsy, Moscow
         Russia


LUKOIL OAO: Projects Receive Leningrad Region's Support
-------------------------------------------------------
OAO Lukoil gained incentives form the regional government of
Leningrad for the company's projects in the area, Bloomberg News
reports.

Lukoil mulls investing around US$150 million to expand the
capacity of its Vysotsk oil terminal from 11.6 million tons to
15 million tons, CEO Vagit Alekperov was cited by Interfax as
saying.

For investing in the region, Leningrad will promote Lukoil's
expansion plans with federal and regional regulators.  The
regional government will also support the company in acquiring
land to build filling stations, Bloomberg relays.

The Leningrad government will also draft bills cutting the
profit tax rate from 17.5% to 13.5% for firms investing in
projects to increase oil products supplies to the region,
Bloomberg News adds.  Firms benefiting from the tax break will
be expected to spend half of the amount saved on social and
sports projects.

                         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.


MARYINSKAYA OJSC: Creditors Must File Claims by April 10
--------------------------------------------------------
Creditors of OJSC Maryinskaya (OGRN 1022602222170) have until
April 10 to submit proofs of claim to:

         A. Cherkasov, Insolvency Manager
         Post User Box 18
         109044 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-K2-19220/06.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Maryinskaya
         Oktyabrskiy Pr. 20
         Troitsk, Moscow
         Russia


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

         A. Polonyankin, Temporary Insolvency Manager
         Room 904
         Kulibina Str. 17
         394029 Voronezh
         Russia

The Arbitration Court of Voronezh commenced bankruptcy
supervision procedure on the company.  The hearing in the Court
will convene at 10:00 a.m. on April 26.  The case is docketed
under Case No. A14-16307-2006/219/7b.

The Court is located at:

         The Arbitration Court of Voronezh
         Room 606
         Srednemoskovskaya Str. 77
         Voronezh
         Russia

The Debtor can be reached at:

         LLC Nikolskoye
         Nikolskoye
         Anninskiy
         396231, Voronezh
         Russia


OKA-CENTRE CJSC: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Tomsk commenced bankruptcy supervision
procedure on CJSC Oka-Centre.  The case is docketed under Case
No. A67-318/07.

The Debtor can be reached at:

         CJSC Oka-Centre
         Smirnova Str. 5
         634059 Tomsk
         Russia


SAREPTSKIY TREATING: Bankruptcy Hearing Slated for May 16
---------------------------------------------------------
The Arbitration Court of Volgograd will convene on May 16 to
hear the bankruptcy supervision procedure on OJSC Sareptskiy
Treating Plant (TIN 3444127318).  The case is docketed under
Case No. A12-81/07-s58.

The Temporary Insolvency Manager is:

         V. Lukyanov
         Office 213
         7th Gvardeyskaya Str. 2
         Volgograd-5
         Russia

The Debtor can be reached at:

         OJSC Sareptskiy Treating Plant
         Shpalozavodskaya Str. 1
         Volgograd-29
         Russia


SBERBANK ROSSII: Secondary Offering Demand Mostly from Russia
-------------------------------------------------------------
OAO Sberbank Rossii CEO Andrei Kazmin revealed that a large
number of the 49,197 applications submitted during the placement
for its secondary offering of 3.5 million shares came from
Russia, RIA Novosti relates.

According to the report, Mr. Kazmin said the bank is not
concerned about selling its shares in full, only that it would
be able to dispose of the maximum number of shares at market
price.

Analysts interviewed by RIA Novosti shared a common view,
predicting that Sberbank stands to sell 2.8 million shares or
80% of its secondary offering.

TCR-Europe reported on Feb. 26 that the bank raised around
RUR230 billion following its initial public offering, commencing
on Feb. 1, selling the shares at RUR89,000 apiece with orders
for around RUR260 billion of stock.

The company is eyeing to raise US$12 billion during the 20-day
IPO period, and is planning to use the amount to finance its
expansion.

                         About Sberbank

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

                        *     *     *

As of Feb. 1, 2006, Sberbank carries Moody's Investors Service's
D financial strength rating with stable outlook.

At the same time, it also carries Fitch's C Individual Rating.


SEL-KHOZ-TEKHNIKA: Creditors Must File Claims by April 10
---------------------------------------------------------
Creditors of OJSC Sel-Khoz-Tekhnika (TIN 4327000479) have until
April 10 to submit proofs of claim to:

         A. Klabukov, Insolvency Manager
         Uritskogo Str. 12
         610002 Kirov
         Russia

The Arbitration Court of Kirov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A28-691/06-119/10.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Sel-Khoz-Tekhnika
         R. Lyuksemburg 6
         Sanchursk
         612370 Kirov
         Russia


SIBERIAN SEA: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Irkutsk commenced bankruptcy
supervision procedure on LLC Siberian Sea Group (TIN
3812070247).  The case is docketed under Case No. A19-26894/
06-38.

The Temporary Insolvency Manager is:

         A. Antonov
         Post User Box 248
         664074 Irkutsk-74
         Russia

The Court is located at:

         The Arbitration Court of Irkutsk
         Room 303
         Gagarina Avenue 70
         664025 Irkutsk
         Russia

The Debtor can be reached at:

         LLC Siberian Sea Group
         Rakitnaya Str. 12
         664082 Irkutsk
         Russia


VOSKHOD CJSC: Asset Sale Slated for March 13
--------------------------------------------
State Unitary Enterprise Fund of Property of Belgorod, the
bidding organizer for CJSC Voskhod, will open a public auction
for the company's properties at 11:00 a.m. on March 13 at:

         State Unitary Enterprise Fund of Property of Belgorod
         Room 216
         2nd Floor
         Nekrasova Str. 9/15
         308007 Belgorod
         Russia

The assets for sale are:

   -- Lot 1: Different property of CJSC Voskhod for
      RUR1,137,660 starting price

   -- Lot 2: Different property of CJSC Voskhod for
      RUR27,275 starting price

Interested participants have until March 6 to deposit an amount
equivalent to 20% of the starting price to:

         State Unitary Enterprise Fund of Property of Belgorod
         Settlement Account 4060281041602000052
         Correspondent Account 301018106400000000757
         BIK 041403757
         TIN 3124012318
         KPP 312301001
         CB Vneshtorgbank
         Belgorod
         Russia

Bidding documents must be submitted to:

         State Unitary Enterprise Fund of Property of Belgorod
         Room 216
         2nd Floor
         Nekrasova Str. 9/15
         308007 Belgorod
         Russia

The Debtor can be reached at:

         CJSC Voskhod
         Rovny
         Veydeleevskiy, Belgorod
         Russia


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


ARAMARK CORP: Earns US$87.7 Mln. in Fiscal Quarter Ended Dec. 31
----------------------------------------------------------------
Aramark Corp. earned US$87.7 million of net income on
US$3.1 billion of sales for the first quarter of fiscal 2007,
compared to US$93.1 million of net income on US$2.9 billion for
the same period last year.

Operating income was US$172.3 million for the first quarter of
fiscal 2007, a 9% increase over the prior year period.

Interest and other financing costs, net, for the first quarter
of fiscal 2007 increased approximately US$1.8 million from the
prior year period due principally to higher year-over-year
interest rates.

At Dec. 29, 2006, the company's balance sheet showed
US$5.3 billion in total assets, US$3.7 billion in total
liabilities, and US$1.6 billion in total stockholders' equity.

Total debt increased US$208 million during the first quarter due
principally to the normal seasonal working capital needs and the
acquisition of a regional uniform company.

During the first quarter of fiscal 2007, the company borrowed
US$125 million under its U.S. and Canadian credit facility to
repay the company's 7.10% notes that matured on Dec. 1, 2006.

At Dec. 29, 2006, there was approximately US$330 million of
unused committed credit availability under the company's U.S.
and Canadian credit facility.  As of Dec. 29, 2006, there was
approximately US$516 million outstanding in foreign currency
borrowings.

Full-text copies of the company's consolidated financial
statements for the quarter ended Dec. 31, 2006, are available
for free at http://researcharchives.com/t/s?19aa

                        About Aramark Corp.

Headquartered in Philadelphia, Pennsylvania, Aramark Corporation
(NYSE: RMK) -- http://www.aramark.com/-- is a professional
services organization, providing food services, facilities
management, hospitality services, and uniforms and career
apparel to health care institutions, universities and school
districts, stadiums and arenas, businesses, prisons, senior
living facilities, parks and resorts, correctional institutions,
conference centers, convention centers, and public safety
professionals around the world. Aramark has approximately
240,000 employees serving clients in 18 countries, including
Belgium, Czech Republic, Germany, Japan, Korea, Mexico and
Spain, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 14,
Fitch has downgraded the Issuer Default Rating for both ARAMARK
Corporation and its wholly owned subsidiary, ARAMARK Services,
Inc. to 'B' from 'BB-' and has rated the new financing of
ARAMARK Corporation:

   -- US$600 million revolving senior secured credit facility
      due 2013 'BB-/RR2';

   -- US$4.15 billion senior secured term loans due 2014 'BB-
      /RR2';

   -- US$250 million senior secured synthetic letter of credit
      facility due 2013 'BB-/RR2'; and

   -- US$1.78 billion senior unsecured notes due 2015 'B-/RR5'.

In addition, the rating for the US$250 million senior unsecured
notes due 2012 was lowered to 'CCC+/RR6' from 'BB-'.  The
ratings are removed from Rating Watch Negative.

Fitch said the Rating Outlook is Stable.


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


ANAHID2 LLC: Creditors' Liquidation Claims Due March 19
-------------------------------------------------------
Creditors of LLC Anahid2 have until March 19 to submit their
claims to:

         Anahid Abraham-Moussa
         Liquidator
         Bruckenstrasse 15
         4853 Murgenthal
         Zofingen AG
         Switzerland

The Debtor can be reached at:

         LLC Anahid2
         Murgenthal
         Zofingen AG
         Switzerland


BLITOG LLC: Creditors' Liquidation Claims Due March 16
------------------------------------------------------
Creditors of LLC Blitog have until March 16 to submit their
claims to:

         JSC Mandataria Treuhand
         Liquidator
         Steinengraben 22
         4002 Basel-Stadt
         Switzerland

The Debtor can be reached at:

         LLC Blitog
         Zug
         Switzerland


CINESHARE JSC: Creditors' Liquidation Claims Due March 16
---------------------------------------------------------
Creditors of JSC Cineshare have until March 16 to submit their
claims to:

         Dr. Marco Lanter
         Liquidator
         Seefeldstrasse 19
         8032 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Cineshare
         Zurich
         Switzerland


EVENT GASTRO: Aargau Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC Event Gastro on Jan. 31.

The Debtor can be reached at:

         LLC Event Gastro
         Obere Bahnhofstrasse 24
         5507 Mellingen
         Baden AG
         Switzerland

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Baden
         5402 Baden AG
         Switzerland


M3 LLC: Bern Court Starts Bankruptcy Proceedings
------------------------------------------------
The Bankruptcy Court of Bern commenced bankruptcy proceedings
against LLC M3 on Jan. 25.

The Debtor can be reached at:

         LLC M3
         Marktgasse 34
         4900 Langenthal
         Aarwangen BE
         Switzerland

The Bankruptcy Service of Bern can be reached at:

         Bankruptcy Service of Bern
         Office Aarwangen
         4912 Aarwangen BE
         Switzerland


RESTAURANT ZUM: Bern Court Closes Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of Bern entered Feb. 2 an order closing
the bankruptcy proceedings of LLC Restaurant zum Spycher.

The Debtor can be reached at:

         LLC Restaurant zum Spycher
         Dorf 48
         3116 Kirchdorf BE
         Switzerland

The Bankruptcy Service of Bern can be reached at:

         Bankruptcy Service of Bern
         Office Seftigen
         3123 Belp
         Seftigen BE
         Switzerland


SGCONCULT JSC: Creditors' Liquidation Claims Due March 19
---------------------------------------------------------
Creditors of JSC SGconsult have until March 19 to submit their
claims to:

         Dr. Walter Hannes Wanner
         Liquidator
         Hohenweg 9D
         5023 Biberstein
         Aarau AG
         Switzerland

The Debtor can be reached at:

         JSC SGconsult
         St.Gallen
         Switzerland


STEBU CONSULTING: Creditors' Liquidation Claims Due March 19
------------------------------------------------------------
Creditors of JSC Stebu Consulting have until March 19 to submit
their claims to:

         Stephan Buhler
         Liquidator
         Grunring 6
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Stebu Consulting
         Zug
         Switzerland


THERMISCAN JSC: Creditors' Liquidation Claims Due March 19
----------------------------------------------------------
Creditors of JSC Thermiscan have until March 19 to submit their
claims to:

         Dr. Walter Hannes Wanner
         Liquidator
         Hohenweg 9D
         5023 Biberstein
         Aarau AG
         Switzerland

The Debtor can be reached at:

         JSC Thermiscan
         Seegraben
         Hinwil ZH
         Switzerland


WANNER JSC: Creditors' Liquidation Claims Due March 19
------------------------------------------------------
Creditors of JSC Wanner have until March 19 to submit their
claims to:

         Dr. Walter Hannes Wanner
         Liquidator
         Hohenweg 9D
         5023 Biberstein
         Aarau AG
         Switzerland

The Debtor can be reached at:

         JSC Wanner
         Winterthur ZH
         Switzerland


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


AGROALIANS LLC: Creditors Must File Claims by March 9
-----------------------------------------------------
Creditors of LLC Agroalians (code EDRPOU 31090733) have until
March 9 to submit written proofs of claim to:

         Ludmila Zaikina, Liquidator
         Turgenev Str. 52/58
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Jan. 18 after finding it insolvent.  The
case is docketed under Case No. 43/5.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agroalians
         Apartment 529
         Raskovaya Str. 23
         02002 Kiev Ukraine


ALFA-TRANS LLC: Creditors Must File Claims by March 9
-----------------------------------------------------
Creditors of LLC Alfa-Trans (code EDRPOU 31840818) have until
March 9 to submit written proofs of claim to:

         State Tax Inspection in Podol, Liquidator
         Turovskaya Str. 12
         04080 Kiev
         Ukraine
         Tel. 417-52-05

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 24/759-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Alfa-Trans
         Mezhygorskaya Str. 82-A
         Kiev
         Ukraine


BREADMAKER LLC: Proofs of Claim Filing Deadline Set March 9
-----------------------------------------------------------
Creditors of Joint LLC Breadmaker (code EDRPOU 23654114) have
until March 9 to submit written proofs of claim to:

         M. Deyneka, Liquidator
         Apartment 120
         Hotovicky Str. 8
         Hmelnitskiy
         Ukraine

The Economic Court of Hmelnitskij commenced bankruptcy
proceedings against the company on Jan. 24 after finding it
insolvent.  The case is docketed under Case No. 2/179-B.

The Debtor can be reached at:

         Joint LLC Breadmaker
         Belogorodka
         Iziaslavsk District
         Hmelnitskiy
         Ukraine


KONSTANTA LLC: Creditors Must File Claims by March 9
----------------------------------------------------
Creditors of LLC Konstanta (code EDRPOU 30723150) have until
March 9 to submit written proofs of claim to:

         Ludmila Zaikina, Liquidator
         Turgenev Str. 52/58
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Jan. 18 after finding it insolvent.  The
case is docketed under Case No. 43/6.

The Court is located at:

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

The Debtor can be reached at:

         LLC Konstanta
         Volynskaya Str. 48/50
         03151 Kiev
         Ukraine


MARITAN LLC: Creditors Must File Claims by March 9
--------------------------------------------------
Creditors of LLC Maritan (code EDRPOU 25634680) have until
March 9 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Jan. 17 after finding it insolvent.  The
case is docketed under Case No. 43/8.

The Court is located at:

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

The Debtor can be reached at:

         LLC Maritan
         Bastionnaya Str. 9
         01159 Kiev
         Ukraine


MEDIA-GROUP ESKORT: Creditors Must File Claims by March 9
---------------------------------------------------------
Creditors of LLC Media-Group Eskort (code EDRPOU 33401244) have
until March 9 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Jan. 17 after finding it insolvent.  The
case is docketed under Case No. 43/4.

The Court is located at:

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

The Debtor can be reached at:

         LLC Media-Group Eskort
         Grushevsky Str. 28/2
         01021 Kiev
         Ukraine


OREANDA LLC: Proofs of Claim Filing Deadline Set March 9
--------------------------------------------------------
Creditors of LLC Agricultural Complex Oreanda (code EDRPOU
41852) have until March 9 to submit written proofs of claim to:

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

The Economic Court of Sumy commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
6/169-06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agricultural Complex Oreanda
         Lenin Str. 2
         Korshachina
         Belopolye District
         41852 Sumy
         Ukraine


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


ALCATEL-LUCENT: Partners with GE Capital in the U.K. and Ireland
----------------------------------------------------------------
Alcatel-Lucent agreed with GE in the U.K. to provide finance
solutions for U.K. and Irish enterprises.

GE's finance solutions enable U.K. and Irish businesses and
organizations to reap the benefits of Alcatel's hardware and
software communications products and services, without the
burden of significant upfront investment.

These financial solutions are also designed to help Alcatel-
Lucent's business partners increase sales, as well as build on
the profitability of each sale.  Furthermore, by encouraging
customer loyalty, these financial packages will help secure
future upgrades and new deployments.

This launch will entitle Alcatel-Lucent's premium and expert
partner customers to a special introductory promotion on the
purchase of its Alcatel-Lucent OmniPCX Office and Alcatel-Lucent
OmniPCX Enterprise communications platforms for small, medium
and large enterprises, as well as its conferencing and
collaboration tool, Alcatel-Lucent My Teamwork.

"GE is the ideal partner to work with for our finance offering,"
said Graeme Allan, for Alcatel-Lucent Enterprise activities in
U.K. and Ireland.  "Its finance consultants will support our
business partners throughout the sales process, while its
automated financing process, which will be available through our
partner site, will make smaller transactions quick and easy to
process."

"The launch of these finance solutions, working with Alcatel-
Lucent, will allow customers to improve their business processes
and productivity with Alcatel-Lucent's leading convergence
solutions, without impacting on their cash flow," Lynne Wood of
GE said.  "We've worked with Alcatel-Lucent to ensure that the
products we've designed are competitive and truly beneficial to
the business partners, by understanding and specifically meeting
the needs of its end-user customers."

                      About GE Capital

GE Capital Solutions -- http://gecapsol.com/-- offers financing
services for commercial, industrial, construction and technology
equipment; corporate aircraft; trucks and trailers; franchise
facilities; transportation fleets; private label, wholesale; and
outsourced sales and inventory.  The company also offers tax-
exempt and non tax-exempt financing for federal, state and local
governments and non-profit organizations.

                    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 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.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Australia, Brunei and Cambodia.

                        *     *     *

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.


ALFRESCO FINE: Joint Liquidators Take Over Operations
-----------------------------------------------------
James Richard Tickell and Carl Derek Faulds were appointed joint
liquidators of Alfresco Fine Foods Ltd. on April 24, 2006, for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Alfresco Fine Foods Ltd.
         Unit 6 Ashford Business Complex
         166 Feltham Road
         Ashford
         Middlesex
         TW15 1YQ
         England
         Tel: 01784 244 222


BAR ICE: Creditors' Meeting Slated for March 7
----------------------------------------------
Creditors of Bar Ice Ltd. will meet at 11:15 a.m. on March 7 at:

         10 Landport Terrace
         Portsmouth
         PO1 2RG
         England

Creditors who want to vote at the meeting have until noon on
March 6 to submit their proxy forms together with particulars of
their claims or of any security at:

         Rothman Pantall & Co.
         Clareville House
         26-27 Oxendon Street
         London
         SW1Y 4EP
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge on March 5 at Rothman
Pantall & Co.

Rothman Pantal & Co -- http://www.rothman-pantall.co.uk/--  
provides financial accounting and corporate services.


BRADMATT TELECOM: Alex Kachani Leads Liquidation Procedure
----------------------------------------------------------
Alex Kachani of Crawfords was appointed liquidator of Bradmatt
Telecom Ltd. on Feb. 12 for the creditors' voluntary winding-up
procedure.

The liquidator can be reached at:

         Alex Kachani
         Crawfords
         Stanton House
         41 Blackfriars Road
         Salford
         Manchester
         M3 7DB
         England


C C M S KENT: Appoints Richard Rones as Liquidator
--------------------------------------------------
Richard Rones of ThorntonRones LLP was appointed liquidator of
C C M S (Kent) Ltd. on Feb. 21 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         C C M S (Kent) Ltd.
         11 Station Road
         Rainham
         Gillingham
         Kent
         ME8 7RS
         England
         Tel: 01634 366 000
         Fax: 01634 378 222


CCS DEVELOPMENTS: Claims Filing Period Ends March 30
----------------------------------------------------
Creditors of CCS (Developments) Ltd. have until March 30 to send
in their full names and addresses with particulars of their
debts or claims to:

         Mark Wilson
         Joint Liquidator
         Baker Tilly
         First Floor
         46 Clarendon Road
         Watford
         Hertfordshire
         WD17 1JJ
         England

Mark Wilson and Tracey Callaghan of Baker Tilly were appointed
joint liquidators of the company on Feb. 19.

Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing
and other services for mid-cap and smaller publicly listed
companes and private companies, particularly those expanding
into new foreign markets.  Services include business and
financial planning, tax-related services, corporate finance,
litigation support, turnaround services, and technology
consulting.


CHPM LTD: Brings In Liquidators from Wilson Field
-------------------------------------------------
Lisa Hogg and Claire Foster of Wilson Field were appointed joint
liquidators of CHPM Ltd. on Feb. 15 for the creditors' voluntary
winding-up procedure proceeding.

The company can be reached at:

         CHPM Ltd.
         Camberley House
         Portesbery Road
         Camberley
         Surrey
         GU15 3SZ
         England
         Tel: 01276 622 26
         Fax: 01276 622 21


CIRCLE STUDIO: Creditors' Meeting Slated for March 9
----------------------------------------------------
Creditors of Circle Studio Ltd. will meet at 10:30 a.m. on
March 9 at:

         Holday Inn Derby-Nottingham M1
         Jct 25
         Bostocks Lane
         Sandiacre
         Nottingham
         NG10 5NJ
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on March 7 at:

         The P&A Partnership
         93 Queen Street
         Sheffield
         S1 1WF
         England

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors, and business advisors.


COLLINS & AIKMAN: U.S. Trustee Wants Examiner Appointed
-------------------------------------------------------
Saul Eisen, the United States Trustee for Region 9, asks the
Honorable Steven W. Rhodes of the U.S. Bankruptcy Court for the
Eastern District of Michigan to direct the appointment of an
examiner under Section 1104(c)(2) of the Bankruptcy Code.

The U.S. Trustee notes that approximately 13 firms have rendered
professional services to the Debtors, with fees and expenses
amounting to US$78,186,190, as of Aug. 31, 2006.

Professional services rendered from Aug. 31, 2006, until the
effective date of any confirmed plan will undoubtedly add tens
of millions of dollars to the total, Mr. Eisen adds.

Hence, the extent of professional fees and expenses is
significant when compared to the US$165,500,000 to
US$230,000,000 value the Debtors ascribed to the estates,
Stephen E. Spence, trial attorney for the Office of the U.S.
Trustee, in Detroit, Michigan, tells the Court.

The U.S. Trustee believes that the allegations made by Third
Avenue Trust regarding the professionals' compensation raises
serious questions that require answers before the professionals
are awarded final compensation and receive the exculpation and
releases provided.

Third Avenue, former member of the Official Committee of
Unsecured Creditors, has claimed that recoveries to the
unsecured creditors will be further reduced because of the fees
sought by the law firms and financial advisors for work that has
not produced any value for the estates.

In light of the Debtors' abandonment of their reorganization
strategy, Third Avenue, one of the Debtors' largest unsecured
creditors, questioned whether it was appropriate to grant the
compensation requests of the professionals who had been involved
in the failed reorganization strategy.

Third Avenue questioned payment for services that seemed to
anticipate the Debtors' reorganization even after it became
apparent, or should have been apparent, that reorganization was
not feasible.

The Court determined that Third Avenue's allegations, standing
alone, did not justify the denial of interim fee applications.
The Court, however, suggested that it would entertain a request
for the appointment of a fee examiner to look into the
professional fees in the Debtors' Chapter 11 cases.

Section 1104(c)(2) requires the Court to order the appointment
of an examiner in a case where (a) no trustee has been appointed
under Section 1104, (b) no plan has been confirmed, and (c) the
debtor's fixed, liquidated, unsecured debts, other than debts
for goods, services or taxes, or owing to an insider, exceed
US$5,000,000.  As unsecured bond indebtness is US$901,000,000, a
plan has not been confirmed, and a trustee has not been
appointed, the appointment of an examiner is mandatory, Mr.
Spence asserts.

The U.S. Trustee wants the scope of inquiry of the examiner to
cover:

     * a determination of the merit of Third Avenue's
       allegations;

     * an investigation of the progress of the Chapter 11 cases
       with a particular emphasis on whether appropriate and
       timely decisions were made by management, the Creditors
       Committee and their professionals on whether the company
       should remain a going concern or should be liquidated;

     * a determination if, once the decision to liquidate was
       reached, management took appropriate steps to manage
       costs, including professional fees and expenses; and

     * a review of applications for management compensation
       pursuant to Section 363, for professional fees and
       expenses pursuant to Section 330, and to recommendation
       to the Court and parties-in-interest whether the fees and
       expenses are appropriate under applicable law and
       guidelines and should be allowed in the amounts sought.

An expeditious examination is necessary to either put to rest
the issue raised by Third Avenue or to enable the Court and
parties-in-interest to take appropriate action if the examiner
concludes that the Debtors' cases have not been administered in
accordance with applicable standards, Mr. Spence maintains.

Accordingly, the examiner should be required to prepare and file
a preliminary report describing his findings and recommendations
within 60 days after his appointment, Mr. Spence says.

While the examiner's ongoing investigation should not delay the
Court's consideration of the Debtors' First Amended Joint Plan,
the Plan contains certain provisions, not material to the
determination of rights of stakeholders other than professionals
and management, that should not be finally approved by the Court
until the Court and parties-in-interest have received and
evaluated the examiner's final report, Mr. Spence notes.
Accordingly, upon entry of an order directing the appointment of
an examiner, the U.S. Trustee will file a limited objection to
the Plan confirmation to preserve parties' rights pending the
conclusion of the examination.

Mr. Spence asserts that the examiner should have the authority
to retain professionals and standing as a party-in-interest to
move, appear and be heard on any matters related to his
appointment; and have the cooperation of the Debtors, Creditors
Committee, and other parties-in-interest in his investigation.

The appointment of the fee examiner should be without prejudice
to the right of the fee examiner, U.S. Trustee or any party-in-
interest to seek an expansion of the scope of examination,
Mr. Spence adds.

           Post-Confirmation Review Panel Contested

Mr. Spence notes that although the Debtors claim that a fee
review is unnecessary, they appear to recognize its
inevitability and proposed a fee evaluation committee as an
alternative to an examiner.

A fee committee cannot, as a matter of law, substitute for an
examiner, Mr. Spence says.  Moreover, he adds, a fee committee
with a representative of the Debtors and the litigation trust
administrator, as members, could not perform an investigation
with the same independence as expected of an examiner under the
Bankruptcy Code and as required by the investigation.

Further, the Debtors' proposed committee would be formed after
the Plan's confirmation, when the litigation trust is formed and
its administrator appointed.  Delaying the start of the
investigation until after confirmation will make the
investigation unnecessarily difficult as records and personnel
are being dispersed while the Debtors continue their wind down.
The fee examiner's report would also not be available in time,
Mr. Spence asserts.

Mr. Spence asserts that Third Avenue's troubling allegations
merit independent investigation.  "The allegations were broadly
reported, and it is important to the integrity of the bankruptcy
system that an independent person be appointed to investigate
them and to publicly report his or her findings," Mr. Spence
avers.  "Under the Bankruptcy Code, that role is filled by an
examiner or trustee, not by a committee."

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.

On Aug. 30, 2006, the Debtors filed their Chapter 11 Plan and
Disclosure Statement explaining that Plan.  On Dec. 22, 2006,
they filed an Amended Joint Chapter 11 Plan and then filed a
modified Amended Plan on Jan. 24, 2007.  The Court approved the
Amended Disclosure Statement on Jan. 25, 2007.  The confirmation
hearing on the Amended Joint Plan is set for March 19, 2007.
(Collins & Aikman Bankruptcy News, Issue No. 54; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


COLWICK ELECTRICAL: Taps Andrew Appleyard to Liquidate Assets
-------------------------------------------------------------
Andrew Appleyard of Haines Watts was appointed liquidator of
Colwick Electrical Ltd. on Feb. 21 for the creditors' voluntary
winding-up proceeding.

Haines Watts -- http://www.hwca.com/-- provides services that
include taxation, business advisory, corporate finance,
corporate recovery & insolvency and budget summary.

The company can be reached at:

         Colwick Electrical Ltd.
         42 Crosslands Meadow
         Colwick
         Nottingham
         Nottinghamshire
         NG4 2DJ
         England
         Tel: 078 7018 9096


GRAPHIC DETAIL: Claims Registration Ends March 20
-------------------------------------------------
Creditors of Graphic Detail (U.K.) Ltd. have until March 20 to
send in their names and addresses, and particulars of debts or
claims to:

         Gerard Keith Rooney
         Liquidator
         Rooney Associates
         Second Floor
         19 Castle Street
         Liverpool
         L2 4SX
         England

Gerard Keith Rooney of Rooney Associates was appointed
liquidator of the company on Feb. 20.


M THIRTEEN: Claims Filing Period Ends April 4
---------------------------------------------
Creditors of M (Thirteen) Ltd. have until April 4 to send in
their names and addresses with particulars of the 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. 21.

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


MCDERMOTT INT'L: No TXU Update Regarding Contracts Amidst Sale
--------------------------------------------------------------
McDermott International Inc. has not received any notices from
TXU Corp. pursuant to an announcement that TXU has agreed to be
acquired.

However, prior to the acquisition news, TXU had given notice to
McDermott's subsidiary, The Babcock & Wilcox Company, to suspend
performance on five of the eight projects in Texas for the
design and supply of supercritical coal-fired boilers and
selective catalytic reduction systems.  A notice of suspension
is a client-initiated directive to wind down and suspend all
work on the affected units until a notice of resumption or
termination is issued.  These suspended projects will remain in
McDermott's backlog until TXU provides further notice.

For the suspended units, the contract(s) require that TXU
compensate Babcock & Wilcox for all work performed to date and
for all costs associated with the suspension, storage and
resumption.  Also, under the terms of the contract, Babcock &
Wilcox is permitted to file claims for contract changes in all
terms, including price and schedule should work resume.  In the
event of termination, the contract(s) provide for recovery of
costs and a reasonable profit.  Babcock & Wilcox is continuing
to perform on the remaining unsuspended units.

"We read TXU's press release this morning and their comments
regarding reducing the number of plants.  However, Babcock &
Wilcox has not received any official word today from TXU related
to either the suspended units or the other three," said Bruce W.
Wilkinson, Chairman and Chief Executive Officer of McDermott.

"Babcock & Wilcox is a clear industry leader in improving
emissions associated with the power generation market, including
carbon capture technology," continued Wilkinson.  "Regardless of
the potential change in TXU's ownership or the status of these
projects, we expect TXU will remain a valued customer."

                    About McDermott Int'l.

McDermott International, Inc. (NYSE:MDR)--
http://www.mcdermott.com/--is a leading worldwide energy
services company.  McDermott's subsidiaries provide engineering,
construction, installation, procurement, research,
manufacturing, environmental systems, project management and
facility management services to a variety of customers in the
energy and power industries, including the U.S. Department of
Energy.  The company operates in most major offshore producing
regions throughout the world, including the U.S. Gulf of Mexico,
Mexico, the Middle East, India, the Caspian Sea and Asia
Pacific.  Operations in this segment are primarily conducted
through its subsidiary, J. Ray McDermott, S.A.  Its worldwide
operations also include Indonesia and the United Kingdom.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 6, 2006,
Moody's Investors Service's confirmed its B1 Corporate Family
Rating for McDermott International Inc.


MICHAEL COSTER: Creditors' Meeting Slated for March 13
------------------------------------------------------
Creditors of Michael Coster Ltd. will meet at noon on March 13
at:

         Baker Tilly
         International House
         Queens Road
         Brighton
         BN1 3XE
         England

Secured creditors who want to vote at the meeting must submit
particulars of their security at the said address.

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on March 9 at the offices of Baker Tilly.

Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing
and other services for mid-cap and smaller publicly listed
companies and private companies, particularly those expanding
into new foreign markets.  Services include business and
financial planning, tax-related services, corporate finance,
litigation support, turnaround services, and technology
consulting.


OLDE SWAN: Creditors' Meeting Slated for March 7
------------------------------------------------
Creditors of Olde Swan Ltd. will meet at noon on March 7 at:

         Ward Williams
         43-45 High Street
         Weybridge
         Surrey
         KT13 8BB
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on March and March 6 at the offices of Ward Williams.


SALISBURY INT'L: Moody's Puts Ba1 Ratings to Two Credit Notes
-------------------------------------------------------------
Moody's Investors Service has taken these rating actions in
respect of notes issued by Salisbury International Investments
Limited (Sphaera II):

   -- Upgraded to Aaa from Aa1 the Series 2006-06 US$3-million
      Floating Rate Portfolio Credit Linked Notes due 2011;

   -- Upgraded to Aaa from Aa1 the Series 2006-09 EUR10-million
      Floating Rate Portfolio Credit Linked Notes due 2011;

   -- Upgraded to Aaa from Aa1 the Series 2006-11 US$5-million
      Floating Rate Portfolio Credit Linked Notes due 2011;

   -- Upgraded to Aaa from Aa1 the Series 2006-14
      EUR6.25-million Floating Rate Portfolio Credit Linked
      Notes due 2011;

   -- Upgraded to A1 from A2 the Series 2006-15 EUR10-million
      Floating Rate Portfolio Credit Linked Notes due 2011;

   -- Upgraded to Baa1 from Baa3 the Series 2006-05 US$3-million
      Floating Rate Portfolio Credit Linked Notes due 2011;

   -- Upgraded to Baa1 from Baa3 the Series 2006-13
      EUR2.5-million Floating Rate Portfolio Credit Linked Notes
      due 2011;

   -- Upgraded to Ba1 from Ba2 the Series 2006-03 US$9-million
      Floating Rate Portfolio Credit Linked Notes due 2011; and

   -- Upgraded to Ba1 from Ba2 the Series 2006-04 EUR1-million
      Floating Rate Portfolio Credit Linked Notes due 2011.

These upgrades are due to credit migration in the underlying
reference portfolio in addition to a reduced time to maturity.


SARACEN CYCLES: Hires A. Turpin to Liquidate Assets
------------------------------- -------------------
A. Turpin of Poppleton & Appleby was appointed liquidator of
Saracen Cycles Ltd. on Jan. 25 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Saracen Cycles Ltd.
         Saracen House
         Harriott Drive
         Warwick
         Warwickshire
         CV34 6TS
         England
         Tel: 01926 437 700
         Fax: 01926 437 701


SILVERSTAR TRADING: Creditors' Meeting Slated for March 6
---------------------------------------------------------
Creditors of Silverstar Trading Ltd. will meet at 12:15 p.m. on
March 6 at:

         Grantham Marriott Hotel
         Swingbridge Road
         Grantham
         NG31 7XT
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on March 2 at:

         Crawfords
         Stanton House
         41 Blackfriars Road
         Salford
         Manchester
         M3 7DB
         England


SOLUTIA INC: Buying Akzo Nobel's 50% Stake in Flexsys Venture
-------------------------------------------------------------
Solutia Inc. has reached a definitive agreement to purchase Akzo
Nobel N.V.'s stake in Flexsys, the 50%/50% rubber chemicals
joint venture between Akzo Nobel and Solutia.

As reported in the Troubled Company Reporter on Dec. 20, 2006,
Solutia and Akzo Nobel entered into a letter agreement
committing the parties to execute the definitive agreement upon
completion of consultation with Dutch employee works council
representatives.

The parties are moving forward to obtain the required approval
of the U.S. Bankruptcy Court before which Solutia's Chapter 11
proceedings are pending, the receipt of required regulatory
approvals, finalizing the definitive purchase agreement for Akzo
Nobel's Crystex business in Japan and the fulfillment of other
customary closing conditions.

                          About Flexsys

Based in Brussels, Belgium, Flexsys -- http://www.flexsys.com/
-- supplies chemicals for the rubber industry.  With 2005 sales
of approximately $600 million, Flexsys employs about 600 people
worldwide.  Formed in 1995, Flexsys products play a role in the
manufacture of tires and other rubber products such as belts,
hoses, seals and footwear.  These chemicals help cure and
protect rubber, increase durability, lengthen product life, and
provide color control and heat resistance.  Flexsys' products
are manufactured at facilities across Europe, North America,
South America and Asia.  Flexsys also operates three technology
centers as well as sales offices around the world.

                         About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its
subsidiaries, make and sell  a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications.  The Company filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.
Solutia is represented by Richard M. Cieri, Esq., at Kirkland &
Ellis.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and
Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.


SPECTRUM PROPERTY: Joint Liquidators Take Over Operations
---------------------------------------------------------
Paul A. Whitwam and Gary E. Blackburn of BWC Business Solutions
were appointed joint liquidators of Spectrum Property Protection
(Yorkshire) Ltd. on Feb. 21 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Spectrum Property Protection (Yorkshire) Ltd.
         Richmond House
         2 Lavender Walk
         Leeds
         West Yorkshire
         LS9 8JB
         England
         Tel: 0113 217 2250
         Fax: 0113 217 4040


THREE COUNTIES: Appoints Liquidators from Begbies Traynor
---------------------------------------------------------
Rob Sadler and Michael Saville of Begbies Traynor were appointed
joint liquidators of Three Counties Accountancy Ltd. on Feb. 19
for the creditors' voluntary winding-up proceeding.

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


WILLIAM BELL: Calls In Liquidator from ThorntonRones LLP
--------------------------------------------------------
Richard Rones of ThorntonRones LLP was appointed liquidator of
William Bell (Plashet) Ltd. on Feb. 20 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         William Bell (Plashet) Ltd.
         30 Plashet Grove
         Newham
         London
         E6 1AE
         England
         Tel: 020 8472 2311
         Fax: 020 8552 3298


WOODFIELD LODGE: Creditors' Meeting Slated for March 7
------------------------------------------------------
Creditors of Woodfield Lodge Ltd. will meet at 11:00 a.m. on
March 7 at:

         Fisher Partners
         Acre House
         11-15 William Road
         London
         NW1 3ER
         England

Secured creditors who want to vote at the meeting have until
noon on March 6 to submit particulars of security at the said
address.

Stephen M. Katz of Fisher Partners will furnish creditors with
information concerning the company's affairs free of charge as
they may reasonably require before the day of the meeting.


YOUR PLACE: Creditors' Meeting Slated for March 7
-------------------------------------------------
Creditors of Your Place Ltd. will meet at 11:30 a.m. on March 7
at:

         Ward Williams
         43-45 High Street
         Weybridge
         Surrey
         KT13 8BB
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on March 5 and March 6 at the offices of Ward
Williams.


* BOOK REVIEW: Ocean Transportation
-----------------------------------
Author:     Carl E. McDowell and Helen M. Gibbs
Publisher:  Beard Books
Paperback:  492 pages
List Price: US$34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/189312245X/internetbankru
pt

Carl E. McDowell and Helen M. Gibbs' Ocean Transportation gives
a unique historical perspective of the shipping industry in the
United States in the days following World War II.

When first published in 1954, it was the first comprehensive
book in two decades to discuss the principal aspects of ocean
transportation.

The book is primarily concerned with the techniques, practices,
and problems of private ship ownership and operation, focusing
on management from the point of view of the successful ship
owner.

                           *********

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 * * *