TCREUR_Public/070313.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 13, 2007, Vol. 8, No. 51             

                            Headlines


A U S T R I A

AUDIOSALES LLC: Claims Registration Period Ends April 24
CTS CHRISTLMAYR: Claims Registration Period Ends April 2
FAIRTRAUEN GELD: Claims Registration Period Ends April 3
FASALEX LLC: Claims Registration Period Ends April 16
H.M. WAIGLEIN: Claims Registration Period Ends April 19

MATA-LIGHTS: Claims Registration Period Ends March 27
MEGATECHNIK LLC: Administrator Declares Insufficient Assets
PFEIFFER & RECHTBERGER: Claims Registration Period Ends March 28
SCHEMBERA & CO: Claims Registration Period Ends April 6
TKC LLC: Claims Registration Period Ends April 5


B E L G I U M

NEC CORP: Warns Possible Delay of Annual Report Filing


C Z E C H  R E P U B L I C

AGROBANKA PRAHA: Will File Bankruptcy Petition Due to Insolvency


F R A N C E

ITRON INC: Bags 25,000 Meter Order from Mexico's CFE
TITANIUM METALS: Earns US$274.4 Million in Full Year 2006


F I N L A N D

M-REAL OYJ: Posts EUR399-Million Net Loss for Full Year 2006
M-REAL OYJ: Moody's Downgrades Rating to B3 on Weak Performance


F R A N C E

ALCATEL-LUCENT: Unveils 3G and Mobile TV Access in Germany
ALCATEL-LUCENT: Names Christian Reinaudo as European Ops Chief
EUROTUNNEL GROUP: Balance Sheet Upside Down by GBP1.32 Billion


G E R M A N Y

AFP HYDRAULIK: Claims Registration Period Ends April 12
ALCATEL-LUCENT: Unveils 3G and Mobile TV Access in Germany
ALTENBEUTHENER HEIZUNGS: Claims Registration Ends April 20
ATZ AUTOTEILE: Claims Registration Period Ends May 4
BAD TEAM: Claims Registration Period Ends April 3

BAUGESCHAFT MARIO: Claims Registration Period Ends April 17
BWU PARTNER: Claims Registration Period Ends April 18
DAIMLERCHRYSLER AG: Workers Opt for More Jobs Over Pay Cuts
DAIMLERCHRYSLER: Chrysler Feb. Sales Outside North America Up 9%
DAIMLERCHRYSLER AG: Chrysler Group to Recall Over 489,000 Units

EDLER GMBH: Claims Registration Period Ends April 11
EURUS LTD: S&P Rates US$150-Mln Variable-Rate Notes at BB
FB FASSADEN: Creditors' Meeting Slated for April 24
GAS-VERTRIEBS: Claims Registration Period Ends April 24
GEBA FACILITY: Claims Registration Period Ends April 12

GELLERMANN GMBH: Creditors' Meeting Slated for April 12
GERSOM GMBH: Claims Registration Ends April 13
KUTSCHER GMBH: Claims Registration Ends March 26
LIPPE-LOGISTIK GMBH: Claims Registration Ends April 15
MALEREIBETRIEB MENZEL: Claims Registration Ends April 19

OLEJNIK BAU: Claims Registration Ends April 23
OLLENSTAEDT PROJECT: Claims Registration Ends April 12
PLASTIKPRODUKTE HANDEWITT: Claims Registration Ends April 16
PROJEKTBAUGESELLSCHAFT ZS: Claims Registration Ends March 30
RHEIN-RUHR GEBAUDEREINIGUNGS: Claims Registration Ends April 23

SCHAFER CONTROL: Creditors Must Register Claims by April 13
SCHULZ UND SCHULZ: Creditors Must Register Claims by May 2
SCHYMIK PERSONALDIENSTLEISTUNGEN: Creditors' Claims Due April 25
STAR4YOU GMBH: Creditors Must Register Claims by April 24
TAG SCHROERS: Creditors Must Register Claims by May 5

TEPE IM: Claims Registration Ends April 23
TIEFBAU GMBH: Claims Registration Ends April 9
TIMELESS BUERO: Claims Registration Ends April 9
TISCHLEREI & BESTATTUNGEN: Claims Registration Ends April 24
TROCKENBAU WAIBLINGEN: Claims Registration Ends March 30

TVT DIGITALE: Claims Registration Period Ends April 10
USCHOLD GMBH: Claims Registration Period Ends April 27
VETTER HOCH: Claims Registration Period Ends April 9
VIETORIS & KRECHER: Claims Registration Period Ends April 5
WFK COMFORTHAUS: Claims Registration Period Ends April 19


I T A L Y

FIAT SPA: Sets Aside Plans to Issue Eurobond
POPOLARE ITALIANA: Shareholders OK EUR8.2-Bln Merger with BPVN
POPOLARE ITALIANA: Eyes Merging Stakes in Other Biz with BPVN
WARNER MUSIC: Board Declares US$0.13 Per Share Dividend


K A Z A K H S T A N

BEREKE LLP: Creditors Must File Claims by April 13
COMPANY TECHNOPLAST: Creditors' Claims Due April 20
DORSTROYPLAST LLP: Proof of Claim Deadline Slated for April 6
KAGANAT LLP: Claims Registration Ends April 20
KARLYGASH LLP: Claims Filing Period Ends April 13

NADEJDA LLP: Creditors Must File Claims by April 6
PARTNER-SERVICE LLP: Creditors' Claims Due April 13
STR-TRADE LLP: Proof of Claim Deadline Slated for April 20
TRIZATRADETEKS LLP: Claims Registration Ends April 6
ZAMAN-CENTRE LLP: Claims Filing Period Ends April 20


K Y R G Y Z S T A N

AKTSETRADE LLC: Claims Filing Period Ends April 20
CITY TRADE: Creditors Must File Claims by April 20


N E T H E R L A N D S

PROSPERO CLO: Moody's Rates US$13.5-Million Class D Notes at Ba2


N O R W A Y

NORTEL NETWORKS: Subsidiary Obtains Default Waiver from Lender


R U S S I A

ALTAIR-S LLC: Creditors Must File Claims by March 17
ANTONEN CJSC: Creditors Must File Claims by March 17
AVEST-TRADE CJSC: Creditors Must File Claims by March 17
BANK TRUST: Fitch Affirms Low-B IDR With Stable Outlook
CYPRESS CJSC: Creditors Must File Claims by March 17

GELENDZHIKSKIY LOGGING: Bankruptcy Hearing Slated for May 25
IGARSKIY SEA: Asset Sale Slated for March 21
IZHEVSKIY BREAD-MACARONI: Asset Sale Slated on March 22
KRASNODARSKAYA TOBACCO: Court Names E. Leyliyan to Manage Assets
LUKOIL OIL: Fire Cues Shutdown of Volgograd Refinery for Repair

MONOLITH LLC: Creditors Must File Claims by April 17
NIZHNEDEVITSK-AGRO-PROM-TRANS: D. Shumilin as Insolvency Manager
OLENINSKIY WOOD-PROM-KHOZ: Creditors' Claims Due by March 17
OLVIS-SERVICE CJSC: Court Names I. Kuvshinov to Manage Assets
ROSNEFT OIL: Confirms Two Yukos Nominees to Board

SLAVYANSKOYE LLC: Voronezh Court Hearing Slated for April 26
VIMPELCOM: Moody's Lifts Rating to Ba2 on Strong Performance
VNESHTORGBANK JSC: VRB Expands in Vietnam with Vung Tau Branch
VORONEZH-FISH-COMPLEX: Creditors Must File Claims by April 17
YUG-MINIOIL-LABINSK: Creditors Must File Claims by April 17


S P A I N

HIPOCAT 11: Moody's Junks EUR28-Million Series D Notes


S W I T Z E R L A N D

AESCHLIMANN PARKETT: Creditors' Liquidation Claims Due March 31
AFK-MULLER LLC: Creditors' Liquidation Claims Due March 28
AIB-SR LLC: Zug Court Starts Bankruptcy Proceedings
CDS FINANCE: Zug Court Starts Bankruptcy Proceedings
EDOCKET JSC: Creditors' Liquidation Claims Due April 2

GTA BERATUNG: Creditors' Liquidation Claims Due April 13
IPV ORGA: Zug Court Closes Bankruptcy Proceedings
KOSAN TEKNOVA: Creditors' Liquidation Claims Due March 30
NFR SECURITY: Creditors' Liquidation Claims Due March 26
RITTER ARCHITEKTEN: Creditors' Liquidation Claims Due March 29

RODEL LLC: Creditors' Liquidation Claims Due March 28
SAGENTIA LLC: Creditors' Liquidation Claims Due March 30
SWISSAIR: Trial Ends Inconclusively; Verdict Expected in June
VERASTONE LLC: Creditors' Liquidation Claims Due March 30
ZURI-ENGEL DRUCK: Creditors' Liquidation Claims Due March 28


T U R K E Y

MERINOS HALI: Growing Export Sales Cue Fitch's B IDR
TURK EKONOMI: Earns TRY133,121 in Year Ended Dec. 31, 2006


U K R A I N E

AGRICULTURAL TECHNOLOGY: Claims Filing Deadline Set March 15
CHEMIE SERVICE: Creditors Must File Proofs of Claim by March 16
CHERNOVCYAL JSC: Creditors Must File Claims by March 15
CONCERN STIROL: Moody's Cuts Corporate Family Rating to Caa1
GENERAL NUTRITION: Prices Offering of US$410-Mln Senior Notes

PRISEYMOVSKOE LLC: Proofs of Claim Filing Deadline Set March 16
TIKELEX NT: Creditors Must File Proofs of Claim by March 15
VELTECH LLC: Creditors Must File Proofs of Claim by March 16


U N I T E D   K I N G D O M

ACTIVE IMAGINATION: Hires Liquidator from Armstrong Watson
ADCOM INDUSTRIAL: Claims Filing Period Ends March 28
AMT COMMUNICATIONS: Names Timothy Hargreaves Liquidator
APPLE TEXTILES: Appoints Liquidator from White & Co.
AUTOWORLD DISCOUNTS: Creditors Confirm Liquidators' Appointment

BEACON SUPPLIES: Claims Filing Period Ends May 31
BEAUBLADE LTD: Taps Andrew Fender to Liquidate Assets
BOSTON COMMS: Joint Liquidators Take Over Operations
BRANTHILL LOGISTICS: Appoints Liquidator from Begbies Traynor
BRITISH AIRWAYS: Franchise Operates Ghost Flights to Keep Slots

CELESTINE PROPERTY: Claims Filing Period Ends August 1
CLEANFLOW LTD: Creditors Confirm Voluntary Liquidation
COLLINS & AIKMAN: Can File Nissan Settlement Pact Under Seal
COLLINS & AIKMAN: Williamston Asset Auction Slated Tomorrow
CONSTELLATION BRANDS: Poor Sales Trigger Lower Earnings Outlook

DARCY INDUSTRIES: Appoints KPMG as Joint Administrators
DAVID KENT: Brings In Liquidator from Northpoint Associates
DEFINE DESIGN: Calls In Liquidator from Parkin S. Booth & Co.
DIESPEKER G.R.P.: Claims Filing Period Ends June 30
E. C. SPECIALIST: Appoints Gerald Irwin to Liquidate Assets

EUROTUNNEL GROUP: Balance Sheet Upside Down by GBP1.32 Billion
EZALGAVON LTD: Claims Filing Period Ends April 6
FLAGSHIP COACH: Taps Gary Stones to Liquidate Assets
FORD MOTOR: Inks Pact to Sell Aston Martin for US$925 Million
FORD MOTOR: Court Orders Repayment of US$80 Million to Navistar

FORTUNE 14: Claims Filing Period Ends May 15
FOTO PRONTO: Creditors' Meeting Slated for March 16
GAP INC: Shows US$910 Mln in Net Sales for Period Ended March 3
GENERAL MOTORS: Directors Agree to Amend Bylaws
GENERAL MOTORS: May Charge About US$1 Bln for Bad Mortgage Loans

HEADSTART SOFTWARE: Claims Filing Period Ends April 13
HERALDLINK LTD: Names Keith Barry Stout Liquidator
HIGHTRONICS LTD: Brings In Liquidator from Maidment Judd
HITEK SYSTEMS: Names M. S. E. Solomons Liquidator
INTERNATIONAL PAPER: CFO Marianne Parss to Retire by End of 2007

JOHN KING: Creditors' Meeting Slated for March 16
KITCHEN DESIGN: Names Liquidator to Wind Up Business
LAMINAR FLOW: Appoints Liquidator from Haines Watts
LEVEL 3: Majority of Noteholders Agree to Amend Bond Indenture
LOYALFAST LTD: Joint Liquidators Take Over Operations

M J FIRE: Claims Filing Period Ends March 22
MAGUIRE CIVIL: Taps Claire L. Dwyer to Liquidate Assets
MATRIX EUROPE: Calls In Liquidators from Kroll
MAX WASTE: Taps Liquidators from Smith Cooper
MEDLOCK PROJECT: Hires Liquidator from Tenon Recovery

MEDWAY T & G: Appoints Tim Alexander Clunie as Liquidator
MILLFIELD SOUTH: Brings In Liquidators from Herron Fisher
MPM ELECTRICAL: Creditors Ratify Liquidator's Appointment
MSR BUILDERS: Joint Liquidators Take Over Operations
OWEN OWEN: Administrators Cuts 22 Jobs at Lewis's

ROYAL & SUNALLIANCE: A.M. Best Cuts Financial Strength Ratings
TOYWORLD GROUP: Brings In Joint Administrators from KPMG
UIC INSURANCE: Filing of Scheme Claims Extended to March 27

* Harvey R. Miller to Re-Join Weil, Gotshal & Manges LLP

* Large Companies with Insolvent Balance Sheets

                            *********

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


AUDIOSALES LLC: Claims Registration Period Ends April 24
--------------------------------------------------------
Creditors owed money by LLC Audiosales (FN 218971t) have until
April 24 to file written proofs of claim to court-appointed
estate administrator Thomas Wanek at:

         Dr. Thomas Wanek
         Hochstrasse 31
         2380 Perchtoldsdorf
         Austria
         Tel: 01/86 93 888
         Fax: 01/869166033
         E-mail: anwalt@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 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 Gumpoldskirchen, Austria, the Debtor declared
bankruptcy on Feb. 20 (Bankr. Case No. 11 S 23/07d).  Romana
Weber-Wilfert represents the Debtor in the bankruptcy
proceedings.


CTS CHRISTLMAYR: Claims Registration Period Ends April 2
--------------------------------------------------------
Creditors owed money by LLC CTS Christlmayr Trade & Services (FN
45573w) have until April 2 to file written proofs of claim to
court-appointed estate administrator Daniel Schoepf at:

         Mag. Daniel Schoepf
         Paris Lodron-Str. 3a
         5020 Salzburg
         Austria
         Tel: 0662-879998
         Fax: 0662-879998-20
         E-mail: office@smbi.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on April 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Salzburg
         Room 221
         Second Floor
         Salzburg, Austria

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on Feb. 1 (Bankr. Case No. 23 S 8/07g).  


FAIRTRAUEN GELD: Claims Registration Period Ends April 3
--------------------------------------------------------
Creditors owed money by LLC Fairtrauen Geld-Information (FN
260663d) have until April 3 to file written proofs of claim to
court-appointed estate administrator Kurt Freyler at:

         Dr. Kurt Freyler
         c/o Dr. Hans Rant
         Seilerstatte 5
         1010 Vienna
         Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on April 17 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 20 (Bankr. Case No. 4 S 19/07g).  Hans Rant represents
Dr. Freyler in the bankruptcy proceedings.


FASALEX LLC: Claims Registration Period Ends April 16
-----------------------------------------------------
Creditors owed money by LLC Fasalex (FN 171691m) have until
April 16 to file written proofs of claim to court-appointed
estate administrator Martin Stossier at:

         Dr. Martin Stossier
         Ringstrasse 4
         Plobergerstrasse 7
         4600 Wels
         Austria
         Tel: 07242/42605-0
         Fax: 07242/42605-20
         E-mail: stossier@ra-stossier.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:00 p.m. on April 26 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wels
         Hall 101
         First Floor
         Maria Theresia Strasse 12
         Wels
         Austria

Headquartered in Wels, Austria, the Debtor declared bankruptcy
on Feb. 21 (Bankr. Case No. 20 S 24/07s).  


H.M. WAIGLEIN: Claims Registration Period Ends April 19
-------------------------------------------------------
Creditors owed money by LLC H.M. Waiglein & Langer (FN 135392g)
have until April 19 to file written proofs of claim to court-
appointed estate administrator Stefan Jahns at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on May 3 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. 20 (Bankr. Case No. 5 S 7/07z).  Christof Stapf
represents Mag. Jahns in the bankruptcy proceedings.


MATA-LIGHTS: Claims Registration Period Ends March 27
-----------------------------------------------------
Creditors owed money by LLC Mata-lights (FN 94391k) have until
March 27 to file written proofs of claim to court-appointed
estate administrator Friedrich Nusterer at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:10 a.m. on April 10 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of St. Poelten
         Room 216
         Second Floor
         Old Building
         St. Poelten, Austria

Headquartered in Herzogenburg, Austria, the Debtor declared
bankruptcy on Feb. 20 (Bankr. Case No. 14 S 36/07w).  


MEGATECHNIK LLC: Administrator Declares Insufficient Assets
-----------------------------------------------------------
Mag. Susanne Poeltenstein-Rosenegger, the court-appointed estate
administrator for LLC Megatechnik (FN 251546x), declared Feb. 22
that the Debtor's property is insufficient to cover creditors'
claim.

The Trade Court of Vienna is yet to rule on the property
manager's claim.

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

The estate administrator can be reached at:

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


PFEIFFER & RECHTBERGER: Claims Registration Period Ends March 28
----------------------------------------------------------------
Creditors owed money by LLC Pfeiffer & Rechtberger (FN 60496s)
have until March 28 to file written proofs of claim to court-
appointed estate administrator Ilse Korenjak at:

         Dr. Ilse Korenjak
         Gusshausstrasse 6
         1040 Vienna
         Austria
         Tel: 01/512 21 02
         Fax: 01/512 21 02 20
         E-mail: office@buresch-korenjak.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:30 p.m. on April 11 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg, Austria

Headquartered in Klosterneuburg, Austria, the Debtor declared
bankruptcy on Feb. 21 (Bankr. Case No. 36 S 23/07k).  


SCHEMBERA & CO: Claims Registration Period Ends April 6
-------------------------------------------------------
Creditors owed money by LLC Schembera & Co (FN 156370g) have
until April 6 to file written proofs of claim to court-appointed
estate administrator Michael Ludwig Lang at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on April 23 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1609
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 21 (Bankr. Case No. 38 S 11/07f).  


TKC LLC: Claims Registration Period Ends April 5
------------------------------------------------
Creditors owed money by LLC TKC (FN 233400k) have until April 5
to file written proofs of claim to court-appointed estate
administrator Georg Muhri at:

         Dr. Georg Muhri
         c/o Dr. Otto Werschitz
         CGO Masseverwaltungsgesellschaft mbH
         Neutorgasse 47/I
         8010 Graz
         Austria
         Tel: 0316/820620
         Fax: 0316/820620-4
         E-mail: office@cgo-masseverwaltung.at  
                 otto.werschitz@mu-we.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:10 p.m. on April 19 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Feb. 20 (Bankr. Case No. 25 S 21/07m).  Otto Werschitz
represents Dr. Muhri in the bankruptcy proceedings.


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


NEC CORP: Warns Possible Delay of Annual Report Filing
------------------------------------------------------
NEC Corp. expects that it is unlikely that it will be able to
file its 2006 Form 20-F for the fiscal year ended March 31, 2006
with the U.S. Securities and Exchange Commission by April 2.

NEC is currently undertaking to complete the analysis necessary
to prepare the financial statements.

NEC disclosed on Feb. 22 that it had been notified by the NASDAQ
Stock Market LLC that the NASDAQ Listing Qualifications Panel
had granted NEC's request for continued listing of its American
depositary receipts on the NASDAQ Global Select Market on the
condition that NEC file its Form 20-F for the fiscal year ended
March 31, 2006 with the SEC on or before April 2.

Under NASDAQ Marketplace Rule 4807(a), NEC has the right to seek
review of the Panel's decision by the NASDAQ Listing and Hearing
Review Council by making a written request to the Council within
15 days of the Panel's decision (in this case by March 8).
Accordingly, on March 7 (Eastern Standard Time), NEC requested
that the Panel's decision be reviewed and that any future Panel
decision be suspended pending further action by the
Council.  NEC requested the review by the Council to prevent the
Panel from delisting NEC's ADRs in the event that NEC cannot
file the 2006 Form 20-F by April 2.

The Council may affirm, modify, or reverse the Panel's decision
or remand the matter for further consideration.  NEC's request,
however, does not suspend the Panel's decision unless the
Council determines to issue such a suspension, which it is not
obligated to do.  Therefore, at this time, NEC cannot guarantee
that its ADRs will continue to be listed on the NASDAQ Global
Select Market after April 2.

                     About NEC Corp.

Headquartered in Tokyo, Japan, NEC Corp. (NASDAQ: NIPNY) --
http://www.necel.com/-- provides Internet, broadband network  
and enterprise business solutions dedicated to meeting the
specialized needs of its diverse and global base of customers.
NEC delivers tailored solutions in the key fields of computer,
networking and electron devices, by integrating its technical
strengths in IT and Networks, and by providing advanced
semiconductor solutions through NEC Electronics Corp.  The NEC
Group employs more than 150,000 people worldwide.

NEC operates in Belgium, France, Germany, United Kingdom,
Sweden, Turkey, Poland, Argentina, Brazil, Mexico, Venezuela,
Australia, New Zealand, Philippines, Taiwan, Thailand, among
others.


==========================
C Z E C H  R E P U B L I C
==========================


AGROBANKA PRAHA: Will File Bankruptcy Petition Due to Insolvency
----------------------------------------------------------------
Agrobanka's supervisory board may advise the bank's receiver to
file a bankruptcy petition as soon as possible because it is
insolvent and in liquidation, the Euro OnLine server reports,
quoting Agrobanka board member Jiri Kellner.

Mr. Kellner, who is also the association head for Agrobanka's
minority shareholders, added that the Czech branch of GE Money
Bank would be part of the bankruptcy assets.

As reported by the Troubled Company Reporter on July 2, 1998,
General Electric bought the healthy part of bankrupt Agrobanka
on June 22, 1998.  GE took over deposits of CZK30 billion from
the Czech bank and its whole branch network.

GE Money Bank spokeswoman Eva Chaloupkova slammed Mr. Kellner's
claims, however, saying that it is a legally baseless
assumption, Prague Daily Monitor reveals.

"Agrobanka Praha is an independent company which no longer
shares any activities with GE Money Bank.  GE Money Bank rejects
all speculations that it could be included in Agrobanka Praha's
bankruptcy assets," Ms. Chaloupkova said.

                         About Agrobanka

Agrobanka Praha a.s., a financial institution established in
March 1990, once had over 330 branches across the Czech
Republic.  However, it ran into liquidity problems in 1996 and
is currently under administration.

It used to be the Czech Republic's fifth-largest bank and the
largest fully private bank in the country during its heyday.  GE
Money Bank materialized from the part of Agrobanka acquired by
GE Capital.


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F R A N C E
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ITRON INC: Bags 25,000 Meter Order from Mexico's CFE
----------------------------------------------------
Itron Inc. has received an order from Mexico's Comision Federal
de Electricidad or CFE, for 25,000 SENTINEL solid-state
electricity meters.  CFE is Mexico's largest electric utility
-- covering the whole of Mexico -- with more than 20 million
customers and 163 power-generating plants.

The agreement represents Itron's largest-ever international sale
of the highly successful SENTINEL meter.  Beyond the initial
25,000 meters, CFE also has the option to purchase an additional
37,000 units over the next year.

SENTINEL meters are used for commercial and industrial or C&I
metering applications by electric utilities throughout the
world.  C&I metering represents approximately 60 percent of
CFE's annual billing, making meter accuracy, reliability and
advanced functionality essential for the utility to meet its
business and customer service objectives.

"This is a very important step forward for Itron in this
market," said Doug Staker, Itron's vice-president and general
manager of international markets.  "On top of other meter sales
in the region, this agreement makes Itron one of the top meter
suppliers in Mexico.  We're optimistic about continuing to grow
our presence in Mexico and throughout Latin America."

Over the past year, Itron's SENTINEL meter has been recertified
and approved to comply with CFE's stringent technical metering
requirements.  These trials were administered by LAPEM, a
testing division of CFE.

The SENTINEL meters sold to CFE are designed to allow the
utility to easily migrate to automatic meter reading or AMR.  
For example, it is possible to add on GPRS (general packet radio
service) modems, and integration with Itron software solutions
like MV-90xi or Enterprise Edition meter data management.

Itron's industry leading AMR technology enables utilities to
automatically collect data via radio signal.  As a result,
utilities can read meters efficiently and accurately, while
eliminating the need for meter readers to access customers'
properties and facilities.  The systems also generate more
frequent and reliable meter data that gives utilities better
insight into operations, conservation initiatives, efficiency
and more.  Itron has shipped more than 55 million automated
meters and AMR modules to utilities worldwide.

Itron Inc., -- 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.  

Itron maintains operations in Canada, Qatar, Mexico, Taiwan,
France and Australia, The Netherlands, and The United Kingdom.

The Troubled Company Reporter - Asia Pacific reported that in
connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed its Ba3 Corporate Family Rating for Itron Inc.  The
rating on the company's USUS$55 million Senior Secured Revolver
due 2009 was revised to Baa3 from Ba3.  Those debentures were
assigned an LGD1 rating suggesting creditors will experience a
3% loss in the event of default.

Additionally, Moody's revised its ratings on the company's
US$125 million 7.875% Subordinate Notes due 2012 to Ba1 from B2.
Moody's assigned those debentures an LGD2 rating suggesting a
projected loss-given default of 25%.

Troubled Company Reporter - Asia Pacific reported that Standard
& Poor's Ratings Services assigned its 'B' rating to Itron
Inc.'s USUS$345 million convertible senior subordinated notes
due Aug. 1, 2026.  At the same time, Standard & Poor's affirmed
all of its other ratings, including its 'BB-' corporate credit
rating, on the meter data technology provider.  The notes are
rated two notches below the corporate credit rating and are pari
passu in terms of payment with the company's existing
subordinated notes, which are also rated 'B'.  Itron intends to
use the proceeds for future acquisitions and/or general
corporate purposes.


TITANIUM METALS: Earns US$274.4 Million in Full Year 2006
---------------------------------------------------------
Titanium Metals Corp. posted total net sales of US$1.18 billion
for the year ended Dec. 31, 2006, as compared with total net
sales of US$749.77 million for the year ended Dec. 31, 2005.  
Net income for 2006 was US$274.48 million, up from a net income
of US$143.7 million for the prior year.

The company, and the industry as a whole, have benefited
significantly from continued strong demand for titanium across
all major industry market sectors that has driven melted and
mill titanium prices to record levels.

Cost of sales increased to US$747.06 million in 2006, as
compared with US$550.41 million in 2005, due to increased sales
volumes and higher average cost of raw materials, including
purchased titanium sponge and titanium scrap.

Operating income for 2006 to US$382.78 million, as compared with
US$171.07 million in 2005.  The increase in operating income is
driven primarily by an increase in gross margin, which is
somewhat offset by increases in selling, general, administrative
and development expense and a decrease in other operating
income.

The company's balance sheet as of Dec. 31, 2006, showed total
assets of US$1.21 billion, total liabilities of US$316.67
million, and minority interest of US$21.32 million, resulting to
US$878.87 million in total stockholders' equity.

As of Dec. 31, 2006, accumulated other comprehensive loss was
US$22.43 million, down from US$38.27 million in 2005.  The
company's unrestricted cash and cash equivalents were US$29.36
million and its restricted cash and cash equivalents were
US$146,000 as of Dec. 31, 2006.

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

                    About Titanium Metals Corp.

Headquartered in Denver, Colorado, Titanium Metals Corporation
(NYSE: TIE) -- http://www.timet.com/-- is a worldwide producer  
of titanium metal products.  The company has sales offices in
Australia, China, France, Italy, Japan, Saudi Arabia, India, and
Taiwan.

                           *     *     *

Moody's Investors Services placed a Caa1 issuer rating and B3 LT
Corp Family Rating on Titanium Metals.


=============
F I N L A N D
=============


M-REAL OYJ: Posts EUR399-Million Net Loss for Full Year 2006
------------------------------------------------------------
M-real Oyj released its unaudited financial results for the year
ended Dec. 31, 2006.

M-real reported EUR399 million in net loss on EUR5.62 billion in
net sales for the full year 2006, compared with EUR80 million in
net loss on EUR5.24 billion in net sales for 2005.

At Dec. 31, 2006, the company's condensed consolidated balance
sheet showed EUR6.17 billion in total assets and EUR4.27 billion
in total liabilities, resulting in EUR1.91 billion in
stockholders' equity.

The result was weakened by:

   -- higher raw material prices,

   -- higher energy prices,

   -- investment and maintenance shutdowns,

   -- slightly lower prices of folding boxboard and coated fine
      paper, and

   -- strike of paper workers at the Finnish mills in May 2006.

                          2007 Outlook

Economic growth in Europe is generally forecast to slow down
somewhat in 2007 although continuing at a moderate rate. Printed
advertising spending is forecast to grow somewhat faster than
overall economic growth.

Production input costs will continue to grow.  The price of wood
in particular has recently increased markedly.  This is
attributable to the increased use of wood as an energy source
and availability problems caused by the mild early winter in
Northern Europe.

The demand for M-real's main products was very good in the last
quarter of 2006. The demand for paperboard products was at a
reasonable level, while the demand for coated magazine paper
fell short of expectations.  Demand for M-real's main products
is forecast to improve slightly in the first quarter of 2007 due
to seasonal factors.

In fine paper products, capacity utilization rates are very high
at the beginning of the year.  The company has initiated
measures to increase the prices of fine paper products.  As a
result of the targeted increases, the company is confident the
prices of both uncoated and coated fine papers will rise
slightly in the first quarter of 2007 compared with the last
quarter of 2006.

The company will also continue to work actively towards raising
the prices of fine paper products.  The price increases for
folding boxboard and coated magazine paper will be challenging
in the short term.

The company anticipates the market balance to improve for all of
M-real's main paper grades due to capacity closures already
implemented or planned for 2007.  The need to increase product
prices is pressing for all of main paper grades.

Implementation of the restructuring program, announced in
October 2006 as the first step in M-real's strategic review, is
progressing as planned.  The strategic review continues.  The
first-quarter result before taxes and excluding non-recurring
items in 2007 is expected to improve from the last quarter in
2006.

                        About the Company

Headquartered in Espoo, Finland, M-real Oyj produces and
distributes coated and uncoated fine papers for printing and
packaging industries.

                        *     *     *

As of Feb. 8, M-real Oyj carries Standard & Poor's B+ Long-Term
Issuer Credit Rating and B Short-Term Issuer Credit Ratings with
Negative Outlook.


M-REAL OYJ: Moody's Downgrades Rating to B3 on Weak Performance
---------------------------------------------------------------
Moody's Investors Service lowered M-real Oyj's Corporate Family
Rating to B3 from B2 and also changed the senior unsecured debt
ratings of M-real Oyj in addition to the senior unsecured
guaranteed MTN program rating of its majority-owned subsidiary,
Metsa Group Financial Services Oy, to B3 from B2.  The outlook
for the ratings has been changed to stable from negative.

Following the publication of detailed full year 2006 results,
Moody's commented that M-real's credit metrics continue to
position the ratings below the B2 rating category.  Despite M-
real's ongoing restructuring program, which also includes
significant asset disposals, cash flow relative to debt remains
weak at 8%, and more importantly free cash flow is negative and
will be challenged to turn positive in 2007.

Furthermore, Moody's remains cautious about M-real's low
interest coverage, with the operating result excluding non-
recurring items not covering interest expenses.  Although
management has addressed liquidity issues with the issuance of a
EUR400-million bond in December 2006, the poor cash flow
generation leaves re-financing at risk.  Additional disposals of
cash flow generating assets may hamper a recovery of metrics
commensurate with a rating higher than B3.

The stable outlook balances the positive rating pressure on M-
real's B3 ratings that could develop from higher-than expected
price increases (more than 5% on average) on the one hand, with
the potential negative rating pressure that would result from a
moderate cooling off of the European economy, which would likely
result in a softening price environment, on the other hand.

To this extent, Moody's said that it expects moderate price
increases for M-real's main fine paper grades throughout 2007 as
a result of capacity reductions undertaken by most of the
largest companies which should currently begin to impact the
market; the continued benign economic environment should
underpin the ongoing moderate demand increase and further
support the expectation of modest price increases of low to mid
single digits.

Furthermore, any visibility of a more disciplined pricing
strategy of the industry could have a notable positive impact on
M-real's profitability and cash generation and therefore result
in a positive rating development.  However, while noticing the
company's internal restructuring efforts -- which appear at most
to cover cost inflation -- Moody's also notes that with its
weakened balance sheet M-real remains significantly exposed to
any softening in the economy and a resulting possible further
price decline.

Moody's added that the ratings continues to take into
consideration a supportive stance of its main shareholder,
Metsaliitto (unrated), although Metsaliitto's ability to provide
ongoing and significant financial support to M-real remains
difficult to assess given its cooperative shareholder structure
with limited access to new capital.

Downgrades:

   * M-real

     -- Corporate Family Rating, Downgraded to B3 from B2

     -- Senior Unsecured Medium-Term Note Program,
        Downgraded to B3 from B2

     -- Senior Unsecured Regular Bond/Debenture Due 2008,
        Downgraded to B3 from B2

     -- Senior Unsecured Regular Bond/Debenture Due 2007,
        Downgraded to B3 from B2;

     -- Senior Unsecured Regular Bond/Debenture Due 2008,
        Downgraded to B3 from B2;

     -- Senior Unsecured Regular Bond/Debenture Due 2008,
        Downgraded to B3 from B2;

     -- Senior Unsecured Regular Bond/Debenture Due 2009,
        Downgraded to B3 from B2;

     -- Senior Unsecured Regular Bond/Debenture Due 2010,
        Downgraded to B3 from B2;

     -- Senior Unsecured Regular Bond/Debenture Due 2008,   
        Downgraded to B3 from B2;

     -- Senior Unsecured Regular Bond/Debenture Due 2009,
        Downgraded to B3 from B2; and

     -- Senior Unsecured Regular Bond/Debenture Due 2013,
        Downgraded to B3 from B2.

   * Outlook Actions:

     -- Outlook, Changed To Stable From Negative

   * Metsa Group Financial Services Oy

     -- Senior Unsecured Medium-Term Note Program,
        Downgraded to B3 from B2

   * Outlook Actions:

     -- Outlook, Changed To Stable From Negative

M-real Oyj, based in Helsinki, Finland, is among Europe's
largest fine paper manufacturers.  For the fiscal year 2006 the
company generated revenues of EUR5.6 billion.


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


ALCATEL-LUCENT: Unveils 3G and Mobile TV Access in Germany
----------------------------------------------------------
Alcatel-Lucent demonstrating, for the first time in Germany,
seamless access on a single device to a selection of Mobile TV
channels delivered via either 3G or broadcast networks,
including German language channels RTL Mobile TV, National
Geographic Channel and Eurosport.

This demonstration, which is taking place in Alcatel-Lucent's
premises in Stuttgart in front of representatives from German
operators and TV broadcasters, is based on the new DVB-SH mobile
broadcast standard using the S-Band.

Thanks to Alcatel-Lucent's Mobile interactive TV solution, users
are also able to interact with the content of all the 3G and
broadcast Mobile TV channels available on the terminal.  This
achievement is opening the way to a truly interactive and
personalized Mobile TV experience for the mass market and to the
provisioning of new services offered as a complement to Mobile
TV such as voting, content downloading or mobile commerce.  
These features also enable the delivery of personalized
advertisements to mobile TV viewers.

For the first time in Germany, Alcatel-Lucent is also
demonstrating plain broadcast Mobile TV in the S-Band using
SAGEM myMobileTV handsets.

"Germany is a key market for the roll-out of mass market Mobile
TV in Europe," Olivier Coste, President of Alcatel-Lucent's
Mobile broadcast activities.  "Following the adoption during
3GSM of DVB-SH by DVB Project and the EC Decision on the use of
a harmonized 2.2 GHz spectrum for EU-wide hybrid Mobile TV
services, our Stuttgart's demonstration definitely positions
Alcatel-Lucent's Unlimited Mobile TV solution as a serious
option for all operators willing to deploy their Mobile TV
strategies in Europe."

Unique DVB-SH features allowing reception quality enhancement
under difficult and mobility conditions are demonstrated.  The
improved Mobile TV user experience made possible by these
features will allow operators to offer a universal high-quality
Mobile TV service that users are ready to pay for.

Alcatel-Lucent is committed to support service providers in
delivering a truly converged TV experience.  Alcatel-Lucent has
already established a leading position in interactive TV
services, and already enables TV, video and music services for
more than 110 fixed and mobile service providers around the
world.

Demonstrated DVB-SH technical features:

   -- Reception Antenna Diversity: a feature using two antennas
      inside the same mobile device, enabling improvements in
      the signal quality under difficult conditions;


   -- Improved Time Interleaving: a feature overcoming fading
      impairment, providing significant quality enhancement in
      mobility conditions.

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable  
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work and on the move.  The company has operations in
Indonesia.

On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

                          *     *     *

As of Feb. 7, 2007, Alcatel-Lucent's Long-Term Corporate Credit
rating and Senior Unsecured Debt carry Standard & Poor's BB
rating.  It's Short-Term Corporate Credit rating stands at B.

Moody's on the other hand put a Ba2 rating on Alcatel's
Corporate Family and Senior Debt rating.  Lucent carries Moody's
B1 Senior Debt rating and B2 Subordinated debt & trust preferred
rating.

Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured
Debt rating at BB.


ALCATEL-LUCENT: Names Christian Reinaudo as European Ops Chief
--------------------------------------------------------------
Alcatel-Lucent appointed Christian Reinaudo as the President of
the company's European activities.   He will also continue in
his current role as Integration Program Office leader and
Steering Council Member.  His new responsibility is effective
immediately.

In line with Alcatel-Lucent's business model, regional
presidents are responsible for customer relationships, achieving
sales, managing the overall sales process as well as the
regional operations.

Before his current role as Corporate Executive Vice-President in
charge of the Integration Program Office, Mr. Reinaudo led the
Alcatel Optics Group for four years and then led Alcatel's Asia
Pacific Operations for three years.  Christian Reinaudo has been
a member of the Alcatel Executive Committee since 2000.

Vin Molinaro, President of Europe for Alcatel-Lucent since
Dec. 1, 2006, has decided to leave the company for personal
reasons.

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable  
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work and on the move.  The company has operations in
Indonesia.

On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

                          *     *     *

As of Feb. 7, 2007, Alcatel-Lucent's Long-Term Corporate Credit
rating and Senior Unsecured Debt carry Standard & Poor's BB
rating.  It's Short-Term Corporate Credit rating stands at B.

Moody's on the other hand put a Ba2 rating on Alcatel's
Corporate Family and Senior Debt rating.  Lucent carries Moody's
B1 Senior Debt rating and B2 Subordinated debt & trust preferred
rating.

Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured
Debt rating at BB.


EUROTUNNEL GROUP: Balance Sheet Upside Down by GBP1.32 Billion
--------------------------------------------------------------
Eurotunnel Group released its financial results for the year
ended Dec. 31, 2006.

The group posted a GBP142.88 million net loss on GBP567.6 in
revenue for the year ended Dec. 31, 2006, compared with a
GBP1.97 billion net loss on GBP541.46 in revenue for the same
period in 2005.

At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25
billion in total assets, GBP6.56 billion in total liabilities
and GBP1.32 billion in shareholders' deficit.

                         Safeguard Plan

In 2006, Eurotunnel focused on restructuring the company's
operations and negotiating with creditors, initially to find a
consensual agreement and, from Aug. 2, 2006 onwards, in the
context of a safeguard procedure.  The Paris Commercial Court
approved Jan. 15, the safeguard plan put forward by company.

The Joint Board of Eurotunnel approved March 6, the accounts for
2005 and 2006, on the basis of the Safeguard Plan.

The Auditors and Commissaires aux Comptes certified the accounts
with matters of emphasis, notably regarding going concern.  This
depended on the full implementation of the safeguard plan and
upon the success of the Exchange Tender Offer.  If this will
fail, Eurotunnel may be placed in liquidation.

"These excellent operating results clearly show that it will
only be through the new company, Groupe Eurotunnel SA (GET SA),
created as a result of Safeguard and the ETO, relieved of more
than half of the current debt and with substantially reduced
financial charges, that we will finally be able to remove the
specter of bankruptcy which threatened Eurotunnel in 2005,"
Jacques Gounon, chairman and CEO of Eurotunnel disclosed.

A full-text copy of Eurotunnel's 2006 financial analysis and
summary accounts is available at no charge at
http://ResearchArchives.com/t/s?1b2e

About Eurotunnel

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a  
fleet of 25 shuttle trains, which carry cars, coaches and
trucks.  It manages the infrastructure of the Channel Tunnel and
receives toll revenues from train operating companies whose
trains pass through the Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

Eurotunnel Group files reports in the U.S. Securities and
Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK)
and Eurotunnel SA (ETTFF.PK).

Eurotunnel obtained Aug. 2 an order placing the channel operator
under the protection of the Court pursuant to the new safeguard
legislation (Procedure de sauvegarde).  At end of 2006, the
group's creditors and bondholder approved a plan to decrease its
GBP6.2 billion debt to GBP2.84 billion.

On Jan. 15, the Court approved Eurotunnel's safeguard plan,
backed by the court-appointed representatives to the company and
to the creditors.


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


AFP HYDRAULIK: Claims Registration Period Ends April 12
-------------------------------------------------------
Creditors of AFP Hydraulik GmbH have until April 12 to register
their claims with court-appointed insolvency manager Heinz
Pantaleon.

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

The meeting of creditors will be held at:

         The District Court of Freiburg
         Hall I
         Holzmarkt 2
         79098 Freiburg i.Br.
         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. Heinz Pantaleon
         LG-Fach 107
         Schillerstr. 2
         79102 Freiburg i. Br.
         Germany
         Tel: 0761/703900
         Fax: 0761/7039052

The District Court of Freiburg opened bankruptcy proceedings
against AFP Hydraulik GmbH on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         AFP Hydraulik GmbH
         Attn: Peter Lehmann, Manager
         Stockfeldstr. 5
         79336 Herbolzheim
         Germany


ALCATEL-LUCENT: Unveils 3G and Mobile TV Access in Germany
----------------------------------------------------------
Alcatel-Lucent demonstrating, for the first time in Germany,
seamless access on a single device to a selection of Mobile TV
channels delivered via either 3G or broadcast networks,
including German language channels RTL Mobile TV, National
Geographic Channel and Eurosport.

This demonstration, which is taking place in Alcatel-Lucent's
premises in Stuttgart in front of representatives from German
operators and TV broadcasters, is based on the new DVB-SH mobile
broadcast standard using the S-Band.

Thanks to Alcatel-Lucent's Mobile interactive TV solution, users
are also able to interact with the content of all the 3G and
broadcast Mobile TV channels available on the terminal.  This
achievement is opening the way to a truly interactive and
personalized Mobile TV experience for the mass market and to the
provisioning of new services offered as a complement to Mobile
TV such as voting, content downloading or mobile commerce.  
These features also enable the delivery of personalized
advertisements to mobile TV viewers.

For the first time in Germany, Alcatel-Lucent is also
demonstrating plain broadcast Mobile TV in the S-Band using
SAGEM myMobileTV handsets.

"Germany is a key market for the roll-out of mass market Mobile
TV in Europe," Olivier Coste, President of Alcatel-Lucent's
Mobile broadcast activities.  "Following the adoption during
3GSM of DVB-SH by DVB Project and the EC Decision on the use of
a harmonized 2.2 GHz spectrum for EU-wide hybrid Mobile TV
services, our Stuttgart's demonstration definitely positions
Alcatel-Lucent's Unlimited Mobile TV solution as a serious
option for all operators willing to deploy their Mobile TV
strategies in Europe."

Unique DVB-SH features allowing reception quality enhancement
under difficult and mobility conditions are demonstrated.  The
improved Mobile TV user experience made possible by these
features will allow operators to offer a universal high-quality
Mobile TV service that users are ready to pay for.

Alcatel-Lucent is committed to support service providers in
delivering a truly converged TV experience.  Alcatel-Lucent has
already established a leading position in interactive TV
services, and already enables TV, video and music services for
more than 110 fixed and mobile service providers around the
world.

Demonstrated DVB-SH technical features:

   -- Reception Antenna Diversity: a feature using two antennas
      inside the same mobile device, enabling improvements in
      the signal quality under difficult conditions;


   -- Improved Time Interleaving: a feature overcoming fading
      impairment, providing significant quality enhancement in
      mobility conditions.

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable  
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work and on the move.  The company has operations in
Indonesia.

On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

                          *     *     *

As of Feb. 7, 2007, Alcatel-Lucent's Long-Term Corporate Credit
rating and Senior Unsecured Debt carry Standard & Poor's BB
rating.  It's Short-Term Corporate Credit rating stands at B.

Moody's on the other hand put a Ba2 rating on Alcatel's
Corporate Family and Senior Debt rating.  Lucent carries Moody's
B1 Senior Debt rating and B2 Subordinated debt & trust preferred
rating.

Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured
Debt rating at BB.


ALTENBEUTHENER HEIZUNGS: Claims Registration Ends April 20
----------------------------------------------------------
Creditors of Altenbeuthener Heizungs- und Sanitar- technik GmbH
have until April 20 to register their claims with court-
appointed insolvency manager Peter Scholl.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.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 Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         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:

         Peter Scholl
         Grosse Alle 1A
         07407 Rudolstadt
         Germany

The District Court of Gera opened bankruptcy proceedings against
Altenbeuthener Heizungs- und Sanitar- technik GmbH on March 2.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Altenbeuthener Heizungs- und Sanitar- technik GmbH
         Attn: Carmen Wolfram, Manager
         Ortsstr. 24
         07338 Altenbeuthen
         Germany


ATZ AUTOTEILE: Claims Registration Period Ends May 4
----------------------------------------------------
Creditors of ATZ Autoteile- Zubehoer- Vertriebsgesellschaft mbH
have until May 4 to register their claims with court-appointed
insolvency manager Klaus Knetter.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Detmold
         Meeting Hall 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         Germany

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

The insolvency manager can be contacted at:

         Klaus Knetter
         Otto-Brenner-Str. 186
         33604 Bielefeld
         Germany

The District Court of Detmold opened bankruptcy proceedings
against ATZ Autoteile- Zubehoer- Vertriebsgesellschaft mbH on
March 5.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         ATZ Autoteile- Zubehoer- Vertriebsgesellschaft mbH
         Asemisser Allee 9
         33818 Leopoldshoehe-Asemissen
         Germany

         Attn: Hans-Friedrich Ernst, Manager
         Waterholz 46
         32791 Lage
         Germany


BAD TEAM: Claims Registration Period Ends April 3
-------------------------------------------------
Creditors of Bad Team Vertriebs GmbH have until April 3 to
register their claims with court-appointed insolvency manager
Alexander Hoepfner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Darmstadt
         Hall 4.307
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be contacted at:

         Dr. Alexander Hoepfner
         Darmstadter Str. 43
         64646 Heppenheim
         Germany
         Tel: 06252-6739988
         Fax: 06252-6739989

The District Court of Darmstadt opened bankruptcy proceedings
against Bad Team Vertriebs GmbH on March 5.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Bad Team Vertriebs GmbH
         Sandwiesenstrasse 37a
         64665 Alsbach
         Germany

         Attn: Matthias Siegler, Manager
         Europa-Ring 43C
         64589 Stockstadt
         Germany


BAUGESCHAFT MARIO: Claims Registration Period Ends April 17
-----------------------------------------------------------
Creditors of Baugeschaft Mario Piejde GmbH have until April 17
to register their claims with court-appointed insolvency manager
Detlef-Ruediger Beckmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be contacted at:

         Dr. Detlef-Ruediger Beckmann
         Lietzenburger Str. 77
         10719 Berlin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against Baugeschaft Mario Piejde GmbH on March 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Baugeschaft Mario Piejde GmbH
         Markt 1
         15345 Altlandsberg
         Germany


BWU PARTNER: Claims Registration Period Ends April 18
-----------------------------------------------------
Creditors of BWU Partner der Grossverbraucher Nahrung und Genuss
GmbH have until April 18 to register their claims with court-
appointed insolvency manager Andreas von Roemer.

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

The meeting of creditors will be held at:

         The District Court of Wiesbaden
         Hall E 36 a
         Third Floor
         Building E
         Moritzstrasse 5
         65185 Wiesbaden
         Germany

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

The insolvency manager can be contacted at:

         Andreas von Roemer
         c/o BGP Insolvenzverwaltungen
         Taunusstrasse 7a
         65183 Wiesbaden
         Germany
         Tel: 0611-180 89 100
         Fax: 0611-180 89 189
         E-mail: mail@bgp-insol.de
         Web site: http://www.bgp-insol.de/

The District Court of Wiesbaden opened bankruptcy proceedings
against BWU Partner der Grossverbraucher Nahrung und Genuss GmbH
on March 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         BWU Partner der Grossverbraucher Nahrung
         und Genuss GmbH
         Siemensstr. 7
         65205 Wiesbaden
         Germany

         Attn: Bernhard Wagner, Manager
         Oberpfortstr. 9
         65205 Wiesbaden
         Germany


DAIMLERCHRYSLER AG: Workers Opt for More Jobs Over Pay Cuts
-----------------------------------------------------------
Workers at a DaimlerChrysler AG plant in Ontario, Canada, agreed
to a CDN5,000 pay cut in exchange for a CDN700 million
investment by Chrysler Group, Rick Eglinton writes for Toronto
Star.

Bob Chernecki, assistant to Canadian Auto Workers president Buzz
Hargrove, told The Star that Chrysler's investment would allow
the plant to produce more variety of vehicles, which would
subsequently ensure the plant's competitiveness in a volatile
market.

Majority of workers in the Brampton plant, representing 78
percent of CAW production employees and 95 percent of skilled
trades members, agreed on March 11 to give up a paid premium
that amounts to about 48 minutes a day, which is roughly CDN125
a week, Joe Schneider of Bloomberg News says.  This would come
into effect when the new investment is put into the Brampton
plant, The Star adds.  About 4,200 workers of the Brampton plant
are currently receiving an average pay of between CDN30 to CDN35
an hour.  

The concessions, Bloomberg relates, would save DaimlerChrysler
between CDN25 million and CDN30 million annually.

Aside from the elimination of shift premiums, the concessions
would also allow for:

   -- the outsourcing of 44 janitorial staff; and

   -- the outsourcing of work done by lift- truck and mobile
      equipment repair workers.

Chrysler earlier disclosed plans to introduce the full-sized
Chrysler Imperial before 2017.  The plan is to make the Brampton
assembly plant a flexible factory, capable of building four or
five models at the same time, The Star relates.

The Chrysler plant in Brampton aims to begin production of the
new Challenger muscle car in June in addition to its current
load building the Chrysler 300 sedan, Dodge Magnum wagon and
Charger.

DaimlerChrysler has scheduled a March 14 board meeting to
determine whether to proceed with the upgrade at the Brampton
plant.

                    About DaimlerChrysler

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

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

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

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

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


DAIMLERCHRYSLER: Chrysler Feb. Sales Outside North America Up 9%
----------------------------------------------------------------
Chrysler Group celebrated 21 consecutive months of sales
increases outside North America, as February closed with 9%
growth (15,194 units) over the same month in 2006.  Year-to-
date, sales grew 10% over 2006, with much of the increase coming
from higher sales in Europe and Asia.

The Dodge Caliber was the top-selling Chrysler Group vehicle
outside North America year-to-date (4,834units), and continued
to be the Chrysler Group sales leader in Western Europe, the
largest-volume region.  Dodge brand sales led Chrysler Group's
expansion efforts in international markets with sales up 278%.

"The global success of Dodge Caliber shows us that there is a
significant group of customers in European and international
markets who are attracted to the bold and unique characteristics
of the Dodge brand," Chrysler Group Executive Director for
International Sales and Marketing Thomas Hausch said.  "And we
have more to come; later this year, the Dodge Nitro and Avenger
will be available to customers all over the world."

For the month, Chrysler 300C led the product lineup in terms of
both sales and overall growth with 2,629 units sold and a 57%
increase.  Local production of the Chrysler 300C began at the
end of last year in Beijing; and in February, the vehicle
outsold any other Chrysler Group vehicle in the Chinese market
by more than five times.  Growth in the Asia Pacific region as a
whole was up 26% for the month.

Italy remained the company's largest volume market with sales up
2% and 3,363 units sold so far in 2007.  It is followed by
Germany, which has seen double-digit growth of 13% in 2007, and
a total of 2,372 units sold.

"The positive sales trend that we're seeing in these markets is
showing that our vehicles, dealer network and marketing efforts
are appealing to new customers.  A direct result is increased
profitability; 2006 was the most profitable year ever for
Chrysler Group's International operations," Mr. Hausch said.

"We have a strong dealer network in place with the right
products in the market, and more on the way, to sustain this
growth.  And in the fast-growing markets, we are reaching out to
new dealers to increase our network and ensure that the customer
experience there is a positive one as well, in addition to
increasing brand awareness and loyalty."

Expansion and sales growth in international markets has been a
strategic goal for the Chrysler Group in recent years.  As an
example of commitment to this effort, last month the company
announced that the Dodge brand will join Chrysler and Jeep(R)
vehicles for sale in China.  Starting this year, all three
Chrysler Group brands will be sold there for the first time
ever, laying the foundation for future growth and continued
expansion outside North America.

Chrysler Group sells and services vehicles in more than
125 countries around the world, and Chrysler Group sales outside
North America currently account for approximately 8% of the
company's total global sales.  Vehicles available range across
all three Chrysler Group brands, with limited availability on
some trucks and SUV models.  The company's operations outside
North America have been experiencing year-over-year sales
increases since 2004, and will continue to increase the number
of product offerings, powertrain options and RHD availability
through 2007.

                       About DaimlerChrysler

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

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

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

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

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


DAIMLERCHRYSLER AG: Chrysler Group to Recall Over 489,000 Units
---------------------------------------------------------------
Chrysler Group, DaimlerChrysler AG's U.S. arm, disclosed Friday
that it would recall over 489,000 vehicles, Reuters reports.

Reuters relates that this is the second recall action done by
Chrysler.  It had previously recalled almost 51,000 vehicles to
reprogram software for anti-lock brakes in late February.

Chrysler will recall:

    * 328,424 Durango SUVs, which covers 2004 to 2006 models,
      citing the risk of overheating linked to an integrated
      circuit in the instrument cluster of the vehicles;

    * 10,994 2008 model Dodge Avenger sedans due to problems
      with the door latches; and

    * 149,605 Jeep Liberty vehicles, 2006 and 2007 model-year,
      because of a problem with the blower motor in the air-
      conditioning system.

Reuters relates that aside from the direct expense involved in a
vehicle recall, the move could also damage the brand's longer-
term reputation for reliability.

                      About DaimlerChrysler

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

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

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

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

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


EDLER GMBH: Claims Registration Period Ends April 11
----------------------------------------------------
Creditors of Edler GmbH have until April 11 to register their
claims with court-appointed insolvency manager Uwe Kuhmann.

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 Hagen
         Hall 259
         Second Floor
         Heinitzstrasse 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 contacted at:

         Uwe Kuhmann
         Hochstr. 124
         58095 Hagen
         Germany

The District Court of Hagen opened bankruptcy proceedings
against Edler GmbH on March 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Edler GmbH
         Schottlandstr. 9
         58675 Hemer
         Germany

         Attn: Rolf and Lothar Edler, Managers
         Felsenmeerstr. 33
         58675 Hemer
         Germany


EURUS LTD: S&P Rates US$150-Mln Variable-Rate Notes at BB
---------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch with
negative implications and affirmed its 'BB' senior secured debt
rating on the US$150 million principal at-risk variable-rate
notes issued by Eurus Ltd.

The notes were placed on CreditWatch negative on Feb. 8,
following Hannover Rueckversicherung AG's request to determine
if windstorm Kyrill was a covered event and whether the
windstorm index value exceeded the notes' attachment point of
623.43.
  
EQECAT, Inc., the calculation agent for the transaction,
performed an event calculation as per the offering circular.  In
line with Standard & Poor's expectations, EQECAT reported that
Kyrill was a covered event, but that the index value was well
below the attachment point of the notes.  Therefore, there will
be no reduction in principal.


FB FASSADEN: Creditors' Meeting Slated for April 24
---------------------------------------------------
The court-appointed insolvency manager for FB Fassaden- und
Beschichtungssysteme Berlin GmbH, Christoph Rosenmueller, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 8:45 a.m. on April 24.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:05 a.m. on July 21, at the same venue.

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

The insolvency manager can be reached at:

         Christoph Rosenmueller
         Berliner Str. 117
         10713 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against FB Fassaden- und Beschichtungssysteme Berlin
GmbH on March 1.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         FB Fassaden- und Beschichtungssysteme Berlin GmbH
         Eichborndamm 129 -139
         13403 Berlin
         Germany


GAS-VERTRIEBS: Claims Registration Period Ends April 24
-------------------------------------------------------
Creditors of Gas-Vertriebs GmbH Kranisch have until April 24 to
register their claims with court-appointed insolvency manager
Stefan Ebeling.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 24, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Wolfsburg
         Hall D
         Rothenfelder Strasse 42
         38440 Wolfsburg
         Germany

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

The insolvency manager can be contacted at:

         Stefan Ebeling
         Kurt-Schumacher-Strasse 21
         38102 Braunschweig
         Germany
         Tel: 0531/24368-26
         Fax: 0531/24368-326
         E-mail: info@ra-sp.de

The District Court of Wolfsburg opened bankruptcy proceedings
against Gas-Vertriebs GmbH Kranisch on March 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Gas-Vertriebs GmbH Kranisch
         Heinrichswinkel 5
         38448 Wolfsburg
         Germany

         Attn: Ruediger Richert, Manager
         Fuchsanger 14
         31135 Hildesheim
         Germany


GEBA FACILITY: Claims Registration Period Ends April 12
-------------------------------------------------------
Creditors of GeBa Facility GmbH have until April 12 to register
their claims with court-appointed insolvency manager Martin
Benzing.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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
         Hall 181
         First 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 contacted at:

         Martin Benzing
         Charlottenstr. 29
         70182 Stuttgart
         Germany
         Tel: 0711/2489080

The District Court of Stuttgart opened bankruptcy proceedings
against GeBa Facility GmbH on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         GeBa Facility GmbH
         Julius-Hoelder-Str. 29 c
         70597 Stuttgart
         Germany


GELLERMANN GMBH: Creditors' Meeting Slated for April 12
-------------------------------------------------------
The court-appointed insolvency manager for Gellermann GmbH
Gueternah- u Fernverkehr, Thomas Kehe, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:00 a.m. on April 12.

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

         The District Court of Goettingen
         Hall B8
         Berliner Strasse 8
         37073 Goettingen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on May 24 at the same venue.

Creditors have until April 27 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Thomas Kehe
         Braunschweiger Str. 15 a
         38723 Seesen
         Germany
         Tel: 05381/93560
         Fax: 05381/935644

The District Court of Goettingen opened bankruptcy proceedings
against Gellermann GmbH Gueternah- u Fernverkehr on March 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Gellermann GmbH Gueternah- u Fernverkehr
         Silotransporte, Spedition
         Baustoffhandel
         Grimsehlstr. 42
         37574 Einbeck
         Germany


GERSOM GMBH: Claims Registration Ends April 13
----------------------------------------------
Creditors of GERSOM GmbH have until April 13 to register their
claims with court-appointed insolvency manager Dieter Pampfer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         Germany

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

The insolvency manager can be reached at:

         Dieter Pampfer
         Pricker Str. 8
         52146 Wuerselen
         Germany
         Tel: 02405/48910
         Fax: 02405/489116

The District Court of Aachen opened bankruptcy proceedings
against GERSOM GmbH on March 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         GERSOM GmbH
         August-Thyssen-Str. 2
         52511 Geilenkirchen
         Germany


KUTSCHER GMBH: Claims Registration Ends March 26
------------------------------------------------
Creditors of Kutscher GmbH have until March 26 to register their
claims with court-appointed insolvency manager Dr. Hubert
Ampferl.

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 Amberg
         Room 115
         Meeting Hall V
         First Stock
         Baustadelgasse 1
         Amberg
         Germany

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

The insolvency manager can be reached at:

         Dr. Hubert Ampferl
         Stahlstr. 17
         90411 Nuernberg
         Germany
         Tel: 0911/951 285-0
         Fax: 0911/951 285-10

The District Court of Amberg opened bankruptcy proceedings
against Kutscher GmbH on March 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Kutscher GmbH
         Amberger Str. 22
         92521 Schwarzenfeld
         Germany


LIPPE-LOGISTIK GMBH: Claims Registration Ends April 15
------------------------------------------------------
Creditors of Lippe-Logistik GmbH & Co. KG have until April 15 to
register their claims with court-appointed insolvency manager
Matthias Landwehr.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 8, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         Germany

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

The insolvency manager can be reached at:

         Matthias Landwehr
         Gerichtsstr. 12
         32791 Lage
         Germany

The District Court of Detmold opened bankruptcy proceedings
against Lippe-Logistik GmbH & Co. KG on March 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Lippe-Logistik GmbH & Co. KG
         Massbrucher Weg 25
         32657 Lemgo
         Germany


MALEREIBETRIEB MENZEL: Claims Registration Ends April 19
--------------------------------------------------------
Creditors of Malereibetrieb Menzel GmbH have until April 19 to
register their claims with court-appointed insolvency manager
Stephan Heinrichsmeyer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on May 10, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Stephan Heinrichsmeyer
         Spiekergasse 6-8
         33330 Guetersloh
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against Malereibetrieb Menzel GmbH on March 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Malereibetrieb Menzel GmbH
         Weissdornweg 29
         59192 Bergkamen
         Germany


OLEJNIK BAU: Claims Registration Ends April 23
----------------------------------------------
Creditors of Olejnik Bau GmbH have until April 23 to register
their claims with court-appointed insolvency manager Volker
Heynck.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on May 14, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 101 B
         First Floor
         Gerichtsstr. 2-6
         48149 Muenster
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Volker Heynck
         Bocholter Str. 48
         46325 Borken
         Germany
         Tel: 02861/902787-0
         Fax: +49286190278799

The District Court of Muenster opened bankruptcy proceedings
against Olejnik Bau GmbH on March 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Olejnik Bau GmbH
         Attn: Hans-Juergen Olejnik, Manager
         Lohauser Esch 25
         46359 Heiden
         Germany

      
OLLENSTAEDT PROJECT: Claims Registration Ends April 12
------------------------------------------------------
Creditors of Ollenstaedt project GmbH have until April 12 to
register their claims with court-appointed insolvency manager
Axel Schwentker.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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
         Hall C315
         Third Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be reached at:

         Axel Schwentker
         Lindnerstrasse 165
         46149 Oberhausen
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against Ollenstaedt project GmbH on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Ollenstaedt project GmbH
         Goethestr.95
         46535 Dinslaken
         Germany

         Attn: Holger Welting, Manager
         Bahnhofstr.26
         47589 Uedem
         Germany


PLASTIKPRODUKTE HANDEWITT: Claims Registration Ends April 16
------------------------------------------------------------
Creditors of Plastikprodukte Handewitt Handelsgesellschaft mbH
have until April 16 to register their claims with court-
appointed insolvency manager Ygglev Stintzing.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 2, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Flensburg
         Hall A 220
         Flensburg
         Germany

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

The insolvency manager can be reached at:

         Ygglev Stintzing
         Rathausstrasse 1
         24937 Flensburg
         Germany

The District Court of Flensburg opened bankruptcy proceedings
against Plastikprodukte Handewitt Handelsgesellschaft mbH on
March 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Plastikprodukte Handewitt Handelsgesellschaft mbH
         Attn: Herrn Karsten Bjerg Norgaard, Manager
         Gewerbepark 28
         24983 Handewitt
         Germany


PROJEKTBAUGESELLSCHAFT ZS: Claims Registration Ends March 30
------------------------------------------------------------
Creditors of Projektbaugesellschaft ZS mbH have until March 30
to register their claims with court-appointed insolvency manager
Ottmar Hermann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 2, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Ottmar Hermann
         Bleichstr. 2-4
         60313 Frankfurt a. Main
         Germany
         Tel: (069) 9130920.

The District Court of Karlsruhe opened bankruptcy proceedings
against Projektbaugesellschaft ZS mbH on March 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Projektbaugesellschaft ZS mbh
         Wiesenweg 6
         71696 Moeglingen
         Germany


RHEIN-RUHR GEBAUDEREINIGUNGS: Claims Registration Ends April 23
---------------------------------------------------------------
Creditors of Rhein-Ruhr Gebaudereinigungs- GmbH have until
April 23 to register their claims with court-appointed
insolvency manager Dr. Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 8:55 a.m. on May 14, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Third Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany     
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Winfrid Andres
         Neuer Zollhof 3
         40221 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Rhein-Ruhr Gebaudereinigungs- GmbH on March 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Rhein-Ruhr Gebaudereinigungs- GmbH
         Reisholzer Werftstr. 68
         40589 Duesseldorf
         Germany

         Attn: Wolfgang Thoene, Manager
         Dreifaltigkeitsstr. 11 c
         40625 Duesseldorf
         Germany


SCHAFER CONTROL: Creditors Must Register Claims by April 13
-----------------------------------------------------------
Creditors of Schafer control GmbH have until April 13 to
register their claims with court-appointed insolvency manager
Fritz Westhelle.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.m. on April 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kassel
         Hall 234
         Friedrichsstrasse 32-34
         34117 Kassel
         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:

         Fritz Westhelle
         Wilhelmshoeher Allee 270
         34131 Kassel
         Germany
         Tel: 0561/3166311
         Fax: 0561/3166312

The District Court of Kassel opened bankruptcy proceedings
against Schafer control GmbH on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Schafer control GmbH
         Muendener Strasse 9
         34233 Fuldatal
         Germany


SCHULZ UND SCHULZ: Creditors Must Register Claims by May 2
----------------------------------------------------------
Creditors of Schulz und Schulz Transport und Logistik GmbH have
until May 2 to register their claims with court-appointed
insolvency manager Michael Krause.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on June 1, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Michael Krause
         Putlitzer Strasse 30
         16928 Pritzwalk
         Germany

The District Court of Neuruppin opened bankruptcy proceedings
against Schulz und Schulz Transport und Logistik GmbH on
March 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Schulz und Schulz Transport und Logistik GmbH
         Bad Wilsnacker Str. 48
         19322 Wittenberge
         Germany


SCHYMIK PERSONALDIENSTLEISTUNGEN: Creditors' Claims Due April 25
----------------------------------------------------------------
Creditors of Schymik Personaldienstleistungen GmbH have until
April 25 to register their claims with court-appointed
insolvency manager Sven-Holger Undritz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on May 25, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Sven-Holger Undritz
         Jungfernstieg 51
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Schymik Personaldienstleistungen GmbH on March 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Schymik Personaldienstleistungen GmbH
         Billbrookdeich 215
         22113 Hamburg
         Germany


STAR4YOU GMBH: Creditors Must Register Claims by April 24
---------------------------------------------------------
Creditors of star4you GmbH have until April 24 to register their
claims with court-appointed insolvency manager Achim Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on May 24, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Achim Ahrendt
         Albert-Einstein-Ring 11/15
         22761 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against star4you GmbH on March 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         star4you GmbH
         Neuer Pferdemarkt 16
         20357 Hamburg
         Germany


TAG SCHROERS: Creditors Must Register Claims by May 5
-----------------------------------------------------
Creditors of TAG Schroers & Co. Verwaltungsgesellschaft mbH have
until May 5 to register their claims with court-appointed
insolvency manager Eberhard Stock.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Krefeld
         Meeting Hall H 131
         First Floor         
         Nordwall 131
         47798 Krefeld
         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:

         Eberhard Stock
         Wilhelmshofallee 75
         47800 Krefeld
         Germany

The District Court of Krefeld opened bankruptcy proceedings
against TAG Schroers & Co. Verwaltungsgesellschaft mbH on
Feb. 27.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         TAG Schroers & Co. Verwaltungsgesellschaft mbH
         Gladbacher Str. 465
         47805 Krefeld
         Germany

         Attn: Juergen Karl Farrenkopf
         Salierweg 16
         52351 Dueren
         Germany


TEPE IM: Claims Registration Ends April 23
------------------------------------------
Creditors of TEPE Im- und Export GmbH have until April 23 to
register their claims with court-appointed insolvency manager
Jens Hamdorf.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Norderstedt
         Hall B
         Rathausallee 80
         22846 Norderstedt
         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:

         Jens Hamdorf
         Hallerstrasse 76
         20146 Hamburg
         Germany

The District Court of Norderstedt opened bankruptcy proceedings
against TEPE Im- und Export GmbH on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         TEPE Im- und Export GmbH
         Carl-Zeiss-Strasse 4
         24568 Kaltenkirchen
         Germany

         Attn: Thomas Tepe, Manager
         Etzberg 33
         24629 Kisdorf
         Germany


TIEFBAU GMBH: Claims Registration Ends April 9
----------------------------------------------
Creditors of Tiefbau GmbH have until April 9 to register their
claims with court-appointed insolvency manager Ferdinand
Kiessner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Baden-Baden
         Hall 009a
         Ground Floor
         Gutenbergstr. 17
         76532 Baden-Baden
         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. Ferdinand Kiessner
         Eisenbahnstr. 19-23
         77855 Achern
         Germany

The District Court of Baden-Baden opened bankruptcy proceedings
against Tiefbau GmbH on March 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Tiefbau GmbH
         Attn: Klaus Feuser, Manager
         In den Lissen 26
         76547 Sinzheim
         Germany


TIMELESS BUERO: Claims Registration Ends April 9
------------------------------------------------
Creditors of Timeless Buero und EDV Handelsgesellschaft mbH have
until April 9 to register their claims with court-appointed
insolvency manager Rolf Otto Neukirchen.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Rolf Otto Neukirchen
         Zweigertstr. 28-30
         45130 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against Timeless Buero und EDV Handelsgesellschaft mbH on
March 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Timeless Buero und EDV Handelsgesellschaft mbH
         Lortzingstr. 47
         46282 Dorsten
         Germany

         Attn: Marek Rozkoszny, Manager
         Ruhrstr. 145
         44869 Bochum
         Germany


TISCHLEREI & BESTATTUNGEN: Claims Registration Ends April 24
------------------------------------------------------------
Creditors of Tischlerei & Bestattungen GmbH have until April 24
to register their claims with court-appointed insolvency manager
Anett Fuchs.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on May 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Muehlhausen
         Room 91
         Untermarkt 17
         Muehlhausen
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Anett Fuchs
         Untermarkt 12
         99974 Muehlhausen
         Germany

The District Court of Muehlhausen opened bankruptcy proceedings
against Tischlerei & Bestattungen GmbH on Feb. 28.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Tischlerei & Bestattungen GmbH
         Attn: Gerald Thomas Graul, Manager
         Trankestrasse 01
         37339 Brehme
         Germany


TROCKENBAU WAIBLINGEN: Claims Registration Ends March 30
--------------------------------------------------------
Creditors of Trockenbau Waiblingen Verwaltungs GmbH have until
March 30 to register their claims with court-appointed
insolvency manager Wolfgang Hauser.

Creditors and other interested parties are encouraged to attend
the meeting at noon 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
         Hall 4
         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:

         Wolfgang Hauser
         Moehringer Landstr. 5
         70563 Stuttgart
         Germany
         Tel: 0711/90 13 420
         Fax: 0711/90 13 41 99

The District Court of Stuttgart opened bankruptcy proceedings
against Trockenbau Waiblingen Verwaltungs GmbH on March 2.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Trockenbau Waiblingen Verwaltungs GmbH
         Attn: Hartmut Konz, Manager
         Schuettelgrabenring 14
         71332 Waiblingen
         Germany


TVT DIGITALE: Claims Registration Period Ends April 10
------------------------------------------------------
Creditors of TVT Digitale Film & Video Postproduktion GmbH have
until April 10 to register their claims with court-appointed
insolvency manager Dr. Holger Lessing.

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

The meeting of creditors will be held at:

         The District Court of Frankfurt/Main
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt/Main
         Germany    
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Holger Lessing
         Hanauer Landstrasse 287-289
         D 60314 Frankfurt am Main
         Germany
         Tel: 069/15051300
         Fax: 069/15051400

The District Court of Frankfurt am Main opened bankruptcy
proceedings against TVT Digitale Film & Video Postproduktion
GmbH on March 1.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         TVT Digitale Film & Video Postproduktion GmbH
         Attn: Christel Brunn, Manager
         Hamburger Allee 45
         60486 Frankfurt am Main
         Germany


USCHOLD GMBH: Claims Registration Period Ends April 27
------------------------------------------------------
Creditors of Uschold GmbH have until April 27 to register their
claims with court-appointed insolvency manager Dr. Harald
Schwartz.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.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 Amberg
         Room 115
         Meeting Hall V
         First Stock
         Baustadelgasse 1
         Amberg
         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. Harald Schwartz
         Waisenhausgasse 3 - 4
         92224 Amberg
         Germany
         Tel: 09621/911 00
         Fax: 09621/911 022

The District Court of Amberg opened bankruptcy proceedings
against Uschold GmbH on March 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Uschold GmbH & Co. KG
         Johannes-Gutenberg-Str. 4
         92245 Kuemmersbruck
         Germany


VETTER HOCH: Claims Registration Period Ends April 9
----------------------------------------------------
Creditors of Vetter Hoch- u. Tiefbau GmbH have until April 9 to
register their claims with court-appointed insolvency manager
Dr. Ferdinand Kiessner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Baden-Baden
         Hall 009a
         Ground Floor
         Gutenbergstr. 17
         76532 Baden-Baden
         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. Ferdinand Kiessner
         Eisenbahnstr. 19-23
         77855 Achern
         Germany

The District Court of Baden-Baden opened bankruptcy proceedings
against Vetter Hoch- u. Tiefbau GmbH on March 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Vetter Hoch- u. Tiefbau GmbH
         Attn: Klaus Feuser, Manager
         In den Lissen 26
         76547 Sinzheim
         Germany


VIETORIS & KRECHER: Claims Registration Period Ends April 5
-----------------------------------------------------------
Creditors of Vietoris & Krecher GmbH have until April 5 to
register their claims with court-appointed insolvency manager
Wilhelm Klaas.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on April 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kleve
         Meeting Hall C 58
         Ground Floor
         Schlossberg 1
         47533 Kleve
         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:

         Wilhelm Klaas
         Eichendorffstrasse 25
         47800 Krefeld
         Germany
         Tel: 02151/80580
         Fax: 02151/805858

The District Court of Kleve opened bankruptcy proceedings
against Vietoris & Krecher GmbH on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Vietoris & Krecher GmbH
         Attn: Lutz Vietoris
         An der Neuweide 14
         47495 Rheinberg
         Germany


WFK COMFORTHAUS: Claims Registration Period Ends April 19
---------------------------------------------------------
Creditors of WFK Comforthaus GmbH have until April 19 to
register their claims with court-appointed insolvency manager
Hartmut H. Mitze.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 31, 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 Fritzlar
         Meeting Room Area 15
         Building A
         Schladenweg 1
         34560 Fritzlar
         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:

         Hartmut H. Mitze
         Jahnstrasse 18
         35066 Frankenberg
         Germany
         Tel: 06451-7191922
         Fax: 06451-7191921

The District Court of Fritzlar opened bankruptcy proceedings
against WFK Comforthaus GmbH on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         WFK Comforthaus GmbH
         Attn: Dieter Goehlich, Manager
         Ludwig-Mohr-Str. 1
         34576 Homberg
         Germany


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


FIAT SPA: Sets Aside Plans to Issue Eurobond
--------------------------------------------
Fiat S.p.A. postponed plans to issue bonds until conditions in
the financial markets are better, reports say.  Fiat wants to
avoid higher yields that would make an issue more expensive.    

"We haven't stopped the bond issue, but we have suspended it,"
Chief Executive Officer Sergio Marchionne was quoted by AFX News
Ltd. as saying.

"We have decided to stay on the sidelines until the market
becomes rational again," Mr. Marchionne added.

Fiat announced Feb. 27 its intention to offer a benchmark
Eurobond for EUR750 million to EUR1 billion.  The notes will be
issued by Fiat Finance North America, Inc., Fiat's wholly owned
subsidiary, under the Global Medium Term Note Program and will
be guaranteed by Fiat.

Mr. Marchionne said the company would not wait for its credit
rating to increase before launching the bond, AFX relates.

                      About Fiat S.p.A.

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

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                        *     *     *

Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Italian industrial group Fiat S.p.A.
to 'BB' from 'BB-'.  At the same time, Standard & Poor's
affirmed its 'B' short-term rating on Fiat.  S&P said the
outlook is stable.

Fitch Ratings changed Fiat S.p.A.'s Outlook to Positive from
Stable.  Its Issuer Default rating and senior unsecured rating
are affirmed at BB-.  The Short-term rating is affirmed at B.
Around EUR6 billion of debt is affected by this rating action.

The Troubled Company Reporter - Asia Pacific reported that
Moody's Investors Service changed the outlook on Fiat SpA's Ba3
Corporate Family Rating to positive from stable and affirmed the
long-term senior unsecured ratings as well as the short-term
non-Prime rating.


POPOLARE ITALIANA: Shareholders OK EUR8.2-Bln Merger with BPVN
--------------------------------------------------------------
Shareholders of Banca Popolare Italiana Scrl and Banco Popolare
di Verona e Novara Scrl have approved the proposed merger
between the firms, published reports say.

According to Bloomberg News, over 90% of the shareholders
present at the company's meeting in Lodi, Italy, accepted BPVN's
EUR8.2-billion acquisition offer.  BPVN's owners also voted for
the transaction.

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

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

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

The merged company will be called Banco Popolare and will
concentrate on savings and loans in the Veneto, Lombardy and
Sicily regions, The Associated Press reports.  As previously
reported in TCR-Europe, the merger will generate annual pretax
synergies of EUR500 million starting 2010, but integration costs
will reach an overall EUR300 million before tax.  The merged
group will have a market capitalization of EUR15.5 billion,
2,183 branches and more than 2.4 million clients.

The companies forecasted an 18.9% hike in operating profit in
2006-2010 and a 45% cost-to-income in 2010.  The payout ratio
will be around 50% in 2010.

Italian banks participated in a record US$85 billion of mergers
in 2006, with three foreign banks acquiring mid-sized Italian
banks and domestic rivals combined to cut costs.  BPI,
meanwhile, had been pressured by the Bank of Italy to consider a
merger following a EUR744-million net loss in 2005.

Since then, BPI received takeover offers from foreign lenders in
2006 before requesting bids from four regional competitors in an
auction.

                 About Banco Popolare di Verona

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

                  About Banca Popolare Italiana

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

                        *     *     *

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

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


POPOLARE ITALIANA: Eyes Merging Stakes in Other Biz with BPVN
-------------------------------------------------------------
Banca Popolare Italiana Scrl and Banco Popolare di Verona e
Novara Scrl plan to consolidate their consumer-credit interests
and sell shares in a new unit, Bloomberg News reports.

The firm's plan, however, needs the backing of their other
partners in those businesses, Franco Baronio, BPI's General
Manager was cited by Bloomberg News as saying.  Mr. Baronio said
the companies would immediately proceed with the plan if
shareholders approve it.

Shareholders of BPI and BPVN recently approved the proposed
merger between the firms, published reports say.

The merged company will be called Banco Popolare and will
concentrate on savings and loans in the Veneto, Lombardy and
Sicily regions, The Associated Press reports.  As previously
reported in TCR-Europe, the merger will generate annual pretax
synergies of EUR500 million starting 2010, but integration costs
will reach an overall EUR300 million before tax.  The merged
group will have a market capitalization of EUR15.5 billion,
2,183 branches and more than 2.4 million clients.

                 About Banco Popolare di Verona

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

                  About Banca Popolare Italiana

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

                        *     *     *

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

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


WARNER MUSIC: Board Declares US$0.13 Per Share Dividend
-------------------------------------------------------
Warner Music Group Corp.'s board of directors declared a regular
quarterly dividend of US$0.13 per share of common stock,
representing an aggregate quarterly dividend of approximately
US$19.4 million (based on outstanding shares of 149,389,412.787
as of Feb. 6, 2007).  The dividend is payable April 27, 2007, to
stockholders of record as of the close of business March 28.

The company previously intends to pay regular quarterly
dividends on its common stock outstanding in an amount not to
exceed US$80 million per year.  The board will evaluate whether
to pay a dividend on a quarterly basis and will base its
decisions on, among other things, our results of operations,
cash requirements, financial condition, contractual restrictions
and other factors the Board of Directors may deem relevant.

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

                           *     *     *

Standard & Poor's Ratings Services raised its long-term
corporate credit and senior secured ratings on Warner Music
Group Corp. to 'BB-' from 'B+'.  At the same time, Standard &
Poor's raised its senior subordinated debt rating on WMG to 'B'
from 'B-', two notches below the 'BB-' corporate credit rating.  
S&P said the outlook is stable.

Warner Music Group Corp. carries Fitch Ratings' BB- issuer
default rating assigned in May 2006.


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


BEREKE LLP: Creditors Must File Claims by April 13
--------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region has declared LLP Bereke insolvent.

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

         Tax Committee on South Kazakhstan Region
         Shymkent
         South Kazakhstan Region
         Kazakhstan


COMPANY TECHNOPLAST: Creditors' Claims Due April 20
---------------------------------------------------
LLP Company Technoplast has declared insolvency.  Creditors have
until April 20 to submit written proofs of claim to:

         LLP Company Technoplast
         Micro District "Muhamedjanova", 6-54
         Balhash
         Karaganda
         Kazakhstan
         Tel: 8 (31036) 5-23-27


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

         LLP Dorstroyplast
         Micro District 4, 14-30
         Almaty
         Kazakhstan


KAGANAT LLP: Claims Registration Ends April 20
----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Kaganat insolvent.

Creditors have until April 20 to submit written proofs of claim
to:

         The Specialized Inter-Regional Economic Court of Almaty
         Micro District "Musheltoi", 37a-21
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 701 268 92-77


KARLYGASH LLP: Claims Filing Period Ends April 13
-------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region has declared LLP Karlygash insolvent.

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

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


NADEJDA LLP: Creditors Must File Claims by April 6
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Hope-Impex Nadejda 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


PARTNER-SERVICE LLP: Creditors' Claims Due April 13
---------------------------------------------------
LLP Partner-Service has declared insolvency.  Creditors have
until April 13 to submit written proofs of claim to:

         LLP Partner-Service
         Micro District "Stepnoi-4", 27-14
         Karaganda
         Kazakhstan


STR-TRADE LLP: Proof of Claim Deadline Slated for April 20
----------------------------------------------------------
LLP Str-Trade has declared insolvency.  Creditors have until
April 20 to submit written proofs of claim to:

         LLP Str-Trade
         Abai Ave. 44
         Almaty
         Kazakhstan


TRIZATRADETEKS LLP: Claims Registration Ends April 6
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Trizatradeteks 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


ZAMAN-CENTRE LLP: Claims Filing Period Ends April 20
----------------------------------------------------
LLP Zaman-Centre has declared insolvency.  Creditors have until
April 20 to submit written proofs of claim to:

         LLP Zaman-Centre
         Satpaev Str. 156/1-311
         Pavlodar
         Kazakhstan


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


AKTSETRADE LLC: Claims Filing Period Ends April 20
--------------------------------------------------
LLC Aktsetrade has declared insolvency.  Creditors have until
April 20 to submit written proofs of claim to:

         LLC Aktsetrade
         Tolstoy Str. 210   
         Bishkek
         Kyrgyzstan


CITY TRADE: Creditors Must File Claims by April 20
--------------------------------------------------
LLC City Trade Mark has declared insolvency.  Creditors have
until April 20 to submit written proofs of claim to:

         LLC City Trade Mark
         Tynystanov Str. 189-19
         Bishkek
         Kyrgyzstan


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


PROSPERO CLO: Moody's Rates US$13.5-Million Class D Notes at Ba2
----------------------------------------------------------------
Moody's has assigned these ratings to the notes issued by
Prospero CLO II B.V., a Dutch special purpose company:

   -- US$80-million Class A-1-A Senior Secured Floating Rate
      Notes Due 2022: Aaa;

   -- EUR64-million Class A-1-B Senior Secured Floating Rate
      Notes Due 2022: Aaa;

   -- GBP10.5-million Class A-1-C Senior Secured Floating Rate
      Notes Due 2022: Aaa;

   -- US$100-million (equivalent) Class A-1-VF Senior Secured
      Floating Rate Notes Due 2022: Aaa;

   -- US$30-million Class A-2 Senior Secured Floating Rate Notes
      Due 2022: Aa2;

   -- US$25-million Class B Senior Secured Deferrable Interest
      Floating RateNotes Due 2022: A3;

   -- US$15-million Class C Senior Secured Deferrable Interest
      Floating Rate Notes Due 2022: Baa2; and

   -- US$13.5-million Class D Senior Secured Deferrable Interest
      Floating Rate Notes Due 2022: Ba2.

The Notes have been co-issued by Prospero CLO II, Inc.

EUR5-million and US$30.2-million of Subordinated Notes due 2022
will also be issued by the Co-Issuers but will not be rated by
Moody's.

The ratings address the expected loss posed to noteholder by the
legal final maturity.

This transaction is a high yield collateralized loan obligation
related to an approximately US$388-million portfolio (at current
prevailing foreign exchange rates) comprised primarily of
American and European senior secured, second lien and mezzanine
loans.  The Co-Issuers are also permitted to acquire small
amounts of collateralized loan obligation debt and high yield
bonds.  The portfolio is dynamic and Rabobank International, New
York Branch will provide collateral management services to the
Issuer in respect thereof.  NM Rotschild & Sons Limited will act
as a Sub Advisor in respect of the European loans.  The
portfolio was approximately 60% ramped-up at closing, and is
expected to be fully ramped-up within 180 days of closing,
subject to compliance with the eligibility criteria and
portfolio guidelines.

The transaction incorporates a triple currency asset and
liability structure.  Assets and liabilities of the structure
are denominated in US$, EUR and GBP, which permits a partial
natural hedge of foreign currency exchange mismatches over the
life of the transaction.  In order to further offset the
negative impact of the foreign exchange exposure, the Co-Issuers
have agreed to enter into foreign exchange hedges if the
mismatch between assets and liabilities denominated in GBP or
EUR exceed a certain amount.  Such hedges are expected to be
comprised primarily of forward currency exchange contracts and
foreign exchange basis swaps provided by suitably rated
counterparties of which Rabobank has agreed to provide for the
life of the transaction if necessary.

The ratings are based upon:

   (a) an assessment of the credit quality and of the
       diversification of the assets to be included in the
       portfolio;

   (b) an assessment of the eligibility criteria, reinvestment
       criteria and portfolio limits applicable to the future
       additions to the portfolio;

   (c) the overcollateralization of the Notes;

   (d) the foreign exchange risks in the potential currency mis-
       matching of collateral assets and Note liabilities of the
       Co-Issuers;

   (e) the requirement for the Issuer to partially mitigate the
       effects of foreign exchange currency risk through       
       entering into foreign currency hedge transactions;

   (f) the expertise of Rabobank International, New York Branch
       and NM Rothschild & Sons Limited in the management of
       leveraged finance portfolios; and

   (g) the legal and structural integrity of the transaction.

Instead of the traditional constraints upon diversity score,
weighted average rating factor, etc., this transaction will be
"managed to model".  When conducting a trade, in addition to
complying with the concentration limits, eligibility criteria
and reinvestment criteria, the "Rating Model Expected Loss Test"
must be satisfied.  This test requires that, in order to make a
substitution, the manager must first confirm the expected loss
of each tranche:

   (i) immediately prior to the sale/repayment/default of the
       old asset; and

  (ii) giving effect to the acquisition of the new asset.

The test will be passed if the new expected loss levels for each
tranche of rated Notes are:

   (a) below the hurdle level corresponding to the initial
       ratings, or

   (b) are maintained or improved as compared to the portfolio
       immediately prior to the sale/repayment/default of the
       old asset.

Rabobank International was the arranger and lead manager of the
transaction, and NM Rothschild & Sons Ltd. was the co-manager.


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


NORTEL NETWORKS: Subsidiary Obtains Default Waiver from Lender
--------------------------------------------------------------
Nortel Networks Limited, the principal operating subsidiary of
Nortel Networks Corporation, has obtained a waiver from Export
Development Canada.

The waiver relates to the defaults and events of default under
its US$750 million support facility with EDC in connection with
NNL's previously announced need to restate and make adjustments
to its financial results for prior periods.

                     Financial Restatements

As reported in the Troubled Company Reporter-Europe on March 5,
Nortel Networks said it is delaying the filing of its annual
report on Form 10-K for the year ended Dec. 31, 2006, with the
U.S. Securities and Exchange Commission and its corresponding
filings under Canadian securities laws.

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

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

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

                          About Nortel

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

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

                         *     *     *

Nortel Network's 4-1/4% Convertible Senior Notes due Sept. 1,
2008 carry Moody's Investors Service's and Standard & Poor's
single-B ratings.


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


ALTAIR-S LLC: Creditors Must File Claims by March 17
----------------------------------------------------
Creditors of LLC Altair-S have until March 17 to submit proofs
of claim to:

         S. Kozlovtsev, Temporary Insolvency Manager
         Office 2
         Leningradskaya Str. 2a
         Rasskazovo, Tambov
         Russia

The Arbitration Court of Ryazan commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A54-5412/2006 S20.

The Court is located at:

         The Arbitration Court of Ryazan
         Pochtovaya Str. 43/44
         Ryazan  
         Russia

The Debtor can be reached at:

         LLC Altair-S
         Retkino, Ryazan
         Russia


ANTONEN CJSC: Creditors Must File Claims by March 17
----------------------------------------------------
Creditors of CJSC Antonen have until March 17 to submit proofs
of claim to:

         Sh. Fazailov, Insolvency Manager
         Mira Pr. 101V
         129085 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-27744/06-78-475 B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Antonen
         Dolgorukovskaya Str. 27
         101421 Moscow
         Russia


AVEST-TRADE CJSC: Creditors Must File Claims by March 17
--------------------------------------------------------
Creditors of CJSC Avest-Trade have until March 17 to submit
proofs of claim to:

         T. Seregina, Temporary Insolvency Manager
         Post User Box 43/32
         680013 Khabarovsk
         Russia

The Arbitration Court of Khabarovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A73-370/07-39.

The Debtor can be reached at:

         CJSC Avest-Trade
         Istomina Str. 23
         Khabarovsk
         Russia


BANK TRUST: Fitch Affirms Low-B IDR With Stable Outlook
--------------------------------------------------------
Fitch Ratings affirmed the ratings of Russia-based National Bank
TRUST at Issuer Default 'B-' with a Stable Outlook, Short-term
'B', Individual 'D/E' and Support '5'.

NBT's ratings reflect significant loan impairment to date and
credit risk from ongoing rapid growth combined with moderate
loan impairment coverage and weak capitalization.  Liquidity is
potentially vulnerable given the reliance on short-term customer
funding and additional tax claims received earlier this year
suggest some remaining regulatory risk.  At the same time, Fitch
acknowledges the bank's growing franchise outside of Moscow,
limited market risks and the low level of related party
business.

At end-2006 the retail book accounted for 47% of net loans and
was almost equally split between car purchase financing and
unsecured general purpose loans.  The quality of retail loans
was weak, with 15% of car loans and 9% of general purpose loans
being impaired.  The rapid loan growth, increasing share of mass
market customers and the largely unseasoned nature of the long-
term portfolio could lead to a rise in impaired loans.  However,
in late 2006 NBT sought to strengthen its underwriting and debt
collection functions, which could mitigate risks to some extent.  
Meanwhile, loan impairment reserves are moderate in Fitch's
view, covering c.50% of impaired loans, or 6% of the total
retail portfolio at end-2006.

NBT's capitalization is weak, given moderate coverage of
impaired loans and ambitious growth targets.  Internal capital
generation is low and the shareholders have limited options to
strengthen capital.  A merger with sister institution Investment
Bank TRUST, or the sale of a stake in IBT to new investors are
currently being considered as possible sources of new capital
for NBT.  Fitch is informed that NBT will manage its growth to
keep the Basel I Tier 1 capital ratio above 10% in 2007, which
is also a proposed covenant in planned international borrowings.

In 2007 NBT expects a loss of funding from the insolvent oil
company Yukos and its affiliates, which contributed 33% of end-
Q306 non-equity funding.  The bank has accumulated a sufficient
liquidity cushion to repay these balances and plans to increase
funding through international borrowings, including a
securitization of retail loans and eurobonds.

Managers of IBT bought NBT from the shareholders of Group
Menatep in 2004.  Since then, it has been pursuing a strategy to
build up its retail and SME franchise in the regions, using its
large network.  NBT and IBT share senior level managers and some
middle- and back-office functions.


CYPRESS CJSC: Creditors Must File Claims by March 17
----------------------------------------------------
Creditors of CJSC Cypress have until March 17 to submit proofs
of claim to:

         A. Geyko, Insolvency Manager
         Kirova Str., 2
         Armavir, Krasnodar
         Russia

The Arbitration Court of Stavropol commenced bankruptcy
proceedings against the company after finding it insolvent.  The
hearing in the Court will convene on Sept. 7.  The case is
docketed under Case No. A63-1328/2001-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 458 b
         Stavropol  
         Russia

The Debtor can be reached at:

         CJSC Cypress
         Georgievsk
         Stavropol
         Russia


GELENDZHIKSKIY LOGGING: Bankruptcy Hearing Slated for May 25
------------------------------------------------------------
The Arbitration Court of Krasnodar will convene at 2:00 p.m. on
May 25 to hear the bankruptcy supervision procedure on OJSC
Gelendzhikskiy Logging Depot.  The case is docketed under Case
No. A-32-15721/2006-1/1055-B.

The Temporary Insolvency Manager is:

         E. Leylyan, Temporary Insolvency Manager
         Office 2
         Kubano-Naberezhnaya Str. 100
         350063 Krasnodar
         Russia

The Court is located at:

         The Arbitration Court of Krasnodar  
         Staroderevenkovskaya St.
         Krasnodar  
         Russia

The Debtor can be reached at:

         OJSC Gelendzhikskiy Logging Depot
         Lenina Str., 30
         Arkhipo-Osipovka
         Gelendzhik
         353486 Krasnodar
         Russia


IGARSKIY SEA: Asset Sale Slated for March 21
--------------------------------------------
A. Anishenko, the insolvency manager and bidding organizer for
OJSC Igarskiy Sea Port, will open a public auction for the
company's properties at noon on March 21 at:

         Office Tochka Rosta
         Gorkogo Str.  20
         Krasnoyarsk
         Russia

Interested participants have until March 19 to deposit an amount
equivalent to 10% of the starting price to:

         OJSC Igarskiy Sea Port
         Settlement Account 40702810101030000396
         Correspondent Account 3010181000000000000702
         BIK 040407702
         TIN 2449001966
         KPP 244901001
         ACB Lanta-bank (Krasnoyarskiy)
         Krasnoyarsk
         Russia

Bidding documents must be submitted to:

         A. Anishenko
         Post User Box 20647
         660017 Krasnodar
         Russia

The Debtor can be reached at:

         OJSC Igarskiy Sea Port
         Shmidta Str. 1
         Igarka, Krasnoyarsk
         Russia


IZHEVSKIY BREAD-MACARONI: Asset Sale Slated on March 22
-------------------------------------------------------
Udmurtskaya Chamber of Commerce and Industry, the bidding
organizer for OJSC Izhevskiy Bread-Macaroni Factory, will open a
public auction for the company's properties at 3:00 p.m. on
March 22 at:

         OJSC Izhevskiy Bread-Macaroni Factory
         Ordzhonikidze Str. 4
         Izhevsk
         426063 Udmurtiya
         Russia

Interested participants have until March 17 to deposit an amount
equivalent to 10% of the starting price to:

         OJSC Izhevskiy Bread-Macaroni Factory
         Settlement Account 40702810820000002345
         Correspondent Account 3010181090000000000871
         BIK 049401871
         ACB Izhcombank (OJSC)
         Russia

Bidding documents must be submitted to:

         Udmurtskaya Chamber Of Commerce and Industry, the
         Bidding Organizer
         Ordzhonikidze Str. 4
         Izhevsk
         426063 Udmurtiya
         Russia
         Tel/Fax: (3412) 63-73-27

The Debtor can be reached at:

         OJSC Izhevskiy Bread-Macaroni Factory
         Ordzhonikidze Str. 4
         Izhevsk
         426063 Udmurtiya
         Russia


KRASNODARSKAYA TOBACCO: Court Names E. Leyliyan to Manage Assets
----------------------------------------------------------------
The Arbitration Court of Krasnodar appointed Mr. E. Leyliyan as
Insolvency Manager for LLC Krasnodarskaya Tobacco Company.  He
can be reached at:

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

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-21089/2006-2/1839-B.

The Court is located at:

         The Arbitration Court of Krasnodar  
         Staroderevenkovskaya St.
         Krasnodar  
         Russia

The Debtor can be reached at:

         LLC Krasnodarskaya Tobacco Company
         Novorossiyskaya Str. 210
         350059 Krasnodar
         Russia


LUKOIL OIL: Fire Cues Shutdown of Volgograd Refinery for Repair
---------------------------------------------------------------
OAO Lukoil will shut down for repair one of its main processing
units at its Volgograd oil refinery following a fire, Bloomberg
News reports.

A fire hit the unit around noon on March 10, and was
extinguished two hours later.  Gennady Krasovsky, Lukoil's
deputy head of investor relations, told Bloomberg News that only
part of the unit was damaged.  He, however, declined to comment
on the damage on the unit and the length of time to repair it.

Dmitry Dolgov, a spokesman for the oil company, told Bloomberg
News the refinery's other units are operating at full capacity.

Lukoil completed in October 2006 a US$142 million upgrade of the
Volgograd refinery to boost output of high-octane gasoline.

                        About Lukoil

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

                         *     *     *

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


MONOLITH LLC: Creditors Must File Claims by April 17
----------------------------------------------------
Creditors of LLC Monolith have until April 17 to submit proofs
of claim to:

         V. Kravchuk, Insolvency Manager
         Post User Box 14
         Voroshilova Str. 35
         394055 Voronezh
         Russia

The Arbitration Court of Belgorod commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A08-9950/06-2b.

The Court is located at:

         The Arbitration Court of Belgorod  
         Narodnyj Avenue 135
         308600 Belgorod  
         Russia

The Debtor can be reached at:

         LLC Monolith
         Mira Str. 10
         Krasnaya Yaruga
         309421 Belgorod
         Russia


NIZHNEDEVITSK-AGRO-PROM-TRANS: D. Shumilin as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Voronezh appointed Mr. D. Shumilin as
Insolvency Manager for OJSC Nizhnedevitsk-Agro-Prom-Trans.  He
can be reached at:

         D. Shumilin
         Stepanova Str. 85
         394050 Voronezh
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-1594-2006/3/20b.

The Court is located at:

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

The Debtor can be reached at:

         D. Shumilin
         Stepanova Str. 85
         394050 Voronezh
         Russia


OLENINSKIY WOOD-PROM-KHOZ: Creditors' Claims Due by March 17
------------------------------------------------------------
Creditors of OJSC Oleninskiy Wood-Prom-Khoz (TIN 6934004670)
have until March 17 to submit proofs of claim to:

         V. Artemyev, Temporary Insolvency Manager
         Post User Box 441
         Cenral Posr Office
         170100 Tver
         Russia

The Arbitration Court of Tver commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
9775.

The Court is located at:

         The Arbitration Court of Tver
         Room 7
         Sovetskaya Str. 23b
         Tver
         Russia

The Debtor can be reached at:

         OJSC Oleninskiy Wood-Prom-Khoz
         Mirnyj
         Oleninskiy, Tver
         Russia


OLVIS-SERVICE CJSC: Court Names I. Kuvshinov to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Ulyanovsk appointed Mr. I. Kuvshinov as
Insolvency Manager for CJSC Olvis-Service.  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.
A72-9175/06-26/48-B.

The Debtor can be reached at:

         I. Kuvshinov
         Rakhmaninova Str. 1
         Penza
         Russia


ROSNEFT OIL: Confirms Two Yukos Nominees to Board
-------------------------------------------------
The Board of Directors of OAO Rosneft Oil Co. has confirmed the
agenda for the Company's annual general shareholders' meeting,
as well as the list of candidates to the Board of Directors due
to be elected at the meeting.  The Board also has discussed a
number of interested-party transactions.

According to the agenda confirmed, the participants in the
annual shareholders' meeting will confirm Rosneft's annual
report for 2006, the financial statements (including a profit
and loss statement) and profit distribution.  The size,
timeframe and method of dividend payments will also be
confirmed.  Shareholders are also scheduled to elect a new Board
of Directors and an audit committee, as well as introduce
amendments to the Company's charter.

The Board of Directors confirmed the list of 11 candidates to
the new Board.

Candidates nominated by Rosneftegaz (owner of a 75.16% stake in
Rosneft):

   1. Kirill Androsov, Deputy Minister of Economic Development
      and Trade;

   2. Sergey Bogdanchikov, President of Rosneft;

   3. Andrey Kostin, Chairman of Vneshtorgbank;

   4. Sergey Naryshkin, Deputy Prime Minister;

   5. Alexander Nekipelov, Vice President of the Russian Academy
      of Sciences;

   6. Gleb Nikitin, Head of the Russian Agency for the
      Management of Federal Property;

   7. Andrey Reus, Deputy Minister of Industry and Energy;

   8. Hans-Jorg Rudloff, Chairman of Barclays Capital; and

   9. Igor Sechin, Deputy Chief of Staff of the Presidential
      Executive Office and Aide to the President of Russia;

Candidates nominated by OAO Yukos Oil Co. (owner of a 9.44%
stake in Rosneft):

   1. Eduard Rebgun, Yukos receiver; and
   2. Sergey Tregub, President of YUKOS RM

The Board of Directors nominated eight candidates to the audit
committee, five from Rosneft and three from Yukos.

                        About Rosneft

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

                         *     *     *

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

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


SLAVYANSKOYE LLC: Voronezh Court Hearing Slated for April 26
------------------------------------------------------------
The Arbitration Court of Voronezh will convene at 10:30 a.m. on
April 26 to hear the bankruptcy supervision procedure on LLC
Slavyanskoye.  The case is docketed under Case No.
A14-16242-2006/213/33b.

The Temporary Insolvency Manager is:

         L. Zuev, Temporary Insolvency Manager
         Krasnoarmeyskaya Str. 157
         Anna, Voronezh
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Slavyanskoye
         Karla Marksa Str. 3a
         Ertil, Voronezh
         Russia


VIMPELCOM: Moody's Lifts Rating to Ba2 on Strong Performance
------------------------------------------------------------
Moody's Investors Service upgraded the corporate family and
existing bond ratings of Open Joint Stock Company Vimpel
Communications to Ba2 from Ba3. The outlook on the ratings is
stable.

The upgrade reflects:

   (i) the company's continued robust operational and financial
       performance resulting in a free cash flow position based
       on the first nine months of 2006;

  (ii) its position as one of the leading mobile operators in
       Russia and Kazakhstan as well as its presence in a
       number of other countries in the CIS;

(iii) the company's ability to retain strong profitability
       despite the introduction of "calling party pays" on 1
       July 2006; and

  (iv) its modest leverage of approximately 1.0x Total Debt to
       reported EBITDA on an annualized nine month basis.

The rating also takes into account:

   (i) an ongoing shareholder dispute albeit it has had a
       limited impact on the company's development;

  (ii) uncertainty associated with a potential award of 3G
       license and its capex requirements;

(iii) the company's publicly stated intentions to continue its
       external growth through acquisitions in the CIS; and

  (iv) a continued modest rise in absolute levels of debt over
       the next 12 months.

Moody's also notes that with free cash flow generation the
company is now in a position where it could contemplate
commencing shareholder distributions.  At this juncture, the
rating reflects uncertainty associated with establishing a
sustainable dividend policy going forward.  However, Moody's
believes that the company will continue to adhere to a
conservative financial policy including its leverage target of
2.0x Debt to reported EBITDA and 1.0x Debt to Equity.

The stable outlook on the ratings reflects near term uncertainty
associated with the 3G-license award and the company's policy as
regards free cash flow utilization.

What Could Change the rating -- UP

Sustainable generation of positive free cash flow (excluding
acquisitions) in combination with conservative leverage
parameters and further guidance on 3G strategy

What Could Change the rating -- Down

Major debt financed acquisitions beyond Moody's current
expectations; a change in ownership in combination with an
aggressive financial policy

Headquartered in Moscow, Russia, VimpelCom is one of the
country's leading providers of mobile telecommunications
services, under the "Beeline" brand.  For the first nine months
2006, the company generated US$3.4 billion in revenue with a
reported 51.6% OIBDA margin.


VNESHTORGBANK JSC: VRB Expands in Vietnam with Vung Tau Branch
--------------------------------------------------------------
Vietnam-Russia Joint Venture Bank, a unit of JSC Vneshtorgbank,
opened a branch in Vung Tau, Vietnam.  The opening ceremony was
attended by VTB management, representatives of Vietnam's
leadership, Zarubezhneft company, and Bank for Investment and
Development of Vietnam (BIDV).

Vietnam-Russia Bank, which was opened in Hanoi last November
with the attendance of Russian President Vladimir Putin and
President of the Socialist Republic of Vietnam Nguyen Minh
Triet, is a joint venture of VTB Bank and BIDV.  VRB authorized
capital is US$10 million, with 51% of the stock belonging to
BIDV and the remaining 49% to VTB.

VRB was the first Russian bank established in Vietnam designed
to promote bilateral trade and economic relationship between
Russia and Vietnam, to facilitate trade settlement between the
two countries and contribute to implementing large Russia-
Vietnam projects with Russian capital involved.

VTB key business lines are project finance, import and export
financing, lending to Russian enterprises operating in Vietnam,
and international settlement between the two countries.

Extended presence of the VTB Group in Vietnam will enhance
support for Russian enterprises engaged in such industries as
military and technical cooperation, transport, oil extraction
and refining, telecommunications, machine building and energy,
as well as in promoting innovative banking technologies in
Vietnam's markets.

The decision to open Vietnam-Russia Bank was made at the
governmental level of the two countries in February.  Later, at
the V Session of the Vietnam-Russia Working Group in Interbank
Cooperation a Memorandum on the Bank opening was signed in May
2006, in Da Nang.  Constituency documents were signed on
Aug. 31, 2006, within the framework of a visit of the Vietnamese
delegation to Moscow. Presently, VRB activities are being
patronized by the two countries' governments.

On their parts, both VTB and BIDV are also proactively
supporting VRB activities regarding this mission as one of their
top priorities.

                       About Vneshtorgbank

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

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

                        *     *     *

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


VORONEZH-FISH-COMPLEX: Creditors Must File Claims by April 17
-------------------------------------------------------------
Creditors of OJSC Voronezh-Fish-Complex have until April 17 to
submit proofs of claim to:

         V. Volodin, Insolvency Manager
         Konno-Streletskaya Str. 45
         394055 Voronezh
         Russia

The Arbitration Court of Voronezh commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A14-14617/2006-222/16b.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Voronezh-Fish-Complex
         Patriotov Pr. 49
         394065 Voronezh
         Russia


YUG-MINIOIL-LABINSK: Creditors Must File Claims by April 17
-----------------------------------------------------------
Creditors of CJSC Yug-Minioil-Labinsk have until April 17 to
submit proofs of claim to:

         V. Gribov, Insolvency Manager
         Room 5
         Lenina Str. 101
         350033 Krasnodar
         Russia

The Arbitration Court Krasnodar commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A-32-24152/05-38/347-B.

The Court is located at:

         The Arbitration Court of Krasnodar  
         Staroderevenkovskaya St.
         Krasnodar  
         Russia

The Debtor can be reached at:

         CJSC Yug-Minioil-Labinsk
         Severnaya Promzona
         Labinsk
         352500 Krasnodar
         Russia


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


HIPOCAT 11: Moody's Junks EUR28-Million Series D Notes
------------------------------------------------------
Moody's Investors Service assigned definitive credit ratings to
six series of Bonos de Titulizacion de Activos issued by HIPOCAT
11 Fondo de Titulizacion de Activos, a Spanish Asset
Securitization Fund that has been created by Gestion de Activos
Titulizados, S.G.F.T, S.A. Moody's has assigned these ratings:

   -- EUR200-million Series A1 notes: Aaa;
   -- EUR1.083-billion Series A2 notes: Aaa;
   -- EUR200-million Series A3 notes: Aaa;
   -- EUR52.8-million Series B notes: Aa2;
   -- EUR64-million Series C notes: Baa2; and
   -- EUR28-million Series D notes: Caa3

In Moody's opinion the structure allows for timely payment of
interest and ultimate payment of principal on Classes A1, A2,
A3, B and C at par on or before their respective rated legal
maturity dates, and for ultimate payment of interest and
principal at par on or before the rated final legal maturity
date on Class D.  Moody's ratings address only the credit risks
associated with the transaction.  Other non-credit risks have
not been addressed, but may have a significant effect on yield
to investors.

According to Moody's, this deal benefits from several strengths,
including:

   (1) a swap agreement, which guarantees a 65-bppa excess
       spread;

   (2) a Reserve Fund that is fully funded upfront to cover a
       potential shortfall in interest and principal;

   (3) an 18-month artificial write-off mechanism; and

   (4) the securing of 100% of loans by residential mortgages.

However, the transaction poses several challenging features,
namely:

   (1) the existence of loans which can enjoy grace periods both
       in interest and principal;

   (2) the possibility of redrawing on already amortized
       amounts;

   (3) high LTV lending; and

   (4) geographical concentration in the region of Catalonia
       (70%), mitigated in part by the fact that this is the
       region of Caixa Catalunya's origin, where it has its
       highest expertise.

The product being securitized under HIPOCAT 11 is the first draw
down of a mortgage product designed by Caixa Catalunya and
marketed under the name "Credito Total".  In terms of
collateral, at closing the deal has WA Current LTV levels of
82.9%, and a strong regional presence in Catalonia.  The average
loan size is EUR 155,718.  The loans were originated between
1994 and 2006, resulting in a weighted average seasoning of 1.41
years.

Moody's based the ratings primarily on:

   (1) an evaluation of the underlying portfolio of mortgage
       loans securing the structure, and

   (2) the transaction's structural protections, which include
       the subordination of the notes, the swap agreement
       partially hedging the interest rate risk, the reserve
       fund and any excess spread available to cover losses.


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


AESCHLIMANN PARKETT: Creditors' Liquidation Claims Due March 31
---------------------------------------------------------------
Creditors of LLC Aeschlimann Parkett have until March 31 to
submit their claims to:

         Engehaldenstr. 75
         3012 Bern
         Switzerland

The Debtor can be reached at:

         LLC Aeschlimann Parkett
         Bern
         Switzerland


AFK-MULLER LLC: Creditors' Liquidation Claims Due March 28
----------------------------------------------------------
Creditors of LLC AfK - Muller have until March 28 to submit
their claims to:

         Integer Treuhand Anton Meier
         Liquidator
         Zurcherstrasse 9
         8903 Birmensdorf
         Dietikon ZH
         Switzerland

The Debtor can be reached at:

         LLC AfK - Muller
         Zurich
         Switzerland


AIB-SR LLC: Zug Court Starts Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against LLC AIB-SR on Jan. 30.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC AIB-SR
         Alte Steinhauserstrasse 19
         6330 Cham ZG
         Switzerland


CDS FINANCE: Zug Court Starts Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against LLC CDS Finance on Feb. 12.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC CDS Finance
         Zugerstrasse 77
         6340 Baar ZG
         Switzerland


EDOCKET JSC: Creditors' Liquidation Claims Due April 2
------------------------------------------------------
Creditors of JSC eDocket have until April 2 to submit their
claims to:

         Poststrasse 6
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC eDocket
         Zug
         Switzerland


GTA BERATUNG: Creditors' Liquidation Claims Due April 13
--------------------------------------------------------
Creditors of LLC GTA Beratung have until April 13 to submit
their claims to:

         Patrick Buhlmann
         Liquidator
         Wyss & Partner
         Alderstrasse 21
         P.O. Box 1281
         8034 Zurich
         Switzerland

The Debtor can be reached at:

         LLC GTA Beratung
         Zurich
         Switzerland


IPV ORGA: Zug Court Closes Bankruptcy Proceedings
-------------------------------------------------
The Bankruptcy Service of Zug entered Feb. 16 an order closing
the bankruptcy proceedings of JSC IPV ORGA.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC IPV ORGA
         Baarerstrasse 63
         6300 Zug
         Switzerland


KOSAN TEKNOVA: Creditors' Liquidation Claims Due March 30
---------------------------------------------------------
Creditors of JSC Kosan Teknova have until March 30 to submit
their claims to:

         Peter Leuthold
         Liquidator
         Im Hausacher 4
         8706 Feldmeilen
         Switzerland

The Debtor can be reached at:

         JSC Kosan Teknova
         Glarus
         Switzerland


NFR SECURITY: Creditors' Liquidation Claims Due March 26
--------------------------------------------------------
Creditors of LLC NFR Security (Schweiz) have until March 26 to
submit their claims to:

         Dr. Robert Furter
         Liquidator
         Lowenstrasse 1
         8001 Zurich
         Switzerland

The Debtor can be reached at:

         LLC NFR Security (Schweiz)
         Zurich
         Switzerland


RITTER ARCHITEKTEN: Creditors' Liquidation Claims Due March 29
--------------------------------------------------------------
Creditors of JSC Ritter Architekten have until March 29 to
submit their claims to:

         Beat Friedli
         Liquidator
         Neuengasse 41
         3011 Bern
         Switzerland

The Debtor can be reached at:

         JSC Ritter Architekten
         Bern
         Switzerland


RODEL LLC: Creditors' Liquidation Claims Due March 28
-----------------------------------------------------
Creditors of LLC Rodel have until March 28 to submit their
claims to:

         Bleichenbacher + Steiger Treuhand
         Liquidator
         Bahnhofstrasse 29
         9100 Herisau AR
         Switzerland

The Debtor can be reached at:

         LLC Rodel
         St. Gallen
         Switzerland


SAGENTIA LLC: Creditors' Liquidation Claims Due March 30
--------------------------------------------------------
Creditors of LLC Sagentia have until March 30 to submit their
claims to:

         Dr. Martin Forster
         Liquidator
         Bahnhofstrasse 44/46
         8023 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Sagentia
         Zurich
         Switzerland


SWISSAIR: Trial Ends Inconclusively; Verdict Expected in June
-------------------------------------------------------------
The trial against former Swissair Group managers and advisors
has drawn to an inconclusive close, with a Swiss court saying
that a judgment won't be announced before the end of May,
published reports say.

TCR-Europe reported on Jan. 18 that 19 of the company's top
executives, board members, and advisers faced charges on
criminal mismanagement and false accounting.

The executives on trial denied any wrongdoing and instead blamed
the collapse in air travel following the Sept. 11, 2001
terrorist attacks.

TCR-Europe disclosed on Feb. 5 that Mario Corti, Swissair's last
chief executive officer prior to its collapse, testified in
court that a UBS AG-led plan "strangled" the company and led to
its demise, an allegation that the bank promptly denied.

The company's former top managers have the most to lose in the
judgment for Switzerland's largest corporate trial, as
prosecutors demand jail time for Mr. Corti and fines with
suspended sentences for everyone else, Bloomberg News states.

However, most observers doubt that the judges will serve out all
of the prison sentences and fines that the prosecutors demand.  
Some litigants present at the hearing claim that the prosecution
failed to prove enough criminal intent, Swissinfo relates.

                         About Swissair

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

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

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


VERASTONE LLC: Creditors' Liquidation Claims Due March 30
---------------------------------------------------------
Creditors of LLC Verastone have until March 30 to submit their
claims to:

         Kurt Schlatter
         Liquidator
         Bruckreutiweg 66
         3110 Munsingen
         Konolfingen BE
         Switzerland

The Debtor can be reached at:

         LLC Verastone
         Munsingen
         Konolfingen BE
         Switzerland


ZURI-ENGEL DRUCK: Creditors' Liquidation Claims Due March 28
------------------------------------------------------------
Creditors of LLC Zuri-Engel Druck have until March 28 to submit
their claims to:

         Edwin Vogt
         Liquidator
         Brunnenhof 8
         8121 Benglen
         Switzerland

The Debtor can be reached at:

         LLC Zuri-Engel Druck
         Zurich
         Switzerland


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


MERINOS HALI: Growing Export Sales Cue Fitch's B IDR
----------------------------------------------------
Fitch Ratings assigned Merinos Hali Sanayi ve Ticaret A.S. local
and foreign currency Issuer Default ratings of 'B', both with a
Stable Outlook; a National Long-term rating is assigned at 'BBB'
with a Stable Outlook.  

The company is Turkey's largest manufacturer of branded machine-
made carpets and one of the top three players in the world in
terms of productive capacity.

The ratings reflect Merinos' growing export revenues - reaching
26% of sales from its geographically diversified markets - and
its leading strong local market presence, commanding a 35% share
of the market.  The domestic market is highly fragmented, with
many small-scale manufacturers, of which no more than four could
be considered direct competitors for Merinos in terms of size.  
Fitch takes a credit positive view of the company's growing
economies of scale due to a larger share of exports, and the
expansive sales and distribution network with 3,500 points of
sale.  It also notes the strong reputation of the three main
carpet brands of the company as well as innovative product
developments both in local and international markets.

On balance, however, the limited scale of the business at
US$181 million revenues, US$39m EBITDAR with US$135m net debt
and US$372 million total assets at end FY05 remains a concern in
regards to Merinos' financial flexibility in a downturn
scenario.  While the company has a sound operating profitability
track record, the potential to raise additional debt funding or
ability to service higher levels of debt will remain a function
of its scale and hence its financial flexibility.

An appreciating Turkish lira in mid 2006, mild competition from
global rug producers, and the aggressive growth strategies
adopted by the shareholders of Merinos with their new entry into
the furniture segment, have also been factored into the rating.
Shareholders have regularly injected equity capital into Merinos
itself in each of the years between 2001 and 2005, with the
exception of 2004, to support the expansion of the business that
required increasing capex during 2001-2005, gradually reaching
US$59 million in FY05.  Merinos shareholders have also acquired
another leading carpet manufacturer, Dinarsu, in 2005 and a
household furniture manufacturer in 2004.  Merinos does not have
any stakes in these two companies.

While the operating EBITDAR margin rose to 21.4% at FY05 from
19.4% at FY04, Merinos' free cash flow remained negative in
FY04-05 as a result of its high expansion capex.  Furthermore,
higher working capital absorbed significant cash in 2004-2005.  
Fitch expects operating EBITDAR after capex to be positive for
the first time in FYE06 or FYE07 on the back of now declining
expansion capex plans.  Merinos had US$135 million net debt at
end FY05, implying 47% total debt to capitalization.  Merinos
has sustained a fairly stable leverage and coverage ratio during
the past five years, at 3.5x Net Debt/EBITDAR and 7.1x Funds
From Operations/Gross Interest Expense respectively as of end
FY05.

Merinos is one of the top three machine made carpet
manufacturers in the world, commanding 35% of the fragmented
Turkish market.  The company also produces polypropylene yarn.  
Out of the total TRL243 million sales in FY05, 26% was exports.  
Merinos is 90% owned by Erdemoglu family members, where the
family also has interests in another carpet manufacturer Dinarsu
and a household furniture company.


TURK EKONOMI: Earns TRY133,121 in Year Ended Dec. 31, 2006
----------------------------------------------------------
Turk Ekonomi Bankasi A.S. released its financial results for the
year ended Dec. 31, 2006, prepared in accordance with
International Financial Reporting Standards.

Turk Ekonomi reported TRY133,121 in net profit against
TRY985,111 in total interest income for the year ended Dec. 31,
2006, compared with TRY111,312 in net profit against TRY587,436
in total interest income for the same period in 2005.

At Dec. 31, 2006, the Bank's consolidated balance sheet showed
TRY10,249,825 in total assets, TRY9,617,984 in total liabilities
and TRY631,841 in stockholders' equity.

A copy of the Bank's financial statements for the year ended
Dec. 31, 2006 is available at:

               http://ResearchArchives.com/t/s?1b3f

                  About Turk Ekonomi Bankasi

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

                          *     *     *

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

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


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


AGRICULTURAL TECHNOLOGY: Claims Filing Deadline Set March 15
------------------------------------------------------------
Creditors of LLC Agricultural Technology have until March 15 to
submit written proofs of claim to:

         Andrey Savochka, Temporary Insolvency Manager
         Sumy and Kiev Divisions Str. 20
         40024 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy supervision
procedure on the company.  LLC Agricultural Technology (code
EDRPOU 31311510).  The case is docketed under Case No. 8/565-06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agricultural Technology
         Pervomayskaya Str. 29/64
         40000 Sumy
         Ukraine


CHEMIE SERVICE: Creditors Must File Proofs of Claim by March 16
---------------------------------------------------------------
Creditors of LLC Agricultural Firm Agricultural Chemie Service
(code EDRPOU 30920331) have until March 16 to submit written
proofs of claim to:

         Dmitry Vysikancev, Liquidator
         Internationalists 5
         40035 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company on Jan. 22 after finding it insolvent.  The
case is docketed under Case No. 6/1-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agricultural Firm Agricultural Chemie Service
         Bakinskih komissarov Str. 107
         Shostka
         41100 Sumy
         Ukraine


CHERNOVCYAL JSC: Creditors Must File Claims by March 15
-------------------------------------------------------
Creditors of Joint Stock Company Chernovcyal have until March 15
to submit written proofs of claim to:

         Liudmila Katereniuk, Liquidator
         Krasnoarmeyskaya Str. 102
         58029 Chernovcy
         Ukraine

The Economic Court of Chernovcy commenced bankruptcy proceedings
against the company on Jan. 25 after finding it insolvent.  The
case is docketed under Case No. 576/10-100/B.

The Court is located at:

         The Economic Court of Chernovcy
         O. Kobylianska Str. 14
         58000 Chernovcy
         Ukraine

The Debtor can be reached at:

         Joint Stock Company Chernovcyal
         Sevastopolskaya Str. 6
         58000 Chernovcy
         Ukraine


CONCERN STIROL: Moody's Cuts Corporate Family Rating to Caa1
------------------------------------------------------------
Moody's Investors Service downgraded to Caa1 from B3 the
corporate family rating of OJSC Concern Stirol and from B3 to
Caa1 rating on the loan participation notes issued by UkrChem
Capital BV.

Moody's also changed the direction of the rating review
initiated on Aug. 11, 2006 to uncertain from possible downgrade.
This action was prompted by the long, drawn-out negotiations
with bondholders to resolve several covenant violations, which
had been announced on Aug. 7, 2006.  It is also noted that the
company paid interest under the notes on Feb. 19.  In its
unaudited financial statements for the six months ending 2006,
Stirol reported cash balances including cash deposits of US$238
million.  The uncertain direction of the rating review relates
to the possible conclusions of the negotiations.  A successful
restructuring of the covenants could lead to a rating upgrade
given the underlying profitability of the company, while a
decision by bondholders to accelerate the note repayment would
likely result in a further rating downgrade.

In August 2006 Concern Stirol released audited 2005 financial
results which indicated that the company was in breach of a
number of covenants under both a US$10-million bank loan
(unrated) from BSTDB and the US$125 million loan participation
notes (rated Caa1), giving the bank and note investors the right
to accelerate the repayment.  On Sept. 19, the bank agreed to a
temporary waiver of covenants for its US$10-million secured
loan.  Concurrently, Stirol initiated negotiations with note
holders with the aim to receive a waiver of the breached
covenants.  This process is still pending resolution.  It is
noted that Stirol's liquid assets as of their unaudited
financial statements for the six months ending June 30, 2006
exceeded the amount of its financial debt.

OJSC Concern Stirol, domiciled in Gorlovka, Ukraine, is a
leading manufacturer of ammonia and its derivatives, generating
consolidated revenues of UAH2.3 billion (equivalent to US$450
million) in 2005.  The company produces approximately 1% of
global ammonia and urea output.


GENERAL NUTRITION: Prices Offering of US$410-Mln Senior Notes
-------------------------------------------------------------
General Nutrition Centers, Inc., prices its offering of
US$300-million in aggregate principal amount of senior floating
rate toggle notes due 2014 and US$110-million in aggregate
principal amount of 10.75% senior subordinated notes due 2015.  

The Senior Notes were issued at 99% of par, and the Senior Sub
Notes were issued at par.

The offering of the Notes is conditioned on the closing of the
agreement of GNC Parent Corporation to be acquired by an
affiliate of Ares Management LLC and the Ontario Teachers'
Pension Plan.  The proceeds from the sale of the Notes, together
with borrowings by the company under a new senior term loan
facility, will be used to finance a portion of the transactions
in connection with the acquisition, including repayment of
certain of the company's existing debt.

Interest on the Senior Notes is payable and reset semiannually.  
The company may elect to pay interest on the Senior Notes
entirely in cash, entirely by increasing the principal amount of
the Senior Notes or issuing new notes, or on 50% of the
outstanding principal amount of the Senior Notes in cash and on
50% of the outstanding principal amount of the Senior Notes in
PIK Interest.  Cash interest on the Senior Notes will accrue at
six-month LIBOR plus 4.5%, and PIK Interest, if any, will accrue
at six-month LIBOR plus 5.25%.  The Senior Sub Notes will bear
interest, payable semiannually and entirely in cash, at a rate
per annum equal to 10.75%.  The Senior Notes will be the
unsecured senior obligations of the company, and will be
guaranteed on an unsecured senior basis by each of the company's
existing and future United States subsidiaries as defined under
the terms of the Notes.  The Senior Subordinated Notes will be
the senior subordinated unsecured obligations of the company,
and will be guaranteed on a senior subordinated unsecured basis
by each of the Subsidiaries.

Based in Pittsburgh, Pennsylvania, General Nutrition Centers,
Inc., is a wholly owned subsidiary of GNC Parent Corp. --
http://www.gnc.com/-- a specialty retailer of health and  
wellness products, including vitamins, minerals, herbal, and
specialty supplements, sports nutrition products and diet
products.  The company sells its products through a 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 franchise operations in 46 international markets
including Australia, Colombia, Singapore, Indonesia,
Philippines, Turkey, Ukraine, among others.

                          *     *     *

As reported in the Troubled Company Reporter on March 2, 2007,
Moody's Investors Service assigned a B3 corporate family rating
and SGL-3 liquidity rating to General Nutrition Centers, Inc.

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


PRISEYMOVSKOE LLC: Proofs of Claim Filing Deadline Set March 16
---------------------------------------------------------------
Creditors of Agricultural LLC Priseymovskoe (code EDRPOU
02137387) have until March 16 to submit written proofs of claim
to:

         Olga Naumova, Temporary Insolvency Manager
         Kirov Str. 25, of. 714
         40030 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
6/172-06.

The Court is located at:

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

The Debtor can be reached at:

         Agricultural LLC Priseymovskoe
         Kamen
         Krolevetsk District
         41350 Sumy
         Ukraine


TIKELEX NT: Creditors Must File Proofs of Claim by March 15
-----------------------------------------------------------
Creditors of LLC Tikelex NT (code EDRPOU 33520955) have until
March 15 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. 16 after finding it insolvent.  The
case is docketed under Case No. 5/555/06.

The Court is located at:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Debtor can be reached at:

         LLC Tikelex NT
         Engels Str. 17
         Ochakov
         Nikolaev
         Ukraine


VELTECH LLC: Creditors Must File Proofs of Claim by March 16
------------------------------------------------------------
Creditors of LLC Veltech (code EDRPOU 32092679) have until
March 16 to submit written proofs of claim to:

         Iryna Zaharchenko, Liquidator
         October Lane 325/4
         54052 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company on Jan. 19 after finding it insolvent.  The
case is docketed under Case No. 10/580/06.

The Court is located at:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Debtor can be reached at:

         LLC Veltech
         Karl Liebkneht Str. 12, 39
         54001 Nikolaev
         Ukraine


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


ACTIVE IMAGINATION: Hires Liquidator from Armstrong Watson
----------------------------------------------------------
Michael Christian Kienlen of Armstrong Watson was appointed
liquidator of Active Imagination Ltd. on March 1 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Active Imagination Ltd.
         Station Road
         Keswick
         Cumbria
         CA12 4NB
         England
         Tel: 017687 731 00
         Fax: 017687 744 02


ADCOM INDUSTRIAL: Claims Filing Period Ends March 28
----------------------------------------------------
Creditors of Adcom Industrial Roofing Ltd. have until March 28
to send their names and addresses and particulars of their
claims to:

         Matthew Colin Bowker and David Antony Willis
         Joint Liquidators
         Jacksons Jolliffe Cork
         Lowgate House
         Lowgate
         Hull  
         HU1 1EL
         England

Matthew Colin Bowker and David Antony Willis of Jacksons
Jolliffe Cork were appointed joint liquidators of the company on
Feb. 28.


AMT COMMUNICATIONS: Names Timothy Hargreaves Liquidator
-------------------------------------------------------
Timothy Hargreaves of T H Associates Insolvency Practitioners
was appointed liquidator of AMT Communications Ltd. on March 1
for the creditors' voluntary winding-up procedure.

The company can be reached at:

         AMT Communications Ltd.
         Newcastle-Under-Lyme
         Parkhouse Ind Est We
         Newcastle
         Staffordshire
         ST5 7ZB
         England
         Tel: 01782 561 983
         Fax: 01782 624 106


APPLE TEXTILES: Appoints Liquidator from White & Co.
----------------------------------------------------
Stephen P. J. White of White & Co. was appointed liquidator of
Apple Textiles Ltd. on Feb. 27 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Apple Textiles Ltd.
         Habergham Mill
         Coal Clough Lane
         Burnley    
         Lancashire
         BB115BS
         England
         Tel: 01282 452 729
         Fax: 01282 414 851


AUTOWORLD DISCOUNTS: Creditors Confirm Liquidators' Appointment
---------------------------------------------------------------
Creditors of Autoworld Discounts Ltd. confirmed on Feb. 26 the
appointment of David Swaden and Matthew Dunham of BDO Stoy
Hayward LLP as the company's joint liquidators.

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

The company can be reached at:

         Autoworld Discounts Ltd.
         Liver Industrial Estate
         Long Lane
         Walton
         Liverpool
         Merseyside
         L9 7ES
         England
         Tel: 0151 525 4217
         Fax: 0151 525 3088


BEACON SUPPLIES: Claims Filing Period Ends May 31
-------------------------------------------------
Creditors of Beacon Supplies Ltd. have until May 31 to prove
their debts by sending written statements of the amount they
claim to be due to them from the company to:

         Jane Gandon
         Liquidator
         GCP
         2 Preston Park Avenue
         Brighton
         East Sussex  
         BN1 6HJ
         England

Jane Gandon of GCP was appointed liquidator of the company on  
March 1.


BEAUBLADE LTD: Taps Andrew Fender to Liquidate Assets
-----------------------------------------------------
Andrew Fender of Sanderlings LLP was appointed liquidator of
Beaublade Ltd. on March 1 for the creditors' voluntary winding-
up proceeding.

The company can be reached at:

         Beaublade Ltd.
         Unit 2
         Saxon Way
         Birmingham
         West Midlands
         B37 5AY    
         England
         Tel: 0121 788 2180
         Fax: 0121 788 1495


BOSTON COMMS: Joint Liquidators Take Over Operations
----------------------------------------------------
Paul A. Whitwam and David L. Cockshott of BWC Business Solutions
were appointed joint liquidators of Boston Comms Ltd. on March 1
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Boston Comms Ltd.
         Unit 204
         Thorp Arch Trading Estate
         Thorp Arch
         Wetherby
         West Yorkshire
         LS237BJ
         England
         Tel: 01937 849 777
         Fax: 01937 849 888


BRANTHILL LOGISTICS: Appoints Liquidator from Begbies Traynor
-------------------------------------------------------------
Peter Sargent of Begbies Traynor was appointed liquidator of
Branthill Logistics Ltd. (formerly Ordinary Strategies Ltd.) on
March 1 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:

         Branthill Logistics Ltd.
         Laverack Cottage
         Barwick Road
         Garforth
         Leeds
         West Yorkshire
         LS252DR
         England
         Tel: 0113 287 0638


BRITISH AIRWAYS: Franchise Operates Ghost Flights to Keep Slots
---------------------------------------------------------------
British Mediterranean Airways, which operates as a franchise of
British Airways plc, has been flying an empty 124-seat Airbus
passenger plane from Heathrow to Cardiff six days a week since
October in an effort to retain landing slots at the London
airport after civil unrest in Uzbekistan forced the airline to
scrap flights to Tashkent, The Sunday Times reports.

According to the report, no tickets are sold and the ghost
flights, which will have cost BMed around GBP2 million, do not
appear on departure or arrival boards.

"The Uzbek market had really collapsed, but we knew we would
want to use those timings again this summer.  It wasn't the
ideal thing to do, but we wanted to keep hold of it," David
Richardson, BMed's chief executive, was quoted by The Sunday
Times as saying.

However, Mr. Richardson told the Guardian, "It is a BMed
practice and it's not something that BMI does.  It will come to
an end at the end of the winter timetable on March 24."

Environmental groups raised concerns over the airline's practice
as each 140-mile flight releases 5.21 tons of carbon dioxide
into the atmosphere.

The green campaigners are calling on the government to impose
fines on airlines that fly empty planes, The Sunday Times
relates.

                       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.


CELESTINE PROPERTY: Claims Filing Period Ends August 1
------------------------------------------------------
Creditors of Celestine Property Ltd. have until Aug. 1 to send
in their full particulars of their debts or claims and the names
and addresses of their solicitors (if any) to:

         Michael Francis McCarthy
         Liquidator
         Walletts Insolvency Services
         2-6 Adventure Place
         Hanley
         Stoke-on-Trent  
         ST1 3AF
         England

Michael Francis McCarthy of Walletts Insolvency Services was
appointed liquidator of the company on March 1.


CLEANFLOW LTD: Creditors Confirm Voluntary Liquidation
------------------------------------------------------
Creditors of Cleanflow Ltd. confirmed on Feb. 20 the company's
resolutions for voluntary liquidation.

The appointment of John Dean Cullen, of Harris Lipman LLP as
liquidator was also ratified on the same date.

The company can be reached at:

         Cleanflow Ltd.
         Unit 11
         Galdames Place
         Denvale Trade Park
         Cardiff
         South Glamorgan
         CF245PF
         Wales
         Tel: 029 2044 0171
         Fax: 029 2044 0172

  
COLLINS & AIKMAN: Can File Nissan Settlement Pact Under Seal
------------------------------------------------------------
Collins & Aikman Corp. and its debtor-affiliates have sought and
obtained the authorization of the Honorable Steven W. Rhodes of
the U.S. Bankruptcy Court for the Eastern District of Michigan
to file its Settlement Agreement with Nissan North America Inc.,
as well as any portions of pleadings that references any
information in the Settlement, under seal to prevent disclosure
of confidential commercial information that could substantially
harm the Debtors, their estates and stakeholders, and Nissan.

Since the Debtors entered into the customer agreement with their  
principal customers, they have continued their efforts to ensure  
that the sale of their businesses, as contemplated in their
First Amended Joint Plan, maximizes value for the Debtors'
estates and creditors.

The Debtors and Nissan, have negotiated and entered into an
agreement that the Debtors believe will, in part, facilitate the
orderly sale of their Carpet & Acoustics business.

The settlement agreement will:

     * resolve all pre- and post-petition claims the parties  
       could assert against each other, except for certain  
       ordinary course amounts incurred after the Petition Date;

     * provide non-resourcing protections for certain Nissan  
       business presently under contract with the Debtors;

     * ensure that the Debtors continue to receive beneficial  
       payment terms from Nissan; and

     * provide for treatment of Nissan's claims so that the  
       Debtors can obtain Nissan's support for the Debtors'  
       Chapter 11 Plan.

                    About Collins & Aikman

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


COLLINS & AIKMAN: Williamston Asset Auction Slated Tomorrow
-----------------------------------------------------------
Collins & Aikman Corp. and its debtor-affiliates will sell its
Williamston Assets through an auction, which will be held at
10:00 a.m., Eastern Time, tomorrow, March 14, at:

         Collins & Aikman Corp.
         26533 Evergreen Road
         Suite 900
         Southfield
         Michigan
         United States
  
The Debtors intend to sell certain of their assets including all
rights, title, interests and goodwill to all assets, properties
and rights used in the operation of their facilities located at:

   (a) 1560 Noble Road, Williamston, Michigan 48895 and  
   (b) 845 Progress Court, Williamston, Michigan 48895.

The Debtors have agreed to sell the Williamston Assets to  
Williamston Products, Inc., for US$2,900,000, absent higher and  
better offers for the property.

           Sale Agreement with Williamston Products

Debtor Collins & Aikman Plastics, Inc., and Williamston Products  
entered into an asset purchase agreement for the Williamston  
Assets on Feb. 15.

Pursuant to the sale agreement, Collins & Aikman Plastics will  
assign to Williamston Products its rights, title and interest  
under the lease to the premises at Progress Court, at which it  
conducted business, the leases to certain equipment, and other  
contracts.

C&A Plastics will be responsible for any cure payments required  
under Section 365 of the Bankruptcy Code to be made in
connection with the assumption and assignment to Williamston
Products of the assumed Leases and Contracts.   

C&A Plastics will also take the necessary steps, at its expense,  
to convey title to the designated Equipment to the purchaser
free and clear of liens, claims, interests and encumbrances,
subject only to permitted encumbrances and the assumed
obligations, and the Designated Equipment.

Among the assets excluded in the sale are the rights under the  
Purchase Agreement, claims, counterclaims, demands and causes of  
action of C&A Plastics; all or portions of accounts receivable,  
as of the Closing; any and all intellectual property; any and
all excluded records, tax refunds for periods ended before the  
Closing Date, cash and cash equivalents; and all rights under
the Debtors' insurance policies and warranties or
representations made by third parties.  The sale also excludes
these liabilities:

    -- environmental costs and liabilities existing on or before
       the Closing Date, regardless of whether it was discovered  
       or was capable of being discovered on or before the  
       Closing Date;

    -- any liability or obligation incurred by C&A Plastics on
       or after the Closing Date;

    -- all trade payables; and

    -- the Debtors' obligations under all employee benefit
       plans, and retired and inactive employees.

Williamston Products will purchase the Williamston Assets for  
US$2,900,000, payable as:

    -- an earnest money deposit of US$145,000 to be paid upon
       execution of the Purchase Agreement, and held pursuant to  
       the Sale Procedures;

    -- US$2,555,000 to be paid on the Closing Date by wire
       transfer of immediately available funds; and

    -- US$200,000 payable to C&A Plastics.

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

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

                        Competing Bids
  
Pursuant to the Court-approved procedures for disposing of  
certain assets, the Debtors will entertain competing bids for
the Williamston Assets through an auction.

The Debtors have designated Williamston Products as the stalking  
horse bidder.  As a result, the Debtors agree to pay Williamston  
Products a break-up fee of US$125,000 upon the occurrence of an  
"alternative transaction," which terminates the Williamston  
Purchase Agreement.

The Debtors have also agreed to set certain overbid protections:

    -- a competing bidder, if any, for all or a substantial part
       of the Williamston Assets must submit an initial minimum  
       overbid of US$200,000 more than the purchase price; and

    -- subsequent bids must be in minimum increments of at least  
       US$100,000.

                    About Collins & Aikman

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in  
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
US$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 54;  
Bankruptcy Creditors' Service, Inc.,  
http://bankrupt.com/newsstand/or 215/945-7000)


CONSTELLATION BRANDS: Poor Sales Trigger Lower Earnings Outlook
---------------------------------------------------------------
Constellation Brands Inc. disclosed that declining U.K. sales
and lower demand from U.S. wholesalers will pull the company's
2008 earnings way below analysts' estimates, Bloomberg News
relates.

According to the report, Constellation Brands, which issued a
news release on March 1, said that cheaper imports from
Australia have enticed U.K. consumers to switch from the
company's Nottage Hill and other brands.

"Our confidence in Constellation's long-term growth remains
strong and we continue to take actions intended to strengthen
the company during increasing consolidation in the beverage
alcohol industry," stated Richard Sands, Constellation Brands'
chairman and chief executive officer.

"We believe the logic of these actions is sound given the
business environment in which we currently operate, and we
believe those actions will position us well as Constellation
continues to invest in its brands and distribution network,
reduce costs and enter new markets.  Our unwavering commitment
to continuing along a path that we firmly believe results in
increasing shareholder value over the long term requires that we
maintain our focus on the road ahead."

The company also mentioned significant factors expected to
impact fiscal 2008 earnings, which include ongoing challenges in
the U.K. market, reflecting the U.K. retail environment, and the
Australian wine oversupply.  The combination of these factors
has resulted in pricing pressures and has made it difficult to
recover additional cost including the annual U.K. duty increase.

Another significant factor expected to impact fiscal 2008
financial performance is the Constellation Wines U.S. operating
plan decision to reduce distributor wine inventory levels in the
U.S.

As distributors continue to consolidate and become larger, the
company has been working with them on supply chain technology
improvements to gain efficiencies.  Distributors are looking to
operate with lower levels of inventory while maintaining
appropriate service levels to retailers.

In response, Constellation Wines U.S. is planning to reduce
distributor inventory levels and looks to complete most of this
effort during the first half of the fiscal year.

Management believes this is the right strategic decision for the
business and it is being driven by Constellation's desire to
work closely with its distributors on supply chain efficiencies,
lowering costs for both Constellation and its distributors, and
ultimately making the company's brands more competitive in the
marketplace.

"Absent the U.K. situation and our decision to reduce U.S. wine
inventories at distributors, our core branded beverage alcohol
business is expected to perform well," Mr. Sands says.

"We are confident in our U.S. and Canadian branded wine
businesses as we continue to see consumers trading up, and we
are very enthusiastic about the potential from our Crown Imports
beer joint venture and our premium spirits growth platform that
will be further energized by our SVEDKA Vodka acquisition.  
Additionally, we are encouraged by our near-term new product
development efforts, increased marketing support for key brands
and our previously announced U.K. facilities realignment," Mr.
Sands continues.

Constellation Brands' Board of Directors has authorized the
repurchase of up to US$500 million of the company's common
stock.  In addition, the company expects to close the previously
reported purchase of SVEDKA Vodka by mid-March.

In relation to the deals, Fitch Ratings has downgraded
Constellation Brands' issuer default rating to 'BB-' from 'BB';
Standard & Poor's Ratings Services lowered its corporate credit
and bank loan ratings to 'BB-' from 'BB'; and Moody's lowered
the company's corporate family rating to Ba3 from Ba2.

                 About Constellation Brands

Constellation Brands, Inc. (NYSE:STZ, ASX:CBR), --
http://www.cbrands.com/ -- is an international producer and   
marketer of beverage alcohol brands with a broad portfolio
across the wine, spirits and imported beer categories.  Well-
known brands in Constellation's portfolio include: Almaden,
Arbor Mist, Vendange, Woodbridge by Robert Mondavi, Hardys,
Goundrey, Nobilo, Kim Crawford, Alice White, Ruffino, Kumala,
Robert Mondavi Private Selection, Rex Goliath, Toasted Head,
Blackstone, Ravenswood, Estancia, Franciscan Oakville Estate,
Inniskillin, Jackson-Triggs, Simi, Robert Mondavi Winery,
Stowells, Blackthorn, Black Velvet, Mr. Boston, Fleischmann's,
Paul Masson Grande Amber Brandy, Chi-Chi's, 99 Schnapps,
Ridgemont Reserve 1792, Effen Vodka, Corona Extra, Corona Light,
Pacifico, Modelo Especial, Negra Modelo, St. Pauli Girl,
Tsingtao.   The company has operations in Australia, Japan, New
Zealand, and the United Kingdom.

                           *     *     *

Moody's Investors Service assigned a Ba2 rating to Constellation
Brands, Inc.'s new US$3.5-billion secured credit facility, which
replaced its US$2.9-billion secured credit facility.  The US$1.3
billion incremental add-on facility, which was proposed at the
time of the Vincor International Inc. acquisition announcement,
was never executed and the rating has been withdrawn.  
Constellation's existing ratings are not affected by these
actions, and have been affirmed.  The ratings outlook remains
negative. Ratings affirmed:

   * US$200-million 8.625% senior unsecured notes, due 2006,
     Ba2;

   * US$200-million 8% senior unsecured notes, due 2008, Ba2;

   * GBP80-million 8.5% senior unsecured notes, due 2009, Ba2;

   * GBP75-million 8.5% senior unsecured notes, due 2009, Ba2;

   * US$250-million 8.125% senior subordinated notes, due 2012,
     Ba3;

   * Ba2 Corporate Family Rating; and

   * The SGL-2 Speculative Grade Liquidity rating.


DARCY INDUSTRIES: Appoints KPMG as Joint Administrators
-------------------------------------------------------
Paul Dumbell and Brian Green of KPMG Restructuring were
appointed joint administrators of Darcy Industries Ltd. on
March 9.

"We are currently in dialogue with customers and suppliers with
the intention to trade the business while exploring the
possibility of achieving a going concern sale.  We are extremely
hopeful of being able to conclude a sale to protect as many jobs
as possible," Paul Dumbell commented.

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 Bolton, England, Darcy Industries Ltd.
manufactures cleaning, DIY and decorative products like Hospec,
Youngs Detergents, Homecare decorating products and Carr & Day &
Martin shoe care products.  The company has a turnover of around
GBP19 million and employs 150 people across its two sites in
Warrington and Bolton.


DAVID KENT: Brings In Liquidator from Northpoint Associates
-----------------------------------------------------------
Greg Whitehead of Northpoint Associates was appointed liquidator
of David Kent Machinery Ltd. on Feb. 28 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         David Kent Machinery Ltd.
         Unit 9 Premier Business Development Centre
         Whitehouse Road
         Whitehouse Enterprise Centre
         Newcastle Upon Tyne
         Tyne and Wear
         NE15 6EP
         England
         Tel: 0191 216 9233
         Fax: 0191 216 9233


DEFINE DESIGN: Calls In Liquidator from Parkin S. Booth & Co.
-------------------------------------------------------------
Jonathan R. Booth of Parkin S. Booth & Co. was appointed
liquidator of Define Design Ltd. on March 1 for the creditors'
voluntary winding-up procedure.

Parkin S. Booth & Co http://www.parkinsbooth.co.uk/-- deals  
entirely with insolvency practice.

The company can be reached at:

         Define Design Ltd.
         Ollerton Grange
         Chelford Road
         Ollerton
         Knutsford
         Cheshire
         WA168RD
         England
         Tel: 01565 621 390
         Fax: 01565 621 357 fax


DIESPEKER G.R.P.: Claims Filing Period Ends June 30
---------------------------------------------------
Creditors of Diespeker (G.R.P.) Ltd. have until June 30 to send
in their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any), to:

         A. R. Marlor
         Liquidator
         Marlor Walls
         C12 Marquis Court
         Marquis Way
         Team Valley
         Gateshead  
         NE11 0RU
         England

A. R. Marlor of Marlor Walls was appointed liquidator of the
company on March 2.


E. C. SPECIALIST: Appoints Gerald Irwin to Liquidate Assets
-----------------------------------------------------------
Gerald Irwin of Irwin & Company was appointed liquidator of E.
C. Specialist Equipment Ltd. (formerly MGB (Coventry) Ltd. and
Mushtaq's Food Machinery Ltd.) on Feb. 28 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         E.C. Specialist Equipment Ltd.
         440-444 Stratford Road
         Sparkhill
         Birmingham
         West Midlands
         B11 4AE    
         England
         Tel: 0121 766 8536


EUROTUNNEL GROUP: Balance Sheet Upside Down by GBP1.32 Billion
--------------------------------------------------------------
Eurotunnel Group released its financial results for the year
ended Dec. 31, 2006.

The group posted a GBP142.88 million net loss on GBP567.6 in
revenue for the year ended Dec. 31, 2006, compared with a
GBP1.97 billion net loss on GBP541.46 in revenue for the same
period in 2005.

At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25
billion in total assets, GBP6.56 billion in total liabilities
and GBP1.32 billion in shareholders' deficit.

                         Safeguard Plan

In 2006, Eurotunnel focused on restructuring the company's
operations and negotiating with creditors, initially to find a
consensual agreement and, from Aug. 2, 2006 onwards, in the
context of a safeguard procedure.  The Paris Commercial Court
approved Jan. 15, the safeguard plan put forward by company.

The Joint Board of Eurotunnel approved March 6, the accounts for
2005 and 2006, on the basis of the Safeguard Plan.

The Auditors and Commissaires aux Comptes certified the accounts
with matters of emphasis, notably regarding going concern.  This
depended on the full implementation of the safeguard plan and
upon the success of the Exchange Tender Offer.  If this will
fail, Eurotunnel may be placed in liquidation.

"These excellent operating results clearly show that it will
only be through the new company, Groupe Eurotunnel SA (GET SA),
created as a result of Safeguard and the ETO, relieved of more
than half of the current debt and with substantially reduced
financial charges, that we will finally be able to remove the
specter of bankruptcy which threatened Eurotunnel in 2005,"
Jacques Gounon, chairman and CEO of Eurotunnel disclosed.

A full-text copy of Eurotunnel's 2006 financial analysis and
summary accounts is available at no charge at
http://ResearchArchives.com/t/s?1b2e

About Eurotunnel

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a  
fleet of 25 shuttle trains, which carry cars, coaches and
trucks.  It manages the infrastructure of the Channel Tunnel and
receives toll revenues from train operating companies whose
trains pass through the Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

Eurotunnel Group files reports in the U.S. Securities and
Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK)
and Eurotunnel SA (ETTFF.PK).

Eurotunnel obtained Aug. 2 an order placing the channel operator
under the protection of the Court pursuant to the new safeguard
legislation (Procedure de sauvegarde).  At end of 2006, the
group's creditors and bondholder approved a plan to decrease its
GBP6.2 billion debt to GBP2.84 billion.

On Jan. 15, the Court approved Eurotunnel's safeguard plan,
backed by the court-appointed representatives to the company and
to the creditors.


EZALGAVON LTD: Claims Filing Period Ends April 6
------------------------------------------------
Creditors of Ezalgavon Ltd. (formerly Novaglaze Ltd.) have until
April 6 to send in their names and addresses and the particulars
of their debts or claims, and the names and addresses of their
solicitors (if any), to:

         Stephen Lord
         Liquidator
         Poppleton & Appleby
         32 High Street
         Manchester  
         M4 1QD
         England  

The company can be reached at:

         Ezalgavon Ltd.
         Queens Mill Road
         Huddersfield
         West Yorkshire
         HD1 3PG
         England
         Tel: 0845 850 2363
         Fax: 01422 377 222


FLAGSHIP COACH: Taps Gary Stones to Liquidate Assets
----------------------------------------------------
Gary Stones of Stones & Co. was appointed liquidator of Flagship
Coach Services Ltd. on March 2 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Flagship Coach Services Ltd.
         2 Ffwrn Clai
         Pontarddulais
         Swansea
         West Glamorgan
         SA4 8EF
         Wales
         Tel: 01792 881 925


FORD MOTOR: Inks Pact to Sell Aston Martin for US$925 Million
-------------------------------------------------------------
Ford Motor Company has entered into a definitive agreement to
sell Aston Martin, its prestigious sports car business, to a
consortium comprised of David Richards, John Sinders, Investment
Dar and Adeem Investment Co.

This transaction is the result of Ford's decision, as announced
in August 2006, to explore strategic options for the Aston
Martin business as the company restructures its core automotive
operations and builds liquidity.

The sale is expected to close during the second quarter and is
subject to customary closing conditions, including applicable
regulatory approvals.  The transaction values Aston Martin at
GBP479 million (US$925 million).  As part of the transaction,
Ford will retain a GBP40 million ($77 million) investment in
Aston Martin.  Other terms and conditions specific to the sale
are not being disclosed at this time.

"The sale of Aston Martin supports the key objectives of the
company, to restructure to operate profitably at lower volumes,
changed model mix, and to speed the development of new
products," Ford President and Chief Executive Officer Alan
Mulally said.

"From Aston Martin's point of view, the sale will provide access
to additional capital, which will allow Aston Martin to continue
the growth it has experienced under Ford's stewardship.  Today's
announcement is good for Ford Motor Company, good for Aston
Martin and good for the UK.  We wish Aston Martin every possible
success for the future."

The new owner of Aston Martin is a consortium comprised of:

   -- David Richards, founder and chairman of Prodrive, a
      world-leading motorsport and automotive technology
      company;

   -- John Sinders, an avid Aston Martin collector and a backer
      of Aston Martin Racing; and

   -- Investment Dar and Adeem Investment Co, international
      investment companies headquartered in Kuwait.

                       About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures and distributes automobiles
in 200 markets across six continents.  With more than 280,000
employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury, and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4'.

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


FORD MOTOR: Court Orders Repayment of US$80 Million to Navistar
---------------------------------------------------------------
Ford Motor Co. will repay US$80 million to Navistar
International Inc. as part of a consent order that will ensure
continued supply of diesel engines for its Super Duty pickup
trucks in the immediate future, Terry Kosdrosky of the Wall
Street Journal reports.

Ford, the report said, had debited about US$160 million from
Navistar invoices as part of the dispute over warranty and
pricing issues.  

The order, released Friday by a Michigan circuit court judge,
directed Ford to transfer US$80 million to Navistar by March 13
and required both companies to engage in "high-level meetings"
and try to reach a final resolution to the dispute, WSJ relates.

In a previous WSJ report, published in the Troubled Company
Reporter on Mar. 8, Ford and Navistar commenced a negotiation to
temporarily settle a long-running pricing dispute over diesel
engines Navistar supplies for Ford's heavy-duty F-Series
pickups.

The negotiation followed the automaker and the engine supplier's
motion asking Oakland County Circuit Court Judge John McDonald
to delay ruling on the companies' pricing dispute.

The dispute, the Journal said, goes back over a year, involving
a previous diesel truck engine Navistar built for Ford from 2002
through the end of 2006.  It also involves a new engine Navistar
began shipping last month with the launch of the redesigned Ford
F-Series Super Duty pick-up truck.

The F-series pick-up truck is Ford's best-selling and most
profitable line of vehicles, the report relates.

Navistar, the Journal said, is the sole supplier of diesel
engines to Ford, producing 225,000 to 300,000 of them a year.

Two weeks ago, Ford estimated US$11,182 million in total life-
time costs for restructuring actions.  

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

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

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

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

Ford, which incurred a US$12,613 million net loss on US$160,123
million of total sales and revenues for the year ended Dec. 31,
2006, said in a regulatory filing with the Securities and
Exchange Commission that its overall market share in the United
States has declined in each of the past five years, from 21.1%
in 2002 to 17.1% in 2006.  The decline in overall market share
primarily reflects a decline in the company's retail market
share, which excludes fleet sales, during the past five years
from 16.3% in 2002 to 11.8% in 2006, the automaker said.

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

                About Navistar International Corp.

Based in Warrenville, Illinois, Navistar International Corp.
(NYSE:NAV) -- http://www.nav-international.com/-- is the parent  
company of Navistar Financial Corp. and International Truck and
Engine Corp.  The company produces International brand
commercial trucks, mid-range diesel engines and IC brand school
buses, Workhorse brand chassis for motor homes and step vans,
and is a private label designer and manufacturer of diesel
engines for the pickup truck, van and SUV market.  The company
also provides truck and diesel engine parts and service sold
under the International brand.  A wholly owned subsidiary offers
financing services.

                       About Ford Motor Co.

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

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4'.

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


FORTUNE 14: Claims Filing Period Ends May 15
--------------------------------------------
Creditors of Fortune 14 Ltd. (t/a New Collections) have until  
May 15 to send in their full names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their solicitors (if any), to:

         Susan M. Wriglesworth
         Liquidator
         McCann Taylor
         Unit C
         Shipley Wharf
         Wharf Street
         Shipley  
         BD17 7DW

Susan M. Wriglesworth of McCann Taylor was appointed liquidator
of the company on Feb. 15.


FOTO PRONTO: Creditors' Meeting Slated for March 16
---------------------------------------------------
Creditors of Foto Pronto Ltd. will meet at 3:15 p.m. on March 16
at:
  
         Turpin Barker Armstrong
         Allen House
         1 Westmead Road
         Sutton
         Surrey  
         SM1 4LA
         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 at the said address.
  
Martin Charles Armstrong of Turpin Barker Armstrong will furnish
creditors with information concerning the company's affairs free
of charge as they may reasonably require.

Turpin Barker Armstrong -- http://www.turpinba.co.uk/--  
provides accounting, tax and business advisory services.


GAP INC: Shows US$910 Mln in Net Sales for Period Ended March 3
---------------------------------------------------------------
Gap Inc. reported net sales of US$910 million for the four-week
period ended March 3, which represents a 5% increase compared
with net sales of US$865 million for the four-week period ended
February 25, 2006.

Due to the 53rd week in fiscal year 2006, February 2007
comparable store sales are compared to the four-week period
ended March 4, 2006.  On this basis, the company's comparable
store sales decreased 4%, compared to a decrease of 11% as
reported for February 2006.

Comparable store sales by division for February 2007 were:

    * Gap North America: negative 5% versus negative 7% last
      year

    * Banana Republic North America: flat versus negative 11%
      last year

    * Old Navy North America: negative 6% versus negative 14%
      last year

    * International: positive 2% versus negative 14% last year.

"During February, Banana Republic customers continued to respond
to the brand's product assortments and accessories, and in
particular the men's collection performed well," said Sabrina
Simmons, senior vice president of corporate finance at Gap Inc.  
"As expected, results at Gap and Old Navy continued to be
challenging, though the kids business performed stronger than
the adult business at both brands."

As of March 3, 2007, Gap Inc. operated 3,135 store locations
compared with 3,053 store locations on February 25, 2006.

                         About Gap Inc.

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

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 7, 2007,
Moody's Investors Service downgraded Gap Inc. senior unsecured
notes to Ba1 and assigned a corporate family rating of Ba1 and
speculative grade liquidity rating of SGL-1.  The rating outlook
is stable.


GENERAL MOTORS: Directors Agree to Amend Bylaws
-----------------------------------------------
General Motors Corp.'s Board of Directors, on March 5, 2007,
approved amendments to the Corporation's Bylaws effective
immediately.

Section 2.1, which establishes the number of directors as 12
unless changed from time to time by resolution of the Board of
Directors, was amended to add that the Board will not change the
number of directors to less than 3 nor more than 17 without the
consent of GM's stockholders.  The current number of directors,
established by resolution of the Board, is 11.

The amendment also added a provision stating that there is no
vacancy on the Board as long as the number of directors in
office is equal to the number of directors established in
Section 2.1 or by a resolution of the directors pursuant to
Section 2.1.

In addition, Section 3.1 was amended to provide that the
standing committees of the Board include, rather than comprise,
the committees listed in that section, and to authorize the
Board to establish an administrative committee to deal with
matters that are not expressly reserved to the jurisdiction of
the Board or one of its committees according to its delegation
of authority and are not otherwise significant.

Section 3.2 has been amended to identify the specific committees
of the Board for which the members and chairmen shall be elected
annually and that are subject to the requirements that only
Independent Directors shall be members, rather than refer to the
standing committees of the Board.

                    About General Motors Corp.

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

                          *     *     *

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

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

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


GENERAL MOTORS: May Charge About US$1 Bln for Bad Mortgage Loans
----------------------------------------------------------------
General Motors Corp. may take a charge of almost US$1 billion to
cover bad mortgage loans made by its former home-lending unit,
Greg Bensinger of Bloomberg reports, citing a Lehman Brothers
Holdings Inc. analyst.

According to the report, the company in November sold a 51%
stake in General Motors Acceptance Corp. for US$14.4 billion to
a group led by Cerberus Capital Management LP.

Residential Capital LLC, a part of GMAC, relies on loans to
people with poor or limited credit records or high debt burdens,
for more than three-quarters, or US$57 billion, of its loan
portfolio, Bloomberg says, citing a research report by Lehman
analyst Brian Johnson.  Delinquency rates on such subprime loans
made last year are at a record high, the report added.

The subprime market is "a key factor to see what the earnings
power of GM's remaining interest in GMAC is going to be," Mr.
Johnson said in an interview with Bloomberg.

Mr. Johnson told Bloomberg last month that GM may have to spend
as much as US$950 million to make up the difference between the
original value of the finance unit and any losses for subprime
loans made by ResCap.

GM spokeswoman Renee Rashid-Merem and GMAC spokeswoman Toni
Simonetti both declined to comment on analysts' estimates for
the automaker's subprime mortgage exposure, Bloomberg said.

                    Higher February U.S. Sales

Despite an expected 6 to 7 percent decline in its U.S. industry
sales, the automaker reported a 3.4% total sales increase last
month, due to an 11% retail sales increase.

The company lowered its sales forecast for last month following
its decision to reduce sales to daily rental fleets.

As reported in the Troubled Company Reporter on Mar. 1, 2007, GM
reduced discounted fleet sales with the prospect of returning
to profitability in North America.  The move, according to
analysts, allowed the automaker to keep its assembly plants
running but eroded the value of its brands.

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

                    About General Motors Corp.

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

                          *     *     *

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

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

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


HEADSTART SOFTWARE: Claims Filing Period Ends April 13
------------------------------------------------------
Creditors of Headstart Software Marketing Ltd. (formerly
Cumberknoll Ltd.) have until April 13 to send their names and
addresses with particulars of their debts or claims to:

         David Moore
         Joint Liquidator
         Begbies Traynor
         No. 1 Old Hall Street
         Liverpool  
         L3 9HF
         England

David Moore and Donald Bailey of Begbies Traynor were appointed
joint liquidators of the company on March 2.

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


HERALDLINK LTD: Names Keith Barry Stout Liquidator
--------------------------------------------------
Keith Barry Stout was appointed liquidator of Heraldlink Ltd. on
March 1 for the creditors' voluntary winding-up proceeding.

The company can be reached at

         Heraldlink Ltd.
         25 East Hill
         Dartford
         Kent
         DA1 1RX
         England
         Tel: 01322 294 488
         Fax: 01322 294 499


HIGHTRONICS LTD: Brings In Liquidator from Maidment Judd
--------------------------------------------------------
Anthony David Kent of Maidment Judd was appointed liquidator of
Hightronics Ltd. on Feb. 20 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Hightronics Ltd.
         Knap Close
         Letchworth Garden City
         Hertfordshire
         SG6 1AQ
         England
         Tel: 01462 483 666
         Fax: 01462 483 888


HITEK SYSTEMS: Names M. S. E. Solomons Liquidator
-------------------------------------------------
M. S. E. Solomons of SPW Poppleton & Appleby was appointed
liquidator of Hitek Systems Ltd. on March 1 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Hitek Systems Ltd.
         Unit E9
         Greenaway Avenue
         Stonehill Business Park          
         Enfield
         London
         N18 3QR
         England
         Tel: 020 8808 8020
         Fax: 020 8803 6566


INTERNATIONAL PAPER: CFO Marianne Parss to Retire by End of 2007
----------------------------------------------------------------
International Paper disclosed that Marianne Parrs, its executive
vice president and chief financial officer, intends to retire at
the end of 2007.  Mrs. Parrs, 62, joined International Paper in
1974.

"Marianne is a world-class leader and CFO," said John Faraci,
chairman and chief executive officer.  "Her business and
financial acumen, keen strategic thinking and analytical skills
have made her an invaluable advisor and colleague.  I speak
personally and also for shareowners and employees in saying she
will be greatly missed."

A securities analyst by training, Ms. Parrs joined International
Paper as a pension trust investment manager, and has since
served as the company's director of investor and shareowner
relations, director of corporate communications, controller of
printing papers and staff vice president of tax.  She twice
served as the company's chief financial officer, first from
1995-1999 and again assumed the role in 2005.  Mr. Parrs was
named executive vice president in 1999, assuming responsibility
for information technology, global sourcing, logistics and a
company-wide supply chain project.  She contributed
significantly to the development and execution of International
Paper's ongoing transformation plan, which led to divestment of
more than US$11 billion in assets, strategic investments,
significant debt reduction, and strengthening of the company's
U.S. pension fund.  She serves on the boards of directors of CIT
Group and Liaison Technologies, Inc., and completed a four-year
term on the Financial Accounting Standards Advisory Council in
2001.

"I'm really proud to be part of this International Paper team,
and have had a tremendously full and satisfying career," Ms.
Parrs said.  "It's an exciting time for the company, and I am
confident that International Paper is on the path to success.  I
look forward to spending this final year with IP continuing to
advance our transformation plan and to create strong value for
our shareowners."

The company plans to announce Ms. Parrs' successor later in the
year.

Based in Stamford, Connecticut, International Paper Company
(NYSE: IP) -- http://www.internationalpaper.com/-- is in the  
forest products industry for more than 100 years.  The company
is currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the U.S., Europe, South America and Asia,
specifically Japan and China.  These businesses are complemented
by an extensive North American merchant distribution system.  
International Paper is committed to environmental, economic and
social sustainability, and has a long-standing policy of using
no wood from endangered forests.

                           *     *     *

Moody's Investors Service assigned a Ba1 senior subordinate
rating and Ba2 Preferred Stock rating on International Paper
Company on Dec. 5, 2005.


JOHN KING: Creditors' Meeting Slated for March 16
-------------------------------------------------
Creditors of John King Pools Ltd. will meet at 11:00 a.m. on  
March 16 at:
  
         The Strathdon Hotel
         44 Derby Road  
         City Centre
         Nottingham  
         NG1 5FT
         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 at the offices of:

         Begbies Traynor
         Regency House
         21 The Ropewalk
         Nottingham  
         NG1 5DU
         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 14 at the offices of Begbies Traynor.

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


KITCHEN DESIGN: Names Liquidator to Wind Up Business
----------------------------------------------------
Michael David Alexander of Lewis Alexander & Connaughton was
appointed liquidator of Kitcheners Design House Ltd. on Feb. 23
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Kitcheners Design House Ltd.
         63 Commercial Street
         Brighouse
         West Yorkshire
         HD6 1AF
         England
         Tel: 01484 723 333


LAMINAR FLOW: Appoints Liquidator from Haines Watts
---------------------------------------------------
Lucinda Ann Field of Haines Watts was appointed liquidator of
Laminar Flow Systems Ltd. on Feb. 21 for the creditors'
voluntary winding-up proceeding.

Haines Watts -- http://www.hwca.com/-- provides services that  
include taxation, business advisory, corporate finance,
corporate recovery & insolvency and budget summary.    

The company can be reached at:

         Laminar Flow Systems Ltd.
         Maple Road
         Eastbourne
         East Sussex
         BN236NY
         England
         Tel: 01323 410 490
         Fax: 01323 412 120


LEVEL 3: Majority of Noteholders Agree to Amend Bond Indenture
--------------------------------------------------------------
As part of its tender offer and consent solicitation for its
10-3/4% Senior Euro Notes due 2008, as of 12:01 a.m., New York
City time, on March 6, 2007, Level 3 Communications, Inc. had
accepted tenders and consents for approximately 89% of the
aggregate principal amount outstanding of the 10-3/4% Notes.

In connection with the tender offer and related consent
solicitation for the 10-3/4% Notes, on March 6, 2007, Level 3
Communications, Inc. entered into a Supplemental Indenture
amending the Indenture, dated as of Feb. 29, 2000, between Level
3 and The Bank of New York, as Trustee, relating to the Notes.  
Level 3 and The Bank of New York, as Trustee, entered into the
Supplemental Indenture.  The Supplemental Indenture amends the
10-3/4% Note Indenture to eliminate substantially all of the
covenants and certain events of default and related provisions
contained in the Indenture.

The tender offer for the 10-3/4% Notes is scheduled to expire at
12:01 a.m., New York City time, on March 20, 2007.  Notes
tendered in the 10-3/4% Tender Offer after the Consent Time, but
prior to the Expiration Date will not receive a consent payment.
Notes tendered in the 10-3/4% Tender Offer on or prior to the
Consent Time may no longer be withdrawn.  The settlement date
for 10-3/4% Notes tendered in the 10-3/4% Tender Offer on or
prior to the Consent Time was March 6, 2007.

Level 3 disclosed that, as part of its tender offer to purchase
for cash any and all of its outstanding 11.5% Senior Notes due
2010, as of the Consent Time, Level 3 had received valid
consents from the holders of substantially all of the
outstanding 11.5% Notes to amend the indenture relating to the
11.5% Notes to eliminate substantially all of the covenants and
certain events of default and related provisions contained in
the 11.5% Note Indenture.

As of the Consent Time, holders of 11.5% Notes representing
approximately 97% of the aggregate principal amount of the
outstanding 11.5% Notes had consented to the Amendment.  The
11.5% Tender Offer is scheduled to expire on March 20, 2007, the
Expiration Date.  Notes tendered in the 11.5% Tender Offer after
the Consent Time, but prior to the Expiration Date will not
receive a consent payment.  Notes tendered on or prior to the
Consent Time may not be withdrawn, and consents submitted on or
prior to the Consent Time may not be revoked.

The settlement date for 11.5% Notes tendered in the 11.5%
Tender Offer on or prior to the Consent Time is scheduled to be
March 13, 2007, or such other date as Level 3 shall notify
holders of the 11.5% Notes.

Copies of each Offer to Purchase and each related Letter of
Transmittal may be obtained from the Information Agent for the
Tender Offers, Global Bondholder Services Corporation, at (212)
430-3774 and (866) 389-1500 (toll-free).  Merrill Lynch & Co. is
the Dealer Manager for the Tender Offers.  Questions regarding
the Tender Offers may be directed to Merrill Lynch & Co. at
(888) 654-8637 (toll-free) and (212) 449-4914.

                          About Level 3

Headquartered in Broomfield, Colorado, Level 3 Communications
Inc. (Nasdaq: LVLT) -- http://www.level3.com/-- is an  
international communications company.  The company provides a
comprehensive suite of services over its broadband fiber optic
network including Internet Protocol (IP) services, broadband
transport and infrastructure services, colocation services,
voice services and voice over IP services.  As of December 31,
2006, the Company had approximately 73,000 intercity route miles
in the United States and Europe, connecting 16 countries.

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 23, 2007,
Standard & Poor's Rating Services raised its ratings on
Broomfield, Colorado-based Level 3 Communications Inc. and
wholly owned subsidiary, Level 3 Financing Inc., including the
corporate credit rating, which was raised to 'B-' from 'CCC+'.  
The outlook is stable.  

As reported in the Troubled Company Reporter on Feb. 14, 2007,
Moody's Investors Service assigned a B1 rating to Level 3
Financing Inc.'s new $1 billion term loan and a B3 rating to the  
$1 billion fixed and floating rate notes at Financing.

Moody's affirmed Level 3 Communications, Inc.'s corporate family
rating at Caa1 with a stable outlook, as the pro-forma leverage
is expected to remain in the 8.5x range, as Moody's expects the
company to use the additional liquidity to refinance higher
coupon debt.


LOYALFAST LTD: Joint Liquidators Take Over Operations
-----------------------------------------------------
Gavin Geoffrey Bates and Peter John Windatt of BRI Business
Recovery and Insolvency were appointed joint liquidators of
Loyalfast Ltd. on March 1 for the creditors' voluntary winding-
up proceeding.

The company can be reached at:

         Loyalfast Ltd.
         Unit 3 Plant House
         Royal Oak Way North
         Royal Oak Ind Est
         Daventry
         Northamptonshire
         NN118PQ
         England
         Tel: 01327 878 766
         Fax: 01327 878 766


M J FIRE: Claims Filing Period Ends March 22
--------------------------------------------
Creditors of M J Fire Protection Ltd. have until March 22 to
send in their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any), to:

         Martin C. Armstrong
         Liquidator
         Allen House
         1 Westmead Road
         Sutton
         Surrey
         SM1 4LA
         England

Martin C. Armstrong of Turpin Barker Armstrong was appointed
liquidator of the company on Feb. 22.


MAGUIRE CIVIL: Taps Claire L. Dwyer to Liquidate Assets
-------------------------------------------------------
Claire L. Dwyer of Jones Lowndes Dwyer LLP was appointed
liquidator of Maguire Civil Engineering Ltd. on Feb. 28 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Maguire Civil Engineering Ltd.
         The Brickyard
         Hudcar Lane
         Bury
         Lancashire
         BL9 6HD
         England
         Tel: 0161 761 3888
         Fax: 0161 761 4888


MATRIX EUROPE: Calls In Liquidators from Kroll
----------------------------------------------
Paul Francis Duffy and David John Whitehouse of Kroll were
appointed joint liquidators of Matrix Europe Ltd. on March 1 for
the creditors' voluntary winding-up proceeding.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

The company can be reached at:

         Matrix Europe Ltd.
         Unit 2a Stewart Rd
         Altrincham Business Park
         Cheshire
         WA145GJ
         England
         Tel: 0161 942 4444
         Fax: 0161 942 4433


MAX WASTE: Taps Liquidators from Smith Cooper
---------------------------------------------
John Phillip Walter Harlow and Simon Gwinnutt of Smith Cooper
Chartered Accountants were appointed joint liquidators of Max
Waste Recycling Ltd. on Feb. 23 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Max Waste Recycling Ltd.
         Fulwood Road South
         Sutton in Ashfield
         Nottinghamshire
         NG172JZ
         England
         Tel: 01623 556 666


MEDLOCK PROJECT: Hires Liquidator from Tenon Recovery
-----------------------------------------------------
Carl Stuart Jackson of Tenon Recovery was appointed liquidator
of Medlock Project Development Ltd. on Feb. 1 for the creditors'
voluntary winding-up procedure.

Tenon Recovery -- http://www.tenongroup.com/-- provides  
accounting and business advice to owner-managed and private
business.

The company can be reached at:

         Medlock Project Development Ltd.
         Dallam Court
         Dallam Lane
         Warrington
         Cheshire
         WA2 7LT
         England
         Tel: 01622 358 650
         Fax: 01622 751 602


MEDWAY T & G: Appoints Tim Alexander Clunie as Liquidator
---------------------------------------------------------
Tim Alexander Clunie of S G Banister & Co. was appointed
liquidator of Medway T & G Services Ltd. on Feb. 23 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Medway T & G Services Ltd.
         Unit 2
         Victory Park
         Trident Close
         Medway City Estate
         Rochester
         Kent
         ME2 4ER
         England
         Tel: 01634 717 766
         Fax: 01634 717 733


MILLFIELD SOUTH: Brings In Liquidators from Herron Fisher
---------------------------------------------------------
Christopher Herron and Nicola Jayne Fisher of Herron Fisher were
appointed joint liquidators of Millfield South East Ltd.
(formerly Lawgra (No 955) Ltd.) on Feb. 27 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Millfield South East Ltd.
         101 South End
         Croydon
         Surrey
         CR0 1BG
         England
         Tel: 020 8667 9988


MPM ELECTRICAL: Creditors Ratify Liquidator's Appointment
---------------------------------------------------------
Creditors of MPM Electrical Ltd. confirmed on March 2 the
company's resolutions for voluntary liquidation.

The appointment of Freddy Khalastchi of Harris Lipman LLP was
also ratified on the same date.

The company can be reached at:

         MPM Electrical Ltd.
         3 Coborn Road
         Tower Hamlets
         London
         E3 2DA
         England
         Tel: 020 8804 8195
         Fax: 020 8376 0087


MSR BUILDERS: Joint Liquidators Take Over Operations
----------------------------------------------------
Trevor O'Sullivan and Nigel Morrison of Grant Thornton U.K. LLP
were appointed joint liquidators of MSR Builders Merchants Ltd.
on March 1 for the creditors' voluntary winding-up proceeding.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--  
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.

The company can be reached at:

         MSR Builders Merchants Ltd.
         Prospect Road
         Alresford
         Hampshire
         SO249QF
         England
         Tel: 01962 738 666


OWEN OWEN: Administrators Cuts 22 Jobs at Lewis's
-------------------------------------------------
Philip Duffy and David Whitehouse, the joint administrators of
the Owen Owen Ltd. department store chain, terminated 22 staff
of its Lewis's store on March 8, Daily Post reports.

"We have spent the first week assessing the business and have
decided that it was necessary to make 22 head office staff
redundant to reduce staff to a level more closely matching the
current business needs.  We are working closely with the local
council who are on site to offer help and assistance to those
made redundant to find new work," Mr. Duffy was quoted by Daily
Post as saying.

According to the report, only employees who work in management
and administrative roles were affected by the cuts.  Shop floor
employees were not affected.

"Owen Owen department stores have strong local brands and there
have been a number of expressions of interest from people
looking to buy the business," Mr. Duffy added. "We have sent out
detailed sales packs to 40 inquirers, most of them other
retailers and a couple of property people."

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-  
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

Owen Owen Ltd. operates department stores in the U.K.  The
largest store it operates is Lewis's in Liverpool, England,
which employs 250 staff.  It operates three other stores in
Sunderland, Hexhamand Aberdeen.  The Owen Owen brand name is no
longer used, but Owen Owen is the name of the operating company.  
Owen Owen Ltd. (Company Number 00167385) went into
administration on Feb. 28.  


ROYAL & SUNALLIANCE: A.M. Best Cuts Financial Strength Ratings
--------------------------------------------------------------
A.M. Best Co. has downgraded the financial strength ratings to
C+ (Marginal) from C++ (Marginal) and the issuer credit ratings
to "b-" from "b" for the Royal & SunAlliance USA Insurance Pool
(Wilmington, DE) and its members, as well as its separately
rated affiliate, Royal Surplus Lines Insurance Company
(Wilmington, DE).

On March 3, 2007, R&SA USA Pool's name was changed to Arrowpoint
Capital Pool (Wilmington, DE).  The ratings have been removed
from under review with developing implications and assigned a
negative outlook.

Subsequently, A.M. Best has withdrawn the FSRs and ICRs and
assigned a category NR-4 (Company Request) to RSLIC and the
members of the Arrowpoint Pool.  Concurrently, A.M. Best has
withdrawn the FSR and ICR and assigned a category NR-5 (Not
Formerly Followed) to Arrowpoint Pool.  These rating actions
reflect management's decision to withdraw from A.M. Best's
interactive rating process.

The Arrowpoint Pool includes Royal Indemnity Company and
Security Insurance Company of Hartford.  These two companies,
along with RSLIC, have been in run-off since 2003.  On March 3,
2007, Royal & Sun Alliance Insurance Group plc (United Kingdom)
[LSE: RSA] completed the sale of its U.S. operations to
Arrowpoint Capital Corporation, a registered Delaware
corporation founded by Royal & Sun U.S. senior managers and
outside directors.

As part of the transaction, the former U.K. parent contributed
US$287.5 million in additional capital to the group.  Arrowpoint
Capital acquired the U.S. operations for US$300 million in
deferred consideration, payment of which will be based on the
future performance of the run-off.

Founded in 1899, A.M. Best Company is a full-service credit
rating organization dedicated to serving the financial services
industries, including the banking and insurance sectors.

Headquartered in London, United Kingdom, Royal & Sun Alliance
Insurance Group Plc -- http://www.royalsunalliance.com/--
provides risk management and insurance solutions through two
divisions focusing on property & casualty business and personal
insurance.  The group consists of three regions -- U.K.,
Scandinavia and International.  The group operates in the U.K.,
Argentina, Bahrain, Belgium, Brazil, Canada, Chile, China,
Colombia, Denmark, Egypt, France, Germany, Hong Kong, India,
Ireland, Italy, Latvia, Lithuania, Malaysia, Mexico, Netherland
Antilles, the Netherlands, Norway, Oman, Saudi Arabia,
Singapore, Sweden, UAE, Uruguay, U.S.A. and Venezuela.

                           *    *    *

A.M. Best Co. has placed the financial strength ratings of C++
(Marginal) and the issuer credit ratings of "b" of the Royal &
SunAlliance U.S.A. Insurance Pool and Royal Surplus Lines
Insurance Company under review with developing implications
pending the completion of the proposed sale of these operations
to Arrowpoint Capital, a new company formed by the existing
management team of these operations.  All the above companies
are domiciled in Wilmington, Delaware.  R&SAUS and RSLIC are
U.S. subsidiaries of Royal & Sun Alliance Insurance Group plc
(London, England).

Standard & Poor's Ratings Services lowered its counterparty
credit and insurer financial strength ratings on Royal & Sun
Alliance Insurance Group PLC's U.S. insurance operations (RSA
USA) to 'BB' from 'BB+'.  S&P said the outlook remains negative.  
At the same time, the ratings were withdrawn at the request of
the companies' management.


TOYWORLD GROUP: Brings In Joint Administrators from KPMG
--------------------------------------------------------
David Crawshaw and Myles Halley of KPMG Restructuring were
appointed joint administrators of retail chain The Toyworld
Group Ltd.

A total of 112 employees were made redundant following the
closure of the company's 13 shops.

Eight stores remain open in Castleford, Harrogate, Leeds,
Skipton, Manchester, Belfast, and two outlets in Sheffield.

"Toyworld was acquired by Youngsters Ltd. in September 2005 and
was loss making at the time.  Despite the best efforts of
management to turn the business around it proved unable to do so
sufficiently quickly.  Quieter trading over the Christmas
period, together with difficulty getting stock out to stores
during the period, further exacerbated the position, to the
extent that the parent company is no longer prepared to continue
to fund further losses.  We shall now be seeking a buyer for the
remaining business and assets," David Crawshaw disclosed.

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, The Toyworld Group Ltd. --
http://www.toyworldstore.co.uk/-- retails toys.  The company  
has 22 branches located across the north of England, Scotland
and Northern Ireland.  It employs 223 staff.


UIC INSURANCE: Filing of Scheme Claims Extended to March 27
-----------------------------------------------------------
Following requests by a number of Scheme Creditors for
additional time to complete their claim forms, the Scheme
Officers have agreed to extend the bar date to March 27.

Any Scheme Creditor wishing to claim in the Scheme must complete
and return Claim Forms, together with supporting information, in
accordance with the instructions accompanying the forms so as to
be received by the Scheme Officers by noon on March 27 in the
U.K.

If the Scheme Officers do not receive the Scheme Creditor's
claim form by the bar date, the latter shall not be entitled to
assert or receive payment for the claim -- except in relation to
Scheme Claims that have been agreed by the Company and fallen
due for payment on or before the Effective Date, which have been
included on a Claim Form prepared by the Scheme Officers, but
not returned by the Scheme.

Any person believing himself to be a Scheme Creditor who is
unclear about or has queries regarding the Scheme, the
completion of the Claim Form, this notice, or the action they
are required to take, should urgently contact:

         David Burns
         Chiltington International Limited
         Holland House
         1-4 Bury Street
         London EC3A 5AW
         United Kingdom.
         Tel: 020 7621 6369
         Fax: 020 7621 6344
         E-mail: uic@chiltington.co.uk


* Harvey R. Miller to Re-Join Weil, Gotshal & Manges LLP
--------------------------------------------------------
Harvey R. Miller, formerly head of International law firm Weil,
Gotshal & Manges LLP's Business Finance & Restructuring
department, would be rejoining the firm.  Mr. Miller returns to
Weil Gotshal after more than four years at the merchant-banking
firm Greenhill & Co. LLP, where he was a Managing Director and
also served as Vice-Chairman.

During his 32-year tenure at Weil Gotshal, Mr. Miller was an
integral figure in the firm's rise to prominence in the
bankruptcy and restructuring area, building a department whose
size and roster of clients are still unrivaled among major law
firms.  Mr. Miller will return to the department he helped to
build, effective March 12, 2007.

"I am delighted that Harvey has decided to return to our firm,"
Chairman Stephen J. Dannhauser remarked.  "As the country's
leading bankruptcy lawyer, his efforts and talents were the
backbone of our BFR practice for many years.  Many of the
leading practitioners in the Bankruptcy and Restructuring field
are at Weil Gotshal, and he was responsible for mentoring most
of them.  Now yet another generation of young Weil Gotshal BFR
attorneys will have the benefit of Harvey's experience.  Based
on my conversations with Harvey, it's clear that he missed the
practice of law and is looking forward to returning to his role
as an active bankruptcy practitioner."

"I selected Weil Gotshal for a couple of important reasons," Mr.
Miller stated.  "First, I have a high comfort level with the
institution and its leaders.  Second, Weil is where I grew up,
and it's always felt like home to me."

"We welcome Harvey's return, not only because of his standing
for excellence in our practice, but also because of his ability
to teach and mentor young lawyers," BFR Co-heads Martin J.
Bienenstock and Marcia L. Goldstein said.  "Harvey has a true
passion for the law and the bankruptcy practice."

In addition to his law firm and investment banking work, Mr.
Miller is an Adjunct Professor of law at New York University Law
School and a Lecturer in Law at Columbia University School of
Law, from which he graduated.  He also has served as a Visiting
Lecturer at Yale Law School.  He has authored and co-authored
many highly regarded texts and publications on significant legal
and business issues concerning restructurings, including
substantive contributions to the bankruptcy treatise, Collier on
Bankruptcy, and has been awarded virtually every major accolade
offered by the industry, including the Columbia University
School of Law Association Medal for Excellence in 2001 and the
2005 Distinguished Service Award from the American College of
Bankruptcy.

                  About Weil, Gotshal & Manges

Weil, Gotshal & Manges LLP is an international law firm of over
1,100 lawyers, including approximately 300 partners.  Weil
Gotshal is headquartered in New York, with offices in Austin,
Boston, Brussels, Budapest, Dallas, Frankfurt, Houston, London,
Miami, Munich, Paris, Prague, Providence, Shanghai, Silicon
Valley, Singapore, Warsaw, Washington DC and Wilmington.

Comprised of over 100 attorneys, Weil Gotshal's Business Finance
and Restructuring Department ranks with the largest among U.S.
law firms, and has been involved in virtually every major
bankruptcy case over the last decade, including ENRON, Parmalat,
WorldCom, Global Crossing, and many others.  Lawyers in the
group have been recognized by Chambers Global and other leading
authorities as the gold standard in the Bankruptcy field year
after year, as has the practice itself.


* 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.


                 * * * End of Transmission * * *