TCREUR_Public/070305.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

              Monday, March 5, 2007, Vol. 8, No. 45

                            Headlines


A U S T R I A

ECKL & PARTNER: St. Poelten Court Orders Business Closure
PPO LLC: Krems an der Donau Court Orders Business Shutdown
SALE4U LLC: Claims Registration Period Ends April 10
ULRIKE STIEGLER: Claims Registration Period Ends March 26
WILHELM CAHA: Vienna Court Orders Business Shutdown


C Y P R U S

SHIP FINANCE: Earns US$180.8 Million for Full Year 2006


D E N M A R K

NORTEL NETWORKS: Restating Financials Due to Calculation Errors
QUANTUM CORP: Posts US$9.5 Mln Net Loss for Third Quarter 2006


G E R M A N Y

AKK DIENSTLEISTUNGS: Claims Registration Ends April 13
AUTOHAUS KALMUTZKI: Claims Registration Ends March 27
BAUER VERWALTUNGS: Creditors' Meeting Slated for April 20
BERNHARDT GMBH: Creditors' Meeting Slated for April 4
BOECKER SHOP: Claims Regsitration Ends April 12

GILDEMEISTER AG: Moody's Changes Low-B Rating Outlook to Stable
GULLIVER'S REISEN: Claims Registration Period Ends March 26
HEISOSAN GMBH: Creditors' Meeting Slated for May 2
HF FENSTER: Claims Registration Period Ends April 5
HOLLAENDER-BAU: Claims Registration Period Ends April 10

HOLZHAEUSER BAU: Creditors' Meeting Slated for April 23
HORA COMPUTER: Claims Registration Ends April 13
J.A.G. SPORTMARKETING: Claims Registration Ends April 16
KLOEPFER VERWALTUNGS: Claims Registration Ends March 30
LABOROX GMBH: Claims Registration Ends April 10

MEDIEN BUSINESS: Creditors Must Register Claims by April 24
METACLEAN GMBH: Creditors Must Register Claims by March 21
MUSIK-LAEDLEIN-BRUCHSAL: Claims Registration Ends March 27
ODERTRANS SPEDITIONS: Claims Registration Period Ends April 5
PENNEKAMP GMBH: Creditors Must Register Claims by April 30

PHOTO.STORE GMBH: Creditors Must Register Claims by May 21
PLASTEX-POLYMA GMBH: Creditors Must Register Claims by April 5
PROLOGIC SYSTEME: Claims Registration Ends April 20
REIFEN SYLLA: Claims Registration Ends April 2
ROLAND ORTHOPADIE: Claims Registration Ends April 3

SMART PFI: Fitch Assigns B Ratings to GBP4.3-Mln Class F Notes
STARCAFE GMBH: Claims Registration Ends April 10
SYSTEMPARTNER COMPUTER: Claims Registration Ends March 22
UNI-SERV GMBH: Creditors Meeting Slated for April 11
WEIDNER VERPACKUNGEN: Creditors Meeting Slated for March 26

WERBE- UND KOPIERCENTER: Claims Registration Ends April 13
WINDPARK PUTZHOHE: Creditors Meeting Slated for March 29
WINDPARK STAFFELSTEIN: Creditors Meeting Slated for March 29


H U N G A R Y

HERTZ CORP: Plans Additional 1,350 Job Cuts, Mostly in U.S.


I R E L A N D

SANYO ELECTRIC: SESC Won't File Charges for Inaccurate Reports


I T A L Y

ALITALIA SPA: Will Not Write Off Aging Fleet
FERRO CORP: Earnings Prospects Cue S&P to Hold B+ Credit Rating


K A Z A K H S T A N

ALFA GROUP KZ: Creditors Must File Claims by April 6
ALLIANCE ENERGO-INVEST: Creditors' Claims Due April 6
ATF BANK: Fitch Affirms BB- IDR on Increased Market Share
CLEO LLP: Proof of Claim Deadline Slated for April 6
ENGU-ABZAL LLP: Claims Registration Ends April 6

KAZAKHSATN OTYN-GAS: Court Starts Bankruptcy Proceedings
KIAS-SNABSERVICE LLP: Creditors Must File Claims by April 6
LAMZO BANG'S: Creditors' Claims Due April 6
RIMECKS LTD: Proof of Claim Deadline Slated for April 6
UGHIMMONTAGE JSC: Court Starts Bankruptcy Proceedings

ZAPKAMAZ-KYZYLORDA LLP: Claims Filing Period Ends April 6


K Y R G Y Z S T A N

BAYKERI LLC: Claims Filing Period Ends April 6
VALLON FINANCE: Creditors' Claims Due April 6


L U X E M B O U R G

EVRAZ GROUP: Mastercroft Limited to Buy 5% NTMK Minority Stake
EVRAZ GROUP: Sibmetinvest Begins Tender for VGOK & NMTP Stakes
PENTA CLO: Moody's Rates EUR13-Mln Class E Notes at (P)Ba1


N E T H E R L A N D S

ITRON INC: Moody's May Downgrade Ratings After Review
X5 RETAIL: Launches New Employee Stock Option Program


P O R T U G A L

HIPOTOTTA 5: S&P Assigns CCC- Prelim Ratings to EUR10-Mln Notes


R U S S I A

ALFA BANK: Fitch Assigns Long-Term B+ Rating to US$300-Mln Notes
ALFA LLC: Creditors Must File Claims by April 10
ARKADAKSKIY BAKERY: Creditors Must File Claims by March 10
ARSENAL-INVEST CJSC: Creditors Must File Claims by April 10
ATAMANSKOYE CJSC: Creditors Must File Claims by March 10

BOSOM OF BURYATIYA: Creditors Must File Claims by March 10
BUILDER-2 OJSC: Creditors Must File Claims by April 10
FACTORY OF BIOCHEMISTRY: Asset Sale Slated for March 12
KUDRANSKOYE CJSC: Creditors Must File Claims by April 10
LUKOIL OAO: May Get Zero Tax for Developing Viscous Oilfields

LYAGUSHINSKOYE CJSC:  Creditors Must File Claims by April 10
MARSHANSKOYE CJSC: Creditors Must File Claims by March 10
MOVEMENT OJSC: Creditors Must File Claims by March 10
NIZHNY NOVGOROD: Russian Court Opens Bankruptcy Proceedings
RODINSKIY BUTTER: Altay Bankruptcy Hearing Slated for May 28

SAMOLET CJSC: Creditors Must File Claims by April 10
TORZHOKSKAYA GARMENT: Asset Sale Slated for March 15
UDMURT-WOOD CJSC: Creditors Must File Claims by April 10
VNESHTORGBANK JSC: Launches Angola Unit to Service Russian Firms
YUKOS OIL: Total S.A. and PKN Orlen to Join March 27 Auction

YUKOS OIL: Nominates Bankruptcy Receiver to Rosneft's Board
ZAVODOUKOVSKIY LLC: Creditors Must File Claims by April 10


S P A I N

FREEPORT-MCMORAN: S&P Lifts Corporate Credit Rating to BB
FREMONT GENERAL: Fitch Cuts Ratings on Financial Filing Delay
MALDEN MILLS: Court OKs Asset Sale to Chrysalis for US$44 Mln


S W I T Z E R L A N D

AAG FILM: Creditors' Liquidation Claims Due March 19
APFELRECHNER.CH LLC: Claims Registration Period Ends March 17
ARTE E COLORI: Bern Court Closes Bankruptcy Proceedings
BERTOGG JSC: Creditors' Liquidation Claims Due March 16
CALECO JSC: Bern Court Closes Bankruptcy Proceedings

DOMINO CONCEPT: Creditors' Liquidation Claims Due March 19
ELDAN-TECH (SCHWEIZ): Creditors' Liquidation Claims Due March 19
ETSG EMISSIONS: Creditors' Liquidation Claims Due March 31
FACTOR DESIGN: Creditors' Liquidation Claims Due March 16
HAHE LLC: Creditors' Liquidation Claims Due March 21

ITB-FELBERMAYR LLC: Creditors' Liquidation Claims Due March 19
LACCADIVE HOLDING: Creditors' Liquidation Claims Due March 21
MULLER BITTER: Creditors' Liquidation Claims Due March 19
PHYSIO WELL: Creditors' Liquidation Claims Due March 20
RESTORAGE LLC: Claims Registration Period Ends March 17


T U R K E Y

GENERAL NUTRITION: Moody's Places Corporate Family Rating at B3
TURK EKONOMI: Posts TRY123,321 Net Profit in 2006


U K R A I N E

BIT LTD: Creditors Must File Proofs of Claim by March 10
DARNICA OJSC: Creditors Must File Claims by March 10
LATGAL LLC Creditors Must File Proofs of Claim by March 10
NADRA: Creditors Must Submit Proofs of Claim by March 10
SVITANOK LLC: Creditors Must File Proofs of Claim by March 10

UKRAINE MORTGAGE: Moody's Rates US$36.9-Mln Class B Notes at Ba3
YAMPIL LLC: Creditors Must Submit Proofs of Claim by March 10


U N I T E D   K I N G D O M

ALNWICK CYCLES: Hires Liquidators from Taylor Rowlands
CELESTICA INC: S&P Cuts Credit Rating to B+ with Neg. Outlook
COLLINS & AIKMAN: Devises Standard Procedures for Asset Disposal
COWLEY TRACTORS: Creditors' Meeting Slated for March 12
DECORATIVE GLASS: Creditors Confirm Liquidator's Appointment

DOMESTIC HOMEWORKS: Joint Liquidators Take Over Operations
DURA AUTOMOTIVE: Wants Exclusive Plan-Filing Period Extended
EMI GROUP: Rejects Warner's GBP2.1-Bln Pre-Conditional Offer
FOCUS DIY: Fitch Places CCC IDR on Rating Watch Negative
FONE BOUTIQUE: Taps Liquidators from B & C Associates

FORD MOTOR: Estimates US$11.18 Billion in Restructuring Costs
FULL CIRCLE: K. B. Stout Leads Liquidation Procedure
GENERAL MOTORS: Reports Increase in U.S. Sales for February
J MARCHAM: Taps Michael C. Kienlen to Liquidate Assets
KENSINGTON MORTGAGE: Moody's Rates Class B2 Notes at (P)Ba2

KENSINGTON MORTGAGE: S&P Assigns BB Rating to GBP15.2-Mln. Notes
KESTREL UPVC: Claims Filing Period Ends April 27
KNOWDRAMA LTD: Appoints A. J. Clark as Liquidator
LADBROKES PLC: DA Extends Sports Punditry & Betting Odds Deal
LECO ACCESSORIES: Claims Filing Period Ends April 10

NELSON GROUP: Brings In Liquidators from Grant Thornton
NORHAM MULTI: Joint Liquidators Take Over Operations
OCEANA TELEVISION: Creditors' Meeting Slated for March 9
OPUS RECRUITMENT: Creditors' Meeting Slated for March 14
PINEAPPLE CLOTHING: Creditors' Meeting Slated for March 9

PLASTICS 2: Names Tracey Ann Taylor Liquidator
PUKKA CASUAL: Appoints Gagen Dulari Sharma as Liquidator
R D PUTNAM: Creditors' Meeting Slated for March 9
ROYAL & SUN: Has 2,988,373,423 Total Voting Rights & Capital
SKYEPHARMA PLC: Two Directors Hike Shares to 6,024 Under Plan

SOFT SECRETS: Hires Liquidator from Ashcrofts
SOLUTIA INC: Equity Committee Supports Modified Sale Plan
SQUARE3 LTD: Creditors' Meeting Slated for March 9
STIRLING GRAPHICS: Creditors' Meeting Slated for March 15
TIMBER BUILDING: Appoints Liquidators to Wind Up Business

VANTAGE TECHNOLOGIES: Taps Liquidators from Gerald Edelman
VELOCE MOTORCYCLES: Brings In Andrew McTear to Liquidate Assets
VIRGIN MEDIA: Sky Withdraws Channels; Demands to Double Price
VIRGIN MEDIA: Posts GBP122.1-Mln Net Loss in Fourth Quarter 2006
WARNER MUSIC: Pre-Conditional Offer Inadequate, EMI Board Says

WESTERHAM HEIGHTS: Names Stephen John Tancock Liquidator
YELL GROUP: Has 779,155,325 Total Voting Rights & Capital

* Paul Hastings Adds Kent & Princi to Corporate Department
* Huron Consulting Hikes Credit Facility with LaSalle Bank

* BOND PRICING: For the Week February 19 to February 23, 2007

                            *********

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


ECKL & PARTNER: St. Poelten Court Orders Business Closure
---------------------------------------------------------
The Land Court of St. Poelten entered Feb. 14 an order closing
the business of KEG Eckl & Partner (FN 22827w).

Court-appointed estate administrator Friedrich Nusterer
recommended the business closure after determining that the
continuing operations would reduce the value of the estate.

The estate administrator can be reached at:

         Dr. Friedrich Nusterer
         Riemerplatz 1
         3100 St. Poelten
         Austria
         Tel: 02742/47087
         Fax: 02742/47089
         E-mail: ra-nusterer@aon.at

Headquartered in St. Poelten, Austria, the Debtor declared
bankruptcy on Jan. 29 (Bankr. Case No. S 214/06w).


PPO LLC: Krems an der Donau Court Orders Business Shutdown
----------------------------------------------------------
The Land Court of Krems an der Donau entered Feb. 13 an order
shutting down the business of LLC PPO (FN 272948w).

Court-appointed estate administrator Frank Riel 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. Frank Riel
         c/o Dr. Frank Eberhart Riel
         Gartenaugasse 1
         3500 Krems
         Austria
         Tel: 02732/86565
         Fax: 02732/86566-11
         E-mail: anwalt@riel-grohmann.at

Headquartered in Krems an der Donau, Austria, the Debtor
declared bankruptcy on Jan. 17 (Bankr. Case No. 9 S 5/07v).
Frank Eberhart Riel represents Dr. Riel in the bankruptcy
proceedings.


SALE4U LLC: Claims Registration Period Ends April 10
----------------------------------------------------
Creditors owed money by LLC sale4U (FN 242610f) have until
April 10 to file written proofs of claim to court-appointed
estate administrator Stefan Jahns at:

         Mag. Stefan Jahns
         c/o Mag. Michael Neuhauser
         Esslinggasse 9
         1010 Vienna
         Austria
         Tel: 536 50-0
         Fax: 536 50-14
         E-mail: officewien@aaa-law.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:15 p.m. on April 24 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 13 (Bankr. Case No. 6 S 16/07f).  Michael Neuhauser
represents Mag. Jahns in the bankruptcy proceedings.


ULRIKE STIEGLER: Claims Registration Period Ends March 26
---------------------------------------------------------
Creditors owed money by KEG Ulrike Stiegler (FN 195859d) have
until March 26 to file written proofs of claim to court-
appointed estate administrator Adolf Leeb at:

         Dr. Adolf Leeb
         Petersgasse 128A
         8010 Graz
         Austria
         Tel: 0316/4780-300
         Fax: 0316/4780-5311
         E-mail: adolf.leeb@grazertreuhand.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 3:00 p.m. on April 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade 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 15/07d).


WILHELM CAHA: Vienna Court Orders Business Shutdown
---------------------------------------------------
The Trade Court of Vienna entered Feb. 13 an order shutting down
the business of LLC Wilhelm Caha (FN 135477g).

Court-appointed estate administrator Katharina Widhalm-Budak
announced that the debtor's estate is insufficient to cover
creditors' claims.

The estate administrator can be reached at:

         Dr. Katharina Widhalm-Budak
         c/o Dr. Klemens Dallinger
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 10 37
         E-mail: widhalm-budak@anwaltsteam.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 7 (Bankr. Case No. 2 S 19/07t).  Klemens Dallinger
represents Dr. Widhalm-Budak in the bankruptcy proceedings.


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


SHIP FINANCE: Earns US$180.8 Million for Full Year 2006
-------------------------------------------------------
Ship Finance International Ltd. released its preliminary results
for the fourth quarter and year ended Dec. 31, 2006.

Ship Finance posted US$57.81 million in net profit on
US$118.43 million in net revenues for the fourth quarter of
2006, compared with US$83.01 million in net profit on
US$143.16 million in net revenues for the same period in 2005.

The company posted US$180.8 million in net profit on
US$415.25 million in net revenues for the full year 2006,
compared with US$209.55 million in net profit on US$437.51
million in net revenues for 2005.

The Board of Directors has reviewed the long-term prospects for
the Company including its significant fixed charter backlog and
growth prospects, and decided to increase the dividend payment
for the quarter to US$0.54 per share.  The dividend will be paid
on March 22 to shareholders of record as of March 8.  The ex-
dividend date is March 6.

As of Dec. 31, 2006, the fleet consisted of 60 vessels,
including seven vessels under construction or conversion.  After
subsequent announced sales and new acquisitions, the fleet will
consist of 57 vessels, including nine vessels under
construction.

The gross fixed-rate charter backlog was US$5.2 billion as of
Dec. 31, 2006, with an average charter tenor of 11.4 years. Some
of our charters have purchase options, which, if exercised, will
reduce the fixed charter backlog and average charter tenor.

At Dec. 31, 2006, US$449.1 million of the 8.5% Senior Notes due
2013 was outstanding.  Senior Notes with a par value of US$51.5
million were subject to Bond Swap Agreements as of year-end.
During the first quarter of 2007, this has increased by an
additional US$5.0 million.  The annual interest rate on the
US$56.5 million of Senior Notes held under Bond Swap Agreements
has been effectively reduced to approximately Libor + 1.00%.

                       Strategy and Outlook

The strategy of the Company is to increase its portfolio of
assets and to employ its assets on medium to long-term
contracts.  The Company will seek to reduce the risks for its
shareholders by investing in different sectors of the shipping
and oil service industry, and also by having a diversified
client base.

Over the last 12 months, the Company has committed to new
investments in excess of US$1.1 billion, and these investments
are expected to increase the Company's fixed charter income and
dividend distribution capacity.

The Company will continue to pursue new projects, and additional
investment opportunities are currently under consideration.  The
Company has significant capital available to fund the equity
portion of new projects, including approximately US$130 million
in net cash proceeds from the sale of the six single-hull
tankers and US$78.9 million in profit-share due from Frontline.
Based on current financing levels available in the market for
projects with long-term charters, Ship Finance has the capacity
to invest in new projects with a gross cost price in excess of
US$1.0 billion without raising additional equity capital.

                       About Ship Finance

Headquartered in Bermuda, Ship Finance International Ltd. --
http://www.shipfinance.org/-- through its subsidiaries engages
in the ownership and operation of oil tankers, including
oil/bulk/ore (OBO) carriers.  The Company operates through
subsidiaries and partnerships located in Bermuda, Cyprus, Isle
of Man, Liberia, Norway and Singapore.  It is also involved in
the charter, purchase and sale of vessels.

                          *     *     *

In a TCR-Europe report on Dec. 7, 2006, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
Bermuda-based Ship Finance International Ltd., a ship-owning
company tied to Frontline Ltd., to 'BB' from 'BB-'.  S&P said
the outlook is stable.

At the same time, S&P raised its senior unsecured debt rating on
Ship Finance's US$580-million bonds to 'B+' from 'B'.

As reported in the TCR-Europe on Nov. 16, 2006, Moody's
Investors Service affirmed Ship Finance International Ltd.'s
ratings, including the Ba3 Corporate Family Rating, the Ba2
Senior Secured Bank Credit Facilities and the B1 Senior
Unsecured Notes rating.  Moody's said the ratings outlook
remains stable.


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


NORTEL NETWORKS: Restating Financials Due to Calculation Errors
---------------------------------------------------------------
Nortel Networks Corp. is delaying the filing of its annual
report on Form 10-K for the year ended Dec. 31, 2006, with the
U.S. Securities and Exchange Commission and its corresponding
filings under Canadian securities laws.

The company has identified certain errors primarily through
discussions with Nortel's North American pension and post-
retirement plan actuaries and through Nortel's ongoing
remediation efforts with respect to its previously reported
internal control deficiencies.  As a result, Nortel and its
principal operating subsidiary Nortel Networks Limited will
restate their financial results for 2004, 2005, and the first
nine months of 2006, and will make adjustments to periods prior
to 2004.

"This restatement has no material impact to our fourth quarter
2006 operating expectations or performance," Peter Currie,
Nortel executive vice president and CFO, said.  "During 2006, we
have implemented significant remedial measures and other actions
to address our internal control weaknesses.  This has resulted
in a substantial reduction of control weaknesses as at yearend
and represents a major milestone in our journey toward
consistent, reliable and timely financial reporting.  We will
conclude the restatement and complete our regulatory filings
within the timely filer period."

"Nortel made tremendous progress advancing its business
transformation plan in 2006, and the announcement does not slow
our progress or divert our focus," Mike Zafirovski, Nortel
president and CEO, said.  "Our expected fourth quarter results
show measurable operating and financial improvements.  We are a
stronger, more competitive company today and we will continue to
drive our progress into 2007 and beyond."

The restatement will primarily correct third party actuarial
calculation errors embedded in Nortel's North American pension
and post-retirement plans and revenue incorrectly recognized in
prior periods that should have been deferred to later periods.
These matters have been fully discussed with the Staff of the
SEC including as part of the company's responses to staff
comments on Nortel's periodic filings with the SEC.

The company currently expects revisions to its previously
reported 2006 nine month results resulting in increases in
revenues and improvements in net earnings of approximately US$24
million and US$15 million, respectively, as well as revisions to
its previously reported 2005 and 2004 financial results
reflecting reductions in revenue of approximately US$28 million
and US$33 million and increases in net loss of approximately
US$87 million and US$42 million, respectively.  With respect to
financial results prior to 2004, the company currently expects
revisions reflecting negative impacts on revenue of
approximately US$27 million and negative impacts on net earnings
of approximately US$5 million, in the aggregate.

The company expects to file its and NNL's 2006 Form 10-K by
March 16.

       Preliminary Results for Fourth Quarter Performance

Fourth quarter 2006 revenues are expected to be approximately
US$3.32 billion, up 10.2% from US$3.01 billion for the same
period in 2005.  Gross margin in the quarter is expected to be
at slightly above 40% of revenue, with a strong contribution
from the LG joint venture and CDMA, up from 38.8% in the fourth
quarter of 2005.

Cash as at Dec. 31, 2006 was approximately US$3.50 billion, up
about US$900 million from Sept. 30, 2006.  This includes
approximately US$300 million of gross proceeds from the sale of
certain assets and liabilities of the UMTS Access business to
Alcatel-Lucent.

                           Restatement

As a result of the previously announced pension plan changes,
third party actuarial firms retained by the company performed
re-measurements of the U.S. and Canadian pension and post-
retirement plans in the third quarter of 2006, at which time one
of these firms discovered potential errors (generally
originating in the late 1990s) in the historical actuarial
calculations they had originally performed on the U.S. pension
plan assets.

Throughout the fourth quarter of 2006 and into 2007, the company
investigated these potential errors, including a review by the
company and its third party actuaries of each of the company's
significant pension and post-retirement benefit plans.  As a
result of this review, the company determined that it had
understated its historical pension expense with respect to the
U.S. and Canadian plans by approximately US$104 million across
several years and currently expects a negative impact to its
previously reported 2006 nine months pension expense and net
earnings of approximately US$18 million and revisions to its
previously reported financial results for 2005 and 2004
reflecting an increased pension expense and increases in net
loss of US$48 million and US$40 million, respectively.  For
periods prior to 2004, these errors are expected to positively
impact pension expense and net earnings by approximately US$2
million, in the aggregate.

As a result of the significant ongoing remedial efforts to
address Nortel's internal control material weaknesses and other
deficiencies, the company also expects to correct for
additional, individually immaterial errors identified throughout
2006.  These errors related mainly to revenue recognition errors
with revenue having generally been recognized prematurely in
prior years when it should have been deferred and recognized in
later periods.

The company expects revisions to its previously reported 2006
nine months results reflecting positive impacts on revenue of
approximately US$24 million and a reduction of net loss of
approximately US$33 million, and revisions to its previously
reported 2005 and 2004 financial results reflecting negative
impacts on revenue of approximately US$28 million and US$33
million, and on net loss of approximately US$39 and US$2,
respectively.  For periods prior to 2004, these errors are
expected to negatively impact revenue by approximately US$27
million and net earnings by approximately US$7 million, each in
the aggregate.

                       Restatement Impact

As a result of the breach or anticipated breach of certain
provisions of NNL's US$750 million support facility with Export
Development Canada related to the required restatement by NNL of
certain of its prior period results, absent a waiver, EDC will
have the right to refuse to issue additional support and to
terminate its commitments under the Support Facility, subject to
a 30-day cure period with respect to certain provisions.

As at Feb. 28, 2007, there was approximately US$144 million of
outstanding support under the Support Facility.  NNL will
request a waiver from EDC to permit continued access to the
Support Facility.  There can be no assurance that NNL will
receive such a waiver.  The company expects to file its and
NNL's 2006 Form 10-Ks within the cure period.

As the company expects to file its 2006 Form 10-K within the
15-day period permitted by Rule 12b-25, and NNL expects to file
its 2006 Form 10-K by the applicable March 31, 2007 deadline, it
is anticipated that the delay will not result in a breach or
anticipated breach of provisions with respect to Nortel's
outstanding indebtedness and related indentures.

                           About Nortel

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers technology
solutions encompassing end-to-end broadband, Voice over IP,
multimedia services and applications, and wireless broadband
designed to help people solve the world's greatest challenges.
Nortel Networks Limited is the principal direct operating
subsidiary of Nortel Networks Corporation.

Nortel does business in more than 150 countries including the
United Kingdom, Denmark, Russia, Norway, Australia, Brazil,
China, Singapore, among others.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 5, 2006,
Moody's Investors Service upgraded its B3 Corporate Family
Rating for Nortel Networks Corp. to B2.


QUANTUM CORP: Posts US$9.5 Mln Net Loss for Third Quarter 2006
--------------------------------------------------------------
Quantum Corp. reported a net loss of US$9.5 million on US$301
million of revenues for its fiscal third quarter ended Dec. 31,
2006 compared with a net income of US$819,000 on US$218 million
of revenues for the same period in 2005.

Revenue from devices (tape drives and removable hard drives) and
non-royalty media sales totaled US$81 million in the third
quarter of 2007, down US$33 million from the same period of
2006.  Nearly this entire decline was due to the continuing
retirement of older tape drives, with approximately two-thirds
of the revenue reduction in older, entry-level drives sold by
OEMs.

Since Quantum's acquisition of Advanced Digital Information
Corp. in late August, this was the first full quarter in which
the two companies operated as one.  As a result, Quantum
increased revenue 38 percent over the same quarter last year.

"As we've integrated ADIC over the last five months, the
strength and promise of the new Quantum has become even clearer,
and this is reflected in our December quarter results," said
Rick Belluzzo, chairman and CEO of Quantum.

"We delivered on our revenue goal, greatly improved our
operating results and demonstrated significant progress in
driving toward our target business model.  We also announced our
new DXi-Series disk-based appliances with de-duplication and
replication technologies and had a strong quarter of software
sales, both of which speak to the broader opportunities we now
have in growing markets."

                         About Quantum Corp.

Headquatered in San Jose, California, Quantum Corp. --
http://www.quantum.com/-- is a global leader in storage,
delivers highly reliable backup, recovery and archive solutions
that meet demanding requirements for data integrity and
availability with superior price/performance and comprehensive
service and support.  Quantum offers customers of all sizes an
unparalleled range of solutions, from leading tape drive and
media technologies, autoloaders and libraries to disk-based
backup systems.  In Europe, the company maintains operations in
Denmark, Czech Republic, Romania, Portugal, France, Germany, and
the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter on Oct. 27, 2006,
Moody's Investors Service confirmed Quantum Corp.'s B3 Corporate
Family Rating.  Moody's also revised Quantum Corp.'s
probability-of-default rating  on the US$150 million senior
secured revolver due 2009 to Ba3 from B2.


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


AKK DIENSTLEISTUNGS: Claims Registration Ends April 13
------------------------------------------------------
Creditors of AKK Dienstleistungs- und Vertriebs GmbH have until
April 13 to register their claims with court-appointed
insolvency manager Dirk Decker.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 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 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:

         Dirk Decker
         Speersort 4-6
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against AKK Dienstleistungs- und Vertriebs GmbH on Feb. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         AKK Dienstleistungs- und Vertriebs GmbH
         Eiffestr. 68
         20537 Hamburg
         Germany


AUTOHAUS KALMUTZKI: Claims Registration Ends March 27
-----------------------------------------------------
Creditors of Autohaus Kalmutzki Guben GmbH have until March 27
to register their claims with court-appointed insolvency manager
Dr. Hubertus Bartelheimer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on April 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cottbus
         Hall 210
         Platz 2
         Cottbus
         Germany

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

The insolvency manager can be reached at:

         Dr. Hubertus Bartelheimer
         Bernburger Str. 32
         10963 Berlin
         Germany

The District Court of Cottbus opened bankruptcy proceedings
against Autohaus Kalmutzki Guben GmbH on Feb. 26.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Autohaus Kalmutzki Guben GmbH
         Gewerbestr. 25
         03172 Guben
         Germany


BAUER VERWALTUNGS: Creditors' Meeting Slated for April 20
---------------------------------------------------------
The court-appointed insolvency manager for Bauer Verwaltungs
GmbH & Co. KG, Rolf Rattunde, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
10:15 a.m. on April 20.

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

         The District Court of Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:30 a.m. on July 20 at the same venue.

Creditors have until May 25 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Rolf Rattunde
         Kurfuerstendamm 212
         10719 Berlin
         Germany

The District Court of Neuruppin opened bankruptcy proceedings
against Bauer Verwaltungs GmbH & Co. KG on Feb. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bauer Verwaltungs GmbH & Co. KG
         Elsholz
         16766 Kremmen
         Germany

         Attn: Stefan Nau, Manager
         Kurfuerstendamm 44
         10719 Berlin
         Germany


BERNHARDT GMBH: Creditors' Meeting Slated for April 4
-----------------------------------------------------
The court-appointed insolvency manager for Bernhardt GmbH
Blechumformtechnik, Gundula Pierson, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 2:00 p.m. on April 4.

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

         The District Court of Marburg/Lahn
         Hall 157
         District Court Building
         Universitatsstrasse 48
         35037 Marburg/Lahn
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:30 a.m. on May 30 at the same venue.

Creditors have until April 23 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Gundula Pierson
         Fach 51
         Software-Center 5a
         35037 Marburg
         Germany
         Tel: 06421/94813-50
         Fax: 06421/94813-60

The District Court of Marburg/Lahn opened bankruptcy proceedings
against Bernhardt GmbH Blechumformtechnik on Feb. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bernhardt GmbH Blechumformtechnik
         Industriestr. 3
         35216 Biedenkopf
         Germany
         Attn: Michael Bernhardt, Manager


BOECKER SHOP: Claims Regsitration Ends April 12
-----------------------------------------------
Creditors of Boecker Shop 24 GmbH have until April 12 to
register their claims with court-appointed insolvency manager
Uwe Hueggenberg.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on May 16, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bochum
         Hall A29
         Ground Floor
         Main Building
         Viktoriastrasse 14
         44787 Bochum
         Germany

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

The insolvency manager can be reached at:

         Uwe Hueggenberg
         Huestr. 34
         44787 Bochum
         Germany

The District Court of Bochum opened bankruptcy proceedings
against Boecker Shop 24 GmbH on Feb. 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Boecker Shop 24 GmbH
         Hohensteinstr. 35
         44866 Bochum
         Germany

         Attn: Achim Boecker, Manager
         Kiefernweg 12
         58285 Gevelsberg
         Germany


GILDEMEISTER AG: Moody's Changes Low-B Rating Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service changed the outlook on the ratings of
Gildemeister AG to stable from negative.  The rating action
affects the:

   -- Ba3 Corporate Family Rating;

   -- B2 rating of its EUR175-million senior subordinated notes
      due 2011; and

   -- B3 issuer rating of the company.

The last rating action was on Jan. 25 when the rating outlook
was changed to negative from stable.

"The change in the outlook was prompted by the company's steady
improvements in operating performance and cash generation
evidenced over recent months," Christian Hendker, lead analyst
at Moody's for Gildemeister, said.  "As a result of these
developments, Gildemeister is now strongly positioned in the Ba3
rating category.  For a rating uplift, however, the current
performance needs to be sustained over the coming 12 to 18
months to show that it is not only attributable to the benign
market environment but also to efficiency gains and enhanced
operating flexibility making the company more resilient to the
cyclicality of its markets."

In addition, Moody's notes that the improvements are a result
of:

   (1) Gildemeister's solid market position in the global market
       for metal-cutting machine tools and the favourable global
       demand for these products;

   (2) the company's continuous expansion into the more
       profitable services segment, which should reduce the
       impact of cyclicality going forward; and

   (3) cost structure improvements and disciplined pricing of
       incoming orders agreed.

The improvement is reflected in credit metrics, namely in
Retained Cash Flow to Net Debt of 19.2% as at the end of
September 2006, compared to 13.3% end of 2005.  The change in
outlook to stable is based on Moody's expectation that
Gildemeister will generate RCF to Net Debt above 15% through the
cycle, driven by the flexibility of the company's cost structure
and discipline in capital spending.

Gildemeister's Ba3 Corporate Family Rating reflect:

   (1) its market position as a leading manufacturer of metal-
       cutting machine tools combined with its strong
       technological expertise, which has been underpinned by a
       constantly renewed product range;

   (2) the company's solid segmental diversification and product
       offering variety;

   (3) its broad customer diversification;

   (4) its solid order book, reflecting a high level of revenue
       visibility; and

   (5) satisfactory liquidity levels.

However, the rating remains constrained by:

    (1) the company's limited absolute scale and geographic
        concentration in Europe, which is exposing
        Gildemeister's operating performance to the cyclicality
        of this region;

    (2) relatively weak margins in the core manufacturing
        business;

    (3) high financial leverage, reflected in credit metrics
        that, despite the improvement, remain more in line with
        the lower range of the Ba rating category;

    (4) the intense competitive environment, particularly in
        markets outside Europe where Gildemeister is still
        somewhat underrepresented; and

    (5) the pressure from rising raw material costs and
        unfavorable foreign exchange rate developments.

The ratings would be likely experience upward pressure over the
next 12 to 18 months if:

   (1) Gildemeister makes progress to improve EBIT-Margin
       towards 8%;

   (2) the company maintains recent improvements in its
       financial profile on a sustained basis, evidenced by RCF
       to Net Debt above 20%; or

   (3) the company makes further progress in increasing
       flexibility of the cost structure, improves geographical
       diversification on a profitable basis and further expands
       into the services segment.

The rating outlook would likely be changed back to negative if
evidence emerges of that the EBIT margin improvements are
reversing to a level below 5.0%, with an ensuing negative impact
on operating cash flow (RCF/net debt below 15 %), and resulting
in negative free cash flow.

Outlook Actions:

   * Gildemeister AG

     -- Outlook, Changed To Stable From Negative

Headquartered in Bielefeld, Germany, Gildemeister is a worldwide
leading manufacturer of metal-cutting machine tools.  For the
last nine months ended Sept. 30, 2006, Gildemeister generated
revenues of EUR924 million and a result after tax of EUR11.2
million.


GULLIVER'S REISEN: Claims Registration Period Ends March 26
-----------------------------------------------------------
Creditors of Gulliver's Reisen GmbH have until March 26 to
register their claims with court-appointed insolvency manager
Peter Depre.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Mannheim
         Hall 232
         Second Floor
         Schloss
         68149 Mannheim
         Germany

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

The insolvency manager can be reached at:

         Peter Depre
         O4, 13-16
         68161 Mannheim
         Germany
         Tel: 0621/120780

The District Court of Mannheim opened bankruptcy proceedings
against Gulliver's Reisen GmbH on Feb. 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Gulliver's Reisen GmbH
         Attn: Axel Knecht, Manager
         Q 4, 10
         68161 Mannheim
         Germany


HEISOSAN GMBH: Creditors' Meeting Slated for May 2
--------------------------------------------------
The court-appointed insolvency manager for HeiSoSan GmbH, Joerg
A. Wunderlich, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 11:00 a.m. on
May 2.

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

         The District Court of Bitburg
         Hall 128
         Gerichtsstrasse 2/4
         54634 Bitburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:10 a.m. on June 27 at the same venue.

Creditors have until May 15 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Joerg A. Wunderlich
         Bahnhofsplatz 8, D
         54292 Trier
         Germany

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

The Debtor can be reached at:

         HeiSoSan GmbH
         Attn: Theodor Hetzner, Manager
         54587 Lissendorf
         Germany


HF FENSTER: Claims Registration Period Ends April 5
---------------------------------------------------
Creditors of HF Fenster GmbH have until April 5 to register
their claims with court-appointed insolvency manager Rainer U.
Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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:

         Rainer U. Mueller
         Schiessstaettenstr. 15
         86159 Augsburg
         Germany

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

The Debtor can be reached at:

         HF Fenster GmbH
         Attn: Volker Joerg, Manager
         Westendstr. 4 a
         86462 Langweid
         Germany


HOLLAENDER-BAU: Claims Registration Period Ends April 10
--------------------------------------------------------
Creditors of Hollaender-Bau GmbH have until April 10 to register
their claims with court-appointed insolvency manager Ruediger
Bauch.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on April 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stendal
         Hall 411
         Albrecht der Bar
         Scharnhorststrasse 40
         39576 Stendal
         Germany

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

The insolvency manager can be reached at:

         Ruediger Bauch
         Schleinufer 11
         39104 Magdeburg
         Germany
         Tel: 0391/5354-0
         Fax: 0391/5354-100

The District Court of Stendal opened bankruptcy proceedings
against Hollaender-Bau GmbH on Feb. 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Hollaender-Bau GmbH
         Attn: Ilona Hollaender, Manager
         Druesedau Nr. 1
         39606 Bretsch
         Germany


HOLZHAEUSER BAU: Creditors' Meeting Slated for April 23
-------------------------------------------------------
The court-appointed insolvency manager for Holzhaeuser Bau GmbH,
Dr. jur. A. Koehler, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
8:52 a.m. on April 23.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:06 a.m. on June 11 at the same venue.

Creditors have until Feb. 16 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. jur. A. Koehler
         Wilhelmstrasse 42
         65582 Diez
         Germany
         Tel: 06432-64580
         Fax: 06432-645820
         E-Mail: verwaltung@koehler-insolvenz.de

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

The Debtor can be reached at:

         Holzhaeuser Bau GmbH
         Zuckmayerstrasse 11
         65582 Diez
         Germany

         Attn: Karl-Heinz Holzhaeuser, Manager
         Zuckmayerstrasse 11
         65582 Diez
         Germany


HORA COMPUTER: Claims Registration Ends April 13
------------------------------------------------
Creditors of hora computer & anwendung gmbh have until April 13
to register their claims with court-appointed insolvency manager
Arne Meyer.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Arne Meyer
         Viktoriastr. 73-75
         52066 Aachen
         Germany
         Tel: 0241/94919-29
         Fax: 0241/94919-19

The District Court of Aachen opened bankruptcy proceedings
against hora computer & anwendung gmbh on Feb. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         hora computer & anwendung gmbh
         Attn: Holger Sprang, Manager
         Hein-Goergen-Str. 19
         52066 Aachen
         Germany


J.A.G. SPORTMARKETING: Claims Registration Ends April 16
--------------------------------------------------------
Creditors of J.A.G. Sportmarketing-GmbH have until April 16 to
register their claims with court-appointed insolvency manager
Ralph Buenning.

Creditors and other interested parties are encouraged to attend
the meeting at 8:15 a.m. on May 23, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Ralph Buenning
         Karl-Wiechert-Allee 1 c
         30625 Hannover
         Germany
         Tel: 0511 554706-0
         Fax: 0511 554706-99

The District Court of Hannover opened bankruptcy proceedings
against J.A.G. Sportmarketing-GmbH on Feb. 27.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         J.A.G. Sportmarketing-GmbH
         Attn: Jakub Andreas Grajewski, Manager
         Schwanebecker Str. 7
         38820 Halberstadt
         Germany


KLOEPFER VERWALTUNGS: Claims Registration Ends March 30
-------------------------------------------------------
Creditors of Kloepfer Verwaltungsgesellschaft mbH have until
March 30 to register their claims with court-appointed
insolvency manager Heiko Jaap.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stralsund
         Hall A 421
         Fourth Floor
         Haus A
         Frankendamm 17
         Stralsund
         Germany

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

The insolvency manager can be reached at:

         Heiko Jaap
         Steinbeckerstr. 10
         17489 Greifswald
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against Kloepfer Verwaltungsgesellschaft mbH on Feb. 23.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Kloepfer Verwaltungsgesellschaft mbH
         Attn: Paul Kloepfer, Manager
         Dannweg 3
         17454 Zinnowitz
         Germany


LABOROX GMBH: Claims Registration Ends April 10
-----------------------------------------------
Creditors of laborox GmbH have until April 10 to register their
claims with court-appointed insolvency manager Wilhelm Denzer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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. Wilhelm Denzer
         Boehmerstrasse 16
         54290 Trier
         Germany
         Tel: 0651/975900
         Fax: 0651/9759095
         E-mail: info@seibel-partner.de

The District Court of Trier opened bankruptcy proceedings
against laborox GmbH on Feb. 26.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         laborox GmbH
         Attn: Christian Hermann Ross, Manager
         Jakob-Schwarzkopf-Strasse 23
         54296 Trier
         Germany


MEDIEN BUSINESS: Creditors Must Register Claims by April 24
-----------------------------------------------------------
Creditors of Medien Business GmbH have until April 24 to
register their claims with court-appointed insolvency manager
Ralf Sinz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Ralf Sinz
         Zeughausstrasse 28-38
         50667 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Medien Business GmbH on Feb. 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Medien Business GmbH
         Vogelsanger Str. 187
         50825 Cologne
         Germany

         Attn: Michael Assen, Manager
         Graf-von-Looz-Str. 18
         50769 Cologne
         Germany


METACLEAN GMBH: Creditors Must Register Claims by March 21
----------------------------------------------------------
Creditors of MetaClean GmbH have until March 21 to register
their claims with court-appointed insolvency manager
Tanja Kreimer.

Creditors and other interested parties are encouraged to attend
the meeting at 2:35 p.m. on April 11, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Lingen (Ems)
         Hall Z 17
         New Building
         Burgstrasse 28
         49808 Lingen (Ems)
         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:

         Tanja Kreimer
         Klosterstrasse 33
         48703 Stadtlohn
         Germany
         Tel: 02563/2083-0
         Fax: 02563/2083-20

The District Court of Lingen (Ems) opened bankruptcy proceedings
against MetaClean GmbH on Feb. 26.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         MetaClean GmbH
         Attn: Franz-Josef Loecke, Manager
         Dieselstrasse 8
         48499 Salzbergen
         Germany


MUSIK-LAEDLEIN-BRUCHSAL: Claims Registration Ends March 27
----------------------------------------------------------
Creditors of Musik-Laedlein-Bruchsal GmbH (fka Musikhaus
Schlaile Bruchsal GmbH) have until March 27 to register their
claims with court-appointed insolvency manager Markus Ernestus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 8, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         Germany

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

The insolvency manager can be reached at:

         Markus Ernestus
         O 3 11+12
         68161 Mannheim
         Germany
         Tel: (06 21) 16 6 80

The District Court of Karlsruhe opened bankruptcy proceedings
against Musik-Laedlein-Bruchsal GmbH (fka Musikhaus Schlaile
Bruchsal GmbH) on Feb. 14.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Musik-Laedlein-Bruchsal GmbH
         Attn: Andreas Roeder, Manager
         Styrumstr. 2
         76646 Bruchsal
         Germany


ODERTRANS SPEDITIONS: Claims Registration Period Ends April 5
-------------------------------------------------------------
Creditors of Odertrans Speditions & Logistik GmbH have until
April 5 to register their claims with court-appointed insolvency
manager Dr. Foerster.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 a.m. on May 8, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Foerster
         Herbert-Jensch-Str. 111
         15234 Frankfurt (Oder)
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against Odertrans Speditions & Logistik GmbH on
Feb. 14.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Odertrans Speditions & Logistik GmbH
         Attn: Ramona Rogall, Manager
         Ebertusstr. 10
         15234 Frankfurt (Oder)
         Germany


PENNEKAMP GMBH: Creditors Must Register Claims by April 30
----------------------------------------------------------
Creditors of Pennekamp GmbH have until April 30 to register
their claims with court-appointed insolvency manager
Peter Houben.

The insolvency manager can be reached at:

         Peter Houben
         Sternstrasse 58
         40479 Duesseldorf
         Tel: 0211/49 144-0
         Fax: +4902114914434
         Germany

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

The Debtor can be reached at:

         Pennekamp GmbH
         Attn: Daniel Engler, Manager
         Seidenweberstr. 13
         47877 Willich
         Germany


PHOTO.STORE GMBH: Creditors Must Register Claims by May 21
----------------------------------------------------------
Creditors of photo.store GmbH have until May 21 to register
their claims with court-appointed insolvency manager
Christoph Rosenmueller.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Christoph Rosenmueller
         Berliner Str. 117
         10713 Berlin
         Germany

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

The Debtor can be reached at:

         photo.store GmbH
         Pankstr. 8-10 Haus L
         13127 Berlin
         Germany


PLASTEX-POLYMA GMBH: Creditors Must Register Claims by April 5
--------------------------------------------------------------
Creditors of Plastex-Polyma GmbH have until April 5 to register
their claims with court-appointed insolvency manager Matthias
Bott.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on April 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Konstanz
         Hall 102
         First Floor
         Gerichtstrasse 9
         78462 Konstanz
         Germany

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

The insolvency manager can be reached at:

         Matthias Bott
         Bodnegger Str. 19
         88287 Gruenkraut
         Germany

The District Court of Konstanz opened bankruptcy proceedings
against Plastex-Polyma GmbH on Feb. 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Plastex-Polyma GmbH
         Garten 9
         88662 Ueberlingen
         Germany


PROLOGIC SYSTEME: Claims Registration Ends April 20
---------------------------------------------------
Creditors of prologic systeme GmbH i.L. have until April 20 to
register their claims with court-appointed insolvency manager
Ottmar Hermann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on May 10, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hanau
         Room 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 reached at:

         Ottmar Hermann
         Bleichstrasse 2-4
         60313 Frankfurt/Main
         Germany
         Tel: 069 /913092 - 0
         Fax: 069 /913092 81

The District Court of Hanau opened bankruptcy proceedings
against prologic systeme GmbH i.L. on Feb. 26.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         prologic systeme GmbH i.L.
         Im Weiherfeld 43
         63571 Gelnhausen
         Germany


REIFEN SYLLA: Claims Registration Ends April 2
----------------------------------------------
Creditors of Reifen Sylla GmbH have until April 2 to register
their claims with court-appointed insolvency manager Udo
Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 8:25 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 Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Udo Mueller
         Georgstr. 50
         30159 Hannover
         Tel: 0511 36698-0
         Fax: 0511 36698-33

The District Court of Hannover opened bankruptcy proceedings
against Reifen Sylla GmbH on Feb. 22.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Reifen Sylla GmbH
         Gusindeweg 8
         30163 Hannover
         Germany

         Attn: Claus-Juergen Sylla, Manager
         Heinrichsstr. 13
         38302 Wolfenbuettel
         Germany


ROLAND ORTHOPADIE: Claims Registration Ends April 3
---------------------------------------------------
Creditors of Roland Orthopadie GmbH have until April 3 to
register their claims with court-appointed insolvency manager
Hans-Peter Rechel.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 3, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         Germany

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

The insolvency manager can be reached at:

         Hans-Peter Rechel
         Lehmweg 17
         20251 Hamburg
         Germany

The District Court of Neuruppin opened bankruptcy proceedings
against Roland Orthopadie GmbH on Feb. 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Roland Orthopadie GmbH
         Attn: Petra Guse, Manager
         Turmstr. 26
         19322 Wittenberge
         Germany


SMART PFI: Fitch Assigns B Ratings to GBP4.3-Mln Class F Notes
---------------------------------------------------------------
Fitch Ratings assigned expected ratings to Smart PFI 2007 GmbH's
upcoming issue of GBP25.65 million credit-linked notes due 2042.

This transaction is a synthetic securitization of exposures to
certain project loans under the private finance initiative and
public and private partnership projects in the UK originated by
Sumitomo Mitsui Banking Corporation Europe Ltd.

The ratings affected are:

   -- GBP4.3 million Class F: 'B'
   -- GBP100,000 Class A+: 'AAA'
   -- GBP5 million Class A: 'AAA'
   -- GBP3.25 million Class B: 'AA'
   -- GBP2.55 million Class C: 'A'
   -- GBP4.75 million Class D: 'BBB'
   -- GBP5.7 million Class E: 'BB'

The final ratings are contingent on the receipt of final
documents conforming to information already received.
The transaction structure is based on Kreditanstalt fur
Wiederaufbau's securitization platform.  The transaction will
have a four-year replenishing period during which maturing and
amortizing exposures may be replenished with other exposures,
subject to satisfying certain eligibility criteria.

Credit enhancement for both the Class A+ notes and the senior
credit default swap is 8.09% and is provided by the Class A
notes, the Class B notes, the Class C notes, the Class D notes,
the Class E notes, the Class F notes and the unrated threshold
amount.  Credit enhancement for the Class A, B, C, D, E and F
notes are 6.84%, 6.03%, 5.39%, 4.20%, 2.78% and 1.7%,
respectively.  The ratings of the notes are linked to the credit
quality of the certificates of indebtedness issued by KfW.
Therefore, if KfW were to be downgraded below 'AAA'/ 'F1+', any
note rated higher than the then-outstanding rating of KfW will
be downgraded accordingly.

The issuer is a bankruptcy-remote, special purpose vehicle
incorporated with limited liability under the laws of Germany.
SMBCE will purchase protection under a bank swap in respect of
the reference portfolio from KfW.  KfW will seek protection on
its exposure by entering into a SCDS with a senior swap provider
and issuing Schuldscheine to be purchased by the issuer using
proceeds from the issue of credit-linked notes.


STARCAFE GMBH: Claims Registration Ends April 10
------------------------------------------------
Creditors of Starcafe GmbH & Co. KG have until April 10 to
register their claims with court-appointed insolvency manager
Jens M. Schmittmann.

The insolvency manager can be reached at:

         Dr. Jens M. Schmittmann
         Zweigertstrasse 28-30
         45130 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against Starcafe GmbH & Co. KG on Feb. 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Starcafe GmbH & Co. KG
         Ruettenscheider Str. 68
         45130 Essen
         Germany

         Attn: Klaus Beutner, Manager
         Metingsbank 27
         45277 Essen
         Germany


SYSTEMPARTNER COMPUTER: Claims Registration Ends March 22
---------------------------------------------------------
Creditors of Systempartner Computer Vertriebs GmbH & Co. KG have
until March 22 to register their claims with court-appointed
insolvency manager Alexander Kaesebier.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Hameln
         Hall 106
         Zehnthof 1
         31785 Hameln
         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:

         Alexander Kaesebier
         Grothstr. 2
         31787 Hameln
         Germany
         Tel: 05151/821252
         Fax: 05151/821253
         E-mail: info@lexindex.de

The District Court of Hameln opened bankruptcy proceedings
against Systempartner Computer Vertriebs GmbH & Co. KG on
Feb. 22.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Systempartner Computer Vertriebs GmbH & Co. KG
         Werkstr. 9
         31789 Hameln
         Germany

         Attn: Rene Bolduan, Manager
         Fischerweg 36
         31515 Wunstorf


UNI-SERV GMBH: Creditors Meeting Slated for April 11
----------------------------------------------------
The court-appointed insolvency manager for Uni-Serv GmbH, Knut
Rebholz, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:20 a.m. on
April 11.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:15 a.m. on July 11 at the same venue.

Creditors have until May 16 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Knut Rebholz
         Cicerostr. 22
         10709 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Uni-Serv GmbH on Feb. 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Uni-Serv GmbH
         Allee der Kosmonauten 251
         0315 Berlin
         Germany


WEIDNER VERPACKUNGEN: Creditors Meeting Slated for March 26
-----------------------------------------------------------
The court-appointed insolvency manager for Verpackungen
Verwaltungs-GmbH, Dr. Oliver Jakob, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:30 a.m. on March 26.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:30 a.m. on April 23 at the same venue.

Creditors have until March 29 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Oliver Jakob
         Loffelstr. 1
         70597 Stuttgart
         Germany
         Tel: 0711-720715-0

The District Court of Ludwigsburg opened bankruptcy proceedings
against Verpackungen Verwaltungs-GmbH on Feb. 26.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Verpackungen Verwaltungs-GmbH
         Attn: Wolfgang Aubele, Manager
         Uferstr. 50
         71560 Sulzbach/Murr
         Germany


WERBE- UND KOPIERCENTER: Claims Registration Ends April 13
----------------------------------------------------------
Creditors of TF Werbe- und Kopiercenter GmbH have until April 13
to register their claims with court-appointed insolvency manager
Martin Abegg.

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 Saarbruecken
         Area Hall 13
         First Floor
         Branch Office Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach
         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 Abegg
         Bahnhofstr. 101
         66111 Saarbrcken
         Germany
         Tel: 0681-31026
         Fax: 0681-390008

The District Court of Saarbruecken opened bankruptcy proceedings
against TF Werbe- und Kopiercenter GmbH on Feb. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         TF Werbe- und Kopiercenter GmbH
         Attn: Hans-Jorg Feilen, Manager
         Stummstrasse 1-3
         66763 Dillingen
         Germany


WINDPARK PUTZHOHE: Creditors Meeting Slated for March 29
--------------------------------------------------------
The court-appointed insolvency manager for Windpark Putzhohe
W.A.T.T. GmbH, Jorg A. Wunderlich, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 11:00 a.m. on March 29.

The meeting of creditors and other interested parties 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 at 11:15 a.m. on May 10 at the same venue.

Creditors have until April 13 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Jorg A. Wunderlich
         Bahnhofsplatz 8
         54292 Trier
         Germany
         Tel: 0651/146930
         Fax: 0651/1469320

The District Court of Trier opened bankruptcy proceedings
against Windpark Putzhohe W.A.T.T. GmbH on Feb. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Windpark Putzhohe W.A.T.T. GmbH
         Kirchenbungert 2
         54292 Trier
         Germany


WINDPARK STAFFELSTEIN: Creditors Meeting Slated for March 29
------------------------------------------------------------
The court-appointed insolvency manager for Windpark Staffelstein
WATT GmbH, Jorg A. Wunderlich, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
10:30 a.m. on March 29.

The meeting of creditors and other interested parties 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 at 10:45 a.m. on May 10 at the same venue.

Creditors have until April 13 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Jorg A. Wunderlich
         Bahnhofsplatz 8
         54292 Trier
         Germany
         Tel: 0651/146930
         Fax: 0651/1469320

The District Court of Trier opened bankruptcy proceedings
against Windpark Staffelstein WATT GmbH on Feb. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Windpark Staffelstein WATT GmbH
         Kirchenbungert 2
         54292 Trier
         Germany


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


HERTZ CORP: Plans Additional 1,350 Job Cuts, Mostly in U.S.
-----------------------------------------------------------
Hertz Corp. plans to eliminate another 1,350 jobs, mainly in car
rental operations in the U.S., as well as Canada, Puerto Rico,
Brazil, Australia, and New Zealand, the Associated Press
reports.

The company revealed that it hopes to save US$125 million in
wages and similar costs annually as a result of the latest cuts,
Bloomberg News relates.

According to published reports, the company expects the layoffs
to result in a charge of US$9 million to US$11 million for
severance costs in the first quarter of 2007.

News about the most recent cuts emerged less than two months
after parent company Hertz Global Holdings Inc. disclosed plans
to lay off 200 workers.

As reported in TCR-Europe on Jan. 12, Hertz Global Holdings said
that the targeted job reductions are intended to help streamline
decision-making and improve service, in part by de-layering
management in several departments.

The parent company anticipates incurring an estimated US$3.3
million-US$3.8 million restructuring charge for severance and
related costs that will be taken in the first quarter of 2007.

              About Hertz Global Holdings, Inc.

Hertz Global Holdings, Inc., the indirect parent corporation of
The Hertz Corp., is the largest worldwide general use car rental
brand and one of the largest equipment rental businesses in the
United States.  In its car rental business segment, Hertz and
its independent licensees and associates accept reservations for
car rentals at about 7,600 locations in approximately 145
countries.

                        About Hertz Corp.

Headquartered in Park Ridge, New Jersey, Hertz Corp. --
http://www.hertz.com/-- is a car rental company that operates
from approximately 7,600 locations in 145 countries worldwide.

Hertz also operates an equipment rental business, Hertz
Equipment Rental Corporation, offering a diverse line of
equipment, including tools and supplies, as well as new and used
equipment for sale, to customers ranging from major industrial
companies to local contractors and consumers through more than
360 branches in the United States, Canada, France, and Spain.

Hertz has operations in the Philippines, Hungary, and Peru,
among others.

                        *     *     *

As reported in the TCR-Europe on Nov. 24, Moody's Investors
Service changed the rating outlook of The Hertz Corp. to stable
from negative following the completion of a US$1.3 billion IPO
by Hertz Global Holdings, Inc., the acquisition vehicle through
which equity sponsors Clayton, Dubilier & Rice, Inc., The
Carlyle Group and Merrill Lynch Global Private Equity acquired
Hertz in December 2005.

In a TCR-Europe report on Feb. 14, Standard & Poor's Ratings
Services affirmed its bank loan and recovery ratings on Hertz
Corp.'s senior secured bank facility at BB+/BB.  S&P also
affirmed the company's Corporate Credit Rating at BB-/Negative/.


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


SANYO ELECTRIC: SESC Won't File Charges for Inaccurate Reports
--------------------------------------------------------------
Japan's Securities and Exchange Surveillance Commission has
decided not to file a criminal complaint against Sanyo Electric
Co. amid allegations that the company dressed up its financial
statements, Japan Today reports, citing sources familiar with
the matter.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 26, the SESC had commenced an investigation on whether
Sanyo Electric failed to fully disclose its losses.

The TCR-AP report said that Sanyo Electric had allegedly written
off losses of JPY190 billion (US$1.6 billion) at its
subsidiaries, but reported the losses as JPY50 billion (US$412
million), and that it may have falsely reported a profit when it
was in the red.

Moreover, Japan Today says that the SESC also decided to refrain
from recommending that the Financial Services Agency order Sanyo
Electric to pay fines in connection with the alleged accounting
fraud.

Citing a Kyodo News report, Bloomberg News adds that the FSA
will not press charges because of Sanyo Electric's intention to
provide corrected earnings reports to the government.

Bloomberg states that Sanyo Electric stock gained 9.2% to JPY189
on the Osaka Securities Exchange on Thursday after the media
reported the SESC's decision not to seek penalties against the
company.  The rise in stock price, according to the report, was
Sanyo Electric's biggest advance in 10 days.

                     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.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on March 2,
Fitch Ratings has placed Sanyo Electric Co. Ltd.'s 'BB+' Long-
term foreign and local currency Issuer Default and
seniorunsecured ratings on Rating Watch Negative.

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.


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


ALITALIA SPA: Will Not Write Off Aging Fleet
--------------------------------------------
Alitalia S.p.A. will not write down its aging fleet, AFX News
reports citing daily Finanza & Mercati as its source.

The company had been mulling to write off up to EUR400 million
of the value of its fleet, which mostly consists of older MD80
planes.  The move, AFX News suggests, could have forced Alitalia
to launch a capital increase to cover losses from the write off.

In a TCR-Europe report on March 1, the Italian government was
reviewing a capital increase option in case its current tender
to sell its 39.9% stake in national carrier Alitalia S.p.A.
fails, AFX News reports citing daily Il Corriere della Sera.

The company's board has commenced reviewing Alitalia's accounts
for 2006 and will meet on March 9 to decide on the results,
which was estimated at around EUR380 million.

                         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.


FERRO CORP: Earnings Prospects Cue S&P to Hold B+ Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Ferro Corp. and raised the senior debt rating
to 'B+' from 'B'.

The ratings are removed from CreditWatch, where they were placed
Nov. 18, 2005, with negative implications.  The outlook is
stable.

The affirmation of the corporate credit rating reflects the
likelihood that the company will be able to maintain or further
strengthen credit metrics, which are reasonable for the ratings,
despite some concerns about somewhat slower economic growth
during 2007.  The upgrade of the senior debt rating recognizes
that the existing US$200 million of 9.25% notes benefit from the
same collateral as the secured credit facility.

"Ferro's earnings prospects are enhanced by restructuring
actions underway and transparency has improved as a result of
the return to a normal reporting schedule.  In addition, the
company is likely to continue to work toward the reduction of
debt and metal lease borrowings," said Standard & Poor's credit
analyst Wesley E. Chinn.

The ratings on this producer of ceramic glaze, porcelain enamel
coatings, electronic materials, and inorganic pigments and
colorants reflect its aggressive debt leverage, cyclicality of
its markets, vulnerability to raw material costs, and lackluster
operating margins and return on capital.

These negatives are partially offset by a diverse chemicals
portfolio, initiatives to lower the cost structure, and
potential debt reduction from asset sales.


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


ALFA GROUP KZ: Creditors Must File Claims by April 6
-----------------------------------------------------
LLP Alfa Group Kz has declared insolvency.  Creditors have until
April 6 to submit written proofs of claim to:

         LLP Alfa Group Kz
         Dostyk Ave. 38
         Almaty
         Kazakhstan
         Tel: 8 (3272) 64-64-52
              8 (3272) 64-64-80


ALLIANCE ENERGO-INVEST: Creditors' Claims Due April 6
-----------------------------------------------------
LLP Alliance Energo-Invest has declared insolvency.  Creditors
have until April 6 to submit written proofs of claim to:

         LLP Alliance Energo-Invest
         Timiryazev Str. 5
         Astana
         Kazakhstan
         Tel: 8 (3172) 38-11-10
              8 (3172) 38-84-04


ATF BANK: Fitch Affirms BB- IDR on Increased Market Share
---------------------------------------------------------
Fitch Ratings affirmed Kazakhstan-based ATF Bank's ratings at
Issuer Default 'BB-', Short-term 'B', Individual 'D' and Support
'3'.  The Outlook on the Issuer Default rating remains Stable.

The agency has also assigned ATF Capital B.V.'s US$450 million
9.25% eurobond issue due 2014 a final rating of Long-term 'BB-'.
The notes will be irrevocably and unconditionally guaranteed by
ATF.  Further details on the structure of the issue can be found
in Fitch's announcement on 9 February 2007.

ATF's Issuer Default, Short-term and Support ratings reflect
Fitch's view of the moderate likelihood of state support being
available to the bank in case of need.  This view takes account
of ATF's significant and increased market shares, and also the
ability of the Kazakhstani authorities to provide support, as
reflected in the sovereign's foreign currency IDR of
'BBB'/Positive Outlook.

The Individual rating reflects the risk inherent in ATF's rapid
asset growth, high construction sector and borrower
concentrations, increased pressure on capital and significant
reliance on international funding.  However, the ratings also
take into account the bank's reasonable, to date, loan
impairment levels and liquidity profile as well as modest market
risk appetite.

Downward pressure on the Individual rating could come from
significant pressure on capital adequacy levels driven by
further rapid growth in risk-weighted assets or any
deterioration in asset quality.  Positive factors for the
Individual rating would be a moderation of loan growth rates, a
substantial improvement in bottom-line performance and
maintenance of adequate capitalization ratios.

During the fourth quarter of 2006 ATF almost doubled its asset
base to become the third-largest bank in Kazakhstan at the end
of 2006.  This extraordinary growth was funded mainly by
substantial international borrowings and a surge in large
customers' deposits.  Loans also grew by a very rapid 31% in the
fourth quarter of 2006, although the majority of the attracted
funding was placed in liquid instruments at the end of 2006.
The latter fact, combined with the placement during the fourth
quarter of 2006 of preferred stock, allowed the bank to still
report a total regulatory capital ratio of 14.5% at the end of
2006.  The ratio of tier 1 capital to regulatory risk-weighted
assets was 9.9% at year-end.

ATF plans to continue growing its risk-weighted assets in the
first half of 2007, predominantly by reducing liquid assets and
expanding the loan book.  This is likely to put significant
pressure on capital adequacy levels, requiring substantial fresh
capital injections.  "Management considers an IPO as a viable
capital strategy for the bank in first half of 2007", says
Dmitri Angarov, Associate Director at Fitch's Financial
Institutions Group in Moscow.  "We are concerned, however, that
should a public placement be delayed for any reason, or should
asset quality deteriorate as a result of ongoing growth, the
bank's capital position could weaken, while its strengthening
may depend on the bank's continued ability to place other
capital instruments."

At the end of 2006, ATF held around 12% of Kazakhstan's banking
system assets.  Large corporate and SME business have been the
primary focus of the bank's growth strategy.  However,
management expects that the planned expansion of its branch
network will support growth in retail business.  Bulat
Utemuratov, a Senior Official at the President's Administration
Office, and his family beneficially own 51.9% of ATF's ordinary
share capital.


CLEO LLP: Proof of Claim Deadline Slated for April 6
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Cleo insolvent.

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

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


ENGU-ABZAL LLP: Claims Registration Ends April 6
------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has declared LLP Engu-Abzal insolvent.

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

         The Specialized Inter-Regional Economic Court of East
         Kazakhstan Region
         Mashinostroitelei Str. 6-63
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 55-02-78


KAZAKHSATN OTYN-GAS: Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola region
has begun bankruptcy proceeding against LLP Kazakhsatn Otyn-Gas.


KIAS-SNABSERVICE LLP: Creditors Must File Claims by April 6
-----------------------------------------------------------
LLP Kias-Snabservice has declared insolvency.  Creditors have
until April 6 to submit written proofs of claim to:

         LLP Kias-Snabservice
         Musorgsky Str. 147a
         Almaty
         Kazakhstan
         Tel: 8 (3272) 98-27-46


LAMZO BANG'S: Creditors' Claims Due April 6
-------------------------------------------
LLP Lamzo Bang's has declared insolvency.  Creditors have until
April 6 to submit written proofs of claim to:

         LLP Lamzo Bang's
         Rayimbek Ave. 101-86
         Almaty
         Kazakhstan


RIMECKS LTD: Proof of Claim Deadline Slated for April 6
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Rimecks Ltd insolvent.

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

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


UGHIMMONTAGE JSC: Court Starts Bankruptcy Proceedings
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan region has begun bankruptcy proceeding against JSC
Ughimmontage on Jan. 31.


ZAPKAMAZ-KYZYLORDA LLP: Claims Filing Period Ends April 6
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Zapkamaz-Kyzylorda insolvent.

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

         The Specialized Inter-Regional Economic Court of
         Kyzylorda
         Micro District "Sayahat", V/47
         Kyzylorda
         Kazakhstan
         Tel: 8 (32437) 2-27-31
              7 701 415 42-15


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


BAYKERI LLC: Claims Filing Period Ends April 6
----------------------------------------------
LLC Baykeri (INN 00202200610147) has declared insolvency.
Creditors have until April 6 to submit written proofs of claim
to:

         LLC Baykeri
         Ashhabadsky Side Street 3
         Bishkek, Kyrgyzstan


VALLON FINANCE: Creditors' Claims Due April 6
---------------------------------------------
LLC Vallon Finance Ltd. has declared insolvency.  Creditors have
until April 6 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 61-08-92.


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



EVRAZ GROUP: Mastercroft Limited to Buy 5% NTMK Minority Stake
--------------------------------------------------------------
Mastercroft Limited, a wholly owned subsidiary of Evraz Group
S.A., submitted to the Federal Service on Financial Markets a
voluntary tender offer statement to purchase all outstanding
shares of Evraz's Russian subsidiary NTMK.

FSFM is to approve the offer within 15 days.  Following the
approval, Mastercroft Limited, which at the moment holds 94.997%
of NTMK share capital, is going to make an offer to NTMK's
minority shareholders to tender the remaining 5.003187% of
NTMK's outstanding shares.  The details of the offer will be
published after the FSFM approval.

Once commenced, the tender offer will be valid for 70 days
starting on the day following receipt of the tender offer
statement by NTMK.

                           About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                          *     *     *

As reported in the TCR-Europe on Nov. 23, 2006, Fitch Ratings
affirmed Luxembourg-based Evraz Group S.A.'s Issuer Default and
senior unsecured ratings at BB and its Short-term rating at B.

At the same time, Fitch has affirmed the ratings of Mastercroft
Ltd., Evraz's core subsidiary with most of its assets
concentrated in Russia- at Issuer Default BB and Short-term B.
Evraz Securities SA's senior unsecured rating is affirmed at BB.
Fitch said the Outlooks on the Issuer Default ratings are
Stable.

Evraz Group's 8-1/4% notes due November 2015 has been given by
Moody's Investors Service's (P)B2 rating, Standard & Poor's B+
rating and Fitch's BB- rating.


EVRAZ GROUP: Sibmetinvest Begins Tender for VGOK & NMTP Stakes
--------------------------------------------------------------
OOO Sibmetinvest, an affiliated company of Evraz Group S.A,
commences cash tender offers to purchase 5.000346% and 5.5896%
of outstanding shares of common stock of VGOK and the Nakhodka
seaport (NMTP), respectively.

Sibmetinvest which itself and through its affiliated companies
holds 94.99965% of VGOK share capital, has made an offer to VGOK
minority shareholders to tender the remaining 5.000346% of VGOK
outstanding shares for a cash consideration of RUR5.83 per
ordinary share or an aggregate price of approximately RUR227.4
million.

Sibmetinvest has also made an offer to NMTP minority
shareholders to purchase 5.5896% of NMTP common stock for RUR33
per share or an aggregate price of approximately RUR82.8
million.  At present Sibmetinvest owns 94.41036% of NMTP share
capital.

The tender offers commence on March 2 and will be valid for 70
days.

                           About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                          *     *     *

As reported in the TCR-Europe on Nov. 23, 2006, Fitch Ratings
affirmed Luxembourg-based Evraz Group S.A.'s Issuer Default and
senior unsecured ratings at BB and its Short-term rating at B.

At the same time, Fitch has affirmed the ratings of Mastercroft
Ltd., Evraz's core subsidiary with most of its assets
concentrated in Russia- at Issuer Default BB and Short-term B.
Evraz Securities SA's senior unsecured rating is affirmed at BB.
Fitch said the Outlooks on the Issuer Default ratings are
Stable.

Evraz Group's 8-1/4% notes due November 2015 has been given by
Moody's Investors Service's (P)B2 rating, Standard & Poor's B+
rating and Fitch's BB- rating.


PENTA CLO: Moody's Rates EUR13-Mln Class E Notes at (P)Ba1
----------------------------------------------------------
Moody's assigned provisional credit ratings to the notes issued
by Penta CLO 1 S.A., a special purpose company incorporated in
Luxembourg.  The ratings affected are:

   -- EUR240-million Class A-1 Senior Floating Rate Notes due
      2024: (P)Aaa;

   -- EUR26-million Class A-2 Senior Floating Rate Notes due
      2024: (P)Aaa;

   -- EUR48-million Class B Senior Deferrable Floating Rate
      Notes due 2024: (P)Aa2;

   -- EUR21-million Class C Senior Subordinated Deferrable
      Floating Rate Notes due 2024: (P)A2;

   -- EUR15-million Class D Senior Subordinated Deferrable
      Floating Rate Notes due 2024: (P)Baa2; and

   -- EUR13-million Class E Senior Subordinated Deferrable
      Floating Rate Notes due 2024: (P)Ba1.

   -- EUR42-million Class F Subordinated Notes due 2024 will be
      issued but are not rated by Moody's.

The provisional ratings of the Class A, B, C, D and E notes
address the expected loss posed to investors by the legal final
maturity in 2024.

The ratings assigned by Moody's are primarily based on:

   * An assessment of the eligibility criteria and portfolio
     guidelines applicable to the future additions to the
     portfolio;

   * The protection against losses through the subordination of
     the more junior classes of notes to the more senior classes
     of notes;

   * The expertise of Partners Group as Sub-Advisor to the
     Portfolio Manager Penta Management Limited; and

   * The legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a EUR400-million portfolio of mostly European senior
and mezzanine loans (with a predominance of senior secured
loans).  This portfolio will partially acquired at closing date
and partially during the 12 months ramp-up period in compliance
with portfolio guidelines.  Thereafter, the portfolio of loans
will be actively managed and the portfolio manager will have the
option, on behalf of the issuer, to buy or sell loans.  Any
addition or removal of loans will be subject to a number of
portfolio criteria.

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's provisional credit opinions.  Upon a conclusive review
of the transaction and associated documentation, Moody's will
endeavor to assign definitive ratings.  A definitive rating may
differ from a provisional rating.


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


ITRON INC: Moody's May Downgrade Ratings After Review
-----------------------------------------------------
Moody's Investors Service placed all ratings of Itron Inc. under
review for possible downgrade following the company's report
that it was acquiring Actaris Metering Systems, a leading
European manufacturer of electric, gas and water meters, for
approximately US$1.6 billion, including the retirement of
approximately EUR445 million of Actaris' debt.

The action is predicated on Moody's expectation that the
transaction will result in a significant increase in leverage at
closing, with approximately US$1.1 billion incremental debt and
proforma debt/EBITDA on a reported basis rising to 5.75x from
4.07x at Dec. 31, 2006.  Moody's notes that the acquisition will
be also funded with the net proceeds of a US$235 million private
placement of equity and cash on hand, which was substantial at
Dec. 31, 2006 following the issuance of US$345 million
convertible subordinated notes in August 2006.

During its review, Moody's will look into the financial
implications of the transaction, focusing on the cash flow
profile of the combined entity, the assumed amount of debt-like
obligations such as pension deficit and capitalized operating
leases, as well as the pace at which Itron is expected to
de-lever.  The rating agency will also consider the potential
synergies and integration risks associated with a transaction of
this magnitude.  To define the scope of the downgrade within the
B rating category, Moody's will weigh the positive factors of
the transaction, primarily broader scale and diversity, and
determine to what extent they bring more stability to cash flows
and mitigate the significant deterioration of the credit metrics
at closing.  Moody's cautions that Itron has been historically
exposed to utility spending cycles and partially reliant on
large project-based orders for the marketing of its AMR
technology.

These ratings have been placed under review for possible
downgrade:

   -- Ba3 Corporate Family Rating
   -- Ba3 Probability of Default Rating
   -- Baa3 Senior Secured Revolver due 2009
   -- Ba1 Subordinated Notes due 2012

Itron is a leading provider of electricity meters, meter data
collection systems and meter data management software solutions
in North America.  The company reported total revenues of
US$644 million in 2006.


X5 RETAIL: Launches New Employee Stock Option Program
-----------------------------------------------------
X5 Retail Group N.V. has launched a new employee stock option
program for its key executives and employees.

Under the terms of the plan, its beneficiaries may be granted
options to acquire the economic benefit in, or receive the cash
value of, a certain number of Global Depositary Receipts.  The
grant of any such option to any beneficiary, and the number of
GDRs subject to such option, will be subject to certain
performance criteria specific to such beneficiary being met,
including, inter alia, X5 Retail Group achieving certain EBITDA,
store roll-out and cost containment or reduction targets.

The total number of share options is capped at 10,824,000 GDRs.
The program will run through to May 18, 2010.  The options will
be granted in 4 tranches, with the vesting dates on May 18,
2007, May 18, 2008, May 18, 2009 and May 18, 2010,
correspondingly.  The exercise price of the first options
vesting on May 18, 2007, will be US$18 per GDR (the share price
at the date of the merger on May 18, 2006), the exercise price
of the consequent three option tranches will be equal to the
average market value of the shares represented in GDRs during 30
days prior to the vesting date of each of these options.

The total number of participants is not limited and is expected
to vary during its lifetime, but it is anticipated to cover
about one hundred top employees and managers of the Company.

"Following the final closure of the previous ESOP with all
termination payments fully made to date, we are pleased to
announce the new ESOP program which is designed to be both
highly motivating our key managers and advantageous to the
Company," said Group CEO Lev Khasis.  "The program will cover
not only top level, but also mid level management since it is
very important to adequately motivate all key members of our
highly professional management team in view of our aggressive
plans of further growth to become the leader of not just
fragmented, but of the consolidated Russian food retail market
in a medium term perspective."

"Based on the experience and best practice of leading
international companies, the Supervisory Board believes that it
is critical to align interests of key executives and
shareholders by giving X5 managers an opportunity of sharing the
benefits of the Group's future progress and success, as well as
to attract top international talent.  We are sure that the new
ESOP will enable us to meet these objectives," added Herve
Defforey, chairman of the Supervisory Board of X5 Retail Group
N.V.

                      About X5 Retail

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

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

                       *     *     *

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

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


===============
P O R T U G A L
===============


HIPOTOTTA 5: S&P Assigns CCC- Prelim Ratings to EUR10-Mln Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR2.01 billion mortgage-backed floating-
rate notes to be issued by HipoTotta No. 5 PLC.

The originator is Banco Santander Totta, S.A.  At closing, Totta
will sell the issuer a EUR2.01 million pool of mortgage loans
granted to Portuguese residents.  The mortgage loans will be
backed by first-ranking mortgages.

To fund this purchase, HipoTotta No. 5 will issue six classes of
floating-rate, quarterly paying notes.  The class F notes will
fully fund the cash reserve account at closing.

This is the fifth RMBS transaction set up by Totta.

The transaction mixes principal and interest from the mortgages
to pay interest and principal due under the notes, a feature
usually seen in Spanish RMBS transactions. To protect the more
senior noteholders under certain stress scenarios, the priority
of payments will feature a trigger based on the accumulated
level of defaults.

If the trigger is breached, a portion of the payment of
subordinated interest will be moved to a more subordinated
position in the priority of payments.  In addition, the
transaction features a write-off mechanism where principal
amortization will be accelerated by the amount of loans over 18
months past due.

                          Ratings List

HipoTotta No. 5 PLC
   EUR2.01 Billion Mortgage-Backed Floating-Rate Notes

                           Prelim.       Prelim amount
            Class          rating         (Mln. EUR)
            -----          ------        -------------
            A1             AAA              200
            A2             AAA            1,693
            B              AA                26
            C              A                 24
            D              BBB               26
            E              BB                31
            F              CCC-              10


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


ALFA BANK: Fitch Assigns Long-Term B+ Rating to US$300-Mln Notes
----------------------------------------------------------------
Fitch Ratings assigned Alfa Bond Issuance PLC's US$300 million
issue of limited recourse 8.635% loan participation notes due
February 2017 a Long-term rating of 'B+'.

The notes are to be used solely for financing a subordinated
loan to Russia's Alfa Bank.  The issuer will only pay
noteholders amounts, if any, received from Alfa under the loan
agreement.

The issuer's claims in relation to repayment of the subordinated
loan will be junior to those of Alfa's senior creditors but will
rank at least equally with the claims of other subordinated
creditors of the bank.  The interest rate is fixed, with a 150
basis points step-up in the margin over the U.S. Treasury rate
after five years.  Alfa will have the right to prepay the
subordinated loan after five years or at any time if the
subordinated loan does not qualify as regulatory capital.

Alfa Banking Group is the largest privately owned banking group
in Russia by assets.  The group is ultimately owned by six
individuals, with the largest stake held by Mikhail Fridman, the
Chairman of the Board.


ALFA LLC: Creditors Must File Claims by April 10
------------------------------------------------
Creditors of LLC Building Company Alfa have until April 10 to
submit proofs of claim to:

         V. Ivanov, Insolvency Manager
         Belinskogo Str. 20/1-2
         Tomsk
         Russia

The Arbitration Court of Tomsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A67-8672/06.

The Debtor can be reached at:

         Building Company Alfa
         Lesnaya Str. 9b
         Seversk, Tomsk
         Russia


ARKADAKSKIY BAKERY: Creditors Must File Claims by March 10
----------------------------------------------------------
Creditors of OJSC Arkadakskiy Bakery have until March 10 to
submit proofs of claim to:

         A. Pshenkov, Insolvency Manager
         Lenina Pr. 79-102
         400078 Volgograd
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A57-15583/06-40.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         OJSC Arkadakskiy Bakery
         Arkadak, Saratov
         Russia


ARSENAL-INVEST CJSC: Creditors Must File Claims by April 10
-----------------------------------------------------------
Creditors of CJSC Financial-Industrial Company Arsenal-Invest
have until April 10 to submit proofs of claim to:

         M. Akhmetzyanov, Insolvency Manager
         Post User Box 5446
         Izhevsk
         426021 Udmurtiya
         Russia

The Arbitration Court of Udmurtiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A71-008835/2006 G9.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Financial-Industrial Company Arsenal-Invest
         Rodnikovskaya Str. 62
         Izhevsk, Udmurtiya
         Russia


ATAMANSKOYE CJSC: Creditors Must File Claims by March 10
--------------------------------------------------------
Creditors of CJSC Atamanskoye (TIN 6121007097) have until
March 10 to submit proofs of claim to:

         S. Potapenko, Temporary Insolvency Manager
         Office 15
         Krasnoarmeyskaya Str. 208
         344000 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov commenced bankruptcy supervision
procedure on the company.  The hearing in the Court will convene
at 10:00 a.m. on June 18.  The case is docketed under Case No.
A53-17643/06-s1-51.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Atamanskoye
         Shiroko-Atamanskiy
         Morozovskiy
         347200 Rostov
         Russia


BOSOM OF BURYATIYA: Creditors Must File Claims by March 10
----------------------------------------------------------
Creditors of LLC Bosom of Buryatiya have until March 10 to
submit proofs of claim to:

         N. Dubershtein, Temporary Insolvency Manager
         Senchikhina Str. 1-89
         Ulan-Ude
         670024 Buryatiya
         Russia
         Telefax: (3012) 22-82-06

The Arbitration Court of Buryatiya commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A10-5733/06.

The Court is located at:

         The Arbitration Court of Buryatiya
         Kommunisticheskaya Str. 51
         Ulan-Ude
         Russia

The Debtor can be reached at:

         LLC Bosom of Buryatiya
         Pritrassovaya Str. 6
         Toksimo
         Muyskiy
         671517 Buryatiya
         Russia


BUILDER-2 OJSC: Creditors Must File Claims by April 10
------------------------------------------------------
Creditors of OJSC Builder-2 have until April 10 to submit proofs
of claim to:

         A. Nudelman, Insolvency Manager
         Office 6
         Uinskaya Str. 1B
         614051 Perm
         Russia
         Telefax: (342) 261-14-98

The Arbitration Court of Perm commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A50-15482/2006-B.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         OJSC BUILDER-2
         Sovetskaya Str. 7
         Kizel, Perm
         Russia


FACTORY OF BIOCHEMISTRY: Asset Sale Slated for March 12
-------------------------------------------------------
The insolvency manager and bidding organizer for OJSC Factory of
Biochemistry will open a public auction for the company's
properties at 10:00 a.m. on March 12 at:

         OJSC Factory of Biochemistry
         Luganskaya Str. 53A
         Kirov
         Russia

The company has set a RUR3,518,300 starting price for the
auctioned assets.

Interested participants have until March 6 to deposit an amount
of RUR351,830 to:

         OJSC Factory of Biochemistry
         Settlement Account 407028104000000001819
         Correspondent Account 3010181063000000000757
         BIK 043304757
         CJSC Pervyj Dortransbank
         Kirov
         Russia

Bidding documents must be submitted to:

         The Insolvency Manager and Bidding Organizer
         Potrebkooperatsii Str. 6
         Kirov
         Russia

The Debtor can be reached at:

         OJSC Factory of Biochemistry
         Luganskaya Str. 53A
         Kirov
         Russia


KUDRANSKOYE CJSC: Creditors Must File Claims by April 10
--------------------------------------------------------
Creditors of CJSC Kudranskoye have until April 10 to submit
proofs of claim to:

         I. Rak, Insolvency Manager
         Block 15, 20, Apt. 62
         Kuybyshev
         632382 Novosibirsk
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-10875/06-29/180.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Kudranskoye
         Kundran
         Ubinskiy
         632525 Novosibirsk
         Russia


LUKOIL OAO: May Get Zero Tax for Developing Viscous Oilfields
-------------------------------------------------------------
OAO Lukoil could save as much as US$30 million in 2007 and up to
US$100 million in five to seven years from tax breaks for
developing super viscous oilfields, RosBusinessConsulting
reports citing chief executive Vagit Alekperov.

Mr. Alekperov revealed that zero tax is granted to oil firms to
encourage development of inefficient oilfields, RBC says.  The
chief executive, however, said the government would benefit more
from the oilfields since the company plans to invest up to US$1
billion in developing the sites.

                         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.


LYAGUSHINSKOYE CJSC:  Creditors Must File Claims by April 10
------------------------------------------------------------
Creditors of CJSC Lyagushinskoye have until April 10 to submit
proofs of claim to:

         I. Rak, Insolvency Manager
         Block 15, 20, Apt. 62
         Kuybyshev
         632382 Novosibirsk
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-12214/06-10/274.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Lyagushinskoye
         Lyagushye
         Kupinskiy
         632761 Novosibirsk
         Russia


MARSHANSKOYE CJSC: Creditors Must File Claims by March 10
---------------------------------------------------------
Creditors of CJSC Marshanskoye have until March 10 to submit
proofs of claim to:

         A. Bogdanov, Temporary Insolvency Manager
         3rd Floor
         K. Marksa Pr. 1
         630064 Novosibirsk
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
supervision procedure on the company.  The hearing in the Court
will convene at 2:30 p.m. on June 18.  The case is docketed
under Case No. A45-19658/06-07-48/5.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Marshanskoye
         Dimitrova Pr. 17
         630132 Novosibirsk
         Russia


MOVEMENT OJSC: Creditors Must File Claims by March 10
-----------------------------------------------------
Creditors of OJSC Movement have until March 10 to submit proofs
of claim to:

         A. Raspopin, Temporary Insolvency Manager
         Sennaya Square 15
         603024 Nizhniy Novgorod
         Russia

The Arbitration Court of Nizhniy Novgorod commenced bankruptcy
supervision procedure on the company.  The hearing in the Court
will convene on June 5.  The case is docketed under Case No.
A43-35571/06-36-1120.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Movement
         Udmurtskaya Str. 41
         Nizhniy Novgorod
         Russia


NIZHNY NOVGOROD: Russian Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
A spokesman for VolgaTelecom told Prim-Tass that the Arbitration
Court of the Nizhny Novgorod Region commenced a one-year
bankruptcy proceeding against Ecophone mobile network operator
Nizhny Novgorod Radiotelephone on Feb. 26.

Anatoly Noskov, the temporary administrator of Nizhny Novgorod
Radiotelephone, revealed the assets of the mobile operator may
be sold to another company to sustain operations.

In July 2006, Nizhny Novgorod Radiotelephone declared bankruptcy
and went into administration after incurring debts of up to
RUR56 million, Prime-Tass relates.

Nizhny Novgorod Radiotelephone operates in Nizhny Novgorod and
the suburbs in Bor and Kstovo with a total of 1,100 subscribers.
VolgaTelecom holds a 50% stake in the company.


RODINSKIY BUTTER: Altay Bankruptcy Hearing Slated for May 28
------------------------------------------------------------
The Arbitration Court of Altay will convene on May 28 to hear
the bankruptcy supervision procedure on LLC Rodinskiy Butter
Factory.  The case is docketed under Case No. AO3-15691/06-B.

The Temporary Insolvency Manager is:

         A. Khrebtov
         Gushina Str. 217-80
         Barnaul
         656060 Altay
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Rodinskiy Butter Factory
         Tsvetovodov Str. 9
         Rodino
         Rodinskiy, Altay
         Russia


SAMOLET CJSC: Creditors Must File Claims by April 10
----------------------------------------------------
Creditors of CJSC Shipping Company Samolet have until April 10
to submit proofs of claim to:

         V. Korytov, Insolvency Manager
         Post User Box 225
         420111 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A65-13963/2006-SG4-31.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Shipping Company Samolet
         Kazaklar
         Vysokogorskiy, Tatarstan
         Russia


TORZHOKSKAYA GARMENT: Asset Sale Slated for March 15
----------------------------------------------------
The insolvency manager and bidding organizer for CJSC
Torzhokskaya Garment Factory will open a public auction for the
company's properties at noon on March 15 at:

         CJSC Torzhokskaya Garment Factory
         Vagzhanova Str. 21
         Tver
         Russia

The company has set a RUR2,447,700 starting price for the
auctioned assets.

Interested participants have until March 12 to deposit an amount
of RUR490,000 to:

         CJSC Torzhokskaya Garment Factory
         Settlement Account 40702810800050000107
         Correspondent Account 301018106000000000902
         BIK 042809902
         CB RBR (CJSC)(Tverskoy)

Bidding documents must be submitted to:

         The Insolvency Manager and Bidding Organizer
         Vagzhanova Str. 21
         Tver
         Russia
         Tel: 8(9206) 90-14-61

The Debtor can be reached at:

         CJSC Torzhokskaya Garment Factory
         Vagzhanova Str. 21
         Tver
         Russia


UDMURT-WOOD CJSC: Creditors Must File Claims by April 10
--------------------------------------------------------
Creditors of CJSC Udmurt-Wood have until April 10 to submit
proofs of claim to:

         M. Akhmetzyanov, Insolvency Manager
         Post User Box 5446
         Izhevsk
         426021 Udmurtiya
         ussia

The Arbitration Court of Udmurtiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A71-008839/2006 G9.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Udmurt-Wood
         Sovetskaya Str. 13-15
         Izhevsk, Udmurtiya
         Russia


VNESHTORGBANK JSC: Launches Angola Unit to Service Russian Firms
----------------------------------------------------------------
JSC Vneshtorgbank opened a unit in Luanda, Angola, to cater to
Russian firms with interests in the African country, RIA Novosti
reports.

Banco VTB Africa S.A., Vneshtorgbank's African unit, has
authorized up to US$10 million of capital and would service
corporate and investment businesses.  VTB holds a 66% stake in
the bank, RIA Novosti relates.

"The main clients of the bank will be Russian companies
interested in developing their business in Angola and other
countries in southern Africa in such sectors as processing
natural resources, energy, telecommunications, construction and
trade," the company said in a news release.

                       About Vneshtorgbank

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

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

                        *     *     *

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


YUKOS OIL: Total S.A. and PKN Orlen to Join March 27 Auction
------------------------------------------------------------
Total S.A. and PKN Orlen will participate in bidding for Yukos
Oil Co.'s assets, RosBusinessConsulting reports citing Nikolai
Lashkevich, spokesman for Yukos' bankruptcy receiver Eduard
Rebgun.

Mr. Lashkevich said Total and PKN have expressed interest in
joining the auction for Yukos' bankruptcy assets on March 27.
Mr. Lashkevich, however, did not reveal which specific assets
the firms are eyeing, RBC adds.

                        About Yukos Oil

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

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

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

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

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

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


YUKOS OIL: Nominates Bankruptcy Receiver to Rosneft's Board
-----------------------------------------------------------
OAO Yukos Oil Co. has nominated its bankruptcy receiver, Eduard
Rebgun, to Rosneft Oil's nine-seat board, along with Sergei
Tregub, another Yukos manager, Anatoly Medetsky writes for The
Moscow Times.

Mr. Medetsky suggests that the nomination could see Mr. Rebgun
on the Rosneft board, if shareholders approve his appointment
before July, even as he manages the auctions of Yukos' assets in
which Rosneft could be a bidder.

As previously reported in the Troubled Company Reporter-Europe,
Yukos plans to sell its 9.44 percent stake in Rosneft and 20
percent stake in Gazprom at an auction later this month.  State-
owned Rosneft Oil and Gazprom are seen as the most likely
bidders for the bulk of nearly 200 Yukos assets set to be
liquidated this year.

Rosneft CEO Sergei Bogdanchikov had told the Interfax news
agency last month that his company's decision to bid would be
based on the valuations of Yukos' individual assets.

According to AK&M News, Yukos's assets are valued at US$33
billion minus a 30% discount.  The sale of the company's
remaining assets, which include refineries and two oil
production units, will begin March 27.

Aside from being a potential buyer, Rosneft also holds a
RUR264.6 billion (US$10 billion) claim against Yukos, which
entitles Rosneft a seat in the firm's creditors' committee.

                        About Yukos Oil

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

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

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

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

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

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


ZAVODOUKOVSKIY LLC: Creditors Must File Claims by April 10
----------------------------------------------------------
Creditors of LLC Bakery Zavodoukovskiy have until April 10 to
submit proofs of claim to:

         V. Vinogradov, Insolvency Manager
         50 Let Profsoyuzov Str. 61
         644065 Omsk
         Russia

The Arbitration Court of Tyumen commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A-70-7106/3-06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Bakery Zavodoukovskiy
         Shosseynaya Str. 156
         Zavodoukovsk
         627141 Tyumen
         Russia


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


FREEPORT-MCMORAN: S&P Lifts Corporate Credit Rating to BB
---------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on New Orleans, Louisiana-based Freeport-McMoRan
Copper & Gold Inc. to 'BB' from 'BB-'.

Simultaneously, Standard & Poor's lowered its corporate credit
rating on Phelps Dodge Corp. to 'BB' from 'BBB'.  In addition,
all ratings were removed from CreditWatch where they were placed
on Nov. 20, 2006, following the disclosure that Freeport had
entered into an agreement agreed to acquire Phelps in a
transaction valued at US$26 billion.  The outlook is stable.

Under terms of the transaction, the acquisition will be funded
by US$18.5 billion in cash, of which US$16.0 billion is through
new debt offerings, with the remainder in common stock. Pro
forma for the transaction, total adjusted debt will approximate
US$18 billion.

In addition, Standard & Poor's Lowered its senior unsecured
rating to 'BB-' from 'BBB.' Phelps' existing senior unsecured
notes, which do not benefit from any subsidiary guarantee, will
receive a guarantee from the parent.; and We lowered our ratings
on Cyprus Amax Minerals Co.'s existing 7.375% senior notes,
which will become secured effective this transaction, due 2007
to 'BB+' from 'BBB'.

"The upgrade of Freeport's ratings reflects the marked
improvement of Freeport's business profile and position in the
mining industry," said Standard & Poor's credit analyst Thomas
Watters.

"The acquisition augments its reserves, production, and
geographic diversity, while somewhat mitigating Freeport's
exposure to the political and legal risks of operating in
Indonesia, which historically have been key risk factors in the
assessment of Freeport's corporate credit rating.  The downgrade
of Phelps' ratings reflects the material increase in debt for
the combined entity."

Pro forma for the acquisition, Freeport will be the world's
second-largest copper producer, with 3.6 billion pounds of
equity production in 2006.

"Incorporated in the stable outlook is our expectation
that through company initiatives to reduce debt and our belief
that commodity prices during the near term will remain at
relatively healthy levels, Freeport should make meaningful
progress in significantly reducing its aggressive debt
leverage," Mr. Watters added.


FREMONT GENERAL: Fitch Cuts Ratings on Financial Filing Delay
-------------------------------------------------------------
Fitch Ratings has downgraded Fremont General Corp.'s long-term
Issuer Default Rating to 'B+' from 'BB-', the long-term senior
debt to 'B' from 'B+', and the Individual rating to 'D' from
'C/D'.

Fitch has also downgraded the Preferred Stock rating of Fremont
General Financing I to 'CCC+' from 'B-'.  Concurrent with this
rating action, Fitch has placed FMT and Fremont Investment &
Loan on Rating Watch Negative.  Previously, the Rating Outlook
for FMT and subsidiaries had been Negative.

Fitch's rating action reflects FMT's recent disclosure that it
will postpone the release of its fourth quarter and full-year
2006 results of operations, as well as the conference call to
discuss such results.  The company also disclosed that it will
not file its 10K by March 1, 2007.  The company's unexpected
disclosure adds to Fitch's concerns previously noted in a recent
rating action commentary and recent Credit Update.  While
details have not been released, Fitch believes that more
downside risk will materialize as a result of FMT's disclosure
pressuring FMT's financial flexibility.  In addition, the
recovery prospects for FMT bondholders would likely be lower
than previously estimated. The Negative Rating Watch signals
that the next rating action could be negative for FMT and
subsidiaries.

Fitch believes that FMT faces a difficult sub prime residential
mortgage market.  Financial reporting delays notwithstanding,
operating performance may continue to deteriorate over the next
12-18 months.  Fitch will continue to monitor capital and
liquidity, principally at FMT, the holding company for FIL.

In addition to risks associated with operating performance, debt
at the holding company level is currently mainly being serviced
by cash flows from residual interests in mortgage-backed
securities backed by FIL-originated sub prime residential real
estate loan collateral.  Recent vintages of Fremont MBS have
under performed, and as a consequence, cash flows from
underlying residuals may decline.  At Sept. 30, 2006, FMT had
available cash on hand and some contingent funding, including
cash dividends from FIL, to offset any potential cash shortfalls
from the residuals.

In considering rating downgrades for FMT and FIL, such actions
would be likely if operating performance deteriorates or if the
company has difficulty executing its business plan.  To resolve
the Rating Watch, Fitch will consider a number of factors, such
as the impact of potential event risk or, more fundamentally,
improved operating performance and stable liquidity at the
holding company level.  While not a bank holding company, FMT is
a holding company that engages in lending through FIL, which is
an industrial bank regulated by the FDIC and the Department of
Financial Institutions of the State of California.

Fitch has downgraded these ratings and has placed them on Rating
Watch Negative:

Fremont General Corp.

   -- Long-term IDR to 'B+' from 'BB-';
   -- Long-term senior debt to 'B' from 'B+'; and
   -- Individual to 'D' from 'C/D'.

Fremont General Financing I

   -- Preferred securities to 'CCC+' from 'B-'.

Fitch has placed these ratings on Rating Watch Negative:

Fremont General Corp.

   -- Short-term issuer at 'B'.

Fremont Investment & Loan

   -- Long-term deposits at 'BB';
   -- Short-term deposits at 'B';
   -- Long-term IDR at 'BB-';
   -- Short-term issuer at 'B'; and
   -- Individual at 'C/D';

Fitch has also affirmed these ratings:

Fremont General Corp.

   -- Support at '5'.

Fremont Investment & Loan

   -- Support at '5'.


MALDEN MILLS: Court OKs Asset Sale to Chrysalis for US$44 Mln
-------------------------------------------------------------
Malden Mills Industries Inc. obtained authority from the U.S.
Bankruptcy Court for the District of Delaware to sell its
business to Chrysalis Capital Partners LLC for US$44 million
plus assumed liabilities, Bill Rochelle of Bloomberg News
reports.

As reported in the Troubled Company Reporter on Jan. 24,
Chrysalis Capital Partners was the only "stalking horse bidder"
for Malden Mills over Gordon Brothers Group.

Previously, the Debtors' board of directors unanimously approved
the sale of the company to Gordon Brothers for US$44 million.

According to the Associated Press, Gordon Brothers had asked for
a US$1.2 million breakup fee and up to US$700,000 in expenses
whereas Chrysalis only wanted US$500,000 in expense
reimbursement.

Headquartered in Lawrence, Massachusetts, Malden Mills
Industries, Inc. -- http://www.polartec.com/-- develops,
manufactures, and markets Polartec(R) performance fabrics.
Polartec(R) products range from lightweight wicking base layers
to insulation to extreme weather protection and are utilized by
the best clothing brands in the world.  In addition, Polartec(R)
fabrics are used extensively by all branches of the United
States military, including the Army, Navy, Marine Corps, Air
Force, and Special Operations Forces.  The company also has
operations in Germany, Spain, France, and the U.K.

The company filed for chapter 11 protection on Nov. 29, 2001
(Bankr. Mass. Case No. 01-47214).  The company and four of its
affiliates filed for their second chapter 11 petitions on Jan.
10, 2007 (Bankr. D. Del. Case Nos. 07-10048 through 07-10052).
Laura Davis Jones, Esq., and Michael Seidl, Esq., at Pachulski,
Stang, Ziehl Young, Jones & Weintraub, PC, represent the
Debtors.  When the Debtors filed for protection from their
creditors, they listed estimated assets between US$1 million to
US$100 million and estimated debts of more than US$100 million.
The Debtors' exclusive period to file a chapter 11 plan expires
on May 10, 2007.


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


AAG FILM: Creditors' Liquidation Claims Due March 19
----------------------------------------------------
Creditors of LLC AAG Film- und Fernsehproduktion have until
March 19 to submit their claims to:

         Peter Blumer
         Liquidator
         Weissacherweg 30
         4539 Rumisberg
         Wangen BE
         Switzerland

The Debtor can be reached at:

         LLC AAG Film- und Fernsehproduktion
         Riehen BS
         Switzerland


APFELRECHNER.CH LLC: Claims Registration Period Ends March 17
-------------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC apfelrechner.ch on Feb. 12.

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

The Debtor can be reached at:

         LLC apfelrechner.ch
         Halden 38
         5001 Aarau AG
         Switzerland

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Oberentfelden
         5036 Oberentfelden
         Aarau AG
         Switzerland


ARTE E COLORI: Bern Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Bern entered Jan. 29 an order closing
the bankruptcy proceedings of LLC Arte e Colori.

The Debtor can be reached at:

         LLC Arte e Colori
         Optingenstrasse 18
         3013 Bern
         Switzerland

The Bankruptcy Service of Bern can be reached at:

         Bankruptcy Service of Bern
         Office Bern
         3011 Bern
         Switzerland


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

         Kurt Altorfer
         Liquidator
         JSC Alku-Treuhand
         Postfach A19
         8302 Kloten
         Bulach ZH
         Switzerland

The Debtor can be reached at:

         JSC Bertogg
         Maur
         Uster ZH
         Switzerland


CALECO JSC: Bern Court Closes Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Service of Bern entered Jan. 29 an order closing
the bankruptcy proceedings of JSC Caleco.

The Debtor can be reached at:

         JSC Caleco
         Effingerstrasse 35
         3000 Bern 14
         Switzerland

The Bankruptcy Service of Bern can be reached at:

         Bankruptcy Service of Bern
         Office Bern
         3011 Bern
         Switzerland


DOMINO CONCEPT: Creditors' Liquidation Claims Due March 19
----------------------------------------------------------
Creditors of LLC Domino Concept have until March 19 to submit
their claims to:

         Y. Baer
         Liquidator
         Eugensbergstr. 6
         8268 Salenstein
         Steckborn TG
         Switzerland

The Debtor can be reached at:

         LLC Domino Concept
         Salenstein
         Steckborn TG
         Switzerland


ELDAN-TECH (SCHWEIZ): Creditors' Liquidation Claims Due March 19
----------------------------------------------------------------
Creditors of JSC Eldan-Tech (Schweiz) have until March 19 to
submit their claims to:

         Bar & Karrer
         Liquidator
         Baarerstrasse 8
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC Eldan-Tech (Schweiz)
         Zug
         Switzerland


ETSG EMISSIONS: Creditors' Liquidation Claims Due March 31
----------------------------------------------------------
Creditors of JSC etsg Emissions Trading Solutions St. Gallen
have until March 31 to submit their claims to:

         Dr. Josef Janssen
         Liquidator
         Lenzweg 9
         3007 Bern
         Switzerland

The Debtor can be reached at:

         JSC etsg Emissions Trading Solutions St. Gallen
         St. Gallen
         Switzerland


FACTOR DESIGN: Creditors' Liquidation Claims Due March 16
---------------------------------------------------------
Creditors of JSC Factor Design have until March 16 to submit
their claims to:

         Kurt Altorfer
         Liquidator
         JSC Alku-Treuhand
         Postfach A19
         8302 Kloten
         Bulach ZH
         Switzerland

The Debtor can be reached at:

         JSC Factor Design
         Zurich
         Switzerland


HAHE LLC: Creditors' Liquidation Claims Due March 21
----------------------------------------------------
Creditors of LLC hahe have until March 21 to submit their claims
to:

         Adelheid Harris
         Liquidator
         Neumattstrasse 16A
         4657 Dulliken
         Olten SO
         Switzerland

The Debtor can be reached at:

         LLC hahe
         Dulliken
         Olten SO
         Switzerland


ITB-FELBERMAYR LLC: Creditors' Liquidation Claims Due March 19
--------------------------------------------------------------
Creditors of LLC ITB-Felbermayr have until March 19 to submit
their claims to:

         Marlis Bordelais
         Liquidator
         BDO Visura
         Fabrikstrasse 50
         8031 Zurich
         Switzerland

The Debtor can be reached at:

         LLC ITB-Felbermayr
         Geneva
         Switzerland


LACCADIVE HOLDING: Creditors' Liquidation Claims Due March 21
-------------------------------------------------------------
Creditors of JSC Laccadive Holding have until March 21 to submit
their claims to:

         Jurg Brand
         Liquidator
         Bahnhofstrasse 23
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Laccadive Holding
         Zug
         Switzerland


MULLER BITTER: Creditors' Liquidation Claims Due March 19
---------------------------------------------------------
Creditors of JSC Muller Bitter have until March 19 to submit
their claims to:

         Felix Hurt
         Liquidator
         Hauptstrasse 30
         4322 Mumpf
         Rheinfelden AG
         Switzerland

The Debtor can be reached at:

         JSC Muller Bitter
         Obermumpf
         Rheinfelden AG
         Switzerland


PHYSIO WELL: Creditors' Liquidation Claims Due March 20
-------------------------------------------------------
Creditors of LLC Physio Well have until March 20 to submit their
claims to:

         D4 Platz 3
         6039 Root LU
         Switzerland

The Debtor can be reached at:

         LLC Physio Well
         Root LU
         Switzerland


RESTORAGE LLC: Claims Registration Period Ends March 17
-------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC restorage on Feb. 5.

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

The Debtor can be reached at:

         LLC restorage
         Webereiweg 4
         5033 Buchs
         Aarau AG
         Switzerland

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Oberentfelden
         5036 Oberentfelden
         Aarau AG
         Switzerland


===========
T U R K E Y
===========


GENERAL NUTRITION: Moody's Places Corporate Family Rating at B3
---------------------------------------------------------------
Moody's Investors Service assigned a B3 corporate family rating
and SGL-3 liquidity rating to General Nutrition Centers, Inc.

Moody's also rated GNC's proposed secured bank loan at B1, LGD2,
27%, senior notes at Caa1, LGD5, 77%, and senior subordinated
notes at Caa2, LGD6, 95%.  Proceeds from the new debt, together
with preferred and common equity from the new owners Ares
Management and Ontario Teachers' Pension Plan, will be used to
finance the leveraged buyout of GNC from Apollo Management for
total consideration of almost US$1.7 billion.  The rating
outlook is stable.

Ratings assigned:

   * US$710 million senior secured credit facility at B1, LGD2,
     27%

   * US$300 million floating-rate seven-year senior notes at
     Caa1, LGD5, 77%;

   * US$125 million fixed-rate eight-year senior subordinated
     notes at Caa2, LGD6, 95%;

   * Corporate family rating at B3;

   * Probability-of-default rating at B3; and

   * Speculative Grade Liquidity rating at SGL-3.

As part of this action assigning ratings to the post-LBO
iteration of GNC, the corporate family and probability-of-
default ratings were transferred to General Nutrition Centers,
Inc from GNC Parent Corporation.  The ratings on the existing
bank loan, senior notes, senior subordinated notes, and holding
company notes will be withdrawn upon completion of this
transaction.

GNC's corporate family rating of B3 balances the company's very
weak post-transaction credit metrics such as high leverage, low
interest coverage, and limited free cash flow.

Also, GNC's corporate family rating of B3 balances the company's
revenue vulnerability to new product introductions against
certain qualitative aspects that have low investment grade or
high non-investment characteristics.

Weighing down the overall rating with B characteristics is the
company's financial policy that is leading to higher leverage
compared to before the transaction.  The ongoing challenges in
matching changes in consumer preferences for VMS products also
constrain the ratings.  The company's geographic diversification
and the relative lack of cash flow seasonality have solidly
investment grade scores, while the company's scale and
widespread consumer recognition of the GNC name in the intensely
competitive segment of vitamin, mineral, and nutritional
supplement retailing have Ba scores.  In accordance with Moody's
hybrid securities methodology, the proposed preferred stock
falls in basket C.

The outlook reflects Moody's expectation that debt protection
measures will improve over the next six quarters.  The stable
rating outlook also recognizes that the sales and operating
profit trends have turned positive over the past six quarters,
and that liquidity is adequate.  Concerns about liquidity if
free cash flow does not exceed break-even, a return to declining
store-level operating performance, or another aggressive
financial policy action would cause the ratings to be lowered.

Debt to EBITDA remaining above 7x twelve to eighteen months from
now, EBIT to interest expense below 1x, or negative free cash
flow would cause ratings to be lowered.  Given the sizable
contribution to operating profit from franchise royalties,
operating weaknesses among franchisees also would negatively
impact the ratings.

In the near term, Moody's believes that a rating upgrade is
unlikely.  Ratings could eventually move upward if the company
establishes a long-term track record of sales stability and
improved margins, the system expands both from new store
development and existing store performance, and if the company
begins to substantially reduce debt.  Debt protection measures
that Moody's will focus on include EBIT coverage of interest
expense meaningfully greater than 1 time, debt to EBITDA below
6.5x, and Free Cash Flow to Debt approaching 3%.

General Nutrition Centers, Inc., with headquarters in
Pittsburgh, Pennsylvania, retails and manufactures vitamins,
minerals, and nutritional supplements domestically and
internationally through about 5860 company operated and
franchised stores.  Revenue for the twelve months ending
December 2006 approached US$1.5 billion.


TURK EKONOMI: Posts TRY123,321 Net Profit in 2006
-------------------------------------------------
Turk Ekonomi Bankasi A.S. released its financial results for the
year ended Dec. 31, 2006.

Turk Ekonomi posted TRY123,321 in net profit for the year ended
Dec. 31, 2006, compared with TRY109,207 net profit for the same
period in 2005.

At Dec. 31, 2006, the Company's balance sheet showed
TRY5,627,362 in total assets, TRY5,074,158 in total liabilities
and TRY553,204 in stockholders' equity.

A copy of the Company's financial statements for the year ended
Dec. 31, 2006 is available at http://www.rns-
pdf.londonstockexchange.com/rns/1575s_-2007-3-1.pdf

                  About Turk Ekonomi Bankasi

Headquartered in Istanbul, Turkey, Turk Ekonomi Bankasi A.S. --
http://www.teb.com.tr/-- offers a range of financial services,
including corporate banking, commercial, retail and private
banking services.  The Bank also offers fund management and
project financing services.  For the fiscal year ended Dec. 31,
2005, the Bank's branch network consists of 112 branches, one of
which is an offshore branch in Bahrain.  TEB forms part of the
TEB Financial Group of Companies, comprised of TEB Investment,
TEB Leasing, TEB Factoring, TEB Insurance and the Dutch bank,
The Economy Bank NV.  The Bank was acquired by BNP Paribas on
Nov. 22, 2004.

                          *     *     *

As reported in the TCR-Europe on Oct. 24, Fitch Ratings assigned
Economy Luxembourg S.A.'s issue of step-up loan participation
notes a foreign currency Long-term rating of BB.  The notes are
to be used solely to finance a subordinated loan to Turkey's
Turk Ekonomi Bankasi A.S.  The issue will only pay noteholders
amounts, if any, received from TEB under the subordinated loan
agreement.

TEB has a foreign currency Issuer Default rating of BB and a
local currency IDR of BB+, all with Positive Outlook.


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


BIT LTD: Creditors Must File Proofs of Claim by March 10
--------------------------------------------------------
The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/79-8/137.

Creditors of LLC Bit Ltd. (code EDRPOU 13818587) have until
March 10 to submit written proofs of claim to:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Debtor can be reached at:

         LLC Bit Ltd.
         Shevchenko Square 1/18
         Drogobych
         Lvov
         Ukraine


DARNICA OJSC: Creditors Must File Claims by March 10
----------------------------------------------------
The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Jan. 23 after finding it insolvent.  The
case is docketed under Case No. 23/273-b.

Creditors of OJSC Darnica (code EDRPOU 04012997) have until
March 10 to submit written proofs of claim to:

         S. Gricay, Liquidator
         P.O. Box 38
         01030 Kiev
         Ukraine
         Tel: 236-11-17

The Court is located at:

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

The Debtor can be reached at:

         OJSC Darnica
         Perov Blvd. 26-b
         Kiev
         Ukraine


LATGAL LLC Creditors Must File Proofs of Claim by March 10
----------------------------------------------------------
The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/94-8/157.

Creditors of LLC Latgal (code EDRPOU 13804042) have until
March 10 to submit written proofs of claim to:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Debtor can be reached at:

         LLC Latgal
         L. Ukrainka Str. 1
         Zhovkva
         Lvov
         Ukraine


NADRA: Creditors Must Submit Proofs of Claim by March 10
--------------------------------------------------------
Creditors of Nadra (code EDRPOU 05403263) have until March 10 to
submit written proofs of claim to:

         Alexander Makarchik, Liquidator
         Vovchineckaya Str. 198B/16
         Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company on Jan. 16 after finding it
insolvent.  The case is docketed under Case No. B-14/364.

The Court is located at:

         The Economic Court of Ivano-Frankivsk
         Shevchenko Str. 16a
         76000 Ivano-Frankivsk
         Ukraine

The Debtor can be reached at:

         Nadra
         S. Bandera Str. 77
         Ivano-Frankovsk
         Ukraine


SVITANOK LLC: Creditors Must File Proofs of Claim by March 10
-------------------------------------------------------------
The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/479-06.

Creditors of Agricultural LLC Svitanok (code EDRPOU 30808003)
have until March 10 to submit written proofs of claim to:

         Vinnica Sector on Bankruptcy, Liquidator
         Hmelnickiy Str. 7
         21000 Vinnica
         Ukraine
         Tel: (22)50-50-01

The Court is located at:

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

The Debtor can be reached at:

         Agricultural LLC Svitanok
         I. Dibrova Str. 15
         Orlovka
         Teplick District
         23833 Vinnica
         Ukraine


UKRAINE MORTGAGE: Moody's Rates US$36.9-Mln Class B Notes at Ba3
----------------------------------------------------------------
Moody's assigned ratings to the two classes of notes issued by
Ukraine Mortgage Loan Finance No1 plc:

   -- Baa3 to the US$134.1-million Class A Residential Mortgage
      Backed Floating Rate Notes due 2031; and

   -- Ba3 to the US$36.9-million Class B Residential Mortgage
      Backed Floating Rate Notes due 2031.

The Class C notes are not rated.

This transaction is the first public RMBS transaction in
Ukraine.  Ukraine Mortgage Loan Finance No.1 Plc, a special
purpose vehicle incorporated under the laws of England and
Wales, will issue three classes of US dollar-denominated notes
to fund the purchase of receivables arising from Ukrainian
mortgage loans originated by PrivatBank.  Ukrainian law governs
the transfer of the receivables and the related collateral,
while the remaining transaction documents are governed by
English law.

The ratings of the notes are inter alia based on:

   (i) the collateral consisting of a portfolio of approximately
       11,000 loans to individuals secured by a first lien
       mortgage on owner occupied residential properties located
       throughout most regions of the Ukraine;

  (ii) the sound legal structure including the re-registration
       of all mortgages in the name of the Issuer;

(iii) high credit quality of the transaction parties, in
       particular PrivatBank's (Local Currency long term deposit
       rating Baa3), which make adverse scenarios less likely;

  (iv) credit enhancement provided by Excess Spread, Reserve
       Funds, subordination and the PRI Policy; and

   (v) the Stand-by Servicing Arrangements.

The Class A Notes are supported by a PRI Reserve Fund and a PRI
Policy provided by Steadfast Insurance Company.  In order to
provide coverage during the first 180 days of a PRI Event, the
Issuer will establish a political risk insurance reserve fund to
be applied towards payments of the Senior Expenses and interest
payments due under the Class A Notes for the first 180 days.
After this period the Issuer will have the benefit for a period
of 15 years from the Issue Date of an insurance policy for
Expropriation and Currency Inconvertibility issued by Steadfast
Insurance Company.  The PRI Policy will insure against the
Issuer's inability to make:

   (i) payments due with respect to the Senior Expenses; and

  (ii) interest payments due under the Class A Notes as a result
       of an Expropriation or Currency Inconvertibility.

Moody's does not rate Steadfast.  However, Moody's believes that
the ability and willingness of the insurance company to pay any
claim under this transaction in addition to the PRI reserve,
mitigates the convertibility and expropriation risk to a level
consistent with the Baa3 rating assigned to the notes.

The pool consists of fixed rate loans, denominated in US dollars
and secured by mortgages on properties in most of the regions of
the Ukraine.  PrivatBank will perform the servicing, while
Ukeximbank is the contracted back-up servicer for this
transaction.  The SPV will enter into an interest rate cap
agreement with UBS AG in order to hedge its exposure due to the
mismatch of the fixed rate interest received under the mortgage
pool and the floating rate interest payments due under the
Notes.  The interest rate cap agreement is not consistent with
Moody's criteria.  Therefore the hedging arrangements for this
transaction may introduce some incremental risk to the ratings
of the Notes in the event the ratings of the swap counter party
declines.

Besides a Reserve Fund of US$8.37 million (4.65% of the initial
note balance), the notes are supported by a Commingling Reserve
in the amount of US$720,000 (0.4% of the initial note balance),
the PRI Reserve Fund, a Contingency Reserve in the amount of
US$250,000 (0.14% of the initial note balance) and a Set Off
Reserve in the amount of US$1,926,000 (1.07 % of the initial
note balance).

The Notes will amortize sequentially.

The ratings on the notes address the expected loss posed to
investors by the legal final maturity.  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the Class A Notes and for
ultimate payment of interest and ultimate payment of principal
with respect to the Class B Notes.  These ratings do not address
the probability that the step-up amounts will be paid on the
floating rate Notes.  Moody's ratings address only the credit
risks associated with the transaction.  Other non-credit risks
have not been addressed, but may have a significant effect on
yield to investors.


YAMPIL LLC: Creditors Must Submit Proofs of Claim by March 10
-------------------------------------------------------------
Creditors of Agricultural LLC Firm Yampil (code EDRPOU 31915359)
have until March 10 to submit written proofs of claim to:

         The State Tax Inspection of Yampil, Liquidator
         Lenin Str. 79/46
         25400 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company on Jan. 11 after finding it insolvent.  The
case is docketed under Case No. 5/472-06.

The Court is located at:

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

The Debtor can be reached at:

         Agricultural LLC Firm Yampil
         Galzhbievka
         Yampil District
         Vinnica
         Ukraine


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


ALNWICK CYCLES: Hires Liquidators from Taylor Rowlands
------------------------------------------------------
John Harvey Madden and Peter William Gray of Taylor Rowlands
were appointed joint liquidators of Alnwick Cycles Ltd. on
Feb. 20 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Alnwick Cycles Ltd.
         24 Narrowgate
         Alnwick
         Northumberland
         NE661JG
         England
         Tel: 01665 606 738


CELESTICA INC: S&P Cuts Credit Rating to B+ with Neg. Outlook
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Toronto-based Celestica Inc. to 'B+'
from 'BB-'. The ratings on the company's senior subordinated
notes were also lowered to 'B-' from 'B'.

At the same time, Standard & Poor's removed the ratings from
CreditWatch with negative implications, where they were placed
Jan. 31, 2007.  The outlook is negative.

"The downgrade reflects weak profitability metrics; execution
issues at the company's Monterrey, Mexico facility, which have
resulted in customer disengagements; deteriorating credit
metrics; and decreasing liquidity," said Standard & Poor's
credit analyst Don Povilaitis.

Standard & Poor's remains concerned with Celestica's prospects
for fiscal 2007, as the company is likely to remain challenged
by persistent weakness in the telecommunications segment and the
effect of more customer disengagements.

In addition, Standard & Poor's is concerned by the potential
disruption caused by recent management turnover.  The company is
also involved in litigation concerning disclosure of certain
adverse information with respect to demand and inventory in its
Mexican operation.

The negative outlook reflects the company's current operational
challenges, deteriorating credit protection measures, and
reduced liquidity.  Although Standard & Poor's expects that
Celestica will generate stronger positive free cash flows from
the company's substantive restructuring initiatives by the
second half of 2007, further customer disengagements could
preclude or further delay such a recovery.  Hence, the ratings
will be constrained until the company demonstrates sustained
margin improvement and stronger free cash flow generation.

If the company's credit ratios do not improve over the course of
2007 and profitability metrics deteriorate further, the ratings
could be lowered again.  Conversely, if the company is able to
stabilize operations and improve its profitability, likely only
in the medium term, the outlook could be revised to stable.


COLLINS & AIKMAN: Devises Standard Procedures for Asset Disposal
----------------------------------------------------------------
Collins & Aikman Corp. and its debtor-affiliates have devised a
set of standard procedures for the sale of certain assets,
contemplated by the customer agreement with their major
customers, and the First Amended Joint Plan.  To maximize the
value of the asset sales, and minimize costs and delays, the
Debtors propose to implement certain procedures for the disposal
of the assets with selling price of US$100,000,000 or less.

To participate in the sale process, each potential bidder is
required to deliver to the Debtors:

    -- an executed confidentiality agreement that is
       satisfactory in form and substance;

    -- current audited financial statements or other financial
       information, or if the potential bidder is an entity
       formed for the purpose of acquiring the Assets, current
       audited financial statements or other financial
       information of its equity holders, or other acceptable
       form of financial disclosure demonstrating its ability to
       close the proposed transaction and to provide adequate
       assurance of future performance to counterparties to any
       executory contracts and unexpired leases to be assumed
       and assigned; and

    -- a preliminary non-binding proposal stating the Assets to
       be acquired; purchase price range; structure and
       financing of the transaction; any additional conditions
       to closing that it may wish to impose; and the nature and
       extent of additional due diligence it may wish to
       conduct.

The Debtors will consult with the senior, secured prepetition
lenders' agent and the Official Committee of Unsecured Creditors
to determine, within two days of receipt of the requirements,
and notify the potential bidder in writing whether it is a
qualified bidder.

                         Sale Procedures

The Assets will be sold for the highest and best offer received,
pursuant to the proposed procedures:

   (a) The Debtors will market the Assets to parties reasonably
       known to have a potential interest in purchasing the
       Assets.

   (b) Only qualified bids will be considered.

   (c) After reviewing the Qualified Bids received, the Debtors,
       after consulting with the Prepetition Agent and the
       Creditors Committee, will designate the highest or
       otherwise best Qualified Bid as the "stalking horse"
       bidder.

   (d) The Debtors will file a notice with the Court that
       includes the identity of the Stalking Horse; the proposed
       terms of the bid submitted by the Stalking Horse; any
       proposed break-up fee and overbid protection; the
       Debtors' rationale on why the Break-Up Fee is an
       appropriate administrative expense; and the date and
       location of any auction to be conducted by the Debtors.

   (e) A copy of the Notice will be served upon the primary
       service list and all parties known to have a potential
       interest in purchasing the Assets.

   (f) The Stalking Horse and any proposed Break-Up Fee and
       Overbid Protection will be approved, if no written
       objections are filed by the Notice parties within 10 days
       of the Sale Notice date.

   (g) The Stalking Horse, Break-Up Fee and Overbid Protection
       will only be approved upon withdrawal of any unresolved
       objection, or upon Court order.

   (h) The Debtors will conduct an auction if more than one
       Qualified Bid is received.

   (i) At the conclusion of the auction or promptly after the
       bid deadline, if only one Qualified Bid is received, the
       Debtors will determine, after consulting with the
       Prepetition Agent and the Creditors Committee, the party
       submitting the highest or otherwise best bid.

   (j) In determining the successful bid, the Debtors will
       consider, among other things, the total consideration to
       be received by their estates as well as other financial
       and contractual terms relevant to the sale process.

   (k) The Debtors will seek Court approval of the Successful
       Bid to be heard at the omnibus hearing that is at least
       five days after the filing.

   (l) Failure to consummate any sale because of breach or
       failure on the part of any Successful Bidder after an
       order entered at the Sale hearing, permits the Debtors
       to select, after consulting with the Prepetition Agent
       and the Committee, the next highest or otherwise best bid
       to be the Successful Bid and to consummate the
       transaction without further Court order.

The Assets will be sold on an "as is, where is" basis and
without representations or warranties of any kind, nature or
description by the Debtors, its agents or its estates.  Except
as otherwise provided, the Assets will be sold free and clear of
all pledges, liens, security interests, encumbrances, claims,
charges, options and interests.

                          Bid Protections

To induce potential purchasers to submit a Qualified Bid that
the Debtors can use as a minimum or Stalking Horse Bid, the
Debtors will offer, in their sole discretion, after consulting
with the Prepetition Agent and the Creditors Committee, a Break-
Up Fee, including expense reimbursement, not more than the
greater of (y) 2.5% of the cash value of the Qualified Bid
designated as the Stalking Horse Bid and (z) US$125,000.  The
Break-Up Fee will not be offered to the Debtors' insiders and no
more than one Break-Up Fee will be paid in connection with the
Sale.

The Debtors will also offer certain bid protections.  In
particular, pursuant to the Sale Procedures, the Debtors may
require for any competing bid submitted after the designation of
the Stalking Horse, an initial minimum overbid in the amount of
any Break-Up Fee plus an amount up to 10% of the cash value of
the Stalking Horse bid; and that any additional competing bids
be in minimum additional increments up to 10% of the cash value
of the Stalking Horse bid.

The Debtors believe that the proposed Sale Procedures will
promote active bidding from seriously interested parties and
will dispel any doubt as to the best and highest offer
reasonably available for the Debtors' assets.

The Sale Procedures will allow the Debtors to conduct an auction
in a controlled, fair and open fashion that will encourage
participation by financially capable bidders who demonstrate the
ability to close a transaction.

The Debtors seek the approval of the Sale Procedures, and
authority to offer a Break-Up Fee and Overbid Protections in
their sole discretion, and to allow the Break-Up Fee as an
administrative expense in the event it becomes due.

A copy of the proposed Sale Procedures is available for free at:

http://bankrupt.com/misc/CollinsProposedSaleProcedures.pdf

                      About Collins & Aikman

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
US$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 53;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


COWLEY TRACTORS: Creditors' Meeting Slated for March 12
-------------------------------------------------------
Creditors of Cowley Tractors Ltd. will meet at 11:00 a.m. on
March 12 at:

         Poppleton & Appleby
         35 Ludgate Hill
         Birmingham
         B3 1EH
         England

Creditors have until noon on March 9 to submit particulars of
their claims to A. Turpin at the said address.

A. Turpin of Poppleton & Appleby will furnish creditors with
information concerning the company's affairs as they may
reasonably require.


DECORATIVE GLASS: Creditors Confirm Liquidator's Appointment
------------------------------------------------------------
Creditors of Decorative Glass Holdings Ltd. confirmed on Feb. 21
the appointment of Roderick Graham Butcher of Butcher Woods as
the company's liquidator.

The company can be reached at:

         Decorative Glass Holdings Ltd.
         Kingsland Road
         Hackney
         London
         E2 8AA
         England
         Fax: 020 7739 1979


DOMESTIC HOMEWORKS: Joint Liquidators Take Over Operations
----------------------------------------------------------
Gordon Johnston and Shane Biddlecombe of Recovery hjs was
appointed liquidator of Domestic Homeworks Ltd. on Feb. 20 for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Domestic Homeworks Ltd.
         Penang House
         10 Memorial Road
         Luton
         Bedfordshire
         LU3 2QU
         England
         Tel: 078 1367 1496
         Fax: 01234 740 329


DURA AUTOMOTIVE: Wants Exclusive Plan-Filing Period Extended
------------------------------------------------------------
Dura Automotive Systems Inc. and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to extend
their exclusive periods:

   (i) to propose and file a plan of reorganization through and
       including May 23; and

  (ii) solicit acceptances of that plan through and including
       July 23.

The Court will convene a hearing on March 21 at 10:00 a.m., to
consider the Debtors' request.  By application of Rule 9006-2 of
the Local Rules of Bankruptcy Practice and Procedures of the
United States Bankruptcy Court for the District of Delaware, the
Debtors' exclusive periods are automatically extended until the
conclusion of that hearing.

Section 1121(b) of the Bankruptcy Code provides a debtor the
exclusive right to file a plan of reorganization for an initial
period of 120 days after the commencement of its Chapter 11
case.  Section 1121(c)(3) provides that if a debtor files a plan
of reorganization within the 120-day initial period, a debtor
has 180 days after the commencement of the Chapter 11 case
within which to solicit and obtain acceptances of its plan, at
which time competing plans may not be filed by any party-in-
interest.

Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger,
P.A., in Wilmington, Delaware, relates that much has been
accomplished to rehabilitate the Debtor, not only in the first
120 days of their Chapter 11 cases, but also in the months
leading up to the Petition Date.  Specifically, the Debtors
have:

    -- ensured a smooth entry into Chapter 11 against a backdrop
       of continued deterioration in their domestic automotive
       industry;

    -- minimized the impact of the Chapter 11 on Dura Automotive
       Systems, Inc.'s non-debtor affiliates, ensuring that
       adequate liquidity is available as and when needed;

    -- engaged management in implementing their operational
       restructuring through the transfer of business from high
       to low-cost locations;

    -- conducted, with their advisors, a bottom-up analysis of
       their business on a location-by-location and part-by-part
       basis, and are now developing a transformational business
       plan based upon those analyses to reflect the changes in
       the automotive sector;

    -- augmented senior management to provide further support
       for their operational and financial restructuring;

    -- commenced negotiations with major customers, giving them
       reasons to return business to the Debtors;

    -- made significant progress in analyzing a potential
       avoidance action against the Second Lien Lenders based
       upon certain lien perfections issues, and assessing the
       potential impact of the litigation on the contours of a
       consensual plan;

    -- exchanged, and continues to exchange, substantial
       information with the Creditors Committee, the Second Lien
       Committee, and their advisors; and

    -- demonstrated a commitment to conduct the vast majority of
       the Chapter 11 tasks outside the courtroom on a
       consensual basis with its various constituencies.

Extending the exclusive periods will permit the Debtors to
develop an appropriate plan of reorganization that will best
meet the creditors' needs and fit into the development of the
Debtors' business plan, Mr. DeFranceschi tells the Court.

Mr. DeFranceschi cites the Debtors' sufficiently large and
complex cases, which involves 41 debtors, with two tranches of
secured institutional debt that are the subject of an intricate
intercreditor agreement and multiple issuances of unsecured
institutional debt in addition to the standard classes of
secured, priority, priority tax, and general unsecured claims.

Adding complexity to the Debtors' prepetition financial balance
sheet and equity structure is the potential avoidance action
against the Second Lien Lenders, Mr. DeFranceschi relates.  This
potential litigation, he says, has taken time to analyze, and
will continue to influence the course of the Debtors' Chapter 11
cases and the development of a plan of reorganization.

Mr. DeFranceschi assures the Court that the extension is
intended to facilitate an orderly, efficient and cost-effective
process for the benefit of all creditors.

                 About DURA Automotive Systems Inc.

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules, and exterior trim systems for the
global automotive industry.  The company is also a supplier of
similar products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Delaware Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.  (Dura Automotive
Bankruptcy News, Issue No. 14; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


EMI GROUP: Rejects Warner's GBP2.1-Bln Pre-Conditional Offer
------------------------------------------------------------
The Board of Directors of EMI Group plc rejected a GBP2.1
billion (US$4.1 billion) non-binding takeover bid from Warner
Music Group Corp. saying that the price of 260 pence per share
in cash for EMI is inadequate.

The Board concluded that "it is not in the best interests of EMI
shareholders to entertain a pre-conditional offer which would
entail prolonged regulatory uncertainty and unacceptable
operational risk at a critical time for the Company."

There can be no certainty that the approach by WMG will lead to
an offer being made for the Company or as to the terms on which
any offer might be made.

EMI remains focused on maximizing the performance of the
business including implementation of the restructuring program
disclosed on Jan. 12.

As reported in the TCR-Europe on Feb. 27, Warner Music Group
Corp. approached EMI on Jan. 24, after it obtained the support
of Brussels-based Impala, a trade group for independent European
record labels ending its opposition to a Warner-EMI merger,
reports say.  WMG clarified Feb. 21 that any possible takeover
offer for EMI Group PLC is likely to be solely in cash.

In 2006, EMI and Warner were locked in a GBP2.3 billion takeover
battle.  The deal was halted in June 2006 following the
annulment of the 2004 Sony-BMG tie-up by a European Court.

Analysts believed that an EMI-Warner merger could generate cost
savings of about GBP150 million a year.

                      About Warner Music Group

Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/--  
is a music company that operates through numerous international
affiliates and licensees in more than 50 countries, including
the Philippines.

                         About EMI

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

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

                        *     *     *

As reported in the TCR-Europe on March 1, Standard & Poor's
Ratings Services placed its ratings on Warner Music Group Corp.,
including the 'BB-' corporate credit rating, on CreditWatch with
negative implications, following the company's statement that it
is exploring a possible merger agreement with EMI Group PLC (BB-
/Watch Neg/B), which EMI management has confirmed.

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


FOCUS DIY: Fitch Places CCC IDR on Rating Watch Negative
--------------------------------------------------------
Fitch Ratings placed certain ratings of UK-based Focus DIY on
Rating Watch Negative, following the company's agreement with
its mezzanine noteholders to defer the issue of its audited
accounts for the financial year ended October 2006, which were
due on Feb. 28.

Focus DIY (Investments) Ltd.

   -- Issuer Default rating 'CCC'
   -- Senior secured credit facility 'B-'/'RR2'
   -- Short-term rating 'C'

Focus DIY (Finance) plc

   -- IDR 'CCC'
   -- Mezzanine notes 'CC'/'RR6'

"While the company's interest and principal payments have been
honored thus far, the refinancing risk of the existing debt
facilities has risen as previous more onerous covenant tests
will apply from July 2007," says Pablo Mazzini, Director in
Fitch's Leveraged Finance team.  While still an option, Fitch
sees little likelihood of the senior covenants being reset.
This is not necessarily because of Focus's weak business
prospects but rather due to the high-debt service requirements
imposed by the current capital structure.

Fitch expects to resolve the Rating Watch Negative within the
next six months following the conclusions of the strategic
review being conducted by Rothschild.

In the event of a successful trade sale, the analysis will be
centered on the final recoveries for each creditor class.  In
the case of other options, such as a debt-for-equity swap, they
may be treated as an event of default under the present
structure, potentially leading to lower-than-par value
recoveries for the mezzanine notes.  These are reflected in the
Recovery rating of 'RR6' for the senior secured debt.  While
senior secured lenders in theory should expect to be fully
covered, recoveries for them could be diminished by the
inclusion of any amounts drawn under the revolving credit
facilities in the eventual restructuring.  In addition,
recoveries could be undermined by any concession payments that
might be granted to the second-ranking mezzanine noteholders
upon a forced sale or restructuring event.


FONE BOUTIQUE: Taps Liquidators from B & C Associates
-----------------------------------------------------
Jeffrey Mark Brenner and Filippa Connor of B & C Associates were
appointed joint liquidators of The Fone Boutique Ltd. on Feb. 22
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         The Fone Boutique Ltd.
         High Street
         Wealdstone
         Harrow
         Middlesex
         HA3 5BY
         England
         Tel: 020 8863 5888
         Fax: 020 8863 1901


FORD MOTOR: Estimates US$11.18 Billion in Restructuring Costs
-------------------------------------------------------------
Ford Motor Company disclosed Wednesday in a regulatory filing
with the U.S. Securities and Exchange Commission its estimated
life-time costs for restructuring actions:

   Jobs Bank Benefits and
   personnel-reduction programs    US$5,960 million

   Pension curtailment charges        2,741 million

   Fixed asset impairment charges     2,200 million

   U.S. plant idlings
   (primarily fixed-asset
   write-offs)                          281 million
   ------------------------------------------------
   Total                          US$11,182 million

Of the total US$11,182 million of estimated costs, Ford says
that US$9,982 million has been accrued in 2006 and the balance,
which is primarily related to salaried personnel-reduction
programs, is expected to be accrued in the first quarter of
2007.

The company expects a curtailment gain for other postretirement
employee benefit obligations related to hourly personnel
separations that occur in 2007, which gain the company expects
to record in 2007.  Of the estimated costs, those relating to
Job Bank Benefits and personnel-reduction programs also
constitute cash expenditure estimates.

The restructuring cost estimates relate to the automaker's
previously announced commitment to accelerate its restructuring
plan, referred to as Way Forward plan.

The "Way Forward" plan includes closing plants and laying off up
to 45,000 employees.

As reported in the Troubled Company Reporter on Feb. 21, Ford
expected to miss some points in its "Way Forward" restructuring
plan, according to an internal report titled "Report Card: Ford
North America."

Reports said that although Ford hit the US$400 million material
cost savings in January, the company would likely miss its
target for February and March.  Also, Ford missed its U.S.
retail sales goal in January for Focus by 10,600 vehicles.

                           2006 Results

Ford incurred a US$12,613 million net loss on US$160,123 million
of total sales and revenues for the year ended Dec. 31, 2006,
compared to a US$1,440 million net income on US$176,896 million
of total sales and revenues for the year ended Dec. 31, 2005.

Ford's balance sheet at Dec. 31, 2006, showed total assets of
US$278,554 million and total liabilities of US$280,860 million
resulting in a total stockholders' deficit of US$3,465 million.

The company had US$13,442 million in total stockholders' equity
at Dec. 31, 2005.

                 Continued Decline in Market Share

Ford says its overall market share in the United States has
declined in each of the past five years, from 21.1% in 2002 to
17.1% in 2006.  The decline in overall market share primarily
reflects a decline in the company's retail market share, which
excludes fleet sales, during the past five years from 16.3% in
2002 to 11.8% in 2006.

                       Stockholders' Equity

The US$16.9 billion decrease in Ford's stockholders' equity at
Dec. 31, 2006, primarily reflected 2006 net losses and
recognition of previously unamortized changes in the funded
status of the company's defined benefit postretirement plans as
required by the implementation of Statement of Financial
Accounting Standards No. 158, offset partially by foreign
currency translation adjustments.

                         Automotive Sector

The weighted-average maturity of Ford's total automotive debt is
approximately 17 years, and is measured based on the maturity
dates of its debt or the first date of any put option available
to the owners of its debt.  About US$3 billion of debt matures
by Dec. 31, 2011, and about US$15 billion matures or has a put
option by Dec. 31, 2016.

At Dec. 31, 2006, Ford had US$13 billion of contractually-
committed credit facilities with financial institutions,
including US$11.5 billion pursuant to a senior secured credit
facility established in December 2006, US$1.1 billion of global
Automotive unsecured credit facilities, and US$400 million of
local credit facilities available to foreign affiliates.  At
Dec. 31, 2006, US$12.5 billion of the facilities were available
for use.

             Financial Services Sector -- Ford Credit

Ford Credit's total debt plus securitized off-balance sheet
funding was US$150.9 billion at Dec. 31, 2006, about US$900
million higher compared with a year ago.  At Dec. 31, 2006, Ford
Credit's cash, cash equivalents and marketable securities
totaled US$21.8 billion (including US$3.7 billion to be used
only to support on-balance sheet securitizations), compared with
US$17.9 billion at year-end 2005.

Ford Credit obtains short-term funding, among others, from sale
of floating rate demand notes under its Ford Interest Advantage
program.  At Dec. 31, 2006, the principal amount outstanding of
such notes was US$5.6 billion.

For additional funding and to maintain liquidity, at Dec. 31,
2006, Ford Credit and its majority owned subsidiaries had
US$3.8 billion of contractually committed unsecured credit
facilities with financial institutions, of which US$2.6 billion
were available for use.

In addition, at Dec. 31, 2006, banks provided US$18.9 billion of
contractually-committed liquidity facilities exclusively to
support Ford Credit's two on-balance sheet asset-backed
commercial paper programs.

Ford Credit also has entered into agreements with a number of
bank-sponsored asset-backed commercial paper conduits and other
financial institutions pursuant to which the parties are
contractually committed, at Ford Credit's option, to purchase
from Ford Credit eligible retail or wholesale assets or to make
advances under asset-backed securities backed by wholesale
assets for proceeds of up to approximately US$29.1 billion.  At
Dec. 31, 2006, US$9.7 billion of the commitments were in use.

Furthermore, Ford Credit has a multi-year committed liquidity
program for the purchase of up to US$6 billion of unrated asset-
backed securities that at its option can be supported with
various retail, wholesale, or leased assets.  Ford Credit's
ability to obtain funding under this program is subject to
having a sufficient amount of assets available to issue the
securities.

A full-text copy of the financial report is available for free
at http://researcharchives.com/t/s?1a95

                       About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures and distributes automobiles
in 200 markets across six continents.  With more than 324,000
employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury, and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

                          *     *     *

As reported in the TCR-Europe on Dec. 13, 2006, Standard &
Poor's Ratings Services affirmed its 'B' bank loan and '2'
recovery ratings on Ford Motor Co. after the company increased
the size of its proposed senior secured credit facilities to
between US$17.5 billion and US$18.5 billion, up from US$15
billion.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4' due to the increase in size of
both the secured facilities and the senior unsecured convertible
notes being offered.

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's US$3 billion of senior convertible notes
due 2036.


FULL CIRCLE: K. B. Stout Leads Liquidation Procedure
----------------------------------------------------
K. B. Stout was appointed liquidator of Full Circle Property
Services Ltd. on Feb. 21 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Full Circle Property Services Ltd.
         37 London Road
         Dunton Green
         Sevenoaks
         Kent
         TN132UD
         England
         Tel: 01732 461 225


GENERAL MOTORS: Reports Increase in U.S. Sales for February
-----------------------------------------------------------
Despite an expected decline in U.S. industry sales, General
Motors Corp. reported a 3.4% total sales increase, compared with
February 2006.  The sales gain was due to an 11% retail sales
increase.

Retail and fleet sales by GM dealers in the United States
totaled 311,763 vehicles, compared with sales of 301,545 in
February 2006.  Fleet sales were down 18% due to a planned 25%
reduction in daily rental sales.

"Our pickup, SUV and crossover business was terrific across the
board," Mark LaNeve, vice president, GM North American Sales,
Service and Marketing, said.  "Our customers are telling us that
we have the winning formula -- the best products, industry-
leading fuel economy and the best value."

February's performance was led by the new GMC Sierra and the
North American Truck of the Year Chevrolet Silverado full-size
pickups.  Silverado had its best February sales month in five
years, total full-size pickup sales were up 29% and total truck
sales were up more than 7% compared with last February.  The
critically acclaimed new GMC Acadia and Saturn Outlook drove a
97% retail increase in the mid-crossover segment.

"With GM offering the best coverage in our 5 year/100,000 mile
power train limited warranty with roadside assistance and
courtesy transportation, we believe customers see our vehicles
as having outstanding value and quality that is better than the
competition," Mr. LaNeve added.  "With a less than stellar
industry performance, our February sales results stand out."

The Chevrolet, GMC, Saturn and Pontiac divisions all saw retail
increases in February.

Retail truck sales were up 16% compared with February 2006 and
total truck sales were up 7%. Leading the retail sales gains
were full-size pickups, up 36% compared with February 2006, with
positive showings by Chevrolet Avalanche, up 110% and Silverado,
up 34%.  GMC Sierra retail sales volume was up 27% compared with
last February.

Retail increases by the Cadillac Escalade ESV and Escalade EXT,
compared with February 2006, pushed GM's large luxury utilities
segment up 7% compared with last February.

Driven by an increase in Chevrolet Aveo retail sales, GM's
economy car segment retail volume was up 17% compared with
February 2006.  A 45% retail increase in Pontiac G6 and a 65%
increase in Chevrolet Impala retail sales, compared with the
same month a year ago, pushed GM's mid-car segment retail volume
up 25%.

In February, GM's mix of total fleet to retail sales continued
to improve significantly. Retail sales were 78.5% of total
sales, compared with 73% last February; fleet sales were 21.5%,
compared with 27% last year.

GM February sales reflected the continuing strength of the new
product portfolio with competitive incentive spending, balanced
with ongoing reductions in daily rental fleet sales.

                     Certified Used Vehicles

February 2007 sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned
Vehicles and HUMMER Certified Pre-Owned Vehicles, were 42,855
units, up nearly 6% from last February.  Year-to-date sales for
all certified GM brands are up nearly 8% from the same period
last year.

GM Certified Used Vehicles, the industry's top-selling
manufacturer-certified used brand, posted February sales of
37,840 units, up nearly 7% from February 2006.  Year-to-date
sales are 75,390 units, up 8%.

Cadillac Certified Pre-Owned Vehicles posted February sales of
3,111 units, comparable to last February.  Saturn Certified Pre-
Owned Vehicles sold 1,262 units in February, down 11%.  Saab
Certified Pre-Owned Vehicles sold 540 units, up 7%, and HUMMER
Certified Pre-Owned Vehicles sold 102 units, up 183%.

                    About General Motors Corp.

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

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 15, 2006,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with negative implications, where
they were placed March 29, 2006.  S&P said the outlook is
negative.

As reported in the Troubled Company Reporter on Nov. 14, 2006,
Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
US$1.5 billion secured term loan of General Motors Corp.


J MARCHAM: Taps Michael C. Kienlen to Liquidate Assets
------------------------------------------------------
Michael C. Kienlen of Armstrong Watson was appointed liquidator
of J Marcham & Son Ltd. on Feb. 21 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         J Marcham & Son Ltd.
         23 Piccadilly
         Bradford
         West Yorkshire
         BD1 3NJ
         England
         Tel: 01274 731 553
         Fax: 01274 309 200


KENSINGTON MORTGAGE: Moody's Rates Class B2 Notes at (P)Ba2
-----------------------------------------------------------
Moody's Investors Service assigned provisional credit ratings to
these classes of Notes to be issued by Kensington Mortgage
Securities plc, Series 2007-1:

   -- Class A1, due [June 2022]:(P)Aaa;
   -- Class A1 Detachable Coupons, due [September 2011]: (P)Aaa;
   -- Class A2, due [June 2040]: (P)Aaa;
   -- Class A2 Detachable Coupons, due [September 2011]: (P)Aaa;
   -- Class A3, due [June 2040]: (P)Aaa;
   -- Class A3 Detachable Coupons, due [September 2011]: (P)Aaa;
   -- Class M1, due [June 2040]: (P)Aa3;
   -- Class M2, due [June 2040]: (P)A2;
   -- Class B1, due [June 2040]: (P)Baa2;
   -- Class B2, due [June 2040]: (P)Ba2;

It is anticipated that the Class A1, Class A3, Class M1, Class
M2, Class B1 and Class B2 Notes will be issued in Sterling,
Euros and/or US Dollars, subject to market demand.  The final
currency denominations within each separate class of note will
rank pari passu with each other in all respects.

The provisional ratings are based, inter alia, on the sterling
equivalent split of the Notes being as follows (in percentage of
the total Notes issuance excluding the Class C Notes):

   -- Class A1 [30.00]%
   -- Class A2 [13.00]%
   -- Class A3 [42.00]%
   -- Class M1 [6.00]%
   -- Class M2 [4.00]%
   -- Class B1 [3.10]%
   -- Class B2 [1.90]%

Investors in the Class A Detachable Coupons do not receive any
payments of principal, and will be paid interest at a rate of
[0.60]% p.a. for a period of 18 quarters, calculated on the
outstanding balance of the Class A1, A2, A3 Notes, respectively.

The Issuer, Kensington Mortgage Securities plc, is a special
purpose vehicle incorporated in England and Wales, which is
ultimately owned by a charitable trust.  The Issuer is a multi-
issuance vehicle and this transaction represents the first
series to be issued under its MTN style program.

The assets supporting the Notes are sub prime and non-conforming
first- and second-lien residential mortgage loans originated by
entities trading under the name of Kensington Mortgage Company
Ltd., Money Partners Ltd. and Money Partners Loans Ltd. and
secured on residential properties in England, Wales and
Scotland.  Home loan Management Ltd. will be responsible for the
day-to-day servicing of the loans, while Western Mortgage
Services will act as standby servicer.

The ratings of the Notes are based upon an analysis of the
characteristics of the mortgage pool backing the Notes, the
protection the Notes receive from credit enhancement against
defaults and arrears in the mortgage pool, and the legal and
structural integrity of the transaction.  The credit enhancement
available in the deal is provided in the form of excess spread,
a discount margin reserve, reserve fund (initially [1.00]% of
original note balance, building to [1.50]%), and subordination
of the Class M1, M2, B1 and B2 Notes. Subject to certain
conditions being met, the reserve fund may amortize down to a
floor of [0.75%] of the original note balance.

To hedge against the risk of rising interest rates during the
fixed rate periods for the fixed-rate loans in the pool, the
Issuer will enter into a swap for the principal balance of these
loans.  To hedge against possible mismatch between Note LIBOR
and LIBOR payable on the loans, the issuer will enter into a
basis swap agreement.  The Issuer will also enter into cross
currency swaps to hedge against interest rate and foreign
exchange risk on the Notes.

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

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinions regarding the transaction only.  Upon a
conclusive review of the final version of all the documents and
legal opinions, Moody's will endeavour to assign a definitive
rating to the Notes.  A definitive rating may differ from a
provisional rating.


KENSINGTON MORTGAGE: S&P Assigns BB Rating to GBP15.2-Mln. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the GBP800 million mortgage-backed floating-
rate series 2007-1 notes to be issued by Kensington Mortgage
Securities PLC.

                          Ratings List

Kensington Mortgage Securities PLC
   GBP15.2 Million Mortgage-Backed Floating-Rate Notes
   Series 2007-1

                        Prelim.        Prelim amount
         Class          rating         (Mln. GBP equiv.)
         -----          -------        -----------------
         B2             BB              15.2

Kensington Mortgage Securities PLC
   GBP748.2 Million Mortgage-Backed Floating-Rate Notes
   Series 2007-1

         A1             AAA            240.0
         A1 DAC         AAA              N/A
         A2             AAA            104.0
         A2 DAC         AAA              N/A
         A3             AAA            336.0
         A3 DAC         AAA              N/A
         M1             AA              48.0
         M2             A               32.0
         B1             BBB             24.8
         MERCs          AAA              N/A

This is Kensington Group's first securitization of a portfolio
of mortgages using a newly set-up asset-backed MTN program.

The notes are backed by a pool of mortgages secured over
freehold and leasehold properties in England, Wales, and
Scotland, originated by various subsidiaries of Kensington
Group.

The preliminary ratings reflect the strong protection that will
be provided the notes through subordination, the reserve fund,
excess spread and the availability of a liquidity facility; and
the cash flow structure, which is subject to various stress test
scenarios.

Kensington Group's principal business is originating residential
mortgages, typically to borrowers who have financially recovered
from incidents of credit problems, or who have self-certified
income or a limited credit track record, and cannot obtain
financing from banks and building societies.

Standard & Poor's expects to rate the notes on a segregated
basis, i.e., the rating on each series will be independent from
the rating on each previous and subsequent series.  This is the
first series to be issued.


KESTREL UPVC: Claims Filing Period Ends April 27
------------------------------------------------
Creditors of Kestrel UPVC Ltd. have until April 27 to send in
writing their names and addresses, and the particulars of their
debts or claims, and the names and addresses of their solicitors
(if any) to:

         Richard I. B. Jones and Melanie Reevel Giles
         Joint Liquidators
         JonesGiles
         11 Coopers Yard
         Curran Road
         Cardiff
         CF10 5NB
         Wales

Richard I. B. Jones and Melanie R. Giles of Jones Giles Ltd.
were appointed joint liquidators of the company on Feb. 21.


KNOWDRAMA LTD: Appoints A. J. Clark as Liquidator
-------------------------------------------------
A. J. Clark of Carter Clark was appointed liquidator of
Knowdrama Ltd. (t/a Sessions) on Feb. 21 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Knowdrama Ltd.
         5 Theberton Street
         Islington
         London
         N1 0QY
         England
         Tel: 020 7704 9777


LADBROKES PLC: DA Extends Sports Punditry & Betting Odds Deal
-------------------------------------------------------------
DA Group plc has won an extension to its contract with Ladbrokes
plc, which will see the launch of DA's "Big Frank" character in
Spain on March 2.

The move comes on the back of the success of the character in
the U.K., and sees the world's largest bookmaker capitalize on
DA's unique technology platform for interactive entertainment
via the web, mobile and TV.

DA, with ICS, initially signed an agreement with Ladbrokes to
deliver sports punditry and betting odds online to the U.K.
market in spring 2006.  "Big Frank" will now also appear on
http://www.ladbrokes.com/once a week in Spain, to give betting
updates for the major mid week and weekend football matches.
This will increase to twice a week during the time of the
Champions League Football.  He will also appear on affiliate
sites to help drive traffic to Ladbrokes' Web site.

The project is built around DA's alert.me product solution, with
ICS providing the audio facility to drive the avatar.

The deal is particularly significant for DA as the Company
continues to build an unrivaled commercial and promotional tool
for sports organizations wanting to extend brands across web and
mobile.

"Yomego's character, 'Big Frank', is the perfect medium for us
to interact with our customers online and via their mobiles in a
fun, engaging and informative manner.  We constantly explore new
ways to keep our customers up-to-date on the exciting
developments in sports and the world of betting," Richard Clark,
General Manager of Ladbrokes' Sportsbook, commented.

"Ladbrokes is a world-leader in the betting industry, and this
venture in the Spanish market is testimony to the success of
'Big Frank' in the U.K.  We believe that our alert.me and i.bet
solutions form a compelling platform for sports organizations to
promote a brand and maximize commercial value across web, mobile
and TV," Mike Antliff, CEO of DA Group, said.

                        About Ladbrokes

Headquartered in Watford, United Kingdom, Ladbrokes plc --
http://www.ladbrokesplc.com/-- engages in fixed odds betting.
The company is comprised of Ladbrokes, the biggest retail
bookmaker in the U.K. and Ireland, Ladbrokes.com, a world-
leading provider of interactive betting and gaming services,
Vernons, the leading football pools operator and Ladbrokes
Casinos, which opened its first casino at the Hilton London
Paddington in July 2006.

At Dec. 31, 2006, the Company's consolidated balance sheet
showed GBP852.9 million in total assets and GBP1.5 billion in
total liabilities, resulting in a GBP626.9-million stockholders'
deficit.

                        *     *     *

As reported in the TCR-Europe on Oct. 26, 2006, Standard &
Poor's Ratings Services affirmed its 'BB' ratings on the senior
unsecured debt of the U.K.-based gaming operator Ladbrokes PLC
and its guaranteed subsidiary Ladbrokes Group Finance PLC, and
removed the ratings from CreditWatch with negative implications.

Moody's Investors Service downgraded in February 2006 the senior
unsecured long-term ratings of Hilton Group Plc (nka Ladbrokes
Plc) and its guaranteed subsidiaries to Ba2 from Baa3; the
outlook is stable.


LECO ACCESSORIES: Claims Filing Period Ends April 10
----------------------------------------------------
Creditors of Leco Accessories (Chertsey) Ltd. have until
April 10 to send in their full names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to:

         Shay Lettice
         Liquidator
         Peters Elworthy & Moore
         Salisbury House
         Station Road
         Cambridge
         CB1 2LA
         England

Shay Lettice of Peters Elworthy & Moore was appointed liquidator
of the company on Sept. 12, 2006.


NELSON GROUP: Brings In Liquidators from Grant Thornton
-------------------------------------------------------
Nicholas Wood and James Earp of Grant Thornton U.K. LLP was
appointed liquidator of Nelson Group Services (Maintenance) Ltd.
on Feb. 20 for the creditors' voluntary winding-up procedure.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--  
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.

The company can be reached at:

         Nelson Group Services (Maintenance) Ltd.
         Staveley House
         11 Dingwall Road
         Croydon
         Surrey
         CR9 3DB
         England
         Tel: 020 8688 4404
         Fax: 0151 549 1316


NORHAM MULTI: Joint Liquidators Take Over Operations
----------------------------------------------------
Andrew Conquest and Joseph Mclean of Grant Thornton U.K. LLP
were appointed joint liquidators of Norham Multi Leisure Ltd. on
Feb. 20 for the creditors' voluntary winding-up proceeding.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--  
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.

The company can be reached at:

         Norham Multi Leisure Ltd.
         35 Berkeley Square
         City of Westminster
         London
         W1J 5AB
         England
         Fax: 020 7493 0189


OCEANA TELEVISION: Creditors' Meeting Slated for March 9
--------------------------------------------------------
Creditors of Oceana Television & Media Ltd. will meet at noon on
March 9 at:

         Regus
         Fairbourne Drive
         Atterbury
         Milton Keynes
         MK10 9RG
         England

Creditors who want to vote at the meeting have until noon on
March 8 to submit their proxy forms together with particulars of
their claims or of any security at the said address.

Robert Day of Robert Day and Company Ltd. will furnish creditors
with information concerning the company's affairs free of charge
as they may reasonably require.


OPUS RECRUITMENT: Creditors' Meeting Slated for March 14
--------------------------------------------------------
Creditors of Opus Recruitment Ltd. will meet at 10:30 a.m. on
March 14 at:

         The P&A Partnership
         93 Queen Street
         Sheffield
         S1 1WF

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 12.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.


PINEAPPLE CLOTHING: Creditors' Meeting Slated for March 9
---------------------------------------------------------
Creditors of Pineapple Clothing Company Ltd. will meet at noon
on March 9 at:

         Leonard Curtis
         One Great Cumberland Place
         Marble Arch
         London
         W1H 7LW
         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.


PLASTICS 2: Names Tracey Ann Taylor Liquidator
----------------------------------------------
Tracey Ann Taylor of Abbey Taylor Ltd. was appointed liquidator
of Plastics 2 Go Ltd. on Feb. 20 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Plastics 2 Go Ltd.
         Unit 5 Newhall Road Ind Est
         Sanderson Street
         Sheffield
         South Yorkshire
         S9 2TW
         England
         Tel: 0114 242 6666
         Fax: 0114 242 6677


PUKKA CASUAL: Appoints Gagen Dulari Sharma as Liquidator
--------------------------------------------------------
Gagen Dulari Sharma was appointed liquidator of Pukka Casual
Wear Ltd. (formerly Happy Dog Connects Ltd.) on Feb. 16 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Pukka Casual Wear Ltd.
         118 Bury New Road
         Manchester
         Lancashire
         M8 8EB
         England
         Tel: 0161 653 9579


R D PUTNAM: Creditors' Meeting Slated for March 9
-------------------------------------------------
Creditors of R D Putnam (High Wycombe) Ltd. will meet at noon on
March 9 at:

         Abbey House
         18-24 Stoke Road
         Slough
         Berkshire
         SL2 5AG
         England

Creditors who want to vote at the meeting have until noon on
March 8 to submit their proxy forms together with particulars of
their claims or of any security at 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 7.


ROYAL & SUN: Has 2,988,373,423 Total Voting Rights & Capital
------------------------------------------------------------
As of Feb. 28, Royal & Sun Alliance Insurance Group plc's
capital consists of 2,988,373,423 ordinary shares with voting
rights.

Therefore, the total number of voting rights in Royal & Sun is
2,988,373,423.

The figure may be used by shareholders as the denominator for
the calculations by which they will determine if they are
required to notify their interest in, or a change to their
interest in, the company under the FSA's Disclosure and
Transparency Rules.

Headquartered in London, Royal & Sun Alliance Insurance Group
PLC -- http://www.royalsunalliance.com/-- is a FTSE 100
company, listed on the London Stock Exchange and in New York.
The group consists of three regions -- U.K., Scandinavia and
International -- with operations in 30 countries, providing
general insurance products to over 20 million customers
worldwide.  In Latin America, it operates in Brazil, Chile,
Colombia, Mexico, Uruguay and Venezuela.  In Asia, the company
operates in Hong Kong, Singapore and Saudi Arabia.

                        *     *     *

As of Feb. 22, Royal & Sun Alliance Insurance Group PLC carries
Moody's Ba1 preferred stock rating.


SKYEPHARMA PLC: Two Directors Hike Shares to 6,024 Under Plan
-------------------------------------------------------------
As a result of transactions on Feb. 28 by the SkyePharma PLC
Share Purchase Plan, Frank Condella and Peter Grant, directors
of the Company, as trustees of the Plan, became the beneficial
owners of an additional 6,024 Ordinary Shares of the Company,
bringing the total held by the Plan to 203,455 Ordinary Shares
of the Company.

The executive directors of the Company have the following
additional interests as a result of their personal participation
in the Plan:

                    Partnership Shares      Matching Shares
                    purchased on Feb. 28    awarded on Feb. 28
                    at 22.25p per share     at 22.25p per share
     --------------------   -------------------
Frank Condella           562                    562
Peter Grant              562                    562

                     Total number of Partnership and
                     Matching Shares held on Feb. 28

Frank Condella                 9,536
Peter Grant                    2,164

In accordance with the rules of the Plan these directors have
been awarded the Matching Shares on the basis of one Matching
Share for each Partnership Share.

The beneficial ownership of the Matching Shares will pass to the
directors in three years' time subject to continued employment
and the retention of the underlying Partnership Shares.

Headquartered in London, SkyePharma PLC (Nasdaq: SKYE; LSE: SKP)
-- http://www.skyepharma.com/-- develops pharmaceutical
products benefiting from world-leading drug delivery
technologies that provide easier-to-use and more effective drug
formulations.  There are now 12 approved products incorporating
SkyePharma's technologies in the areas of oral, injectable,
inhaled, and topical delivery supported by advanced
solubilisation capabilities.

                      Going Concern Doubt

As reported in the Troubled Company Reporter on Aug. 1, 2006,
PricewaterhouseCoopers LLP in London raised substantial doubt
about Skyepharma PLC's ability to continue as a going concern
after auditing the company's financial statements for the year
ended Dec. 31, 2005.  The auditing firm pointed to the
uncertainty as to when Skyepharma's certain strategic
initiatives may be concluded and their effect on the company's
working capital requirements.


SOFT SECRETS: Hires Liquidator from Ashcrofts
---------------------------------------------
George Michael of Ashcrofts was appointed liquidator of Soft
Secrets Ltd. on Feb. 23 for the creditors' voluntary winding-up
procedure.

Ashcrofts -- http://www.ashcrofts.net/-- offers hands on
expertise specializing in Business Recovery and Insolvency
providing positive solutions for negative situations.

The company can be reached at:

         Soft Secrets Ltd.
         8 Baffins Court
         Baffins Lane
         Chichester
         West Sussex
         PO191UA
         England
         Tel: 01243 839 700


SOLUTIA INC: Equity Committee Supports Modified Sale Plan
---------------------------------------------------------
The Official Committee of Equity Security Holders and its
financial advisers, believes that the modified sale plan being
considered by Solutia Inc. and its debtor-affiliates is the exit
strategy likely to yield the most significant recoveries to all
their constituents, including the public shareholders.

Under the Modified Sale Plan, the Debtors are analyzing the
viability of an alternative, under which they will sell certain
businesses, use the cash proceeds from the sales to satisfy
liabilities and pay creditors, and reorganize around the
remaining businesses.

Craig A. Barbarosh, Esq., at Pillsbury Winthrop Shaw Pittman
LLP, in New York, states that it is of critical importance that
the incentives offered to the Debtors' senior management be
aligned with the goal of maximizing Solutia, Inc.'s value
through the Modified Sale Plan.

The Debtors should consider a supplement to the proposed
incentive structure that would further reward Solutia's senior
management for attaining the maximum amount of enterprise and
distributable value for reorganized Solutia, Mr. Barbarosh says.

A logical way to accomplish this is to supplement the payment
structure in the proposed annual incentive program to provide
additional value to Solutia's management for securing an
Earnings Before Interest, Taxes, Depreciation, Amortization and
Restructuring costs (EBITDAR) that would result in over
US$1,161,000,000 of distributable value, Mr. Barbarosh adds.

Mr. Barbarosh points out that recoveries to the Debtors'
creditor and equity constituencies would increase considerably
because management would receive greater incentives for every
incremental tier of operating and emergence metrics achieved at
the higher end of the ranges outlined in the proposed 2007
annual incentive program.

                       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.
(Solutia Bankruptcy News, Issue No. 79; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SQUARE3 LTD: Creditors' Meeting Slated for March 9
--------------------------------------------------
Creditors of Square3 Ltd. will meet at 11:30 a.m. on March 9 at
the offices of:

         Elwell Watchorn & Saxton LLP
         109 Swan Street
         Sileby
         Leicestershire
         LE12 7NN
         England

Creditors who want to vote at the meeting have until noon on
March 8 to submit their proxy forms together with particulars of
their claims or of any security at 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 7 and March 8.

Elwell Watchorn & Saxton -- http://www.ews-insolvency.co.uk/--  
provides insolvency and recovery services.  The firm's partners
have considerable expertise in all formal areas of insolvency,
both corporate and personal and have been offering turnaround
advice without the need for formal insolvency.


STIRLING GRAPHICS: Creditors' Meeting Slated for March 15
---------------------------------------------------------
Creditors of Stirling Graphics Ltd. will meet at 11:00 a.m. on
March 15 at:

         Begbies Traynor
         The Old Exchange
         234 Southchurch Road
         Southend-on-Sea
         Essex
         SS1 2EG
         England

Creditors who want to vote at the meeting have until noon on
March 14 to submit their proxy forms together with particulars
of their claims or of any security at the said address.

Lloyd Biscoe of Begbies Traynor will furnish creditors with
information concerning the company's affairs free of charge as
they may reasonably require.

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


TIMBER BUILDING: Appoints Liquidators to Wind Up Business
---------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Jacksons
Jolliffe Cork were appointed joint liquidators of Timber
Building Leisure Ltd. on Feb. 21 for the creditors' voluntary
winding-up proceeding.

Jackson Jolliffe Cork -- http://www.jjcork.co.uk/-- engages
exclusively in business recovery and insolvency work and
comprises certified and chartered accountants, licensed
insolvency practitioners and business turnaround consultants,
many having joined us from senior positions within National
firms.

The company can be reached at:

         Timber Building Leisure Ltd.
         Burnley Road
         Mytholmroyd
         Hebden Bridge
         West Yorkshire
         HX7 5AP
         England
         Tel: 01422 884 200


VANTAGE TECHNOLOGIES: Taps Liquidators from Gerald Edelman
----------------------------------------------------------
Bernard Hoffman and Ian Douglas Yerrill of Gerald Edelman
Business Recovery were appointed joint liquidators of Vantage
Technologies (U.K.) Ltd. (formerly Black Thunder Systems Ltd.)
on Feb. 21 for the creditors' voluntary winding-up procedure.

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

The company can be reached at:

         Vantage Technologies Ltd.
         Vantage House
         Rother Valley Way
         Holbrook
         Sheffield
         South Yorkshire
         S20 3RW
         England
         Tel: 0114 247 9500
         Fax: 0114 247 9555


VELOCE MOTORCYCLES: Brings In Andrew McTear to Liquidate Assets
---------------------------------------------------------------
Andrew McTear of McTear Williams & Wood was appointed liquidator
of Veloce Motorcycles Ltd. on Feb. 21 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Veloce Motorcycles Ltd.
         Main Road
         Swardeston
         Norwich
         Norfolk
         NR148DN
         England
         Tel: 01508 571 070
         Fax: 01508 578 014


VIRGIN MEDIA: Sky Withdraws Channels; Demands to Double Price
-------------------------------------------------------------
British Sky Broadcasting Group plc's basic channels stopped
airing on Virgin Media Inc. (fka NTL. Inc) at midnight on
Feb. 28 after failing to renew its carriage agreement.

Sky had demanded that the fees for these channels be nearly
doubled, despite the fact that the popularity of their basic
channels has declined by 20% in the last three years.

The withdrawal is limited to Sky's basic channels which include:
Sky One, Sky Two, Sky Three, Sky News, and Sky Sports News.
Their sport and movies channels are unaffected and will continue
to be available to Virgin Media's customers.

Moving forward, Virgin Media will focus on providing its TV
customers with the most comprehensive range of programming
available.

The money saved due to Sky's withdrawal of its basic channels
will be used to build on a series of major programming
acquisitions over recent months.  This includes a wide range of
hit movies and shows, ranging from The Sopranos and Nip/Tuck to
Lost and the OC.

The 2,700 hours of programming currently available through its
unique video-on-demand service will be extended to over 6,000
hours by the end of this year.

Virgin Media's TV service includes Virgin Central, the
innovative new channel that provides viewers with instant access
to their favorite shows.

Throughout the dispute, Virgin Media has made continued efforts
to reach an agreement with Sky.  On Tuesday evening, after a
breakdown in discussions, Virgin Media offered to let an
independent expert that both sides could trust take a
dispassionate look at the facts and decide what was fair and
reasonable.  Sky formally rejected this offer on Wednesday
morning and again on Wednesday afternoon following a personal
call to James Murdoch, instigated by Virgin Media's Chairman Jim
Mooney and CEO Steve Burch.

"We're disappointed but not surprised by this outcome: nothing
Sky have said or done in the course of the negotiation indicates
they had the slightest interest in doing a commercially viable
deal.  Their action here is consistent with their plans to
withdraw their free channels from Freeview and, in our view,
reflects their desire to limit consumer choice," Mr. Burch said.

"We're sorry that Sky have pulled their basic channels from our
service," Richard Branson said.  "These however do not include
their sports and movie channels, which will continue to be
available to Virgin Media's customers.  When Virgin Media
launched last month, we promised to put the power of the
entertainment industry back in the hands of U.K. consumers,
giving them the service they deserve and the value they'd
expect.  Consumers have my whole-hearted assurance that Virgin
Media will not allow this dispute to prevent us from giving them
the freshest and most exciting TV service in the U.K.  With
Virgin Central and our massive library of on-demand,
programming, there's a lot to look forward to."

BSkyB claims to have offered Virgin Media significant
concessions and a new annual price of 90 pence per subscriber,
or GBP32.4 million, for carriage of its basic channels on Virgin
Media's network.  They maintain that this represents an increase
of 19% on the existing arrangement.

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.

                          *     *     *

As of Feb. 13, Virgin Media Inc. carries Moody's Ba3 Long-Term
Corporate Family Rating.

Standard & Poor's rates the company's Long-Term Foreign Issuer
Credit Rating and Long-Term Local Issuer Credit Rating at B+
with a Positive Outlook.

Fitch gives it a B+ Long-Term Foreign Issuer Default Rating and
a B Short-Term Issuer Default Rating and Short-Term Rating.
Fitch says the company's Outlook is Stable.


VIRGIN MEDIA: Posts GBP122.1-Mln Net Loss in Fourth Quarter 2006
----------------------------------------------------------------
Virgin Media Inc. (fka NTL Inc.) released its financial results
for the fourth quarter ended Dec. 31, 2006.

Virgin Media posted GBP122.1 million in net losses against
GBP1.1 billion in net revenues for the fourth quarter ended
Dec. 31, 2006, compared with GBP56.2 million in net losses
against GBP484.6 million in net revenues for the same period in
2005.

At Dec. 31, 2006, the Company's condensed consolidated balance
sheet showed GBP11.2 billion in total assets and GBP8 billion in
total liabilities, resulting in a GBP3.2-billion stockholders'
equity.

The Company's Dec. 31 balance sheet showed strained liquidity
with GBP1 billion in total current assets available to pay
GBP1.6 billion in total liabilities coming due within the next
12 months.

Steve Burch, Chief Executive Officer of Virgin Media, said:
"Our first set of figures released under our new name show
continued improvement, with revenue growth across all segments,
good growth in ARPU and triple play penetration, reduced churn
and strong broadband and TV net additions," Steve Burch, Chief
Executive Officer of Virgin Media, said.  "Underlying OCF growth
was strong before the impact of merger implementation, rebrand
and M&A costs.  Overall, the performance of the underlying
business is on track and provides a strong foundation for the
rebranding to Virgin Media.  Consumer reaction to the rebrand,
announced on Feb. 8, has been very encouraging.  Our rebrand and
the ongoing improvements to our business that it reflects,
signal a great opportunity for our customers and investors and
poses a serious challenge to our competitors."

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.

                          *     *     *

As of Feb. 13, Virgin Media Inc. (fka NTL Inc.) carries these
ratings:

   * Moody's Investors Service:

      -- Long-Term Corporate Family Rating: Ba3

   * Standard & Poor's:

      -- Long-Term Foreign Issuer Credit Rating: B+
      -- Long-Term Local Issuer Credit Rating: B+
      -- Outlook Positive

   * Fitch:

      -- Long-Term Foreign Issuer Default Rating: B+
      -- Short-Term Issuer Default Rating: B
      -- Short-Term Rating: B
      -- Outlook Stable


WARNER MUSIC: Pre-Conditional Offer Inadequate, EMI Board Says
--------------------------------------------------------------
The Board of Directors of EMI Group plc rejected a GBP2.1
billion (US$4.1 billion) non-binding takeover bid from Warner
Music Group Corp. saying that the price of 260 pence per share
in cash for EMI is inadequate.

The Board concluded that "it is not in the best interests of EMI
shareholders to entertain a pre-conditional offer which would
entail prolonged regulatory uncertainty and unacceptable
operational risk at a critical time for the Company."

There can be no certainty that the approach by WMG will lead to
an offer being made for the Company or as to the terms on which
any offer might be made.

EMI remains focused on maximizing the performance of the
business including implementation of the restructuring program
disclosed on Jan. 12.

As reported in the TCR-Europe on Feb. 27, Warner Music Group
Corp. approached EMI on Jan. 24, after it obtained the support
of Brussels-based Impala, a trade group for independent European
record labels ending its opposition to a Warner-EMI merger,
reports say.  WMG clarified Feb. 21 that any possible takeover
offer for EMI Group PLC is likely to be solely in cash.

In 2006, EMI and Warner were locked in a GBP2.3 billion takeover
battle.  The deal was halted in June 2006 following the
annulment of the 2004 Sony-BMG tie-up by a European Court.

Analysts believed that an EMI-Warner merger could generate cost
savings of about GBP150 million a year.

                         About EMI

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

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

                  About Warner Music Group

Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/--  
is a music company that operates through numerous international
affiliates and licensees in more than 50 countries, including
the Philippines.

                           *     *     *

As reported in the TCR-Europe on March 1, Standard & Poor's
Ratings Services placed its ratings on Warner Music Group Corp.,
including the 'BB-' corporate credit rating, on CreditWatch with
negative implications, following the company's statement that it
is exploring a possible merger agreement with EMI Group PLC (BB-
/Watch Neg/B), which EMI management has confirmed.

Warner Music Group Corp. carries Fitch Ratings' BB- issuer
default rating assigned in May 2006.


WESTERHAM HEIGHTS: Names Stephen John Tancock Liquidator
--------------------------------------------------------
Stephen John Tancock of Smith & Williamson Ltd. was appointed
liquidator of Westerham Heights Ltd. on Feb. 12 for the
creditors' voluntary winding-up procedure.

Smith & Williamson -- http://www.smith.williamson.co.uk/--  
provides investment management, financial advisory and
accountancy services to private clients, professional practices,
mid to large corporates and non-profit organizations.

The company can be reached at:

         Westerham Heights Ltd.
         Westerham Heights Farm
         Westerham Hill
         Westerham
         Kent
         TN16 2ED
         England
         Tel: 01959 561 845
         Fax: 01959 561 797


YELL GROUP: Has 779,155,325 Total Voting Rights & Capital
---------------------------------------------------------
In accordance with the FSA's Disclosure and Transparency Rule
5.6.5., Yell Group plc advises that as at Feb. 28, its capital
consists of 779,155,325 ordinary shares with voting rights.

Yell Group does not hold any ordinary shares in treasury.

Therefore, the total number of voting rights in the company is
779,155,325.

The figure (779,155,325) may be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to
their interest in, the company under the FSA's Disclosure and
Transparency Rules.

Headquartered in Reading, England, Yell Group plc --
http://www.yellgroup.com/-- is an international directories
business operating in the classified advertising market through
printed, online, and phone media in the U.K. and the US.

                        *     *     *

As of Feb. 9, Yell Group plc carries Moody's Ba3 long-term
corporate family rating with a stable outlook.

Standard & Poor's rates Yell's long-term foreign issuer credit
and long-term local issuer credit at BB- with a stable outlook.


* Paul Hastings Adds Kent & Princi to Corporate Department
----------------------------------------------------------
Paul, Hastings, Janofsky & Walker LLP has engaged the services
of finance and restructuring partners Thomas L. Kent and Anthony
Princi for the Corporate Department at its New York and London
offices, respectively.

Previously with Orrick, Herrington & Sutcliffe LLP, their
practice focuses on creditor-side restructuring, private
equity/debt transactions, and distressed debt trading.

"Paul Hastings is committed to growing its bankruptcy and
restructuring group and is dedicated to becoming a leader in
this practice in all of the markets in which we operate," said
John Hilson, chair of the Finance and Restructuring Practice
Group.

"The addition of Tom and Tony to our New York and London
offices, two of the largest and most influential financial
markets in the world, is an important step in reaching this
goal.  Both attorneys are highly regarded within the industry
and we are pleased to have them on board."

Thomas Kent specializes in creditor-side engagements in Chapter
11 proceedings and out-of-court restructurings.  He has
extensive experience in cases involving oil and gas,
manufacturing, distribution, construction, and
telecommunications.

Mr. Kent also represents financial institutions in private
equity investments in distressed companies and in distressed
debt trading.   He is cited in Chambers & Partners and the Legal
500.

Anthony Princi, who formerly co-headed Orrick's Global
Bankruptcy and Debt Restructuring Group, has a cross-border
practice specializing in creditor-side restructurings, private
equity investment in debt and equity transactions, and
distressed debt trading.

He has extensive international experience in representing
secured and unsecured creditor committees in contested and
consensual bankruptcies and out-of-court restructurings.  Mr.
Princi is cited in Chambers & Partners in the Legal 500.

         About Paul Hastings Janofsky & Walker LLP

Headquartered in Los Angeles, California, Paul Hastings Janofsky
& Walker LLP -- http://www.paulhastings.com/-- is a leading
international law firm with over 1,100 attorneys in 18 offices.
The firm serves a diverse client base including many of the
leading global financial institutions and Fortune 500 companies
and offers deep capabilities in Banking and Finance, Capital
Markets, Corporate/M+A, Litigation and Dispute Resolution,
Intellectual Property, Project Finance, Investment Management,
Real Estate, Labor and Employment and Tax Advisory Services.
Founded in 1951, Paul, Hastings has ten offices in the US and
eight in Europe and Asia.


* Huron Consulting Hikes Credit Facility with LaSalle Bank
----------------------------------------------------------
Huron Consulting Group has increased its existing credit
facility with a bank group led by LaSalle Bank, N.A., which also
includes JPMorgan Chase Bank, N.A., Fifth Third Bank, Bank of
America, N.A., and National City Bank.

"The increase in our line of credit provides us with the
financial flexibility to continue to expand our business and
consider selective acquisitions that can serve new and existing
clients," Gary L. Burge, chief financial officer, Huron
Consulting Group, said.  "We are delighted to continue our
strong relationship with LaSalle Bank, JPMorgan Chase Bank, and
Fifth Third Bank and we look forward to working with Bank of
America and National City Bank."

The agreement, expiring in February 2012, is an unsecured
revolving credit facility and increases the company's line of
credit from US$130 million to US$175 million.  In addition, the
new agreement allows for an option to increase the line of
credit up to US$225 million.

                  About Huron Consulting Group

Huron Consulting Group -- http://www.huronconsultinggroup.com/-
- helps clients effectively address complex challenges that
arise in litigation, disputes, investigations, regulatory
compliance,procurement, financial distress, and other sources of
significant conflict or change.  The company also helps clients
deliver superior customer and capital market performance through
integrated strategic, operational, and organizational change.
Huron provides services to a wide variety of both financially
sound and distressed organizations, including Fortune 500
companies, medium-sized businesses, leading academic
institutions, healthcare organizations, and the law firms that
represent these various organizations.


* BOND PRICING: For the Week February 19 to February 23, 2007
-------------------------------------------------------------

Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      64.47
                          0.250    10/14/26     CDN      37.72
Republic of Austria       7.000    08/04/25     EUR      70.18
                          5.000    10/10/25     EUR      69.41

DENMARK
-------
Kommunekredit             0.500    05/11/29     CDN      41.53

FINLAND
-------
Muni Finance PLC          0.250    06/28/40     CDN      19.56
                          0.500    09/24/20     CDN      59.10
                          1.000    11/21/16     NZD      59.82
                          0.500    04/26/13     AUD      71.00
                          1.000    03/19/13     AUD      73.83

FRANCE
------
Accor S.A.                1.750    01/01/08     EUR      66.28
Alcatel S.A.              4.750    01/01/11     EUR      16.87
Altran Technologies S.A.  3.750    01/01/09     EUR      12.29
AXA S.A.                  6.000    01/29/49     EUR      70.68
BNP Paribas               0.250    12/20/14     US$      68.42
CAP Gemini S.A.           2.500    01/01/10     EUR      58.22
                          1.000    01/01/12     EUR      54.90
Club Mediterranee S.A.    3.000    11/01/08     EUR      65.39
                          4.375    11/01/10     EUR      50.26
Elior S.A.                1.000    06/08/07     EUR      19.88
Havas S.A.                4.000    01/01/09     EUR      10.72
Infogrames
   Entertainment S.A.     4.000    04/01/09     EUR       6.50
                          1.500    07/01/11     EUR      23.59
Ingenico                  2.750    01/01/12     EUR      19.02
Maurel & Prom             3.500    01/01/10     EUR      22.20
Publicis Group            0.750    07/17/08     EUR      35.25
                          1.000    01/18/18     EUR      43.80
Rallye                    3.750    01/01/08     EUR      48.65
Scor S.A.                 4.125    01/01/10     EUR       2.33
Soc Air France            2.750    04/01/20     EUR      34.17
Soitec                    4.625    12/20/09     EUR      20.71
Thomson (EX-TMM)          1.000    01/01/08     EUR      39.06
Valeo                     2.375    01/01/11     EUR      47.89
Vivendi Universal S.A.    1.750    10/30/08     EUR      32.30
Wendel Invest S.A.        2.000    06/19/09     EUR      52.64

GERMANY
-------
Deutsche Bank AG          5.000    10/13/35     EUR      69.55
KfW Bankengruppe          0.500    10/30/13     AUD      67.18
                          0.500    12/19/17     EUR      69.18
                          5.000    07/07/20     EUR      76.83
                          5.000    07/29/20     EUR      76.57
                          6.000    07/21/25     EUR      71.94
                          5.000    09/01/25     EUR      73.50
                          5.000    08/10/30     EUR      70.19
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      44.90


ICELAND
-------
Kaupthing Bank            6.500    02/03/45     EUR      69.25

IRELAND
-------
Depfa ACS Bank            0.500    03/03/25     CDN      48.52
                          0.250    07/08/33     CDN      26.57
Irish Perm Plc            6.125    02/15/35     EUR      69.90
Magnolia Finance IV Plc   1.050    12/20/45     US$      26.43

LUXEMBOURG
----------
Teksid Aluminum S.A.     12.375    07/15/11     EUR      60.50


NETHERLANDS
-----------
BK Ned Gemeenten          0.500    06/27/18     CDN      63.87
                          0.500    02/24/25     CDN      49.06
EM.TV Finance B.V.        5.250    05/08/13     EUR       5.70
Gerling Global
   Rentefonds             6.625    08/16/21     EUR      60.26
Lehman Bros TSY B.V.      8.250    03/16/35     EUR      70.31
Ned Waterschapbk          6.500    08/15/35     EUR      71.48
                          6.000    06/30/45     EUR      72.06
Nib Capital Bank N.V.     7.000    02/21/40     EUR      63.73
Rabobank Groep N.V.       6.000    02/22/35     EUR      74.50
                          8.000    02/23/35     EUR      67.55
                          5.000    02/28/35     EUR      74.25
                          7.000    03/23/35     EUR      72.10

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      70.73

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      71.18

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400    04/20/35     GBP      58.70
                          1.678    07/03/56     GBP      37.66
National Grid Gas Plc     2.228    06/28/35     GBP      58.74
                          1.754    10/17/36     GBP      51.01
                          1.771    03/30/37     GBP      51.08
Royal BK Scotland Plc     0.250    03/27/14     US$      72.49
                          9.500    04/04/25     US$      73.68
                          7.000    06/09/25     EUR      73.69
                          7.000    06/29/30     EUR      69.37
                          7.000    02/15/45     US$      71.84
                          6.500    02/23/45     EUR      71.00
RSL Communications Plc   10.125    03/01/08     US$       7.00
Wessex Water Finance Plc  1.369    07/31/57     GBP      34.65

                           *********

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 * * *