TCREUR_Public/070306.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

             Tuesday, March 6, 2007, Vol. 8, No. 46      

                            Headlines


A U S T R I A

AURA KACHELOEFEN: Claims Registration Period Ends April 24
CHRISTIAN KOWALD: Claims Registration Period Ends April 24
GUENTER SAGMEISTER: Claims Registration Period Ends April 10
KUSCHNIG TISCHLEREI: Creditors' Meeting Slated for March 13
MARAKOVICS KEG: Claims Registration Period Ends April 9

OSMAN KOC: Claims Registration Period Ends April 9
ROMAN CZIHAK: St. Poelten Court Orders Business Shutdown
WVS HANDELS: Claims Registration Period Ends April 5


B E L G I U M

AVNET INC: Moody's Holds Ba1 Rating and Says Outlook is Positive
CHEMTURA CORP: Posts US$144.3-Mln Net Loss in 2006 Fourth Qtr.
CHEMTURA CORP: Declares Five Cents Per Common Share Dividend
GOODYEAR TIRE: Revises U.S. Pension, Retiree Benefit Plans
LEVI STRAUSS: Moody's Rates Proposed US$325-Mln Sr. Loan at B2

LEVI STRAUSS: Debt Agreement Cues Fitch to Hold Low-B Ratings


C R O A T I A

VIKTOR LENAC: Court Sets March 16 Hearing to Consider Plan OK


D E N M A R K

CLIENTLOGIC: Expands Customer Service Pact with XM Satellite


F R A N C E

ITRON INC: Ambassador Thomas S. Foley Retires as Director


G E R M A N Y

AKL WOHNBAU: Claims Registration Period Ends April 5
BALL CORPORATION: Earns US$329.6 Million in Full Year 2006
BATAINEH GMBH: Claims Registration Period Ends April 3
BRAUER MASCHINEN: Claims Registration Period Ends March 21
DEBESTEC SPEZIALFAHRZEUGBAU: Claims Registration Ends April 25

DKV-VERPACKUNGEN: Claims Registration Period Ends April 5
EURO MONTAGE: Claims Registration Period Ends April 5
GILDEMEISTER AG: S&P Raises Ratings to BB- With Stable Outlook
GRESSIERER GMBH: Claims Registration Period Ends April 3
HANSEN ENGINEERING: Claims Registration Period Ends April 5

HOLDEN & ASIA: Claims Registration Ends April 12
IMMOBILIEN- UND BAUMANAGEMENT: Claims Registration Ends March 17
INFITEL ENGINEERING: Claims Registration Ends March 27
K K AUTOSERVICE: Claims Registration Ends April 10
MS VERWALTUNGS: Claims Registration Ends March 29

NRG ENERGY: Earns US$621 Million in Full Year 2006
SAMWO IMMOBILIEN: Claims Registration Ends April 2
THEMEL + WAGENER: Claims Registration Ends April 2
TRADITION MALERWERKSTATTE: Creditors Must File Claims by April 4
TRAILER SHOP EDMAR: Creditors' Meeting Slated for May 4

WINDPARK SEFFERWEICH-NORD: Creditors' Meeting Set for March 29
WITZIG FLIESEN: Claims Registration Period Ends April 5


G R E E C E

ALLIANCE ONE: Moody's Rates Proposed US$385-Mln Sr. Loan at B1


I T A L Y

TK ALUMINUM: Advisors Approve Nemak Transaction Consent Terms


K A Z A K H S T A N

ALIM LTD: Creditors Must File Claims by April 13
ATF BANK: Sells Three-room Flat via Public Auction on March 14
COPY LINE: Creditors' Claims Due April 13
DARION TRADE: Proof of Claim Deadline Slated for April 13
JANAOILSERVICE LLP: Claims Registration Ends April 13

KAZMETALLSTROY LLP: Claims Filing Period Ends April 6
KUAT SNAB: Creditors Must File Claims by April 13
MEDIA SERVICE-NP: Creditors' Claims Due April 6
MOL-777 LLP: Proof of Claim Deadline Slated April 13
TECHSTROYSNAB LLP: Claims Registration Ends April 13


K Y R G Y Z S T A N

AGAT LLC: Creditors Must File Claims by April 13
MELZAVOD OJSC: Creditors' Meeting Slated for March 23


L U X E M B O U R G

VINTAGE CAPITAL: Fitch Affirms Junk Ratings on Class C Notes


N E T H E R L A N D S

HERMES XIII: Fitch Assigns BB Ratings to EUR32.5-Mln. Notes
INTABEX NETHERLANDS: Moody's Rates US$135-Mln Sr. Loan at B1
X5 RETAIL: Group Pro Forma Sales Up 47% in Fiscal Year 2006


N O R W A Y

NORSKE SKOGINDUSTRIER: Lars Groholt to Leave Post as Chairman


P O L A N D

AUTOCAM CORP: Financial Restructuring Cues Moody's B3 Rating


R U S S I A

BAYMAK-MIXED FODDER: Creditors Must File Claims by April 10
EXPERIMENTAL MECHANICAL: Creditors Must File Claims by March 10
FILIMONOVSKIY CONCENTRATED: Bankruptcy Hearing Slated for May 15
GIFTS OF WOODS: Creditors Must File Claims by March 10
IVLA-BEER CJSC: Court Names I. Kuvshinov as Insolvency Manager

MASPROM CJSC: Bankruptcy Hearing Slated for June 14
MECHETINSKIY BRICKWORKS: Court Names I. Ananyev to Manage Assets
NOVOZNAMENKA LTD: Creditors Must File Claims by March 10
PARADISE CJSC: Creditors Must File Claims by March 10
PREMIXES OJSC: Creditors Must File Claims by April 10

RESOURCE LLC: Creditors Must File Claims by March 10
TINNED-FOOD FACTORY: Creditors Must File Claims by March 10
TYULYACHINSKAYA LLC: Creditors Must File Claims by April 10
UNIKOM CJSC: Creditors Must File Claims by March 10
YUKOS OIL: Selling Gazprom Neft Stake & Other Assets on April 4

YUKOS OIL: Environmental Watchdog Wants Unit's Licenses Revoked


S P A I N

FERRO CORP: Elects Perry Premdas to Board of Directors


S W E D E N

FLY ME SWEDEN: Suspends Flights; Sees Bankruptcy Filing


S W I T Z E R L A N D

ALBATROS TAXIBETRIEB: Creditors' Liquidation Claims Due April 23
BRAMAKO BRAUN: Creditors' Liquidation Claims Due March 19
GOVA JSC: Bern-Mittelland Court Starts Bankruptcy Proceedings
HI INSTITUT: Creditors' Liquidation Claims Due March 19
METRO-TAXI-KURIERDIENSTE: Liquidation Claims Due March 26

REMAN KONSTRUKTIONS-UND: Liquidation Claims Due March 15
ROETAG JSC: Creditors' Liquidation Claims Due March 19
SITELCO SERVICES: Creditors' Liquidation Claims Due March 31
SUNLASER JSC: Creditors' Liquidation Claims Due March 21
SWISSAGENDA LLC: Creditors' Liquidation Claims Due March 26


T U R K E Y

ORDU YARDIMLASMA: S&P Lifts Ratings to BB on Better Risk Profile


U K R A I N E

ENERGETIK-PLUS: Creditors Must File Proofs of Claim by March 11
FORWARD-TRANS LLC: Proofs of Claim Filing Deadline Set March 11
GENERAL NUTRITION: Launches US$365 Million Cash Tender Offer
HEATING SYSTEM: Creditors Must File Proofs of Claims by March 11
UKRSIBGORMASH JSC Creditors Must File Claim by March 11

VALANKO LLC: Creditors Must File Proofs of Claim by March 11


U N I T E D   K I N G D O M

ADVENTURE TRAVELLER: Creditors' Meeting Slated for March 16
ALFRED MCALPINE: Exposes Accounting Irregularities at Slate Arm
ATLANTIC LEISUREWEAR: Creditors' Meeting Slated for March 28
ARMOR HOLDINGS: Wins US$47.1 Million MOLLE Orders From U.S. Army
BR INFLATABLES: Brings In Liquidators from Begbies Traynor

BREWERS LOGISTICS: Taps Administrators from Deloitte & Touche
BRITISH AIRWAYS: Opposes US-EU Open Skies Deal
BRITISH AIRWAYS: Completes Sale of BA Connect to Flybe
BRITISH AIRWAYS: In Talks to Transfer Ground Handling Operation
BUDGET CLEANING: Creditors' Meeting Slated for March 14

CLAREMONT KNIGHT: Creditors' Meeting Slated for March 14
COMPAGNIE EUROPEENNE: Creditors' Meetings Slated for May 11
CUT AND DRY: Creditors' Meeting Slated for March 12
EMTEC TOOLMAKERS: Brings In Deloitte & Touche as Administrators
EXEL SCAFFOLDING: Joint Liquidators Take Over Operations

FEDERAL-MOGUL: Wants Court Approval on Citigroup Exit Financing
FULL CIRCLE: Names Keith Barry Stout Liquidator
HALCYON TYPE: Creditors' Meeting Slated for March 15
HILTON HOTELS: Sells Scandic Chain to EQT for EUR833 Million
I INT: Creditors' Meeting Slated for March 19

ISIS DUPLICATING: Taps Liquidator from Findlay James
KOPPERS HOLDINGS: Dec. 31 Balance Sheet Upside-Down by US$92.4MM
LECO ACCESSORIES: Shay Lettice Leads Liquidation Procedure
MAIN STREET: Names David John Watchorn Liquidator
OI EUROPEAN: S&P Assigns B Rating to EUR300-Mln Senior Notes

OVERSEAS SHIPHOLDING: Earns US$113.3 Mln in Qtr. Ended Dec. 31
OVERSEAS SHIPHOLDING: To Acquire Heidmar Lightering Business
PREFERRED RESIDENTIAL: S&P Removes BB Ratings from CreditWatch
PS PEOPLE: Creditors' Meeting Slated for March 20
REGENCY BRAKE: Calls In Liquidators from Begbies Traynor

SAPT TEXTILE: Bank of India Names Receiver from Kay Johnson Gee
SHOOTS RESTAURANT: Claims Filing Period Ends March 22
SIMON FISHER: Creditors' Meeting Slated for March 13
SOLAR FLAIR: Creditors' Meeting Slated for March 29
SS WHITE: Appoints Joint Administrators from Ernst & Young

STEWARD CONSTRUCTION: Creditors Confirm Voluntary Liquidation
TITAN EUROPE: S&P Affirms BB Ratings on Class F Notes
TPACK LTD: Creditors' Meeting Slated for March 13
TYNEDALE MEATS: Appoints KPMG LLP as Joint Administrators
WALNUT TREE: HSBC Bank Brings In Begbies as Receivers

WEBSTER COMPONENTS: Hires Mark Jonathan Botwood as Liquidator

* Large Companies with Insolvent Balance Sheets

                            *********

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


AURA KACHELOEFEN: Claims Registration Period Ends April 24
----------------------------------------------------------
Creditors owed money by LLC Aura Kacheloefen (FN 148477z) have
until April 24 to file written proofs of claim to court-
appointed estate administrator Petra Klingenschmid at:

         Mag. Petra Klingenschmid
         Wassergasse 20
         2500 Baden
         Austria
         Tel: 02252/252 991
         Fax: 02252/252991-25
         E-mail: office@aurednik.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on May 8 for the examination
of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt, Austria

Headquartered in Bad Voeslau, Austria, the Debtor declared
bankruptcy on Feb. 14 (Bankr. Case No. 11 S 17/07x).  


CHRISTIAN KOWALD: Claims Registration Period Ends April 24
----------------------------------------------------------
Creditors owed money by LLC Christian Kowald (FN 122124w) have
until April 24 to file written proofs of claim to court-
appointed estate administrator Alexander Knotek at:

         Dr. Alexander Knotek
         Pergerstrasse 12
         2500 Baden
         Austria
         Tel: 02252/43056-0
         Fax: 02252/43056-20
         E-mail: info@avia-law.com  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on May 8 for the examination
of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt, Austria

Headquartered in Baden, Austria, the Debtor declared bankruptcy
on Feb. 14 (Bankr. Case No. 11 S 14/07f).  


GUENTER SAGMEISTER: Claims Registration Period Ends April 10
------------------------------------------------------------
Creditors owed money by LLC Guenter Sagmeister (FN 49337f) have
until April 10 to file written proofs of claim to court-
appointed estate administrator Rainer Radlinger at:

         Mag. Rainer Radlinger
         c/o Dr. Gerhard Schilcher
         Backerstrasse 1/3/13
         1010 Vienna
         Austria
         Tel: 513 23 44
         Fax: 513 23 44 15
         E-mail: wien@kosch-partner.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:30 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. 14 (Bankr. Case No. 6 S 20/07v).  Gerhard Schilcher
represents Mag. Radlinger in the bankruptcy proceedings.


KUSCHNIG TISCHLEREI: Creditors' Meeting Slated for March 13
-----------------------------------------------------------
Creditors owed money by LLC Kuschnig Tischlerei (FN 97962m) are
encouraged to attend the first creditors' meeting at 11:30 a.m.
on March 13 for the examination of claims.

The creditors' meeting will be held at:

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

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on Feb. 14 (Bankr. Case No. 40 S 12/07s).  Peter
Riedel serves as the court-appointed estate administrator of the
bankrupt estate.  

The estate administrator can be reached at:

         Mag. Peter Riedel
         Pfarrplatz 3
         9020 Klagenfurt
         Austria
         Tel: 0463/500 246
         Fax: 0463/500 246-20
         E-mail: ra.riedel@aon.at


MARAKOVICS KEG: Claims Registration Period Ends April 9
-------------------------------------------------------
Creditors owed money by KEG Marakovics (FN 255676w) have until
April 9 to file written proofs of claim to court-appointed
estate administrator Maximilian Schludermann at:

         Dr. Maximilian Schludermann
         c/o Mag. Wolfgang Winkler
         Reisnerstrasse 32/12
         1030 Vienna
         Austria
         Tel: 715 50 45
         Fax: 715 50 47-4
         E-mail: office@anwalt-vienna.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on April 23 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 14 (Bankr. Case No. 3 S 25/07g).  Wolfgang Winkler
represents Dr. Schludermann in the bankruptcy proceedings.


OSMAN KOC: Claims Registration Period Ends April 9
--------------------------------------------------
Creditors owed money by LLC Osman Koc (FN 255940h) have until
April 9 to file written proofs of claim to court-appointed
estate administrator Ulla Reisch at:

         Dr. Ulla Reisch
         Praterstrasse 62-64
         1020 Vienna
         Austria
         Tel: 212 55 00
         Fax: 212 55 00-5
         E-mail: office.wien@ulsr.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on April 23 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 14 (Bankr. Case No. 3 S 24/07k).


ROMAN CZIHAK: St. Poelten Court Orders Business Shutdown
--------------------------------------------------------
The Land Court of St. Poelten entered Feb. 13 an order shutting
down the business of LLC Roman Czihak (FN 84367w).

Court-appointed estate administrator Martin Brandstetter
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. Martin Brandstetter
         Bahnhofstrasse 2 (Hofmann Center)
         3300 Amstetten
         Austria
         Tel: 07472/611 22
         Fax: 07472/611 22-4
         E-mail: office@ra-brandstetter.at  

Headquartered in Purgstall an der Erlauf, Austria, the Debtor
declared bankruptcy on Jan. 31 (Bankr. Case No. 14 S 24/07f).  


WVS HANDELS: Claims Registration Period Ends April 5
----------------------------------------------------
Creditors owed money by LLC WVS Handels (FN 280152p) have until
April 5 to file written proofs of claim to court-appointed
estate administrator Andrea Eisner at:

         Mag. Andrea Eisner
         Weyrgasse 8/7
         1030 Vienna
         Austria
         Tel: 712 04 77
         Fax: 712 04 77 12
         E-mail: office@ra-eisner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on April 19 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 14 (Bankr. Case No. 5 S 17/07w).  


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


AVNET INC: Moody's Holds Ba1 Rating and Says Outlook is Positive
----------------------------------------------------------------
Moody's Investors Service affirmed the Ba1 corporate family and
long-term debt ratings of Avnet Inc. and revised the outlook to
positive from stable.

"The positive outlook reflects our expectation that Avnet's
operating performance will continue to benefit from the secular
outsourcing trend underway in the semiconductor space, improved
product mix, an expanded line card from recent acquisitions and
increasing geographic diversity that collectively support
operating margins at or above the 4% level," according to
Moody's Vice President & Senior Analyst Gregory Fraser, CFA.

The positive outlook considers the solid execution and realized
operating efficiency improvements that have exceeded
expectations resulting in operating margin and ROA expansion,
improved credit protection measures, higher gross cash flow
levels and an enhanced business model that has the propensity to
deliver consistent levels of positive free cash flow especially
during periods of industry weakness.

"We expect Avnet to maintain a focus on balance sheet
deleveraging via either free cash flow generation targeted
towards debt reduction and/or higher operating cash flow,"
Fraser added.

The outlook revision also recognizes the company's enhanced
market position as the leading distributor for Sun Microsystems'
full line of computing solutions following the Access
Distribution acquisition.  The US$412.5 million acquisition was
funded through a combination of debt and cash-on-hand.  Although
debt has increased, the purchase is not expected to materially
weaken credit protection measures and internal liquidity given
Avnet's higher operating cash flow levels plus the additive cash
flow generated by Access.

Moody's expects pro forma debt to EBITDA to increase modestly to
2.5x on a Moody's adjusted basis compared to 2.2x as of LTM
Dec. 30, 2006.  With approximately US$2 billion in revenues,
Access is expected to deepen Avnet's existing Sun relationship,
adding complementary product lines and expanding the Technology
Solution Group's geographic coverage.  In addition to improved
scale, US$15 million of anticipated cost synergies and immediate
accretion to earnings, the acquisition is expected to generate
sales synergies via cross-selling opportunities into the
customer bases of both Access and Avnet.

Ratings affirmed:

   * Corporate Family Rating, Ba1

   * Senior Unsecured Notes with various maturities,  Ba1, LGD3,
     49%

   * Senior/Subordinated shelf ratings, Ba1 / Ba2

The outlook is positive.

Avnet, Inc., headquartered in Phoenix, Arizona, is one of the  
largest worldwide distributors of electronic components and
computer products, primarily for industrial customers.  Revenues
for the fiscal year ended July 1, 2006 were USUS$14.3 billion.

It has operations in the following countries: Australia,
Belgium, China, Germany, Hong Kong, India, Indonesia, Italy,
Japan, Malaysia, New Zealand, Philippines, Singapore, and
Sweden.


CHEMTURA CORP: Posts US$144.3-Mln Net Loss in 2006 Fourth Qtr.
--------------------------------------------------------------
Chemtura Corp. reported a net loss of US$144.3 million on net
sales of US$873.6 million for the fourth quarter ended Dec. 31,
2006, compared with a net loss of US$71.5 million on net sales
of US$876.1 million for the comparable period in 2005.  

The company's 2006 full-year net loss was US$170.6 million on
net sales of US$3.7 billion, as compared with a net loss of
US$186.6 million on net sales of US$2.9 billion for 2005.

Loss from continuing operations for the fourth quarter of 2006
and 2005, were US$145.9 million and US$92.9 million,
respectively.  Loss from continuing operations for years 2006
and 2005, were US$218.1 million and US$184.8 million,
respectively.

At Dec. 31, 2006, the company's balance sheet showed US$4.37
billion in total assets, US$2.65 billion in total liabilities,
and US$1.72 billion in total stockholders' equity.

                      Fourth Quarter Results

The company's fourth quarter net sales of US$873.6 million were
less than one percent below fourth quarter 2005 net sales of
US$876.1 million.  The decrease is primarily due to lower sales
of US$10.4 million related to the sale of the company's
Industrial Water Additives business in May 2006 and an US$18.1
million decrease in sales volume.  The decrease, however, were
mostly offset by increased selling prices of US$16.1 million and
favorable foreign currency translation of US$12 million.

The operating loss for the fourth quarter of 2006 was US$15.6
million, as compared with an operating loss of US$400,000 for
the fourth quarter of 2005.  

Fourth quarter earnings reflect a charge of US$123 million to
establish a deferred tax liability related to this repatriation
strategy.  

During the fourth quarter of 2006, the company recorded a gain
on sale of discontinued operations of US$1.6 million, net of
taxes of US$200,000, related to the sale of the OrganoSilicones
business to General Electric Co. in July 2003.  The gain
represents the reversal of reserves for certain contingencies
that the company no longer expects to incur.

                         Full-year Results

Net sales for the year ended Dec. 31, 2006, of US$3,722.7
million were US$736.1 million above net sales for the comparable
period of 2005 of US$2,986.6 million.  

The increase was primarily due to US$855.6 million in additional
sales resulting from the merger with Great Lakes Chemical Corp.,
a US$62.8 million increase in selling prices and US$5 million
due to favorable foreign currency translation that was partially
offset by a US$108.3 million decrease in sales volume, the
absence of US$48.3 million of sales due to the deconsolidation
of the company's Polymer Processing Equipment business in April
2005, US$21.5 million due to the divestiture of the IWA business
in May 2006, and US$9.1 million due to the net effect of other
acquisitions and divestitures.

At Dec. 31, 2006, the company's balance sheet showed US$4.37
billion in total assets, US$2.65 billion in total liabilities,
and US$1.72 billion in total stockholders' equity.

                        About Chemtura Corp.

Headquartered in Middlebury, Conn., Chemtura Corp. (NYSE:
CEM) -- http://www.chemtura.com/-- is a global manufacturer and  
marketer of specialty chemicals, crop protection, and pool, spa
and home care products.  The company has approximately 6,400
employees around the world and sells its products in more than
100 countries.  The company has facilities in Singapore,
Australia, China, Hong Kong, India, Japan, South Korea, Taiwan,
Thailand, Brazil, Belgium, France, Germany, Mexico, and The
United Kingdom.

                           *     *     *

In November 2006, Moody's Investors Service assigned a Ba1
rating to Chemtura Corp.'s US$400 million of senior notes due
2016 and affirmed the Ba1 ratings for its other debt and the
corporate family rating.


CHEMTURA CORP: Declares Five Cents Per Common Share Dividend
------------------------------------------------------------
Chemtura Corporation's board of directors has declared a regular
quarterly dividend of five cents per share on the company's
common stock, payable March 16 to shareholders of record on
Feb. 26.

                        About Chemtura Corp.

Headquartered in Middlebury, Conn., Chemtura Corp. (NYSE:
CEM) -- http://www.chemtura.com/-- is a global manufacturer and  
marketer of specialty chemicals, crop protection, and pool, spa
and home care products.  The company has approximately 6,400
employees around the world and sells its products in more than
100 countries.  The company has facilities in Singapore,
Australia, China, Hong Kong, India, Japan, South Korea, Taiwan,
Thailand, Brazil, Mexico, Belgium, France, Germany and The
United Kingdom.
                           *     *     *

In November 2006, Moody's Investors Service assigned a Ba1
rating to Chemtura Corp.'s US$400 million of senior notes due
2016 and affirmed the Ba1 ratings for its other debt and the
corporate family rating.


GOODYEAR TIRE: Revises U.S. Pension, Retiree Benefit Plans
----------------------------------------------------------
The Goodyear Tire & Rubber Company made a series of changes to
its U.S.-based retail and salaried employee pension and retiree
benefit plans aimed at increasing its global competitiveness
while significantly reducing its cost structure.

"These changes allow us to continue to provide the kind of
compensation packages that are competitive and will attract and
retain talented associates," said Kathleen T. Geier, senior vice
president of human resources. "They are also consistent with our
goal of reducing costs in excess of US$1 billion by the end of
2008."

The changes will be phased in over a two-year period, with most
benefit plan changes effective in 2008 and the most significant
pension plan changes in 2009.  As a result, Goodyear expects
after-tax savings of US$80 million to US$90 million in 2007,
US$100 million to US$110 million in 2008, and US$80 million to
US$90 million in 2009 and beyond.

The actions are expected to reduce the company's pension
obligation by approximately US$100 million and its obligation
for other post retirement benefits by about US$525 million
assuming interest rates used to value the obligations remain
similar to those used at Dec. 31, 2006.

Goodyear plans to record a one-time after-tax charge of
approximately US$65 million related to these actions in the
first quarter of 2007.

Benefit plan changes effective Jan. 1, 2008, include:

    * increasing the amounts that current and future salaried
      retirees contribute toward the cost of their medical
      benefits;

    * redesigning retiree medical benefit plans to minimize cost
      impact on premiums;

    * closing the company's Medicare supplement plan to new
      entrants; and

    * discontinuing company-paid life insurance for salaried
      retirees.

The pension changes include:

    * freezing the current salaried defined benefit pension
      plans as of Dec. 31, 2008;

    * replacing the defined benefit pension plans with enhanced
      401(k) savings accounts with varying levels of company
      contributions for current associates beginning Jan. 1,
      2009; and

    * introducing company-matching contributions for the
      salaried 401(k) savings plan at 50 percent of the first 4
      percent of annual pay beginning Jan. 1, 2009.

"The changes that we've made were only made after careful
consideration of alternatives, recognizing that there will be
varying levels of personal impact depending on the circumstances
of each associate and retiree," Geier said.

According to Geier, there is a strong movement on the part of
major corporations away from defined benefit pension plans and
toward defined contribution plans.  Additionally, the recently
enacted Pension Protection Act is expected to accelerate the
migration away from traditional defined benefit pensions.

Details of the plan changes will be directly communicated to the
affected salaried associates and retirees over the next several
weeks.  Moving forward, Goodyear associates will be able to
access online retirement modeling tools and investment education
sessions to assist with pension and benefit decisions, and to
plan for the impact of these changes.

             About The Goodyear Tire & Rubber Company

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest  
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  Goodyear Tire has marketing operations in almost
every country around the world including Chile, Colombia,
Guatemala and Peru in Latin America.  Goodyear employs more than
80,000 people worldwide.  The company's European operation is
headquartered in Belgium.

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 12, 2007,
Moody's Investors Service affirmed Goodyear Tire & Rubber
Company's Corporate Family Rating of B1.  Ratings on Goodyear's
existing secured and unsecured obligations were also affirmed as
was the company's Speculative Grade Liquidity rating of SGL-2.  
The outlook was reverted to stable from negative.

As reported in the Troubled Company Reporter on Jan. 9, 2007,
Fitch Ratings affirmed ratings for The Goodyear Tire & Rubber
Company including its 'B' Issuer Default Rating and removed the
ratings from Rating Watch Negative.  

As reported in the Troubled Company Reporter on Jan. 8, 2007,
Standard & Poor's Ratings Services affirmed its 'B-' ratings on
the class A-1 and A-2 certificates from the US$46 million
Corporate Backed Trust Certificates Goodyear Tire & Rubber Note-
Backed Series 2001-34 Trust.  The ratings were removed from
CreditWatch, where they were placed with negative implications
on Oct. 24, 2006.


LEVI STRAUSS: Moody's Rates Proposed US$325-Mln Sr. Loan at B2
--------------------------------------------------------------
Moody's Investors Service upgraded its corporate family and
probability of default ratings for Levi Strauss & Co. to B1 from
B2.  The rating outlook is stable.  

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

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

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

Assigned:

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

Upgraded:

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

   * Various Senior Unsecured Notes: to B2 from B3

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


LEVI STRAUSS: Debt Agreement Cues Fitch to Hold Low-B Ratings
-------------------------------------------------------------
Fitch affirms the ratings on Levi Strauss & Co. as:

   -- Issuer Default Rating 'B';
   -- US$650 million asset-based loan 'BB/RR1'; and
   -- US$1.8 billion unsecured notes 'BB-/RR2'.

Fitch also expects to rate Levi's new senior unsecured term loan
'BB-/RR2'.  The Rating Outlook is Positive.

The rating actions follows Levi's report that it has entered
into a binding agreement for a new 7-year, US$325 million senior
unsecured term loan facility with Banc of America Securities and
Goldman Sachs Credit Partners L.P.  The proceeds from the new
term loan, combined with cash on hand of approximately US$69
million, will be used to redeem its US$380 million floating rate
notes due 2012 and pay related fees.  The floating rate notes
become callable on April 1 at a price of 102% of par, and the
company intends to issue a redemption notice to redeem the
notes.  This transaction reduces Levi's debt maturities in 2012
and is expected to reduce the company's annual interest expense.  
Pro forma debt as of Nov. 26, 2006 and corresponding adjusted
leverage, measured by total adjusted debt to EBITDAR, will
remain near current levels.

The ratings reflect Levi's strengthened credit profile,
resulting from improvements made to streamline its business and
focus on product mix and a more premium offering across its
operating segments.  Also considered is Levi's well known brand
name, geographic diversity, and good liquidity position, offset
by high debt balances and the competitive operating environment
of the denim and casual bottoms market.  Fitch expects that
further rating improvement is possible if positive sales trends
continue, and this is reflected in the Positive Rating Outlook.

Fitch derives recovery values and recovery ratings from an
analysis and valuation of Levi's operations.  The 'RR1' recovery
rating assigned to Levi's US$550 million secured asset-based
bank facility, which is secured by a first priority lien on
domestic receivables and inventory, is based on Fitch's
expectation that this piece of debt would receive full recovery
in a distressed scenario.  Availability under this facility is
dependent upon the level of Levi's domestic accounts receivable,
inventory, and cash and cash equivalents.  The recovery for the
senior unsecured debt would be good at 71-90%, and therefore
Fitch has assigned a 'RR2' rating to this class of debt.


=============
C R O A T I A
=============


VIKTOR LENAC: Court Sets March 16 Hearing to Consider Plan OK
-------------------------------------------------------------
The Hon. Danijela Korlevic of the Commercial Court of Rijeka
will convene on March 16 to consider the approval of an
insolvency plan for Viktor Lenac Shipyard d.d., Javno reports.

The Debtor obtained approval of the proposed plan from its
creditors on March 1.  Creditors can appeal the Rijeka Court's
ruling at the High Commercial Court in Zagreb after the March 16
hearing.  

                      Terms of the Plan

The insolvency plan calls for the transfer of a 60% stake in the
company to Uljanik and Tankerska plovidba shipyards and the sale
of the government's claims against the firm, Javno says.  The
government, according to the report, will sell the claims since
it could not collect them.

Under the plan, secured creditors owed HRK690 million, will get
shares for HRK144 million in the new company.  General unsecured
creditors, composed of mostly small companies, subcontractors
and deliverers, holding HKR273 million in claims, will not
receive any distribution under the plan.  The company estimates
assets of about HRK263 million.

According to Javno, the plan changes Viktor Lenac's ownership
structure to:

   -- Uljanik and Tankerska plovidba (60%),
   -- Croatian Bank for Reconstruction and Development (16.08%)
   -- Croatia Osiguranje (2.3%)
   -- Development and Employment Fund (3.9%),
   -- Croatian Privatization Fund (9.4%), and
   -- other companies.

Ombretta Belic-Ilijasic, insolvency manager for Viktor Lenac,
said the company could exit the insolvency process within three
to four months if appeals are lodged in the High Court.  The
company has been in insolvency for 38 months.

According to Javno, Viktor Lenac's performance during the
insolvency process shows that the shipyard might recover
financially.  Javno notes that during the insolvency period, the
company worked on 250 modifications and ship repairs and kept a
fully paid workforce of around 650 people.

Headquartered in Javno, Croatia, Viktor Lenac Shipyard d.d. --
http://www.lenac.hr/-- engages in the ship repair, conversion  
and offshore shipyards businesses in the Mediterranean.  The
Company also operates the small Vranjic shipyard near Split,
providing repair, reconstruction and minor building of sea-going
units.  


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


CLIENTLOGIC: Expands Customer Service Pact with XM Satellite
------------------------------------------------------------
ClientLogic Corp. disclosed the expansion of its partnership
with XM Satellite Radio to continue providing customer service,
technical support and customer retention services for XM's 7.6
million subscribers in the U.S. and Canada.

ClientLogic currently services XM Satellite Radio from contact
centers in three near shore and offshore locations.  The
expansion will call for the hiring of approximately 150
associates in a fourth ClientLogic facility located in
Huntington, West Virginia.

"At XM Satellite Radio, we want to ensure that our customers'
needs are met quickly and efficiently so we can seamlessly
provide access to the widest selection of programming and
content through a user-friendly environment," said Joe Zarella,
EVP of Business Operations at XM Satellite Radio.  "Our
relationship with ClientLogic has been extremely successful and
we are looking forward to expanding to a fourth facility staffed
by ClientLogic's talented and professional customer care
associates."

XM Satellite Radio features more than 170 digital channels
consisting of commercial-free music channels and a variety of
sports, talk, comedy, children's and entertainment programming.  
XM reaches more than 7.6 million subscribers in the U.S. and
Canada, broadcasting from studios in Washington, D.C., New York,
Nashville, Tenn., Toronto and Montreal.  XM Satellite Radio
originally partnered with ClientLogic because of its expertise
in the consumer entertainment and telecommunications industries
and its commitment to providing quality customer care.

"For companies in the competitive consumer entertainment
industry, there is nothing more important than creating brand
loyalty through quality products and customer service," said
Julie Casteel, chief global sales and marketing officer at
ClientLogic.  "We have enjoyed working side by side with XM
Satellite Radio to develop and implement a customer care
strategy tailored to the unique needs of its diverse customer
base.  We are thrilled to be expanding with XM Satellite Radio
once again and look forward to growing our partnership in the
months and years ahead."

                  About XM Satellite Radio

Headquartered in Washington, D.C., XM Satellite Radio Inc.
(Nasdaq: XMSR) -- http://www.xmradio.com/-- is a wholly owned
subsidiary of XM Satellite Radio Holdings Inc.  XM has been
publicly traded on the NASDAQ exchange since Oct. 5, 1999.  XM's
2007 lineup includes more than 170 digital channels of choice
from coast to coast: commercial-free music channels, premier
sports, news, talk, comedy, children's and entertainment
programming; and the most advanced traffic and weather
information.  XM has broadcast facilities in New York and
Nashville, and additional offices in Boca Raton, Fla.;
Southfield, Mich.; and Yokohama, Japan.

        About the Newly Combined ClientLogic and SITEL

The new company is a global Business Process Outsourcing leader.  
Formed by the merger of ClientLogic and SITEL in January 2007,
the new company meets clients' customer care and transaction
processing needs through 65,000 associates in 28 countries,
including Argentina, Austria, Canada, Denmark, France, Germany,
India, Ireland, Mexico, Morocco, Netherlands, Panama,
Philippines, United Kingdom and the United States.  The new
company provides world-class solutions from on-shore, near shore
and offshore locations across 145+ facilities throughout North
America, South America, EMEA and Asia Pacific.  The new
company's award-winning services provide clients with the
strategic insight, scale and diversity of offerings to ensure
the best return on their customer investment.  The company is
privately held and majority owned by Canadian diversified
company, Onex Corporation.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 9, 2007,
Moody's Investors Service upgraded ClientLogic Corp.'s corporate
family rating to B2 from B3.  Moody's said the rating outlook is
stable.

Concurrently, Moody's has assigned a B2 rating to ClientLogic's
US$675-million first lien term loan and US$85-million undrawn
first lien revolving credit facility.


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


ITRON INC: Ambassador Thomas S. Foley Retires as Director
---------------------------------------------------------
Itron Inc. reported that Ambassador Thomas S. Foley retired from
the Board of Directors of Itron on Feb. 24, 2007.  Ambassador
Foley advised the Board that he could not participate fully in
the Board's required attendance and deliberative processes.

Ambassador Foley will, however, become a company's consultant
and will advise on international business matters.

                           About Itron

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

                          *     *     *

As reported in the Troubled Company Reporter March 1, 2007,
Standard & Poor's Ratings Services placed its ratings on Itron
Inc.'s corporate credit rating at 'BB-', on CreditWatch with
negative implications.


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


AKL WOHNBAU: Claims Registration Period Ends April 5
----------------------------------------------------
Creditors of AKL Wohnbau GmbH i.L. have until April 5 to
register their claims with court-appointed insolvency manager
Helmuth Liesegang.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on June 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be contacted at:

         Dr. Helmuth Liesegang
         Briller Strasse 2
         42103 Wuppertal
         Germany
         Tel: 0202/389060
         Fax: 0202/3890622

The District Court of Wuppertal opened bankruptcy proceedings
against AKL Wohnbau GmbH i.L. on Feb. 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         AKL Wohnbau GmbH i.L.
         Rotkappchenweg 28
         42111 Wuppertal
         Germany


BALL CORPORATION: Earns US$329.6 Million in Full Year 2006
----------------------------------------------------------
Ball Corporation reported full-year 2006 net earnings of
US$329.6 million on sales of US$6.62 billion, compared to net
earnings of US$272.1 million on sales of US$5.75 billion in
2005.

Full-year 2006 results included property insurance proceeds
resulting from a fire at a plant in Germany, offset by business
consolidation costs, for a net after-tax gain of US$25.6
million.  For the full-year 2005, the net effect of debt
refinancing and business consolidation costs was US$25.7
million.

Fourth quarter 2006 net earnings were US$48.3 million on sales
of US$1.59 billion, compared to net earnings of US$47.4 million
on sales of US$1.29 billion in the fourth quarter of 2005.

Fourth quarter 2006 results included net after-tax costs of
approximately US$20 million from business consolidation, reduced
by a one-time tax gain.  Fourth quarter of 2005 included an
after-tax net cost of US$7.3 million for business consolidation
gains and debt refinancing costs.

R. David Hoover, chairman, president and chief executive
officer, said he was generally pleased with 2006 results and
particularly with the corporation's strong fourth quarter.

"On a comparable basis our diluted earnings per share grew to
US$2.90 in 2006 from US$2.71 in 2005 and to 65 cents from 52
cents in the fourth quarter," Hoover said.

"That was a solid accomplishment in the inflationary and
competitive environments in which we compete," Hoover added.  
"We are particularly pleased with how our results improved
during the second half of 2006 as we made progress with
important initiatives to reduce costs, improve efficiencies and
build margins and returns to more acceptable levels heading into
2007."

At Dec. 31, 2006, the company's balance sheet showed US$5.8
billion in total assets, US$4.7 billion in total liabilities,
and US$1.2 billion in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 31, 2006, are available for
free at http://researcharchives.com/t/s?1a98

                          About Ball Corp.

Headquartered in Broomfield, Colorado, Ball Corporation
(NYSE:BLL) -- http://www.ball.com/-- is a supplier of high-
quality metal and plastic packaging products and owns Ball
Aerospace & Technologies Corp., which develops sensors,
spacecraft, systems and components for government and commercial
customers.  The company employs 15,500 people worldwide
including Argentina, Hong Kong, China, France, Germany and the
United Kingdom.

                         *     *     *

Moody's Investors Service assigned ratings to Ball Corp's
US$500 million senior secured term loan D, rated Ba1, and
US$450 million senior unsecured notes due 2016-2018, rated Ba2.
Moody's also affirmed existing ratings, which include Ba1
Ratings on US$1.475 billion senior secured credit facilities and
US$550 million senior unsecured notes due Dec. 12, 2012.  The
ratings outlook is stable.

Fitch affirmed Ball Corp.'s 'BB' issuer default rating, 'BB+'
senior secured credit facilities, and 'BB' senior unsecured
notes.


BATAINEH GMBH: Claims Registration Period Ends April 3
------------------------------------------------------
Creditors of Bataineh GmbH have until April 3 to register their
claims with court-appointed insolvency manager Bernward Widera.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Chemnitz
         Hall 24
         Fuerstenstr. 21-23
         09130 Chemnitz
         Germany

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

The insolvency manager can be contacted at:

         Bernward Widera
         Buettenstrasse 4
         08058 Zwickau
         Germany
         Tel: (0375) 81 89 20
         Fax: (0375) 818 92 14
         E-mail: widera@zwickau-net.de

The District Court of Chemnitz opened bankruptcy proceedings
against Bataineh GmbH on Feb. 27.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Bataineh GmbH
         Attn: Ahmad Bataineh, Manager
         Schillerstrasse 20
         08525 Plauen
         Germany


BRAUER MASCHINEN: Claims Registration Period Ends March 21
----------------------------------------------------------
Creditors of Brauer Maschinen- und Anlagenbau GmbH have until
March 21 to register their claims with court-appointed
insolvency manager Bruno Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on May 2, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be contacted at:

         Dr. Bruno Kuebler
         Nieritzstrasse 14
         01097 Dresden
         Germany
         Web site: http://www.kuebler-gbr.de/

The District Court of Dresden opened bankruptcy proceedings
against Brauer Maschinen- und Anlagenbau GmbH on Feb. 28.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Brauer Maschinen- und Anlagenbau GmbH
         Attn: Guenter Specht and Sigrid Brauer, Managers
         Freiberger Str. 79
         01723 Wilsdruff
         Germany


DEBESTEC SPEZIALFAHRZEUGBAU: Claims Registration Ends April 25
--------------------------------------------------------------
Creditors of DEBESTEC Spezialfahrzeugbau GmbH have until
April 25 to register their claims with court-appointed
insolvency manager Karina Schwarz.

Creditors and other interested parties are encouraged to attend
the meeting at 2:55 p.m. on May 23, at which time the insolvency
manager will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be contacted at:

         Karina Schwarz
         Adenauerallee 4
         30175 Hanover
         Germany
         Tel: 0511 2353150
         Fax: 0511 2353151

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

The Debtor can be contacted at:

         DEBESTEC Spezialfahrzeugbau GmbH
         Attn: Manfred Heimann, Manager
         Grosshorst 3
         30916 Isernhagen
         Germany


DKV-VERPACKUNGEN: Claims Registration Period Ends April 5
---------------------------------------------------------
Creditors of DKV-Verpackungen Julius Duenhof-Carl Kemna & Sohn
GmbH & Co. have until April 5 to register their claims with
court-appointed insolvency manager Werner Schniewind.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be contacted at:

         Dr. Werner Schniewind
         Turmhof 15
         42103 Wuppertal
         Germany
         Tel: 0202/49 37 00
         Fax: 0202/45 13 66

The District Court of Wuppertal opened bankruptcy proceedings
against DKV-Verpackungen Julius Duenhof-Carl Kemna & Sohn GmbH &
Co. on Feb. 26.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         DKV-Verpackungen Julius Duenhof-Carl Kemna &
         Sohn GmbH & Co.
         Tilsiter Str. 6
         42277 Wuppertal
         Germany


EURO MONTAGE: Claims Registration Period Ends April 5
-----------------------------------------------------
Creditors of EURO Montage & Service GmbH have until April 5 to
register their claims with court-appointed insolvency manager
Joachim Buettner.

Creditors and other interested parties are encouraged to attend
the meeting at 11:35 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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be contacted at:

         Joachim Buettner
         Osdorfer Landstrasse 230
         22549 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against EURO Montage & Service GmbH on Feb. 27.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         EURO Montage & Service GmbH
         Attn: Knut Ibrahim Purwin, Manager
         Marlowring 19
         22525 Hamburg
         Germany


GILDEMEISTER AG: S&P Raises Ratings to BB- With Stable Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Germany-based machine-tool maker
Gildemeister AG to 'BB-' from 'B+', reflecting improvements in
the company's financial profile, sound market prospects in the
near term, which should support further de-leveraging, and a
slightly improved business risk assessment.  

The outlook is stable.

Other factors supporting the ratings are: the group's leading
position in the global machine-tool industry; its broad
geographic and customer diversity; its technological and
innovation leadership; and strong service business, which is
less cyclical and has higher margin than the group's other
activities.

The ratings are constrained by Gildemeister's aggressive
financial profile, but also by the cyclical and competitive end-
markets the group serves, the industry's high capital intensity,
and the company's competitive position.

Gildemeister engineers and manufactures a variety of turning and
milling machines for a wide range of industrial applications.  
It is also engaged in ultrasonic machining equipment and laser
machinery, such as laser-cutting and laser-drilling equipment,
and has growing service activities.  In 2006, service activities
represented 31% of group revenues, up from 26% back in 2002.  
The contribution to operating profits after depreciation from
services was 61% in 2006.  The gradually increasing contribution
from less-cyclical services is now reflected in Gildemeister's
business risk assessment, however, the business risk continues
to be viewed as "weak" according to our criteria.

In 2006, the group's sales amounted to EUR1.33 billion,
representing an increase of 18% year-on-year, with a reported
EBITDA-margin of 8.6%.  The group continues to benefit from
globally rebounding demand for machine tools, in particular
accelerating domestic demand.  Funds from operations have
reached about EUR109 million, reflecting the improved earnings
situation.  In 2006, FFO-to-debt far exceeded the target ratios
previously required to maintain the rating.  Standard & Poor's
is fully aware of the fact that Gildemeister's underlying market
is approaching a cyclically high level.  Positive growth rates
are expected to decline in the next few years.  The strong
growth momentum in Gildemeister's end-markets results from a
structural shift in demand patterns, which in turn reflects
increasing business activities in countries like China, India,
and Russia.  Gildemeister does not significantly participate
directly in the economic development of these countries.  
However, the company indirectly benefits by serving end-markets,
which in turn directly benefit from this structural shift in
demand.

"The positive short-term economic outlook for 2007, likely
strong demand for capital spending across the Eurozone, an
increasing investment ratio, and expected strong investments in
machinery and equipment in Gildemeister's domestic market should
support further positive cash flow generation in the medium
term," said Standard & Poor's credit analyst Werner Staeblein.  
"Standard & Poor's expects Gildemeister to use positive cash
flows that result from the favorable market environment to
further de-leverage."  Therefore, Gildemeister should have an
improved financial risk profile should the currently positive
business fundamentals become more negative.

Based on preliminary figures, Gildemeister achieved a ratio of
FFO/fully adjusted debt of about 30% as at Dec. 31, 2006, while
fully adjusted debt/EBITDA was about 3.0x in the same period.  
In the future, these ratios will likely weaken, but should stay
in a range consistent with the rating category.

The stable outlook reflects Standard & Poor's expectation that
Gildemeister will benefit from the increase in global machine-
tool consumption, resulting from the economic recovery in the
Eurozone and Germany.  At the same, Standard & Poor's expects
Gildemeister to use a significant part of free cash flows for
further de-leveraging.

To remain in at this rating level, the group needs to stay
within the financial ranges of FFO-to-debt of about 20% and
debt-to-EBITDA of 3.0x-4.0x.  At the same time, Standard &
Poor's expects Gildemeister not to deviate significantly from
the existing shareholder remuneration policy.   In aggregate,
shareholder remuneration must not exceed 50% of annual net
income.

There is limited rating upgrade potential in the short to medium
term, but failure to meet these targets could put pressure on
the ratings.


GRESSIERER GMBH: Claims Registration Period Ends April 3
--------------------------------------------------------
Creditors of Gressierer GmbH have until April 3 to register
their claims with court-appointed insolvency manager Manfred
Dobler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Stuttgart
         Room 13
         Ground Floor
         Hauffstr. 5 (Am Neckartor)
         70190 Stuttgart
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Manfred Dobler
         G"nsheidestr. 1
         70184 Stuttgart
         Germany
         Tel: 0711/16 43 30
         Fax: 0711/16 43 350

The District Court of Stuttgart opened bankruptcy proceedings
against Gressierer GmbH on Feb. 27.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Gressierer GmbH
         Attn: Herrn Rolf Gressierer, Manager
         Nebelhornstr. 14
         0327 Stuttgart
         Germany


HANSEN ENGINEERING: Claims Registration Period Ends April 5
-----------------------------------------------------------
Creditors of Hansen Engineering GmbH have until April 5 to
register their claims with court-appointed insolvency manager
Dr. Winfrid Andres.

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

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany   
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Winfrid Andres
         Heinrich-Held-Str. 16
         45133 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against Hansen Engineering GmbH on Feb. 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Hansen Engineering GmbH
         Attn: Christoph Schroeder, Manager
         Maibusch 108-110
         45883 Gelsenkirchen
         Germany


HOLDEN & ASIA: Claims Registration Ends April 12
------------------------------------------------
Creditors of Holden & Asia 2100 GmbH have until April 12 to
register their claims with court-appointed insolvency manager
Dr. Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Duisburg
         Room C215
         2nd floor
         Kardinal-Galen-Str. 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Sebastian Henneke
         Muelheimer Str. 100
         47057 Duisburg
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against Holden & Asia 2100 GmbH on Feb. 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Holden & Asia 2100 GmbH
         Koopmannstr. 23
         47138 Duisburg
         Germany

         Attn: Ernstfried Helling, Manager
         Obermeidericher Pfad 7
         47138 Duisburg
         Germany


IMMOBILIEN- UND BAUMANAGEMENT: Claims Registration Ends March 17
----------------------------------------------------------------
Creditors of Immobilien- und Baumanagement Stark GmbH have until
March 17 to register their claims with court-appointed
insolvency manager Berthold Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 2:45 p.m. on April 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Husum
         Saal 4
         Theodor-Storm-Strasse 5
         Husum
         Germany

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

The insolvency manager can be contacted at:

         Berthold Brinkmann
         Sechslingspforte 2
         22087 Hamburg
         Germany

The District Court of Husum opened bankruptcy proceedings
against Immobilien- und Baumanagement Stark GmbH on Feb. 26.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Immobilien- und Baumanagement Stark GmbH
         Diekstraat 15
         25870 Norderfriedrichskoog
         Germany


INFITEL ENGINEERING: Claims Registration Ends March 27
------------------------------------------------------
Creditors of Infitel Engineering GmbH have until March 27 to
register their claims with court-appointed insolvency manager
Dr. Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on April 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Winfrid Andres
         Neuer Zollhof 3
         40221 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Infitel Engineering GmbH on Feb. 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Infitel Engineering GmbH
         Eutelis-Platz 2
         40878 Ratingen
         Germany


K K AUTOSERVICE: Claims Registration Ends April 10
--------------------------------------------------
Creditors of K K Autoservice GmbH have until April 10 to
register their claims with court-appointed insolvency manager
Henning Bungart.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany

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

The insolvency manager can be reached at:

         Henning Bungart
         Zweigertstr. 43
         45130 Essen
         Tel: (0201) 793613

The District Court of Essen opened bankruptcy proceedings
against K K Autoservice GmbH on Feb. 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         K K Autoservice GmbH
         Hafenstr. 280
         45355 Essen
         Germany


MS VERWALTUNGS: Claims Registration Ends March 29
-------------------------------------------------
Creditors of MS Verwaltungs GmbH have until March 29 to register
their claims with court-appointed insolvency manager Stephan
Hoeltershinken.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on April 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Stephan Hoeltershinken
         Marienstrasse 126, D
         32425 Minden
         Germany
         Tel: 0571-64577-10
         Fax: 0571-64577-39

The District Court of Hameln opened bankruptcy proceedings
against MS Verwaltungs GmbH on Feb. 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         MS Verwaltungs GmbH
         Siemensstr. 9
         31812 Bad Pyrmont
         Germany


NRG ENERGY: Earns US$621 Million in Full Year 2006
--------------------------------------------------
NRG Energy Inc. filed its annual financial statements for the
year ended Dec. 31, 2006, with the U.S. Securities and Exchange
Commission on Feb. 28.

The company's total operating revenues were US$5.62 billion for
the year ended Dec. 31, 2006, as compared with US$2.43 billion
for the year ended Dec. 31, 2005, an increase of US$3.19
billion.

Net income for the year 2006 was US$621 million, up from US$84
million for the year 2005.

Cost of operations for 2006 was US$3.27 billion, as compared
with US$1.83 billion for 2005, an increase of US$1.43 billion.  
The company's annual depreciation and amortization expense for
2006 and 2005 was US$593 million and US$162 million,
respectively.  Its general, administrative and development costs
for 2006 were US$316 million, as compared with US$181 million in
the previous year. General, administrative and development costs
were adversely impacted by US$6 million of costs associated with
the unsolicited acquisition offer by Mirant Corp. and about
US$14 million of NRG Texas integration costs.

Equity earnings from the company's investments in unconsolidated
affiliates were US$60 million for the year ended Dec. 31, 2006,
down from US$104 million for the prior-year.  

During 2006, the company sold its interests in James River and
Cadillac, as well as interests in certain Latin American power
funds for a pre-tax loss of US$6 million, a pre-tax gain of
US$11 million, and a pre-tax gain of US$3 million, respectively.

Refinancing expenses incurred in 2006 and 2005 were US$187
million and US$65 million, respectively.  In the first quarter
2006, the company partially financed the acquisition of Texas
Genco LLC through borrowings under new debt facilities and
repaid and terminated previous debt facilities.  As a result of
this financing, it incurred US$178 million of refinancing
expenses.

Interest expense for the year ended Dec. 31, 2006, was
US$599 million, as compared with US$184 million for the year
ended Dec. 31, 2005.  Income tax expense was US$325 million and
US$47 million for the years ended Dec. 31, 2006, and 2005,
respectively.

For the years ended Dec. 31, 2006, and 2005, the company
recorded income from discontinued operations, net of income tax
expense of US$66 million and US$12 million, respectively.

The company's balance sheet as of Dec. 31, 2006, showed
US$19.435 billion in total assets, US$13.529 billion in total
liabilities, US$1 million in minority interests, US$247 million
in outstanding convertible perpetual preferred shares, and
US$5.658 billion in total stockholders' equity.

A full-text copy of the company's 2006 annual report is
available for free at http://ResearchArchives.com/t/s?1aa9

    About NRG Energy, Inc.

Headquartered in Princeton, New Jersey, NRG Energy, Inc.
(NYSE:NRG) owns and operates power generating facilities,
primarily in Texas and the northeast, south central and western
regions of the U.S.  It also owns generating facilities in
Australia, Brazil, and Germany.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 14, 2006,
Fitch Ratings assigned a rating of 'B+/RR3' on NRG Energy's
issuance of US$1.1 billion senior notes due 2011.  

As reported in the Troubled Company Reporter on Nov. 9, 2006,
Standard & Poor's Rating Services affirmed its 'B+' corporate
credit on NRG Energy Inc.  S&P says the outlook is stable.

As reported in the Troubled Company Reporter on Nov. 7, 2006,
Moody's Investors Service affirmed NRG Energy Inc.'s Preferred
stock rating at B2, LGD 6, 98%, and assigned a B1 rating to
US$1.1 billion of senior unsecured notes (LGD 5, 77%).


SAMWO IMMOBILIEN: Claims Registration Ends April 2
--------------------------------------------------
Creditors of SAMWO Immobilien GmbH have until April 2 to
register their claims with court-appointed insolvency manager
Christoph Kirchberg.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 2, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Braunschweig
         Hall E 01
         Martinikirche 8
         38100 Braunschweig
         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 Kirchberg
         Bruchtorwall 12
         38100 Braunschweig
         Germany
         Tel: 0531-242250
         Fax: 0531-242 2525

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

The Debtor can be reached at:

         SAMWO Immobilien GmbH
         Attn: Arvid Immo Samtleben, Manager
         Zweibrueckenstrasse 5
         38116 Braunschweig
         Germany


THEMEL + WAGENER: Claims Registration Ends April 2
--------------------------------------------------
Creditors of Themel + Wagener GmbH have until April 2 to
register their claims with court-appointed insolvency manager
Andreas Grund.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hagen
         Hall 259
         Second Floor
         Heinitzstr. 42/44
         58097 Hagen
         Germany   
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Andreas Grund
         Grabenstr. 28
         58095 Hagen
         Germany

The District Court of Hagen opened bankruptcy proceedings
against Themel + Wagener GmbH on Feb. 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Themel + Wagener GmbH
         Attn: Rainer Themel, Manager
         Schlackenmuehle 20
         58135 Hagen
         Germany


TRADITION MALERWERKSTATTE: Creditors Must File Claims by April 4
----------------------------------------------------------------
Creditors of Tradition Malerwerkstaette GmbH have until April 4
to register their claims with court-appointed insolvency manager
Thomas Steger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 11, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall S 2.22
         Second Stock
         William-Strasse 21
         53111 Bonn
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Thomas Steger
         Koelnstrasse 135
         53757 Sankt Augustin
         Germany

The District Court of Bonn opened bankruptcy proceedings against
Tradition Malerwerkstaette GmbH on Feb. 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Tradition Malerwerkstaette GmbH
         Am Eichelbusch 2
         53797 Lohmar
         Germany


TRAILER SHOP EDMAR: Creditors' Meeting Slated for May 4
-------------------------------------------------------
The court-appointed insolvency manager for Trailer Shop EDMAR
GmbH, Luehl Bruecker & Partner GbR, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:05 a.m. on May 4.

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

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

The Court will also verify the claims set out in the insolvency
manager's report during the meeting.

The insolvency manager can be reached at:

         Luehl Bruecker & Partner GbR
         Grosser Markt 3-5
         46483 Wesel
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Trailer Shop EDMAR GmbH on Feb. 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Trailer Shop EDMAR GmbH
         Vennhauser Allee 291
         40627 Duesseldorf
         Germany


WINDPARK SEFFERWEICH-NORD: Creditors' Meeting Set for March 29
--------------------------------------------------------------
The court-appointed insolvency manager for Windpark Sefferweich-
Nord WATT GmbH & Co. KG, Joerg A. Wunderlich, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 11:30 a.m. on March 29.

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 at 11:45 a.m. on May 10 at the same venue.

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

The insolvency manager can be reached at:

         Joerg A. Wunderlich
         Bahnhofsplatz 8
         54292 Trier
         Germany

The District Court of Trier opened bankruptcy proceedings
against Windpark Sefferweich-Nord WATT GmbH & Co. KG on Feb. 26.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Windpark Sefferweich-Nord WATT GmbH & Co. KG
         Kirchenbungert 2
         54292 Trier
         Germany


WITZIG FLIESEN: Claims Registration Period Ends April 5
-------------------------------------------------------
Creditors of Witzig Fliesen- und Bodenlegefachbetrieb GmbH have
until April 5 to register their claims with court-appointed
insolvency manager Dietmar Schiefner.

Creditors and other interested parties are encouraged to attend
the meeting at 8:50 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 Leipzig
         Hall 145
         Ground Floor
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dietmar Schiefner
         Sternwartenstrasse 79
         04103 Leipzig
         Germany
         Tel: 0341/269050
         Fax: 0341/2690516
         E-mail: RASchiefner@t-online.de  

The District Court of Leipzig opened bankruptcy proceedings
against Witzig Fliesen- und Bodenlegefachbetrieb GmbH on
Feb. 27.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Witzig Fliesen- und Bodenlegefachbetrieb GmbH
         Attn: Jan Witzig, Manager
         Reichsstrasse 12a
         04862 Mockrehna
         Germany


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


ALLIANCE ONE: Moody's Rates Proposed US$385-Mln Sr. Loan at B1
--------------------------------------------------------------
Moody's Investors Service affirmed Alliance One International,
Inc.'s long-term debt ratings, including the company's B2
corporate family rating and revised the outlook to stable from
negative.

Moody's also assigned a B1 rating to the company's proposed
US$385 million senior secured revolving credit and term loan
facilities and a B2 rating to the company's US$150 million
senior notes offering.  

The stable outlook reflects:

   1) the significant improvement in profitability and credit
      metrics over the last twelve months,

   2) the successful completion and achievement of merger
      related synergies, and

   3) the prospective benefits to the company from the proposed
      refinancing including the extension of the maturity dates
      for its bank facilities and the elimination of sizable
      amortization payments.

Final ratings are subject to review of final documentation.
Ratings on the company's existing bank facilities will be
withdrawn upon closing.

AOI's B2 corporate family rating and stable outlook reflect the
company's financial metrics and the potential for volatility in
sales and earnings as a result of its commodity orientation and
its difficult position between tobacco growers and strong
cigarette manufacturers.  This position has been challenged over
the last several years due to the structural change away from
the auction markets to "contracted" markets, which shifts
inventory risk to AOI.

AOI's ratings are supported by its leading market share position
in the leaf tobacco trading and processing industry, its well
established relationships with large cigarette companies, and
global procurement and processing network that provides a
significant defense to new competitors.

However, AOI faces the ongoing challenge of ensuring high
quality and a diverse supply of leaf tobacco for its customers
by often pre-funding farmer activity, guaranteeing loans for its
suppliers, committing to purchase entire crops within a price
range while funding significant capital requirements of its own
to process the leaf tobacco.  Despite these measures, AOI's
customers often dictate the timing and pricing of their
purchases, which may result in large working capital
investments, weak cash flow, and higher debt levels.  

Nevertheless, Moody's notes that recent support in the form of
customer advances have been significant from AOI's significant
customers which is indicative of the close and long-standing
relationships AOI maintains with its key customers.

Ratings assigned:

   * Alliance One International, Inc.

      -- US$250-million senior secured revolving credit facility
         due 2010 at B1, LGD3, 35%;

      -- US$150-million senior notes due 2012 at B2, LGD4, 50%

   * Intabex Netherlands, B.V.

      -- US$135-million senior secured term loan B due 2011 at
         B1, LGD3, 35%;

Ratings affirmed:

   * Alliance One International, Inc.

      -- Corporate family rating of B2

      -- Probability of default rating of B2

      -- US$315-million 11% senior notes due 2012 at B2, LGD4,
         50%

      -- US$100 million 12 _% senior subordinated notes due 2012
         at Caa1, LGD6, 95%

Alliance One International, Inc. and Intabex Netherlands, B.V.
are co-borrowers under the senior secured revolving credit
facility.


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


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

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

                  Terms of Consent Solicitation
                     and Indenture Amendment

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

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

    (i) the Jan. 15 Interest Payment and

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

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

    (i) repayment of senior secured indebtedness;

   (ii) cash collateralization of outstanding letters of credit;

  (iii) payment of the January 15 Interest Payment;

   (iv) the purchase of intercompany obligations by Nemak;

    (v) repayment of capitalized leases;

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

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

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

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

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

The indenture amendment also contemplates that the proceeds to
be received under its settlement agreement with Fiat, proceeds
received from subsequent anticipated sales of its Polish and
Chinese operations pursuant to the Nemak transaction agreement,
and any remainder of a purchase price adjustment escrow that is
returned by Nemak to Teksid Aluminum, in each case less certain
expenses, will be used to repurchase additional Senior Notes
through tender offers at 100% of par plus accrued and unpaid
interest thereon to the date of purchase.  Remaining Senior
Notes will be left outstanding in accordance with their original
terms (as amended by the indenture amendment), but will no
longer be guaranteed by those subsidiaries purchased by Nemak.  
In addition, the indenture amendment implements a standstill
preventing acceleration of the Senior Notes through March 15
provided the lenders under Teksid Aluminum's credit facilities
do not accelerate the amounts due under its senior credit
facilities.

In addition, the amendments to the indenture would permit an
increase of up to EUR15 million in the amount of indebtedness,
which may be incurred by Teksid Aluminum under its existing
senior credit facility (provided that any of such amounts
borrowed are required to be repaid at the first Nemak closing,
or be applied to meet expenditures that result in a working
capital adjustment in Teksid's favor).  The indenture amendment
would limit to US$55.2 million (including amounts borrowed under
a bridge facility, if any) the amount of Nemak sale proceeds
that can be paid into the company's subsidiaries in Italy,
France and Germany.  Finally, the indenture amendments would
defer Teksid Aluminum's financial statement reporting
requirements to Noteholders.

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

                    Consent Agreements

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

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

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

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

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

   (iv) the Nemak transaction agreement is terminated; or

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

                 Status of the Nemak Transaction

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

              Italian Subsidiary Intercompany Loans

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

             Sources and Uses for Nemak Transaction

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

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

                      About Teksid Aluminum

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

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

                          *     *     *

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


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


ALIM LTD: Creditors Must File Claims by April 13
------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Alim Ltd insolvent.

Creditors have until April 13 to submit written proofs of claim
to:

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


ATF BANK: Sells Three-room Flat via Public Auction on March 14
--------------------------------------------------------------
JSC Atf Bank will auction its assets to the public at 11:00 a.m.
on March 14.  

Interested participants must submit a minimum bid of
KZT8,271,456 to:

         JSC Atf Bank
         Mr. D. Smagulov, Auction Manager
         Furmanov Str. 100b
         Almaty
         Kazakhstan
         Tel: 8 (3272) 58-30-00
              8 (3272) 58-31-11

Interested bidders are required to deposit KZT84,000 to the
personal account of Mr. D. Smagulov.  Account details are:

         Account No. A019904078/000
         BIK 190501956
         RNN 600400239284
         JSC Atf Bank, Almaty Branch
         Almaty
         Kazakhstan

The asset for sale is a three room flat with a total area of
61.70 square meters located in:

         Muratbaev Str. 89-71
         Almaty
         Kazakhstan


COPY LINE: Creditors' Claims Due April 13
-----------------------------------------
LLP Copy Line Trading has declared insolvency.  Creditors have
until April 13 to submit written proofs of claim to:

         LLP Copy Line Trading has declared insolvency
         Vesennaya Str. 13
         Aktube
         Kazakhstan


DARION TRADE: Proof of Claim Deadline Slated for April 13
---------------------------------------------------------
Representation Darion Trade Ltd.Almaty has declared insolvency.  
Creditors have until April 13 to submit written proofs of claim
to:

         Representation Darion Trade Ltd. Almaty
         Karataev Str. 38a-21
         Almaty
         Kazakstan


JANAOILSERVICE LLP: Claims Registration Ends April 13
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Janaoilservice insolvent.  

Creditors have until April 13 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Micro District 28, 5-41
         Aktau, Mangistau
         Kazakhstan
         Tel: 8 (3292) 40-20-48
              7 701 522 34-03


KAZMETALLSTROY LLP: Claims Filing Period Ends April 6
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Kazmetallstroy insolvent.  

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

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


KUAT SNAB: Creditors Must File Claims by April 13
-------------------------------------------------
LLP Kuat Snab Service Aktube has declared insolvency.  Creditors
have until April 13 to submit written proofs of claim to:

         LLP Kuat Snab Service Aktobe
         Matrosov Str. 25-28
         Aktube
         Kazakhstan


MEDIA SERVICE-NP: Creditors' Claims Due April 6
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Media Service-Np Karaganda insolvent.  

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

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


MOL-777 LLP: Proof of Claim Deadline Slated April 13
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Mol-777 insolvent.

Creditors have until April 13 to submit written proofs of claim
to:

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


TECHSTROYSNAB LLP: Claims Registration Ends April 13
----------------------------------------------------
LLP Techstroysnab Ltd has declared insolvency.  Creditors have
until April 13 to submit written proofs of claim to:

         LLP Techstroysnab Ltd
         Yazev Str. 15
         Karaganda
         Kazakstan


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


AGAT LLC: Creditors Must File Claims by April 13
------------------------------------------------
LLC Rest Home Agat has declared insolvency.  Creditors have
until April 13 to submit written proofs of claim to:

         LLC Rest Home Agat
         Kadjysay
         Tonsky District
         Issyk-Kul Region
         Kyrgyzstan
         Tel: (+996 3941) 9-27-71


MELZAVOD OJSC: Creditors' Meeting Slated for March 23
-----------------------------------------------------
Creditors of OJSC Tokmok-Mill Factory Melzavod will convene at
11:00 a.m. on March 23 at:

         Jantaev Str. 76
         Tokmok
         Chui Region
         Kyrgyzstan

to discuss on the:

   -- initialization of the bankruptcy proceedings by the debtor
      in extrajudicial procedure; and

   -- appointment of temporary insolvency manager.  

Proxies must have authorization to vote.  


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


VINTAGE CAPITAL: Fitch Affirms Junk Ratings on Class C Notes
------------------------------------------------------------
Fitch upgraded Vintage Capital S.A.'s Class C collateralized
debt obligation notes:

   -- EUR16,000,000 Class C notes: affirmed at 'CC' / 'DR5'

Also affirmed are Class A2 and B notes:

   -- EUR25,992,090 Class A2 notes: upgraded to 'BB+' from 'BB-'
   -- EUR12,000,000 Class B notes: affirmed at 'CCC' / 'DR3'

The transaction is a securitization of a bond portfolio
originated by Banca Monte dei Paschi di Siena and a credit
default swap portfolio of five- and seven-year obligations
originated by Bank of America.

In December 2006, the Class A1 notes were paid in full as a
result of principal amortization in the bond portfolio, and
currently the Class A2 stand at EUR25.99 million compared to
EUR50 million at close.  The amortization has resulted in higher
credit enhancement available on the Class A2 notes, leading to
the upgrade.

The affirmation of the Class B and C notes reflects the stable
performance of the portfolio.  The CDS portfolio will mature in
December 2007 when the risk on the transaction will be reduced
and it will be reviewed at this time.

The portfolio acquisitions were financed by issuing a
EUR198 million floating rate notes.  The bond portfolio contains
asset-backed securities, corporate, financial institution and
sovereign debt.  The CDS portfolio references corporates in
Europe and North America.  The final maturity date of the
transaction is in December 2010. Vintage Capital S.A. is a
special purpose vehicle with limited liability incorporated
under the laws of Luxembourg.


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


HERMES XIII: Fitch Assigns BB Ratings to EUR32.5-Mln. Notes
-----------------------------------------------------------
Fitch Ratings expected ratings to Holland Mortgage Backed Series
XIII's EUR2.5 billion floating-rate notes due 2039:

   -- EUR785.5 million senior Class A1 mortgage-backed notes:
      'AAA';

   -- EUR1.56 billion senior Class A2 mortgage-backed notes:
      'AAA';

   -- EUR48.75 million mezzanine Class B mortgage-backed notes:
      'AA';

   -- EUR40 million mezzanine Class C mortgage-backed notes:
      'A'; and

   -- EUR28.75 million junior Class D mortgage-backed notes:             
      'BBB+'.

   -- EUR32.5 million subordinated Class E floating-rate notes:    
      'BB';

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

Hermes XIII is a securitization of Dutch residential mortgages
originated by SNS Bank N.V., and its wholly owned subsidiary BLG
Hypotheekbank N.V.  The portfolio consists of first-ranking
fixed- and floating-rate mortgages secured over residential
properties located in the Netherlands.

The expected ratings are based on the quality of the collateral,
available credit enhancement and excess spread, a sound legal
structure, the underwriting and servicing of SNS, the liquidity
facility and the guaranteed investment contract in place as well
as the interest rate swap provided and guaranteed by SNS.

At closing, credit enhancement provided by subordination will be
6% for the Class A notes, 4.05% for the Class B notes, 2.45% for
the Class C notes and 1.3% for the Class D notes.  Unlike other
Hermes transactions, the deal does not have a reserve fund; the
credit enhancement for each Class of notes is provided by
subordination, as well as the 35bp excess spread paid under the
swap agreement.


INTABEX NETHERLANDS: Moody's Rates US$135-Mln Sr. Loan at B1
------------------------------------------------------------
Moody's Investors Service affirmed Alliance One International,
Inc.'s long-term debt ratings, including the company's B2
corporate family rating and revised the outlook to stable from
negative.

Moody's also assigned a B1 rating to the company's proposed
US$385 million senior secured revolving credit and term loan
facilities and a B2 rating to the company's US$150 million
senior notes offering.  

The stable outlook reflects:

   1) the significant improvement in profitability and credit
      metrics over the last twelve months,

   2) the successful completion and achievement of merger
      related synergies, and

   3) the prospective benefits to the company from the proposed
      refinancing including the extension of the maturity dates
      for its bank facilities and the elimination of sizable
      amortization payments.

Final ratings are subject to review of final documentation.
Ratings on the company's existing bank facilities will be
withdrawn upon closing.

AOI's B2 corporate family rating and stable outlook reflect the
company's financial metrics and the potential for volatility in
sales and earnings as a result of its commodity orientation and
its difficult position between tobacco growers and strong
cigarette manufacturers.  This position has been challenged over
the last several years due to the structural change away from
the auction markets to "contracted" markets, which shifts
inventory risk to AOI.

AOI's ratings are supported by its leading market share position
in the leaf tobacco trading and processing industry, its well
established relationships with large cigarette companies, and
global procurement and processing network that provides a
significant defense to new competitors.

However, AOI faces the ongoing challenge of ensuring high
quality and a diverse supply of leaf tobacco for its customers
by often pre-funding farmer activity, guaranteeing loans for its
suppliers, committing to purchase entire crops within a price
range while funding significant capital requirements of its own
to process the leaf tobacco.  Despite these measures, AOI's
customers often dictate the timing and pricing of their
purchases, which may result in large working capital
investments, weak cash flow, and higher debt levels.  

Nevertheless, Moody's notes that recent support in the form of
customer advances have been significant from AOI's significant
customers which is indicative of the close and long-standing
relationships AOI maintains with its key customers.

Ratings assigned:

   * Alliance One International, Inc.

      -- US$250-million senior secured revolving credit facility
         due 2010 at B1, LGD3, 35%;

      -- US$150-million senior notes due 2012 at B2, LGD4, 50%

   * Intabex Netherlands, B.V.

      -- US$135-million senior secured term loan B due 2011 at
         B1, LGD3, 35%;

Ratings affirmed:

   * Alliance One International, Inc.

      -- Corporate family rating of B2

      -- Probability of default rating of B2

      -- US$315-million 11% senior notes due 2012 at B2, LGD4,
         50%

      -- US$100 million 12 _% senior subordinated notes due 2012
         at Caa1, LGD6, 95%

Alliance One International, Inc. and Intabex Netherlands, B.V.
are co-borrowers under the senior secured revolving credit
facility.


X5 RETAIL: Group Pro Forma Sales Up 47% in Fiscal Year 2006
-----------------------------------------------------------
X5 Retail Group N.V. (fka Pyaterochka Holding N.V.) released
preliminary financial results for the full year of 2006.  The
figures provided are management accounts on pro-forma basis.   

The year of 2006 has been an eventful period for the Group.  The
merger between Pyaterochka and Perekrestok was closed on May 18,
2006, and was immediately followed by intense internal work
ensuring that the merger benefits are realized according to
plan.

In 2006, the Group faced two major challenges:

   -- successful integration of the two bigger national chains
      designed to extract practical synergies of the merger, and

   -- at least maintenance of the growth rates of the company.  

The preliminary results of FY 2006 clearly show that both
objectives are being met successfully.

                            Growth

On a pro forma basis, sales increased by 47% to US$3.5 billion,
which represents a significant acceleration of growth in
comparison to 34% in FY 2005.  Through a successful effort by
our purchasing team, due to gradual introduction of private
labels and upgrade of our logistics capacity, X5 managed to
raise gross margin from 25.4% to 27.9%, thereby generating gross
profit growth of an impressive 60.9%.

The Group has made significant investments in the business in
terms of store openings and an increased marketing budget.
Nevertheless, the operating cost base remained tight and pro
forma EBITDA has increased 31% to US$295 million, which
translates in 56% increase in case the effect of the Tushino
Plaza capital gain in 2005 and ESOP restructuring costs in 2006
are excluded.

In 2006, the Group successfully completed its store opening
program gaining additional net selling space of approximately
126,000 square meters, thus outstripping its FY 2006 store
opening target to add approximately 120,000 square meters.  
Also, the Group experienced strong Like-for-Like sales trends
across both chains (+11%), demonstrating the strongest
performance in Q4 2006 (+13%).  Over the year, the Group showed
continued improvement of Pyaterochka Like-for-Like sales
performance in St. Petersburg, with the traffic of 0% in Q4 2006
vs. Q4 2005.  In January 2007, LfL sales performance of
Pyaterochka in St. Petersburg continued to improve demonstrating
positive traffic (+2.5%) for the first time over the last
several years.

                         Integration

The merger between Pyaterochka and Perekrestok was closed on
May 18, 2006 and was immediately followed by intense internal
work ensuring that the merger benefits are realized according to
plan.  The first seven months of this work has confirmed the
logic of the combination.  While results responsibilities
remained with the two operating divisions, back office
centralization was an immediate priority.  In 2006, the Group
centralized key functions in its corporate center to focus on
extracting practical synergies in purchasing, advertising, M&A,
cost of financing, and prepared for next steps of integration in
the areas of HR, logistics and IT.  A new international
management team composed of professionals with extensive and
successful experience in major Russian companies and leading
international retail chains was built up at corporate HQ to lead
the integration process and further progress of the Group.

There have been already achieved first practical results.  
During 2H 2006 the Group's integrated purchasing team re-
concluded contracts with all suppliers on behalf of the enlarged
company, with initial net savings of at least US$20 million in
2006.  These savings were partially re-invested into price.

In 2006, new modern logistics centers have been opened in Moscow
and St. Petersburg, which will support the Group's growth and
provide further efficiency gains.  In November, the Group's
single M&A team successfully closed the second largest on
Russia's food retail market deal to acquire a Moscow based
supermarket chain "Merkado" of 16 stores which were quickly
integrated into the existing formats of Pyaterochka and
Perekrestok.   

"The strong financial performance of X5 Retail Group in 2006 and
the specific progress in integration of Pyaterochka and
Perekrestok clearly demonstrate that we are passing smoothly
through the integration process, stepping now into the period of
capitalization on practical synergies of the merger, Lev Khasis,
Group CEO, said.  "We are in process of building a solid multi-
format foundation to continue our further expansion in the role
of the main consolidator of the Russian food retail market.  I
am excited and confident about our future."   

"Strong financial results of the Group in 2006 maintain our
confidence in successful realization of our further investment
plans and in our ability to attract necessary capital for the
execution of these plans," Vitaliy Podolskiy, Group CFO, said.
     
                  2006 Financial Highlights

* Pro Forma X5 Retail Group N.V.

  Calculated on the basis of the results of both the Pyaterochka
  and Perekrestok chains from Jan. 1-Dec. 31, 2006

   -- net sales of US$3.5 billion; up 46.8% vs. 12M 2005
   -- gross profit of US$972 million, up 60.9% vs. 12M 2005   
   -- gross margin of 27.9% vs. 25.4% 12M 2005
   -- EBITDA of US$295 million, up 31.0% vs. 12M 2005
   -- EBITDA margin of 8.5% vs. 9.5% 12M 2005

* Pyaterochka chain stand-alone

  Calculated on the basis of the results of the Pyaterochka
  chain from Jan. 1-Dec. 31, 2006

   -- net sales of US$2 billion; up 45.2% vs. 12M 2005
   -- gross profit of US$530 million, up 56.5% vs. 12M 2005
   -- gross margin of 26.9% vs. 24.9% 12M 2005
   -- EBITDA of US$179 million, up 10.0% vs. 12M 2005
   -- EBITDA margin of 9.1% vs. 12.0% 12M 2005

* Perekrestok chain stand-alone

  Calculated on the basis of the results of the Perekrestok
  chain from Jan. 1-Dec. 31, 2006

   -- net sales of US$1.5 billion; up 49% vs. 12M 2005
   -- gross profit of US$442 million, up 66.6% vs. 12M 2005;  
   -- gross margin of 29.3% vs. 26.2% 12M 2005
   -- EBITDA of US$116 million, up 85.9% vs. 12M 2005
   -- EBITDA margin of 7.7% vs. 6.1% 12M 2005

                 Q4 2006 Financial Highlights

* Pro Forma X5 Retail Group N.V.

  Calculated on the basis of the results of both the Pyaterochka
  and Perekrestok chains from Oct. 1-Dec. 31, 2006

   -- net sales of US$1 billion; up 51.1% vs. Q4 2005
   -- gross profit of US$325 million, up 72.3% vs. Q4 2005
   -- gross margin of 30.3% vs. 26.6% Q4 2005
   -- EBITDA of US$120 million, up 54.2% vs. Q4 2005
   -- EBITDA margin of 11.2% vs. 11.0% Q4 2005

* Pyaterochka chain stand-alone

  Calculated on the basis of the results of the Pyaterochka
  chain from Oct. 1-Dec. 31, 2006

   -- net sales of US$599 million; up 49.6% vs. Q4 2005
   -- gross profit of US$172 million, up 65.2% vs. Q4 2005
   -- gross margin of 28.8% vs. 26.1% Q4 2005
   -- EBITDA of US$79 million, up 50.2% vs. Q4 2005
   -- EBITDA margin of 13.2% vs. 13.1% Q4 2005

* Perekrestok chain stand-alone

  Calculated on the basis of the results of the Perekrestok
  chain from Oct. 1-Dec. 31, 2006

   -- net sales of US$475 million; up 53.0% vs. Q4 2005
   -- gross profit of US$153 million, up 81.0% vs. Q4 2005
   -- gross margin of 32.3% vs. 27.3% Q4 2005
   -- EBITDA of US$41 million, up 62.6%% vs. Q4 2005
   -- EBITDA margin of 8.7% vs. 8.2% Q4 2005

                         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.

                          *     *     *

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

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


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


NORSKE SKOGINDUSTRIER: Lars Groholt to Leave Post as Chairman
-------------------------------------------------------------
Norske Skogindustrier ASA's chair of the board, Lars Wilhelm
Groholt, notified Idar Kreutzer, chair of the company's
nomination committee, that he does not wish to seek re-election
at the annual general meeting to be held on April 12.

Mr. Groholt has been chair of Norske Skogindustrier ASA since
2002.

"These five years have seen declining earnings and a challenging
market," Mr. Groholt commented.  "The past two years have been
especially demanding for both the board and the executive
management, with many difficult and important decisions for the
company."

A new chief executive and corporate management team were
appointed in 2006, and a substantial turnaround process launched
to reach the company's financial targets.

"I'm confident that the turnaround is well under way, and firmly
believe that the company will reach its goals to the benefit of
shareholders and employees," Mr. Groholt added.  "I feel the
time is now ripe to bring in new resources on the board, and
have therefore notified the chair of the nomination committee
that I will not be seeking re-election."

About Norske Skog

Headquartered in Lysaker, Norway, Norske Skogindustrier ASA --
http://www.norskeskog.com/-- manufactures paper and pulp.  It  
produces long and short fiber sulphate pulp, newsprint, bleached
Kraft paper and others.  The Company owns and operates paper
mills in Europe, Asia, Australia, Africa and North and South
America.  Norske has posted three consecutive annual net losses
of EUR116.3 million in 2004, EUR315.4 million in 2003, and
EUR849 million in 2002.

                        *     *     *

As of Feb. 14, Norske Skog carries these ratings:

Moody's:

   -- Long-Term Corporate Family: Ba1
   -- Senior Unsecured Debt: Ba1
   -- Outlook: Stable

Standard & Poor's:

   -- Long-Term Foreign Issuer Credit: BB+
   -- Long-Term Local Issuer Credit: BB+
   -- Short-Term Foreign Issuer Credit: B
   -- Short-Term Local Issuer Credit: B
   -- Outlook: Stable


===========
P O L A N D
===========


AUTOCAM CORP: Financial Restructuring Cues Moody's B3 Rating
------------------------------------------------------------
Moody's Investors Service has changed the debt ratings of
Autocam Corporation and Autocam Corporation France SARL that
were initially assigned on a provisional basis on Feb. 12.  New
Autocam's Corporate Family Rating was changed from B3 to B3 with
provisional modifiers on its other ratings similarly removed.

Ratings on existing Autocam Corporation's and Autocam
Corporation France SARL's obligations were withdrawn at the same
time.  The actions follow the closing of Autocam's financial
restructuring on Feb. 28.

The restructuring involved the exchange by an investor group of
substantially all of existing Autocam's subordinated debt into
new common shares of Titan Holdings, the holding company parent
of Autocam Corporation, and the investment by the note holder
group of US$85-million in a new issue of preferred stock of
Titan Holdings.  Existing common equity interests in Titan
Holdings were extinguished.  Proceeds from the preferred stock
issue were down-streamed and used to retire approximately US$78
million of second lien term loans at Autocam Corporation.  
Autocam Corporation's first lien bank debt was refinanced in a
syndication of US$150-million of first lien bank facilities for
New Autocam and Autocam Corporation France SARL.  All of those
transactions closed on Feb. 28.  Accordingly, ratings on
approximately US$250-million of pre-restructuring debt at
Autocam Corporation and Autocam Corporation France SARL have
been withdrawn, and the provisional modifier on ratings at New
Autocam and Autocam Corporation France SARL have been removed.

Ratings changed:

   * Autocam Corporation

      -- Corporate Family Rating to B3 from B3

      -- First lien term loan for US$83 million to B2, LGD2, 26%
         from B2, LGD2, 26%

      -- First lien revolving credit for US$17-million to B2,
         LGD2, 26% from B2, LGD2, 26%

      -- Outlook, stable

      -- Probability of Default Rating, Caa1

   * Autocam Corporation France SARL

      -- Guaranteed First lien term loan for Euro equivalent of
         US$37-million to B2, LGD2, 26% from B2, LGD2, 26%

      -- Guaranteed First lien revolving credit facility for
         Euro equivalent of US$13 million to B2, LGD-2, 26% from
         B2, LGD2, 26%

Ratings withdrawn:

   * Autocam Corporation

      -- Corporate Family Rating, Ca
      -- Probability of Default, D
      -- Outlook, stable
      -- First lien revolving credit, Caa1, LGD2, 20%
      -- First lien term loan, Caa1, LGD2, 20%
      -- Senior Subordinated Notes, C, LGD5, 85%
      -- Speculative Grade Liquidity rating, SGL-4

   * Autocam France SARL

      -- First lien revolving credit, Caa1, LGD2, 20%
      -- First lien term loan, Caa1, LGD2, 20%

The last rating action was on Feb. 12, when initial ratings were
assigned to New Autocam and Autocam Corporation France SARL.

Autocam Corporation, headquartered in Kentwood, Michigan, is a
manufacturer of extremely close tolerance precision-machined,
metal alloy components, sub-assemblies, primarily for
performance and safety critical automotive applications.  
Revenues in 2005 were approximately US$350 million from
operations in North America, Europe and Brazil.


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


BAYMAK-MIXED FODDER: Creditors Must File Claims by April 10
-----------------------------------------------------------
Creditors of OJSC Baymak-Mixed Fodder (TIN 0254008941) have
until April 10 to submit proofs of claim to:

         F. Yunusov, Insolvency Manager
         Br. Kadomtsevykh Str. 6
         Ufa
         450059 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07-12475/06-G-GRA.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Baymak-Mixed Fodder
         Obyezdnoye Shosse 1
         Baymak
         453630 Bashkortostan
         Russia


EXPERIMENTAL MECHANICAL: Creditors Must File Claims by March 10
---------------------------------------------------------------
Creditors of CJSC Experimental Mechanical Factory have until
March 10 to submit proofs of claim to:

         B. Evstratov, Temporary Insolvency Manager
         Post User Box 41
         Ufa
         450075 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A07-27096/06-G-MOG.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Experimental Mechanical Factory
         Yusupova Str. 14
         Sterlitamak
         453124 Bashkortostan
         Russia


FILIMONOVSKIY CONCENTRATED: Bankruptcy Hearing Slated for May 15
----------------------------------------------------------------
The Arbitration Court of Krasnoyarsk will convene at 10:00 a.m.
on May 15 to hear the bankruptcy supervision procedure on OJSC
Filimonovskiy Concentrated Milk Factory.  The case is docketed
under Case No. A33-274/2007.

The Temporary Insolvency Manager is:

         D. Glushkov, Temporary Insolvency Manager
         Partizana Zhelznyaka Str. 17
         660133 Krasnoyarsk
         Russia

The Court is located at:

         The Arbitration Court of Krasnoyarsk
         Lenina Str. 143
         660021 Krasnoyarsk
         Russia

The Debtor can be reached at:

         OJSC Filimonovskiy Concentrated Milk Factory
         Traktovaya Str., 30
         Filimonovo
         Kansk
         663620 Krasnoyarsk
         Russia


GIFTS OF WOODS: Creditors Must File Claims by March 10
------------------------------------------------------
Creditors of LLC Gifts of Woods have until March 10 to submit
proofs of claim to:

         Z. Ganiev, Temporary Insolvency Manager
         Post User Box 149
         Kazan
         420034 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
supervision procedure on the company.  The court will convene a
hearing at 9:00 a.m. on May 15.  The case is docketed under Case
No. A65-25974/2006-SG4-16.

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:

         LLC Gifts of Woods
         Kamskiy Lespromkhoz
         Mamadyshskiy, Tatarstan
         Russia


IVLA-BEER CJSC: Court Names I. Kuvshinov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Ulyanovsk appointed Mr. I. Kuvshinov as
Insolvency Manager for CJSC Ivla-Beer.  He can be reached at:

         I. Kuvshinov
         Rakhmaninova Str. 1
         Penza
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A72-5714/06-17/64-b.

The Debtor can be reached at:

         I. Kuvshinov, Insolvency Manager
         Rakhmaninova Str. 1
         Penza
         Russia


MASPROM CJSC: Bankruptcy Hearing Slated for June 14
---------------------------------------------------
The Arbitration Court of Nizhniy Novgorod will convene at
9:00 a.m. on June 14 to hear the bankruptcy supervision
procedure on CJSC Masprom.  The case is docketed under Case No.
A43-3572/2006-27-1047.

The Temporary Insolvency Manager is:

         I. Grigoryeva, Temporary Insolvency Manager
         Post User Box 166
         603000 Nizhniy Novgorod
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Masprom
         Krasnykh Zor' 27
         Nizhniy Novgorod
         Russia


MECHETINSKIY BRICKWORKS: Court Names I. Ananyev to Manage Assets
----------------------------------------------------------------
The Arbitration Court of Rostov appointed Mr. I. Ananyev as
Insolvency Manager for CJSC Mechetinskiy Brickworks (TIN
6142016208).  He can be reached at:

         I. Ananyev
         Kirpichnaya Str. 1
         Mechetinskaya St.
         Zernogradskiy, Rostov
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A53-4519/06-S2-33.

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 Mechetinskiy Brickworks
         Kundran
         Ubinskiy
         632525 Rostov
         Russia


NOVOZNAMENKA LTD: Creditors Must File Claims by March 10
--------------------------------------------------------
Creditors of CJSC Novoznamenka Ltd have until March 10 to submit
proofs of claim to:

         A. Trifonov, Insolvency Manager
         Post User Box 383
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-31319/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Novoznamenka Ltd
         Premise 1N
         Letter A
         Krasnoputilovskaya Str., 96
         St. Petersburg
         Russia


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

         A. Trifonov, Insolvency Manager
         Post User Box 383
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-31337/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Paradise
         Apartment 8N
         Letter A
         Nekrasova Str. 40
         St. Petersburg
         Russia


PREMIXES OJSC: Creditors Must File Claims by April 10
-----------------------------------------------------
Creditors of OJSC Bashkirskiy Factory of Premixes (TIN
0258009978) have until April 10 to submit proofs of claim to:

         D. Nizamutdinov, Insolvency Manager
         Post User Box 1398
         Central Post Office
         Ufa
         450000 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07-26561/06-G-GIA.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Bashkirskiy Factory of Premixes
         Sotsialisticheskaya Str. 31
         Blagoveshensk
         Russia


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

         V. Melikhova, Insolvency Manager
         Office 35
         Budennovskiy Pr. 19A
         344002 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A53-18591/06-S1-30.
The Court is located at:

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

The Debtor can be reached at:

         LLC Resource
         35th Liniya Str. 70
         Rostov-na-Donu
         Russia


TINNED-FOOD FACTORY: Creditors Must File Claims by March 10
-----------------------------------------------------------
Creditors of CJSC St. Petersburg Experimental Tinned-Food
Factory have until March 10 to submit proofs of claim to:

         A. Nudelman, Insolvency Manager
         Office 206
         Angliyskiy Pr. 3
         St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-29280/06.

The Court is located at:

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

The Debtor can be reached at:

         CJSC St-Petersburg Experimental Tinned-Food Factory
         Boytsova Per., 4
         St. Petersburg
         Russia


TYULYACHINSKAYA LLC: Creditors Must File Claims by April 10
-----------------------------------------------------------
Creditors of LLC Agricultural Company Tyulyachinskaya Have until
April 10 to submit proofs of claim to:

         V. Prokofyev, Insolvency Manager
         Post User Box 75
         Kazan
         420021 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A65-15463/2006-SG4-40.

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:

         LLC Agricultural Company Tyulyachinskaya
         Tyulyachinskiy
         Tatarstan
         Russia


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

         A. Baranov, Temporary Insolvency Manager
         Office 205
         Angliyskiy Pr. 3
         190121 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy supervision procedure on the company.  The case is
docketed under Case No. A56-20601/06.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Unikom
         Lermontovskiy Pr. 7/12
         St. Petersburg
         Russia


YUKOS OIL: Selling Gazprom Neft Stake & Other Assets on April 4
---------------------------------------------------------------
Eduard Rebgun, the bankruptcy receiver of OAO Yukos Oil Co.,
will auction the firm's 20 percent stake in Gazprom Neft, along
with Yukos' ArcticGaz unit and 20 other assets in one lot, for a
RUR145-billion (US$5.54 billion) starting price, Nikolai Nikitin
of The Moscow Times cites Interfax.

Meanwhile, Yukos will sell its 9.44 percent stake in state-owned
Rosneft Oil, which includes promissory notes issued by
Yuganskneftegaz, Yukos' former main production unit, for
RUR195.5 billion (US$7.47 billion).  

The first auction is scheduled to begin on March 27, while the
second one is slated for April 4.

Yukos' stake in Gazprom Neft was earlier assessed at RUR105.5
billion (US$4 billion), and Rosneft at RUR182.3 billion (US$7
billion), media reports suggest.

According to Interfax, Mr. Rebgun estimated Yukos' assets
between US$25.6 billion and US$26.8 billion, with a liquidation
discount of not more than 30 percent.  The new figure now
exceeds the earlier US$22 billion estimate by its initial
appraisers disclosed in January.  As of Jan. 31, claims against
Yukos filed by 68 creditors reached RUR709 billion (US$26.8
billion).

The Times says Mr. Rebgun aims to sell 90-95 percent of the
assets, which include refineries and two oil production units,
by August.

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.

                        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: Environmental Watchdog Wants Unit's Licenses Revoked
---------------------------------------------------------------
Samaraneftegaz, a unit of bankrupt OAO Yukos Oil Co., could face
a revocation of its four licenses by Russia's environmental
watchdog, Rosprirodnadzor, in relation to the firm's
environmental violations, according to published reports.

Rosprirodnadzor deputy head Oleg Mitvol discovered that
Samaraneftegaz is operating within the territory of a national
park in Volga.

According to RIA Novosti, the ministry called it "a flagrant
violation" of environmental legislation, which prohibits any
economic activities in national parks and nature preserves.

Samaraneftegaz holds a RUR1.9 billion (US$70 million) claim
against Yukos as of Jan. 31.

                        About Yukos Oil

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

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

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

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

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

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


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


FERRO CORP: Elects Perry Premdas to Board of Directors
------------------------------------------------------
Ferro Corp. has elected Perry W. Premdas to its Board of
Directors.  Subject to formal confirmation of his "independence"
under the Board's independence guidelines.

The Board also appointed Mr. Premdas to serve on its audit and
finance committees.  The election increases the number of
members of Ferro's Board to ten.

In addition, Alberto Weisser, a member of Ferro's Board of
Directors since 2000, has informed the company that he will
retire from the Board when his current term expires at the
company's 2007 Annual Meeting, due to the time demands of other
business obligations.

"We are very pleased to have Perry join our Board and provide us
the benefits of his strong financial background and
international experience," said Ferro Chairman, President and
Chief Executive Officer James Kirsch.  "I am excited to have the
opportunity to utilize his wisdom and guidance in order to help
Ferro in our pursuit of winning."

From 1999 to 2004, Mr. Premdas served as the chief financial
officer and a member of the Board of Management of Celanese AG,
a worldwide leader in chemical products, acetate fiber,
technical polymers and performance products headquartered in
Germany.  From 1976 to 1998, Mr. Premdas held management and
financial positions of increasing responsibility with Celanese
Corporation and Hoechst AG including chief financial officer
roles at Hoechst Celanese Corporation and Centeon LLC.  Mr.
Premdas is also a director of Compass Minerals International,
Inc.

Mr. Premdas holds a Master in Business Administration degree
from the Harvard Business School and a Bachelor of Arts degree
from Brown University.

Ferro Corp. (NYSE: FOE) -- http://www.ferro.com/-- is a global  
supplier of technology-based performance materials for
manufacturers.  Ferro materials enhance the performance of
products in a variety of end markets, including electronics,
telecommunications, pharmaceuticals, building and renovation,
appliances, automotive, household furnishings, and industrial
products.  Headquartered in Cleveland, Ohio, the Company has
approximately 6,800 employees globally and reported 2005 sales
of US$1.9 billion.  The company has operations in Argentina,
Brazil, Portugal, Spain, Mexico and Venezuela.

                          *     *     *

Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Ferro Corp. and raised the senior debt rating
to 'B+' from 'B'.


===========
S W E D E N
===========


FLY ME SWEDEN: Suspends Flights; Sees Bankruptcy Filing
-------------------------------------------------------
Fly Me Sweden AB, a subsidiary of Fly Me Europe AB, intends to
file for bankruptcy "as soon as possible" after shutting down
operations on March 2.

According to the Associated Press, Fly Me CEO Finn Thaulow said
his company does not have enough liquid assets to continue
operations.

The discount carrier disclosed that its bank refused to release
further funding to the company unless Fly Me Europe can
demonstrate payment of the remaining amount of a rights issue.  

After failing to raise as much cash as expected through the
rights offering, the carrier subsequently seized its ticket
sales and suspended all flights.

Some 2,500 passengers were affected by the shutdown.

Headquartered in Gothenburg, Sweden, Fly Me Sweden AB operated
flights from Gothenburg, Stockholm and Malmo to destinations in
Europe.  It began its operations in March 2004 and employed
about 220 staff.


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


ALBATROS TAXIBETRIEB: Creditors' Liquidation Claims Due April 23
----------------------------------------------------------------
Creditors of LLC Albatros Taxibetrieb have until April 23 to
submit their claims to:

         Trust Company LLC TBT Treuhand, Liquidator
         Oberfeld 11
         5306 Tegerfelden
         Aargau
         Switzerland

The Debtor can be reached at:

         LLC Albatros Taxibetrieb
         Wallisellen
         Zurich
         Switzerland


BRAMAKO BRAUN: Creditors' Liquidation Claims Due March 19
---------------------------------------------------------
Creditors of LLC Bramako have until March 19 to submit their
claims to:

         Jorg Braun, Liquidator
         Stocklimattstrasse 13
         4513 Langendorf
         Solothurn
         Switzerland

The Debtor can be reached at:

         LLC BRAMAKO Braun Marketing-Kommunikation
         Langendorf
         Solothurn
         Switzerland


GOVA JSC: Bern-Mittelland Court Starts Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Court of Bern-Mittelland commenced bankruptcy
proceedings against JSC Gova on Jan. 26.

Creditors have until March 21 to file their written proofs of
claim.

The Debtor can be reached at:

         JSC Gova
         General Aviation-Center
         Airport Bern-Belp
         3123 Belp
         Bern
         Switzerland

The Bankruptcy Service of Bern-Mittelland can be reached at:

         Bankruptcy Service of Bern-Mittelland
         Office Seftigen
         3123 Belp
         Bern
         Switzerland


HI INSTITUT: Creditors' Liquidation Claims Due March 19
-------------------------------------------------------
Creditors of LLC HI Institut fur Integration have until March 19
to submit their claims to:

         Peter Blumer
         Liquidator
         Weissacherweg 30
         4539 Rumisberg
         Bern
         Switzerland

The Debtor can be reached at:

         LLC HI Institut fur Integration
         Bern
         Switzerland


METRO-TAXI-KURIERDIENSTE: Liquidation Claims Due March 26
---------------------------------------------------------
Creditors of LLC Metro-Taxi-Kurierdienste have until March 26 to
submit their claims to:

         Wettler Georges, Liquidator
         Weedstrasse 6
         9435 Heerbrugg
         Switzerland

The Debtor can be reached at:

         LLC Metro-Taxi-Kurierdienste
         Au
         St. Gallen
         Switzerland


REMAN KONSTRUKTIONS-UND: Liquidation Claims Due March 15
--------------------------------------------------------
Creditors of LLC Reman Konstruktions- und Handels have until
March 15 to submit their claims to:

         Elsa Landmann, Liquidator
         Pintelgasse 19E
         3752 Wimmis
         Bern
         Switzerland

The Debtor can be reached at:

         LLC Reman Konstruktions- und Handels
         Wimmis
         Bern
         Switzerland


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

         Urs Rothlisberger, Liquidator
         Lauenenweg 45 H
         3600 Thun
         Bern
         Switzerland

The Debtor can be reached at:

         JSC Roetag
         Thun
         Bern
         Switzerland


SITELCO SERVICES: Creditors' Liquidation Claims Due March 31
------------------------------------------------------------
Creditors of LLC Sitelco Services in Telecommunications have
until March 31 to submit their claims to:

         Susanne Meier-Tognali, Liquidator
         Spitalholzweg 4
         4144 Arlesheim
         Basel-Country
         Switzerland

The Debtor can be reached at:

         LLC Sitelco Services in Telecommunications
         Arlesheim
         Basel-Country
         Switzerland


SUNLASER JSC: Creditors' Liquidation Claims Due March 21
--------------------------------------------------------
Creditors of JSC SunLaser have until March 21 to submit their
claims to:

         Stefan Brandle, Liquidator
         Obere Torackerstrasse 14
         9248 Bichwil
         Switzerland

The Debtor can be reached at:

         JSC SunLaser
         Uzwil
         St. Gallen
         Switzerland


SWISSAGENDA LLC: Creditors' Liquidation Claims Due March 26
-----------------------------------------------------------
Creditors of LLC swissagenda have until March 26 to submit their
claims to:

         Willi Husser, Liquidator
         Quellstrasse 12
         5032 Rohr
         Aargau
         Switzerland

The Debtor can be reached at:

         LLC swissagenda
         Cham
         Zug
         Switzerland


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


ORDU YARDIMLASMA: S&P Lifts Ratings to BB on Better Risk Profile
----------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB' from 'BB-' its
long-term corporate credit rating on OYAK or Ordu Yardimlasma
Kurumu, the Turkish armed forces personnel supplementary pension
fund, reflecting an improved financial risk profile and a
slightly improved group business risk assessment.

The outlook is stable.  

At the same time, a 'trAA' long-term and 'trA-1' short-term
national scale rating was assigned.

The ratings are based on OYAK's large and diverse equity
holdings portfolio--which spans power, cement manufacturing,
auto manufacturing and distribution, and financial services, and
offers substantial complementarities and synergies--and on
OYAK's successful profitability track record.  Moreover,
the ratings are buoyed by OYAK's supplementary pension fund
activity's solid liquidity.  The ratings are constrained,
however, by the group's heavy exposure to the Turkish economy
and associated country risks.

The long-term rating on OYAK is higher than the foreign currency
rating, but lower than the transfer and convertibility
assessment for the Republic of Turkey.  The 'BB+' T&C assessment
for Turkey implies that the probability of the sovereign
restricting access to foreign exchange needed for non-sovereign
debt service is moderately less than the probability of the
sovereign defaulting on its foreign currency obligations, that
is, the foreign exchange regime is fairly open.

"Standard & Poor's views OYAK's willingness and ability to
service debt superior to that of the sovereign and, ultimately,
if there were to be a sovereign default there is a probability
that the issuer will not default," said Standard & Poor's credit
analyst Werner Staeblein.  In our view, OYAK has operational and
financial flexibility sufficient to deal with the sovereign
indirect risk as reflected by high diversity of holdings, little
reliance of subsidiaries on the public sector, an export base in
some of its holdings and partially through operations in
industries, where demand elasticity is relatively inelastic.

"The stable outlook reflects Standard & Poor's expectations that
OYAK's holding portfolio will continue to perform well, pension
fund activity will maintain its solid financial strength, and
the rating will still provide substantial financial flexibility
to accommodate OYAK's investment strategy," said Mr. Staeblein.
Any future decrease in country-specific risks and/or change in
the ratings on the Republic of Turkey could have a positive
impact on our assessment of OYAK's business risk profile and,
therefore, the rating. That said, given the accelerating pace of
investment spending, any upgrade would first require OYAK to
demonstrate an ability to keep its moderate use of on- or off-
balance-sheet financial commitments through the use of equity
partnerships and non-recourse and non-cross-defaulted debt at
suitable investment target levels.


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


ENERGETIK-PLUS: Creditors Must File Proofs of Claim by March 11
---------------------------------------------------------------
Creditors of LLC Energetik-Plus (code EDRPOU 31531991) have
until March 11 to submit written proofs of claim to:

         V. Yurkiv, Liquidator
         P.O. Box 86
         Bilas & Danilishyn Str. 14
         Kalush
         77304 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B-7/179.

The Court is located at:

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

The Debtor can be reached at:

         LLC Energetik-Plus
         Chernovol Str. 72
         Kalush
         77300 Ivano-Frankovsk
         Ukraine


FORWARD-TRANS LLC: Proofs of Claim Filing Deadline Set March 11
---------------------------------------------------------------
The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
6/215-29/317.

Creditors of LLC Forward-Trans (code EDRPOU 30918804) have until
March 11 to submit written proofs of claim to:

         Sergey Lipsky, Temporary Insolvency Manager
         Kievskaya Str. 38/2
         79013 Lvov
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Forward-Trans
         Turgenev Str. 73/323
         Lvov
         Ukraine


GENERAL NUTRITION: Launches US$365 Million Cash Tender Offer
------------------------------------------------------------
General Nutrition Center Inc. has commenced a cash tender offers
to purchase any and all of each of its outstanding 8-5/8% Senior
Notes due 2011 and 8-1/2% Senior Subordinated Notes due 2010.  

The aggregate principal amount of the outstanding Centers Senior
Notes are US$150,000,000, and the aggregate principal amount of
the outstanding Centers Senior Sub Notes is US$215,000,000.

In conjunction with these tender offers, General Nutrition
Centers is soliciting note holder consents to effect certain
amendments to the indentures governing the respective General
Nutrition Centers Notes similar to those sought by Parent in
connection with the GNC Parent Notes.

In addition, GNC Parent Corporation, the parent company of
General Nutrition, has commenced a cash tender offer to purchase
any and all of its outstanding Floating Rate Senior PIK Notes
due 2011.  The aggregate principal amount at maturity of the
outstanding GNC Parent Notes is US$425,000,000.

In conjunction with the tender offer, the GNC Parent is
soliciting note holder consents to effect certain amendments to
the indenture governing the Notes to eliminate substantially all
of the restrictive covenants as well as certain events of
default.

The tender offers for each of the GNC Parent Notes and the
General Nutrition Centers Notes are scheduled to expire at 12:00
midnight, New York City time, on March 15, 2007, unless extended
or earlier terminated.

Holders of each of the Notes who tender on or before 5:00 p.m.,
New York City time, on March 1 will receive the total
consideration described above in connection with the respective
Notes; holders of the General Nutrition Centers Notes will
receive a US$30 consent payment per US$1,000 principal amount of
Notes.  Holders of the General Nutrition Centers Notes who
tender after the Consent Payment Deadline and on or prior to the
Expiration Date will receive the total consideration minus the
US$30 consent payment.

In either case, holders whose Notes are validly tendered and
accepted for purchase will be paid accrued and unpaid interest
up to, but not including, the payment date.  Payments are
expected to be made promptly on or after the Expiration Date.

The GNC Parent said that it has retained J.P. Morgan Securities
Inc. and Goldman, Sachs & Co. to serve as the Dealer Managers
for each of the tender offers and Solicitation Agents for each
of the consent solicitations.

Pittsburgh, Pennsylvania-based General Nutrition is a subsidiary
of GNC Corp. -- http://www.gnc.com/-- a specialty retailer of  
health and wellness products, including vitamins, minerals,
herbal, and specialty supplements (VMHS), sports nutrition
products and diet products.  The company sells its products
through a worldwide network of more than 5,800 locations
operating under the GNC brand name and operates in three
business segments: retail, franchise and manufacturing/
wholesale.  GNC has more than 4,800 retail locations throughout
the United States and franchise operations in 46 international
markets including Turkey, Ukraine, Australia, Colombia,
Singapore, Indonesia, Philippines, among others.

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 14, 2007,
Moody' Investors Services assigned a B1 Rating on GNC's US$150
million of 8.625% senior notes due 2010.  Moody's Also rates the
company's US$215 million of 8.5% senior subordinated notes due
2010 at B3.


HEATING SYSTEM: Creditors Must File Proofs of Claims by March 11
----------------------------------------------------------------
Creditors of OJSC Heating System (code EDRPOU 31732905) have
until March 11 to submit written proofs of claim to:

         Vladimir Grigorenko, Liquidator
         Elektrikov Lane 13
         04071 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Jan. 19 after finding it insolvent.  The
case is docketed under Case No. 23/571-b.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Heating System
         Krasnogvardeyskaya Str. 38
         02660 Kiev
         Ukraine


UKRSIBGORMASH JSC Creditors Must File Claim by March 11
-------------------------------------------------------
Creditors of JSC Ukrsibgormash (code EDRPOU 20284040) have until
March 11 to submit written proofs of claim to:

         Eugene Kirichenko, Liquidator
         B. Hmelnitsky Str. 16
         49051 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  
The case is docketed under Case No. B29/85/05.

The Court is located at:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Debtor can be reached at:

         JSC Ukrsibgormash
         K. Marx Str. 29
         Pavlograd
         Dnipropetrovsk Ukraine


VALANKO LLC: Creditors Must File Proofs of Claim by March 11
------------------------------------------------------------
Creditors of LLC Valanko (code EDRPOU 33896291) have until
March 11 to submit written proofs of claim to:

         Larisa Timofeeva, Liquidator
         P.O. Box 179
         54017 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company on Jan. 23 after finding it insolvent.  The
case is docketed under Case No. 5/602/06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Valanko
         Mayovschikov Str. 11-b
         Krasnyh
         Nikolaev
         Ukraine


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


ADVENTURE TRAVELLER: Creditors' Meeting Slated for March 16
-----------------------------------------------------------
Creditors of The Adventure Traveller Ltd. will meet at
11:30 a.m. on March 16 at:
  
         70 Conduit Street
         London  
         W1S 2GF
         England

Creditors who want to vote at the meeting have until noon on
March 15 to submit their proxy forms together with particulars
of their claims or of any security to:

         Begbies Traynor
         The Old Exchange
         234 Southchurch Road
         Southend-on-Sea
         Essex  
         SS1 2EG
         England

Wayne Macpherson 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.

  
ALFRED MCALPINE: Exposes Accounting Irregularities at Slate Arm
---------------------------------------------------------------
Alfred McAlpine Plc uncovered material accounting irregularities
in its Slate subsidiary.

An internal investigation by Alfred McAlpine's internal audit
team has uncovered a systematic misrepresentation of production
volumes and sales for a number of years by a number of senior
managers at the Slate subsidiary.  In addition, those involved
sought to conceal the financial implications of their actions
through the pre-selling of slate at substantially discounted
prices.  

The Board believed that the behavior and collusion of the
managers responsible has been entirely deliberate and involves
the possibility of fraud.

                    Financial Restatements

While investigations are currently at a preliminary stage, the
Board currently believes that the financial implications of
these accounting issues will involve a restatement of the 2005
net assets of the business by around GBP11 million and a
reduction in the expected pre-tax profit of the Slate business
in the year to Dec. 31, 2006, by around GBP13 million, prior to
any restructuring and impairment provisions that may be required
in these accounts.  The cash position of the Group as at
Dec. 31, 2006 is unchanged.

The Board also believed that the historic actions of those
involved will continue to have a material impact on the
profitability and cash generation of the Slate business in 2007.  
The Board currently expects the Slate business to make an
increased pre-tax loss in the year ending Dec. 31, 2007.

The Board views these events with great concern and has already
undertaken these specific actions:

   -- the commencement of the process to appoint independent
      accountants to conduct a detailed forensic analysis of the
      Slate business since 2003;

   -- the suspension of two senior managers of the Slate
      business pending further investigation; and

   -- the setting in place of interim management, reporting
      directly to Ian Grice.

The company also intends to keep all relevant parties, including
shareholders, bankers and customers appraised of developments as
and when appropriate.

The core business of the group remains its three key businesses:
Business Services, Infrastructure Services and Project Services,
which together generated sales of GBP1.06 billion and pre-tax
profits of GBP42.1 million in 2005.  The Board confirms that
trading in these businesses remains strong.

                         Filing Delay

As a consequence of the investigation by independent forensic
accountants, the Board has determined to delay the publication
of its preliminary results.  It will announce the expected date
of their publication as soon as practicable, but expects this to
be no later than April 30, 2007.

Headquartered in London, England, Alfred McAlpine Plc --
http://www.alfredmcalpineplc.com/-- is a leading support  
services group focused on providing clients with integrated
solutions for built environment needs.  The company employs over
8,500 people.


ATLANTIC LEISUREWEAR: Creditors' Meeting Slated for March 28
------------------------------------------------------------
Creditors of Atlantic Leisurewear Ltd. will meet at 11:15 a.m.
on March 28 at:
  
         Springfields Business Recovery & Insolvency Ltd.
         80 Hinckley Road
         Leicester  
         LE3 0RD  
         England

Situl Devji Raithathan of Springfields Business Recovery &
Insolvency Ltd. will furnish creditors with information
concerning the company's affairs free of charge as they may
reasonably require.


ARMOR HOLDINGS: Wins US$47.1 Million MOLLE Orders From U.S. Army
----------------------------------------------------------------
Armor Holdings Inc. disclosed the award of a new delivery order
valued at US$47.1 million from the U.S. Army Natick Contracting
Activity.  

The company stated that this new order brings the total
accumulated orders to US$108.6 million that have been issued
under a US$258.9 million multi-year Indefinite
Delivery/Indefinite Quantity (ID/IQ) contract received in August
2006 for the supply of Modular Light- weight Load Carrying
Equipment -- MOLLE.  Production will be performed in 2007 and
2008 by the Armor Holdings Aerospace and Defense Group at its
facilities located in Arizona, Kentucky, Pennsylvania and
Tennessee.

Robert Schiller, President of Armor Holdings, Inc., said, "The
MOLLE line of products has been very well received in the field
as the primary load carrying system for the U.S. Army.  We have
invested in our production capacity for this important product
and we are very pleased with continued orders from our
customers.  This system is an important part of a suite of
products designed to function together to provide critical
protection and survivability to the troops in the field."

Headquartered in Jacksonville, Florida, Armor Holdings, Inc. --
http://www.armorholdings.com/-- manufactures and distributes  
security products and vehicle armor systems for the law
enforcement, military, homeland security, and commercial
markets.  The company has operations in Australia, England and
Brazil.

                        *    *    *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology, the rating agency confirmed its Ba3 Corporate
Family Rating for Armor Holdings Inc.

Additionally, Moody's affirmed its B1 ratings on the company's
2% Convertible Senior Subordinated Notes Due 2024 and 8.25%
Senior Subordinated Notes Due 2013.  Moody's assigned those
debentures an LGD5 rating suggesting noteholders will experience
a 77% loss in the event of default.


BR INFLATABLES: Brings In Liquidators from Begbies Traynor
----------------------------------------------------------
Paul Finnity and Robert Michael Young of Begbies Traynor were
appointed joint liquidators of BR Inflatables Ltd. on Feb 21 for
the creditors' voluntary winding-up procedure.

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

The company can be reached at:

         BR Inflatables Ltd.
         Cavendish House
         Cavendish Avenue
         Birchwood
         Warrington
         Cheshire
         WA3 6BU
         England
         Tel: 01925 824 765


BREWERS LOGISTICS: Taps Administrators from Deloitte & Touche
------------------------------------------------------------
Nicholas James Dargan and Ian Brown of Deloitte & Touche LLP
were appointed joint administrators of Brewers Logistics
Management Ltd. (Company Number 04975147) on Feb. 20.

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides  
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.   

Headquartered in Beverley, England, Brewers Logistics Management
Ltd. provides logistics services to the leisure industry.


BRITISH AIRWAYS: Opposes US-EU Open Skies Deal
----------------------------------------------
British Airways plc is opposing a proposed "open skies" deal
between the European Union and the United States as it may lose
its protected flight status at Heathrow airport and face intense
competition, according to published reports.

Under the deal, airlines will be allowed to make transatlantic
flights from any nation that could lead to reduced fares, AJC
Consultants relates.

The airlines will also be permitted to land and take-off from
Heathrow.  

However, FT says, the EU has won the right to restrict US
investment in its airlines.

"We do not believe this is a good deal for Europe or the U.K.  
We have reached a dead-end rather than a pathway to a true open
aviation area," a spokeswoman for British Airways said.

U.S. and EU negotiators will present the draft deal to transport
ministers on March 22.  If approved, the deal is expected to
boost transatlantic passenger numbers by 26 million as well as
create 80,000 jobs, Marianne Barriaux writes for The Guardian.

                      About the Company

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

                        *     *     *

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


BRITISH AIRWAYS: Completes Sale of BA Connect to Flybe
------------------------------------------------------
British Airways plc has completed the sale of the regional
operation of its subsidiary airline BA Connect to Flybe.

As previously disclosed, British Airways has already taken a
charge in respect of the sale.  This will be increased by around
GBP20 million as a result of losses incurred by BA Connect to
Feb. 28.

As reported in the TCR-Europe on Nov. 7, 2006, British Airways
will have a 15 percent investment in Flybe on completion of the
disposal.

A policy has been issued for customers affected by BA Connect
services cancelled as a result of the sale.

These changes are planned as part of the sale of BA Connect to
Flybe and involve routes and services, which will be cancelled
post-acquisition.

All passengers will be offered alternative flights with Flybe or
British Airways mainline to minimize inconvenience, or offered
the choice of a full refund.

All of the routes being cancelled are substantial loss makers
for the current BA Connect business.  These routes need to be
cancelled to protect the on-going viability of the business.

Post-acquisition, Flybe will become Europe's largest regional
airline, offering 152 routes to 36 European destinations, flying
from more U.K. airports than any other airline and offering
passengers competitive fares and high levels of customer
service.

This policy applies to BA Connect flights which were due to
operate in the period March 4 to March 24 and which have now
been cancelled.

                     About the Company

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

                        *     *     *

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




BRITISH AIRWAYS: In Talks to Transfer Ground Handling Operation
---------------------------------------------------------------
British Airways plc is in exclusive talks to transfer its ground
handling operation at Aberdeen, Edinburgh, Glasgow and
Manchester airports to Aviance U.K., an independent ground
handling company.

This follows an extensive review of the airline's U.K. regional
ground handling operation.  British Airways already uses a third
party to undertake ground handling at Newcastle airport and at
the majority of airports around the world.

Ground handling at London Heathrow and London Gatwick airports
is unaffected.

Staff at the regional airports work for British Airways and
provide ground handling for the airline's subsidiary BA Connect  
and other third party airlines.  The sale of the regional
business of BA Connect to Flybe, completed Tuesday, March 1,
reduces ground handling by more than 40%.

If a contract is placed with Aviance U.K., around 730 staff will
be affected and a 90 day consultation has started with their
trade unions. Staff will be able to transfer, should they
choose, under Transfer of Undertakings and Protection of
Employment (TUPE) regulations to Aviance U.K.  Alternatively,
they can be redeployed within British Airways or take voluntary
severance.

"Our review has shown that we can no longer sustain inhouse
ground handling at these airports. We need a cost effective,
flexible operation," British Airways' director of ground
operations, Geoff Want, said.

British Airways will continue to operate 54 return flights a day
between Scotland and London and 16 return flights a day between
Manchester and London.

In addition, the sale of BA Connect means that 250 staff at
Birmingham airport, who handle only BA Connect and third
parties' flights, have the option to transfer to Swissport,
Flybe's ground handling company.  At Inverness, 21 staff can
transfer to Loganair's ground handling company.  Staff at both
airports can be redeployed within British Airways or take
voluntary severance.

                       About the Company

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

                        *     *     *

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


BUDGET CLEANING: Creditors' Meeting Slated for March 14
-------------------------------------------------------
Creditors of Budget Cleaning Ltd. will meet at 10:15 a.m. on
March 14 at:
  
         Iveco House
         Station Road
         Watford
         Hertfordshire  
         WD17 1DL
         England

Creditors who want to vote at the meeting have until 5:00 p.m.
on March 13 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 12.


CLAREMONT KNIGHT: Creditors' Meeting Slated for March 14
--------------------------------------------------------
Creditors of Claremont Knight Ltd. will meet at 3:00 p.m. on
March 14 at the offices of:

         Chamberlain & Co.
         Aireside Housen
         24-26 Aire Street
         Leeds  
         LS1 4HT
         England
   
Michael Chamberlain of Chamberlain & Co. will furnish creditors
with information concerning the company's affairs free of charge
on March 12 as they may reasonably require.


COMPAGNIE EUROPEENNE: Creditors' Meetings Slated for May 11
-----------------------------------------------------------
The High Court of Justice of England and Wales requested all
Scheme Creditors of Compagnie Europeenne d'Assurances
Industrielles s.a. to attend, either in person or by proxy, the
Scheme Creditors' Meetings at 11:00 a.m., on May 11, at the
offices of:

         PricewaterhouseCoopers LLP
         1 Embankment Place
         London
         WC2N 6RH
         England

Two separate meetings will be held by the Company: one meeting
for Creditors with Notified Outstanding Claims and one Meeting
for Creditors with IBNR Claims.

Scheme Creditors may vote in person at the meeting(s) or may
appoint another person whether a Creditor or not as their proxy
to attend and vote in their place.

Creditors are all policyholders of the Company having claims or
potential future claims arising under or in connection with:

   (i) any policies underwritten on the Company's behalf by
       H. S. Weavers (Underwriting) Agencies Limited; and

  (ii) any policies underwritten on the Company's behalf by UIC
       Insurance Company Limited, any reinsurance policies  
       underwritten by the Company in Brussels, any direct non-
       proportional contracts of insurance underwritten by the
       Company in Brussels and placed with the Company by the  
       Belgian brokers Henrijean & Cie s.a., Thilly van Eessel  
       s.a. and Charles Brin s.a., all of which now form part of
       Guy Carpenter & Company, s.a.

The purpose of the Creditors' meetings will be to consider and
to approve a scheme of arrangement made between the Scheme
Company and the Scheme Creditors pursuant to Section 425 of the
Companies Act 1985.

A copy of the Scheme and a statement explaining the effect of
the Scheme, as well as proxy and voting forms, may be obtained
at:

         The Scheme Company
         Attn: Paul Corver
         c/o KMS Insurance Services Limited
         Second Floor
         America House
         2 America Square
         London
         EC3N 2LU
         England

They may also be downloaded and printed from
http://www.ceai.co.uk/

Scheme Creditors are given until 5:30 p.m., on May 8 to submit
completed proxy and voting forms.

Forms may also be handed in at the registration desk before the
Creditors' Meeting.  Faxed and e-mailed Forms of Proxy and
Voting forms will be accepted if legible but Scheme Creditors
are requested to send the originals, to be received by the
Scheme Company not later than 5:00 p.m., on May 18.

The Court appointed Mark Charles Batten or, failing him, Neil
Haydon Gayner of PricewaterhouseCoopers LLP, to act as Chairman
of the Creditors' Meeting and has directed the Chairman of the
Creditors' Meeting to report the result of the Creditors'
Meeting to Court.

The Court appointed John Ryan to act as independent vote
reviewer for the purposes of reviewing the values placed on
Claims for voting purposes and preparing a report on the
reasonableness of those values for submission to the Court.

If approved by the requisite majority of Scheme Creditors, the
Scheme will be subject to the subsequent approval of the Court.
Any policyholder who has any questions concerning the action he
is required to take should contact the Scheme Company.

If the Scheme is sanctioned the Company will file a petition in
the United States under Chapter 15 of the U.S. Bankruptcy Code
commencing a proceeding in the United States Bankruptcy Court to
aid effective implementation of the Scheme.

Any policyholder who has any questions concerning the action he
is required to take should contact the Scheme Company.


CUT AND DRY: Creditors' Meeting Slated for March 12
---------------------------------------------------
Creditors of Cut and Dry 2 Ltd. will meet at 11:00 a.m. on
March 12 at the offices of:

         David Rubin & Partners
         First Floor
         26-28 Bedford Row
         London
         WC1R 4HE
         England
  
Secured creditors who want to vote must submit particulars of
their security before the meeting at the said address.
  
Paul Appleton of David Rubin & Partners will furnish creditors
with information concerning the company's affairs free of charge
before the day of the meeting as they may reasonably require.

David Rubin & Partners -- http://www.drpartners.com/--  
specializes in corporate and personal insolvency, recovery,
forensic accounting and litigation support.


EMTEC TOOLMAKERS: Brings In Deloitte & Touche as Administrators
---------------------------------------------------------------
Christopher Farrington and Andrew Peters of Deloitte & Touche
LLP were appointed joint administrators of Emtec Toolmakers Ltd.
(Company Number 2233115) on Feb. 23.

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides  
audit, tax, consulting, and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.   

The company can be reached at:

         Emtec Toolmakers Ltd.
         Unit 7
         Martin Court
         Bleneim Ind Est
         Nottingham
         Nottinghamshire
         NG6 8US  
         England
         Tel: 0115 979 5000  
         Fax: 0115 979 4000


EXEL SCAFFOLDING: Joint Liquidators Take Over Operations
--------------------------------------------------------
R. D. Smailes and S. B. Ryman of Rothman Pantall & Co. were
appointed joint liquidators of Exel Scaffolding (U.K.) Ltd.
(formerly Ainsford Properties Ltd.) on Feb. 14 for the
creditors' voluntary winding-up procedure.

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

The company can be reached at:

         Exel Scaffolding (U.K.) Ltd.
         Clareville House 26 27
         Oxendon Street
         City of Westminster
         London
         SW1Y4EP
         England
         Tel: 01772 431 046


FEDERAL-MOGUL: Wants Court Approval on Citigroup Exit Financing
---------------------------------------------------------------
Federal-Mogul Corporation and its debtor affiliates have began
investigating prospects of obtaining new exit financing in
connection with the preparation of their Fourth Amended Joint
Plan of Reorganization, Scotta E. McFarland, Esq., at Pachulski
Stang Ziehl Young Jones & Weintraub LLP, in Wilmington,
Delaware, relates.

After an exhaustive process, the Debtors have decided that the
package offered by Citicorp USA, Inc., and JPMorgan Chase Bank,
N.A., and a syndicate of banks, financial institutions and other
entities contained the most attractive terms for their exit
financing needs.  The subject financing facility is arranged by
Citigroup Global Markets Inc. and J.P. Morgan Securities Inc.

On Feb. 23, 2007, the Debtors, Citigroup and JPMorgan entered
into a commitment letter and fee letter.

The Financing Commitment Documents contemplate that the Exit
Lenders will provide the Debtors with:

   (1) a US$540,000,000 five-year senior secured asset-based
       revolving credit facility; and

   (2) a US$2,960,000,000 senior secured term loan facility,
       consisting of:

         (i) an US$878,000,000 senior secured term loan facility
             to be made available in a single draw upon the
             closing of the Exit Facilities, with a
             US$50,000,000 synthetic letter of credit
             subfacility; and

        (ii) a US$2,082,000 delayed draw senior secured term    
             loan facility to be made available in up to three
             draws at any time from the Exit Closing Date up to
             60 days thereafter.

The Term Loans are payable in 28 consecutive quarterly
installments, commencing on the last business day of the month
in which the 90th day after the Closing Date occurs.  The first
27 installments will be equal to 0.25% of the initial principal
balance of the Term Loans and the last installment will be equal
to the remaining principal balance of the Term Loans.

The Debtors will use the proceeds of the Exit Facilities to:

   -- refinance in full their existing US$775,000,000 DIP credit
      facility upon consummation of the Fourth Amended Plan;

   -- make certain cash payments or otherwise satisfy allowed
      claims pursuant to the Plan;

   -- pay transaction costs and expenses associated with their
      reorganization; and

   -- provide working capital after their reorganization.

If drawn, the proceeds of the Delayed Draw Term Facility will be
used by the Debtors initially to refinance amounts outstanding
under the Reorganized Federal-Mogul Secured Term Loan Agreement
and the Reorganized Federal-Mogul Junior Secured PIK Notes and
subsequently for other general corporate purposes, Ms. McFarland
adds.

                       Liens and Collateral

The obligations of each Loan Party in respect of the Exit
Facilities and certain hedging agreements and cash management
agreements provided by any Lender will be secured by a perfected
first priority security interest in substantially all of its
tangible and intangible personal property, including the capital
stock of each Guarantor, and each parcel of real estate having a
value of more than US$5,000,000.

                          Interest Rates

The Debtors may elect that the loans comprising each borrowing
bear interest at a rate per annum equal to:

   (1) the sum of (A) the higher of (i) the rate of interest
       publicly announced by Citibank, N.A., as its base rate in
       effect at its principal office in New York City; and (ii)
       the federal funds effective rate from time to time plus
       0.5%; and (B) a percentage determined in accordance with
       the pricing grid which is initially anticipated to be (i)
       0.5%, in the case of ABR Loans; and (ii) 1.5%, in the
       case of Eurodollar Loans; or

   (2) the Eurodollar Rate plus a percentage determined based on
       the Federal-Mogul Corp.'s corporate family ratings at the
       commencement of syndication of the Facilities, which
       percentages are expected to be between 0.375% and 0.750%
       in the case of ABR Loans and between 1.375% and 1.75% in
       the case of Eurodollar Loans, depending upon Standard &
       Poor's Ratings Group's and Moody's Investor Services
       Inc.'s ratings of the Exit Facilities.

All Swingline Loans will bear interest at a rate per annum equal
to the ABR plus the Applicable Margin.

                       Amended DIP Facility

Pursuant to the Commitment Letter, Citigroup U.S.A. and JPMorgan
Chase have also committed to provide an amended DIP financing
facility in the event that the Exit Closing Date does not occur
by July 1, 2007.

The Amended DIP Facility would amend the Existing DIP Facility
to extend the maturity date from July 1, 2007 to Dec. 31, 2007,
and to make other changes as mutually agreed by the parties.

A full-text copy of the Citigroup Commitment Letter is available
for free at http://ResearchArchives.com/t/s?1aa3  

A full-text copy of the form of the contemplated Term Loan and
Revolving Credit Agreement is available for free at:

               http://ResearchArchives.com/t/s?1aa4  

In return for Citigroup's and JPMorgan's commitments to arrange,
syndicate and fund the Facilities, the Debtors have agreed to
pay certain related fees to Citigroup and JPMorgan as set forth
in a Fee Letter.  The Fee Letter also provides for the payment
of certain administrative agency and collateral monitoring fees
that are payable at certain time intervals, with the first
payment occurring on the Exit Closing Date.

The Fee Letter does not require the payment of any fees in
advance of the Exit Closing Date, Ms. McFarland tells the Court.

The Debtors have also agreed, pursuant to the Commitment Letter,
to pay various expenses incurred by Citigroup and JPMorgan in
connection with the transactions contemplated by the Commitment
Letter.  "These expenses are payable on demand and therefore may
be paid in advance of the Exit Closing Date," according to Ms.
McFarland.

By this motion, the Debtors ask the U.S. Bankruptcy Court for
the District of Delaware for permission to:

   (a) enter into the Commitment Letter and the Fee Letter and
       any and all related documents with Citigroup and
       JPMorgan; and

   (b) pay the fees and expenses contemplated in the Commitment
       Letter and Fee Letter as administrative expenses under
       Sections 503(6)(1) and 507(a)(1) of the Bankruptcy Code.

The Debtors believe that the financial terms of the Commitment
Letter, the Fee Letter and the Exit Facilities represent fair
market rates.

The Fee Letter, Ms. McFarland avers, contains information that
is both sensitive to the Debtors' business and proprietary to
Citigroup and JPMorgan.

Accordingly, the Debtors seek the Court's permission to file the
Fee Letter under seal pursuant to Section 107(b)(1) of the
Bankruptcy Code and Rule 9018 of the Federal Rules of Bankruptcy
Procedure.

                      About Federal-Mogul

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is an automotive parts  
company with worldwide revenue of some $6 billion.  The Company
filed for chapter 11 protection on Oct. 1, 2001 (Bankr. Del.
Case No. 01-10582).  Lawrence J. Nyhan Esq., James F. Conlan
Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown & Wood,
and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl, Young,
Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors. (Federal-Mogul Bankruptcy News, Issue
No. 129; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


FULL CIRCLE: Names Keith Barry Stout Liquidator
-----------------------------------------------
Keith Barry Stout was appointed liquidator of Full Circle
Property Services Ltd. on Feb. 21 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

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


HALCYON TYPE: Creditors' Meeting Slated for March 15
----------------------------------------------------
Creditors of Halcyon Type & Design Ltd. will meet at 11:00 a.m.
on March 15 at:
  
         McTear Williams & Wood
         19 Silent Street
         Ipswich  
         IP1 1TF
         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.
  
Alan J. Clark of Carter Clark will furnish creditors with
information concerning the company's affairs free of charge as
they may reasonably require.

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 13.


HILTON HOTELS: Sells Scandic Chain to EQT for EUR833 Million
------------------------------------------------------------
Hilton Hotels Corp. sold its Scandic Hotel chain to EQT for
around EUR833 million or around US$1.1 billion.  Net proceeds
after the transaction costs and taxes are expected to be around
US$1.04 billion.

The transaction is subject to a number of conditions, but is
expected to be completed on April 2007, subject to clearance
from European Union regulators.  Hilton intends to use the
proceeds of the sale to pay down its debt.

The proposed sale follows the announcement by Hilton in
August 2006 that the company would explore strategic
alternatives for the Scandic Hotel chain, with a view to selling
all or part of the business.

Scandic is the largest hotel operator in the Nordic region,
operating full service hotels in the mid-market segment.  The
transaction involves the sale of 132 hotels, of which 128 are
Scandic hotels and three are Hilton hotels plus one other hotel.  
Of the 132 hotels, three are owned, 121 are leased, five are
managed, and three are franchised.

Upon completion of the transaction, Hilton will continue to have
a presence in Nordic with six Hilton hotels -- three in Finland,
two in Sweden and one in Denmark at Copenhagen airport.

"This proposed sale represents the latest execution of our
strategy to generate a higher proportion of income from
management and franchise fees, while also reducing debt.  This
particular transaction will also enable us to reduce our income
from leased hotels, which, combined with a stronger balance
sheet, would significantly strengthen our credit profile,"
Robert M. La Forgia, executive vice president and CFO of Hilton
commented.

"Scandic is a prominent and respected brand with an exceptional
market position in the Nordic countries.  The business has
performed very strongly over the last year, which is testimony
to the commitment and efforts of the management and employees
during the sale process," Ian Carter, executive vice president
and chief executive of Hilton's International operations
disclosed.

"Following the re-unification of the Hilton business earlier
last year, a key focus of our strategy is international
development.  This is underpinned by an excellent portfolio of
existing brands, including a number of strong mid-market brands
with significant international appeal and potential for growth,"
Mr. Carter added.

Hilton will enter into a short-term 'Transitional Services
Agreement' with EQT to include key service and operational
areas, including the Hilton Reservations and Customer Care,
HHonors guest loyalty program and IT system and support.

Citigroup Global Markets Limited and Mannheimer Swartling
advised Hilton.

                            About EQT

EQT -- http://www.eqt.se/-- is a leading private equity group  
with operations in Northern Europe and Greater China. EQT
manages funds with activities in buy-outs as well as mezzanine
finance.

EQT currently manages approximately EUR10.5 billion in 10 funds.
In total, EQT funds have invested in about 50 companies.

                       About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,  
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally.

Hilton Hotels also operates in the United Kingdom,
Germany, Belgium, Estonia, Lithuania, Norway, Denmark, Finland,
Italy, The Netherlands, Sweden, Indonesia, Australia, Austria,
India, Philippines, Vietnam.

                          *     *     *

As reported in the TCR-Europe on Feb. 28, Moody's Investors
Service upgraded Hilton Hotels Corp.'s corporate family rating
to Ba1 from Ba2 reflecting a reduction in leverage from a faster
than expected pace of asset sales and strong earnings during
2006.  

Ratings upgraded by Moodys:

   -- Corporate family rating to Ba1 from Ba2.

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

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

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

Rating confirmed:

   -- Commercial paper at Not Prime.

In February 2007, Standard & Poor's Ratings Services placed its
ratings on Hilton Hotels Corp., including the 'BB' corporate
credit rating, on CreditWatch with positive implications.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 2, Fitch Ratings has upgraded the debt ratings for Hilton
Hotels as follows:

   -- Issuer Default Rating to 'BB+' from 'BB';
   -- Senior credit facility to 'BB+' from 'BB'; and
   -- Senior notes to 'BB+' from 'BB'.

The ratings apply to its US$5.75 billion credit facility and
roughly US$2.6 billion of its senior notes.  Fitch has also  
revised Hilton's Rating Outlook to Positive from Stable.


I INT: Creditors' Meeting Slated for March 19
---------------------------------------------
Creditors of I INT Ltd. will meet at 11:00 a.m. on March 19 at:
  
         B&C Associates
         Trafalgar House
         Grenville Place Mil Hill
         London  
         NW7 3SA
         England

Secured creditors who want to vote must submit particulars of
their security before the meeting at the said address.
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge on March 15.


ISIS DUPLICATING: Taps Liquidator from Findlay James
----------------------------------------------------
Alisdair J. Findlay of Findlay James was appointed liquidator of
Isis Duplicating Co. Ltd. on Feb. 16 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Isis Duplicating Co. Ltd.
         Unit 11
         Shaftesbury Industrial Estate
         The Runnings
         Cheltenham
         Gloucestershire
         GL519NH    
         England
         Tel: 01242 571 818
         Fax: 01242 571 315


KOPPERS HOLDINGS: Dec. 31 Balance Sheet Upside-Down by US$92.4MM
----------------------------------------------------------------
Koppers Holdings Inc. reported net income of US$15.2 million on
sales of US$1.159 billion for the year ended Dec. 31, 2006,
compared with net income of US$9.9 million on sales of 1.03
billion for the year ended Dec. 31, 2005.  

Fiscal year sales were positively impacted by US$55.8 million of
sales related to the acquisition of certain assets of Reilly
Industries and increased pricing for most product lines.

The increase in net income was due to higher pricing and
US$5.2 million of non-conventional fuel tax credits in 2006,
along with US$4.6 million of pre-tax legal and restructuring
charges in the prior year period, which more than offset US$25.3
million of pre-tax charges relating primarily to the Feb. 6,
2006, initial public offering, plant and benefit restructuring
and the loss on sale of Alorton.

Net income for the quarter ended Dec. 31, 2006, increased to
US$3.8 million as compared to US$500,000 in the prior year
quarter.  Net income for the quarter benefited from higher
chemicals pricing and synergies related to the Reilly Industries
transaction.  

The company's sales for the fourth quarter ended Dec. 31, 2006,
increased to US$282.6 million, as compared to US$262.3 million
for the prior year quarter.  This increase was a result of
higher sales in the Carbon Materials & Chemicals segment, which
increased 22 percent, or US$33.1 million.  

Commenting on the quarter and year 2006, President and CEO
Walter W. Turner said, "We are very pleased with our fourth
quarter and year 2006 results, which have exceeded expectations
despite unforeseen conditions regarding the availability of coal
tar.  The fourth quarter and year 2006 results also reflect the
synergies derived from the Reilly transaction.  Looking ahead,
we are optimistic about 2007 as we anticipate a full year of
benefits from the Reilly transaction, additional sales and
profit as a result of the expansion of our carbon black plant in
Australia, and the beginning of construction of our new joint
venture in China.  We continue to benefit from strong demand
within our primary end markets, aluminum and railroads, as well
as our focus on enhancing cash flow and our strict adherence to
safety, health and environmental regulations."

At Dec. 31, 2006, the company's balance sheet showed
US$649.4 million in total assets, US$729.6 million in total
liabilities, and US$12.2 million in minority interest, resulting
in a US$92.4 million total stockholders' deficit.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 31, 2006, are available for
free at http://researcharchives.com/t/s?1aab

                           Net Cash Flows

As of Dec. 31, 2006, the company had US$24.4 million of cash and
cash equivalents and US$61.2 million of unused revolving credit
availability for working capital purposes after restrictions by
various debt covenants and certain letter of credit commitments.

Net cash provided by operating activities for the year ended
Dec. 31, 2006, was US$31.6 million, compared with US$58.1
million for the previous year.  The decrease was due primarily
to the payment of a call premium of US$10.1 million for the
redemption of
US$101.7 million of the Senior Secured Notes, US$1.1 million of
bond consent fees, US$3 million for the buyout of the advisory
services agreement with Saratoga Partners, the company's former
majority equity owner, and US$2.6 million for the New Zealand
Commerce Commission settlement.

Net cash used in investing activities increased to US$71.2
million for the year ended Dec. 31, 2006, from net cash used in
investing activities of US$28.3 million in 2005, primarily as a
result of the Reilly acquisition, capital expenditures related
to the Lambson Speciality Chemicals Limited acquisition in the
United Kingdom, and the carbon black facility expansion in
Australia.

Net cash provided by financing activities was US$38 million for
the year ended Dec. 31, 2006, compared to net cash used in
financing activities of US$44.7 million during 2005, primarily
due to proceeds of US$121.8 million from the issuance of stock
in the company's initial public offering.  The proceeds of said
IPO was used to redeem US$101.7 million of the Senior Secured
Notes due 2013, to pay  a related call premium of US$10.1
million, and to pay US$9.6 million of stock issuance expenses
related to the offering.

                           About Koppers

Headquartered in Pittsburgh, Pennysylvania, Koppers Holdings
Inc. (NYSE: KOP) -- http://www.koppers.com/-- is a global  
integrated producer of carbon compounds and treated wood
products.  Including its joint ventures, Koppers operates
facilities in the United States, United Kingdom, Denmark,
Australia, China, the Pacific Rim and South Africa.

                           *     *     *

As reported in the Troubled Company Reporter on Nov. 13, 2006,
Moody's Investors Service affirmed its B1 Corporate Family
Rating for Koppers Holdings.


LECO ACCESSORIES: Shay Lettice Leads Liquidation Procedure
----------------------------------------------------------
Shay Lettice of Peters Elworthy & Moore was appointed liquidator
of Leco Accessories (Chertsey) Ltd. on Feb. 23 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Leco Accessories (Chertsey) Ltd.
         London Rd
         Brandon
         Suffolk
         IP270NG
         England
         Tel: 01842 810 456
         Fax: 01842 815 151  


MAIN STREET: Names David John Watchorn Liquidator
-------------------------------------------------
David John Watchorn of Elwell Watchorn & Saxton LLP was
appointed liquidator of The Main Street Projects Co. Ltd. on
Feb. 22 for the creditors' voluntary winding-up proceeding.

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.

The company can be reached at:

         The Main Street Projects Co. Ltd.
         The Chapel
         Main Street
         Humberstone
         Leicester
         Leicestershire
         LE5 1AE
         England
         Tel: 0116 276 4222
         Fax: 0116 276 4234


OI EUROPEAN: S&P Assigns B Rating to EUR300-Mln Senior Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' senior
unsecured debt rating to OI European Group B.V.'s proposed
offering of EUR300 million of notes due 2017.  

The notes will be issued under Rule 144A without registration
rights.  OI Europe is an indirect wholly owned subsidiary of
Owens-Illinois Inc.

The net proceeds will be used to temporarily repay borrowings
under the secured credit agreement.  In May 2007, an Owens-
Illinois subsidiary intends to borrow under the credit agreement
to complete the refinancing of US$300 million of maturing Owens-
Illinois senior unsecured notes.

At the same time, we affirmed all our ratings on Owens-Illinois
and its subsidiaries including the 'BB-' corporate credit
rating. The outlook is negative.

"The ratings on Owens-Illinois and related entities reflect its
highly leveraged financial profile, subpar credit measures, and
meaningful concerns regarding its asbestos liability," said
Standard & Poor's credit analyst Kyle Loughlin.  "These factors
are partially offset by a satisfactory business position and
attractive profitability."

Owens-Illinois' business risk profile reflects the company's
preeminent market position, which is bolstered by advanced
production technology, operating efficiency, and the relatively
recession-resistant nature of its glass packaging products.  
Owens-Illinois is primarily a glass container manufacturer
focusing on the mature and capital- and energy-intensive glass
container business.  The company's plastic packaging segment
includes value-added, higher growth products such as health care
containers, closures, and prescription containers.  In January,
Owens-Illinois announced that it is reviewing strategic options
for its plastics packaging business, including a possible sale.

Toledo, Ohio-based Owens-Illinois is the largest manufacturer of
glass containers in North America, South America, Europe,
Australia, and New Zealand.  International glass container
operations account for 61% of the company's sales, while North
American glass containers account for 28% of sales.  Owens-
Illinois' financial results reflect exposure to changing
conditions in regional economies and the vagaries of currency
swings, but the breadth of operations tends to provide more
stability during the business cycle than many other industrial
companies experience.


OVERSEAS SHIPHOLDING: Earns US$113.3 Mln in Qtr. Ended Dec. 31
--------------------------------------------------------------
Overseas Shipholding Group, Inc. reported net income for the
quarter ended Dec. 31, 2006 of US$113.2 million on total
shipping revenues of US$259.7 million.  

For the comparable quarter of 2005, the company reporter net
income of US$113.7 million on total shipping revenues of
US$283.3 million.

For the years ended Dec. 31, 2006 and 2005, the company had a
net income of US$392.6 million and US$464.8 million,
respectively.  Total shipping revenues were US$1 billion for
2006 and 2005.

At Dec. 31, 2006, the company had US$4.2 billion in total
assets, US$2 billion in total liabilities, resulting to US$2
billion in total stockholders' equity.

For the fiscal year ended Dec. 31, 2006, the company reported an
increase in Time Charter Equivalent revenues to US$992.8 million
from US$961.7 million in 2005.  The increase was principally due
to increases in average daily TCE rates for VLCCs and Handysize
Product Carriers, partially offset by an 888-day decrease in
revenue days.

In the fiscal year 2006, the company acquired Maritrans on
Nov. 28, 2006, adding 444 revenue days and US$11.8 million of
TCE revenues in the quarter.  It also repurchased 313,500
shares, or US$18.5 million, under its US$300 million share
repurchase program.  

On Feb. 26, the company announced an agreement in principle to
acquire Heidmar Lightering business from Heidmar Inc., a
subsidiary of Morgan Stanley Capital Group, Inc.

The current quarter benefited from gains on vessel sales and
sale of securities of US$53.1 million, as compared with US$5.4
million in the same period a year ago.  Of the US$53.1 million,
US$28.4 million was associated with the sale of the Majestic
Unity and US$24.7 million related principally to gains from
liquidating security positions in the Capital Construction Fund.

"Investment and expansion in each of our market segments has
resulted in significant value creation for OSG shareholders,"
Morten Arntzen, president and chief executive officer, stated.

"The delivery of two LNG carriers in the second half of this
year, each of which will commence 25-year charters transporting
natural gas to the U.K., begins a new era for OSG in the gas
segment.  We are very excited about our prospects for the
future," Mr. Arntzen added.

Income from vessel operations was US$98.1 million in the fourth
quarter of 2006, as compared with US$118.1 million in the same
period a year earlier.  For the quarter ended Dec. 31, 2006,
total operating expenses decreased US$3.6 million to US$161.6
million from US$165.2 million, in the corresponding quarter in
2005.

                        Business Highlights

Future revenues associated with noncancelable time charters as
of Dec. 31, 2006, excluding time charters entered by the pools
in which OSG participates and the Gas segment, totaled US$1.2
billion, up from US$746.1 million as of Dec. 31, 2005. This
amount represented 37,669 revenue days.

OSG purchased 313,500 shares at an average price of US$59.09 per
share through Dec. 31, 2006, under the US$300 million share
repurchase program authorized by the company's Board of
Directors in June 2006.

On Jan. 23, 2007, OSG sold 4.6 million shares of common stock of
Double Hull Tankers, Inc. (NYSE: DHT) in a registered public
offering and expects a gain from sales of approximately
US$15 million in the first quarter of 2007.  As a result, OSG's
beneficial ownership of DHT's common stock is 8,751,500 shares.

On Feb. 9, 2007, the Board declared a US$0.25 per share dividend
to stockholders of record on Feb. 23, 2007, payable on March 8,
2007.

               Fleet Metrics and Corporate Statistics

As of Dec. 31, 2006, OSG's owned or operated fleet totaled 103
International Flag and U.S. Flag vessels, as compared with 89 at
Dec. 31, 2005.  The company owned 60 vessels as of Dec. 31,
2006, as compared with 50 vessels in 2005.  Updates on most
vessels under construction can be found in the Fleet section of
www.osg.com.

At year-end, the Company had 3,980 employees, as compared with
3,437 employees at year-end 2005.

                        Financial Profile

During 2006, stockholders' equity increased by US$331.3 million
to US$2.2 billion and liquidity, including undrawn bank
facilities, increased to more than US$2.1 billion at Dec. 31,
2006.  Total long-term debt as of Dec. 31, 2006 was US$1.3
billion compared with US$965.7 million at Dec. 31, 2005.

                   About Overseas Shipholding

Headquartered in New York, Overseas Shipholding Group, Inc.
(NYSE:OSG) -- http://www.osg.com/-- is one of the largest  
publicly traded tanker companies in the world with an owned,
operated and newbuild fleet of 117 vessels, aggregating 13.0
million dwt and 865,000 cbm, as of June 30, 2006.  As a market
leader in global energy transportation services for crude oil
and petroleum products in the U.S. and International Flag
markets, the company is committed to setting high standards of
excellence for its quality, safety and environmental programs.
OSG is recognized as one of the world's most customer-focused
marine transportation companies, with offices in New York,
Athens, London, Newcastle and Singapore.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 14, 2006,
Moody's Investors Service affirmed the debt ratings of Overseas
Shipholding Group, Inc.'s Senior Unsecured at Ba1.  The outlook
has been changed to stable from negative.


OVERSEAS SHIPHOLDING: To Acquire Heidmar Lightering Business
------------------------------------------------------------
Overseas Shipholding Group, Inc. has entered into an agreement
in principle to acquire the Heidmar Lightering business from
Heidmar Inc., a subsidiary of Morgan Stanley Capital Group Inc.

The operation, a fleet of four International Flag Aframax
tankers and two U.S. Flag workboats, provides crude oil
lightering services to refiners, oil companies and trading
companies primarily in the U.S. Gulf.  The business manages a
portfolio of one-to-three year fixed rate cargo contracts.  
Under the agreement, OSG will acquire the lightering fleet,
which is time chartered-in to one of Heidmar Inc.'s
subsidiaries, including a 50% residual interest in two
specialized lightering Aframax tankers.

"Adding lightering to the OSG Aframax, Panamax and VLCC business
creates a very strong combination by enhancing service and on
time performance to our customers and bringing logistical
benefits to our fleet," stated Mats Berglund.

The agreement is subject to certain conditions, including
entering into definitive documentation.  The lightering
operation will add synergies and expand OSG's already
significant Aframax cargo and logistical system in the Atlantic
basin.  In addition, it provides opportunities to serve U.S.
West Coast customers with lightering service using OSG's
Panamax tankers.

"After closing this transaction, OSG will add West Coast and
U.S. Gulf Coast lightering operations to our already strong
position in Delaware Bay on the East Coast."  Berglund
continued, "In line with OSG's balanced growth strategy,
lightering services provides stable revenue from established
contracts and customers."

Jim Enright, 45, will continue to lead the team of office staff
and mooring masters out of Houston.  Mr. Enright will report to
Mats Berglund, Senior Vice President and Head of OSG's Crude
Tanker unit.

                   About Overseas Shipholding

Headquartered in New York, Overseas Shipholding Group, Inc.
(NYSE:OSG) -- http://www.osg.com/-- is one of the largest  
publicly traded tanker companies in the world with an owned,
operated and newbuild fleet of 117 vessels, aggregating 13.0
million dwt and 865,000 cbm, as of June 30, 2006.  As a market
leader in global energy transportation services for crude oil
and petroleum products in the U.S. and International Flag
markets, the company is committed to setting high standards of
excellence for its quality, safety and environmental programs.
OSG is recognized as one of the world's most customer-focused
marine transportation companies, with offices in New York,
Athens, London, Newcastle and Singapore.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 14, 2006,
Moody's Investors Service affirmed the debt ratings of Overseas
Shipholding Group, Inc.'s Senior Unsecured at Ba1.  The outlook
has been changed to stable from negative.


PREFERRED RESIDENTIAL: S&P Removes BB Ratings from CreditWatch
--------------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch with
positive implications and raised its rating on the class B notes
issued by Preferred Residential Securities 7 PLC.  At the same
time, it removed from CreditWatch positive and affirmed its
ratings on the class C and D notes and affirmed the rating on
the class A2 notes.

                         Ratings List
  
Preferred Residential Securities 7 PLC
   GBP600 Million Mortgage-Backed Floating-Rate Notes
  
           Class                   Rating
                        To                     From
  
Ratings Removed From CreditWatch With Positive Implications And
   Affirmed

           D            BB                     BB/Watch Pos
           C            BBB+                   BBB+/Watch Pos
  
                         Rating Affirmed

                         A2           AAA
  
Rating Removed From CreditWatch With Positive Implications And    
   Raised

           B            AAA                    AA/Watch Pos

  
The class B, C, and D notes were placed on CreditWatch positive
on Feb. 8.  This rating action follows a full credit and cash
flow analysis of the most recent transaction information,
including loan-level data which provided up-to-date assessments
of expected foreclosure frequency and loss severity in the
portfolio at each rating level.  
  
"The upgrade is due to the ongoing amortization of the
transaction, which has resulted in increased credit enhancement
for all classes, sufficient to warrant raising the rating on the
class B notes," said credit analyst Jahangir Ahmed.  "This is a
direct result of the trapping of excess spread to increase the
nonamortizing cash reserve to its required level of 1.4% of the
initial value of the notes."
  
The notes, issued in January 2004, are backed by a pool of first
fixed-charge mortgage loans secured on freehold and leasehold
properties in the U.K.  This was the seventh RMBS transaction
originated by Preferred Mortgages Ltd.  


PS PEOPLE: Creditors' Meeting Slated for March 20
-------------------------------------------------
Creditors of PS People Specialists Ltd. will meet at 10:30 a.m.
on March 20 at:

         The P&A Partnership
         93 Queen Street
         Sheffield  
         S1 1WF
         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 16.

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.


REGENCY BRAKE: Calls In Liquidators from Begbies Traynor
--------------------------------------------------------
William John Kelly and James Patrick Nicholas Martin of Begbies
Traynor were appointed joint liquidators of Regency Brake &
Exhausts Ltd. on Feb. 23 for the creditors' voluntary winding-up
proceeding.

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

The company can be reached at:

         Regency Brake & Exhausts Ltd.
         Oxford Street
         Long Eaton
         Nottingham
         Nottinghamshire
         NG101JR
         England
         Tel: 0115 972 9502
              0115 946 0365
         Fax: 0115 946 0702


SAPT TEXTILE: Bank of India Names Receiver from Kay Johnson Gee
---------------------------------------------------------------
Bank of India appointed Jonathan Elman Avery-Gee of Kay Johnson
Gee administrative receiver of Sapt Textile Products Co. Ltd.
(Company Number 00243513) on Feb. 21.

The administrator can be reached at:

         Jonathan Elman Avery-Gee
         Kay Johnson Gee  
         Griffin Court  
         201 Chapel Street  
         Salford
         Manchester
         Greater Manchester  
         M3 5EQ  
         England
         Tel: 0161 832 6221  
         Fax: 0161 834 8479   
          
The company can be reached at:

         Sapt Textile Products Co. Ltd.
         Bluepits Mill
         Queensway
         Rochdale
         Lancashire
         OL11 2PG  
         England
         Tel: 01706 632 931  
         Fax: 01706 640 878


SHOOTS RESTAURANT: Claims Filing Period Ends March 22
-----------------------------------------------------
Creditors of The Shoots Restaurant Ltd. have until March 22 to
send in their full names and addresses with particulars of their
debts or claims, and the names and addresses of their solicitors
(if any) to:

         John William Lewis
         Joint Liquidator
         J W Lewis Insolvency Services Ltd.
         Suite B1
         White House Business Center
         Forest Road
         Kingswood
         Bristol  
         BS15 8NH
         England

John W. Lewis and Terry C. Evans of J W Lewis Insolvency
Services Ltd. were appointed joint liquidators of the company on
Feb. 15.


SIMON FISHER: Creditors' Meeting Slated for March 13
----------------------------------------------------
Creditors of Simon Fisher Flooring Ltd. will meet at 10:15 a.m.
on March 13 at:
  
         BWC Business Solutions
         8 Park Place
         Leeds  
         LS1 2RU
         England

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


SOLAR FLAIR: Creditors' Meeting Slated for March 29
---------------------------------------------------
Creditors of Solar Flair Renewable Energy Ltd. will meet at
11:00 a.m. on March 29 at:
  
         1 Emperor Way
         Exeter Business Park
         Exeter
         Devon  
         EX1 3QS
         England

Creditors who want to vote at the meeting have until noon on
March 28 to submit their proxy forms together with particulars
of their claims or of any security at:
  
         Suite 3
         Farleigh House  
         Farleigh Court
         Old Weston Road
         Flax Bourton  
         BS48 1UR
         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 27 at:

         Suite 3
         Farleigh House  
         Farleigh Court
         Old Weston Road
         Flax Bourton  
         BS48 1UR
         England


SS WHITE: Appoints Joint Administrators from Ernst & Young
---------------------------------------------------------
David K. Duggins and Chris Marsden of Ernst & Young LLP were
appointed joint administrators of SS White Industrial Ltd.
(Company Number 02181990) on Feb. 21.

Ernst & Young -- http://www.ey.com/-- provides broad array of  
services relating to audit and risk-related services, tax, and
transactions across all industries-from emerging growth
companies to global powerhouses-deal with a broad range of
business issues.   

Headquartered in Milton Keynes, England, SS White Industrial
Ltd. -- http://www.sswhite.co.uk/-- designs and manufactures  
flexible shaft.


STEWARD CONSTRUCTION: Creditors Confirm Voluntary Liquidation
-------------------------------------------------------------
Creditors of Steward Construction Ltd. confirmed on Feb. 20 the
company's resolutions for voluntary liquidation and the
appointment of John Russell and Andrew Philip Wood of The P&A
Partnership as liquidators.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing  
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors, and business advisors.

The company can be reached at:

         Steward Construction Ltd.
         15 Springbank Grove
         Farsley
         Pudsey
         West Yorkshire
         LS28 5LT
         England
         Tel: 0113 229 0943


TITAN EUROPE: S&P Affirms BB Ratings on Class F Notes
-----------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch with
positive implications and raised its ratings on the class D and
E notes issued by Titan Europe 2005-1 PLC.  At the same time, it
affirmed the ratings on the class X and F notes.

                           Ratings List
  
Titan Europe 2005-1 PLC
   EUR348.8 Million Commercial Mortgage-Backed Floating- And
   Variable-Rate Notes

                        Ratings Affirmed
  
                        F           BB
                        X           AAA
            
Ratings Removed From CreditWatch With Positive Implications And    
   Raised
  
             Class       To                  From

             D           AAA                 A-/Watch Pos
             E           AA-                 BBB-/Watch Pos
  
The class D and E notes were placed on CreditWatch with positive
implications on Feb. 13, 2007.  Today's rating action follows a
review of the transaction based on data received from the
servicer, Hatfield Philips International Ltd., as of the January
2007 interest payment date.
  
The upgrade was triggered by the prepayments of the two largest
loans remaining in the transaction, which resulted in improved
credit enhancement and LTV ratios for the class D and E notes
and the redemption of the class A, B, and C notes.
  
The loans which prepaid were the Deutsche Telekom loan and the
Pillnitzer Valley loan.  The current pool factor of the
transaction is 8%.

Two classes of notes in this transaction were upgraded in June
2006, following the prepayment of two loans, the Berlin
Multifamily Portfolios I and II.
  
At closing in July 2005, the transaction was backed by six real-
estate loans, with a total balance of EUR348.7 million, all
located in Germany and originated by Credit Suisse
International.  Two loans now remain in the transaction, with a
total balance of EUR28.1 million.
  
Following the large prepayments and given the modified pro rata
pay structure, which has changed to sequential pay after more
than 50% of the initial note balance has paid down, the spread
between portfolio income and transaction liabilities has
decreased to a very low level.
  
Interest shortfalls are likely from the next IPD in April 2007
onward.  These shortfalls are only expected to affect the class
F notes, which are subject to an available funds cap.  Under the
available funds cap, any shortfall of interest resulting from
the order in which the loans prepaid, is not paid and does not
accrue.


TPACK LTD: Creditors' Meeting Slated for March 13
-------------------------------------------------
Creditors of Tpack Ltd. will meet at 11:00 a.m. on March 13 at:
  
         The Ibis Hotel
         Moorhead Way
         Bramley
         Rotherham  
         S66 1YY  
         England

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

         Daly & Co.
         The Portergate
         Ecclesall Road
         Sheffield  
         S11 8NX
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on March 9 at the offices of Daly & Co.


TYNEDALE MEATS: Appoints KPMG LLP as Joint Administrators
---------------------------------------------------------
Howard Smith and Mark Granville Firmin of KPMG LLP were
appointed joint administrators of Tynedale Meats Ltd. (Company
Number 5537173) on Feb. 19.

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

Headquartered in Leeds, England, Tynedale Meats Ltd. processes
meat and poultry.


WALNUT TREE: HSBC Bank Brings In Begbies as Receivers
-----------------------------------------------------
HSBC Bank Plc. appointed Simon Robert Thomas and David Paul
Hudson of Begbies Traynor (South) LLP joint administrative
receivers of The Walnut Tree Inn Ltd. (Company Number 04053069)
on Feb. 19.

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

The company can be reached at:

         The Walnut Tree Inn Ltd.  
         Llanddewi Skirrid
         Abergavenny
         Gwent
         NP7 8AW
         Wales  
         Tel: 01873 852 797  
         Fax: 01873 859 764


WEBSTER COMPONENTS: Hires Mark Jonathan Botwood as Liquidator
-------------------------------------------------------------
Mark Jonathan Botwood of Muras Baker Jones was appointed
liquidator of Webster Components Ltd. (formerly Webster JDR
Components Ltd.) on Feb. 22 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Webster Components Ltd.
         Unit 9
         Northfield Road
         Bagley Industrial Park
         Dudley
         West Midlands
         DY2 9DX
         England
         Tel: 01384 455 364
         Fax: 01384 455 846


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (214)       1,756      293


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE    
------
Acces Industrie                       (8)         106      (35)
Arbel                     PA.ARB     (98)         222      (72)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Dollfus Mieg & Cie S.A.   DS         (16)         143      (45)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (10)         120       (5)
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
Labo Dolisos              DOLI.PA    (28)         110      (33)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
Rhodia S.A.               RHA       (788)       6,681      171
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Selcodis S.A.             SPVX       (18)         128       22
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Plambeck Neue
   Energien AG            PNE3        (4)         141       19
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (64)         104      (15)
Schaltbau Hold            SLTG       (23)         144       (7)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (55)         131      (31)


GREECE
------
Empedos S.A.              EMPED      (34)         175      (48)
Pouliadis Associates      
   Corporation            POUL       (28)         124      (31)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

HUNGARY
-------
Exbus Asset Management
   Nyrt.                  EXBUS      (30)         118   (5,162)


ICELAND
-------
Decode Genetics Inc.      DCGN        (9)         229      141

ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (150)       4,218      N.A.
I Viaggi del
   Ventaglio S.p.A.       VVE.MI     (61)         487      (58)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)
Wind Telecomunicazioni
   S.p.A.                            (10)      12,698     (815)

NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)
Vista Alegre Atlantis
   SGPS S.A.              VAAAE      (18)         193      (83)  

ROMANIA
-------
Oltchim RM Valce          OLT        (45)         232     (321)


RUSSIA
------
OAO Samaraneftegas                  (332)         892  (16,942)
Zil Auto                            (185)         378  (11,107)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (10)         134      (37)


SWITZERLAND
-----------
Wedins Skor
    Accessoarer AB                   (10)         139     (129)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dnepropetrovsk Metallurgical
   Plant Imeni Petrovsko              (2)         278     (509)
Dniprooblenergo                      (38)         478     (797)
Donetskoblenergo                    (166)         706   (1,320)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
AEA Technology Plc        AAT.L      (24)         340      (50)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker Plc                 ANK.L      (22)         115       13
Atkins (WS) Plc           ATK        (63)       1,279       70
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (39)         567       (5)
Danka Bus System          DNK.L     (108)         540       34
Dawson Holdings           DWN.L      (12)         158      (19)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music              
   Industries Group       EMI     (1,264)       2,818     (253)
Euromoney Institutional
   Investor Plc           ERM.L      (88)         297      (56)
European Home Retail Plc  EHRL       (14)         111      (37)
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Gondola Holdings Plc      GND.L     (239)         987     (396)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (4)         948     (175)
Homestyle Group Plc       HME        (29)         409     (124)
Imperial Chemical
   Industries Plc         ICI       (835)       8,881      (49)
Invensys PLC                      (1,031)       3,875      494
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L    (683)         492     (371)
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Mytravel Group            MT.L      (283)       1,159     (410)
Orange Plc                ORNGF     (594)       2,902        7
Park Group Plc            PKG.L       (5)         111      (13)
Partygaming Plc           PRTY       (46)         398     (110)
Premier Farner Plc        PFL        (33)         964      127
Premier Foods Plc         PFD.L      (31)       1,475       16
Probus Estates Plc        PBE.L      (28)         113      (49)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,134)       2,678      (45)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
UK Coal Plc               UKC        (25)         865      (62)
Virgin Mobile
   Holdings Plc           VMOB.L    (490)         155      (80)
Wincanton Plc             WIN        (66)       1,236      (71)


                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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