TCREUR_Public/070315.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Thursday, March 15, 2007, Vol. 8, No. 53

                            Headlines


A U S T R I A

CORONA EXPRESS: Administrator Declares Insufficient Assets
FAIRTRAUEN GELD: Claims Registration Period Ends April 3
HYDRA LLC: Claims Registration Period Ends April 10
LECHTALER BERGBAHN: Claims Registration Period Ends March 23
LICENSE IN MOTION: Claims Registration Period Ends March 30


B E L G I U M

CHIQUITA BRANDS: Names Vanessa Vargas-Land as Vice President


F R A N C E

DELPHI CORP: Discloses More Than US$200MM in Claims Transfers
DELPHI CORP: Court Grants Shareholder Access to Sensitive Docs


G E R M A N Y

AOK BAYERN: Claims Registration Ends April 17
AQUA-THERM: Creditors' Meeting Slated for April 16
ARVG GESELLSCHAFT: Claims Registration Ends April 20
CB MEZZCAP: Bankruptcy Filing Cues S&P to Put Ratings on Watch
CLEMENS AUGUST: Claims Registration Ends April 20

DAIMLERCHRYSLER AG: Investors Want "Chrysler" Dropped from Name
DAIMLERCHRYSLER AG: UAW President Prefers Chrysler With Carmaker
ELKU ELEKTRO-INGENIEURBAU: Claims Registration Ends March 26
ERICH ROHDE: Files for Bankruptcy Protection in Marburg/Lahn
FSD GMBH: Claims Registration Ends April 16

GURSKI & HOFFMANN: Claims Registration Period Ends April 24
HEIDER TRADE: Claims Registration Period Ends March 22
HEMMINGEN WESTERFELD: Claims Registration Ends April 23
HTB HOCH: Claims Registration Ends April 20
IUNUS-GMBH: Claims Registration Ends April 24

K & S BAUSERVICE: Claims Registration Ends April 18
KFM GRUNDSTUECKSERSCHLIESSUNGS: Claims Registration Ends April 5
LANDBAU GESELLSCHAFT: Claims Registration Ends April 11
LEXOR GMBH: Claims Registration Period Ends April 10
MG BETTINGZX: Creditors' Meeting Slated for April 24

NECKER BADER: Creditors Must Register Claims by April 14
PRAE-FORM KUNSTSTOFFTECHNIK: Creditors' Claims Due April 24
RILCO GMBH: Creditors Must Register Claims by April 16
ROSSINI VERMOGENSVERWALTUNG: Claims Registration Ends March 20
SCHULDNERIN SOZIALE: Claims Registration Ends April 30

TC TREUHAND: Claims Registration Ends April 27
TOWER AUTOMOTIVE: Files Amended General Motors Pact Under Seal
TOWER AUTOMOTIVE: Stutman Treister as Panel Conflicts Counsel
VACUTEC ANLAGEN: Claims Registration Ends June 25
VERWALTUNGSGESELLSCHAFT MBH: Claims Registration Ends June 1

YOUNGKOMBI GMBH: Claims Registration Period Ends April 19


I R E L A N D

GLASTONBURY FINANCE: Fitch Rates GBP14-Million Notes at Low-B


I T A L Y

DANA CORP: Completes Sale of Engine Biz to MAHLE for US$97 Mln
DANA CORP: Retirees Panel Balks at Unilateral Termination Motion
DANA CORP: Creditors Committee Wants Retiree Benefits Modified
NEAFIDI: Operating Losses Cue Fitch to Cut IDR to BB+
PARMALAT SPA: Paraguay Unit Recalls Milk Amid Mass Poisoning


K A Z A K H S T A N

BAGDAT LLP: Creditors Must File Claims by April 6
BEST COMPANY: Creditors' Claims Due April 13
BULLHEAD LLP: Proof of Claim Deadline Slated for April 13
CHEVAR LLP: Claims Registration Ends April 6
CONTUR KT: Claims Filing Period Ends April 6

I S SYSTEM: Creditors Must File Claims by April 13
KAZAKHGOLD GROUP: To Acquire Certain Assets of Oxus Gold Plc
KAZAKHGOLD GROUP: Fitch Affirms B IDR on Acquisition Plan
KAZTRANSOIL: S&P Affirms BB+ Rating in Line with Parent Company
KOLIK LLP: Creditors' Claims Due April 13

SERVICE-DOSUG LLP: Proof of Claim Deadline Slated for April 13
TEMIRBARS-2030 LLP: Claims Registration Ends April 6
UTTA PLUS: Claims Filing Period Ends April 6


K Y R G Y Z S T A N

ATK DISTRIBUTION: Claims Filing Period Ends April 27


L A T V I A

LATVIJAS KRAJBANKA: S&P Assigns B Ratings on Poor Capitalization


L I T H U A N I A

BANKAS SNORAS: S&P Assigns BB- Ratings with Stable Outlook


N E T H E R L A N D S

CHAPEL 2007: Moody's Rates EUR13.8-Mln Class F Notes at (P)B3
CHAPEL 2007: S&P Assigns B- Prelim Ratings to EUR13.8-Mln Notes
E-MAC PROGRAM: S&P Rates EUR2.7-Mln Class E Notes at BB


R U S S I A

ARBAZHSKIY FLAX: Court Names G. Turanov as Insolvency Manager
BIOSPHERE OJSC: Court Starts Bankruptcy Supervision Procedure
CHAYKOVSKIY GAZ-AUTO-SERVICE: Court Hearing Slated for June 15
GOLDEN FLAX: Nizhniy Novgorod Court Hearing Slated for June 5
INTER-VOLGA OJSC: Samara Bankruptcy Hearing Slated for May 16

KARSOVAYSKAYA MACHINE: Court Starts Bankruptcy Supervision
MARIYSKIY WINERY: Court Names N. Tryapitsyn to Manage Assets
MORDOVSKIY FACTORY: Court Names I. Zolin as Insolvency Manager
PISHEVIK LLC: Court Starts Bankruptcy Supervision Procedure
PROM-WOOD CJSC: Court Names A. Golubev as Insolvency Manager

ROS-STORY OJSC: Court Starts Bankruptcy Supervision Procedure
RYAZANSKIY COMBINE: Creditors Must File Claims by April 17
SKOPIN-AGRO-KHIM: Ryazan Bankruptcy Hearing Slated for May 29
TMK OAO: Majority of Shareholders Approve Option Program
VOZNESENSKOYE TRADING: Bankruptcy Hearing Slated for June 14

YUKOS OIL: Dutch Laws Ban Sale of 49% Transpetrol Stake


S P A I N

AFINSA BIENES: Files Chapter 15 Petition in S.D.N.Y.
AFINSA BIENES: Voluntary Chapter 15 Petition Summary


S W I T Z E R L A N D

BIOPHARM HANDELS: Creditors' Liquidation Claims Due April 2
BUSINESS INVEST: Creditors' Liquidation Claims Due April 11
ENERGIE-VITAL STUDIO: Creditors' Liquidation Claims Due April 2
GASTHAUS WALDHEIM: Creditors' Liquidation Claims Due April 2
GLENCORE FINANCE: Moody's Rates Proposed Securities at (P)Ba2

INITIALIZE INFORMATIK: Creditors' Liquidation Claims Due May 14
LANGENSTEIN IMMOBILIEN: Liquidation Claims Due April 2
NUTRIS LLC: Creditors' Liquidation Claims Due April 5
PAPERO LLC: Creditors' Liquidation Claims Due April 2
PHARMA GUIDELINES: Creditors' Liquidation Claims Due April 2

REMUS TRADE: Creditors' Liquidation Claims Due May 15


T U R K E Y

TURKCELL ILETISIM: Court Dismisses TeliaSonera Suit vs. Board


U K R A I N E

AGRICULTURAL MACHINERY: Creditors Must File Claims by March 16
EARTH LLC: Creditors Must File Claims by March 17
LEOTEX LLC: Creditors Must File Proofs of Claim by March 17
NAFTOGAZ UKRAINY: Investing US$800-Mln to Boost Self-Sufficiency
OLVIA CJSC: Creditors Must File Proofs of Claim by March 16

POLUS AND K: Creditors Must File Proofs of Claim by March 16
PREOBRAZHENIE LLC: Creditors Must File Claims by March 16
SEVASTOPOL MOTOCAR: Creditors Must File Claims by March 17
USV LP: Creditors Must File Proofs of Claim by March 16


U N I T E D   K I N G D O M

ACE PARKING: Creditors' Meeting Slated for March 20
ADVANCED MARKETING: Court Approves Asset Sale to Baker & Taylor
ADVANCED MARKETING: Court OKs Hiring of Lowenstein as Counsel
BERNARD WILLIAMSON: Creditors' Meeting Slated for March 20
BRIDGEWOOD CONSTRUCTION: Creditors' Meeting Slated for March 20

CARNWOOD ENGINEERING: Names Paul John Webb Liquidator
COLLINS & AIKMAN: Wants Stipulation with Wachovia Bank Approved
COTT CORP: Appoints Juan Figuereo as Chief Financial Officer
COTT CORP: Hires William Reis as SVP & Chief Procurement Officer
DREAM DESIGNS: Creditors' Meeting Slated for March 26

EP DIGITAL: Mounting Debts Spur High Court to Close Business
EUROSAIL-UK: S&P Rates GBP12.6-Mln Class E1c & ETc Notes at BB
FINE BINDERY: Creditors' Meeting Slated for March 23
FORD MOTOR: Investors Speculate on Jaguar & Land Rover Sale
FRANKFORM INTERNATIONAL: Joint Liquidators Take Over Operations

GENERAL MOTORS: Earns US$2.2 Billion in Full Year 2006
GETTY IMAGES: Acquires Scoopt to Enhance Site Features
H J COOPER: Creditors' Meeting Slated for March 20
LAGER PEOPLE: Creditors' Meeting Slated for March 22
MERILAB LTD: Hires Liquidator from Mazars LLP

MOTORCISE PORTSMOUTH: Creditors' Meeting Slated for March 21
ORION KITCHENS: Taps David R. Acland to Liquidate Assets
P G DENNY: Gerald Irwin Leads Liquidation Procedure
PIEDOG.COM LTD: Appoints William Paxton as Liquidator
PHELPS DODGE: Freeport Offers US$6 Bln Notes to Fund Phelps Buy

PHELPS DODGE: FCX Purchase Prompts Fitch to Cut Rating to BB-
PRINT 88: High Court Closes Down Business
REGAL BRICKWORK: Claims Filing Period Ends May 28
STANSFIELD TRANSPORT: Claims Filing Period Ends April 9
SOLUTIA INC: Selling Dequest to Thermphos for US$67 Million

TOTAL ENGINE: Creditors' Meeting Slated for March 20
TRAININGWISE LTD: Calls In Liquidator from Crawfords
VICTORIA FUNDING: Fitch Rates GBP1.9-Mln Class E Notes at BB
WORKFORCE LABOUR: Brings In Liquidator from Ashcrofts

* Tenon Recovery Opens New Office in Portsmouth
* Cadwalader Adds Four Partners to Restructuring Department

* Upcoming Meetings, Conferences and Seminars

                            *********

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


CORONA EXPRESS: Administrator Declares Insufficient Assets
----------------------------------------------------------
Dr. Gernot Moser, the court-appointed estate administrator for
LLC Corona Express Transport (FN 274473m), declared Feb. 22 that
the Debtor's property is insufficient to cover creditors' claim.

The Land Court of Innsbruck is yet to rule on the property
manager's claim.

Headquartered in Brixlegg, Austria, the Debtor declared
bankruptcy on Feb. 15 (Bankr. Case No. 7 S 8/07x).

The estate administrator can be reached at:

         Dr. Gernot Moser
         Ludwig Penz Strasse 2
         6130 Schwaz
         Austria
         Tel: 05242/62331
         Fax: 05242/623311
         E-mail: g.moser@rechtsberater.at


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 Peter Pullez at:

         Dr. Peter Pullez
         c/o Dr. Robert Gschwandtner
         Tuchlauben 8
         1010 Vienna
         Austria
         Tel: 513 29 79
         Fax: 513 29 79 25
         E-mail: pullezgschwandtner@aon.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).  Robert Gschwandtner
represents Dr. Pullez in the bankruptcy proceedings.


HYDRA LLC: Claims Registration Period Ends April 10
---------------------------------------------------
Creditors owed money by LLC HYDRA (FN 198258g) have until
April 10 to file written proofs of claim to court-appointed
estate administrator Rainer W. Boehm at:

         Dr. Rainer W. Boehm
         c/o Dr. Georg Auteried
         Altgasse 21
         1130 Vienna
         Austria
         Tel: 876 47 980
         Fax: 876 47 98 21
         E-mail: office@auteried.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on April 24 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. 22 (Bankr. Case No. 4 S 21/07a).  Georg Auteried
represents Dr. Boehm in the bankruptcy proceedings.


LECHTALER BERGBAHN: Claims Registration Period Ends March 23
------------------------------------------------------------
Creditors owed money by LLC Lechtaler Bergbahn & Co. KG (FN
22080x) have until March 23 to file written proofs of claim to
court-appointed estate administrator Erich Pfanzelt at:

         Mag. Erich Pfanzelt
         Griesgasse 5
         Third Floor
         6410 Telfs
         Austria
         Tel: 05262/67606
         Fax: 05262/6760667
         E-mail: kanzlei@pfanzelt.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on April 6 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Room 214
         Conference Hall
         Second Floor
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Bach im Lechtal, Austria, the Debtor declared
bankruptcy on Feb. 22 (Bankr. Case No. 7 S 10/07s).


LICENSE IN MOTION: Claims Registration Period Ends March 30
-----------------------------------------------------------
Creditors owed money by LLC License In Motion (FN 260550m) have
until March 30 to file written proofs of claim to court-
appointed estate administrator Christian Breit at:

         Mag. Christian Breit
         c/o Dr. Thomas Brueckl
         Parkgasse 11
         Dr.Th.Senn-Strasse 18
         4910 Ried/Innkreis
         Austria
         Tel: 07752/87 676-0
         Fax: 07752/87 676-17
         E-mail: christian.breit@aon.at
                 thomas.brueckl@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. April 11 for the examination
of claims.

The meeting of creditors will be held at:

         The Land Court of Ried im Innkreis
         Hall 101
         First Floor
         Ried im Innkreis, Austria

Headquartered in Ried im Innkreis, Austria, the Debtor declared
bankruptcy on Feb. 22 (Bankr. Case No. 17 S 5/07b).  Thomas
Brueckl represents Mag. Breit in the bankruptcy proceedings.


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


CHIQUITA BRANDS: Names Vanessa Vargas-Land as Vice President
------------------------------------------------------------
Chiquita Brands International appointed Vanessa L. Vargas-Land
as its vice president and chief compliance officer.  In this
role, she will be responsible for the day-to-day operation of
the company's compliance and ethics program.

"Vanessa's strong background in ethics and compliance in a
complex international environment will be a tremendous asset in
helping us to achieve the high standards of our Code of Conduct
and Core Values, as well as fully comply with the law and
regulations in the many countries in which Chiquita operates,"
said James Thompson, senior vice president and general counsel.
Mrs. Vargas will report to Thompson, but she will have a close
working relationship with Fernando Aguirre, chairman and chief
executive officer.  In addition, she will collaborate closely
with the company's corporate responsibility officer and the
Audit and Nominating & Governance Committees of the Board of
Directors.

"Chiquita is a great company with an already strong legal team
and culture of ethical responsibility," Mrs. Vargas said.  "I am
looking forward to adding my skills and experience to maintain
and enhance the company's commitment to the highest standards of
compliance."

Mrs. Vargas comes to Chiquita from Abbott Laboratories.  Most
recently, she served as ethics and compliance officer for the
company's nutrition division.  Prior to that, she developed and
implemented the compliance program for Abbott's affiliate
business units, located in 59 countries outside of the United
States. While at Abbott, she developed and led multiple training
initiatives regarding ethics and compliance.  Mrs. Vargas joined
Abbott in 2000 as litigation counsel.

Prior to joining Abbott, she worked with two Chicago law firms,
managing general business and commercial litigation, as well as
serving as trial lawyer on a broad range of issues.  Mrs. Vargas
earned her juris doctor degree and received her bachelor's
degree in English from the University of Illinois, Urbana-
Champaign.

                    About Chiquita Brands

Cincinnati, Ohio- based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 60 countries including Panama, Philippines, Australia,
Belgium, Germany, among others.  It also distributes and markets
fresh-cut fruit and other branded, value-added fruit products.
It also distributes and markets fresh-cut fruit and other
branded, value-added fruit products.

Moody's Investors Service downgraded the ratings for Chiquita
Brands L.L.C., as well as for its parent Chiquita Brands
International, Inc. Moody's said the outlook on all ratings is
stable.

Standard & Poor's Ratings Services also lowered its ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc.,
including its corporate credit rating, from 'B+' to 'B'.


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


DELPHI CORP: Discloses More Than US$200MM in Claims Transfers
-------------------------------------------------------------
Papers filed with the U.S. Bankruptcy Court for the Southern
District of New York disclosed that more than US$200,000,000 of
claims changed hands for the period from Sept. 1, 2006, to
Feb. 28, 2007, in Delphi Corporation and its debtor-affiliates'
chapter 11 cases.

Among the investors who bought claims are:

                                             No. of
                                             Claims  Aggregate
   Investor                                  Bought Claim Amount
   --------                                  ------ ------------
   3V Capital Master Fund Ltd.                   2  US$1,863,119
   AFI, LLC                                      8      175,179
   Amrock Investments, LLC                      46    2,741,311
   Applied Data Systems, Inc.                    1      147,550
   APS Clearing, Inc.                            3    3,393,480
   Argo Partners                               105    3,061,332
   ASM Capital, L.P.                            46      633,337
   Bank of America, N.A.                         1      101,107
   Bear Sterns Investment Products Inc.          7    9,447,691
   Capital Markets                              15      467,952
   CF Special Situation Fund 1 LP                2    1,505,993
   Contrarian Funds, LLC                        45    8,012,407
   Credit Suisse                                 1    7,500,000
   Credit Suisse International                   1    9,078,756
   Debt Acquisition Company of America V, LLC   81      118,015
   Deutsche Bank Securities Inc.                 8   13,378,530
   Fair Harbor Capital, LLC                     83      526,933
   Goldman Sachs Credit Partners LP             15   21,284,893
   Hain Capital Holdings, LLC                   62      327,198
   HTC Global Services Inc.                      1       27,847
   JPMorgan Chase Bank, N.A.                     9   12,601,283
   Longacre Master Fund, Ltd.                  113   31,542,860
   Madison Investment Trust-Series 38           99    3,357,468
   Madison Niche Opportunities, LLC              2       16,077
   Merrill Lynch Credit Products, LLC            4    4,346,640
   Midtown Claims LLC                            2      428,692
   Onyx Environmental Services                   1        3,359
   Ore Hill Hub Fund Ltd.                        3      706,232
   Redrock Capital Partners, LLC                38      163,485
   Revenue Management                           62    3,478,979
   Sierra Liquidity Fund                        39      174,978
   SPCP Group LLC                               15   24,966,346
   Special Situations Investing Group, Inc.      7   12,444,679
   Stonehill Institutional Partners, L.P.       15    4,897,768
   The Bank of Tokyo-Mitsubishi UFJ, Ltd.        3    8,098,039
   TPG Credit Opportunities Fund, L.P.          12   17,632,025
   Trade-Debt.net                               51       31,359
   Xerion Partners II Master Fund Limited        1    2,004,716

The largest claim transfers include those between these parties:

Transferee              Transferor                  Claim
Amount
----------              ----------                  -----------
3V Capital              SPCP Group                 US$1,641,742
APS Clearing            Loepold Kostal GmbH & Co.     2,004,716
APS Clearing            D & R Technology LLC          1,347,828
Bear Sterns             CTS Corporation               1,950,968
Bear Sterns             Futaba Corp. of America       4,145,064
Bear Sterns             Trans Tron Ltd. Inc.          2,240,718
CF Special Situation    APS Clearing                  1,260,331
Contrarian Funds        JPMorgan                      2,492,426
Credit Suisse           SPCP Group                    7,500,000
Credit Suisse Int'l     Credit Suisse                 9,078,756
Deutsche Bank           Hitachi Automotive Products   5,721,969
Deutsche Bank           Tokico (USA) Inc.             1,708,509
Deutsche Bank           N.D.K. America, Inc.          1,403,132
Deutsche Bank           Sony Ericsson Mobile Comm.    1,373,431
Deutsche Bank           Clarion Corp. of America      2,115,405
Goldman Sachs           Daishinku (America) Corp.     1,580,234
Goldman Sachs           SPCP Group                    5,430,121
Goldman Sachs           Deutsche Bank                 5,694,400
Goldman Sachs           Madison Investment            2,246,698
Goldman Sachs           Madison Investment            2,576,441
Goldman Sachs           Madison Niche                 1,735,795
JPMorgan Chase Bank     Tokyo-Mitsubishi Bank         4,041,686
JPMorgan Chase Bank     Judd Wire, Inc.               1,363,728
JPMorgan Chase Bank     SPCP Group                    2,492,426
Latigo Master Fund      Deutsche Bank                 1,373,431
Longacre Master Fund    Compuware Corp.               1,500,000
Longacre Master Fund    A. Berger Precision Ltd.      1,059,143
Longacre Master Fund    Special Situations            1,000,000
Longacre Master Fund    ATS Automation Tooling Sys    1,983,000
Longacre Master Fund    ATS Ohio Inc.                 1,621,059
Longacre Master Fund    Tennessee Valley Authority    1,268,394
Madison Investment      Premier Manufacturing         1,179,772
Merrill Lynch           SPCP Group                    2,752,068
Merrill Lynch           SPCP Group                    1,377,687
SPCP Group              Panasonic Automotive Systems  8,000,000
SPCP Group              TCS America                   2,696,313
SPCP Group              Alumax Mill Products, Inc.    2,332,387
SPCP Group              ON Semiconductor Components   5,764,040
SPCP Group              Furukawa Electric N. America  4,756,206
Special Situations      JPMorgan                      4,041,686
Special Situations      Merrill Lynch                 1,377,687
Special Situations      Merrill Lynch                 2,752,068
Stonehill               Tal-Port Industries LLC       1,792,207
Tokyo-Mitsubishi Bank   Cataler North America Corp.   4,041,686
TPG Credit              Solectron Corporation         5,652,116
TPG Credit              JPMorgan                      2,351,518
TPG Credit              JPMorgan                      2,760,477
TPG Credit              AB Automotive Inc.            1,428,629
TPG Credit              Solectron Corporation         2,198,045
Xerion Partners II      APS Clearing                  2,004,716

Troy, Mich.-based Delphi Corporation (OTC: DPHIQ) --
http://www.delphi.com/-- is the single largest global supplier
of vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
Company's technology and products are present in more than 75
million vehicles on the road worldwide.  The Company filed for
chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case
No. 05-44481).  John Wm. Butler Jr., Esq., John K. Lyons, Esq.,
and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, represent the Debtors in their restructuring efforts.
Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A.
Broude, Esq., at Latham & Watkins LLP, represents the Official
Committee of Unsecured Creditors.  As of Aug. 31, 2005, the
Debtors' balance sheet showed US$17,098,734,530 in total assets
and US$22,166,280,476 in total debts.

The Debtors' exclusive plan-filing period expires on July 31,
2007. (Delphi Corporation Bankruptcy News, Issue No. 60;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DELPHI CORP: Court Grants Shareholder Access to Sensitive Docs
--------------------------------------------------------------
The Honorable Gerald Rosen of the U.S. District Court for the
Eastern District of Michigan has permitted Delphi Corporation
shareholders to examine sensitive documents, which Delphi
provided to the U.S. Securities and Exchange Commission, the
Department of Justice, and other federal agencies in connection
with numerous financial fraud lawsuits filed against the company
and certain of its former executives, Margaret Cronin Fisk of
Bloomberg News reports.

The Delphi shareholders filed a class action lawsuit in the
Michigan District Court against Delphi and its officers and
directors in March 2005 after the company reported a
US$200,000,000 overstatement in 2000 cash flow from operations
and a US$61,000,000 overstatement in 2001 pre-tax income.  Among
the Delphi executives charged by the shareholders were former
Chief Executive Officer J.T. Battenberg III and former Chief
Financial Officer Alan Dawes.

Delphi spokeswoman Lindsey Williams told Bloomberg News that the
company "will abide by the terms of the order and provide the
necessary documents."  No timetable for Delphi to provide the
documents has been set.

Troy, Mich.-based Delphi Corporation (OTC: DPHIQ) --
http://www.delphi.com/-- is the single largest global supplier
of vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
Company's technology and products are present in more than 75
million vehicles on the road worldwide.  The Company filed for
chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case
No. 05-44481).  John Wm. Butler Jr., Esq., John K. Lyons, Esq.,
and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, represent the Debtors in their restructuring efforts.
Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A.
Broude, Esq., at Latham & Watkins LLP, represents the Official
Committee of Unsecured Creditors.  As of Aug. 31, 2005, the
Debtors' balance sheet showed US$17,098,734,530 in total assets
and US$22,166,280,476 in total debts.

The Debtors' exclusive plan-filing period expires on July 31,
2007. (Delphi Corporation Bankruptcy News, Issue No. 58;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


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


AOK BAYERN: Claims Registration Ends April 17
---------------------------------------------
Creditors of AOK Bayern - Direktion Muenchen have until April 17
to register their claims with court-appointed insolvency manager
Dr. Kurt Bruder.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Muenchen
         Meeting Room 102
         Infanteriestr. 5
         80097 Muenchen
         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. Kurt Bruder
         Herzog-Wilhelm-Str. 17
         80331 Muenchen
         Germany
         Tel: 089/236858-0
         Fax: 089/2603440

The District Court of Muenchen opened bankruptcy proceedings
against AOK Bayern - Direktion Muenchen on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         AOK Bayern - Direktion Muenchen
         Landsberger Str. 150-152
         80339 Muenchen
         Germany


AQUA-THERM: Creditors' Meeting Slated for April 16
--------------------------------------------------
The court-appointed insolvency manager for Aqua-Therm Panzer und
Vollmann GmbH, Markus Lehmkuehler, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 9:30 a.m. on April 16.

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

         The District Court of Saarbruecken
         Room 24
         2nd Floor
         Aussenstelle Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

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

Creditors have until April 24 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Markus Lehmkuehler
         Wilhelmstr. 40
         53111 Bonn
         Tel: 0228-92 66 60
         Fax: 0228-92 66 699

The District Court of Saarbruecken opened bankruptcy proceedings
against Aqua-Therm Panzer und Vollmann GmbH on March 5.
Consequently, all pending proceedings against the company have
been automatically stayed.


The Debtor can be reached at:

         Aqua-Therm Panzer und Vollmann GmbH
         Michael-Blatter-Str. 21
         66280 Sulzbach
         Germany


ARVG GESELLSCHAFT: Claims Registration Ends April 20
----------------------------------------------------
Creditors of ARVG Gesellschaft fuer Finanzierungs-, Immobilien-
und Versicherungsvermittlung mbH have until April 20 to register
their claims with court-appointed insolvency manager Dr. Tjark
Thies.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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:

          Dr. Tjark Thies
          Domstr. 15
          20095 Hamburg
          Germany

The District Court of Hamburg opened bankruptcy proceedings
against ARVG Gesellschaft fuer Finanzierungs-, Immobilien- und
Versicherungsvermittlung mbH on March 5.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         ARVG Gesellschaft fuer Finanzierungs-, Immobilien- und
         Versicherungsvermittlung mbH
         Ziethenstr. 14 a
         22041 Hamburg
         Germany


CB MEZZCAP: Bankruptcy Filing Cues S&P to Put Ratings on Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its ratings on the class C, D, and E notes
issued by CB MezzCAP Limited Partnership, a German SME CLO
transaction.  The class A and B notes are unaffected at this
time.

The CreditWatch placement follows the announcement on March 12
by Erich Rohde KG, one of the SMEs in the underlying portfolio
to which the issuer made cash advances, that it is filing for
bankruptcy.  Erich Rhode KG is a German shoe manufactory based
in Schwalmstadt-Ziegenhain.  The company employs approximately
2,000 employees.

"We consider that the likelihood of default for Erich Rohde KG
is significant, which could have a considerable impact on the
level of losses incurred by the issuer under its participation
right," said credit analyst Viktor Milev.  "Erich Rohde KG had
issued a EUR15 million profit participation right to CB MezzCAP
and is the largest asset in the transaction.  The current
portfolio share is 7.92%."

Mr. Milev added: "We will carry out a full analysis of the
implications of the bankruptcy filing to assess whether
potential losses exceed our initial expectations.  We will keep
in close contact with the financial adviser and transaction
monitor to fully assess potential recoveries.  This analysis and
our expectation of future losses to be incurred will govern
whether the ratings on the notes placed on CreditWatch will be
lowered."

CB MezzCAP has previously suffered a default on the entity Nici
AG.  The loss was cured through excess spread and through the
recovery benefit gained from the sale of the Nici AG asset.

                          Ratings List

              Class             Rating
                        To                  From

CB MezzCAP Limited Partnership
   EUR199.5 Million Floating-Rate Notes

Ratings Placed On CreditWatch With Negative Implications

            C           A/Watch Neg         A
            D           BBB/Watch Neg       BBB
            E           BB/Watch Neg        BB


CLEMENS AUGUST: Claims Registration Ends April 20
-------------------------------------------------
Creditors of Clemens August Muss GmbH & Co. KG have until
April 20 to register their claims with court-appointed
insolvency manager Dirk Obermueller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Bonn
         Hall S 2.22
         Second Stock
         William-Strasse 21
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Dirk Obermueller
         Godesberger Allee 125-127
         53175 Bonn
         Tel: 8100045
         Fax: 81000820

The District Court of Bonn opened bankruptcy proceedings against
Clemens August Muss GmbH & Co. KG on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Clemens August Muss GmbH & Co. KG
         In den Dauen 2
         53117 Bonn
         Germany


DAIMLERCHRYSLER AG: Investors Want "Chrysler" Dropped from Name
---------------------------------------------------------------
DaimlerChrysler AG shareholders have recommended that the
company remove "Chrysler" from its name and revert to its old
moniker -- Daimler-Benz AG -- and reincorporate under new
European guidelines, Bloomberg News reports.

"Maintaining a corporate name that evokes associations with the
failure of the business combination with Chrysler is detrimental
to the image of the corporation and its products," shareholders
Ekkehard Wenger and Leonhard Knoll wrote in an amendment to the
agenda for the April 4 annual meeting published on the company's
Web site.

The shareholders' motion has heightened the tension between them
and the board following DaimlerChrysler CEO Dieter Zetsche's
Feb. 14 announcement that "all options are on the table" for
Chrysler, including a possible sale.  Investors have been
demanding for Chrysler's disposal since DaimlerChrysler's
inception in 1998, Bloomberg states.

In response to the motion, the company's management board said
on its Web site: "The DaimlerChrysler name is established all
over the world.  There are no grounds to change the name of the
corporation."

                      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 AG: UAW President Prefers Chrysler With Carmaker
----------------------------------------------------------------
United Auto Workers President Ron Gettelfinger said
DaimlerChrysler AG' Chrysler Group should remain in the family,
various news agencies report.

"I've been around the process long enough to know that I'm not
ready to concede that the Chrysler Group is going to come out of
DaimlerChrysler," Mr. Gettelfinger told radio station WJR-AM in
Detroit in an interview.

According to reports, Mr. Gettelfinger added that he hopes that
if ever Chrysler will be sold, it will be to a car company.

Mr. Gettelfinger is a member of DaimlerChrysler's supervisory
board.  He will represent the UAW in negotiating labor contracts
with Chrysler Group, General Motors Corp, and Ford Motor Co.

                       About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX) (FRA:
DCX) -- 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.


ELKU ELEKTRO-INGENIEURBAU: Claims Registration Ends March 26
------------------------------------------------------------
Creditors of ELKU Elektro-Ingenieurbau Kundlatsch GmbH have
until March 26 to register their claims with court-appointed
insolvency manager Diplom-Oekonom Bjoern von Goesseln.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 a.m. on April 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Diplom-Oekonom Bjoern von Goesseln
         Oskar-Winter-Str. 8
         30161 Hanover
         Germany
         Tel: 0511 6968460
         Fax: 0511 69684679

The District Court of Hanover opened bankruptcy proceedings
against ELKU Elektro-Ingenieurbau Kundlatsch GmbH on Feb. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ELKU Elektro-Ingenieurbau Kundlatsch GmbH
         Mengendamm 6
         30177 Hanover
         Germany

         Attn: Dirk-Michael Kundlatsch, Manager
         Staatswiesenstr. 4
         30177 Hanover
         Germany


ERICH ROHDE: Files for Bankruptcy Protection in Marburg/Lahn
------------------------------------------------------------
Shoe factory Erich Rohde KG filed for bankruptcy at the District
Court of Marburg/Lahn on March 12.

The Court named Carsten Koch as preliminary insolvency
administrator.

The insolvency administrator can be reached at:

         Carsten Koch
         Wilhelmshoeher Allee 270
         34131 Kassel
         Germany
         Tel: 0561/3166-311
         Fax: 0561/3166-312

The company can be reached at:

         Erich Rohde KG
         Attn: Christoph Schmitt and
         Friedrich Wilhelm Schmitt, Managers
         Erich-Rohde-Strasse 22
         34613 Schwalmstadt
         Germany
         Tel: +49 (6691) 6691780
         Fax: +49 (6691) 669178220


FSD GMBH: Claims Registration Ends April 16
-------------------------------------------
Creditors of FSD GmbH have until April 16 to register their
claims with court-appointed insolvency manager Martin Schoebe.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on May 7, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Martin Schoebe
         Ainmillerstr. 11
         80801 Muenchen
         Tel: 089/18 93 77 0
         Fax: 089/18 93 77 50

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

The Debtor can be reached at:

         FSD GmbH
         Frankfurter Ring 193 a
         80807 Muenchen
         Germany


GURSKI & HOFFMANN: Claims Registration Period Ends April 24
-----------------------------------------------------------
Creditors of Gurski & Hoffmann Internationale
Speditionsgesellschaft mbH have until April 24 to register their
claims with court-appointed insolvency manager Reinhard Titz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:55 a.m. on May 8, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Reinhard Titz
         Speersort 4/6
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Gurski & Hoffmann Internationale Speditionsgesellschaft
mbH on Feb. 26.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Gurski & Hoffmann Internationale
         Speditionsgesellschaft mbH
         Attn: Horst Hoffmann-Pinther, Manager
         Kopischweg 15
         22455 Hamburg
         Germany


HEIDER TRADE: Claims Registration Period Ends March 22
------------------------------------------------------
Creditors of Heider Trade - Service GmbH have until March 22 to
register their claims with court-appointed insolvency manager
Christian Adolf.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 3, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Weiden
         Boardroom 14
         Ground Floor
         Justice Building
         Ledererstrasse Nr. 9
         92637 Weiden
         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:

         Christian Adolf
         Stahlstr. 17
         90411 Nuremberg
         Germany

The District Court of Weiden opened bankruptcy proceedings
against Heider Trade - Service GmbH on Feb. 26.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Heider Trade - Service GmbH
         Mengersreuther Str. 5
         95704 Pullenreuth
         Germany


HEMMINGEN WESTERFELD: Claims Registration Ends April 23
-------------------------------------------------------
Creditors of Hemmingen-Westerfeld Betriebs- und
Verwaltungsgesellschaft mbH have until April 23 to register
their claims with court-appointed insolvency manager Manuel
Sack.

Creditors and other interested parties are encouraged to attend
the meeting at 8:15 a.m. on May 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 Hanover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hanover
         Germany

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

The insolvency manager can be reached at:

         Manuel Sack
         Theaterstr. 3
         30159 Hanover
         Germany
         Tel: 0511 36602-0
         Fax: 0511 36602-55

The District Court of Hanover opened bankruptcy proceedings
against Hemmingen-Westerfeld Betriebs- und
Verwaltungsgesellschaft mbH on March 5.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Hemmingen-Westerfeld Betriebs- und
         Verwaltungsgesellschaft mbH
         Berliner Allee 16
         30966 Hemmingen
         Germany

         Attn: Thomas Szesny, Manager
         Schlossallee 11
         30156 Berlin
         Germany


HTB HOCH: Claims Registration Ends April 20
-------------------------------------------
Creditors of HTB Hoch- und Tiefbau GmbH have until April 20 to
register their claims with court-appointed insolvency manager
Dr. F. Stapper.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.m. on May 8, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 reached at:

         Dr. F. Stapper
         Gagarinstr. 34
         07545 Gera
         Germany

The District Court of Gera opened bankruptcy proceedings against
HTB Hoch- und Tiefbau GmbH on March 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         HTB Hoch- und Tiefbau GmbH
         Lerchenberg 1
         07552 Gera
         Germany


IUNUS-GMBH: Claims Registration Ends April 24
---------------------------------------------
Creditors of IUNUS-GmbH have until April 24 to register their
claims with court-appointed insolvency manager Barbara Fahlke.

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 her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 119 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Barbara Fahlke
         Neubrueckenstr. 35/37
         48143 Muenster
         Germany
         Tel: 0251/4842316
         Fax: +492514843614

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

The Debtor can be reached at:

         IUNUS-GmbH
         Friedrich-Ebert-Strasse 114
         48153 Muenster
         Germany

         Attn: Recal Girdi, Manager
         Siepmannstrasse 23
         44379 Dortmund
         Germany


K & S BAUSERVICE: Claims Registration Ends April 18
---------------------------------------------------
Creditors of K & S Bauservice GmbH & Co. KG have until April 18
to register their claims with court-appointed insolvency manager
Frank M. Welsch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Frank M. Welsch
         Barkeystrasse 30
         33330 Guetersloh
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against K & S Bauservice GmbH & Co. KG on Feb. 28.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         K & S Bauservice GmbH & Co. KG
         Attn: Horst Kathoefer, Manager
         Theresienweg 15
         33335 Guetersloh
         Germany


KFM GRUNDSTUECKSERSCHLIESSUNGS: Claims Registration Ends April 5
----------------------------------------------------------------
Creditors of KFM Grundstueckserschliessungs- und Verwaltungs
GmbH have until April 5 to register their claims with court-
appointed insolvency manager Bjoern Junge.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 16, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse
         18057 Rostock
         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:

         Bjoern Junge
         Graf-Schack-Strasse 14
         18055 Rostock
         Germany

The District Court of Rostock opened bankruptcy proceedings
against KFM Grundstueckserschliessungs-
und Verwaltungs GmbH on Feb. 23.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         KFM Grundstueckserschliessungs- und Verwaltungs GmbH
         Attn: Rudi Frank, Manager
         Goethestrasse 22
         18055 Rostock
         Germany


LANDBAU GESELLSCHAFT: Claims Registration Ends April 11
-------------------------------------------------------
Creditors of Landbau Gesellschaft mit beschrankter Haftung have
until April 11 to register their claims with court-appointed
insolvency manager Frank Ziegler.

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

The meeting of creditors will be held at:

         The District Court of 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:

         Frank Ziegler
         Untere Koenigsstrasse 71
         34117 Kassel
         Germany
         Tel: 0561/78496-0
         Fax: 0561/78496-22
         E-mail: info@rechtsanwalt-in-kassel.de

The District Court of Kassel opened bankruptcy proceedings
against Landbau Gesellschaft mit beschrankter Haftung on
March 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Landbau Gesellschaft mit beschrankter Haftung
         Attn: Helmuth von Campe, Manager
         C.-D.-Stunz-Weg 10
         34385 Bad Karlshafen
         Germany


LEXOR GMBH: Claims Registration Period Ends April 10
----------------------------------------------------
Creditors of LEXOR GmbH have until April 10 to register their
claims with court-appointed insolvency manager Berthold
Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.m. on April 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 Neubrandenburg
         Hall 1
         Fr.-Engels-Ring 15-18
         Neubrandenburg
         Germany

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

The insolvency manager can be reached at:

         Berthold Brinkmann
         Freiligrathstr. 1
         18055 Rostock
         Germany

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

The Debtor can be reached at:

         LEXOR GmbH
         An der Havel 17
         17255 Priepert
         Germany


MG BETTINGZX: Creditors' Meeting Slated for April 24
----------------------------------------------------
The court-appointed insolvency manager for MG Betting Service
GmbH, Andrew Seidl, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:00
a.m. on April 24.

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

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

The insolvency manager can be reached at:

         Andrew Seidl
         Chemnitzer Str. 46
         01187 Dresden
         Germany
         Web: http://www.RA-andrew-seidl.de/

The District Court of Dresden opened bankruptcy proceedings
against MG Betting Service GmbH on Feb. 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         MG Betting Service GmbH
         Attn: Marino Alexopoulos, Manager
         Kesselsdorfer Str. 104
         01159 Dresden
         Germany


NECKER BADER: Creditors Must Register Claims by April 14
--------------------------------------------------------
Creditors of Necker Bader GmbH have until April 14 to register
their claims with court-appointed insolvency manager Frank D.
Ehrsam.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Frank D. Ehrsam
         Toelzer Str. 1 a
         82031 Gruenwald
         Germany

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

The Debtor can be reached at:

         Necker Bader GmbH
         Margaretenanger 48
         85716 Unterschleiáheim
         Germany


PRAE-FORM KUNSTSTOFFTECHNIK: Creditors' Claims Due April 24
-----------------------------------------------------------
Creditors of prae-form Kunststofftechnik GmbH have until
April 24 to register their claims with court-appointed
insolvency manager Ruediger Weiss.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 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 Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         Germany

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

The insolvency manager can be reached at:

         Ruediger Weiss
         Delitzscher Str. 70
         06112 Halle
         Germany
         Tel: 0345/614080
         Fax: 0345/6140810

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against prae-form Kunststofftechnik GmbH on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         prae-form Kunststofftechnik GmbH
         Weissenfelser Str. 33
         06667 Tagewerben
         Germany

         Attn: Ralf Schmidt, Manager
         Am Poellnitzgraben 14
         06618 Schoenburg
         Germany


RILCO GMBH: Creditors Must Register Claims by April 16
------------------------------------------------------
Creditors of RILCO GmbH have until April 16 to register their
claims with court-appointed insolvency manager Jochen Weltgen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 7, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C205
         Second 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:

         Jochen Weltgen
         An der Landwehr 46
         46562 Voerde
         Germany

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

The Debtor can be reached at:

         RILCO GmbH
         An der Landwehr 46
         46562 Voerde
         Germany


ROSSINI VERMOGENSVERWALTUNG: Claims Registration Ends March 20
--------------------------------------------------------------
Creditors of Rossini Vermoegensverwaltung GmbH have until
March 20 to register their claims with court-appointed
insolvency manager Dr. Bruno Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 Munich
         Meeting Room 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Dr. Bruno Kuebler
         Konrad-Zuse-Platz 1
         81829 Muenchen
         Germany
         Telefon: 99299-0
         Telefax: 99299-299

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

The Debtor can be reached at:

         Rossini Vermoegensverwaltung GmbH
         Munich
         Germany


SCHULDNERIN SOZIALE: Claims Registration Ends April 30
------------------------------------------------------
Creditors of Schuldnerin Soziale Betreuung Seestern GmbH have
until April 30 to register their claims with court-appointed
insolvency manager Christian Hanken.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on May 21, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Nordenham
         Hall III
         Bahnhofstrasse 56
         26954 Nordenham
         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:

         Christian Hanken
         Wallstrasse 3
         26409 Wittmund
         Germany
         Tel: 04462/919112
         Fax: 04462/919191

The District Court of Nordenham opened bankruptcy proceedings
against Schuldnerin Soziale Betreuung Seestern GmbH on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Schuldnerin Soziale Betreuung Seestern GmbH
         An der Viehwaage 5
         26969 Butjadingen
         Germany

         Attn: Horst Gruener, Manager
         Clausewitzstrasse 68
         99099 Erfurt
         Germany


TC TREUHAND: Claims Registration Ends April 27
----------------------------------------------
Creditors of TC Treuhand und Consulting GmbH have until April 27
to register their claims with court-appointed insolvency manager
Jens Koeke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Goettingen
         Hall B11
         Maschmuehlenweg 11
         37073 Goettingen
         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 Koeke
         Obere Karspuele 36
         37073 Goettingen
         Germany
         Tel: 0551/5085920
         Fax: 0551/5085921

The District Court of Goettingen opened bankruptcy proceedings
against TC Treuhand und Consulting GmbH on Feb. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         TC Treuhand und Consulting GmbH
         Attn: Marcel Noack, Manager
         Donaustrasse 103
         12043 Berlin
         Germany


TOWER AUTOMOTIVE: Files Amended General Motors Pact Under Seal
--------------------------------------------------------------
At the behest of Tower Automotive Inc. and its debtor-
affiliates, the U.S. Bankruptcy Court for the Southern District
of New York authorizes the Debtors to file their amended
agreement with General Motors Corp. and related exhibits under
seal.

All contents of the request and exhibit remain confidential, and
will not be available to the general public or any parties-in-
interest in the Debtors' Chapter 11 cases except upon the
express written consent of the parties.

The Debtors and General Motors previously settled, on a global
basis, all prepetition claims between them relating to the
Debtors' North American operations.  To effectuate that
settlement, the parties entered into a First Amended and
Restated Accommodation and Settlement Agreement, and four new
component supply agreements.

Howard P. Magaliff, Esq., at Togut, Segal & Segal LLP, in New
York, relates that the Accommodation and Supply Agreements were
filed under seal because they contain detailed information about
the relationship between GM and Tower Automotive, Inc., and
specific references to confidential information, including
pricing and related terms negotiated by the Debtors and GM.

Mr. Magaliff notes that the Debtors and GM have now reached an
agreement to resolve one last dispute arising under the
Accommodation Agreement, in connection with a vendor whose goods
were used by the Debtors to produce modules for GM at Tower's
former Lansing, Michigan, facility.

The present Agreement, as with the prior ones, requires the
parties to keep its terms confidential since the documents
contain classified information about the relationship between GM
and the Debtors, and specific references to confidential
information from the Accommodation Agreement, Mr. Magaliff says.
He adds that the Agreement will become effective after a final
Court ruling has been entered.

Mr. Magaliff submits that filing the request under seal is
warranted because, among other things, access to information
contained in the request would give the Debtors' competitors an
unfair advantage, and undermine the parties' ability to
successfully negotiate with other customers and suppliers about
similar issues.

Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.  Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components.  The Company and 25 of its debtor-affiliates filed
voluntary chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y.
Case No. 05-10576 through 05-10601).  James H.M. Sprayregen,
Esq., Ryan B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz,
Esq., and Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP,
represent the Debtors in their restructuring efforts.  Ira S.
Dizengoff, Esq., at Akin Gump Strauss Hauer & Feld LLP,
represents the Official Committee of Unsecured Creditors.  When
the Debtors filed for protection from their creditors, they
listed US$787,948,000 in total assets and US$1,306,949,000 in
total debts.

The Debtors' exclusive plan-filing deadline is extended to
March 21, 2007, pending a hearing on that date.  (Tower
Automotive Bankruptcy News, Issue No. 55; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


TOWER AUTOMOTIVE: Stutman Treister as Panel Conflicts Counsel
-------------------------------------------------------------
The Honorable Allen L. Gropper of the U.S. Bankruptcy Court for
the Southern District of New York authorizes the Official
Committee of Unsecured Creditors appointed in Tower Automotive
Inc. and its debtor-affiliates' chapter 11 cases to retain
Stutman, Treister & Glatt, P.C., as its special conflicts
counsel, nunc pro tunc to Oct. 26, 2006.

As reported in the Troubled Company Reporter on Feb. 8, 2007,
due to the conflict that Akin, Gump, Strauss, Hauer & Feld, LLP,
the Creditors Committee's bankruptcy counsel, had in the
adversary proceeding between Tower Automotive Mexico and Grupo
Proeza, S.A. DE C.V., Stutman Treister provided services to the
Committee in connection with the Proeza Litigation, immediately
upon the Committee's request in October 2006.

Although the Proeza Litigation will soon be dismissed, the
Creditors Committee had requested that Stutman Treister continue
to serve as conflicts counsel.

Specifically, Stutman Treister's services will include assisting
the Creditors Committee in potential plan confirmation disputes
where Akin Gump possesses an actual or potential conflict of
interest.

Stutman Treister's employment does not include appearances
before any court or agency other than the Bankruptcy Court or
the provision of advice on international taxation issues,
securities, torts, environmental, labor, or criminal law.
Stutman Treister represents only the Creditors Committee, not
its individual members.

Stutman Treister will be paid for its services in accordance
with its hourly rates for professionals and paraprofessionals:

   Billing Category           Hourly Rate
   ----------------           -----------
   Shareholders               US$450 - US$775
   Of Counsel                 US$395 - US$750
   Associates                 US$250 - US$385

   Paralegals                    US$190
   Law Clerks                 US$160 - US$215

The professionals currently expected to have primary
responsibility for providing services to the Committee are:

   Professional               Hourly Rate
   ------------               -----------
   Jeffrey C. Krause, Esq.    US$640 - US$675
   Eric D. Goldberg, Esq.     US$550 - US$575
   Gregory K. Jones, Esq.     US$395 - US$425

Jeffrey C. Krause, Esq., a member at Stutman Treister, assured
the Court that his firm and all of its attorneys are
disinterested persons who do not hold or represent an interest
adverse to the Debtors' estates and do not have any connection
with the Debtors, their creditors, the Committee, or any other
parties-in-interest in the Debtors' Chapter 11 cases.

Mr. Krause disclosed that his firm represented certain members
of the Creditors Committee and some creditors in discrete
matters entirely unrelated to the Debtors or the Debtors'
Chapter 11 cases.  In addition, Mr. Krause said he was
previously a partner of Akin Gump for a little more than two
years -- he resigned from Akin Gump effective Dec. 31, 2001.
Gregory K. Jones was previously employed by Akin Gump between
January 2000 and March 2002.

Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.  Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components.  The Company and 25 of its debtor-affiliates filed
voluntary chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y.
Case No. 05-10576 through 05-10601).  James H.M. Sprayregen,
Esq., Ryan B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz,
Esq., and Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP,
represent the Debtors in their restructuring efforts.  Ira S.
Dizengoff, Esq., at Akin Gump Strauss Hauer & Feld LLP,
represents the Official Committee of Unsecured Creditors.  When
the Debtors filed for protection from their creditors, they
listed US$787,948,000 in total assets and US$1,306,949,000 in
total debts.

The Debtors' exclusive plan-filing deadline is extended to
March 21, 2007, pending a hearing on that date.  (Tower
Automotive Bankruptcy News, Issue No. 54; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


VACUTEC ANLAGEN: Claims Registration Ends June 25
-------------------------------------------------
Creditors of VacuTec Anlagen- und Verfahrenstechnik GmbH have
until June 25 to register their claims with court-appointed
insolvency manager Sandra Mitter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Sept. 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 Fulda
         Hall 3100
         Koenigstrasse 38
         36037 Fulda
         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:

         Sandra Mitter
         Kanzlei Leonhardt, Westhelle & Partner
         Wilhelmshoeher Allee 270
         34131 Kassel
         Germany
         Tel: 0561/3166-311
         Fax: 0561/3166-312

The District Court of Fulda opened bankruptcy proceedings
against VacuTec Anlagen- und Verfahrenstechnik GmbH on March 3.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         VacuTec Anlagen- und Verfahrenstechnik GmbH
         Attn: Hans-Michael Rannow, Manager
         Drosselweg 5
         36154 Hosenfeld
         Germany


VERWALTUNGSGESELLSCHAFT MBH: Claims Registration Ends June 1
------------------------------------------------------------
Creditors of Verwaltungsgesellschaft mbH have until June 1 to
register their claims with court-appointed insolvency manager
Dr. Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on July 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 Charlottenburg
         Second Stock Hall 218
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Charlottenburg opened bankruptcy
proceedings against Verwaltungsgesellschaft mbH on March 6.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Verwaltungsgesellschaft mbH
         Holzhauser Str. 16/18
         13509 Berlin
         Germany


YOUNGKOMBI GMBH: Claims Registration Period Ends April 19
---------------------------------------------------------
Creditors of Youngkombi GmbH have until April 19 to register
their claims with court-appointed insolvency manager Andreas
Mittendorff.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on May 16, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Andreas Mittendorff
         Am Markte 13
         30159 Hanover
         Tel: 0511 357721-0
         Fax: 0511 357721-40

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

The Debtor can be reached at:

         Youngkombi GmbH
         Attn: Christoph Zeuch
         Hildesheimer Str. 307
         30519 Hanover
         Germany


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


GLASTONBURY FINANCE: Fitch Rates GBP14-Million Notes at Low-B
-------------------------------------------------------------
Fitch assigned expected ratings to Glastonbury Finance 2007-1
P.L.C.'s upcoming issue of GBP355.65 million floating-rate notes
due 2047.  Here is the expected capital structure of this
transaction:

   -- GBP5.65 million Class X senior secured notes: 'AAA'

   -- GBP205 million Class A-1 senior secured notes: 'AAA'

   -- GBP33 million Class A-2 senior secured notes: 'AAA'

   -- GBP32 million Class B senior secured deferrable notes:
      'AA'

   -- GBP31 million Class C senior secured deferrable notes: 'A'

   -- GBP16 million Class D senior secured deferrable notes:
      'BBB'

   -- GBP10 million Class E senior secured deferrable notes:
      'BB'

   -- GBP4 million Class F senior secured deferrable notes:
      'BB-'

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

The transaction is a managed cash arbitrage securitization of
commercial mortgage-backed securities. The structure
incorporates a Class A-1 variable funding note which may be
drawn in either pound sterling or euro.  The remaining notes are
solely denominated in British pound sterling.  It is anticipated
that 100% of the target portfolio will be purchased at closing
from the issuance of the notes.

The expected ratings of the class B, C, D, E and F notes address
the ultimate payment of interest and principal at maturity.  For
the class X, A-1 and A-2 notes, for which a deferral of interest
constitutes an event of default, the ratings address the timely
payment of interest and ultimate payment of principal.

The expected ratings are based on the quality and diversity of
the portfolio of assets, which are selected by the collateral
manager, Eurohypo Asset Management Limited, subject to the
guidelines outlined in the collateral management agreement.

The expected ratings are also based on the credit enhancement
provided to the various Classes of notes, which consists of the
subordinated notes, structural protection covenants and excess
spread.  Credit enhancement for the class A-1 notes in the form
of collateralized subordination totals 41.4%, and is provided by
the class A-2 notes 9.4%, the class B notes 9.1%, the class C
notes 8.9%, the class D notes 4.6%, the Class E notes 2.9%, the
Class F notes 1.1% and the subordinated notes 5.4%.  Certain
upfront expenses will be amortized over the first eight years of
the transaction through the mechanism of the class X notes.

Glastonbury Finance 2007-1 P.L.C. is a company with limited
liability, incorporated under the laws of Ireland.


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


DANA CORP: Completes Sale of Engine Biz to MAHLE for US$97 Mln
--------------------------------------------------------------
Dana Corporation has completed the sale of its engine hard parts
business to MAHLE GmbH for an aggregate cash payment of
approximately US$97 million.

The engine hard parts business consists of 39 facilities, which
manufacture piston rings, engine bearings, cylinder liners, and
camshafts under the Perfect Circle(R), Clevite(R), and Glacier
Vandervell(R) brands.  With annual revenues of US$670 million in
2005, the engine hard parts operations employ approximately
5,000 people in 10 countries.

Dana expects to record a non-cash, pre-tax charge of US$30
million to US$35 million in the first quarter of 2007 in
connection with the completion of this divestiture.

Other terms of the transaction include:

   * MAHLE acquires the exclusive distribution rights to Dana's
     retained Victor Reinz(R) branded products in the
     independent aftermarket in the United States and Canada;

   * Three facilities in Argentina and Italy will be transferred
     to MAHLE upon completion of specific closing conditions in
     these locales; and

   * MAHLE assumes certain liabilities related to the engine
     hard parts business.

"This divestiture is an important step in implementing Dana's
reorganization initiatives and sharpening our focus on our core
axle, driveshaft, structural, sealing, and thermal products
businesses for the automotive, commercial vehicle, and off-
highway markets," Dana Chairman and CEO Mike Burns said.

                      About the Company

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

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

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

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

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


DANA CORP: Retirees Panel Balks at Unilateral Termination Motion
----------------------------------------------------------------
The Official Committee of Non-Union Retirees of Dana Corp. and
its debtor-affiliates asks the Honorable Burton R. Lifland of
the U.S. Bankruptcy Court for the Southern District of New York
to deny the Unilateral Termination Motion.

As previously reported, the Debtors have asserted that the non-
union pension benefits are not "vested" and are subject to
termination on contractual grounds and under the Employee
Retirement Income Security Act of 1977.

The Official Committee of Non-Union Retirees argues that the
totality of information the Debtors provided to the non-union
retirees mandates a finding that the non-union pension benefits
are vested under Second Circuit law.

The Debtors relied on incomplete and misleading documents and
ignored applicable Summary Plan Descriptions and the historical
changes of the applicable pension plans at issue and other
written materials routinely provided to their employees, the
Retirees Committee contends.

Trent P. Cornell, Esq., at Stahl Cowen Crowley, LLC, in Chicago
asserts that the Debtors' non-union retirees fall into
one of the three Pension Plans and all have vested benefits.

As a general rule, retiree welfare plans are not presumed to
vest, Mr. Cornell concedes.  The Second Circuit, however, has
repeatedly held that welfare plans are in fact vested when
promised by or offered as lifetime benefits by an employer.

The Second Circuit also held that welfare benefits are deemed
"vested" when there is writing reflecting the intent, Mr.
Cornell notes.  In In re Schonholz v. Long Island Jewish Medical
Center, 87 F.3d 72, 77 (2nd Cir. 1996), the standard with
respect to writings required to establish vesting is that a
retiree or employee merely "point to written language capable of
reasonably being interpreted as creating a promise to . . . vest
. . . benefits."

Mr. Cornell informs the Court that since 1983, the Debtors have
modified their non-union retirees' pension benefits and inserted
unilateral termination languages on the benefit plans.  The
Debtors have also sent letters and memos to non-union employees
that their pension benefits are company expenses, Mr. Cornell
adds.

The modifications of the benefit plans over the years have
resulted to many separate claims asserted by the retirees
against the Debtors under ERISA, Mr. Cornell says.

The Retirees Committee asserts that the proper standard to use
in the Debtors' Unilateral Termination Motion is Section 1114 of
the Bankruptcy Code and not Section 363.

Section 1114 prohibits a debtor from terminating or modifying
any retiree benefits during a Chapter 11 case unless the debtor
complies with the procedures and requirements of the Section,
regardless of whether the debtor has the contracted right to
unilaterally terminate the benefits, Mr. Cornell relates.  In
addition, Section 1114 contains no carve outs or any exceptions
for situations where a debtor has an asserted "contractual" or
ERISA-based right to unilaterally terminate benefits.

A finding that the non-union benefits plans are vested does not
prohibit the Debtors from modifying the plans, Mr. Cornell
maintains.  A finding of vesting, however, will directly affect
the unsecured claim the Retirees will have if the Plans are
modified under Section 1114.  Under Section 1114, the Retirees
can assert an unsecured claim amount equal to any reduction of
their benefits.

            Creditors Committee, et al. Support Debtors

The Official Committee of Unsecured Creditors and an ad hoc
committee of Dana Corporation noteholders support the Debtors'
Unilateral Termination Motion to the extent that it does not
result to the existence of a dilutive rejection damages claim
from the non-union retirees.

The Committees point out that if the non-union pension benefits
are terminated, the Debtors' estates will save more than
US$35,000,000 in 2007 alone.

The Creditors Committee asserts that to the extent the Court
determines that the Debtors have the unilateral right to
terminate the non-union pension benefits, no rejection damages
claim can result.

On behalf of the Creditors Committee, Thomas Moers Mayer, Esq.,
at Kramer Levin Naftalis & Frankel, LLP, in New York, notes that
the Bankruptcy Code does not provide the non-union retirees with
a claim for damages they would not have been entitled to outside
of bankruptcy.

                         Debtors Talk Back

Corinne Ball, Esq., at Jones Day, in New York, argues that the
Debtors have met their burden under Section 363 based on the
significant savings to the estates from the termination of the
non-pension retiree benefits.

Ms. Ball tells the Court that the Retirees Committee has not
pointed to any affirmative language in the relevant plan
documents that demonstrates a promise to provide benefits for
the life of a beneficiary -- a showing that is necessary to
establish "vesting" in the Second Circuit.

The Debtors maintain that application of the proper legal
standard demonstrates that the non-pension retiree benefits of
non-union retirees and active employees are not "vested."

The Retirees Committee mischaracterized the legal standard for
determining whether the welfare benefits vest, Ms. Ball says.
The quoted language from In re Schonholz addresses the standard
for surviving summary judgment, not for prevailing on the merits
of a vesting claim.  Thus, when an employee points to language
"capable of reasonably being interpreted" as promising vested
benefits, he is merely entitled to present his case to a trier
of
fact.  To prevail on a vesting claim, according to Ms. Ball, the
employee must prove to the trier of fact by a preponderance of
the evidence that the employer intended the benefits to vest.

Ms. Ball relates that a claim with respect to lost welfare
benefits is preempted by ERISA.  Under Section 1132(a)(1)(B) of
ERISA, an ERISA plan participant or beneficiary may bring a
civil action to recover benefits, enforce rights or clarify
rights within an applicable statute of limitations.  Because
"ERISA does not prescribe a limitations period for actions under
Section, the controlling limitations period is that specified in
the most nearly analogous state limitations statute." Miles v.
New York State Teamsters Conference Pension and Retirement Fund
Employee Pension Benefit Plan, 698 F.2d 593, 598 (2d
Cir.)(citation omitted), cert. denied, 464 U.S. 829(1983).

In the Second Circuit, an ERISA claim accrues on a clear
repudiation by the plan that is known, or should be known, to
the plaintiff, Ms. Ball adds.

The Retirees Committee has conceded that since 1983, various
substantial modifications were made to the Brown Book.  Hence,
the Debtors' employees were on actual notice of the
modifications not later than Jan. 1, 1983, Ms. Ball contends.
The retirees covered under the Retiree Flex, on the other hand,
were notified of the modifications of their benefits on or about
Jan. 1, 1993.

Hence, Ms. Ball asserts, the Brown Book Retirees' claims became
time barred under the applicable six-year statute of limitations
no later than Jan. 1, 1989, and the Retiree Flex Retirees'
claims became time barred no later than Jan. 1, 1999.

Ms. Ball adds that the Debtors may terminate unvested retiree
benefits without resort to Section 1114 of the Bankruptcy Code.
By its terms, Section 1114(1) merely prevents a debtor from
circumventing Section 1114 by terminating benefits during the
six months prior to bankruptcy, according to Ms. Ball.

Accordingly, the Debtors ask the Court to overrule the Retirees
Committee's objection to the Unilateral Termination Motion.

                          About Dana Corp.

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

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

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

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

The Debtors' exclusive period to file a plan expires on Sept. 3,
2007.  They have until Nov. 2, 2007, to solicit acceptances of
that plan.  (Dana Corporation Bankruptcy News, Issue No. 35;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DANA CORP: Creditors Committee Wants Retiree Benefits Modified
--------------------------------------------------------------
The Official Committee of Unsecured Creditors asks the Honorable
Burton R. Lifland of the U.S. Bankruptcy Court for the Southern
District of New York to authorize Dana Corp. and its debtor-
affiliates to modify the Retiree Benefits, subject to a finding
that the resulting damage claim will not dilute creditor
recoveries.

As previously reported, the Debtors asserted that rejection of
their collective bargaining agreements and modification of their
retiree benefits will enable them to save US$100,000,000 to
US$150,000,000 in annual cash costs.

The Official Committee of Unsecured Creditors contends that the
cash savings, while substantial, could be illusory to the extent
that it could result in huge and dilutive rejection damage
claims against the Debtors' estates.

The union and non-union retirees have asserted that their
damages claims with respect to the termination of their benefits
alone will total more than US$1,400,000,000, Thomas Moers Mayer,
Esq., at Kramer Levin Naftalis & Frankel, LLP, in New York,
points out.

The size of a rejection damage claim is relevant in determining
whether the conditions for relief under Sections 1113 and 1114
of the Bankruptcy Code have been met, Mr. Mayers contends.
While the Creditors Committee generally supports the termination
of Retiree Benefits under Section 1114, Mr. Mayers says its
support is conditioned on a finding that the resulting claims,
if any, will not reduce creditor recoveries.

The Creditors Committee suggests that the Debtors provide more
evidence as to the amount of the rejection claims, if any, as
part of the Section 1114 process.

With regard to the Debtors' request to reject their CBAs, the
Creditors Committee says it does not have enough information to
determine whether or not the request will actually increase
creditor recoveries.  The Creditors Committee, hence, takes no
position at this time on the Section 1113 request, but will
develop its position as discovery progresses and after the
Debtors and the Unions provide additional information.

               Unions Reply to Committee's Argument

The International Union, United Automobile, Aerospace and
Agricultural Implement Workers of America; and the United Steel,
Paper and Forestry, Rubber, Manufacturing, Energy, Allied
Industrial and Service Workers International Union assert that
their efforts to address the Debtors' Section 1113/1114
proposals should not be additionally burdened by the Creditors
Committee's insistence on a claims adjudication that would
otherwise occur after the Court has granted the Debtors'
requests and the Unions have actually calculated and asserted
their claims.

Babette A. Ceccotti, Esq., at Cohen, Weiss and Simon, LLP, in
New York, points out that the Creditors Committee's single-
minded focus demonstrates the merits of the Seventh Circuit's
ruling In re UAL Corp., 408 F.3d 847, 851 (7th Cir. 2005) that
third parties with merely a financial stake in the outcome of a
Section 1113 proceeding do not have a standing to participate as
"interested parties" at the hearing.

The Creditors Committee wanted the Court to embark on what would
be a protracted and complex claim litigation designed to purely
address its support for the Debtors' request, Ms. Ceccotti
notes.  The principal goal of Sections 1113 and 1114 to promote
negotiated solutions is clearly undermined by an expansion of
the litigation as proposed by the Creditors Committee, Ms.
Ceccotti avers.

The Unions believe that the Creditors Committee only seeks to
complicate and exacerbate the already fractious process.

Thus, the Unions ask the Court to reject the Creditors
Committee's effort to interject itself into the Section
1113/1114 process.

                     Debtors Talk Back

None of the objectors disputed the fact that the Debtors'
operating structure is not sustainable and that the Section
1113/1114 proposals would generate cash savings of more than
US$100,000,000 annually, Corinne Ball, Esq., at Jones Day, in
New York, points out.

The Debtors maintain that they have provided all the information
necessary for all interested parties to make an informed
evaluation of the Proposals.  The Debtors admit that they have
not provided their 2008 and beyond financial projections because
they are not yet complete.

The Debtors assert that it cannot achieve the operating profit
margins it needs to compete by repatriating cash from foreign
operations:

   1. The Official Committee of Non-Union Retirees "projections"
      of the Debtors' future liquidity neither account for the
      repayment of the Debtors' US$900,000,000 DIP term loan nor
      the reduction in liquidity that will result upon emergence
      from Chapter 11, when the Debtors must pay its
      administrative claims, reclamation claims, contract cure
      payments, success fees, professional fee hold-backs, and
      priority and other secured claims.

   2. The Debtors' ability to repatriate cash from its foreign
      operations is severely limited by a number of constraints.

   3. Repatriation does nothing to address the core problem that
      threatens the Debtors' continued viability -- the current
      cost structure of the consolidated enterprise is simply
      not sustainable.

The Debtors contend that they cannot survive as a viable entity
without eliminating their obligations to pay long-term retiree
healthcare and welfare benefits.

Ms. Ball maintains that the Debtors' Proposals treat all parties
fairly and equitably.  The Debtors have also negotiated in good
faith, Ms. Ball continues.  The Debtors have made it clear to
the Retirees Committee that they are ready to negotiate all
other aspects of the Proposals, including details and funding of
the proposed Voluntary Employees' Benefit Association.

The evidence at trial will show that the Debtors have not
proposed below-market wages, Ms. Ball avers.  There is no merit
to the Unions' assertions that the Debtors cannot retain a
productive workforce if the Proposals are implemented, Ms. Ball
adds.

"When the unions and retirees make demands that are not
economically feasible and offer no alternatives that would
permit the debtor to reorganize successfully, they do not have
'good cause' to reject the debtor's proposal," Ms. Ball asserts.

The Unions and the Official Committee of Unsecured Creditors
have not proposed any alternatives to the Section 1113/1114
proposals that will generate the cost savings and revenue
enhancements that the Debtors need to achieve the operating
profit margins required to emerge from bankruptcy and compete as
a viable entity in the global marketplace, Ms. Ball tells the
Court.

The International Association of Machinists and Aerospace
Workers have argued that it is entitled to ignore Section 1113
proposals with respect to its CBAs at the facilities in
Churubusco, Ind.; Robinson, Ill.; and Manchester, Mo., because
the CBAs were extended after their bankruptcy filing, thus
making the CBAs postpetition contracts.  "Extension of a
prepetition contract during the course of a Chapter 11 case,
absent other material modifications, does not create a new
postpetition contract," Ms. Ball contends.

                          About Dana Corp.

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

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

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

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

The Debtors' exclusive period to file a plan expires on Sept. 3,
2007.  They have until Nov. 2, 2007, to solicit acceptances of
that plan.  (Dana Corporation Bankruptcy News, Issue No. 35;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


NEAFIDI: Operating Losses Cue Fitch to Cut IDR to BB+
-----------------------------------------------------
Fitch Ratings downgraded Italy-based NeaFidi's Issuer Default
Rating to 'BB+' from 'BBB-', Insurer Financial Strength rating
to 'BBB-' from 'BBB' and Short-term rating to 'B' from 'F3'.
The Outlook for the IDR and IFS ratings is now Stable.

The rating action reflects Nea's inability to generate a
reasonable level of operating profits from its operations, as
shown by persisting operating losses in the years 2004 to 2006.
Despite management efforts to improve operating profitability,
Nea remains entirely dependent on subsidies received from the
region of The Veneto and the local chamber of commerce to report
a net profit.  In addition, budget figures provided to Fitch
suggest this is a structural feature of Nea's current business
model as it will remain the case in the near future.  Fitch also
considers that Nea's accounting and budgeting systems need to be
strengthened given its bigger size.

The ratings remain based on the secure mechanism Nea has in
place to protect its equity from loan losses, for which annual
payments for credit losses will not exceed 1.5% of its total
guarantee book, Fitch notes that Nea's ability to negotiate for
the inclusion of this mechanism in its agreements with banks may
come under pressure in the future.  The ratings also consider
Nea's conservative credit risk management and appetite. It has a
strong record in assessing the credit risk of its local small-
and medium-sized enterprise clients and managing its credit
risk, as shown by the level of its problem guarantees.  Loan
loss reserves cover at end-2006 should be equal to over three
times the level of gross problem guarantees.  A mild
deterioration in asset quality suffered by the Nea between end-
2004 and end-March 2006 has been halted, and recent data suggest
a return to greater stability.

Nea has an adequate capital base in view of its well-managed
credit risk.  Its equity plus loan loss reserves to gross
guarantees ratio was better than peers' at end-June 2006.  Fitch
regards positively Nea's efforts to attract fresh capital by
looking at institutional investors with a long-term strategic
perspective.  In principle, Fitch also regards positively Nea's
opening to possible mergers with other smaller or similarly
sized confidi but notes that, as aggregations increase an
entity's complexity, the integration of systems and structures
has to be managed fast and efficiently as delays may hamper
success in achieving expected benefits.

Nea is a cooperative providing credit guarantees to SMEs and is
the result of the merger of six confidi based in the Veneto
region.


PARMALAT SPA: Paraguay Unit Recalls Milk Amid Mass Poisoning
------------------------------------------------------------
Parmalat Paraguay, a unit of Parmalat S.p.A., has recalled a
batch of pasteurized milk linked to more than 300 cases of food
poisoning in the Latin American country, Reuters reports.

The Health Ministry's National Food and Nutrition Institute
requested shops to take Parmalat's milk off from shelves, a
trade group representing supermarkets told Bloomberg News.

"The products were recalled from the Paraguayan market and now
they're being analyzed, but at the moment the information
indicates that the milk's decomposition took place in the
refrigeration chain," Jose Maria Aguero, a representative of
Parmalat Paraguay, told a local radio.

Cases of food poisoning were reported in Alto Parana, Paraguay.
Patients reported symptoms that include vomiting and diarrhea
several hours after drinking milk, Francisco Guerrero, a senior
health official told Reuters.

"We appeal to people that, for the moment, they don't drink
Parmalat milk and that shopkeepers take back their stock to
where they bought it," Mr. Aguero said.  "That way the risk of
more people falling ill is reduced."

                       About Parmalat

Based in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has 40-
some brand product line, which includes yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
or bankruptcy protection, they reported more than US$200 million
in assets and debts.  The U.S. Debtors emerged from bankruptcy
on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.


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


BAGDAT LLP: Creditors Must File Claims by April 6
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP BAGDAT insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Akmola
         Shoyindykol
         Jarkainsky District
         Akmola
         Kazakhstan


BEST COMPANY: Creditors' Claims Due April 13
--------------------------------------------
LLP Best Company has declared insolvency.  Creditors have until
April 13 to submit written proofs of claim to:

         LLP Best Company
         Micro District 11, 37-25
         Aktube
         Kazakhstan


BULLHEAD LLP: Proof of Claim Deadline Slated for April 13
---------------------------------------------------------
LLP Bullhead has declared insolvency.  Creditors have until
April 13 to submit written proofs of claim to:

         LLP Bullhead
         Office 7
         Bogenabi Batyr Str. 214
         Almaty
         Kazakhstan


CHEVAR LLP: Claims Registration Ends April 6
--------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region has declared LLP Chevar insolvent.

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

         LLP Chevar
         Tauke Han Ave.33/3-31
         Shymkent
         South Kazakhstan Region
         Kazakhstan


CONTUR KT: Claims Filing Period Ends April 6
--------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region has declared LLP Contur Kt insolvent.

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

         Tax Committee on South Kazakhstan Region
         Shymkent
         South Kazakhstan Region
         Kazakhstan


I S SYSTEM: Creditors Must File Claims by April 13
--------------------------------------------------
LLP I.S. System has declared insolvency.  Creditors have until
April 13 to submit written proofs of claim to:

         LLP I.S. System
         Universalnaya Str. 1a
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


KAZAKHGOLD GROUP: To Acquire Certain Assets of Oxus Gold Plc
------------------------------------------------------------
KazakhGold Group Ltd. has agreed in principle with Oxus Gold PLC
to acquire certain of Oxus' assets, subject to contract.

These assets include:

   -- the entire issued share capital of Norox Mining Company
      Ltd., which, via its 66.67% holding in the Talas Gold
      Mining Company, owns the substantially completed gold
      processing plant at the site of the Jerooy gold project in
      Talas, Kyrgyzstan;

   -- the remaining 50% of the issued share capital of Romaltyn
      Ltd., which KazakhGold acquired jointly with Oxus in
      November 2006;

   -- certain exploration assets in Turkey, currently owned by
      Oxus' 86% owned subsidiary, Marakand Minerals Ltd.,
      subject to board approval from Marakand.

The proposed acquisition is subject to a number of conditions,
including completion of satisfactory due diligence, the receipt
of independent valuations of the assets which is satisfactory to
the Board of KazakhGold, the receipt of all necessary regulatory
approvals and consents and subject to completion of a legally
binding agreement.

In consideration for these assets, KazakhGold proposes to issue,
upon completion, up to a maximum of 3,541,666 new shares to
Oxus, representing around 7% of the enlarged share capital of
KazakhGold following the issue of the consideration shares.  The
number of shares issued as consideration will be subject to
adjustment if any of the assets above are not transferred to
KazakhGold.  The consideration, i.e. number of shares, will not
be subject to adjustment to reflect fluctuations in the
KazakhGold share price.

Additionally, KazakhGold has agreed in principle that it will
pay Oxus up to a further US$80 million in cash, payable in
instalments, if it is awarded the licence at Jerooy and
commences development and production at the deposit.  Any such
payment is conditional, inter alia, on Oxus ceasing its ongoing
litigation regarding the Jerooy license.

"We are very excited about the potential acquisition of assets
from Oxus Gold," Kanat Assaubayev, Executive Chairman, said.
"We believe that these will contribute to achieving our stated
ambition of becoming the leading gold producer in Central Asia."

Headquartered in Stepnogorsk, Kazakhstan, KazakhGold Group
(London: KZG)  -- http://www.kazakhgold.com/-- is one of the
leading gold mining companies in Kazakhstan whose business dates
back to 1929.  The Group's core assets are the Aksu, Bestobe and
Zholymbet mines located in Northern Kazakhstan, in close
proximity to the country's capital city Astana.  Since its
London listing on last year, the company has acquired several
new deposits in Eastern Kazakhstan, which are subject to the
joint venture with Barrick Gold.  The company employs 3,200
workers.


KAZAKHGOLD GROUP: Fitch Affirms B IDR on Acquisition Plan
---------------------------------------------------------
Fitch Ratings affirmed the ratings of KazakhGold Group Limited,
a Kazakhstan-based gold producer, at foreign currency Issuer
Default rating of 'B' with a Stable Outlook and US$200 million
Senior Notes Issue, maturity date November 6, 2013, of 'B'.

The affirmation follows the company's announcement that it plans
to acquire certain assets of Oxus Gold PLC.  These include a
100% interest in Norox Mining Company Limited, which, via its
66.67% holding in the Talas Gold Mining Company, owns a gold
processing plant at the site of Jerooy gold mine in Talas,
Kyrgyzstan; the remaining 50% in its joint venture with Oxus -
Romaltyn Limited, Romania; and some exploration assets in
Turkey, currently owned by Oxus' 86%-owned subsidiary, Marakand
Minerals Limited.  The acquisitions are subject to various
conditions including due diligence, regulatory approvals and
signing of a legally binding agreement.

Although the cost of the acquisitions, with a total
consideration of about US$150 million, is material, Fitch
believes that it is unlikely to have a negative impact on the
company's credit profile due to its equity-funded nature.
KazakhGold plans to finance the acquisitions through an
additional share issue of up to 3,541,666 new shares to Oxus, or
7% of the enlarged share capital.  In addition, KazakhGold has
agreed to pay US$80 million in cash for Jerooy gold mine, in
installments, which is conditional upon receipt of the license
for the Jerooy deposit.  The installments will be paid from cash
flows generated by the deposit once the license is granted and
the deposit is put into operation.  Thus the agreement to pay
US$80 million in cash should not affect KazakhGold's cash
position.

Fitch believes that the assets to be acquired are complementary
to KazakhGold's core business and operations.  However, the
financial viability of the acquisitions remains to be determined
since some of the assets are not yet in operation, which implies
execution risk.  In addition, the announcement represents a
divergence from KazakhGold's previously stated strategy of
organic growth.  A shift in strategic approach to focus more on
acquisitions, especially if debt-funded, could put pressure on
KazakhGold's ratings going forward.

KazakhGold is a Kazakhstan-based gold producer that is
undertaking a major expansion and modernization program at its
three operating gold mines.  The company carried out an IPO on
the LSE in late 2005 and placed a bond issue of US$200 million
in late 2006.  The proceeds are planned for expansion capex
program.


KAZTRANSOIL: S&P Affirms BB+ Rating in Line with Parent Company
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Kazakhstan-based oil pipeline operator KazTransOil to positive
from stable, following reassessment of the credit quality of
100% parent, government-controlled oil and gas holding
KazMunaiGas.  At the same time, the 'BB+' long-term corporate
credit rating was affirmed.

"The outlook revision reflects the possibility of bringing KTO's
ratings closer in line with the credit quality of KMG," said
Standard & Poor's credit analyst Eugene Korovin. "We believe
KTO's credit quality depends heavily on that of KMG, because of
the high strategic importance of KTO's operations, which account
for more than 60% of national oil exports."

The rating on KTO is now based on a top-down approach and is
somewhat lower than our assessment of KMG's credit quality,
because of the strategic risk of KTO's participation in new,
large planned oil pipeline projects.  Before raising the rating,
most likely by one notch, we would need to be satisfied that
KTO's stand-alone credit quality, currently assessed at 'BB+',
would not deteriorate materially as a result of these projects.

KMG's credit quality is linked to that of its 100% owner, the
Republic of Kazakhstan, and benefits from both ongoing and
extraordinary state support, based on the strategic importance
of the energy sector to the national economy.

KTO's rating is constrained by the strategic risks from the
company's likely participation in the capacity expansion of
crude export pipelines, which may lead to a more aggressive
financial profile in the medium term.  The rating is also
constrained by high operational dependence on Russian
government-controlled monopoly pipeline operator OAO AK
Transneft to enable oil exports via KTO's major Atyrau-Samara
export route.

These weaknesses are offset by KTO's limited competition from
other pipeline systems and its long-term contracts with oil
producers.  Increased diversification of KTO's export routes,
good prospects for oil production growth in Kazakhstan, a
prudent approach to risk allocation on new pipeline projects,
and ample liquidity further support the rating.

"An upgrade is possible if the gap in credit quality between KTO
and KMG wanes due to stronger parental support and higher stand-
alone credit quality for KTO," said Mr. Korovin.

We also assume that KTO will retain access to Transneft's
pipeline infrastructure on reasonable terms and will remain
consistent with its prudent, risk-averse approach to new
projects.

Aggressive acceptance of new project risks that would
substantially impair KTO's stand-alone creditworthiness might
impair the existing upside potential in the rating in the
absence of other mitigants such as stronger parental or
governmental support.

At Sept. 30, 2006, KTO had total debt of KZT49.5 billion under
Kazakh GAAP.


KOLIK LLP: Creditors' Claims Due April 13
-----------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region has declared LLP Kolik insolvent.

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

         LLP Kolik
         Sharaphan
         Kazygurtsky District
         South Kazakhstan Region
         Kazakhstan


SERVICE-DOSUG LLP: Proof of Claim Deadline Slated for April 13
--------------------------------------------------------------
LLP Service-Dosug has declared insolvency.  Creditors have until
April 13 to submit written proofs of claim to:

         LLP Service-Dosug
         Micro District 13, 20-40
         Aktau
         Mangistau Region,
         Kazakhstan
         Tel: 8 (3292) 42-89-56


TEMIRBARS-2030 LLP: Claims Registration Ends April 6
----------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region has declared LLP Temirbars-2030 insolvent.

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

         Tax Committee on South Kazakhstan Region
         Shymkent
         South Kazakhstan Region
         Kazakhstan


UTTA PLUS: Claims Filing Period Ends April 6
--------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Utta Plus 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


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


ATK DISTRIBUTION: Claims Filing Period Ends April 27
----------------------------------------------------
LLC ATK Distribution has declared insolvency.  Creditors have
until April 27 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 55-11-79.


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


LATVIJAS KRAJBANKA: S&P Assigns B Ratings on Poor Capitalization
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long- and
'B' short-term counterparty credit ratings to Latvia-based A/S
Latvijas Krajbanka.  The outlook is stable.

"The ratings on Krajbanka reflect: the bank's barely adequate
capitalization, further pressurized by its rapid credit
expansion, particularly into unsecured consumer lending; a
modest market position; and restrained profitability," said
Standard & Poor's credit analyst Matthew Pirnie.

The ratings also reflect the risk of operating in the rapidly
growing and untested operating environment in the Republic of
Latvia, where the economy is showing clear signs of overheating.
On the positive side, Krajbanka benefits from a strong
distribution network and a recognizable brand, good funding and
liquidity profile, innovative retail strategy, and strengthening
risk management.

"The stable outlook reflects the expectation that Krajbanka will
expand its business and maintain its financial profile by
successfully implementing its domestic strategy of expanding its
local retail services," added Mr. Pirnie.  If the bank were able
to increase profitability and durably strengthen capitalization,
this could benefit the ratings. Greater integration and support
from its parent, Lithuania's Bankas Snoras, could also be viewed
as a positive rating factor.  Downward pressure on ratings would
come from deteriorating asset quality and capitalization, or a
significant downturn in the operating environment.


=================
L I T H U A N I A
=================


BANKAS SNORAS: S&P Assigns BB- Ratings with Stable Outlook
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long- and
'B' short-term counterparty credit ratings to Lithuania-based
Bankas Snoras.  The outlook is stable.

"The ratings are constrained by Snoras' low capitalization,
relatively high concentration in lending, and the challenges of
operating in the highly competitive and above-average risk
environment in the Republic of Lithuania," said Standard &
Poor's credit analyst Eugene Tarzimanov.  Positive rating
factors include Snoras' good franchise on the domestic retail
banking market, its adequate profitability, and good balance-
sheet liquidity.

"The stable outlook balances our opinion that Snoras will be
able to grow organically in line with its strategic objectives,
while maintaining its good competitive position on its core
markets," added Mr. Tarzimanov.  A positive rating action may
follow if the bank raises its capital ratios to materially
higher levels, improves its core profitability, and reduces
single-party concentrations in lending.  Snoras could be
downgraded if the bank's financial performance and
capitalization were to deteriorate significantly. In addition,
it would be considered as being negative by Standard & Poor's if
Snoras was to materially increase its exposure to Russian
projects, which we view as more risky.


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


CHAPEL 2007: Moody's Rates EUR13.8-Mln Class F Notes at (P)B3
-------------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
seven classes of asset-backed notes to be issued by Chapel 2007
B.V.:

   -- EUR321-million Senior Class A1 Asset-Backed Notes 2007 due
      2066: (P)Aaa;

   -- EUR300-million Senior Class A2 Asset-Backed Notes 2007 due
      2066: (P)Aaa;

   -- EUR13.8-million Senior Class B Asset-Backed Notes 2007 due
      2066: (P)Aa2;

   -- EUR23.5-million Mezzanine Class C Asset-Backed Notes 2007
      due 2066: (P)A1;

   -- EUR17.9-million Mezzanine Class D Asset-Backed Notes 2007
      due 2066: (P)A3;

   -- EUR13.8-million Junior Class E Asset-Backed Notes 2007 due
      2066: (P)Baa3; and

   -- EUR13.8-million Subordinated Class F Notes 2007 Due 2066:
      (P)B3

Moody's has not rated the EUR6.9-million Subordinated Class G
Notes 2007 due 2066.

This transaction is a securitization of receivables arising
under Dutch unsecured consumer loans and consumer loans secured
by second lien mortgages originated by DSB Bank N.V. and DSB
Financieringen B.V.  This is the second ABS (unsecured consumer
loan/secured consumer loan) transaction by the originating and
servicing financial institution, after the first Chapel
transaction, which closed in December 2003.

Under this transaction, the SPV will issue Class A1, Class A2,
Class B, Class C, Class D and Class E Notes to fund the purchase
of the portfolio.  Additionally, the Class F and Class G Notes
will be issued to fund the reserve account at its target amount.
Until July 2010 and provided that certain triggers and
eligibility criteria are met, principal collections will be used
to purchase subsitute receivables.  After the replenishment
period, the principal collections will be used to pay down the
Class A1 first and thereafter the Class A2 to Class E Notes in
full sequential order.  The Class F and Class G Notes are
"delayed turbo" notes -- interest and principal will be paid
back from available excess spread through the interest priority
of payments and, if available, the amount standing to the credit
of the reserve account.  Principal will however only be paid
back at the earlier of:

   (i) the payment date at which the Class A1 to Class E Notes
       are redeemed in full or

  (ii) the first optional redemption date (July 2012). After
       the full redemption of the Class A1 to Class E Notes, the
       available amount standing to the credit of the reserve
       account can be used to pay down the Class F Notes and the
       Class G Notes in sequential order.

Additionally, the SPV will enter into an interest rate swap with
ABN AMRO Bank N.V. in order to hedge the interest rate risk
exposure, as the SPV has to pay a floating rate of interest
under the notes while the loans are partially based on a fixed
interest rate.  The gross spread (before senior fees and spread
on the notes) provided by the swap is 2.50%. T he estimated
excess spread available as the first layer of credit enhancement
is approximately 2%.

According to Moody's, the ratings of the notes are based, inter
alia, on these factors:

   -- The credit enhancement which is provided by:

         (i) excess spread;
        (ii) subordination; and
       (iii) the reserve account.

   -- The liquidity in the transaction which is provided by
      these three features:

         (i) the availability of the reserve account;

        (ii) in case the reserve account is fully drawn
             liquidity will be provided by the fact that
             principal collections can be used to pay interest
             on the notes; and

       (iii) in case no principal is available to pay the
             interest shortfall, the liquidity facility could be
             used to pay senior fees and interest on the Class
             A1 to Class E Notes.

   -- The mitigants in the structure to avoid set-off risk due
      to insurance loans, where the obligor has an insurance
      policy with a DSB entity. Those insurance policies have
      been transferred to an SPV which is economically
      bankruptcy remote;

   -- As DSB is also engaged in deposit business, set-off risk
      could potentially also arise in the insolvency of DSB
      itself. Borrowers with a current account could have the
      right to set-off their deposits against the loan
      outstanding amount.  To mitigate this risk, there will be
      an initial reserve in place which captures the set-off
      risk at closing.  If the set off risk increases over time,
      first available excess spread at the bottom of the
      interest priority of payments will be trapped to provision
      for the increased amount at risk and if the available
      excess spread is not sufficient to capture the increased
      risk a subordinated loan provided by DSB will fund any
      difference.

   -- The mitigants in the structure to avoid a deterioration of
      the portfolio through replenishment. The transaction
      involves a replenishment period until July 2010, during
      which new receivables arising under loans which are not
      yet included in the portfolio can be sold to the SPV.
      Additionally, "further advance receivables" can be sold to
      the SPV until the first optional redemption date in July
      2012.  In order to mitigate the additional loss potential
      arising from the replenishment, replenishment suspension
      triggers based on the portfolio performance are included -
      - no replenishment will be allowed if the reserve amount
      is not equal to the reserve account required amount;

   -- Recent origination vintages show worse performance than
      older vintages -- this phenomenon is reflected in the
      delinquency data as well as in the static write-off data
      and can also be seen in the performance of Chapel 2003.
      This worsening trend has been taken into account in the
      analysis;

   -- Due to the type of loan contracts, the amortization
      profile of the loans is not predefined. The amortization
      speed will influence the value of excess spread as a means
      of credit enhancement. To mitigate this uncertainty,
      Moody's has tested various redemption rate scenarios.

Moody's issues provisional ratings in advance of the final sale
of securities, but these ratings only represent Moody's
preliminary credit opinion.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive ratings to the Notes. A definitive rating
may differ from a provisional rating.  Moody's will disseminate
the assignment of any definitive ratings through its Client
Service Desk.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes.  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the Class A1, Class A2,
Class B, Class C, Class D and Class E notes by the legal final
maturity.  Moody's ratings address only the credit risks
associated with the transaction.  Other non-credit risks have
not been addressed, but may have a significant effect on yield
to investors.


CHAPEL 2007: S&P Assigns B- Prelim Ratings to EUR13.8-Mln Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the asset-backed floating-rate notes and
excess-spread backed notes to be issued by Chapel 2007 B.V., a
special purpose entity.

The assets to be securitized are a portfolio of consumer loans,
comprising unsecured personal loans and secured second-lien
mortgages.  The pool consists of 68.64% unsecured loans and
31.36% secured loans.

This is the second public securitization of secured and
unsecured consumer loan receivables originated by DSB Bank N.V.

The loans in the portfolio have experienced low levels of
historical losses and the servicer has a dominant position in
the Dutch consumer market.

                          Ratings List

Chapel 2007 B.V.
   EUR690.0 Million Asset-Backed Floating-Rate Notes And EUR20.7
   Excess-Spread Backed Notes Series 2007-1

                            Prelim.       Prelim amount
             Class          rating          (Mil. EUR)
             -----          -------       -------------
             A1             AAA              321.0
             A2             AAA              300.0
             B              AAA               13.8
             C              AA                23.5
             D              A                 17.9
             E              BBB+              13.8
             F              B-                13.8
             G              NR                 6.9


E-MAC PROGRAM: S&P Rates EUR2.7-Mln Class E Notes at BB
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the residential mortgage-backed floating-rate
notes and excess-spread backed floating-rate notes to be issued
by E-MAC Program B.V. Compartment NL 2007-I, a Special Purpose
Entity.

The collateral comprises mortgage loans to individuals in The
Netherlands.  The originators in this transaction are GMAC RFC
Nederland B.V., Quion 20 B.V., and Atlas Funding B.V.

This is the second transaction under the segregated issuance
program "E-MAC Program B.V." established by GMAC RFC
Netherlands.  This program was established for regular issuance
of Dutch RMBS.  For each transaction, the notes will be issued
in segregated compartments only.

                          Ratings List

   E-MAC Program B.V. Compartment NL 2007-I
   EUR600 Million Residential Mortgage-Backed Floating-Rate
   Notes And EUR2.7 Million Excess-Spread Backed Floating-Rate
   Notes

                          Prelim.       Prelim amount
           Class          rating          (Mil. EUR)
           -----          -------       -------------
            A1             AAA            111.8
            A2             AAA            447.1
            B              AA-             20.4
            C              A-              11.1
            D              BBB              9.6
            E              BB               2.7


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


ARBAZHSKIY FLAX: Court Names G. Turanov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Kirov appointed Mr. G. Turanov as
Insolvency Manager for OJSC Arbazhskiy Flax Factory.  He can be
reached at:

         G. Turanov
         Office 419
         K. Marksa Str. 21
         610020 Kirov
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A28-670/06-352/24.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Arbazhskiy Flax Factory
         Naberezhnyj
         Abrazhskiy, Kirov
         Russia


BIOSPHERE OJSC: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Sverdlovsk commenced bankruptcy
supervision procedure on OJSC Biosphere.  The case is docketed
under Case No. A60-19592/06-S11.

The Temporary Insolvency Manager is:

         U. Nikulina
         B. Kultury, 21-11
         620039 Ekaterinburg
         Russia

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg
         Russia

The Debtor can be reached at:

         OJSC Biosphere
         Voznesenskaya St.
         Sverdlovsk
         Russia


CHAYKOVSKIY GAZ-AUTO-SERVICE: Court Hearing Slated for June 15
--------------------------------------------------------------
The Arbitration Court of Perm will convne at 10:00 a.m. on
June 15 to hear the bankruptcy supervision procedure on CJSC
Chaykovskiy Gaz-Auto-Service.  The case is docketed under Case
No. A50-21430/2006-B.

The Temporary Insolvency Manager is:

         A. Kolyshnitsyn
         Ground floor
         Shorsa Str. 26-a
         610014 Kirov
         Russia

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         CJSC Chaykovskiy Gaz-Auto-Service
         Kirova Str. 1a
         Foki
         Chaykovskiy
         617750 Perm
         Russia


GOLDEN FLAX: Nizhniy Novgorod Court Hearing Slated for June 5
-------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod will convene at
9:15 a.m. on June 5 to hear the bankruptcy supervision procedure
on CJSC Golden Flax.  The case is docketed under Case No.
A43-34253/2006, 24-592.

The Temporary Insolvency Manager is:

         A. Noskov
         Slavyanskaya Str. 39
         Bor, Nizhniy Novgorod
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Golden Flax
         Gagarina Pr. 110
         Nizhniy Novgorod
         Russia


INTER-VOLGA OJSC: Samara Bankruptcy Hearing Slated for May 16
-------------------------------------------------------------
The Arbitration Court of Samara will convene at 10:15 a.m. on
May 16 to hear the bankruptcy supervision procedure on OJSC
Inter-Volga.  The case is docketed under Case No. A55-15375/
2006-15.

The Temporary Insolvency Manager is:

         N. Gasanova
         Office 405
         Komsomolskaya Str. 84 A
         445009 Tolyatti
         Russia

The Court is located at:

         The Arbitration Court of Samara
         Avrory Str. 148
         Samara
         Russia

The Debtor can be reached at:

         OJSC Inter-Volga
         Yuzhnoye Shosse 31
         Tolyatti, Samara
         Russia


KARSOVAYSKAYA MACHINE: Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Udmurtiya commenced bankruptcy
supervision procedure on OJSC Karsovayskaya Machine-Technologic
Station.  The case is docketed under Case No. A71-009356/
2006-G15.

The Temporary Insolvency Manager is:

         V. Bayazov
         Krasnoarmeyskaya Str. 71-44
         Izhevsk
         426003 Udmurtiya
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Karsovayskaya Machine-Technologic Station
         Karsovaj
         Balezinskiy, Udmurtiya
         Russia


MARIYSKIY WINERY: Court Names N. Tryapitsyn to Manage Assets
------------------------------------------------------------
The Arbitration Court of Mariy El appointed Mr. N. Tryapitsyn as
Insolvency Manager for LLC Mariyskiy Winery (TIN 1215075738, KPP
12501001).  He can be reached at:

N. Tryapitsyn
         Room 515
         Komsomolskaya 125
         Yoshkar-Ola
         Mariy El republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-38-1465-19/191-2006.

The Court is located at:

         The Arbitration Court of Mariy El
         Lenina Pr. 40
         Yoshkar-Ola, Mariy El
         Russia

The Debtor can be reached at:

         LLC Mariyskiy Winery
         Proletarskaya Str. 14
         Yoshkar-Ola
         424004 Mariy El
         Russia


MORDOVSKIY FACTORY: Court Names I. Zolin as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court Mordoviya appointed Mr. I. Zolin as
Insolvency Manager for OJSC Mordovskiy Factory of Road Machines.
He can be reached at:

         I. Zolin
         Post User Box 166
         603043 Nizhniy Novgorod
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A39-5183/06-164/07.

The Court is located at:

         The Arbitration Court of Mordoviya
         Kommunisticheskaya Str. 33
         Saransk
         Mordoviya Republic
         Russia

The Debtor can be reached at:

         OJSC Mordovskiy Factory of Road Machines
         Bolshaya Elkhovka
         Lambirskiy
         430100 Mordoviya
         Russia


PISHEVIK LLC: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Udmurtiya commenced bankruptcy
supervision procedure on LLC Trading Company Pishevik.  The case
is docketed under Case No. A71-9162/2006-G29.

The Temporary Insolvency Manager is:

         R. Farrakhov
         Klyuchevoy, 11a
         Izhevsk
         426063 Udmurtiya
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Trading Company Pishevik
         Kholmogorova Str. 17
         Izhevsk
         426011 Udmurtiya
         Russia


PROM-WOOD CJSC: Court Names A. Golubev as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Lipetsk appointed Mr. A. Golubev as
Insolvency Manager for CJSC Prom-Wood.  He can be reached at:

         A. Golubev
         Romantikov Str. 22
         Pavlovo
         606100 Nizhniy Novgorod
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A36-4697/2005.

The Court is located at:

         The Arbitration Court of Lipetsk
         Skorokhodova Str. 2
         398019 Lipetsk
         Russia

The Debtor can be reached at:

         CJSC Prom-Wood
         Fadeeva Str. 11
         Lipetsk
         Russia


ROS-STORY OJSC: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Samara commenced bankruptcy supervision
procedure on OJSC Ros-Stroy (TIN 6367030106, OGRN
1026303509583).  The case is docketed under Case No. A55-15877/
2006.

The Temporary Insolvency Manager is:

         S. Gosudarev
         Novo-Sadovaya Str. 32a
         443110 Samara
         Russia

The Court is located at:

         The Arbitration Court of Samara
         Avrory Str. 148
         Samara
         Russia

The Debtor can be reached at:

         OJSC Ros-Story
         Sovetskaya Str. 47
         Chernorechye
         Volzhskiy
         443537 Samara
         Russia


RYAZANSKIY COMBINE: Creditors Must File Claims by April 17
----------------------------------------------------------
Creditors of OJSC Ryazanskiy Combine Factory (TIN 6229033575)
have until April 17 to submit proofs of claim to:

         S. Poryadin, Insolvency Manager
         Post User Box 159
         Central Post Office
         390000 Ryazan
         Russia

The Arbitration Court of Ryazan commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A54-5304/2006.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Ryazanskiy Combine Factory
         Promyshlennaya Str. 21
         390028 Ryazan
         Russia


SKOPIN-AGRO-KHIM: Ryazan Bankruptcy Hearing Slated for May 29
-------------------------------------------------------------
The Arbitration Court of Ryazan will convene at noon on May 29
to hear the bankruptcy supervision procedure on OJSC Skopin-
Agro-Khim.  The case is docketed under Case No. A54-5795/2006.

The Temporary Insolvency Manager is:

         L. Barzunov
         Office 215
         Building 3
         Petrovka 26
         127051 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Skopin-Agro-Khim
         Michurina Str. 2V
         Uspenskoye
         Skopinskiy
         391800 Ryazan
         Russia


TMK OAO: Majority of Shareholders Approve Option Program
--------------------------------------------------------
Shareholders of OAO TMK approved the TMK Option Program at an
Extraordinary General Meeting of Shareholders on March 2.  The
resolution was supported by 84.7245% of votes cast.

TMK's Option Program provides for the purchase of shares by
members of the Board of Directors and senior management of the
Company of up to 1.1% of the total issued ordinary share capital
of TMK within the next three years.

A full-text copy of the Resolution that was passed at the EGM
has been submitted to the U.K. Listing Authority, and will
shortly be available for inspection at the U.K. Listing
Authority's Document Viewing Facility, which is situated at:

         The Financial Services Authority
         35 The North Colonnade
         Canary Wharf
         London
         E14 5HS
         England

                          About TMK

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

                        *     *     *

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

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


VOZNESENSKOYE TRADING: Bankruptcy Hearing Slated for June 14
------------------------------------------------------------
The Arbitration Court of Krasnodar will convene on June 14 to
hear the bankruptcy supervision procedure on LLC Voznesenskoye
Trading Enterprise.  The case is docketed under Case No.
A32-27528/2006-2/2575-B.

The Temporary Insolvency Manager is:

         A. Naguze
         Post User Box 15
         Krasnooktyabrskaya Str. 20
         Maykop
         385000 Adygeya
         Russia

The Court is located at:

         The Arbitration Court of Krasnodar
         Staroderevenkovskaya St.
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC Voznesenskoye Trading Enterprise
         Voznesenskaya St.
         Krasnodar
         Russia


YUKOS OIL: Dutch Laws Ban Sale of 49% Transpetrol Stake
-------------------------------------------------------
OAO Yukos Oil Co. does not intend to assert in a Dutch court
that its subsidiary, Yukos Finance BV, has a right to
participate in the sale of a 49% stake in Transpetrol a.s.,
RosBusinessConsulting reports citing Nikolai Lashkevich,
spokesperson for Yukos bankruptcy receiver Eduard Rebgun.

According to RBC, Yukos Oil and Yukos Finance serve as
beneficiaries to a trust company in Holland where the
Transpetrol stake is currently retained.  However, RBC says,
Dutch laws ban Mr. Rebgun from selling the asset.

Mr. Rebgun revealed that the stake is being appraised without
adding when the process will be completed.

As reported in the Troubled Company Reporter-Europe on Aug. 16,
2006, Mr. Rebgun, in his capacity as court-appointed insolvency
manager for Yukos Oil, fired Bruce Misamore and David Godfrey of
Yukos Finance after a Dutch court ruled that he was within his
rights to call for an extraordinary meeting to discharge the
officers.

The decision, which Mr. Rebgun claims was authorized by
shareholders, paved the way for creditors to take control of
Yukos Finance's main assets, including:

   -- a 53.7-percent stake in Lithuanian refinery Mazeikiu Nafta
      AB, worth almost US$1.5 billion, bought by PKN Orlen for
      US$1.49 billion in December 2006; and

   -- a 49-percent stake in Transpetrol, worth between US$100
      million and US$200 million.

The Slovakian government, which holds the remaining 51% in
Transpetrol, indicated last year that it is trying to reinforce
its position over the company by repurchasing the 49% stake it
sold to Yukos in 2002.

The Slovak government has until mid-2007 to veto any effort of
the Russian company to sell its stake.

                      About Transpetrol

Transpetrol a.s. -- http://www.transpetrol.sk/-- operates the
Slovak part of the Druzhba oil pipeline through which about 10
million tons of Russian oil flow to western Europe annually.

                       About Yukos Oil

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

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was
dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark.

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

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

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

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


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


AFINSA BIENES: Files Chapter 15 Petition in S.D.N.Y.
----------------------------------------------------
Javier Diaz Galvez, Benito Aguera Marin, and Ana Fernandez Daza,
in their capacities as foreign representatives for Afinsa Bienes
Tangibles SA, filed a chapter 15 petition with the U.S.
Bankruptcy Court for the Southern District of New York in
Manhattan on March 13.

On May 9, 2006, Spanish authorities under the supervision of the
Spanish High Court closed Afinsa Bienes' offices, suspended its
operations, and began a probe into potentially illegal
activities allegedly committed by Afinsa Bienes and certain of
its officers and directors.

These alleged activities include money laundering, fraud, tax
evasion, and criminal insolvency.  It has been alleged that
Afinsa Bienes had been engaged in a massive Ponzi scheme built
on worthless stamps, with Afinsa Bienes' assets siphoned off in
bogus transactions.

It has been estimated that there may be in excess of 143,000
contracts on which some EUR4.2 billion may be owing by Afinsa
Bienes, the overwhelming amount of which is likely owing to
creditors in Spain, Thomas L. Kent, Esq., at Paul, Hastings,
Janofsky & Walker LLP in New York, representing the petitioners,
said.

On May 11, 2006, a claim for the declaration Afinsa Bienes'
bankruptcy was presented to Mercantile Court No. 6 in Madrid,
Spain.  Subsequently, on July 14, 2006, the Spanish Court
declared Afinsa Bienes insolvent and appointed the Foreign
Representatives to oversee the Debtor.

Afinsa Bienes owns a 67% equity interest in Escala Group Inc.
that is headquartered in New York.  The equity interest is
directly owned by its 100%-owned subsidiary, Auctentia S.L.

Afinsa Bienes allegedly entered into certain exclusive supply
agreements with Escala.  Escala became Afinsa Bienes's exclusive
supplier of certain collectible materials, mainly stamps.

In exchange for those services, Afinsa Bienes was allegedly
obliged to pay Escala a processing fee.  It is believed that
those transactions represent a significant portion of Escala's
sales, revenues and gross profits for the fiscal years ended
June 30, 2006, 2005, and 2004, Mr. Kent further said.

                     Class Action Suits

Commencing in May 2006, a number of purported class action
lawsuits were filed against Escala, Afinsa Bienes, and Auctentia
and their respective officers and directors.

The lawsuits allege that certain filings made to the U.S.
Securities and Exchange Commission and other public statements
contained false and misleading information, which resulted in
damages when the plaintiffs purchased Escala's securites from
Sept. 5, 2003, through May 8-10, 2006.

The various class actions were consolidated at In re Escala
Group Inc. Securities Litigation, Master File O6-cv-3518 (U.S.
District Court, S.D.N.Y.).  Virginia Retirement System was
appointed lead plaintiff for the purported class action.

Headquartered in Madrid, Spain, Afinsa Bienes Tangibles SA --
http://www.afinsa.es/eng/-- is a wholesaler and retailer of
stamps, coins, art works and other collectables.  Thomas L.
Kent, Esq., Anthony Princi, Esq., and Jennifer A. Mo, Esq., at
Paul, Hastings, Janofsky & Walker LLP represent the Debtor.
When the petitioners filed the chapter 15 petition, they
estimated more than US$100 million in assets and debts.


AFINSA BIENES: Voluntary Chapter 15 Petition Summary
----------------------------------------------------
Petitioners: Javier Diaz Galvez
             Benito Aguera Marin
             Ana Fernandez Daza
             Foreign Representatives

Debtor: Afinsa Bienes Tangibles SA
        Genova, 26
        Madrid 28004
        Spain

Case No.: 07-10675

Type of Business: Afinsa Bienes Tangibles SA is a private
                  company organized under the laws of Spain.
                  The company is a wholesaler and retailer of
                  stamps, coins, art works and other
                  collectables. See http://www.afinsa.es/eng/

Chapter 15 Petition Date: March 13, 2007

Foreign Court: Mercantile Court No. 6 in Madrid, Spain

U.S. Court: Southern District of New York (Manhattan)

U.S. Judge: James M. Peck

Petitioners' Counsel: Thomas L. Kent, Esq.
                      Anthony Princi, Esq.
                      Jennifer A. Mo, Esq.
                      Paul, Hastings, Janofsky & Walker
                      75 East 55th Street
                      New York, NY 10022
                      Tel: (212) 318-6060
                      Fax: (212) 230-7899

Estimated Assets: More than $100 Million

Estimated Debts:  More than $100 Million


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


BIOPHARM HANDELS: Creditors' Liquidation Claims Due April 2
-----------------------------------------------------------
Creditors of LLC Biopharm Handels have until April 2 to submit
their claims to:

         Theo Elmiger
         Liquidator
         Kornwiesstr. 9
         9443 Widnau
         Rheintal SG
         Switzerland

The Debtor can be reached at:

         LLC Biopharm Handels
         Widnau
         Rheintal SG
         Switzerland


BUSINESS INVEST: Creditors' Liquidation Claims Due April 11
-----------------------------------------------------------
Creditors of JSC Business Invest Schweiz have until April 11 to
submit their claims to:

         Ursina Hartmann
         Liquidator
         Kung Rechtsanwalte
         8022 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Business Invest Schweiz
         Rheineck
         Rheintal SG
         Switzerland


ENERGIE-VITAL STUDIO: Creditors' Liquidation Claims Due April 2
---------------------------------------------------------------
Creditors of LLC Energie-Vital Studio have until April 2 to
submit their claims to:

         Theo Elmiger
         Liquidator
         Kornwiesstr. 9
         9443 Widnau
         Rheintal SG
         Switzerland

The Debtor can be reached at:

         LLC Energie-Vital Studio
         Diepoldsau
         Rheintal SG
         Switzerland


GASTHAUS WALDHEIM: Creditors' Liquidation Claims Due April 2
------------------------------------------------------------
Creditors of LLC Gasthaus Waldheim have until April 2 to submit
their claims to:

         JSC Gredig + Partner
         Liquidator
         Spitalstrasse 1
         7430 Thusis
         Hinterrhein GR
         Switzerland

The Debtor can be reached at:

         LLC Gasthaus Waldheim
         Furstenau
         Hinterrhein GR
         Switzerland


GLENCORE FINANCE: Moody's Rates Proposed Securities at (P)Ba2
-------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)Ba2 rating
to the proposed issuance of subordinated perpetual securities by
Glencore Finance (Europe) S.A. to be guaranteed by Glencore AG
and Glencore International AG, rated Baa3 (stable outlook) for
its senior unsecured debt.

The assigned rating and the basket designation will be subject
to satisfactory final documentation.  The rating outlook is
stable.

Glencore International introduced a new layer to the Group's
capital structure, whereby effective Jan. 1, 2006, around 10% of
its annual net income is to be attributed to a new class of
claims that will be settled upon departure of shareholder
employees through the internal issuance to them of hybrid
securities rather than cash payments over a five-year period.
No public issuance of such securities is currently contemplated.
The instrument will help reduce to some extent the size of
future annual payouts related to profit participation
certificates, though this will be partially offset by the coupon
payments on the hybrid bonds.  This, together with the 15%
attribution of earnings to Glencore L.T.E. profit participation
shareholders, will contribute to greater capital permanency.  At
the end of 2006, just under 25% of the group's equity base was
held by L.T.E. and hybrid profit participation shareholders.

Moody's said that the (P)Ba2 rating for the subordinated
perpetual securities reflects the level of subordination of this
security relative to other debt obligations issued or guaranteed
by Glencore International and the presence of mandatory deferral
triggers with an alternative coupon settlement mechanism.  In
particular, the bonds will rank behind the claims of all senior
creditors and only ahead of the claims of Glencore L.T.E. AG
profit participation shareholders.

The instrument will, in Moody's view, have sufficient equity-
like features to allow it to receive basket "D" treatment, i.e.
75% equity and 25% debt for financial leverage purposes.  The
basket allocation is based on the rankings for the three
dimensions of equity:

   (i) No Maturity: Strong -- The Notes will have no maturity
       and a regular first call option by the issuer no earlier
       than 10 years.  Prior to the first call date the issuer
       has the right to redeem the bonds upon a tax or rating
       event.  Potential redemption on such call dates will be
       covered by a Deed of Covenant under English law where the
       issuer and the guarantors undertake that the instrument
       can only be replaced by another clearly specified
       instrument with the same or more equity-like
       characteristics for the benefit of a certain class of
       more senior creditors.

  (ii) No Ongoing Payments: Moderate -- Deferral of interest
       will be mandatory upon breach of one of three financial
       triggers, defined as:

          (1) long-term debt exceeding 100% of consolidated
              tangible net worth;

          (2) consolidated current assets falling below 110% of
              consolidated current liabilities;

          (3) adjusted funds from operations representing less
              than 12% of adjusted net debt.

       Once deferred, interest payments can only be settled
       through the alternative coupon settlement mechanism
       giving the company the right to settle with the proceeds
       raised from the issuance of either:

          (i) Payment Hybrid Debt that is perpetual, callable
              subject to a Covenant with mandatory deferral
              triggers and similar limitations as to the
              subsequent settlement of deferred interest
              payments
              and ranking, at best, pari passu with the proposed
              instrument;

         (ii) PIK securities; or

        (iii) non-cumulative undated, non-redeemable Preferred
              Shares.

       Should Glencore International become publicly listed,
       deferred interest payments may also be settled through
       the issuance of either:

          (i) Mandatory Convertible Securities converting within
              three years into Glencore International common
              shares and ranking only pari passu with common
              equity and/or

         (ii) Common Shares of Glencore International.

       The aggregate amount of Payment Hybrid Debt, Preferred
       Shares, Mandatory Convertible Securities and PIK
       securities should not exceed 25% of the principal amount
       of which Payment Hybrid Debt and PIK securities cannot
       exceed 15%.  In addition, settlement out of the proceeds
       of a capital increase will be limited to 2% of Glencore
       International's outstanding share capital in any one
       year.  Any deferred payments that cannot be settled
       within 5 years through the alternative coupon settlement
       mechanism will be entirely forgiven and any accumulated
       coupons will also be forgiven in bankruptcy.

(iii) Loss Absorption: Moderate - In the event of liquidation,
       the securities will rank junior to all senior creditors
       of the issuer.

They will, however, rank pari passu with the claims of Glencore
Holding AG profit participation shareholders.  They will only be
senior to the shares in the capital of the issuer and guarantors
and, in the case of Glencore International, the claims of
Glencore L.T.E. AG profit participation shareholders.  Given
that there is the possibility to issue junior securities below
the claims of Glencore Holding AG profit participation
shareholders, the ranking is Moderate.

Headquartered in Baar, Switzerland, Glencore International AG is
a privately-held natural resource company with major activities
in physical commodities sourcing and marketing complemented by
significant investments in the natural resources sector.  In
2006, the group reported revenues of approximately US$117
billion.


INITIALIZE INFORMATIK: Creditors' Liquidation Claims Due May 14
---------------------------------------------------------------
Creditors of LLC Initialize Informatik have until May 14 to
submit their claims to:

         Beat Angst
         Liquidator
         Dreispitz 254
         8050 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Initialize Informatik
         Zurich
         Switzerland


LANGENSTEIN IMMOBILIEN: Liquidation Claims Due April 2
------------------------------------------------------
Creditors of JSC Langenstein Immobilien have until April 2 to
submit their claims to:

         Winkelriedstr. 4
         5430 Wettingen
         Baden AG
         Switzerland

The Debtor can be reached at:

         JSC Langenstein Immobilien
         Wettingen
         Baden AG
         Switzerland


NUTRIS LLC: Creditors' Liquidation Claims Due April 5
-----------------------------------------------------
Creditors of LLC Nutris have until April 5 to submit their
claims to:

         Dorfstrasse 80c
         6332 Hagendorn
         Switzerland

The Debtor can be reached at:

         LLC Nutris
         Cham ZG
         Switzerland


PAPERO LLC: Creditors' Liquidation Claims Due April 2
-----------------------------------------------------
Creditors of LLC Papero have until April 2 to submit their
claims to:

         Reto A. Mauerhofer
         Liquidator
         Brandisstrasse 32
         8702 Zollikon
         Meilen ZH
         Switzerland

The Debtor can be reached at:

         LLC Papero
         Seon
         Lenzburg AG
         Switzerland


PHARMA GUIDELINES: Creditors' Liquidation Claims Due April 2
------------------------------------------------------------
Creditors of LLC Pharma Guidelines have until April 2 to submit
their claims to:

         Dr. Michael Pfeifer
         Liquidator
         VISCHER
         Aeschenvorstadt 4
         4010 Basel BS
         Switzerland

The Debtor can be reached at:

         LLC Pharma Guidelines
         Basel BS
         Switzerland


REMUS TRADE: Creditors' Liquidation Claims Due May 15
-----------------------------------------------------
Creditors of JSC Remus Trade have until May 15 to submit their
claims to:

         JSC Internationale Treuhand
         Liquidator
         Hirzbodenweg 103
         4052 Basel BS
         Switzerland

The Debtor can be reached at:

         JSC Remus Trade
         Basel BS
         Switzerland


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


TURKCELL ILETISIM: Court Dismisses TeliaSonera Suit vs. Board
-------------------------------------------------------------
A court in Istanbul, Turkey, has dismissed a suit filed by
TeliaSonera AB against Turkcell Iletisim Hizmetleri AS,
Bloomberg News reports.

TeliaSonera, which holds a 37% stake in the company, petitioned
the court in August 2006, to nullify a May 22 board decision
objecting to the appointment of three board members on lack of
"independence."

Cukurova Group, which controls 27 percent of Turkcell, was
ordered by the arbitration tribunal of the International Chamber
of Commerce in January to sell its 13 percent stake in Turkcell
Holding, the Dutch parent of Turkcell Iletisim, to Teliasonera
for US$3.1 billion (approximately SEK21.7 billion).  The sale
increased Teliasonera's effective ownership in Turkcell to 64.3
percent.

                         About Turkcell

Headquartered in Instanbul, Turkey, Turkcell Iletisim Hizmetleri
A.S. -- http://www.turkcell.com.tr/-- provides high-quality
mobile voice and data services through its own GSM network, with
30.8 million subscribers as of September 2006.  The company also
operates in the Ukraine through its indirect subsidiary Astelit,
in Azerbaijan, Kazakhstan, Georgia and Moldova through its
associate Fintur, and in Northern Cyprus through its wholly
owned subsidiary Kibris Telekom.

                         *     *     *

As reported in the TCR-Europe on Dec. 27, 2006, Moody's
Investors Service assigned Ba2 foreign currency and
Ba2 domestic currency corporate family ratings to Turkcell
Iletisim Hizmetleri A.S.  Moody's said the outlook is stable.

As reported by the TCR-Europe on Dec. 5, 2006, Standard & Poor's
Ratings Services raised to 'BB-' from 'B+' its long-term foreign
currency corporate credit rating on Turkcell Iletisim Hizmetleri
A.S., the leading Turkish mobile telecommunications group.  S&P
said the outlook is stable.

In August 2006, Fitch Ratings upgraded the foreign currency
Issuer Default rating for Turkcell Iletisim Hizmetleri A.S. to
BB from BB- and remains on Outlook Positive, reflecting the
existing Positive Outlook on Fitch's BB- FC IDR.


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


AGRICULTURAL MACHINERY: Creditors Must File Claims by March 16
--------------------------------------------------------------
Creditors of OJSC Agricultural Machinery (code EDRPOU 21068367)
have until March 16 to submit written proofs of claim to:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company on Jan. 25 after finding it insolvent.  The
case is docketed under Case No. 18/250.

The Debtor can be reached at:

         OJSC Agricultural Machinery
         Zinkovskaya Str. 35-b
         36000 Poltava
         Ukraine


EARTH LLC: Creditors Must File Claims by March 17
-------------------------------------------------
Creditors of LLC Artistic Club Earth (code EDRPOU 23714328) have
until March 17 to submit written proofs of claim to:

         N. Titarenko, Liquidator
         Saksagansky Str. 24
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Jan. 31 after finding it insolvent.  The
case is docketed under Case No. 24/491-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Artistic Club Earth
         Pobeda Str. 12
         03026 Kiev
         Ukraine


LEOTEX LLC: Creditors Must File Proofs of Claim by March 17
-----------------------------------------------------------
Creditors of LLC Leotex (code EDRPOU 33290346) have until
March 17 to submit written proofs of claims to:

         Sergey Pianov, Liquidator
         The 2nd Five-Year Plan Str. 15
         61007 Kharkov
         Ukraine

The Economic Court of Harkiv commenced bankruptcy proceedings
against the company after finding it insolvent.  on Jan. 22.
The case is docketed under Case No. B-50/260/06.

The Court is located at:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Leotex
         Academic Pavlov Str. 88
         Kharkov
         Ukraine


NAFTOGAZ UKRAINY: Investing US$800-Mln to Boost Self-Sufficiency
----------------------------------------------------------------
NAK Naftogaz Ukrainy will invest US$800 million in oil and gas
extraction and pipelines to become less dependent on imported
fuel, Bloomberg News reports.

Naftogaz will borrow US$653 million from foreign and local banks
to refinance its debts, Oleksandr Kovalko, chief finance officer
of Naftogaz, told Bloomberg News.  Mr. Novalko said the company
will borrow funds starting end of spring.

"We will attract loans and we may also issue bonds," Mr. Kovalko
said.  "Everything depends on the situation in the world markets
and our financial results."

Mr. Novalko added that Naftogaz will review all its projects and
focus on profitable ones, Bloomberg News says.

The company hopes to lessen the country's dependence on Russian
fuel imports, which accounts for 80% of its energy needs.
Ukraine plans to invest in gas and oil extraction abroad and the
Black Sea.  Naftogaz will pour in around US$30 million for an
oil and gas exploration in Egypt.

Mr. Kovalko disclosed to Bloomberg News that Naftogaz availed of
a US$350 million loan at the end of 2006 and a US$200 million
loan in February from Credit Suisse to repay a US$200 million
debt to ABN AMRO.

                     About Naftogaz Ukrainy

Headquartered in Kiev, Ukraine, NJSC Naftogaz Ukrainy --
http://www.naftogaz.com/-- processes gas, oil and condensate at
the Company's five gas processing plants, which produce LPG,
motor fuels and other types of petroleum products.  Over 97% of
the oil and gas in Ukraine is produced by the enterprises of the
Company.

In 2005, NJSC Naftogaz of Ukraine produced one-seventh of the
gross domestic product of Ukraine and brought US$2.25 billion in
state budget revenues.  The Company employs around 170,000
people, roughly one percent of Ukraine's working population.

                          *     *     *

In a TCR-Europe report on Feb. 7, Moody's confirmed the Ba3
Corporate Family Rating as well as the Ba2 rating for the
US$500-million senior unsecured Loan Participation notes of NJSC
Naftogaz of Ukraine.  The rating outlook is stable.

As reported in the TCR-Europe Nov. 6, Fitch Ratings affirmed
OJSC Naftogaz of Ukraine's local and foreign currency Issuer
Default ratings at B+ and removed them from Rating Watch
Negative.  A Stable Outlook was assigned.

The senior unsecured rating on the company's US$500 million
eurobond maturing in 2009 is also removed from RWN and affirmed
at B+ and the issue's Recovery Rating is affirmed at RR4.


OLVIA CJSC: Creditors Must File Proofs of Claim by March 16
-----------------------------------------------------------
Creditors of CJSC Olvia (code EDRPOU 13622565) have until
March 16 to submit written proofs of claim to:

         J. Arhipov, Liquidator
         Radischev Str. 85
         69013 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company on Jan. 31 after finding it
insolvent.  The case is docketed under Case No. 21/20/07.

The Court is located at:

         The Economic Court of Zaporozhje
         Shaumiana Str. 4
         69001 Zaporozhje
         Ukraine

The Debtor can be reached at:

         CJSC Olvia
         Olimpiyskaya Str. 12
         Volniansky District
         Druzheliubovka
         70053 Zaporozhje
         Ukraine


POLUS AND K: Creditors Must File Proofs of Claim by March 16
------------------------------------------------------------
Creditors of LLC Polus And K (code EDRPOU 31114848) have until
March 16 to submit written proofs of claim to:

         Tatiana Pashkova, Liquidator
         Kuybyshev Str. 240
         83122 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company on Jan. 30 after finding it insolvent.  The
case is docketed under Case No. 42/160B.

The Court is located at:

         The Economic Court of Donetsk
         Artema Str. 157
         83048 Donetsk
         Ukraine

The Debtor can be reached at:

         LLC Polus And K
         Kurahovka
         85490 Donetsk
         Ukraine


PREOBRAZHENIE LLC: Creditors Must File Claims by March 16
---------------------------------------------------------
Creditors of LLC Agricultural Firm Preobrazhenie have until
March 17 to submit written proofs of claim to:

         The Economic Court of Donetsk
         Artema Str. 157
         83048 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company on Jan. 15 after finding it insolvent.  The
case is docketed under Case No. 27/121B.

The Debtor can be reached at:

         LLC Agricultural Firm Preobrazhenie
         Serebrianoe
         Ktasnoarmeysk District
         Donetsk
         Ukraine


SEVASTOPOL MOTOCAR: Creditors Must File Claims by March 17
----------------------------------------------------------
Creditors of State Enterprise of Ministry of Defense of Ukraine
Sevastopol Motocar Repair Plant (code EDRPOU 24964642) have
until March 17 to submit written proofs of claim to:

         Vasily Vasiliev, Liquidator
         Station Str. 111
         Simferopol
         95000 AR Krym
         Ukraine

The Economic Court of Sevastopol commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 20-9/377.

The Court is located at:

         The Economic Court of Sevastopol
         Pavlichenko Str. 5
         Sevastopol
         99011 AR Krym
         Ukraine

The Debtor can be reached at:

         State Enterprise of Ministry of Defense of Ukraine
         Sevastopol Motocar Repair Plant
         Shabalin Str. 2
         99029 Sevastopol
         Ukraine


USV LP: Creditors Must File Proofs of Claim by March 16
-------------------------------------------------------
Creditors of LP USV (code EDRPOU 24840503) have until March 16
to submit written proofs of claim to:

         Tatiana Tanskaya, Liquidator
         Apartment 22
         Mir Ave. 139
         14033 Chernigov
         Ukraine

The Economic Court of Chernigov commenced bankruptcy proceedings
against the company on Jan. 30 after finding it insolvent.  The
case is docketed under Case No. 4/317b/64.

The Court is located at:

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

The Debtor can be reached at:

         LP USV
         Apartment 27
         K. Chorny Str. 14
         14000 Chernigov
         Ukraine


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


ACE PARKING: Creditors' Meeting Slated for March 20
---------------------------------------------------
Creditors of Ace Parking Solutions Ltd. will meet at 11:30 a.m.
on March 20 at the offices of:

         Tenon Recovery
         Third Floor
         Lyndean House
         43-46 Queens Road
         Brighton
         East Sussex
         BN1 3XB
         England

Creditors who want to vote at the meeting have until noon on
March 19 to submit their proxy forms together with particulars
of their claims or of any security at the said address.

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on March 16.

Tenon Recovery -- http://www.tenongroup.com/-- provides
accounting and business advice to owner-managed and private
business.


ADVANCED MARKETING: Court Approves Asset Sale to Baker & Taylor
---------------------------------------------------------------
The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for
the District of Delaware approved in its entirety the Asset
Purchase Agreement between Advanced Marketing Services Inc. and
Baker & Taylor Inc. for the sale of majority of AMS' assets.

Judge Sontchi authorized the Debtors and Baker & Taylor to take
necessary actions to implement and effectuate the APA, the
Transition Services Agreement, and the Collateral Agreement,
without the necessity of a further Court order.

Under the agreement, which both parties entered into on Feb. 16,
Baker & Taylor will acquire all of AMS' right, title, and
interest in certain of its assets including:

     (i) certain assigned contracts,

    (ii) certain tangible property owned or used by AMS in
         connection with the conduct of its business,

   (iii) all trade accounts receivable of AMS' business,
         including unbilled accounts receivable,

    (iv) an inventory of Advantage Publishers Group selected by
         Baker & Taylor,

     (v) the capital stock of Advanced Marketing Services
         Investments Inc.; Advanced Marketing S. de R.L, de
         C.V.; and Advanced Marketing (Europe) Ltd., and

    (vi) product prepayments with respect to APG.

Baker & Taylor will pay:

    (i) US$20,000,000;

   (ii) the Selected APG Inventory Price;

  (iii) the APG Product Prepayment Price; and

   (iv) the Accounts Receivable Price; plus or minus

    (v) the net proration of the Apportioned Obligations
       determined in accordance with the agreement.

Baker & Taylor will pay to AMS 50% of the Purchase Price on the
Closing Date; 25% no later than 60 days after the Closing Date;
and the remaining 25% no later than 90 days after the Closing
Date.

Several creditors and publishers tried to block the sale,
including:

   (1) The Official Committee of Unsecured Creditors,
   (2) Wells Fargo Foothill Inc.,
   (3) Anova Books Company Limited,
   (4) Houghton Mifflin Company,
   (5) Hewlett-Packard Financial Services Company,
   (6) Hewlett Packard Company
   (7) Simon & Schuster Inc.,
   (8) Meredith Corporation,
   (9) Barron's Education Series Inc.,
  (10) Manhattan Associates Inc.,
  (11) Reader's Digest Children's Publishing Inc.,
  (12) The Quarto Group Inc.,
  (13) Hachette Book Group USA, Inc.,
  (14) New Holland Publishers (UK) Ltd.,
  (15) Templar Company plc,
  (16) Random House Inc.,
  (17) Teogas Inc.,
  (18) Leisure Arts Inc., and
  (19) County of Denton, City of Carrollton and Lewisville
       Independent School District

The Creditors Committee, among other things, asserted that the
APA must provide adequate time to allow for the proper
implementation of the TSA, and allow the Debtors to maintain
control over their assets during the post-closing transition
period.

Wells Fargo consented to the sale so long as it and its
participant lenders are paid in full in connection with the
Debtors' pre- and postpetition financing.

Denton County asked the Court to rule that delinquent property
taxes, penalties and interest be paid in full from the proceeds
of the sale, at the time of the closing of the transaction,
prior to application of proceeds to other lien creditors.

The rest of the objecting parties either opposed the Debtors'
proposed assumption and assignment of their executory contracts,
or the proposed cure amounts.

Buyer to Make Cure Payments

Judge Sontchi directs Baker & Taylor to promptly pay to parties
to any assigned contract the requisite Prepetition Date "cure"
amounts, or a lesser amount as maybe agreed upon between Baker &
Taylor and the counter-party to an Assigned Contract, following
assumption and assignment.  The Debtors will pay any amounts due
that arose and became payable after the Petition Date with
respect to any non-debtor party to an Assigned Contract.

Baker & Taylor will pay in a "Closing Payoff Amount" sufficient
to satisfy the Debtors' obligations to the Lender and Senior
Lender to Wells Fargo Foothill concurrently with the Closing in
full satisfaction of all obligations under the Senior Loan
Agreement and the Loan Agreement.  Wells Fargo Foothill, in
turn, will provide Baker & Taylor and the Debtors a payoff
demand letter and wire instructions at least three business days
prior to the Closing Date.

The payment of the Closing Payoff Amount will be part of, and
not in addition to, Baker & Taylor's obligations to pay the
purchase price, so that any amounts paid by Baker & Taylor to
Wells Fargo Foothill for application to the obligations under
the Senior Loan Agreement and the Loan Agreement will be
credited in full against Baker & Taylor's obligations to deliver
the purchase price to the Debtors.

Judge Sontchi clarifies that no accounts receivable of the
Debtors from Leisure Arts, Meredith Corp., and Barron's
Educational are being sold or purchased pursuant to the APA, nor
are any executory contracts, if any, with the parties being
assumed and assigned pursuant to the APA.

Judge Sontchi also holds that Baker & Taylor, absent the consent
of the Quarto Group, will not take an assignment of any
executory contracts to which the Debtors and the Quarto Group
may be parties.  In connection with Baker & Taylor's purchase of
selected APG Inventory and APG Product Prepayments from the
Debtors published and derived from the Quarto Group, Baker &
Taylor will have and be granted a limited, non-exclusive license
and full rights to sell any and all inventory published and
derived from the Quarto Group selected and purchased by Baker &
Taylor only to wholesale clubs, like Costco, Sam, and B.J.'s.

The Debtors are authorized to assume and assign the executory
contracts between Templar and the Debtors to Baker & Taylor.
Baker & Taylor waives any right to exclude the executory
contracts with Templar from the definition of Assigned Contracts
in accordance with the terms of the APA.  The Cure Amount has
been agreed among Templar, Baker & Taylor, and the Debtors to be
US$481,707.  Baker & Taylor agrees to pay the Cure Amount on or
promptly following the Closing.

Baker & Taylor and Manhattan Associates will promptly
memorialize and execute, prior to assumption and assignment, an
amendment to a license agreement between the Debtors and
Manhattan.

             US$100,000 Adequate Protection Reserve

A US$100,000 reserve will be established in the Debtors' general
operating account as adequate protection for the claims filed on
behalf of Denton County, et al.  The liens of Denton County, et
al., if any, will attach to the Reserved Funds with the same
validity, to the same extent, and with the same priority as any
liens now hold in the property being sold.

The Reserved Funds will be in the nature of adequate protection
and will neither be a cap on the amounts recoverable by Denton
County, et al., nor will the Reserve Funds be an allowance of
their claims -- which claims remain subject to any rights of any
party to object to the validity, extent or priority of the
claims.   No portion of the Reserve Funds will be distributed
apart from the agreement of the Debtors and Denton County, et
al. or upon subsequent Court order duly noticed to Denton
County, et al.

              Payments to Hewlett-Packard Entities

Baker & Taylor will pay US$12,083 to Hewlett-Packard Financial
as cure under HPFS' lease agreement with the Debtors through
February 28.  Baker & Taylor will pay US$19,700 to Hewlett
Packard Co. as cure under HP's support agreement with the
Debtors through February 28.

Baker & Taylor will timely pay all amounts under the Lease
Agreement and the Support Agreement that come due after the
Closing Date but before a final decision on assumption and
assignment of the Agreements has been made.

None of the equipment subject to the Lease Agreement will be
considered part of the Purchased Assets under the APA.

HP, the Debtors, and Baker & Taylor agree to confer promptly to
identify the documentation that comprises the Support Agreement
subject to assumption and assignment.  If the parties cannot
agree with respect to identification of the assumed and assigned
contract or on the correct amount to be paid in connection with
the proposed assumption and assignment, the Court will rule on
the matter.

            Assumption of Indianapolis Facility Lease

The Debtors are authorized to assume and assign to Baker &
Taylor an October 10, 2000 lease for the Debtors' Distribution
Center facility in Building 140, Park 100 Business Park, 5045
West 79th Street, in Indianapolis, Indiana, subject to the
execution of a mutually acceptable amendment between Baker &
Taylor and the landlord, supplementing and modifying the lease
agreement.

Judge Sontchi says no "cure" payment under Section 365(b)(1)(A)
of the Bankruptcy Code need be paid as none exists, and Baker &
Taylor has complied with Section 365, and the Lease will be in
full force and effect without any outstanding enforceable
defaults.

The Landlord will have the right to assert a claim for damages.
The rent due to the Landlord for March 2007 will promptly be
paid by the Debtors, and, subject to the Closing of the APA,
Baker & Taylor will reimburse the Debtors for the period
commencing with the date of the Closing through March 31.

Judge Sontchi clarifies that Baker & Taylor is not a "successor"
to the Debtors or their bankruptcy estates, and will not assume,
nor be deemed to assume, or in any way be responsible for, any
liability or obligation of any of the Debtors or their estates,
including but not limited to any bulk sales law or similar
liability, except as otherwise expressly provided in the APA.

Objections not otherwise withdrawn, waived, or settled, are
overruled and denied, Judge Sontchi adds.

A full-text copy of the agreement is available for free at:

    http://bankrupt.com/misc/AMS_B&T_APA_FinalForm.pdf

                    About Advanced Marketing

Based in San Diego, California, Advanced Marketing Services Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution, and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom, and Australia and employs
around 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
When the Debtors filed for protection from their creditors, they
listed estimated assets and debts of more than US$100 million.
(Advanced Marketing Bankruptcy News, Issue No. 8; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)

The Debtors' exclusive period to file a chapter 11 plan expires
on April 28, 2007.


ADVANCED MARKETING: Court OKs Hiring of Lowenstein as Counsel
-------------------------------------------------------------
The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for
the District of Delaware approved the request of the Official
Committee of Unsecured Creditors in Advanced Marketing Services
Inc. and its debtor-affiliates' bankruptcy cases to retain
Lowenstein Sandler PC as its main counsel to perform services
relating to the Debtors' bankruptcy cases, effective as of
January 12.

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

As the Creditors Committee's counsel, Lowenstein will:

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

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

   (c) participate in the formulation of a Plan;

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

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

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

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

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

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

Lowenstein's hourly rates are:

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

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

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


                    About Advanced Marketing

Based in San Diego, California, Advanced Marketing Services Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution, and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom, and Australia and employs
approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
When the Debtors filed for protection from their creditors, they
listed estimated assets and debts of more than US$100 million.
(Advanced Marketing Bankruptcy News, Issue No. 8; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)

The Debtors' exclusive period to file a chapter 11 plan expires
on April 28, 2007.


BERNARD WILLIAMSON: Creditors' Meeting Slated for March 20
----------------------------------------------------------
Creditors of Bernard Williamson Ltd. will meet at 12:15 p.m. on
March 20 at:

         Rhinewood Country House Hotel
         Glazebrook Lane
         Glazebrook near Warrington
         Cheshire
         WA3 5BB
         England

Creditors have until noon on March 19 to submit their proxy
forms at the offices of:

         Campbell Crossley and Davis
         348-350 Lytham Road
         Blackpool
         Lancashire
         FY4 1DW
         England

Richard Ian Williamson of Campbell Crossley and Davis will
furnish creditors with information concerning the company's
affairs free of charge as they may reasonably require.

Campbell Crossley and Davis -- http://www.campbell-crossley-
davis.co.uk/ -- specializes in debt problems leading to
insolvency.  It is a partnership and is associated to the
general accountancy practice of Crossley and Davis.


BRIDGEWOOD CONSTRUCTION: Creditors' Meeting Slated for March 20
---------------------------------------------------------------
Creditors of Bridgewood Construction Ltd. will meet at
10:30 a.m. on March 20 at:

         Atherton Bailey
         Kent House
         Romney Place
         Maidstone
         Kent
         ME15 6LH
         England

Creditors who want to vote at the meeting have until noon on
March 19 to submit their proxy forms together with particulars
of their claims or of any security at the said address.

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on March 16.


CARNWOOD ENGINEERING: Names Paul John Webb Liquidator
-----------------------------------------------------
Paul John Webb of Mayfields Insolvency Practitioners was
appointed liquidator of Carnwood Engineering Ltd. on Feb. 26 for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Carnwood Engineering Ltd.
         Unit 1/3
         Providence Street
         Penn Industrial Estate
         Cradley Heath
         West Midlands
         B64 5DJ
         England
         Tel: 01384 569 787
         Fax: 01384 633 508


COLLINS & AIKMAN: Wants Stipulation with Wachovia Bank Approved
---------------------------------------------------------------
Collins & Aikman Corp. and its debtor-affiliates ask the
Honorable Steven W. Rhodes of the U.S. Bankruptcy Court for the
Eastern District of Michigan to approve a stipulation with
Wachovia Bank and Trust Company, N.A.

Before filing for bankruptcy, the Debtors established a trust
for paying supplemental retirement benefits to a former chief
executive officer.  The agreement underlying the C&A Rabbi Trust
provides for certain actions to be taken by the trustee,
Wachovia Bank and Trust Company, N.A., upon written notice of
insolvency of the Debtors.  The Debtors have asserted claims
against Wachovia for alleged failure to take the actions
required by the Trust Agreement.

The Trust Asset Claim includes a demand for the return of the
C&A Rabbi Trust property, and a claim of US$35,215 plus interest
related to the distribution of certain Trust Assets to the sole
beneficiary of the C&A Rabbi Trust after the trustee's alleged
receipt of the notice of insolvency.

During the course of negotiations to resolve the outstanding
issues, the parties identified certain fundamental disagreements
regarding the liability of Wachovia for its actions as trustee
as well as disagreement over the effectiveness of the service of
the notice of insolvency.

To avoid the costs and uncertainty of litigation, the parties
decided to compromise and entered into a stipulation.  The
Debtors and Wachovia agreed that, among other things:

     * Wachovia will turn over the Trust Assets to the Debtors;

     * Wachovia will provide an accounting of the Trust Assets;

     * Wachovia will pay the Debtors an additional $5,000 to
       resolve all disputes associated with respect to the C&A
       Rabbi Trust;

     * the parties release each other from any and all claims,
       damages, actions, rights or allegations arising from and
       related to the Trust Agreement, the breach claim, the
       transfer of Trust Assets, and termination of the Trust;
       and

     * the Trust is terminated.

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).


COTT CORP: Appoints Juan Figuereo as Chief Financial Officer
------------------------------------------------------------
Cott Corp. has appointed Juan R. Figuereo as its new chief
financial officer, effective March 26.

Mr. Figuereo joins Cott from Wal-Mart International, where he
held the position of vice president, Mergers & Acquisitions
since 2003.  In this role, he provided leadership to Wal-Mart's
international growth strategy through acquisitions,
partnerships, and joint ventures in global markets.

Prior to joining Wal-Mart, Mr. Figuereo spent 15 years with
PepsiCo in a variety of international finance and general
management roles, first within the Pepsi-Cola organization and
then in the Frito Lay business.

He held chief financial officer roles for Frito Lay in Southern
Europe, and Pepsi-Cola in Brazil and Latin America.  He also
spent three years as managing director of Frito Lay Dominicana,
where he was responsible for the full scope of business
operations in the Caribbean.

"Juan's extensive global experience and his hands-on leadership
of financial turnarounds is a perfect fit for Cott at this stage
in our Company's evolution," commented Cott CEO Brent Willis.

"His in-depth knowledge of the beverage industry and retail
environments will be extremely valuable in driving profitability
in our core North American business and his track record of
global success is a great fit with our future growth
opportunities.

"We're extremely pleased that Juan is joining our team and I am
confident that he will quickly make a significant contribution
to our priorities of cost reduction, retailer partnerships,
innovation, and building a high-performance, winning team.

"I also want to thank Tina Dell'Aquila for her stewardship as
the Company's interim CFO.  She has been an important resource
and will continue to be a valuable member of Cott's leadership
team," added Willis.

Mr. Figuereo holds a Bachelor of Business Administration in
Public Accounting from Florida International University and he
completed the Financial Management Program at the University of
London in England.  He is a Certified Public Accountant and
fluent in English, Spanish, and Portuguese.

                        About Cott Corp.

Headquartered in Toronto, Ontario, Canada, Cott Corp. (NYSE:COT;
TSX:BCB) -- http://www.cott.com/-- is a non-alcoholic beverage
company and a retailer brand beverage supplier.  The Company
commercializes its business in over 60 countries worldwide, with
its principal markets being the United States, Canada, the
United Kingdom, and Mexico.  Cott markets or supplies over 200
retailer and licensed brands, and Company-owned brands including
Cott, Royal Crown, Vintage, Vess and So Clear.  Its products
include carbonated soft drinks, sparkling and flavored mineral
waters, energy drinks, juices, juice drinks and smoothies,
ready-to-drink teas, and other non-carbonated beverages.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 6, Standard & Poor's Ratings Services lowered its ratings
on Toronto-based private label soft drink manufacturer Cott
Corp. by one notch, including its long-term corporate credit
rating, to 'B+' from 'BB-'.  S&P said the outlook is negative.


COTT CORP: Hires William Reis as SVP & Chief Procurement Officer
----------------------------------------------------------------
Cott Corp. has selected William (Bill) Reis to fill the
positions of senior vice president, Global Procurement and chief
procurement officer, effective March 26.

Mr. Reis has nearly 20 years of experience in the procurement
field, including 13 years with the Coca-Cola Company in various
purchasing and procurement roles in the U.S., Europe, and Latin
America.

Most recently he was senior vice president and chief procurement
officer for Revlon and prior to that, he spent three years as
vice president of Global Procurement Management for Goldman
Sachs.

"We are extremely fortunate to have someone with Bill's depth of
experience and global track record in procurement joining the
team at a time when managing our raw material costs is so
critical to Cott's growth and success," said Rick Dobry, Cott's
chief manufacturing and supply chain officer.

"His appointment is another step we've taken to strengthen our
organization and leverage our global support functions to reduce
costs and become the best partner to our retailer customers."

In prior roles, Mr. Reis introduced cost reduction, commodity
procurement, and forecasting programs that resulted in millions
of dollars in annual savings.  He was also responsible for the
implementation of leading-edge E-Sourcing technologies.

Mr. Reis will be based in Cott's Tampa, Florida, office and a
member of the Manufacturing and Supply Chain executive team.

                        About Cott Corp.

Headquartered in Toronto, Ontario, Canada, Cott Corp. (NYSE:COT;
TSX:BCB) -- http://www.cott.com/-- is a non-alcoholic beverage
company and a retailer brand beverage supplier.  The Company
commercializes its business in over 60 countries worldwide, with
its principal markets being the United States, Canada, the
United Kingdom, and Mexico.  Cott markets or supplies over 200
retailer and licensed brands, and Company-owned brands including
Cott, Royal Crown, Vintage, Vess and So Clear.  Its products
include carbonated soft drinks, sparkling and flavored mineral
waters, energy drinks, juices, juice drinks and smoothies,
ready-to-drink teas, and other non-carbonated beverages.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 6, Standard & Poor's Ratings Services lowered its ratings
on Toronto-based private label soft drink manufacturer Cott
Corp. by one notch, including its long-term corporate credit
rating, to 'B+' from 'BB-'.  S&P said the outlook is negative.


DREAM DESIGNS: Creditors' Meeting Slated for March 26
-----------------------------------------------------
Creditors of Dream Designs Trading Ltd. will meet at 4:00 p.m.
on March 26 at:

         Sinclair Harris
         46 Vivian Avenue
         Hendon Central
         London
         NW4 3XP
         England

Creditors who want to vote at the meeting have until noon on
March 23 to submit their proxy forms at the said address.

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on March 22.


EP DIGITAL: Mounting Debts Spur High Court to Close Business
------------------------------------------------------------
The Chancery Division of the High Court of Justice has closed
down screen and banner printing companies EP Digital and Screen
Ltd. and Print 888 Ltd. following an investigation by the
Companies Investigation Branch of the Insolvency Service.

Yeovil, England-based EP Digital and Screen Ltd. closed with
debts of GBP350,000 after the company failed to pay money owed
to its creditors.

Print 88 Ltd. succeeded EP Digital and continued in the same
trading pattern, by failing to pay over employee PAYE and
national insurance contribution liabilities and attempting to
evade other accruing liabilities.

The CIB investigation revealed that both companies were under
the control of a disqualified director Jane Catherine Bernadette
James, also known as Jane Goodfellow.  Ms. James had a history
of involvement in a string of failed screen-printing companies
over the past 15 years.

The petition to wind up the companies in the public interest was
presented on Dec. 19, 2006 under the provisions of Section 124A
of the Insolvency Act 1986 following an investigation conducted
under Section 447 and 453A of the Companies Act 1985 by the
Companies Investigation Branch of the Insolvency Service.  The
Official Receiver was appointed provisional liquidator of the
companies on that day.  The petitions were heard on Feb. 28 at
which time the companies were wound up.


EUROSAIL-UK: S&P Rates GBP12.6-Mln Class E1c & ETc Notes at BB
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the GBP585.000 million mortgage-backed
floating-rate notes, and an overissuance of GBP8.775 million
excess-spread-backed floating-rate notes to be issued by
Eurosail-UK 2007-2NP PLC.

At closing, Eurosail-UK 2007-2NP will issue the class A1, A2,
A3, M, B, C, D1, E1c, and ETc notes and use part of the proceeds
to acquire the loan pool from the sellers, Southern Pacific
Mortgage Ltd. and Preferred Mortgages Ltd.  This loan pool
comprises first-ranking mortgages on properties in England,
Wales, and Northern Ireland, and standard securities on
properties in Scotland.

The mortgage loans in the pool consist of a combination of
"near-prime" and prime mortgages.  A portion of the pool is
characterized as near-prime as these loans have been made to
borrowers with little or no adverse credit history.

Eurosail-UK 2007-2NP is the sixth transaction under the Eurosail
program.  The transaction features an interest rate cap
agreement to hedge against rising LIBOR, a discount margin
reserve to partially hedge against the risk associated with
reduced rates of interest payable on discounted loans, and a
bullet-cap reserve fund.

A fixed/floating swap will be in place to hedge certain interest
rate mismatches.  A bank-base rate swap agreement will also be
in place to hedge the mismatch between BBR-linked loans and the
issuer's LIBOR-based liabilities.

                          Ratings List

Eurosail-UK 2007-2NP PLC
   GBP585.000 Million (Equivalent) Mortgage-Backed Floating-Rate
   Notes And An Overissuance Of GBP8.775 Million Excess-Spread-
   Backed Floating-Rate Notes

                         Prelim.     Prelim amount
          Class          rating        (Mln GBP)
          -----          -------     -------------
          A1a            AAA                TBD
          A1b            AAA                TBD
          A1c            AAA            184.275
          A2a            AAA                TBD
          A2b            AAA                TBD
          A2c            AAA            134.550
          A3a            AAA                TBD
          A3b            AAA                TBD
          A3c            AAA            169.650
          M1a            AAA                TBD
          M1b            AAA                TBD
          M1c            AAA             21.940
          B1a            AA                 TBD
          B1b            AA                 TBD
          B1c            AA              34.220
          C1a            A+                 TBD
          C1b            A+                 TBD
          C1c            A+              20.475
          D1a            BBB-               TBD
          D1b            BBB-               TBD
          D1c            BBB-            16.087
          E1c            BB               3.803
          ETc            BB               8.775


FINE BINDERY: Creditors' Meeting Slated for March 23
----------------------------------------------------
Creditors of The Fine Bindery Ltd. will meet at 11:30 a.m. on
March 23 at the offices of:

         Elwell Watchorn & Saxton LLP
         109 Swan Street
         Sileby
         Leicestershire
         LE12 7NN
         England

Creditors who want to vote at the meeting have until noon on
March 22 to submit their proxy forms together with particulars
of their claims or of any security at the said address.

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on March 21 and March 22.

Elwell Watchorn & Saxton -- http://www.ews-insolvency.co.uk/--  
provides insolvency and recovery services.  The firm's partners
have considerable expertise in all formal areas of insolvency,
both corporate and personal and have been offering turnaround
advice without the need for formal insolvency.


FORD MOTOR: Investors Speculate on Jaguar & Land Rover Sale
-----------------------------------------------------------
The recent sale of Ford Motor Company's Aston Martin brand has
led investors to wonder if the automaker will capitalize on the
current popularity of luxury brands and market its British
Jaguar and Land Rover units, John D. Stoll writes for the Wall
Street Journal.

As reported in the TCR-Europe on March 13, Ford 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., for GBP479 million (US$925 million).

Ford CEO Alan Mulally said on March 12 that the sale would help
Ford "operate profitably at lower volumes and changed model mix,
and speed development of new products."

Ford has said before that it isn't putting its Jaguar and Land
Rover brands on the market right now, although the company has
not closed the doors on a sale as it is still considering its
options, WSJ states.

Mr. Mulally revealed in January that he might consider selling
the company's Jaguar brand, threatening about 8,000 car workers'
jobs.

According to the WSJ report, analysts say there has been a
higher demand for luxury cars lately as compared with light
vehicles, signaling a marked boost in the luxury goods market.

However, selling the Jaguar and Land Rover units may prove to be
quite the challenge for Ford and potential investors, as it
would dismantle the Premier Automotive Group strategy, which the
company introduced in 1999 to cash in on the boom in luxury-car
demand, WSJ relates.

Jaguar is part of the Premier Automotive Group -- the
organization under which all of Ford's European brands are
grouped -- including other brands like Volvo and Land Rover.

Ford predicted in 2002 that the unit would contribute at least a
third of its profits by 2005.  However, the group posted a
US$327 million (EUR247 million) net loss in 2006, which is one
of the reasons why Ford's net loss ballooned to US$12.7 billion
(EUR9.6 billion), the Financial Times reports.

In Ford's second quarter results, the segment incurred US$180
million in net loss.  The company's management said the decline
in earnings in the PAG segment primarily reflected unfavorable
currency exchange related to the expiration of favorable hedges,
adjustments to warranty accruals for prior model-year vehicles,
mainly at Land Rover and Jaguar, and lower market share at Volvo
associated with new model changeovers, offset partially by
favorable product and market mix and lower overhead costs.

                      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.


FRANKFORM INTERNATIONAL: Joint Liquidators Take Over Operations
---------------------------------------------------------------
Robert Derek Smailes and Stephen Blandford Ryman of Rothman
Pantall & Co. were appointed joint liquidators of Frankform
International Group Ltd. on March 2 for the creditors' voluntary
winding-up procedure.

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

The company can be reached at:

         Frankform International Group Ltd.
         The Administration Building
         The Wharf
         Midhurst
         West Sussex
         GU299PX
         England
         Tel: 01730 814 733
         Fax: 01730 814 735


GENERAL MOTORS: Earns US$2.2 Billion in Full Year 2006
------------------------------------------------------
General Motors Corp. posted net income for 2006, excluding
special items, of US$2.2 billion, compared with a net loss of
US$3.2 billion in 2005, marking a US$5.4 billion improvement.

Including special items, GM had a net loss of US$2.0 billion for
2006, compared with a net loss of US$10.4 billion in the year-
ago period.  GM earned record revenue of US$207 billion in 2006,
compared with US$195 billion in 2005.

"We needed 2006 to be a big year, and it was," GM Chairman and
CEO Rick Wagoner said.  "Our performance last year reflects the
significant progress we've made toward transforming GM into a
more competitive, global business focused on long-term,
sustainable success.  The improvement is a credit to our
employees, union partners, dealers and suppliers worldwide.
It's also validation that our strategy is working, and faster
than many people thought possible."

"But nobody at GM is declaring victory, because we all know
there is still a lot more work to do to achieve our goals of
steady growth, solid profitability and positive cash flow
generation. We're confident that the momentum we generated in
2006 will continue to build through this year and beyond," Mr.
Wagoner added.

GM's net income in the fourth quarter 2006 was US$180 million
excluding special items.  These results compare to a net loss of
US$936 million in the year ago period.  Including the net
favorable effect of all special items, GM's net income was
US$950 million in the fourth quarter of 2006, compared with a
loss of US$6.6 billion in the fourth quarter of 2005.  GM had
revenue of US$51.2 billion in the fourth quarter 2006, compared
with US$51.7 billion in the same period a year ago, with the
decline more than accounted for by the exclusion of GMAC revenue
starting Dec. 1, 2006.

The reported results for the fourth quarter 2006 include special
items totaling US$770 million after tax.  These are primarily
attributable to gains related to GMAC transaction-related items
and the sale of the GM desert proving ground property, partially
offset by costs related to previously announced GM restructuring
items.

                     GM Automotive Operations

Net income from global automotive operations for 2006 improved
by more than US$5.7 billion, totaling US$422 million on an
adjusted basis, excluding special items (reported net loss of
US$3.2 billion).  Adjusted net income for GM's automotive
operations in the fourth quarter 2006 was US$228 million
(reported net income of US$194 million), compared with an
adjusted loss of US$1.2 billion in the year-ago period.

GM sold 9.1 million vehicles worldwide in 2006.  For the second
consecutive year, unit sales outside of the U.S. surpassed
domestic sales with almost 5 million units, or 55 percent of
global volume.  GM Europe (GME), GM Asia Pacific (GMAP), and GM
Latin America, Africa and the Middle East (GM LAAM) all set
regional sales records, with GME exceeding 2 million units, GMAP
topping 1.25 million units, and LAAM surpassing 1 million units
for the first time.

GM North America (GMNA) posted a US$5 billion earnings
improvement in 2006, with an adjusted net loss of US$779 million
(reported net loss of US$4.6 billion).  In the fourth quarter of
2006, GMNA recorded its fourth consecutive quarter of more than
US$1 billion improvement in adjusted earnings.  GMNA had an
adjusted net loss of US$14 million in the fourth quarter 2006
(reported net income of US$50 million), versus an adjusted loss
of US$1.4 billion in the same quarter 2005.  The calendar year
improvement was realized despite a 207,000 unit reduction in
GMNA production to balance inventory with deliveries, and
reflects continued significant reductions in structural costs
related to health care, manufacturing and workforce attrition,
as well as positive sales mix and the impact of the company's
product and value focused sales and marketing strategy.

GM reduced structural costs in North America by US$6.8 billion
in 2006, exceeding its target of US$6 billion, and remains on-
track to deliver the previously announced US$9 billion of annual
structural cost savings in 2007(versus 2005 structural cost
levels).  GM's progress in globalizing its product development,
powertrain and manufacturing operations, combined with
aggressive GMNA turnaround actions, are driving these
significant structural cost reductions. GM reduced its global
automotive structural cost from over 34 percent of revenue in
2005 to 30 percent of revenue in 2006, an impressive first step
toward GM's goal of cutting structural cost to 25 percent of
revenue by 2010.

"We made very significant progress in 2006 toward our 25 percent
structural cost goal," Mr. Wagoner said.  "At the same time, we
continue to invest heavily in future products, technology and
growth markets. GM plans to increase its global capital spending
from US$7.5 billion in 2006, to between US$8.5 and US$9 billion
in 2007 and 2008."

GM's commitment to quality and design leadership was reinforced
in 2006 with strong consumer and media reception to GM's newest
cars and trucks, including the Chevrolet Tahoe, GMC Yukon, and
Cadillac Escalade full-size utilities; GMC Sierra and Chevrolet
Silverado full-size pickups; the Saturn Aura midsize sedan; Opel
Corsa small car; and the Holden Commodore fullsize sedan.  In
addition, early public reaction to the Saturn Outlook and GMC
Acadia midsize crossovers, introduced late in 2006, has been
positive.

GME posted its first full year of profitability since 1999 with
adjusted earnings of US$227 million for 2006 (reported net loss
of US$225 million).  GME had an adjusted loss of US$8 million in
the fourth quarter 2006 (reported net loss of US$119 million),
compared to net income of US$5 million in the year-ago quarter.
GME revenue in the fourth quarter 2006 was US$9 billion, up from
US$8.1 billion in the same quarter 2005.  Contributing to GME's
improved performance during the year was strong revenue growth
due to record volume of over 2 million units, and continued
structural cost reductions.

"The actions we've taken in Europe to reduce structural cost and
re-energize our product lineup is making a big impact on the
business," Mr. Wagoner noted.  "And our multi-brand approach in
Europe is really getting traction.  The Opel/Vauxhall brands are
strengthening, led by products like the all-new Corsa and
segment-leading Meriva and Zafira.  And, the Chevrolet brand
again achieved record sales, while Saab and Cadillac also
demonstrated strong growth.  And we're especially pleased with
our progress in Russia, where GM sales grew 73 percent in 2006."

GMAP delivered adjusted earnings of US$441 million in 2006
(reported net income of US$1.2 billion), compared with US$557
million in 2005, with the decline totally attributable to the
loss of Suzuki equity income in 2006, as a result of the
divestiture of most of GM's holdings in Suzuki Motor Corp.
For the fourth quarter of 2006, GMAP's adjusted earnings were
US$122 million (reported net income of US$135 million),
consistent with the same quarter 2005 earnings of US$124
million.  Record 2006 sales of GM Daewoo products
contributed to GM's continued strong performance in the region,
headlined by sales gains of 32 percent in China and 19 percent
in Korea.

"The AP region remains the core of GM's global growth strategy.
In 2006, GM advanced its leading position in China, again
improving its market share to almost 12 percent.  We also
announced plans to add a new assembly plant in India to take
advantage of opportunities in that important market, and we
continue to grow in Korea," Mr. Wagoner said.

GM's LAAM region delivered its best financial performance in 10
years with adjusted earnings of US$533 million in 2006 (reported
net income of US$490 million), an improvement of US$381 million
over 2005. GMLAAM also recorded adjusted and reported fourth
quarter earnings of US$128 million, up from adjusted earnings of
US$63 million in the same quarter of 2005.  These improvements
were driven by record revenue and volume for the region, and
significant gains at GM do Brasil.

"By cost-effectively leveraging GM's products and resources from
around the world, GM LAAM has been able to take advantage of
growth opportunities throughout the region, achieving milestone
sales of over 1 million units and impressive revenue and profit
results," Mr. Wagoner said.

                               GMAC

On a standalone basis, GMAC Financial Services reported 2006 net
income of US$2.1 billion, compared with net income of US$2.3
billion in 2005.  GMAC's operating earnings for 2006, excluding
two significant items, amounted to US$2.0 billion, compared to
US$2.7 billion of operating earnings in 2005.

For the fourth quarter of 2006, GMAC had net income of
US$1.0 billion, up from US$112 million in the fourth quarter of
2005.  The 2006 fourth quarter results include a US$791 million
after-tax benefit related to deferred tax liabilities that GMAC
transferred to GM when GMAC converted to a Limited Liability
Company (LLC). Conversely, fourth quarter 2005 results
included the impact of goodwill impairment charges of US$439
million after-tax.  Excluding the LLC benefit, GMAC operating
earnings for the fourth quarter 2006 were US$225 million,
compared to US$551 million in the year-ago period.

On November 30, 2006, GM closed the previously announced
transaction to sell 51 percent controlling interest in GMAC to
an investor consortium led by Cerberus Capital.  As a result of
the closing of the GMAC transaction, GMAC results through
November were fully consolidated in GM's reporting, and December
results were reflected on an equity income basis for GM's
remaining 49 percent interest.

After adjusting GMAC results for equity income in December,
dividends to GM on preferred stock and various transaction-
related items, GM reported an adjusted net loss of US$284
million associated with GMAC for the fourth quarter 2006, and
net income of US$1.5 billion for the calendar year.  Going
forward, GM will record GMAC results on an equity income basis.

Based on GMAC's results, GM will refund approximately US$1
billion to GMAC, in the form of a capital contribution, to
restore its adjusted tangible equity balance as of Nov. 30,
2006, to the US$14.4 billion level that was agreed upon in
conjunction with the 51 percent sale of GMAC.  The amount of the
refund reflects reduced tangible book value at Nov. 30, 2006,
principally caused by a deterioration in GMAC's Residential
Capital, LLC (ResCap) earnings, changes in GMAC deferred tax
balances and the restatement of prior financial results.

For additional details on GMAC 2006 fourth quarter and calendar-
year financial results, see the company's earnings release dated
March 13, on the company Web site at http://www.gmacfs.com/

                        Cash and Liquidity

GM achieved positive adjusted operating cash flow for the fourth
quarter 2006 of approximately US$300 million, an improvement of
US$1.4 billion compared to the fourth quarter 2005.

Cash, marketable securities, and readily-available assets of the
Voluntary Employees' Beneficiary Association (VEBA) Trust
totaled US$26.4 billion at December 31, 2006, up from US$20.4
billion on September 30, 2006.  In addition to the impact of
favorable operating cash flow in fourth quarter, this
reflects the impact of distributions received from the closing
of the sale of the 51 percent interest in GMAC.

                      Financial Restatements

GM previously disclosed that it had understated its
stockholders' equity as of Dec. 31, 2001, and subsequent periods
by approximately US$500 million related to deferred tax
liabilities and taxation of foreign currency translation.  GM
confirmed a final adjustment to stockholders' equity as of
January 1, 2002, of US$245 million.

GM also previously disclosed it would be restating its financial
statements for 2002 through the third quarter of 2006 largely
due to hedge accounting.  The following chart provides a summary
of the impact of the restatements on reported net income for the
2002-2006 periods.

          (US$Ms) GM Reported Net Income (after-tax GAAP)

                      Q1-Q32006    2005    2004    2003    2002
                      ---------    ----    ----    ----    ----
Previously reported    (3,025)   (10,567) 2,804   3,859   1,574
Adjustments                97       150   (103)   (334)     161
Restated results       (2,928)   (10,417) 2,701   3,525   1,735

These results had no impact on cash flow for any of the restated
periods.

GM said it will file its annual report on Form 10-K with the
Securities and Exchange Commission today.

                    US$1 Billion GMAC Settlement

As reported yesterday in the Troubled Company Reporter, GM
agreed to pay approximately US$1 billion in settlement charges
to GMAC Financial Services by the end of the first quarter in
relation to a change in the lending arm's balance sheet, John D.
Stoll of The Wall Street Journal wrote.

The cash settlement is related to the impact that problems in
the subprime mortgage segment, which focuses on borrowers with
low credit scores, have had on GMAC's book value, WSJ said,
citing people familiar with the settlement.

As reported in the Troubled Company Reporter on Dec. 1, 2006, GM
completed the sale of a 51% interest in GMAC to a consortium of
investors led by Cerberus FIM Investors LLC and including wholly
owned subsidiaries of Citigroup Inc., Aozora Bank Ltd., and The
PNC Financial Services Group Inc.

The transaction was intended to preserve the mutually beneficial
relationship between GM and GMAC, while improving GMAC's access
to cost-effective funding.  In addition, the sale of the
controlling interest in GMAC was intended to provide significant
liquidity to GM that will support its North American turnaround
plan, finance global growth initiatives, and strengthen its
balance sheet.

                    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.


GETTY IMAGES: Acquires Scoopt to Enhance Site Features
------------------------------------------------------
Getty Images Inc. disclosed its acquisition of Scoopt, an
emerging source for user-generated editorial content.  Scoopt is
an aggregator and distributor of photographs and videos captured
by eyewitnesses who have an accidental front row seat to
headline-making moments.

In the coming months, news, sport and entertainment imagery from
Scoopt that meets Getty Images' stringent editorial quality
standards will be released exclusively at:

               http://www.gettyimages.com/editorial/

where it will benefit from worldwide visibility and promotional
support.

Additionally, Getty Images will invest in technology upgrades
and other enhancements to Scoopt in order to make the site more
accessible to customers, and to better position it for future
growth.

"New technology has made it easier to capture and distribute
imagery, leading to citizen photojournalism that is increasingly
relevant to the news cycle," said Jonathan Klein, co-founder and
CEO of Getty Images.  "While this genre will never replace the
award-winning photojournalism for which we're known, it's a
highly complementary offering that enables us to meet the
evolving imagery needs of a broad customer base."

Since the founding of Scoopt in 2005, the site has supplied the
media with arresting imagery from major world events, including:

  * The tragic Manhattan plane crash that killed New York
    Yankees pitcher Cory Lidle and his flight instructor in
    October 2006; digital images captured by a bystander were
    emailed to Scoopt and appeared on the front page of The
    Times of London

  * Fierce January 2006 storms in the U.K., which brought
    devastation and disruption to large parts of the country

"User-generated content is serving a valuable role in today's
communication landscape; safeguards to validate its authenticity
are critical," said Hugh Pinney, director of Editorial
Photography at Getty Images.  "By implementing rigorous quality
standards, we can deliver powerful imagery captured from a
unique perspective while ensuring journalistic integrity."

Citizen photographers who submit imagery to Scoopt retain
copyright while granting the agency a 12-month exclusive license
that authorizes re-license to one or more publishers.
Contributors will benefit from increased visibility and an
extensive network of media contacts, earning a significant
percentage of the value for each license issued.  Both Getty
Images and Scoopt encourage contributors to be respectful and
follow a code of ethics for image capture.  Submission
guidelines and additional details about Scoopt's growing
photographer community can be found at http://www.scoopt.com/

Getty Images plans to fully integrate Scoopt into its
organization, harnessing the team's knowledge of user-generated
editorial content.  "We're very much looking forward to taking
our business to the next level by collaborating with the world's
leading imagery provider," said Kyle MacRae, founder of Scoopt.
"This acquisition will exponentially expand our customer base
and establish a strong foundation for long-term growth."

The Scoopt team will continue to operate out of the site's base
in Glasgow, Scotland, servicing customers under the leadership
of Getty Images' Hugh Pinney.  Existing relationships with
Scoopt partners and affiliates will remain in place until
further notice.

Headquartered in Seattle, Washington, Getty Images, Inc. --
http://corporate.gettyimages.com/-- creates and distributes
visual content.  The company has corporate offices in Australia,
the United Kingdom and Argentina.

                         *     *     *

Moody's Investors Service upgraded the credit ratings of Getty
Images, Inc. and changed the ratings outlook to stable from
positive.  The upgrade in the corporate family rating to Ba1
from Ba2 reflected Getty's leading market position, improving
credit metrics, impressive operating margins and good secular
growth trends in the stock imagery market.  Moody's also
upgraded its rating on the company's US$265 million series B
convertible subordinated notes due 2023, to Ba2 from Ba3.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services lowered its ratings on
Seattle, Wash.-based visual imagery company Getty Images Inc.,
including lowering the corporate credit rating to 'B+' from
'BB', and placed the ratings on CreditWatch with developing
implications.


H J COOPER: Creditors' Meeting Slated for March 20
--------------------------------------------------
Creditors of H J Cooper (Timber) Ltd. will meet at 2:30 p.m. on
March 20 at:

         Butcher Woods
         79 Caroline Street
         Birmingham
         B3 1UP
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on March 16 and March 19.


LAGER PEOPLE: Creditors' Meeting Slated for March 22
----------------------------------------------------
Creditors of The Lager People Ltd. will meet at 11:00 a.m. on
March 22 at:

         B&C Associates
         Trafalgar House
         Grenville Place
         Mill Hill
         London
         NW7 3SA
         England

Creditors who want to vote must particulars of their claims or
of any security before the meeting at the said address.

A list of names and addresses of the company's creditors will be
available for inspection free of charge on March 20.


MERILAB LTD: Hires Liquidator from Mazars LLP
---------------------------------------------
Timothy Colin Hamilton Ball of Mazars LLP was appointed
liquidator of Merilab Ltd. on Feb. 27 for the creditors'
voluntary winding-up proceeding.

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

The company can be reached at:

         Merilab Ltd.
         Ireland Close
         Fan Road
         Staveley
         Chesterfield
         Derbyshire
         S43 3PT
         England
         Tel: 01246 280 380
         Fax: 01246 260 706


MOTORCISE PORTSMOUTH: Creditors' Meeting Slated for March 21
------------------------------------------------------------
Creditors of Motorcise (Portsmouth) Ltd. will meet at 11:45 a.m.
on March 21 at the offices of:

         Portland Business & Financial Solutions Ltd.
         1640 Parkway
         Solent Business Park
         Whiteley
         Fareham
         Hampshire
         PO15 7AH
         England

Carl Derek Faulds of Portland Business & Financial Solutions
Ltd. will furnish creditors with information concerning the
company's affairs free of charge as they may reasonably require.


ORION KITCHENS: Taps David R. Acland to Liquidate Assets
--------------------------------------------------------
David R. Acland of Begbies Traynor was appointed liquidator of
Orion Kitchens 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:

         Orion Kitchens Ltd.
         Unit a
         Gores Road
         Knowsley Industrial Park
         Liverpool
         Merseyside
         L33 7XS
         England
         Tel: 0151 548 8943


P G DENNY: Gerald Irwin Leads Liquidation Procedure
---------------------------------------------------
Gerald Irwin was appointed liquidator of P G Denny Engineering
Ltd. on March 5 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         P G Denny Engineering Ltd.
         Unit 19
         Birchbrook Industrial Park
         Lynn Lane
         Shenstone
         Lichfield
         Staffordshire
         WS140DJ
         England
         Tel: 01543 481 408
         Fax: 01543 483 061


PIEDOG.COM LTD: Appoints William Paxton as Liquidator
-----------------------------------------------------
William Paxton of Robson Laidler LLP was appointed liquidator of
Piedog.Com Ltd. on Feb. 26 for the creditors' voluntary winding-
up proceeding.

Robson Laidler -- http://www.robson-laidler.co.uk/-- offers a
range of services including audit and accountancy, tax planning
and mitigation, business strategy, corporate finance, personal
financial planning, recovery and insolvency.

The company can be reached at:

         Piedog.Com Ltd.
         Morton Park Way
         Darlington
         County Durham
         DL1 4PQ
         Tel: 0844 800 9272
         Fax: 01325 369 363


PHELPS DODGE: Freeport Offers US$6 Bln Notes to Fund Phelps Buy
---------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. intends to offer a total of
US$6 billion aggregate principal amount of senior notes to the
public in two tranches.  The first tranche will be 8-year senior
notes and the second tranche will be 10-year senior notes.

Freeport-McMoRan plans to use the net proceeds from the offering
to fund a portion of the Phelps Dodge Corp. acquisition
consideration and pay related fees and expenses.  The closing of
this offering is conditioned on the Phelps Dodge acquisition.

As previously disclosed, each company will hold a special
meeting of stockholders today, March 14, 2007, to vote on the
proposed acquisition of Phelps Dodge by Freeport-McMoRan.

The joint book-running managers for the offering are JPMorgan
and Merrill Lynch & Co.  Copies of the preliminary prospectus
supplement relating to this offering may be obtained by
contacting:

         J.P. Morgan Securities Inc.
         270 Park Avenue, 8th Floor
         New York, New York, 10017

                or

         Merrill Lynch & Co.
         4 World Trade Center
         New York, New York, 10080

           About Freeport-McMoran Copper & Gold Inc.

Freeport-McMoRan Copper & Gold Inc. is a Louisiana based
producer of copper and gold through its Grasberg mine in
Indonesia.  Freeport's revenue in 2006 was US$5.8 billion.

                 About Phelps Dodge Corp.

Phelps Dodge -- http://www.phelpsdodge.com/-- is among the
world's largest producers of molybdenum, molybdenum-based
chemicals, and manufacturer of wire and cable products.

Phelps Dodge has operations in Venezuela, Thailand, China,
Netherlands, Philippines, Japan, United Kingdom, among others.


PHELPS DODGE: FCX Purchase Prompts Fitch to Cut Rating to BB-
-------------------------------------------------------------
Fitch assigned the ratings to Freeport-McMoRan Copper & Gold and
downgraded the ratings of Phelps Dodge in connection with FCX's
pending acquisition of Phelps Dodge for approximately
US$25.9 billion in cash and stock.

The transaction is subject to the approval of the shareholders
of FCX and Phelps Dodge; the vote is scheduled March 14, 2007
with closing expected March 19, 2007.  The transaction is
expected to give rise to about US$16 billion in additional debt.

Assigned:

   * Freeport-McMoRan Copper & Gold

      -- Issuer Default Rating 'BB';

      -- US$500 million PT Freeport Indonesia/FCX Secured Bank
         Revolver 'BBB-';

      -- US$1 billion Secured Bank Revolver 'BB';

      -- US$2.5 billion Secured Bank Term Loan A 'BB';

      -- US$7.5 billion Secured Bank Term Loan B 'BB';

      -- Existing Notes to be secured 'BB';

      -- 10.125% senior notes due 2010;

      -- 6.875% notes due 2014;

      -- 7% convertible notes due 2011 'BB-';

      -- FCX New Unsecured Notes due 2015 and 2017 at 'BB-'; and

      -- FCX Convertible Preferred Stock at B+.

   * Phelps Dodge

      -- Cyprus Amax 7.375% Notes due May 2007, to be secured
         and to be guaranteed by FCX downgraded from 'BBB' to
         'BB-';

      -- Senior Unsecured Notes and Debentures to be guaranteed
         by FCX downgraded from 'BBB' to 'BB-';

      -- 8.75% notes due 2011;

      -- 7.125% debentures due 2027;

      -- 9.50% notes due 2031; and

      -- 6.125% notes due 2034.

Phelps Dodge Bank Revolver ratings have been withdrawn.

Some US$18.7 billion in securities are affected.  The Ratings
Outlook is Stable.

The debt ratings of Phelps Dodge have been removed from Ratings
Watch Negative.

Pro Forma Dec. 31, 2006 Debt of about US$17.6 billion compares
at 2.26x pro forma 2006 EBITDA of US$7.8 billion.  Fitch notes
that earnings and cash flows are highly levered to metals prices
and US$0.20/lb. decline in copper prices could cut EBITDA by
US$800 million over a twelve month period.  In particular, the
price of copper averaged US$3.05/lb. on the London Metal
Exchange in 2006 and US$2.57/lb. for the first two months of
2007.

Liquidity is quite strong with slight usage expected on the
US$1.5 billion in revolvers for letters of credit.  Pro forma
December 31, 2006 cash balances are US$3.4 billion.

Results of both companies continue to benefit from strong metals
prices albeit at lower levels than the very high prices in 2006.
Metals prices, over the short to medium term, should allow
significant debt reduction and permit leverage to remain in a
range consistent with the ratings in a modestly lower earnings
environment.

The PT Freeport Revolver benefits from a superior security
package and therefore warrants a higher rating than the IDR.

The bank facilities and some of FCX's notes will be secured by:

   * the stock of certain domestic subsidiaries and 65% of
     certain first-tier foreign subsidiaries,

   * the intercompany indebtedness owed to FCX by its
     subsidiaries, and

   * deposits and investment accounts of FCX and will be
     unconditionally guaranteed by certain of FCX's existing and
     subsequently acquired or organized subsidiaries.

The Cyprus Amax Notes will be secured by pledges of the
outstanding shares of capital stock of Phelps Dodge's wholly
owned domestic subsidiaries and a portion of the capital stock
of Phelps Dodge's wholly owned first-tier foreign subsidiaries;
these are due in the very near term and repayment is supported
by strong liquidity.


PRINT 88: High Court Closes Down Business
-----------------------------------------
The Chancery Division of the High Court of Justice has closed
down screen and banner printing companies EP Digital and Screen
Ltd. and Print 888 Ltd. following an investigation by the
Companies Investigation Branch of the Insolvency Service.

Yeovil, England-based EP Digital and Screen Ltd. closed with
debts of GBP350,000 after the company failed to pay money owed
to its creditors.

Print 88 Ltd. succeeded EP Digital and continued in the same
trading pattern, by failing to pay over employee PAYE and
national insurance contribution liabilities and attempting to
evade other accruing liabilities.

The CIB investigation revealed that both companies were under
the control of a disqualified director Jane Catherine Bernadette
James, also known as Jane Goodfellow.  Ms. James had a history
of involvement in a string of failed screen-printing companies
over the past 15 years.

The petition to wind up the companies in the public interest was
presented on Dec. 19, 2006 under the provisions of Section 124A
of the Insolvency Act 1986 following an investigation conducted
under Section 447 and 453A of the Companies Act 1985 by the
Companies Investigation Branch of the Insolvency Service.  The
Official Receiver was appointed provisional liquidator of the
companies on that day.  The petitions were heard on Feb. 28 at
which time the companies were wound up.


REGAL BRICKWORK: Claims Filing Period Ends May 28
-------------------------------------------------
Creditors of Regal Brickwork Ltd. have until May 28 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:

         Kevin Brown
         Liquidator
         Marriotts LLP
         Kevin Brown
         Allan House
         10 John Princes Street
         London
         W1G 0AH
         England

Kevin Brown of Marriotts LLP was appointed liquidator of the
company on Feb. 28.


STANSFIELD TRANSPORT: Claims Filing Period Ends April 9
-------------------------------------------------------
Creditors of Stansfield Transport Ltd. have until April 9 to
send 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:

         Lloyd Biscoe
         Joint Liquidator
         Begbies Traynor
         The Old Exchange
         234 Southchurch Road
         Southend on Sea
         Essex
         SS1 2EG
         England

Lloyd Biscoe and David Paul Hudson of Begbies Traynor were
appointed joint liquidators of the company on Feb. 26.

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


SOLUTIA INC: Selling Dequest to Thermphos for US$67 Million
-----------------------------------------------------------
Solutia Inc. has reached a definitive agreement to sell
Dequest(r), its water treatment phosphonates business.

Under the terms of the agreement, Thermphos Trading GmbH will
purchase the assets and assume certain of the liabilities of the
Dequest business for US$67 million in cash, subject to a working
capital adjustment.

The parties will also enter into a lease and operating agreement
under which Solutia will continue to operate the Dequest
facility to produce Dequest products exclusively for Thermphos
at Solutia's plant in Newport, Wales, in the United Kingdom.
The closing of a sale of the Dequest business will be subject to
certain governmental and regulatory approvals and other
customary closing conditions.

In addition, the sale transaction is subject to authorization by
the bankruptcy court overseeing Solutia's reorganization,
following completion of a court-supervised auction process.
Solutia plans to seek bankruptcy court approval of the bidding
procedures and other aspects of the auction process in April
2007.

                          About Dequest

Dequest -- http://www.dequest.com/-- produces phosphonates,
which are used as additives in water processing across a broad
spectrum of markets, including industrial water treatment,
household and industrial detergents, industrial cleaners,
enhanced oil recovery operations, and various industrial
processes such as desalination and pulp production.  In 2006,
sales for the Dequest business accounted for less than 4% of the
total sales of Solutia Inc.

                  About Thermphos International

Thermphos International -- http://www.thermphos.com/-- produces
and sells phosphorus, phosphoric acid, phosphorus derivates and
phosphates.  Thermphos employs approximately 1,150 people
worldwide with locations in the Netherlands, Germany,
Switzerland, France, England Argentina and China.

                       About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications.  The Company filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.
Solutia is represented by Richard M. Cieri, Esq., at Kirkland &
Ellis.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and
Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.
(Solutia Bankruptcy News, Issue No. 81; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


TOTAL ENGINE: Creditors' Meeting Slated for March 20
----------------------------------------------------
Creditors of The Total Engine Co. Ltd. will meet at 10:30 a.m.
on March 20 at the offices of:

         Walletts Insolvency Services
         Adventure Place
         Hanley
         Stoke-on-Trent
         ST1 3AF
         England

A list of names and addresses of the company's creditors will be
available for inspection on March 16.


TRAININGWISE LTD: Calls In Liquidator from Crawfords
----------------------------------------------------
Alex Kachani of Crawfords was appointed liquidator of
Trainingwise Ltd. on Feb. 21 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Trainingwise Ltd.
         456-458 Barlow Moor Road
         Manchester
         Lancashire
         M21 0BQ
         England
         Tel: 0161 881 1828
         Fax: 0161 881 5051


VICTORIA FUNDING: Fitch Rates GBP1.9-Mln Class E Notes at BB
------------------------------------------------------------
Fitch Ratings upgraded Victoria Funding EMC-III plc's Class C
commercial mortgage-backed floating-rate notes due 2014 and
affirmed all other Classes:

   -- GBP42.5 million Class A affirmed at 'AAA'
   -- GBP10.1 million Class B affirmed at 'AAA'
   -- GBP9.3 million Class C upgraded to 'AA' from 'A+'
   -- GBP9.8 million Class D affirmed at 'BBB'
   -- GBP1.9 million Class E affirmed at 'BB'

The affirmations follow a satisfactory performance review.  The
upgrade reflects improved credit enhancements resulting from
prepayments and scheduled amortization on the notes.

This transaction is a securitization of a portfolio of seven
commercial mortgage loans.  The portfolio consists of six single
property loans and one loan consisting of 13 properties, and had
an aggregate market value of GBP476.4 million at closing.  The
properties are predominantly office properties.

The loan balance has now decreased to GBP73.5 million from
GBP263 million at closing.  There was a large prepayment made at
the first interest payment date in January 2006, and
subsequently there has been scheduled amortization and a further
prepayment.  Principal payment proceeds have been made both
sequentially, in the case of scheduled amortization and the
prepayment of the Canary Wharf loan, and pro rata, in the case
of the Ashdown loan.  As a consequence of these prepayments only
five loans now remain, all single property loans.

Credit enhancement has improved as a result of the partly
sequential nature of prepayments applied to the notes.  Credit
enhancement levels for Classes A, B, C and D are now 42.2%,
28.5%, 15.8% and 2.5%.  Class E notes do not benefit from any
credit enhancement.

The loan-to-value ratio has decreased to 36.9% from 64.4% at
closing.  The interest coverage ratio is currently 4.02x, up
from 2.08x at closing.  The debt service coverage ratio has also
improved and is now 1.51x, up from 1.21x at closing.


WORKFORCE LABOUR: Brings In Liquidator from Ashcrofts
-----------------------------------------------------
Harjinder Johal of Ashcrofts was appointed liquidator of
Workforce Labour Solutions Ltd. on March 5 for the creditors'
voluntary winding-up proceeding.

Ashcrofts -- http://www.ashcrofts.net/-- offers hands on
expertise specializing in Business Recovery and Insolvency
providing positive solutions for negative situations.

The company can be reached at:

         Workforce Labour Solutions Ltd.
         34 Leahouse Road
         Oldbury
         West Midlands
         B68 8PD
         England
         Tel: 01902 304 411
         Fax: 01902 304 411


* Tenon Recovery Opens New Office in Portsmouth
-----------------------------------------------
Tenon Recovery opened a new office in Portsmouth, England last
March 1, 2007, with a launch party planned at Spinnaker Tower on
April 18, 2007.

Nigel Fox and Carl Jackson, both directors of Tenon Recovery,
headed up office.  "I am looking forward to helping those in the
Portsmouth area who have financial difficulties", Mr. Fox said.
Kelly Browne, Manager, together with a number of other
experienced staff, supports them.

"We are really excited to be increasing our presence along the
south coast, " Mr. Jackson said. "The new office will further
enhance our existing services and offer opportunities in the
Portsmouth area."

                        About Tenon

Headquartered in London, England, Tenon Group plc --
http://www.tenongroup.com/-- is a national provider of
professional services.  The services provided by Tenon Group PLC
include business services and related taxation, outsourcing and
other services, corporate finance, corporate recovery and
insolvency services, financial services and specialist taxation.
Its Southampton, Portsmouth and Bournemouth offices have over
180 staff.


* Cadwalader Adds Four Partners to Restructuring Department
-----------------------------------------------------------
Cadwalader, Wickersham & Taft LLP has disclosed that Deryck A.
Palmer, Esq., John J. Rapisardi, Esq., George A. Davis, Esq.,
and Andrew M. Troop, Esq. will join the firm as partners in the
Financial Restructuring Department, based in New York.  Each is
currently a partner in the Business Finance & Restructuring
Department of Weil, Gotshal & Manges LLP.

The four bring over 85 collective years of restructuring
experience to Cadwalader's already thriving practice, having
represented debtors, creditors, lenders, and investors in
complex domestic and international business reorganizations,
debt restructurings, and distressed mergers and acquisitions in
a wide array of industries, including healthcare, automotive,
telecommunications, airline, energy, financial, retail, and
manufacturing.

Together, they have represented debtors in some of the largest
and most complex bankruptcy cases, including Saint Vincents
Catholic Medical Centers, WestPoint Stevens, IMPATH Inc.,
Bethlehem Steel Corporation, Doctor's Community Health Care
Corporation, Syratech Corporation, Sunbeam Corporation, Marvel
Entertainment, Inc., Carmike Cinemas, Inc., Global Star,
Metallurg, Olympia & York, F&M Distributors, Drexel Burnham
Lambert, Texaco, Inc., and United Healthcare Newark Children's
Hospital.

They have also represented lenders, committees and major
creditor groups in numerous recent high-profile cases, including
Calpine Corporation, Delta Airlines, US Airways, Independence
Air, Owens Corning, Safety Kleen, Solutia, Tower Automotive,
Kaiser Aluminum & Chemical Corporation, Mirant, Iridium, Pliant
Corporation, Eagle Pitcher, Genesis Health Care, Mariner Post-
Acute Care, Mariner Health Care, Centennial Health Care, Galey &
Lord, WCI Steel, Weirton Steel, Cable and Wireless, FAO Schwarz,
Aladdin Casino and Hotel, Montgomery Ward I, NSM Steel, Trump
Atlantic City Casinos, FPA, MedPartners, and PhyCor.

Most recently, they have been involved in three major out-of-
court restructurings: Detroit Medical Center,; Florida
Healthplans and a major sports franchise.  They also have
extensive expertise in international cross-border
restructurings, including unparalleled experience advising
investors with regard to Chinese restructuring law.

Cadwalader Chairman and Managing Partner Robert O. Link, Jr.
stated, "We are thrilled to have these well-regarded and highly
experienced lawyers join our firm.  Their impressive record of
transactions and client base will greatly enhance our global
restructuring capacity and provide us with phenomenal
opportunities for cross-selling and growth.  We look forward to
capitalizing on the many synergies between our practices."

Bruce R. Zirinsky, the Chairman of the firm's Financial
Restructuring Department, stated, "I have worked with these
fantastic lawyers for much of my career, and am delighted to
have them join our practice.  The addition of this team of top
restructuring lawyers, with wide-ranging connections and
experience, to our already strong and diverse restructuring
practice, is a major step in accomplishing many of our strategic
goals.  It will broaden our representation of the corporations,
financial institutions and advisory firms that form Cadwalader's
core client base, substantially enhance our ability to handle a
greater number of large U.S. and multinational restructuring
matters, and add to our already deep knowledge and experience in
the health care industry.  In addition, we will be able to take
on a broader role in distressed company investments and
acquisitions, continue to capitalize on cross-border work in
collaboration with our London office, and develop a robust Asian
restructuring presence through our Beijing office."

Mr. Palmer was recently recognized by Turnarounds and Workouts
as one of the nation's "Outstanding Bankruptcy Lawyers."  He
serves as the co-vice-chair of the American Bar Association's
Business Bankruptcy Committee's Healthcare Working Group and as
a member of the New York State Bar Association's Committee on
Bankruptcy and Committee on Courts and Community.  Also an
adjunct professor of law at New York Law School, he teaches
advanced topics in bankruptcy and corporate reorganization and
lectures at many other law schools nationwide.  He is a frequent
commentator and consultant on issues relating to Chinese
bankruptcy laws.  Mr. Palmer received his B.A. from Syracuse
University and his J.D. from the University of Michigan.

Mr. Rapisardi is included in the 2007 edition of The Best
Lawyers in America and identified as "highly recommended
counsel" in the PLC Cross-border Restructuring and Insolvency
Handbook for 2006-2007.  He was also ranked in the 2005, 2006,
and 2007 editions of Chambers USA: America's Leading Lawyers for
Business, which said Mr. Rapisardi's "star continues to rise in
the healthcare industry" and that "interviewees value his
integrity, calling him 'as honest as the day is long'."
Currently the bankruptcy columnist for the New York Law Journal
and an adjunct professor of law at Pace Law School, Mr.
Rapisardi publishes frequently and lectures extensively on a
variety of subjects, including cross-border restructurings and
Chinese bankruptcy law.  He received his B.S. from Fordham
University, his J.D. from Pace University School of Law, and his
LL.M. (with a concentration in corporate and commercial law)
from New York University School of Law.

Mr. Davis was selected for the 2007 edition of The Best Lawyers
in America.  He was also recognized as a "rising star" by
Chambers in 2005 and ranked in Chambers in 2006 and 2007, in
which it was said that Mr. Davis "stands out due to his success
in building consensus among groups with extremely different
viewpoints." Turnarounds and Workouts also named Mr. Davis as
one of the top ten outstanding young restructuring lawyers in
2005.  He is a frequent writer and speaker on restructuring
topics and an active member of the Committee on Bankruptcy and
Corporate Reorganizations of the Association of the Bar of the
City of New York.  He received his B.S., magna cum laude, from
SUNY at Binghamton and his J.D., with distinction, from Hofstra
University School of Law.

Mr. Troop has been included in The Best Lawyers in America since
2002.  He was recently honored by Nightingale Health Care News
as one of the top ten health care transaction lawyers of the
year.  He lectures regularly on a wide array of topics,
including the intersection of nonprofit and financial
restructuring laws and healthcare restructuring issues.  Mr.
Troop is committed to pro bono work, and was honored in 2006 by
the Asian American Lawyers Association of Massachusetts for his
representation of the interests of Asian and Hispanic Americans.
He received his B.A., cum laude, from Amherst College and his
J.D., cum laude, from Northwestern University School of Law.

"We are excited to bring our talents to Cadwalader's already
impressive practice.  Given our relationships and experiences
with Cadwalader's restructuring group and our shared vision
regarding the future of the practice, we believe that Cadwalader
offers a strong platform from which to make an investment in a
truly international bankruptcy practice - capabilities shared by
few firms in the world," stated Mr. Palmer.

               About Cadwalader, Wickersham & Taft

Cadwalader, Wickersham & Taft LLP -- http://www.cadwalader.com/
-- established in 1792, is an international law firm, with
offices in New York, London, Charlotte, Washington and Beijing.
Cadwalader serves a diverse client base, including top financial
institutions, undertaking business in more than 50 countries in
six continents.  The firm offers legal expertise in antitrust,
banking, business fraud, corporate finance, corporate
governance, environmental, healthcare, insolvency, insurance and
reinsurance, litigation, mergers and acquisitions, private
client, private equity, real estate, regulation, securitization,
structured finance, and tax.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Upcoming Meetings, Conferences and Seminars

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Event - "Judges Panel"
         Athletic Club
            Seattle, WA
               Contact: http://www.turnaround.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      LI Turnaround Management Event
         Long Island, NY
            Contact: http://www.turnaround.org/

March 15-18, 2007
   NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
      NABT Spring Seminar
         Ritz-Carlton Buckhead, Atlanta, GA
            Contact: http://www.NABT.com/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Madness Cocktail Reception with Geraldine Ferraro
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

March 20, 2007
   THOMSON WEST LEGALWORKS
      Insurance and Reinsurance Allocation Superbowl
         New York, NY
            Contact: http://www.westlegalworks.com/

March 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      The Cost of Government with Kevin P. Gaughan
         Buffalo Club, Buffalo, NY
            Contact: http://www.turnaround.org/

March 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Happy Hour
         TBD, St. Louis, MO
            Contact: 314-333-3815 or http://www.turnaround.org/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Automotive Conference
         Atheneum Hotel, Detroit, MI
            Contact: http://www.turnaround.org/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Event with Institute of Management Accountants -
         Role of Consultants in the Turnaround Industry
            Cherry Creek Holiday Inn, Denver, CO

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      The Next Wave of Distressed Businesses: A Panel Discussion
         South Florida
            Contact: http://www.turnaround.org/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

March 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Toot Your Own Horn - This event is for members only.
         Pronto Cena, Newark, NJ
            Contact: 908-575-7333 or http://www.turnaround.org/

March 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Reception Co-Sponsored with IWIRC
         Hartford Club, Hartford, CT
            Contact: 203-265-2048 or http://www.turnaround.org/

March 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA AZ Chapter Meeting
         TBA
            Contact: http://www.turnaround.org/

March 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Australia Launch
         Melbourne Hotel, Perth, WA, Australia
            Contact: http://www.turnaround.org/

March 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lunch Seminar
         Kansas City, MO
            Contact: http://www.turnaround.org/

March 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "The Six Keys of Sustained Profitable Growth"
         Rodney Page, Senior Partner of Blue Springs Partners
            Citrus Club, Orlando, FL
               Contact: http://www.turnaround.org/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons
            Las Colinas, Dallas, TX
               Contact: http://www.turnaround.org/

March 28-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Four Seasons Las Colinas, Dallas, TX
            Contact: http://www.turnaround.org/

March 29-31, 2007
   AMERICAN LAW INSTITUTE - AMERICAN BAR ASSOCIATION
      Chapter 11 Business Reorganizations
         Scottsdale, AZ
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

March 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      10th Annual April Fools' Networking Cocktail Reception
         University Club, New York, NY
            Contact: 646-932-5532 or http://www.turnaround.org/

March 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Zinifex/Pasminco - What a ride?
         Ferriers, Melbourne, Australia
            Contact: http://www.turnaround.org/

April 5, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Case Study "When Everything Goes Wrong"
         University of Florida, Gainesville, FL
            Contact: http://www.turnaround.org/

April 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Pal's Cabin, West Orange, NJ
            Contact: 908-575-7333 or http://www.turnaround.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 12, 2007
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
      IWIRC 4th Spring Luncheon and Founders Awards
         Washington, DC
            Contact: http://www.iwirc.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon University Club
         Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

April 12, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - East
         JW Marriott, Washington, DC
            Contact: http://www.abiworld.org/

April 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Association for Corporate Growth AZ Chapter Meeting
         Biltmore Hotel, Phoenix, AZ
            Contact: http://www.turnaround.org/

April 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Breakfast with Association for Corporate Growth
         Woodbridge Hilton, Iselin, NJ
            Contact: 908-575-7333 or http://www.turnaround.org/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Personnel Issues in Bankruptcy
         University Club, Portland, OR
            Contact: http://www.turnaround.org/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast: Program on Fraud and Forensic Investigations
         Athletic Club, Denver, CO
            Contact: http://www.turnaround.org/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Tyson's Corner Marriott, Vienna, VA
            Contact: 215-657-5551 or http://www.turnaround.org/

April 19-20, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Eighth Annual Conference on Healthcare Transactions
         Successful Strategies for Mergers, Acquisitions,
            Divestitures, and Restructurings
               The Millennium Knickerbocker Hotel - Chicago
                  Contact: 800-726-2524;
                     http://renaissanceamerican.com/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Wine Tasting Social
         TBA, Long Island, NY
            Contact: 631-251-6296 or http://www.turnaround.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

April 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "Why Prospects Become Clients"
         Mark Fitzgerald, President of Sales Training Institute
            Inc
               Centre Club, Tampa, FL
                  Contact: http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Jacksonville Zoo Turnaround
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual Credit & Bankruptcy Symposium Golf/Spa Outing
         Fox Hopyard Golf Club, East Haddam, CT
            Contact: 203-265-2048 or http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spa Outing
         Mohegan Sun, Uncasville, CT
            Contact: 203-265-2048 or http://www.turnaround.org/

April 26-27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual Credit & Bankruptcy Symposium
         Mohegan Sun, Uncasville, CT
            Contact: http://www.turnaround.org/

April 26-28, 2007
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Philadelphia, PA
            Contact: http://www.ali-aba.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA AZ Chapter Meeting - Working Effectively with
      the Media to Create Publicity for Your Business
         TBA
            Contact: http://www.turnaround.org/

April 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      13 Week CF Program
         Washington University, St. Louis, MO
            Contact: http://www.turnaround.org/

April 29 - May 1, 2007
   INTERNATIONAL BAR ASSOCIATION
      International Insolvency Conference
         Zurich, Switzerland
            Contact: http://www.ibanet.org/

May 2-4, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Association for Corporate Growth AZ Chapter Meeting
         Washington University, AZ
            Contact: http://www.turnaround.org/

May 4, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - NYC
         Alexander Hamilton US Custom House, SDNY
            New York, NY
               Contact: http://www.abiworld.org/

May 7, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      9th Annual New York City Bankruptcy Conference
         Millennium Broadway Hotel & Conference Center
            New York, NY
               Contact: http://www.abiworld.org/

May 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual TMA Atlanta Golf Outing
         White Columns, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

May 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Restructuring Workshop
         Cable Center, Denver, CO
            Contact: http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Marriott North, Fort Lauderdale, FL
            Contact: http://www.turnaround.org/

May 17-18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      6th Annual Great Lakes Regional Conference
         Renaissance Quail Hollow Resort, Painesville, OH
            Contact: http://www.turnaround.org/

May 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Enterprise Valuation / Sale of the Distressed Business
         Athletic Club, Seattle, WA
            Contact: http://www.turnaround.org/

May 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      13 Week CF Program
         Kansas City, MO
            Contact: http://www.turnaround.org/

May 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      LI-TMA Annual Golf Outing
         TBD, Long Island, NY
            Contact: 631-251-6296 or http://www.turnaround.org/

May 24-25, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Fourth Annual Conference on Distressed Investing Europe
         Maximizing Profits in the European Distressed Debt
            Market
               Le Meridien Piccadilly Hotel - London, UK
                  Contact: 800-726-2524;
                     http://renaissanceamerican.com/

May 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA AZ and RMA Joint Meeting
         Hotel Valley Ho, Scottsdale, AZ
            Contact: http://www.turnaround.org/

May 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

May 30-31, 2007
   FINANCIAL RESEARCH ASSOCIATES
      Distressed Debt
         Harvard Club, New York, NY
            Contact: http://www.frallc.com/

May 31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Wine Tasting and Casino Night
         Mayfair Farms, West Orange, NJ
            Contact: 908-575-7333 or http://www.turnaround.org/

May 31 - June 1, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      2nd Annual TMA Southeast Regional Conference
         Marriott Resort at Grande Dunes
            Myrtle Beach, SC
               Contact: http://www.turnaround.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, NV
            Contact: http://http://www.airacira.org/

June 6-8, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      5th Annual Mid-Atlantic Regional Symposium
         Borgata Hotel Casino & Spa
            Atlantic City, NJ
               Contact: http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, IL
            Contact: http://www.airacira.org/

June 7-8, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Mealey's Asbestos Bankruptcy Conference
         Intercontinental Hotel, Chicago, IL
            Contact: http://www.turnaround.org/

June 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Association for Corporate Growth AZ Chapter Meeting
         Biltmore Hotel, Phoenix, AZ
            Contact: http://www.turnaround.org/

June 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Economic Update at the 1/2 Year Mark
         University Club, Portland, OR
            Contact: http://www.turnaround.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, MI
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 21-22, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Tenth Annual Conference on Corporate Reorganizations
         Successful Strategies for Restructuring Troubled
            Companies
               The Millennium Knickerbocker Hotel - Chicago
                  Contact: 800-726-2524;
                     http://renaissanceamerican.com/

June 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, WY
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Young Professionals Billiards Night
         TBD, NJ
            Contact: 908-575-7333 or http://www.turnaround.org/

July 13, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, IL
            Contact: http://www.turnaround.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 25-28, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      12th Annual Southeast Bankruptcy Workshop
         The Sanctuary, Kiawah Island, SC
            Contact: http://www.abiworld.org/

July 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA AZ Chapter Meeting
         Contact: http://www.turnaround.org/

July 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Golf Outing
         Raritan Valley Country Club, Bridgewater, NJ
            Contact: 908-575-7333 or http://www.turnaround.org/

July 31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Enterprise Florida: Improving Florida's
         Business Climate and Helping Florida Companies
            Market Overseas
               Citrus Club, Orlando, FL
                  Contact: http://www.turnaround.org/

August 3, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Women's Spa Event
         Short Hills Hilton, Livingston, NJ
            Contact: 908-575-7333 or http://www.turnaround.org/

August 10, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, IL
            Contact: http://www.turnaround.org/

August 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, MD
               Contact: http://www.abiworld.org/

August 23-26, 2007
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Drake Hotel, Chicago, IL
            Contact: http://www.nabt.com/

August 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Fishing Trip
         Point Pleasant, NJ
            Contact: 908-575-7333 or http://www.turnaround.org/

August 28, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Healthcare Panel
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

August 29-30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      3rd Annual Northeast Regional Conference
         Gideon Putnam Resort and Spa, Saratoga Springs, NY
            Contact: http://www.turnaround.org/

September 6-7, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Complex Financial Restructuring Program
         Four Seasons, Las Vegas, NV
            Contact: http://www.turnaround.org/

September 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
            Las Vegas, NV
               Contact: http://www.abiworld.org/

September 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, IL
            Contact: http://www.turnaround.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Buying and Selling Troubled Companies
         Marriott North, Fort Lauderdale, FL
            Contact: http://www.turnaround.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

September 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Retail Panel
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

September 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Educational & Networking Reception
         TBD, NJ
            Contact: 908-575-7333 or http://www.turnaround.org/

September 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA AZ Chapter Meeting
         Contact: http://www.turnaround.org/

September 27-30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      8th Annual Cross Border Business
         Restructuring & Turnaround Conference
            Contact: http://www.turnaround.org/

October 2, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         TBD, Bridgewater, NJ
            Contact: 908-575-7333 or http://www.turnaround.org/

October 9-10, 2007
   IWIRC
      Orlando, FL
         IWIRC Annual Fall Conference
            Contact: http://www.iwirc.org/

October 10-13, 2007
   NCBJ
      81st Annual National Conference of Bankruptcy Judges
         Contact: http://www.ncbj.org/

October 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, FL
            Contact: http://www.ncbj.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place
            Boston, MA
               Contact: 312-578-6900; http://www.turnaround.org/

October 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Capital Markets Case Study
         Contact: http://www.turnaround.org/

October 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA AZ Chapter Meeting
         Contact: http://www.turnaround.org/

October 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Crisis Communications With Employees,Vendors and Media
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

November 1, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         TBD, Hackensack, NJ
            Contact: 908-575-7333 or http://www.turnaround.org/

November 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner
         South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

November 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Portland Holiday Party
         University Club, Portland, OR
            Contact: 206-223-5495 or http://www.turnaround.org/

November 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Real Estate Panel
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

November 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Speaker
         TBD, NJ
            Contact: 908-575-7333 or http://www.turnaround.org/

November 29, 2007
   TMA AZ Chapter Meeting
      TURNAROUND MANAGEMENT ASSOCIATION
         Contact: http://www.turnaround.org/

December 6, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Seattle Holiday Party
         Athletic Club, Seattle, WA
            Contact: 206-223-5495 or http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, CA
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, FL
            Contact: http://www.turnaround.org/

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, DC
            Contact: http://www.abiworld.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, MI
            Contact: http://www.abiworld.org/

July 10-13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      16th Annual Northeast Bankruptcy Conference
         Ocean Edge Resort
            Brewster, MA
               Contact: http://www.turnaround.org/

July 31 - August 2, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      4th Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, MD
               Contact: http://www.abiworld.org/

August 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, FL
            Contact: http://www.abiworld.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, AZ
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott New Orleans, LA
            Contact: 312-578-6900; http://www.turnaround.org/

December 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, AZ
               Contact: http://www.abiworld.org/

May 7-10, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      27th Annual Spring Meeting
         Gaylord National Resort & Convention Center
            National Harbor, MD
               Contact: http://www.abiworld.org/

September 10-12, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      17th Annual Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, NV
            Contact: http://www.abiworld.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, AZ
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, NV
            Contact: http://www.ncbj.org/

June 21-24, 2009
   INSOL
      8th International World Congress
         TBA
            Contact: http://www.insol.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, FL
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, LA
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
         Validation and Risk Assessment
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation under the
         New Code
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers-the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      When Tenants File -- A Landlord's BAPCPA Survival Guide
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Clash of the Titans -- Bankruptcy vs. IP Rights
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Market Opportunities
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Homestead Exemptions under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      BAPCPA One Year On: Lessons Learned and Outlook
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge: Best Practices in E-
         Discovery and Records Management for Bankruptcy
            Practitioners and Litigators
               Audio Conference Recording
                  Contact: 240-629-3300;
                     http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Deepening Insolvency - Widening Controversy: Current
         Risks, Latest Decisions
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Diagnosing Problems in Troubled Companies
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Equitable Subordination and Recharacterization
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via e-
mail to conferences@bankrupt.com are encouraged.

                             *********

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 $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
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

On Thursdays, the TCR delivers a list of recently filed chapter
11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-
dollar petitions in Acrobat PDF format.

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.

Monthly Operating Reports are summarized in every Saturday
edition of the TCR.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.


                           *********

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 * * *