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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, March 16, 2007, Vol. 8, No. 54

                            Headlines


A U S T R I A

A.R.B. LLC: Vienna Court Shuts Down Business
BBB-FEIERER: Graz Court Orders Business Shutdown
FBT FEUERFEST: Claims Registration Period Ends March 27
NOWAK KEG: Vienna Court Orders Business Shutdown
PFEIFFER & RECHTBERGER: Korneuburg Court Shuts Down Business

ORPHANETICS PHARMA: Vienna Court Orders Business Shutdown
S. DJORDJEVIC: Vienna Court Orders Business Shutdown
VORTEILSCLUB AUSTRIA: Claims Registration Period Ends March 26


B E L G I U M

CHIQUITA BRANDS: Inks Plea Agreement with U.S. Attorney and DOJ
GOODYEAR TIRE: Fitch Holds Junk Rating on Senior Unsecured Debt


C Y P R U S

MARFIN POPULAR: Piraeus Bank Ceases Voluntary Public Offer


C Z E C H  R E P U B L I C

CZECH AIRLINES: Selling Cargo Depot & Catering Unit in Shake-up


D E N M A R K

CLEAR CHANNEL: Resets Meeting of Shareholders to April 19


F R A N C E

PRIDE INTERNATIONAL: Earns US$68.9 Mln in Fourth Quarter 2006
DELPHI CORP: Plans to Offer Rights to Purchase Over 56MM Shares


G E R M A N Y

AS ESTRICHE: Claims Registration Period Ends April 30
BACKEREIBETRIEBE PIES: Claims Registration Period Ends April 1
BAU-HERR VERWALTUNGS: Creditors' Meeting Slated for April 10
BUERO IDEAL: Claims Registration Period Ends April 16
CITYPLAY GMBH: Claims Registration Period Ends April 17

CMN AUTOPLAZA: Claims Registration Period Ends May 4
DAIMLERCHRYSLER: Chrysler's Feb. Pre-Owned Vehicle Sales Up 9%
DAIMLERCHRYSLER: CEO Meets with Mi. Governor on Chrysler State
DZ PRAXIS: Claims Registration Period Ends April 30
F C R AUTOHANDEL: Claims Registration Period Ends April 20

GHW INDUSTRIEMONTAGEN: Claims Registration Period Ends April 4
GUT GESELLSCHAFT: Claims Registration Period Ends April 23
HALLE 11: Claims Registration Ends April 5
IER INDUSTRIE: Claims Registration Ends April 20
INNO-TEC: Claims Registration Ends April 13

MEMAX ARZT: Claims Registration Ends April 5
MOTOPORT DEUTSCHLAND: Claims Registration Ends April 4
R + B FUNDUS: Claims Registration Ends April 10
SATRANS MANNHEIM: Creditors Must Register Claims by April 17
SCHREINEREI ERWIG: Creditors Must Register Claims by April 5

SCHULZ ELEKTROTECHNIK: Creditors Must File Claims by April 13
SICHERER BRIEF: Claims Registration Ends April 13
STAHLBAU NORD: Claims Registration April 5
TOP SOFA: Claims Registration April 13
TOWER AUTOMOTIVE: Sells Greenville Facility for US$1.375 Million

WERHEIT MEDIENTECHNIK: Claims Registration Period Ends April 30
WESTLB AG: Closes US$325 Million Senior Loan for Pacific Ethanol
WILLY WERDELING: Claims Registration Period Ends April 19
YICHENG LOGISTICS: Claims Registration Period Ends May 4


G R E E C E

EMPORIKI BANK: Presents Three Stages of Development


I R E L A N D

SCOTTISH RE: Ernst & Young Raises Going Concern Doubt
SMURFIT KAPPA: Raises EUR1.3 Billion From Dual-Listing IPO
SMURFIT KAPPA: S&P Hikes Ratings to BB- on Successful IPO


I T A L Y

TRW AUTO: Launches Tender Offer & Consent Solicitations
TRW AUTOMOTIVE: S&P Rates Proposed Senior Unsecured Notes at BB-


K A Z A K H S T A N

BATYS STORY: Creditors Must File Claims by April 20
BURVODSTROY OJSC: Creditors' Claims Due April 20
ELEVATOR UZUNKOL: Economic Court Starts Bankruptcy Proceedings
GLOBEKS & K: Claims Registration Ends April 20
JAKSYLYK LLP: Claims Filing Period Ends April 20

KAZAKHGOLD GROUP: Appoints New Board and Management Team Members
NURJAN AKTOBE: Creditors Must File Claims by April 20
URDJAR LLP: Creditors' Claims Due April 20
YRYS LLP: Proof of Claim Deadline Slated for April 20


K Y R G Y Z S T A N

BONUM TRADE: Claims Filing Period Ends May 2


L U X E M B O U R G

TNK-BP FINANCE: Issues US$1.3-Billion Eurobonds


N E T H E R L A N D S

ARES EURO: S&P Rates EUR6-Million Class F Notes at B
E-MAC PROGRAM: Fitch Rates EUR2.7-Mln Class E Notes at BB
WOOD STREET: Moody's Rates EUR19.25-Mln Class E Notes at Ba3


P O L A N D

CENTRAL EUROPEAN: Moody's May Upgrade B2 Ratings After Review


P O R T U G A L

HIPOTOTTA NO. 5: Moody's Junks EUR10-Million Class F Notes


R U S S I A

ALYUMA CJSC: Court Names A. Trifonov as Insolvency Manager
BOGATOVSKIY ELEVATOR: Creditors Must File Claims by April 17
INVESTMENT-FINANCIAL CO: Names R. Akhmadeev to Manage Assets
LUKOIL OAO: To Build High-Power Station in Khanty-Mansi Area
MELENKI-SEL-KHOZ-KHIMIYA: Creditors Must File Claims by April 17

NOVOSIBIRSK-AGRO-PROM-KHIMIYA: Claims Filing Due by April 17
PBB LPN: Fitch Assigns B-/RR4 Rating to Upcoming Bond Issue
PORKHOV-BREAD OJSC: Creditors Must File Claims by April 17
PRESS-PRINT OJSC: Creditors Must File Claims by April 17
PRESTIZH LLC: Creditors Must File Claims by April 17

PROBUSINESSBANK: Fitch Rates PBB LPN's Upcoming Bond Issue at B-
PROGRESS CJSC: Creditors Must File Claims by April 17
PROGRESS-INVEST CJSC: Court Names P. Zimin as Insolvency Manager
SBERBANK ROSSII: Pegs US$9.6 Billion Proceeds from IPO
SHIPYARD RED: Asset Sale Slated for March 30

SMART-MEDIA CJSC: Court Names I. Talanov as Insolvency Manager
SUAL GROUP: To Complete Merger with RusAl & Glencore this Week
SURGUTSKIY OIL: Court Names V. Fedoseev as Insolvency Manager
TNK-BP HOLDING: Finance Unit Issues US$1.3-Billion Eurobonds
URAL STROY: Creditors Must File Claims by April 17

USEC INC: Senior VP and General Counsel Tim Hansen to Resign
VORKUTINSKIY BREWERY: Creditors Must File Claims by April 17
YUKOS OIL: OAO Gazprom to Buy Firm's Assets from Italian Bidder
YUKOS OIL: Firm Linked to ESN Chairman Eyes Rosneft Stake


S P A I N

BAUSCH & LOMB: Recalls 12 Lots of ReNu MultiPlus(R) Solution
SANTANDER HIPOTECARIO: Moody's Junks EUR22.4-Mln Series F Notes
SANTANDER HIPOTECARIO: Fitch Rates EUR22.4-Mln Notes at CCC
SANTANDER HIPOTECARIO: S&P Junks EUR22.4-Mln Class F Notes


U K R A I N E

DOBROBUD: Proofs of Claim Filing Deadline Set March 17
FRATERNALAL AGRICULTURAL: Creditors' Claim Due March 17
INDUSTRIAL TECHNOLOGIES: Creditors Must File Claims by March 17
KRYM SPECIALIZED: Creditors Must File Proofs by March 18
MOSHUROVSKOE CJSC: Proofs of Claim Filing Deadline Set March 17

NIKOLAEV SPECIALIZED: Creditors Must File Claims by March 18
PROMETEY LLC: Creditors Must File Proofs of Claim by March 17
SOUTH BUILDING 2: Creditors Must File Claims by March 18
VIK LTD: Creditors Must File Proofs of Claim by March 17


U N I T E D   K I N G D O M

24SEVEN VENDING: Brings In Administrators from Grant Thornton
ADAM MAURER: Appoints Vantis as Joint Administrators
ADVANCED MARKETING: Hires Houlihan Lokey as Investment Banker
ADVANCED MARKETING: Court Approves Hiring of Traxi as Advisors
ALPSTAR CLO: S&P Rates EUR24-Million Class E Notes at BB-

APMS TRAINING: Creditors' Meeting Slated for April 5
ATRIUM TRAINING: Joint Liquidators Take Over Operations
BRITISH AIRWAYS: Opposes Conservative Party's Taxation Proposals
BRITISH AIRWAYS: Committee Blames Poor Mktg. for Scheme Failure
BRITISH AIRWAYS: Eyes Major Expansion at London City Airport

BROADOAK BOTTLING: Names Liquidators to Wind Up Business
CANNOCK GATES: Brings In Ernst & Young as Joint Administrators
CEN GLASS: Creditors' Meeting Slated for March 21
COLLINS & AIKMAN: Maryann Wright Steps Down as Vice President
COMPLETE BUILD: Taps Liquidator from Hodgsons

DARCY INDUSTRIES: KPMG Offers Cleaning Goods Business for Sale
DECO 12: Fitch Assigns GBP1.13-Mln Class F Notes at BB
ETS RESOURCES: Creditors' Meeting Slated for April 3
EUROEJECTORS LTD: Taps Harrisons as Joint Administrators
EXCEL LIFT: Taps Harrisons as Joint Administrators

FISHER COMMUNICATION: Appoints Administrators from DTE Leonard
FLOORLINE CONTRACTS: Creditors' Meeting Slated for March 27
FORD MOTOR: Mulally Says Company Has Realistic Business Plan
FORD MOTOR: UAW Local 863 Wins Investment in Sharonville Plant
FORD MOTOR: DBRS Says Aston Sale May Not Warrant Rating Actions

FRESHFAYRE PRODUCTS: Taps Administrators from BDO Stoy
GENERAL MOTORS: Eyes 20% Shift in Pension Allocation to Bonds
GODDARD BINDERY: Hires Joint Administrators from Vantis
GREAT HALL: Moody's Rates GBP14.5-Mln Class Ea Notes at Ba2
HANDL COOKWARE: Claims Filing Period Ends April 10

HOUSEPROUD HOME: Brings In Tenon Recovery to Administer Assets
LANDMARK MORTGAGE: Fitch Rates GBP6.1-Mln Class D Notes at BB
MAXFIELDS JEWELLERS: Creditors' Meeting Slated for March 21
MILEBEECH LTD: Creditors Confirm Liquidators' Appointment
PAK SEAFOODS: Claims Filing Period Ends April 16

PHOENIX COVERS: Creditors' Meeting Slated for March 23
PORTRAIT CORP: Has Until May 28 to Remove Civil Actions
PRISMATIC YARNS: Appoints Peter Sargent as Liquidator
REFCO INC: Administrators Want Until May 11 to Remove Actions
REFCO INC: Ch. 7 Trustee Wants Lease-Decision Deadline Extended

SMH PLASTICS: Claims Filing Period Ends May 28
SOLUTIA INC: Reports Status of Litigations as of Dec. 31, 2006
SPORTZ ACADEMY: Creditors' Meeting Slated for March 22
TRAVEL DIRECTORY: Taps Gerald Irwin to Liquidate Assets
VICTOR FABRICATION: Creditors' Meeting Slated for March 22

VOLCLAY LTD: Appoints Ian C. Brown as Liquidator
WINDSOR HOUSE: Creditors' Meeting Slated for March 26
WORLD OF SOCKS: Creditors' Meeting Slated for March 27

* BOOK REVIEW: Crafting Solutions for Troubled Businesses: A
               Disciplined Approach to Diagnosing and
               Confronting Management Challenges

                            *********

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A U S T R I A
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A.R.B. LLC: Vienna Court Shuts Down Business
--------------------------------------------
The Trade Court of Vienna entered Feb. 23 an order shutting down
the business of LLC A.R.B. (FN 240388m).

Court-appointed estate administrator Leopold Riess recommended
the business shutdown after determining that the continuing
operations would reduce the value of the estate.

The estate administrator can be reached at:

         Dr. Leopold Riess
         c/o Dr. Eva Riess
         Zeltgasse 3/12
         1080 Vienna
         Austria
         Tel: 402 57 01
         E-mail: law@riess.co.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 31 (Bankr. Case No. 2 S 18/07w).  Eva Riess represents
Dr. Riess in the bankruptcy proceedings.


BBB-FEIERER: Graz Court Orders Business Shutdown
------------------------------------------------
The Land Court of Graz entered Feb. 14 an order shutting down
the business of LLC BBB-Feierer Bauconsulting (FN 172808f).

Court-appointed estate administrator Stefan Kohlfuerst
recommended the business shutdown after determining that the
continuing operations would reduce the value of the estate.

The estate administrator can be reached at:

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

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

The Debtor's representative can be reached at:

         Dr. Helmut Klementschitz
         Friedrichgasse 6
         8010 Graz
         Austria


FBT FEUERFEST: Claims Registration Period Ends March 27
-------------------------------------------------------
Creditors owed money by LLC FBT Feuerfest und
Baustofftechnologie (FN 266960p) have until March 27 to file
written proofs of claim to court-appointed estate administrator
Johannes Jaksch at:

         Dr. Johannes Jaksch
         Schiessstattring 35/13
         3100 St. Poelten
         Austria
         Tel: 02742/74731
         Fax: 02742/74731/22
         E-mail: kanzlei@jsr.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:50 a.m. on April 10 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Woelbling, Austria, the Debtor declared
bankruptcy on Feb. 23 (Bankr. Case No. 14 S 37/07t).  


NOWAK KEG: Vienna Court Orders Business Shutdown
------------------------------------------------
The Trade Court of Vienna entered Feb. 19 an order shutting down
the business of KEG NOWAK (FN 242053k).

Court-appointed estate administrator Beate Holper recommended
the business shutdown after determining that the continuing
operations would reduce the value of the estate.

The estate administrator can be reached at:

         Mag. Beate Holper
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 533 28 55
         Fax: 533 28 55 28
         E-mail: office@anwaltwien.at  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 8 (Bankr. Case No. 38 S 8/07i).


PFEIFFER & RECHTBERGER: Korneuburg Court Shuts Down Business
------------------------------------------------------------
The Land Court of Korneuburg entered Feb. 28 an order shutting
down the business of LLC Pfeiffer & Rechtberger (FN 60496s).

Court-appointed estate administrator Ilse Korenjak recommended
the business shutdown after determining that the continuing
operations would reduce the value of the estate.

The estate administrator can be reached at:

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

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


ORPHANETICS PHARMA: Vienna Court Orders Business Shutdown
---------------------------------------------------------
The Trade Court of Vienna entered Feb. 22 an order shutting down
the business of LLC Orphanetics Pharma Entwicklung (FN 204552m).

Court-appointed estate administrator Brigitte Stampfer
recommended the business shutdown after determining that the
continuing operations would reduce the value of the estate.

The estate administrator can be reached at:

         Dr. Brigitte Stampfer
         Stadlergasse 27
         1130 Vienna
         Austria
         Tel: 877 33 30
         Fax: 877 33 30 33
         E-mail: ra-stampfer@utanet.at  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 15 (Bankr. Case No. 6 S 17/07b).  


S. DJORDJEVIC: Vienna Court Orders Business Shutdown
----------------------------------------------------
The Trade Court of Vienna entered Feb. 23 an order shutting down
the business of KEG S. Djordjevic Rohbau (FN 263556h).

Court-appointed estate administrator Karl Schirl recommended the
business shutdown after determining that the continuing
operations would reduce the value of the estate.

The estate administrator can be reached at:

         Dr. Karl Schirl
         c/o Mag. Markus Siebinger
         Krugerstrasse 17/3
         1010 Vienna
         Austria
         Tel: 513 22 31
         Fax: 513 22 31 1
         E-mail: dr.karl.schirl@der-rechtsanwalt.at  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 26 (Bankr. Case No. 5 S 6/07b).  Markus Siebinger
represents Dr. Schirl in the bankruptcy proceedings.


VORTEILSCLUB AUSTRIA: Claims Registration Period Ends March 26
--------------------------------------------------------------
Creditors owed money by LLC VorteilsClub Austria (FN 180960v)
have until March 26 to file written proofs of claim to court-
appointed estate administrator Christian Anetter at:

         Mag. Christian Anetter
         Fleischmarkt 9/4
         9020 Klagenfurt
         Austria
         Tel: 0463/500 002
         Fax: 0463/500002-4
         E-mail: office@rechtdirekt.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on April 2 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on Feb. 26 (Bankr. Case No. 41 S 16/07m).  


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B E L G I U M
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CHIQUITA BRANDS: Inks Plea Agreement with U.S. Attorney and DOJ
---------------------------------------------------------------  
Chiquita Brands International Inc. entered into a plea agreement
with the United States Attorney's Office for the District of
Colombia and the National Security Division of the U.S.
Department of Justice relating to the previously disclosed
investigation by the government into payments made by the
company's former banana-producing subsidiary in Colombia to
certain groups designated under U.S. law as foreign terrorist
organizations.  Chiquita voluntarily disclosed the payments to
the government in April 2003.  

Under the terms of the agreement, the company will plead guilty
to one count of Engaging in Transactions with a Specially-
Designated Global Terrorist, and will pay a fine of US$25
million, payable in five equal annual installments, with
interest.  

The company said it will continue to cooperate with the
government in any continuing investigation into the matter.

The company previously recorded a reserve in 2006 of the full
US$25 million fine amount in anticipation of reaching a
settlement with the government.  The agreement is subject to
approval and acceptance by the United States District Court for
the District of Colombia.

                          CEO's Statement

Commenting on the agreement with the U.S. Department of Justice,
Fernando Aguirre, the company's chairman and chief executive
officer, said, "The information filed is part of a plea
agreement, which we view as a reasoned solution to the dilemma
the company faced several years ago."

"In 2003, Chiquita voluntarily disclosed to the Department of
Justice that its former banana-producing subsidiary had been
forced to make payments to right- and left-wing paramilitary
groups in Colombia to protect the lives of its employees.  The
company made this disclosure shortly after senior management
became aware that these groups had been designated as foreign
terrorist organizations under a U.S. statute that makes it a
crime to make payments to such organizations.  Since voluntarily
disclosing this information, Chiquita has continued to cooperate
with the DOJ's investigation," Mr. Aguirre continued.

"The payments made by the company were always motivated by our
good faith concern for the safety of our employees.  
Nevertheless, we recognized - and acted upon - our legal
obligation to inform the DOJ of this admittedly difficult
situation.  The agreement reached with the DOJ is in the best
interests of the company," he added.

           Amendment of Credit Pact with Operating Unit

As reported in the Troubled Company Reporter on Mar. 14, 2007,
Chiquita and its operating subsidiary, Chiquita Brands L.L.C.,
entered into an amendment effective March 7, 2007, of their
credit agreement dated as of June 28, 2005, with a syndicate of
banks, financial institutions and other institutional lenders.

The Amendment addressed the treatment under the Credit Agreement
of a US$25 million charge for the potential settlement of a
contingent liability related to the U.S. Department of Justice's
investigation of the company in connection with payments made by
its former Colombian subsidiary.  

Even without the Amendment, the company said it was in
compliance with the financial covenants under the Credit
Agreement at Dec. 31, 2006.   

According to the company, the Amendment, which makes certain
adjustments in the calculation of financial covenants relating
to the charge and certain legal fees and expenses, affords the
company greater flexibility to remain in compliance with the
financial covenants under the Credit Agreement in future
periods.

                 U.S. Department of Justice Probe

In a press statement dated Feb. 22, 2007, Chiquita disclosed
that in April 2003, the company's management and audit
committee, in consultation with the board of directors,
voluntarily disclosed to the U.S. Department of Justice that its
former banana-producing subsidiary in Colombia, which was sold
in June 2004, had made payments to certain groups in that
country which had been designated under United States law as
foreign terrorist organizations.

Following the voluntary disclosure, the Justice Department
undertook an investigation, including consideration by a grand
jury.  In March 2004, the Justice Department advised that, as
part of its criminal investigation, it would be evaluating the
role and conduct of the company and some of its officers in the
matter.  In September and October 2005, the company was advised
that the investigation was continuing and that the conduct of
the company and some of its officers and directors was within
the scope of the investigation.

During the fourth quarter of 2006, the company commenced
discussions with the Justice Department about the possibility of
reaching a plea agreement.  As a result of the discussions, and
in accordance with the guidelines set forth in SFAS No. 5, the
company has recorded a reserve of US$25 million in its financial
statements for the quarter and year ended Dec. 31, 2006.

The amount reflects liability for payment of a proposed
financial sanction contained in an offer of settlement made by
the company to the Justice Department.  The US$25 million would
be paid out in five equal annual installments, with interest,
beginning on the date judgment is entered.  The Justice
Department has indicated that it is prepared to accept both the
amount and the payment terms of the proposed US$25 million
sanction.

According to the company, negotiations are ongoing, and there
can be no assurance that a plea agreement will be reached or
that the financial impacts of any such agreement, if reached,
will not exceed the amounts currently accrued in the financial
statements.  Furthermore, the company said that the agreement
would not affect the scope or outcome of any continuing
investigation involving any individuals.

In the event an acceptable plea agreement between the company
and the Justice Department is not reached, the company believes
the Justice Department is likely to file charges, against which
the company would aggressively defend itself.  The company is
unable to predict the financial or other potential impacts that
would result from an indictment or conviction of the company or
any individual, or from any related litigation, including the
materiality of such events.

                      About Chiquita Brands

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and    
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Panama, Philippines, Australia, Belgium, Germany, among others.  
It also distributes and markets fresh-cut fruit and other
branded, value-added fruit products.

                          *    *    *

In November 2006, Moody's Investors Service downgraded its
ratings for Chiquita Brands LLC., 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'.
S&P said the ratings remain on CreditWatch with negative
implications where they were placed on Sept. 26.


GOODYEAR TIRE: Fitch Holds Junk Rating on Senior Unsecured Debt
---------------------------------------------------------------
Fitch Ratings has affirmed ratings for The Goodyear Tire &
Rubber Company and revised the Rating Outlook to Stable from
Negative.

The ratings affirmed are:

* The Goodyear Tire & Rubber Company

   -- Issuer Default Rating 'B';

   -- US$1.5 billion first lien credit facility 'BB/RR1';

   -- US$1.2 billion second lien term loan 'BB/RR1';

   -- US$300 million third lien term loan 'B/RR4';

   -- US$650 million third lien senior secured notes 'B/RR4';
      and
   
   -- Senior unsecured debt 'CCC+/RR6'.

* Goodyear Dunlop Tires Europe B.V. (GDTE)

   -- EUR505 million European secured credit facilities 'BB/RR1'

At Dec. 31, 2006, GT had approximately US$7.2 billion of debt
outstanding, prior to a paydown of bank debt in January.

The revision to a Stable Outlook reflects Fitch's expectation
for further improvement in GT's operating profile as it recovers
from the labor strike and continues to implement its cost-
savings plan. The settlement of the strike at the end of 2006
also served to mitigate concerns about further deterioration in
GT's capital structure.  Increases in GT's debt during 2006
provided funds to cover costs of the strike and the
establishment of a Voluntary Employees' Beneficiary Association
trust for US$1 billion. The VEBA is subject to government
approval and will be funded by cash and up to US$300 million of
stock.  Ongoing rating concerns include high levels of debt that
increased temporarily to US$7.2 billion at the end of 2006 from
US$5.4 billion at the end of 2005.

In addition, GT faces significant cash requirements that could
contribute to negative cash flow in 2007.  These requirements
include pension contributions, capital expenditures, an increase
in working capital requirements as GT rebuilds inventory, and
debt and interest payments.  Cash flow could improve in 2008
when GT plans to close the Tyler Texas plant and as it realizes
additional cost savings.  GT also expects domestic pension
contributions to decline in 2008.  Other rating concerns include
an improving but still high cost structure in North America,
high raw material costs, weak demand in North America, and
competitive pricing in certain other markets.

These concerns are partly offset by ongoing operating cost
savings and from annual cash savings estimated by GT at US$145
million from the transfer of OPEB liabilities to the VEBA trust.  
GT's efforts to rationalize its operations and build stronger
marketing capabilities were partly reflected in its 2006 results
that included record sales of US$20 billion.  Improved pricing
and product mix contributed to a 7% increase in revenue per tire
and helped offset the negative impact on revenue from lower tire
unit sales.  Operating profit was significantly affected by
strike costs of approximately US$361 million in 2006, and GT
estimates additional strike-related costs in 2007 will be US$205
million to US$240 million.

Liquidity at the end of 2006 included cash balances of
US$3.9 billion, part of which was used in January 2007 to pay
down US$873 million on GT's US$1.5 billion first lien credit
facility. Remaining cash will be available to help fund the VEBA
trust, pension contributions (estimated by GT at US$700 million-
US$750 million in 2007 including US$550 million-US$575 million
for domestic plans), and capital expenditures of US$750 million-
US$800 million. GT also had US$660 million of current debt at
the end of 2006. Liquidity could potentially be strengthened
from an eventual sale of the Engineered Products business and
from any issuance of common shares.  Cash proceeds from such
sources, together with any improvement in operating cash flow,
could support GT's long-term plan to reduce leverage
substantially from current levels.


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C Y P R U S
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MARFIN POPULAR: Piraeus Bank Ceases Voluntary Public Offer
----------------------------------------------------------
Piraeus Bank S.A.'s resolution on share capital increase, as
part of its public offer to shareholders of Marfin Popular Bank
Public Co. Ltd. was not reached during the shareholders general
meeting on March 14.

In effect, the relevant condition, on which the public offer
would take effect, was not satisfied.

As a result, Piraeus's public offer is no longer in force
according on Securities and Cyprus Stock Exchange Regulations
1997 to 2006, as well as to the provisions under Chapter 2 of
the Public Offer Document dated Jan. 30.

                          About Piraeus

Headquartered in Athens, Greece, Piraeus Bank (TPEIR) --
http://www.piraeusbank.gr/-- is Greece's fourth largest banking  
group by total assets with 480 branches and 8,747 staff in
Greece and the neighboring countries.  Traditionally, it had a
strong franchise in SME lending but has in recent years
aggressively expanded its retail lending activities.  The bank
is listed at the Athens Stock Exchange and has a diversified
shareholder base.

                      About Marfin Popular

Marfin Popular Bank Public Co. Ltd. -- http://www.laiki.com/--  
the new name for Cyprus Popular Bank, Cyprus' second-largest
financial institution.  It offers full banking and financial
services and at the end of 2005, it had 114 branches and 2,416
staff in Cyprus as well as 55 branches in Greece.

                           *    *    *

As of March 7, Marfin Popular Bank Public Co. Ltd.'s Bank
Financial Strength carries Moody's Investors Service's D+ rating
and Fitch's C Individual Rating.


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


CZECH AIRLINES: Selling Cargo Depot & Catering Unit in Shake-up
---------------------------------------------------------------
Czech Airlines plans to rake in profits this year by operating
in profitable destinations and selling two subsidiaries -- its
cargo terminal and catering services -- in line with its three-
year program launched in 2006, Czech Business Weekly reveals.

According to the report, CSA agreed in January to enlist the
units in the commercial register as Air Cargo Terminal and Air
Czech Catering.  Once the companies are enrolled, interested
investors may commence due diligence in virtual data rooms in
early April.

CSA President Radomir Lasak told CBW that more than 10 parties
have expressed interest in each of the units, of which strategic
partners comprise two-thirds while the remaining third are
financial investors.  Seven strategic or financial investors
will be short-listed for the cargo depot while seven strategic
investors will be chosen for the catering unit.

According to the plan, qualified bidders must submit their
respective proposals by early June, whereas the evaluation of
offers and general meeting to approve the sale will most likely
be held in July, CBW relates.

The report further states that CSA will choose the bidder with
the highest offer, who agrees to retain all of the company's
almost 500 employees and maintain the quality reputation of the
units.

CSA Vice President for Sales Petr Rehak told CBW that the
company also plans to increase profits by attracting more
passengers, particularly high-yield ones such as business
clients and transfer travelers.

The carrier closed seven loss-making routes last year and shut
down its Dubai service in January 2007.  Meanwhile, Mr. Rehak
said the airline has redoubled flights to destinations in the
former Soviet Union, as well as Baltic and Balkan countries,
although it won't be expanding its destinations in the spring-
summer season, CBW discloses.

CSA's main problems include failure to reach a collective
agreement with labor unions concerning pay cuts and exorbitant
leasing costs for Airbus aircrafts, amounting to CZK200 million
(EUR7 million) a year, CBW observes.

                      About Czech Airlines

Prague, Czech Republic-based Czech Airlines, a.k.a. Ceske
Aerolinie AS -- http://www.csa.cz/-- is the largest national  
carrier of the new EU member countries according to the number
of passengers carried.

In 2005, the airline carried a record of more than 5 million
passengers.  Since 2001, it has been a member of SkyTeam, one of
the leading global airline alliances.  CSA currently offers
connections to 120 destinations in 45 countries worldwide.  The
fleet contains 50 aircraft - ATR 42's/72's, Boeing 737's, and
Airbus A310/A320/A321's.

CSA reported an unaudited loss of CZK397 million (EUR14 million)
against an expected loss of CZK493 million (EUR18 million) in
2006.  The company posted a CZK496 million (EUR18 million) net
loss in 2005.  Revenues of CZK14.5 billion (EUR517 million) from
regular flights accounted for the bulk of the airline's total
revenues, which increased by CZK1.3 billion (EUR46 million) to
almost CZK23.5 billion (EUR837 million) in 2006.


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


CLEAR CHANNEL: Resets Meeting of Shareholders to April 19
---------------------------------------------------------
Clear Channel Communications Inc.'s Board of Directors has
rescheduled the special meeting of shareholders regarding the
proposed merger with the group led by Thomas H. Lee Partners
L.P. and Bain Capital Partners LLC and has set a new record
date.  

Clear Channel shareholders of record as of March 23, 2007, will
be entitled to vote at the special meeting, which will now be
held on April 19, 2007.  Clear Channel's disinterested directors
continue to unanimously recommend that all Clear Channel
shareholders vote FOR the proposed merger.  The action by the
board was unanimously approved by the disinterested directors,
with management and other interested directors rescuing
themselves.

The company stated, "The disinterested directors of the Clear
Channel Board considered the substantial trading volume in Clear
Channel shares since the original record date for the special
meeting, and as the original record date no longer reflects
Clear Channel's current stockholder base, determined to set a
new record date to better align the economic and voting
interests of all Clear Channel shareholders.  The move will
allow shareholders who have purchased shares since the original
record date and who currently have economic stakes in the
company to participate in the vote."

The disinterested directors also concluded that postponing the
special meeting until April 19 was necessary in light of the
time required to prepare a revised proxy statement, mail the
proxy statement to Clear Channel's shareholder base as of the
new record date and give current shareholders -- many of whom
did not become shareholders until after the original record date
-- a meaningful opportunity to review the new proxy materials
and arrive at an informed judgment.  Clear Channel wants to
ensure that the important decision about the future of the
company is made by its current shareholders.

The special meeting will be held at 8:00 a.m. Central Time at
the Westin Riverwalk Hotel, 420 Market Street, San Antonio,
Texas.

November last year, Reuters reported that Clear Channel and its
directors faced a suit in a Texas state court following the
company's US$18.7 billion merger agreement with Bain and Thomas
H. Lee Partners.

The class action, which charged the company with breaching their
fiduciary duties by agreeing to sell the company, was filed with
the District Court for the 166th Judicial District in Bexar
County.

The lawsuit disclosed that the defendants "are acting contrary
to their fiduciary duty to maximize value on a change in control
of the company," the Reuters said.

Clear Channel reported revenues of US$7.07 billion and income
before discontinued operations of US$688.8 million for the full
year 2006.

                About Clear Channel Communications

Based in San Antonio, Texas, Clear Channel Communications Inc.
-- http://www.clearchannel.com/-- (NYSE:CCU) is a global leader
in the out-of-home advertising industry with radio and
television stations and outdoor displays in various countries
around the world.  Aside from the U.S., the company operates in
11 countries -- Norway, Denmark, the United Kingdom, Singapore,
China, the Czech Republic, Switzerland, the Netherlands,
Australia, Mexico and New Zealand.

                          *     *     *

Clear Channel's long-term local and foreign issuer credits carry
Standard & Poor's BB+ rating.

In addition, the company's senior unsecured debt and long-term
issuer default ratings were placed by Fitch at BB- on Nov. 16,
2006.


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


PRIDE INTERNATIONAL: Earns US$68.9 Mln in Fourth Quarter 2006
-------------------------------------------------------------
Pride International Inc. reported net income of US$68.9 million
on revenues of US$669.2 million for the fourth quarter ended
Dec. 31, 2006.  Net income increased 70% compared to net income
of US$40.6 million reported for the fourth quarter of 2005,
while revenues rose 21% compared to revenues of US$551 million
during the fourth quarter of 2005.  

Results for the fourth quarter included expenses of US$14.4
million resulting from the early termination of certain existing
agency relationships associated with five of the company's
semisubmersible rigs in Brazil; US$4.9 million relating to the
Audit Committee's ongoing investigation; and US$3.9 million
resulting from the impairment of two platform rigs in the
company's Offshore segment and three work-over rigs in its Latin
America Land segment.

In November 2006, the company announced the acquisition of its
partner's interest in the joint venture companies that owned the
two dynamically positioned, deepwater semisubmersible rigs Pride
Rio de Janeiro and Pride Portland, increasing the company's
ownership in the two units from 30% to 100%.  As a result of the
transaction, revenues for the fourth quarter increased by
US$8 million related to the amortization of deferred credits
associated with contracts acquired.  Operating costs declined by
US$7.8 million due to the elimination of lease payments on the
two rigs.  Depreciation expense increased US$5 million, and
interest expense increased by US$2 million, due primarily to the
addition of US$284.1 million of joint venture debt to the
company's balance sheet.  

For the year ended Dec. 31, 2006, net income totaled
US$296.5 million on revenues of US$2.495 billion, compared to
net income of US$128.6 million on revenues of US$2.033 billion
in 2005.

At Dec. 31, 2006, the company's balance sheet showed
US$5.097 billion in total assets, US$2.435 billion in total
liabilities, US$28.3 million in minority interest, and
US$2.633 billion in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 31, 2006, are available for
free at http://researcharchives.com/t/s?1b40

Louis A. Raspino, President and Chief Executive Officer of Pride
International Inc., stated, "The company achieved record
financial results in 2006 as a result of improving fleet
dayrates and activity.  These financial results were
accomplished despite an active rig maintenance and upgrade
schedule that included 10 rigs entering shipyards in 2006
combined with a moderating U.S. Gulf of Mexico jackup dayrate
environment.  The offshore drilling industry continues to
experience strong customer demand in most offshore drilling
regions, producing exceptional contracting opportunities for our
floating rig fleet.  The company concluded 2006 with a record
revenue backlog of approximately US$5.7 billion, providing an
excellent foundation for cash flow growth in 2007 and beyond.  
In addition, 2006 will be remembered for the company's excellent
safety performance, which was the best in its history and
followed record safety performance in 2005."

Mr. Raspino added, "With the completion of the Brazilian joint
venture acquisition in November 2006, combined with the
acquisition of our partner's joint venture interest in Angola in
late 2005, the company has made an aggregate investment of
approximately US$700 million in technically advanced deepwater
assets.  These investments, combined with the January 2007
appointment of an executive team capable of leading our Latin
America Land and E&P Services segments on a standalone basis,
and the continued sale of non-strategic assets, which totals
approximately US$250 million since late 2004, is evidence of the
company's continued progress toward a strategic focus on
offshore drilling with a greater exposure to the high-
specification floater segment.  During 2007, we will intensify
our efforts regarding the pursuit of other value-adding growth
opportunities."

For the 12 months ended Dec. 31, 2006, cash flow from operations
totaled US$611.7 million, up from US$321.9 million in 2005.  The
company reported total debt at Dec. 31, 2006 of US$1.386
billion, representing a US$319.5 million increase from total
debt at Sept. 30, 2006.  The increase in total debt during the
quarter related to the acquisition of the Brazilian joint
venture, including net borrowings of US$50 million under the
revolving credit facility to fund the purchase and the
consolidation of US$284 million of joint venture debt.

Capital expenditures during the fourth quarter ended
Dec. 31, 2006, were US$130 million, resulting in total capital
expenditures for the year of US$356 million compared to capital
expenditures of US$157 million for 2005.  

                     About Pride International

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides    
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 277 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 16 tender-assisted, barge and platform rigs,
and 214 land rigs.  The company maintains worldwide operations
in France, Mexico, Kazakhstan, India, and Brazil, among others.

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 5, 2006,
Moody's Investors Service affirmed its Ba1 Corporate Family
Rating for Pride International Inc.


DELPHI CORP: Plans to Offer Rights to Purchase Over 56MM Shares
---------------------------------------------------------------
Delphi Corporation submitted a registration statement on Form
S-1 with the U.S. Securities and Exchange Commission on March 7,
2007, relating to a proposed offering of rights to purchase up
to 56,700,000 shares of Delphi common stock.

The Rights Offering is being made in connection with the
Debtors' Equity Purchase and Commitment Agreement with
affiliates of Appaloosa Management L.P. and Cerberus, according
to Delphi Corp. President and Chief Executive Officer Rodney
O'Neal.

Under the Rights Offering, each holder of Delphi common stock
will receive one right for each share held.  Each right entitles
the holder to purchase a share of reorganized Delphi common
stock at US$35 per full share.

Delphi is distributing the rights at no charge, Mr. O'Neal
relates.  The rights may be transferred to another holder before
the expiration of the Rights Offering, which is due to occur
prior to the hearing date for the confirmation of a plan of
reorganization.

Shares of Reorganized Delphi common stock will only be issued
after a Chapter 11 plan becomes effective.  There will be
101,000,000 shares of common stock and 34,285,716 shares of
Senior Convertible Preferred Stock of Reorganized Delphi on the
Effective Date, Mr. O'Neal reports.

Delphi discloses that it will realize gross proceeds of
US$1,984,500,000 from the sale of shares of Reorganized Delphi
common stock under the Rights Offering, regardless of the number
of rights exercised, as a result of the Backstop Commitment of
the Plan Investors.

The Debtors will use the net proceeds from the Rights Offering
and the US$1,400,000,000 from the additional equity investments
in Reorganized Delphi by the Plan Investors, together with exit
financing borrowings and cash-on-hand, to make payments
contemplated by the Plan and for general corporate purposes, Mr.
O'Neal says.

When available, Delphi relates that a final written prospectus
may be obtained from Delphi Investor Relations either by
submitting a request through the Web site at
http://investor.delphi.comor by mailing:  

         Delphi Corporation
         ATTN: Investor Relations
         5725 Delphi Drive
         Troy, Michigan 48098
         MC: 483-400-621,

A full-text copy of Delphi's registration statement filed
with the Securities and Exchange Commission is available at:

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

            Plan Investors Offer Part of Delphi Stake
                     to Other Investors

In a regulatory filing with the Securities and Exchange
Commission, Appaloosa Management L.P. discloses that A-D
Acquisition Holdings, LLC; Harbinger Del-Auto Investment
Company, Ltd.; Dolce Investments LLC; UBS Securities LLC; and
certain third-party additional investors entered into an
additional investor agreement dated March 5, 2007.

Pursuant to the Additional Investor Agreement, the Initial
Investors committed to sell to the Additional Investors a
portion of any Direct Subscription Shares and Unsubscribed
Shares that may be purchased by the Initial Investors under the
Equity Purchase and Commitment Agreement.

The aggregate maximum amount of Direct Subscription Shares and
Unsubscribed Shares that may be sold pursuant to the Additional
Investor Agreement would be approximately 44,857,166, assuming
that the Plan Investors are required to purchase all the shares
of Delphi Corporation's common stock under the Rights Offering,
Appaloosa says.

The Additional Investor Agreement further provides that the
Initial Investors will share with the Additional Investors a
portion of any Standby Commitment Fee and Alternate Transaction
Fee that they may receive under the EPCA.

A full-text copy of the Additional Investor Agreement filed with
the Securities and Exchange Commission is available for free at:

               http://ResearchArchives.com/t/s?1b54

                      About Delphi Corporation

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. 61;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


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


AS ESTRICHE: Claims Registration Period Ends April 30
-----------------------------------------------------
Creditors of AS Estriche GmbH have until April 30 to register
their claims with court-appointed insolvency manager Ralph
Schmid.

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 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 contacted at:

         Ralph Schmid
         Duelmener Str. 92
         48653 Coesfeld
         Germany
         Tel: 02541/915-01
         Fax: 02541/915-600

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

The Debtor can be contacted at:

         AS Estriche GmbH
         Merschstrasse 24
         59387 Ascheberg
         Germany

         Attn: Ramazan Kulakci, Manager
         Kalkofen 7
         59519 Moehnesee-Stockum
         Germany


BACKEREIBETRIEBE PIES: Claims Registration Period Ends April 1
--------------------------------------------------------------
Creditors of Backereibetriebe Pies GmbH have until April 1 to
register their claims with court-appointed insolvency manager
Bruno Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on April 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be contacted at:

         Dr. Bruno Kuebler
         Aachener Str. 222
         50931 Cologne
         Germany
         Tel: 400 770
         Fax: +492214007720
         Web site: http://www.kuebler-gbr.de/

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

The Debtor can be contacted at:

         Backereibetriebe Pies GmbH
         Attn: Karl-Heinz and Hans-Peter Pies, Managers
         Godorfer Hauptstr. 83
         50997 Cologne
         Germany


BAU-HERR VERWALTUNGS: Creditors' Meeting Slated for April 10
------------------------------------------------------------
The court-appointed insolvency manager for Bau-Herr Verwaltungs
GmbH & Co. Schoenwalder Strasse 89 KG, Christian Koehler-Ma,
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 9:35 a.m. on April 10.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:15 a.m. on Aug. 14, at the same venue.

Creditors have until June 10 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christian Koehler-Ma
         Kurfuerstendamm 212
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Bau-Herr Verwaltungs GmbH & Co. Schoenwalder
Strasse 89 KG on March 6.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Bau-Herr Verwaltungs GmbH & Co.
         Schoenwalder Strasse 89 KG
         Schaferstr. 22
         14109 Berlin
         Germany


BUERO IDEAL: Claims Registration Period Ends April 16
-----------------------------------------------------
Creditors of Buero Ideal GmbH Vertrieb fuer Buero- und
Datentechnik have until April 16 to register their claims with
court-appointed insolvency manager Bettina Schmudde.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 23, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be contacted at:

         Bettina Schmudde
         Koenigstrasse 1
         01097 Dresden
         Germany
         Web site: http://www.whitecaseinso.de/

The District Court of Dresden opened bankruptcy proceedings
against Buero Ideal GmbH Vertrieb fuer Buero- und Datentechnik
on March 5.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Buero Ideal GmbH Vertrieb fuer Buero- und Datentechnik
         Bahnhofstrasse 11
         01662 Meissen
         Germany

         Attn: Gabriele Hoffmann, Manager
         Teichertring 9
         01662 Meissen
         Germany


CITYPLAY GMBH: Claims Registration Period Ends April 17
-------------------------------------------------------
Creditors of Cityplay GmbH have until April 17 to register their
claims with court-appointed insolvency manager Robert Pinter.

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 Bueckeburg
         Hall 4117
         Herminenstrasse 30
         31675 Bueckburg
         Germany

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

The insolvency manager can be contacted at:

         Robert Pinter
         Suentelstr. 44 c
         31848 Bad Muender
         Germany
         Tel: 05042/93770
         Fax: 05042/937719
         E-mail: kanzlei-bm@ra-hwp.de

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

The Debtor can be contacted at:

         Cityplay GmbH
         Sandstr. 5
         31749 Auetal
         Germany

         Attn: Karsten Plaumann, Manager
         Zahrenkamp 1 B
         30890 Barsinghausen
         Germany


CMN AUTOPLAZA: Claims Registration Period Ends May 4
----------------------------------------------------
Creditors of CMN Autoplaza GmbH have until May 4 to register
their claims with court-appointed insolvency manager J. Oehler.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 5, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Gera
         Room 317
         Rudolf-Diener-Str. 1
         Gera
         Germany

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

The insolvency manager can be contacted at:

         J. Oehler
         Barbarossahof 3
         99092 Erfurt
         Germany

The District Court of Gera opened bankruptcy proceedings against
CMN Autoplaza GmbH on March 6.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         CMN Autoplaza GmbH
         Attn: Mikael Nielsen, Manager
         Eselsweg 2A
         07548 Gera
         Germany


DAIMLERCHRYSLER: Chrysler's Feb. Pre-Owned Vehicle Sales Up 9%
--------------------------------------------------------------
Continuing on the momentum started in January, DaimlerChrysler
AG's Chrysler Group reported that its Five Star(R) dealers set a
new February record of 10,187 Certified Pre-Owned Vehicle sales
in 2007, a 9% increase compared with February 2006 sales of
9,309 units.  Year-to-date sales also set a new record with
19,298 units, rising 9% from year-to-date sales in 2006.

Boosted by sales of the Jeep(R) Grand Cherokee (1,215 units) and
the Jeep Liberty (669 units), total Jeep sales accelerated 31%
in February.  In addition, both Dodge and Chrysler brand sales
rose 4% for the month.  Year-to-date sales were also up across
the board with Chrysler brand up 6%, Jeep brand up 26%, and the
Dodge brand up 3%.

"With America's Hottest Product's offered at our Five Star
dealers, Chrysler, Jeep and Dodge brands appeal to customers on
many levels and continue to set sales records," DaimlerChrysler
Motors Remarketing Director Peter Grady said.

"In our quest to deliver a great product to our customers,
vehicles undergo a rigorous 125-point inspection to ensure only
the highest quality products are driven off our Five Star lots,"
he said.

The Chrysler Group offers one of the most comprehensive
Certified Pre-Owned Vehicle programs in the industry.  For a
vehicle to be certified under the Chrysler Group's used-vehicle
program, it must be a 2002 through 2007 model pre-owned vehicle
with less than 65,000 miles and pass a stringent 125-point
inspection.

The Chrysler Group's CPO vehicles are backed by an eight-
year/80,000-mile powertrain limited warranty, 24-hour, 365-day
full roadside assistance with a $35 per day rental car allowance
and a three-month or 3,000-mile Maximum Care warranty, in
addition to a Carfax Vehicle History Report and buyback
guarantee.

Marketed as "Brand Spankin' Used(R)," the Chrysler Group's CPO
vehicles are sold only through Chrysler, Jeep and Dodge
dealerships that have earned the automaker's Five Star
certification.

Five-Star certification is a comprehensive validation of the
dealership's facilities, operational processes, salesperson and
technician training accreditation as well as customer
satisfaction survey ratings.  Approximately 2,100 Chrysler Group
dealerships in the United States are certified Five Star
dealers.

                       About DaimlerChrysler

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

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

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

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

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


DAIMLERCHRYSLER: CEO Meets with Mi. Governor on Chrysler State
--------------------------------------------------------------
Michigan Gov. Jennifer Granholm met with DaimlerChrysler AG
Chief Executive Dieter Zetsche in Stuttgart earlier this week,
The Associated Press reports.

The governor stressed that she hopes Chrysler Group will remain
in the state no matter who owns the company, AP adds.

"I wanted to make sure that he knew ... how important it is for
us to retain the investment, and have Daimler or DaimlerChrysler
or Chrysler grow in Michigan," she said in a telephone interview
with AP.  "He certainly was very understanding of that message."

According to that report, the governor also told her hope that
DaimlerChrysler would consider Michigan when it looks to build a
US$3 billion powertrain plant.

"I told him that Michigan is the right place for that investment
given the clustering of suppliers, R and D (research and
development) and manufacturers," she further said in AP's
interview.  "He was very open to that.  However, the decision
has not been made."

The governor said Mr. Zetsche told her that Michigan is already
an excellent business partner, the AP notes.

"I feel optimistic that there will be a strong DaimlerChrysler
or Chrysler presence in Michigan in some shape or form," she
said to AP.

                       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.


DZ PRAXIS: Claims Registration Period Ends April 30
---------------------------------------------------
Creditors of DZ Praxis fuer Sporttraumatologie GmbH & Co. KG
have until April 30 to register their claims with court-
appointed insolvency manager Andreas Ringstmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 31, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 1240
         12th Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be contacted at:

         Dr. Andreas Ringstmeier
         Magnusstr. 13
         50672 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against DZ Praxis fuer Sporttraumatologie GmbH & Co. KG on
March 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         DZ Praxis fuer Sporttraumatologie GmbH & Co. KG
         Vogelsanger Strasse 78
         50823 Cologne
         Germany


F C R AUTOHANDEL: Claims Registration Period Ends April 20
----------------------------------------------------------
Creditors of F C R Autohandel GmbH have until April 20 to
register their claims with court-appointed insolvency manager
Thomas Schmidt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 2, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Trier
         Hall 56
         Justizstrasse 2,4,6
         54290 Trier
         Germany

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

The insolvency manager can be contacted at:

         Dr. Thomas Schmidt
         Kalenfelsstrasse 5 a
         54290 Trier
         Germany
         Tel: 0651/970400
         Fax: 0651/9704040
         E-mail: thomas.schmidt@king-lawyers.de

The District Court of Trier opened bankruptcy proceedings
against F C R Autohandel GmbH on March 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         F C R Autohandel GmbH
         Attn: Andreas Schuett, Manager
         Luxemburger Strasse 93
         54294 Trier
         Germany


GHW INDUSTRIEMONTAGEN: Claims Registration Period Ends April 4
--------------------------------------------------------------
Creditors of GHW Industriemontagen GmbH have until April 4 to
register their claims with court-appointed insolvency manager
Rudolf Nirschl.

Creditors and other interested parties are encouraged to attend
the meeting at 8:20 a.m. on April 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Landshut
         Meeting Room 8/I
         Insolvency Court
         Maximilianstrasse 22-24
         Landshut
         Germany

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

The insolvency manager can be contacted at:

         Rudolf Nirschl
         Porschestr. 21
         84030 Landshut
         Germany
         Tel: 0871/96607-0
         Fax: 0871/67418

The District Court of Landshut opened bankruptcy proceedings
against GHW Industriemontagen GmbH on March 6.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         GHW Industriemontagen GmbH
         Pfarrstr. 13
         84164 Moosthen
         Germany


GUT GESELLSCHAFT: Claims Registration Period Ends April 23
----------------------------------------------------------
Creditors of GuT Gesellschaft fuer umweltfreundliche Treibstoffe
mbH have until April 23 to register their claims with court-
appointed insolvency manager Christian Scholz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Tostedt
         Meeting Hall I
         Area CE.02
         Linden 23
         21255 Tostedt
         Germany

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

The insolvency manager can be contacted at:

         Christian Scholz
         Heuberg 1
         20354 Hamburg
         Germany
         Tel: 040/350 16 90
         Fax: 040/350 16 915

The District Court of Tostedt opened bankruptcy proceedings
against GuT Gesellschaft fuer umweltfreundliche Treibstoffe mbH
on March 6.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         GuT Gesellschaft fuer umweltfreundliche Treibstoffe mbH
         Attn: Frank Schroeder, Manager
         Bendestorfer Str. 5
         21244 Buchholz
         Germany


HALLE 11: Claims Registration Ends April 5
------------------------------------------
Creditors of Halle 11 GmbH have until April 5 to register their
claims with court-appointed insolvency manager Wilhelm Klaas.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on April 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kleve
         Meeting Room C 58
         Ground Floor
         Schlossberg 1 (Swan Castle)
         47533 Kleve
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Kleve opened bankruptcy proceedings
against Halle 11 GmbH on March 6.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Halle 11 GmbH
         Nordring 11
         47495 Rheinberg
         Germany


IER INDUSTRIE: Claims Registration Ends April 20
------------------------------------------------
Creditors of IER Industrie GmbH & Co. KG have until April 20 to
register their claims with court-appointed insolvency manager
Uwe Kassing.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Lueneburg
         Hall 302
         Ochsenmarket 3
         21335 Lueneburg
         Germany

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

The insolvency manager can be reached at:

         Uwe Kassing
         Pulverweg 1a
         21337 Lueneburg
         Tel: 0700 8008 0025
         Fax: 0700 8008 0027

The District Court of Lueneburg opened bankruptcy proceedings
against IER Industrie GmbH & Co. KG on March 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         IER Industrie GmbH & Co. KG
         Gebr.-Heyn-Str. 5
         21337 Lueneburg
         Germany


INNO-TEC: Claims Registration Ends April 13
-------------------------------------------
Creditors of INNO-TEC Wassermanagement GmbH have until April 13
to register their claims with court-appointed insolvency manager
Christian Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Schwerin
         Hall 7
         Demmlerplatz 14
         Schwerin
         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 Ahrendt
         J.-Stelling-Str. 1
         19053 Schwerin
         Germany   

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

The Debtor can be reached at:

         INNO-TEC Wassermanagement GmbH
         Attn: Sergio Cianfoni, Manager
         Guelzer Str. 3
         19258 Boizenburg
         Germany


MEMAX ARZT: Claims Registration Ends April 5
--------------------------------------------
Creditors of Memax Arzt- und Krankenhausbedarf GmbH have until
April 5 to register their claims with court-appointed insolvency
manager Thilo Braun.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Freiburg
         Room 302
         Third Floor         
         Bismarckallee 2
         79098 Freiburg
         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:

         Thilo Braun
         Schillerstr 2
         79102 Freiburg
         Germany
         Tel: 0761-703900
         Fax: 0761/7039052

The District Court of Freiburg opened bankruptcy proceedings
against Memax Arzt- und Krankenhausbedarf GmbH on March 6.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Memax Arzt- und Krankenhausbedarf GmbH
         Attn: Ernst Appel, Manager
         Hanferstr. 4
         79108 Freiburg
         Germany


MOTOPORT DEUTSCHLAND: Claims Registration Ends April 4
------------------------------------------------------
Creditors of MOTOPORT Deutschland GmbH & Co. KG have until
April 4 to register their claims with court-appointed insolvency
manager Dr. Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 10:25 a.m. on April 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

         Dr. Biner Bahr
         Graf-Adolf-Platz 15
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against MOTOPORT Deutschland GmbH & Co. KG on March 7.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MOTOPORT Deutschland GmbH & Co. KG
         Reisholzer Werftstrasse 19
         40589 Duesseldorf
         Germany

         Attn: Dr. Peter Andreas Mosik, Manager
         Altkoenigstr. 26
         65843 Sulzbach
         Germany


R + B FUNDUS: Claims Registration Ends April 10
-----------------------------------------------
Creditors of R + B Fundus GmbH & Co. KG have until April 10 to
register their claims with court-appointed insolvency manager
Frank Imberger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 18, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:


         The District Court of Bochum
         Hall A29
         Ground Floor
         Main Building
         Viktoriastrasse 14
         44787 Bochum
         Germany
        
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Frank Imberger
         Huestrasse 34
         44787 Bochum
         Germany

The District Court of Bochum opened bankruptcy proceedings
against R + B Fundus GmbH & Co. KG on March 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         R + B Fundus GmbH & Co. KG
         Attn: Dr. Ruediger Werner, Manager
         Scharpenseelstr. 173-177
         44879 Bochum
         Germany


SATRANS MANNHEIM: Creditors Must Register Claims by April 17
------------------------------------------------------------
Creditors of Satrans Mannheim GmbH Schifffahrt-Baustoffhandel
have until April 17 to register their claims with court-
appointed insolvency manager Annette Kollmar.

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 Mannheim
         Hall 232
         Second Floor
         Schloss
         68149 Mannheim
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Annette Kollmar
         L 11, 20-22
         68161 Mannheim
         Germany
         Tel: 0621/129430

The District Court of Mannheim opened bankruptcy proceedings
against Satrans Mannheim GmbH Schifffahrt-Baustoffhandel on
March 6.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Satrans Mannheim GmbH Schifffahrt-Baustoffhandel
         Rheinvorlandstr. 10
         68159 Mannheim
         Germany


SCHREINEREI ERWIG: Creditors Must Register Claims by April 5
------------------------------------------------------------
Creditors of Schreinerei Erwig GmbH have until April 5 to
register their claims with court-appointed insolvency manager
Guenter Trutnau.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.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 Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany   
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Guenter Trutnau
         III. Hagen 30
         45127 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against Schreinerei Erwig GmbH on March 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Schreinerei Erwig GmbH
         Brueggenpoth 27a
         45768 Marl
         Germany


SCHULZ ELEKTROTECHNIK: Creditors Must File Claims by April 13
-------------------------------------------------------------
Creditors of Schulz Elektrotechnik GmbH have until April 13 to
register their claims with court-appointed insolvency manager
Ruediger Marahrens.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Hildesheim
         Hall 124
         Main Building
         Kaiserstrasse 60
         31134 Hildesheim
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Ruediger Marahrens
         Lilly-Reich-Str. 7
         31137 Hildesheim
         Tel: 05121/69772-0
         Fax: 05121/69772-20
         Germany

The District Court of Hildesheim opened bankruptcy proceedings
against Schulz Elektrotechnik GmbH on March 6.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Schulz Elektrotechnik GmbH
         Bahnhofstr. 33
         31008 Elze
         Germany


SICHERER BRIEF: Claims Registration Ends April 13
-------------------------------------------------
Creditors of Sicherer Brief Bote GmbH & Co. KG have until
April 13 to register their claims with court-appointed
insolvency manager H. Hess.

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 Gera
         Room 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. H. Hess
         Barbarossahof 4-5
         99092 Erfurt
         Germany

The District Court of Gera opened bankruptcy proceedings against
Sicherer Brief Bote GmbH & Co. KG on March 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Sicherer Brief Bote GmbH & Co. KG
         Attn: Joerg Sau-mel, Manager
         Loebstedter Strasse 101
         07749 Jena
         Germany


STAHLBAU NORD: Claims Registration April 5
------------------------------------------
Creditors of Stahlbau Nord Beteiligungs GmbH i.L.have until
April 5 to register their claims with court-appointed insolvency
manager Berthold Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 3:55 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 Husum
         Hall 220
         Theodor-Storm-Strasse 5
         Husum
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Berthold Brinkmann
         Sechslingspforte 2
         22087 Hamburg
         Germany

The District Court of Husum opened bankruptcy proceedings
against Stahlbau Nord Beteiligungs GmbH i.L. on March 6.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Stahlbau Nord Beteiligungs GmbH i.L.
         Bi de School 1
         25885 Ahrenvioel
         Germany


TOP SOFA: Claims Registration April 13
--------------------------------------
Creditors of Top Sofa GmbH Hartmann Die Polstermanufaktur have
until April 13 to register their claims with court-appointed
insolvency manager Heiko Rautmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Magdeburg
         Hall E
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Heiko Rautmann
         Editharing 31
         39108 Magdeburg
         Germany
         Tel: 0391/5066030
         Fax: 0391/5066033
         E-mail: Heiko.Rautmann@gmx.de

The District Court of Magdeburg opened bankruptcy proceedings
against Top Sofa GmbH Hartmann Die Polstermanufaktur on March 7.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Top Sofa GmbH Hartmann Die Polstermanufaktur
         Attn: Jens Hartmann, Manager
         Saalestr. 20
         39126 Magdeburg
         Germany


TOWER AUTOMOTIVE: Sells Greenville Facility for US$1.375 Million
----------------------------------------------------------------
The Honorable Allen L. Gropper of the U.S. Bankruptcy Court for
the Southern District of New York authorizes Tower Automotive,
Inc., and Tower Services, Inc., to sell real property located in
Greenville, Montcalm County, Michigan, to Greenville Tower, LLC,
for US$1,375,000, free and clear of liens, claims and
encumbrances.

Judge Gropper also approves their asset purchase agreement with
Greenville Tower.

The Greenville Facility includes all related buildings, fixtures
and improvements, de minimis equipment, and personal property.

Judge Gropper says the property to be sold will not include any
personal property that was manufactured by Fuji Technica, Inc.,
or any of its affiliates.

Fuji is a secured creditor of Tower Automotive, Inc., and Tower
Automotive Technology, Inc.  Fuji objected to proposed sale to
protect its lien on certain dies in the equipment to be sold.
Fuji also requested that any Court ruling authorizing the sale
provide that Fuji's liens attach to the proceeds.

Judge Gropper notes that as agreed by Tower Automotive and
Greenville Tower, the Purchase Agreement is revised to correct a
typographical error and to read that:

    * Greenville Tower will be given access to the Premises
      during normal business hours to perform an ASTM E1528
      Transaction Screen or an ASTM E1527 Phase I Site
      Assessment; and

    * Greenville Tower will pay the cost of the Environmental
      Assessment.

Judge Gropper further rules that each of the Debtors' creditors
is authorized and directed on or before the Closing to execute
the documents, and take all other actions as may be necessary to
release its Interests in or Claims against the Greenville
Facility, if any, as those Interests or Claims may have been
recorded or otherwise exist.

Because the expected proceeds from the proposed asset sale
exceed US$1,000,000, the sale is not subject to the Court's
ruling for the sale or abandonment of de minimis assets, Anup
Sathy, Esq., at Kirkland & Ellis LLP, in Chicago tells the
Court.

Mr. Sathy relates that the Greenville Facility is a 155,000-
square foot manufacturing facility located on 10 acres of land
in Greenville, Michigan.  R.J. Tower Corporation constructed the
original building in 1874 and there have been four subsequent
additions.  

The Greenville Facility was used for casting iron products until
1955 when R.J. Tower entered the automobile market and began
using the building for metal stampings and welded assemblies.  
The Debtors effectively acquired the Greenville Facility in
April 1993, and continued producing stampings and assemblies,
which were sold to its primary customer, Ford, and other Tier 1
suppliers.

In early 2006, in connection with their overall restructuring
strategy to reduce fixed costs by reducing and consolidating the
number of operating locations, the Debtors determined that the
work being performed at the Greenville Facility could be better
accommodated in existing floor space at its other manufacturing
plants.

In anticipation of shutting down the Greenville Facility, Tower
Automotive enlisted the assistance of the commercial real estate
firm CB Richard Ellis to assist it in locating potential
purchasers for the Facility.  The property was placed on the
market with an initial asking price of US$1,650,000.

CB Richard initiated an extensive marketing campaign for the
sale of the property on all levels: nationally, regionally,
statewide and at the local level, Mr. Sathy notes.

Despite the breadth of the Marketing Campaign, however, there
was little interest generated for the Facility.  The highest and
only bid received for the Greenville Facility was that of
Greenville Tower for US$1,375,000 -- equivalent to approximately
US$8.87 per square foot.

After arm's-length negotiations, Tower Automotive agreed to sell
the Greenville Facility to Greenville Tower for US$1,375,000,
pursuant to the terms and conditions of the Purchase Agreement.
The sale of the Greenville Facility is further contingent on the
Greenville Tower's ability to secure an acceptable lease on the
site within the Inspection Period, as defined by the Purchase
Agreement.

Pending the Court's approval of the Purchase Agreement, CB
Richard has continued to market the property.  As of Feb. 15,
2007, no additional interest has been generated.

Furthermore, pursuant to the Purchase Agreement and the Listing
Agreement, upon closing, Tower Automotive is responsible for
paying a one-time fee to CB Richard equal to 6% of the Purchase
Price in consideration for CB Richard's postpetition services
rendered to Tower Automotive in connection with marketing the
Greenville Facility.

The Debtors submit that the transaction, as embodied in the
Purchase Agreement, is highly favorable and is in the best
interests of their estates and creditors.

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

         http://ResearchArchives.com/t/s?1b37

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).


WERHEIT MEDIENTECHNIK: Claims Registration Period Ends April 30
---------------------------------------------------------------
Creditors of Gross & Werheit Medientechnik GmbH have until
April 30 to register their claims with court-appointed
insolvency manager Dr. Christoph Niering.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 31, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Christoph Niering
         Brabanter Str. 2
         50674 Koeln
         Germany


The District Court of Cologne opened bankruptcy proceedings
against Gross & Werheit Medientechnik GmbH on March 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Gross & Werheit Medientechnik GmbH
         Attn: Wolfgang Werheit, Manager
         Stefanstr. 2 - 6
         51145 Koeln
         Germany


WESTLB AG: Closes US$325 Million Senior Loan for Pacific Ethanol
----------------------------------------------------------------
WestLB AG's Global Energy Group has successfully closed a
US$325 million senior secured credit facility for Pacific
Ethanol, Inc., a West Coast-based marketer and producer of
ethanol and a publicly traded company on the NASDAQ Global
Market.  

WestLB acted as the sole book runner, lead arranger and
administrative agent.

The facility is the first widely syndicated owner-construct
financing in the ethanol industry and allows Pacific Ethanol to
act as its own construction contractor, which is expected to
provide lower construction costs and shorter time to market.  
The financing is for the construction and operation of Pacific
Ethanol's first five plants, all of which will be located in the
Western United States.

The facility consists of a US$300 million senior secured
construction and term loan, and a US$25 million working capital
letter of credit facility to finance a portfolio of five ethanol
plants.

"WestLB has successfully syndicated over US$1.5 billion in
ethanol financing in the past 18 months and is committed to
delivering the best financial solutions in this sector," Tom
Murray, Global Head of Energy, said.  "WestLB is pleased to
partner with high end companies like Pacific Ethanol that have
intelligent and successful strategic growth plans in place
within the ethanol sector."

                      About Pacific Ethanol

Headquartered in Sacramento, California, Pacific Ethanol Inc.
has an operational ethanol plant in Madera, California, two
additional plants under construction in Boardman, Oregon, and
Burley, Idaho, and owns a 42% interest in Front Range Energy,
LLC, which owns an ethanol plant in Windsor, Colorado.

                          About WestLB

Hearquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB) --
http://www.westlb.com/-- provides financial advisory, lending,  
structured finance, project finance, capital markets and private
equity products, asset management, transaction services and real
estate finance to institutions.

In the United States, certain securities, trading, brokerage and
advisory services are provided by WestLB AG's wholly owned
subsidiary WestLB Securities Inc., a registered broker-dealer
and member of the NASD and SIPC.

                          *     *     *

Moody's Investor Service assigned WestLB AG's 7.15% Fixed Rate
Credit Linked Notes due 2013 at B1.


WILLY WERDELING: Claims Registration Period Ends April 19
---------------------------------------------------------
Creditors of Willy Werdeling GmbH have until April 19 to
register their claims with court-appointed insolvency manager
Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 29, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 13 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:

         Andreas Sontopski
         Gnoiener Platz 1
         48493 Wettringen
         Germany
         Tel: 02557/9384-0
         Fax: +492557938450

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

The Debtor can be reached at:

         Willy Werdeling GmbH
         Attn: Joerg Maijohann
         Vogteistrasse 6
         49509 Recke
         Germany


YICHENG LOGISTICS: Claims Registration Period Ends May 4
--------------------------------------------------------
Creditors of Yicheng Logistics GmbH have until May 4 to register
their claims with court-appointed insolvency manager Joachim
Buettner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 31, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Joachim Buettner
         Osdorfer Landstrasse 230
         22549 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Yicheng Logistics GmbH on March 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Yicheng Logistics GmbH
         Alter Wandrahm 12
         20457 Hamburg
         Germany

         Attn: Ruediger Regenz, Manager
         Sottorfer Kirchweg 4
         21224 Rosengarten
         Germany


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


EMPORIKI BANK: Presents Three Stages of Development
---------------------------------------------------
The management of Emporiki Bank of Greece S.A. presented three
consecutive stages of 100, 500 and 1,500 days to finalize the
course of developing Emporiki to a Model Greek Banking
Organization.

Emporiki Bank CEO Anthony Crontiras presented steps completed
during the first 100 days of the new management and specifically
mentioned five milestone of the bank:

   -- alignment of the Bank's operating and governance model to
      the standards of Credit Agricole S.A., with the completion
      of the joining forces program (September 2006 -
      February 2007);

   -- implementation of a program to improve sales effectiveness
      to the entire branch network, finalization of first stage
      back-office centralization and increase of customer facing
      sales positions;

   -- strategic focus of the Bank's operations, through sale of
      its non-banking share holdings and a portfolio
      rationalization program;

   -- establishment of a more flexible organizational structure,
      with a clear focus on the two large market sectors,
      uniform management for all banking operations and
      elevation of the significance of the Human Resources unit;
      and

   -- significant improvement of the bank's operating results
      and finalization of a thorough audit, based on the
      methodologies of credit risk management and the accounting
      principles and forecasts of Credit Agricole, and the
      consent of the Bank of Greece.

Mr. Crontiras presented the main stages of the transformation
program, which will evolve in a framework of 100, 500, 1,500
days.

"The Bank has already entered the first stage of the 100 days
mobilization, currently focusing on escalating the commercial
counter-attack in the market, setting priorities in view of the
overall transformation and repositioning of the bank's profile
and completing the new business plan for 2007-2011, which will
be officially announced on April 27," Mr. Crontiras disclosed.

The second 500-day stage, from Jan. 5, 2007 to June 30, 2008,
will set the foundation for:

   -- the regeneration of Emporiki, by turning it into a Model
      Greek Banking Organization, based on its 'brand name',
      network and customers and integrating when necessary the
      know-how and best practices of Credit Agricole; and

   -- the construction of a modern, internationally oriented
      Greek Bank, which will provide significant professional
      opportunities to its employees and will gradually leave
      behind the structures, operational mode and culture of a
      publicly governed organization.

A decisive role to this process is attributed to the integration
of best practices and operating standards of Credit Agricole to
Emporiki's key functions.

The third stage to the course of restructuring Emporiki Bank,
coinciding with the final date of Dec. 31, 2011, of the five-
year business plan, is to be completed within 1,500 days, with
full recapture of Emporiki s competitiveness vis-a-vis other
Greek Banks.

                       About Emporiki Bank

Headquartered in Athens, Greece, Emporiki Bank of Greece S.A. --
http://www.emporiki.gr/-- offers banking services in Greece  
through a network of 374 branches, through the Emporiki Bank
branch operating in London as well as through the Group's
subsidiaries in Albania, Armenia, Bulgaria, Cyprus, Germany,
Georgia and Romania.  The extensive network of Emporiki Bank is
a major advantage for the Group in the distribution of the
products and services it offers.

                         *    *    *

As of Feb. 28, Emporiki Bank of Greece S.A. carries a D+ Bank
Financial Strength rating from Moody's Investors Service.

Fitch on the other hand, kept its C/D Individual rating on the
bank.


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


SCOTTISH RE: Ernst & Young Raises Going Concern Doubt
-----------------------------------------------------
Ernst & Young LLP, in Charlotte, North Carolina, expressed
substantial doubt about Scottish Re Group Limited's ability to
continue as a going concern after auditing the company's
consolidated financial statements for the year ended
Dec. 31, 2006, and 2005.  

The auditing firm pointed to the company's net loss for the year
ended Dec. 31, 2006, retained deficit at Dec. 31, 2006,
deteriorating financial performance, and worsening liquidity and
collateral position.

Scottish Re Group Limited reported a net loss of US$231.6
million for the fourth quarter ended Dec. 31, 2006, compared
with net income of US$60.8 million for the prior year period.  
For 2006, the company reported a net loss of US$366.7 million,
compared with net income of US$130.2 million for the prior year.

"We are disappointed with the results for the quarter, but are
pleased with our ability to maintain our business throughout
this very difficult period.  Although the consequences of the
rating downgrades have continued to impact our operating
results, we are confident that the proposed transaction with
MassMutual Capital and Cerberus will significantly improve our
financial situation and stabilize the company as we move into
the second quarter of 2007," said Paul Goldean, Chief Executive
Officer of Scottish Re Group Limited.

The net operating loss for the fourth quarter was primarily
attributable to six factors:

  -- 5% higher than expected mortality in the North America  
     segment of approximately US$11 million;
     
  -- unfavorable lapse experience in the North America segment
     of approximately US$14 million;
    
  -- the reversal of an expected recovery from a specific client
     of approximately US$15 million due to corrected data from
     the client;
     
  -- the write-off of goodwill and unrecoverable deferred
     acquisition costs of approximately US$34 million and
     US$12 million, respectively, related to the International
     segment;

  -- tax expense of US$118.2 million principally related to a
     US$91 million valuation allowance established on deferred
     tax assets.  The valuation allowance resulted from a
     specific tax planning strategy no longer being available to
     the company.  The other components of the higher tax
     expense primarily related to valuation allowance movements
     on deferred tax assets based on actual results of legal
     entity statutory income and movements in statutory reserves
     for the period; and

  -- higher operating expenses of approximately US$14 million,
     including legal, directors' fees and the relocation of the
     company's offices from Windsor to London, plus higher
     collateral finance facility and interest costs as a result
     of the rating downgrades and liquidity situation of
     approximately US$8 million.

Total revenues for the quarter ended Dec. 31, 2006, decreased to
US$668.2 million from US$675 million for the prior year period,
a decrease of 1%.  Excluding realized gains and losses and the
change in value of the embedded derivatives, total revenues for
the quarter increased to US$675.5 million from US$666 million
for the prior year period, an increase of 1.4%.  Total revenues
for the year ended Dec. 31, 2006, increased to US$2.451 billion
from US$2.297 billion for the prior year, an increase of 6.7%.  
Excluding realized gains and losses and the change in value of
the embedded derivatives, total revenues for the year ended Dec.
31, 2006, increased to US$2.473 billion from US$2.302 billion
for the prior year, an increase of 7.4%.

Total benefits and expenses increased to US$783 million for the
fourth quarter ended Dec. 31, 2006, from US$615.8 million for
the prior year period, an increase of 27.2%.  Total benefits and
expenses increased to US$2.598 billion for the year ended
Dec. 31, 2006, from US$2.183 billion for the prior year, an
increase of 19%.

The company's operating expense ratio (which is the ratio of
operating expenses to total revenue excluding realized gains and
losses and the change in value of embedded derivatives) for 2006
was 6.2%, as compared to an operating expense ratio of 5 for the
prior year.

For the fourth quarter, the company had a pre-tax loss of
US$114.8 million before minority interest as compared to a pre-
tax profit of US$59.2 million for the prior year period.  Income
tax expense for the fourth quarter was US$118.2 million compared
to an income tax benefit of US$1.2 million in the same year
period.  For 2006, the company had a pre-tax loss of US$147.5
million before minority interest as compared to a pre-tax profit
before minority interest of US$113.6 million for the prior year.  
Income tax expense for 2006 was US$220.6 million compared to an
income tax benefit of US$16.4 million in the prior year.  The
change in effective tax rate in the fourth quarter compared to
the prior year is primarily related to valuation allowance
movements on deferred tax assets.

At Dec. 31, 2006, the company's balance sheet showed
US$13.436 billion in total assets, US$12.227 billion in total
liabilities, US$7.9 million in minority interest, US$143.7
million in Mezzanine Equity, and US$1.057 billion in total
stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 31, 2006, are available for
free at http://researcharchives.com/t/s?1b43

                        MassMutual Merger

On Nov. 26, 2006, the company entered into a Securities Purchase
Agreement with MassMutual Capital Partners LLC, a member of the
MassMutual Financial Group, and SRGL Acquisition, LLC, an
affiliate of Cerberus Capital Management, L.P. whereby, subject
to the terms and conditions set forth in the Securities Purchase
Agreement, the Investors will each purchase 500,000 of the
company's convertible cumulative participating preferred
shares, which will be newly issued, and which shares may be
converted into an aggregate of 150,000,000 ordinary shares,
subject to certain adjustments, if any, at any time and will
automatically convert on the ninth anniversary of the issue date
if not previously converted.

                         About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/--     
is a global life reinsurance company.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland,
Singapore, the United Kingdom and the United States.  Its
flagship operating subsidiaries include Scottish Annuity & Life
Insurance Company (Cayman) Ltd., Scottish Re (U.S.) Inc. and
Scottish Re Limited.


SMURFIT KAPPA: Raises EUR1.3 Billion From Dual-Listing IPO
----------------------------------------------------------
Smurfit Kappa Group Ltd. raised EUR1.3 billion from its initial
public offering at the Irish and British stock exchanges, Louisa
Nesbitt and Elisa Martinuzzi write for Bloomberg News.

Smurfit offered the shares at EUR16.5 each, valuing the company
at around EUR3.4 billion, Bloomberg News relates.  The company
sold a total of 78.8 million new shares, taking subscriptions at
prices between EUR14 to EUR18.

Gary McGann, Smurfit chief executive, told The Associated Press
that oversubscription of the shares means the company could have
priced them at around EUR18.   However, Mr. McGann added, the
company wanted "to leave some value there and give upside to
investors out of the box."

The IPO, which offered new shares equivalent to 38.3% of the
Smurfit's expanded share capital, would dilute the stakes of
exiting owners CVC Capital Partners, Cinven Ltd. and Madison
Dearborn, AP relates.  Prior to the IPO, Madison Dearborn
controlled a 47% stake, and Cinven Ltd. and CVC held 21% each.  
The shareholders, which did not sell any share in the IPO,
agreed to retain their stakes for at least six months.

Jens Peers of KBC Asset Management Ltd. and a participant in the
IPO told Bloomberg News that there would be "some upside in the
shares" in the next three to six months.  After that period, Mr.
Peers added, Smurfit's owners will cut their stakes as paper
industry nears its peak.

Bloomberg News relays that the IPO coincided with a recovery in
demand and prices for containerboard and corrugated packaging,
which helped boost Smurfit's revenue by 42% in the last quarter
of 2006.  

                      EUR4.5 Billion Debt

Smurfit plans to use the proceeds from the IPO to trim the
company's EUR4.5 billion debt.  The debt stemmed from the buyout
deal in 2002, when Madison Dearborn paid EUR3.8 billion for
Jefferson Smurfit in 2002 and later merged the firm with Kappa,
owned by CVC and Cinven, in 2006, Blooomberg News relates.

The merged company then sold investments including Sweden's
Munksjoe AB and Irish golf and hotel complex the K Club,
Bloomberg News adds.  Smurfit then sold its European mills to
gain European Commission's approval for Kappa merger and shut
facilities to cut output.

                    About Smurfit Kappa Group

Headquartered in Dublin, Ireland, Smurfit Kappa Group --
http://www.smurfit-group.com/-- manufactures containerboard   
containerboard and converts it into corrugated cases, folding
cartons, paper sacks, tubes, and composite cans. Other products
include boxboard, sack kraft paper, and printing and writing
paper.  The company produces 6 million tons of paper annually
and has 300 facilities worldwide.  In Latin America, the company
operates in Argentina, Brazil, Chile, Colombia, Costa Rica,
Dominican Republic, Ecuador, Mexico and Venezuela.

                        *     *     *

In a TCR-Europe report on Feb. 19, Standard & Poor's Ratings
Services maintained its credit ratings, including its 'B+' long-
term corporate credit rating, on Ireland-based paper and
packaging company Smurfit Kappa Group Ltd. and related entities
on CreditWatch with positive implications.

Subject to a successful completion of the group's announced
EUR1.3 billion IPO to be used for repayments of part of its high
cost debt, the corporate credit rating on Smurfit Kappa will be
raised by one notch to 'BB-' with subsequent one-notch uplifts
for the secured and unsecured debt ratings.  The recovery rating
is expected to remain unchanged.

As reported in the TCR-Europe on June 30, 2006, Fitch Ratings
affirmed Smurfit Kappa Acquisitions' Issuer Default Rating at
'B+'.  At the same time the agency affirmed the instrument
ratings.  A Stable Outlook has been assigned.

The stable outlook assigned to Smurfit Kappa Group's ratings
reflects Fitch's view that EBITDA will return to growth during
the course of 2006 and that SKG will be in a position to
generate significant cashflow for debt repayment from 2007-8.


SMURFIT KAPPA: S&P Hikes Ratings to BB- on Successful IPO
---------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Ireland-based paper and packaging
company Smurfit Kappa Group Ltd. to 'BB-' from 'B+'.

In addition, all other long-term corporate credit, secured, and
unsecured ratings on the company and related entities were
raised by one notch.  At the same time, all ratings were removed
from CreditWatch where they were placed with positive
implications on Jan. 10, 2007.  The outlook is stable.  Standard
& Poor's also affirmed the recovery rating of '3' on two group
facilities.

"The upgrade reflects the group's successful pricing of a  
EUR1.3 billion IPO to be used to repay part of its high cost
debt.  This will materially improve Smurfit Kappa's financial
profile," said Standard & Poor's credit analyst Alf Stenqvist.

At the end of December 2006, Smurfit Kappa had adjusted debt of
about EUR5.8 billion, including unfunded postretirement
liabilities and estimated operating leases, resulting in an
adjusted debt to EBITDA in 2006 of about 6.7x. On a pro forma
basis allowing for the IPO related debt repayments the ratio
would have been about 5.3x in 2006.

The group's credit measures are expected to continue to improve
in 2007, thanks to a gradually improving operating performance.
This is a result of improving market conditions and benefits
from a rationalization program, which is offsetting higher input
costs. This should also improve the group's free cash flow
generation, which is expected to remain clearly positive,
excluding cash restructuring costs. Nevertheless, Smurfit
Kappa's financial profile is expected to continue to constrain
the ratings, with adjusted debt to EBITDA ranging between 4.0x-
5.0x and adjusted funds from operations to debt averaging about
15% over the medium to longer term.

At the new rating level, the ratings on Smurfit Kappa and its
related entities reflect the group's improved financial
position, despite a still aggressive financial profile, as well
as cyclical industry conditions.  These risk factors are
balanced by the group's satisfactory business risk profile,
which is supported by its leading position in the European
containerboard and corrugated board markets, good geographical
diversification, and high level of forward integrated
operations.


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


TRW AUTO: Launches Tender Offer & Consent Solicitations
-------------------------------------------------------
TRW Automotive Holdings Corp., through its subsidiary TRW
Automotive Inc., has commenced tender offers to repurchase any
and all of its outstanding:

    * US$825 million 9-3/8% Senior Notes due 2013,
    * EUR130 million 10-1/8% Senior Notes due 2013,
    * US$195 million 11% Senior Subordinated Notes due 2013 and
    * EUR81 million 11-3/4% Senior Subordinated Notes due 2013.

In conjunction with the tender offers, the company also
commenced consent solicitations to eliminate substantially all
the covenants and certain events of default and to modify the
provisions relating to defeasance of the Notes.  The tender
offers and consent solicitations are being made pursuant to the
company's Offer to Purchase and Consent Solicitation Statement
dated March 12, 2007.

Holders who properly tender and deliver their consents to the
proposed amendments on or prior to 5:00 p.m., New York City
time, on March 23, 2007, unless extended or earlier terminated,
will be eligible to receive the total consideration with respect
to the applicable series of Notes, which includes a consent
payment equal to US$30 per US$1,000 principal amount of the
tendered 9-3/8% Senior Notes and 11% Senior Subordinated Notes
and EUR30 per Euro 1,000 principal amount of the tendered 10-
1/8% Senior Notes and 11-3/4% Senior Subordinated Notes.

Total consideration for the Dollar Notes will be determined
using standard market practice of pricing to the first
redemption date.  As such, the Dollar Notes will be priced at a
fixed spread of 50 basis points over the bid-side yield on the
4-5/8% Treasury Notes due Feb. 29, 2008.  The prices will be
determined at 10:00 a.m., New York City time, on March 21, 2007,
based on a yield determined by the Treasury bid-side prices
reported by the Bloomberg Government Pricing Monitor or any
recognized quotation source selected by Lehman Brothers Inc., as
representative of the Dealer Managers in its sole discretion if
the Bloomberg Government Pricing Monitor is not available or is
manifestly erroneous.

With respect to the Euro Notes, the total consideration will be
determined using standard market practice of pricing to the
first redemption date.  As such, the Euro Notes will be priced
at a fixed spread of 50 basis points over the bid-side yield on
the 4-1/4% German OBL due Feb. 15, 2008.  The prices will be
determined at 10:00 a.m., New York City time, on March 21, 2007,
based on a yield determined by the German OBL bid-side prices
reported by the Bloomberg Government Pricing Monitor or any
recognized quotation source selected by the Representative, or
one of its affiliates, in its sole discretion if the Bloomberg
Government Pricing Monitor is not available or is manifestly
erroneous.

Holders who properly tender after the Consent Date but on or
prior to the Expiration Date will be eligible to receive the
tender offer consideration applicable to such series of Notes,
which equals the total consideration less the consent payment.

In addition, all Notes accepted for payment will be entitled to
receipt of accrued and unpaid interest in respect of such Notes
from the last interest payment date prior to the applicable
settlement date to, but not including, the applicable settlement
date.

The tender offers will expire at midnight, New York City time,
on April 6, 2007, unless extended or earlier terminated.  
Settlement for all Notes tendered on or prior to the Consent
Date and accepted for payment is expected to be promptly
following the satisfaction of the Financing Condition.  
Settlement for all Notes tendered after the Consent Date, but on
or prior to the Expiration Date, is expected to be promptly
following the Expiration Date.

Consummation of the tender offers, and payment for the tendered
notes, is subject to the satisfaction or waiver of certain
conditions, including obtaining debt financing, in an amount and
on terms acceptable to the company, sufficient to pay for all
Notes tendered.

Holders may withdraw their tenders and revoke their consents at
any time on or prior to 5:00 p.m., New York City time, on the
Consent Date, but not thereafter.

Holders who wish to tender their Notes must consent to the
proposed amendments and holders may not deliver consents without
tendering their related Notes.  Holders may not revoke consents
without withdrawing the Notes tendered pursuant to the
applicable tender offer.

Lehman Brothers, Banc of America Securities LLC, Deutsche Bank
Securities, Goldman, Sachs & Co. and Merrill Lynch & Co. are
each acting as a Dealer Manager and Solicitation Agent for the
tender offers and the consent solicitations.  The Depositary is
The Bank of New York and the Information Agent is Global
Bondholder Services Corporation.

Requests for documentation should be directed to:

     1) Global Bondholder Services Corporation
        Telephone (866) 924-2200
   
     2) The Bank of New York
        Attention: William Buckley        
        101 Barclay Street, 7 East
        New York, New York 10286
        Telephone (212) 815-5788
        Fax (212) 298-1915

     3) The Bank of New York (Luxembourg) S.A.
        Aerogolf Center -- 1A
        Hoehenhof
        L-1736 Senningerberg, Luxembourg
        Telephone +(352) 34 20 90 5637

Questions regarding the tender offers and the consent
solicitations should be directed to Lehman Brothers at (800)
438-3242 (toll- free) or (212) 528-7581 (collect).

                            About TRW

Headquartered in Livonia, Michigan, TRW Automotive Holdings
Corp. (NYSE:TRW) -- http://www.trwauto.com/-- is an automotive  
supplier.  Through its subsidiaries, the company employs
approximately 63,800 people in 26 countries including Brazil,
China, Germany and Italy.  TRW Automotive products include
integrated vehicle control and driver assist systems, braking
systems, steering systems, suspension systems, occupant safety
systems (seat belts and airbags), electronics, engine
components, fastening systems and aftermarket replacement parts
and services.

                          *     *     *

Fitch Ratings affirmed TRW Automotive Holdings Corp.'s BB Issuer
Default Rating, BB+ Senior secured bank lines, BB- Senior
unsecured notes, and B+ Senior subordinated unsecured Notes on
September 2006.


TRW AUTOMOTIVE: S&P Rates Proposed Senior Unsecured Notes at BB-
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' rating to
TRW Automotive Inc.'s proposed senior unsecured notes.  The
refinancing is expected to lower TRW's interest expense and
modestly extend maturities.

At the same time, Standard & Poor's affirmed its ratings on the
Livonia, Michigan-based auto supplier, including its 'BB+'
long- and 'A-3' short-term corporate credit ratings.  The
outlook is stable.

TRW had US$3 billion in total balance sheet debt outstanding at
Dec. 31, 2006.

The notes will be issued in three tranches:

   * US$670 million due 2014;
   * EUR250 million due 2014; and
   * US$500 million due 2017.

TRW is expected to use the net proceeds to purchase outstanding
debt pursuant to the cash tender offers that recently began:

   * US$825 million 9.37% senior notes due 2013;
   * EUR130 million 10.12% senior notes due 2013;
   * US$195 million 11% senior subordinated notes due 2013; and
   * EUR81 million 11.75% senior subordinated notes due 2013.

TRW's upside ratings potential is restricted by the company's
moderately heavy debt burden, by its large debt-like
postretirement benefit obligations, and by its exposure to the
cyclical and competitive automotive original equipment market.  
The downside risk is limited by TRW's leading market positions
and good revenue diversity.  Standard & Poor's could revise the
outlook to positive if TRW were able to continue permanent debt
reduction.


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


BATYS STORY: Creditors Must File Claims by April 20
---------------------------------------------------
LLP Batys Stroy Complect N.V.A. has declared insolvency.  
Creditors have until April 20 to submit written proofs of claim
to:

         LLP Batys Stroy Complect N.V.A.
         Sherniyaza Str. 57-11
         Aktube
         Kazakhstan


BURVODSTROY OJSC: Creditors' Claims Due April 20
------------------------------------------------
OJSC Pmk-82 Burvodstroy has declared insolvency.  Creditors have
until April 20 to submit written proofs of claim to:

         OJSC Pmk-82 Burvodstroy
         Isataya Str. 10
         Taraz
         Jambyl
         Kazakhstan


ELEVATOR UZUNKOL: Economic Court Starts Bankruptcy Proceedings
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai region
has started bankruptcy proceeding against CJSC Elevator Uzunkol
on February 9, 2007.


GLOBEKS & K: Claims Registration Ends April 20
----------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Globeks & K insolvent.  

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

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktube
         Kazakhstan


JAKSYLYK LLP: Claims Filing Period Ends April 20
------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region has declared LLP Jaksylyk insolvent on Feb. 5.

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

         Department of Agriculture
         Konstitutsiya Kazakhstana Str. 38
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


KAZAKHGOLD GROUP: Appoints New Board and Management Team Members
----------------------------------------------------------------
KazakhGold Group Ltd. disclosed of the changes to its board
structure and strengthening of its management team:

   -- Kanat Assaubayev, currently the Chief Executive Officer,
      is appointed Executive Chairman of KazakhGold;

   -- Peter Daresbury has stepped down from his position as Non-
      executive Chairman.  He will continue to act as a Non-
      executive Director and member of the Remuneration and
      Audit Committees;

   -- Darryl Norton has agreed to join the Board as an Executive
      Director and Joint Managing Director.  He will assume
      responsibility for production at KazakhGold's principal
      mining operations, as well as heading the Company's
      Investor Relations team.  Mr. Norton has over 24 years'
      experience in the engineering and mining industry, gained
      most recently as Executive Director at Oxus.  

      Prior to joining Oxus, Mr. Norton spent 14 years at MAED
      Limited as Projects Director, where he led major projects
      for gold mining companies such as Durban Roodeport Deep,
      Anglogold and Oxus, for whom he led the construction and
      commissioning of their Amantaytau Goldfields oxide project
      in Uzbekistan;

   -- Steve Westhead (BSc, MSc, PhD, CGeol, FGS, MIMM) joins
      KazakhGold from Oxus as Chief Geologist and Project
      Manager.  Prior to joining, Mr. Westhead acted as Group
      Chief Geologist & General Director of Oxus' Talas and
      Amantaytau Gold projects; and

   -- Geoff McLoughlin joins the company as Chief Metallurgist.
      Mr. McLoughlin was formerly Group Chief Metallurgist at
      Oxus Gold.

KazakhGold has resolved to appoint a further Non-Executive
Director, who it is intended will also act as Senior Independent
Director.

The Company continues its search for a suitably qualified
English-speaking CFO, to be based in Stepnogorsk.

"Since KazakhGold's IPO in 2005 it has become clear to the Board
that the role of Chairman involves substantial day-to-day
executive duties," outgoing non-executive chairman Peter
Daresbury said.  "These include operational oversight of mining
activities and ongoing negotiations with government authorities.  
These functions necessarily require a full-time presence at the
company's headquarters in Stepnogorsk, in the Akmola oblast of
Kazakhstan.  The Board believes that a full-time Executive
Chairman will be able more effectively to represent the
interests of KazakhGold shareholders in this context."

"Firstly, I would like to thank Peter Daresbury for his tireless
contribution to KazakhGold in his role as Non-executive
Chairman," Kanat Assaubayev, Executive Chairman, said.  "His
leadership, support and guidance have proved invaluable during
the Company's development in the period following our IPO in
November 2005 and we are delighted that he has decided to offer
his continued support to the company in his capacity as a Non-
executive Director."

The Board is taking steps to strengthen further the corporate
governance at KazakhGold by resolving to appoint an additional
non-executive director as soon as practicable.  Furthermore, the
Board believes that the appointment of Darryl Norton to the
Board is a significant step forward in promoting greater
transparency and international management practices at
KazakhGold.

The presence of a full-time Executive Director, with substantial
international mining experience, working alongside me in
Stepnogorsk, will, the Directors believe, substantially enhance
the day-to-day accountability and transparency of the Company.
Additionally, with Mr. Norton taking responsibility for our
Investor Relations function, we expect to see this area
strengthen also.  These capabilities will be reinforced further
by the recruitment to our management team of Steve Westhead and
Geoff McLoughlin.

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.

                           *    *    *

As reported in the TCR-Europe on March 15, 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 Nov. 6, 2013, of 'B'.


NURJAN AKTOBE: Creditors Must File Claims by April 20
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Nurjan Aktobe XXI insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktube
         Kazakhstan


URDJAR LLP: Creditors' Claims Due April 20
------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Urdjar insolvent.

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

         Building Of Former Kindergarten #51
         Micro District 27
         Aktau
         Mangistau
         Kazakhstan


YRYS LLP: Proof of Claim Deadline Slated for April 20
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region has declared LLP Yrys insolvent on February 2.

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

         Department of Agriculture
         Konstitutsiya Kazakhstana Str. 38
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


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


BONUM TRADE: Claims Filing Period Ends May 2
--------------------------------------------
LLC Bonum Trade has declared insolvency.  Creditors have until
May 2 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 51-22-16.


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


TNK-BP FINANCE: Issues US$1.3-Billion Eurobonds
-----------------------------------------------
TNK-BP Finance S.A., the finance unit of TNK-BP Holding Ltd.,
has launched US$1.3-billion two-tranche Eurobonds with five- and
ten- year maturities, AK&M Information Agency reports citing
banks managing the debt issue.

The Eurobond issue includes:

   -- US$500-million bonds with five-year maturity and yield of
      173 basis points in relation to U.S. Treasuries; and

   -- US$800-million bonds with 10-year maturity and yield of
      223 basis points in relation to U.S. Treasuries.

Lead managers for the Eurobond issue are ABN Amro, Citigroup S
Barclays.

                          About TNK-BP

Headquartered Moscow, Russia, TNK-BP operates six refineries in
Russia and Ukraine, and markets products through 2,100 retail
service stations operating under TNK and BP brand.  BP Plc and
Alfa Access/Renova jointly own the group.

TNK-BP holds a strategic position as the second largest liquids
producer in the Russian intergraded operating environment,
accounting for approximately 18% of Russia's total crude oil
production.
                          *     *     *

Standard & Poor's assigned BB+/Stable foreign currency local
currency ratings to TNK-BP on June 30, 2006.

Moody's assigned Ba2/Positive foreign currency rating to the
company on Jan. 24, 2006.

Fitch assigned BB+/Positive foreign currency rating to TNK-BP on
Feb. 13, 2006, and BB+/Positive local currency rating on
Aug. 24, 2005.


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


ARES EURO: S&P Rates EUR6-Million Class F Notes at B
----------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the floating-rate notes to be issued by Ares
Euro CLO I B.V., a special purpose entity.
  
This transaction will be a securitization of a portfolio of
senior and mezzanine loans selected and managed by Ares
Management Ltd.  Ares CLO I is the first European CLO managed by
Ares Management Ltd.
  
The quality of the portfolio will be closely monitored
throughout the reinvestment period by par value tests and
interest-coverage tests.  Failure of these tests will cause a
diversion of interest proceeds to pay down the notes
sequentially, until the failure is cured.
  
                           Ratings List
  
Ares Euro CLO I B.V.
   EUR356 Million Floating-Rate Notes
  
                         Prelim.        Prelim. Amount
          Class          rating           (Mil. EUR)
          -----          ------            --------
          A              AAA                 247.0
          B              AA                   18.0
          C              A                    22.0
          D              BBB                  20.0
          E              BB                   13.5
          F              B                     6.0
          G              NR                   29.5


E-MAC PROGRAM: Fitch Rates EUR2.7-Mln Class E Notes at BB
---------------------------------------------------------
Fitch Ratings assigned expected ratings to these E-MAC Program
B.V.'s Compartment NL 2007-I EUR602.7 million floating-rate
notes:

   -- EUR111.8 million Class A1 mortgage-backed notes due 2017:
      'AAA'

   -- EUR447.1 million Class A2 mortgage-backed notes due 2046:
      'AAA'

   -- EUR20.4 million Class B mortgage-backed notes due 2046:
      'AA-'

   -- EUR11.1 million Class C mortgage-backed notes due 2046:
      'A-'

   -- EUR9.6 million Class D mortgage-backed notes due 2046:
      'BBB-'

   -- EUR2.7 million Class E notes due 2046: 'BB'

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

This transaction is a securitization of Dutch residential
mortgages originated by GMAC RFC Nederland, Atlas Funding B.V.
and Quion 20 B.V.  The primary servicing will be carried out by
Stater Nederland B.V. for mortgage loans originated by GMAC and
Atlas and Quion Hypotheekbemiddeling B.V. for mortgage loans
originated by Quion 20 B.V. Stater and Quion are both well known
third-party servicers in the Netherlands.  The portfolio
consists of first-ranking or first- and sequentially lower-
ranking fixed- and floating-rate mortgages secured over
residential properties located in the Netherlands.

The expected ratings are based on the quality of the collateral,
available credit enhancement and excess spread, a sound legal
structure and the underwriting and servicing of Stater and
Quion.  The ratings also take into account the liquidity
facility, the guaranteed investment contract and the interest
rate swap provided by ABN AMRO Bank N.V.  At closing, credit
enhancement provided by subordination and the reserve fund will
total 7.3% for the Class A notes, 3.9% for the Class B notes,
2.05% for the Class C notes and 0.45% for the Class D notes. At
closing, the uncollateralized EUR2.7 million Class E notes will
fund the balance of the reserve account equating to 0.45% of the
balance of the A, B, C and D notes.  The swap rates agreed under
the reset swap agreements will be such that, in respect of the
loans the rate of which has been reset, an excess margin of
35bps before the first put date and 20bps thereafter will remain
after payment of senior expenses and interest due under the
notes.


WOOD STREET: Moody's Rates EUR19.25-Mln Class E Notes at Ba3
------------------------------------------------------------
Moody's Investors Service assigned final ratings to seven
classes of Notes issued by Wood Street CLO IV B.V., a bankruptcy
remote special purpose vehicle incorporated under the laws of
The Netherlands.

The ratings assigned are:

   -- EUR302.5-million Class A-1 Senior Secured Floating Rate
      Notes due 2022: Aaa;

   -- EUR55-million Class A-2 Senior Secured Floating Rate Notes
      due 2022: Aaa;

   -- EUR46.75-million Class B Senior Secured Floating Rate
      Notes due 2022: Aa2;

   -- EUR44-million Class C Senior Secured Deferrable Floating
      Rate Notes due 2022: A3;

   -- EUR24.75-million Class D Senior Secured Deferrable
      Floating Rate Notes due 2022: Baa3;

   -- EUR19.25-million Class E Senior Secured Deferrable
      Floating Rate Notes due 2022: Ba3; and

   -- EUR7-million Class X Combination Notes due 2022: A3.

The ratings of the notes address the expected loss posed to
investors by the legal maturity of each class (in 2022).  With
respect to the class of combination notes, the rating address
the expected loss posed to investors by the legal final maturity
(in 2022) as a proportion of the Rated Balance, where the Rated
Balance is equal, at any time, to the principal amount of the
Combination Notes on the closing date minus the aggregate of all
payments made from the closing date to such date, either through
interest or principal payments.

These ratings are based upon:

   1. An assessment of the credit quality and of the
      diversification of the assets in the initial portfolio;

   2. An assessment of the eligibility criteria applicable to
      the future additions to the portfolio;

   3. The overcollateralization of the notes;

   4. The protection against losses through the subordination of
      the Class B, C, D, E notes, the EUR57.75-million
      subordinated notes and the excess spread available in the
      transaction; and

   5. The legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a portfolio of mainly senior and mezzanine loans.
Alcentra Limited dynamically manages this portfolio.  This is
the thirteenth European arbitrage CLO transaction managed
Alcentra.  This portfolio is partially acquired at closing date
and partially during the eight-month ramp-up period at the end
of which the portfolio shall comply (amongst others) with
certain quality tests.  Thereafter, the portfolio of loans will
be actively managed and the portfolio manager will have the
option to direct the issuer to buy or sell loans.  Any addition
or removal of loans will be subject to a number of portfolio
criteria.

In this transaction, investors are not directly exposed to
currency risk, as potential non-Euro assets included in the
portfolio will be hedged with individual asset swaps.


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


CENTRAL EUROPEAN: Moody's May Upgrade B2 Ratings After Review
-------------------------------------------------------------
Moody's Investors Service placed all ratings of Central European
Distribution Corp under review for possible upgrade following
the improvement in the Company's operating performance and
leverage metrics following progress with respect to integration
of past acquisitions, Bols and Bialystok in 2005.

The action reflects the company's improvements in operating
performance and the reduction in financial leverage achieved
during 2006 with leverage, measured as total debt to EBITDA
(adjusted for leases and accrued interests), reducing to
approximately 4.5x at FYE Dec 2006. In particular, the review
will focus on:

   1. Sustainability of improvement in the company's performance
      in conjunction with the economic outlook of the Polish
      market and the other key markets for CEDC;

   2. Likelihood for the company to continue to reduce financial
      leverage;

   3. The company's financial policy with respect of possible
      M&A activity and the resulting capital structure after the
      partial bond redemption expected at the end of March 2007;

   4. An updated assessment of the ongoing business integration
      and a broader overview of the company's portfolio growth
      potential.

The ratings placed under review are:

   -- CEDC Corporate Family Rating of B2;

   -- CEDC EUR292.5-million 8% senior secured notes due 2012
      rated B2.

Headquartered in Warsaw, Poland, CEDC is a leading importer and
distributor of alcoholic beverages in Poland and, after its
acquisition of Bols and Polmos Bialystok, CEDC became the
largest producer of vodka in Poland.  For the financial year
ended Dec. 31, 2006, CEDC generated net revenues of US$944.1
million.  The company is listed on the NASDAQ market and on the
Warsaw Stock Exchange.


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


HIPOTOTTA NO. 5: Moody's Junks EUR10-Million Class F Notes
----------------------------------------------------------
Moody's Investors Service assigned provisional long-term credit
ratings to these Notes issued by Hipototta No. 5 plc:

   -- EUR200-million Class A1 Mortgage Backed Floating Rate
      Notes due 2060: P) Aaa;

   -- EUR1.693-billion Class A2 Mortgage Backed Floating Rate
      Notes due 2060: (P)Aaa;

   -- EUR26-million Class B Mortgage Backed Floating Rate Notes
      due 2060: (P)Aa2;

   -- EUR24-million Class C Mortgage Backed Floating Rate Notes
      due 2060: (P)A1;

   -- EUR26-million Class D Mortgage Backed Floating Rate Notes
      due 2060: (P)Baa2;

   -- EUR31-million Class E Mortgage Backed Floating Rate Notes
      due 2060: (P)Ba3; and

   -- EUR10-million Class F Mortgage Backed Floating Rate Notes
      due 2060: (P)Ca.

Hipototta No. 5 plc is the fifth residential mortgage backed
securities transaction backed by mortgage loans originated by
Banco Santander Totta S.A. (rated A1/Prime-1), a 100% subsidiary
of Banco Santander Central Hispano S.A. (rated Aa3/Prime-1)) and
fourth player in the Portuguese market.

Hipototta No. 5 is a transaction characterized by good quality
collateral.  LTV levels, both current and original LTVs is
relatively low as compared to some recent Portuguese
transactions.  CLTV levels are at 63.2% whereas OLTV levels are
at 65.7%.  In addition, the transaction benefits from having
loans, which are all current at time of closing.  In addition,
the proportion of subsidized loans is very low (0.03%).

The ratings assigned are based primarily on:

   (1) The credit quality of the underlying mortgage loans;

   (2) The protection provided by the cash reserve starting at
       0.5% at closing and will amortize 3 years post closing
       subject to certain performance criteria;

   (3) The protection provided by the guaranteed gross excess
       spread of 90 bps plus the weighted average margin on the
       Notes, provided by the Swap counterparty on the
       performing loans which is a strong mitigant against
       possible margin compression of the loans;

   (4) the transaction's structure and legal features; and

   (5) the high credit quality of Banco Santander Totta S.A.
       (rated A1/Prime-1) acting as originator and servicer of
       the loans.

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only represent Moody's
preliminary opinion.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive ratings to the Notes.  A final rating may
differ from a provisional rating.  Moody's will also monitor the
transaction on an ongoing basis to ensure that it continues to
perform in line with expectations, including checking all
supporting ratings and conducting periodic servicing reports.

The provisional ratings address the expected loss posed to
investors by the legal final maturity.  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal at par on or before the rated final legal
maturity date, for the Class A to E notes.  The structure allows
for ultimate payment of interest and principal on or before the
rated final legal maturity date for Class F notes.


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


ALYUMA CJSC: Court Names A. Trifonov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad appointed
Mr. A. Trifonov as Insolvency Manager for CJSC Alyuma.  He can
be reached at:

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

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-35945/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Alyuma
         Liteynyj Pr. 28 2N
         St. Petersburg
         Russia


BOGATOVSKIY ELEVATOR: Creditors Must File Claims by April 17
----------------------------------------------------------
Creditors of OJSC Bogatovskiy Elevator (TIN 6363002436) have
until April 17 to submit proofs of claim to:

         A. Tarantov, Insolvency Manager
         17th Liniya V.O. 4-6
         199034 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-20497/06.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Bogatovskiy Elevator
         Instrumentalshikov Str. 13A
         Sestroretsk
         197706 St. Petersburg
         Russia


INVESTMENT-FINANCIAL CO: Names R. Akhmadeev to Manage Assets
------------------------------------------------------------
The Arbitration Court of Bashkortostan appointed Mr. R.
Akhmadeev as Insolvency Manager for CJSC Investment-Financial
Company (TIN 0275033473).  He can be reached at:

         R. Akhmadeev
         Office 2
         Oktyabrya Pr. 11
         Ufa
         450001 Bashkortostan
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-26276/06-G-ShAB.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Investment-Financial Company
         Akhmetova Str. 98
         Ufa, Bashkortostan
         Russia


LUKOIL OAO: To Build High-Power Station in Khanty-Mansi Area
------------------------------------------------------------
OOO Lukoil-Western Siberia, a 100% subsidiary of OAO Lukoil, and
OAO Aviadvigatel have signed a contract to construct a gas-
turbine power station with the capacity of 72 MW to supply
electric power to Vatyeganskoye oil field, one of the largest
ones in the region.

The power station is to be commissioned in December 2007.
Associated gas, produced in the Kogalymneftegaz fields, will be
used as fuel.

The power station consists of six gas-turbine power-generating
units.  A gas-turbine unit designed based on the aviation engine
gas generator which is installed in Russian planes Il-96, Tu-204
and Tu-214, will be used as a drive for the power generating
units.

The pressure regulator for the power station will be designed by
ZAO Kirov-Energomash Plant.  The bulk of design works will be
implemented by Saint Petersburg-based Federal State Unitary
Company GI Vniipiet.

The new power station will become Lukoil's largest self-
generation unit.  At present, over 180 different power sources
are used in OAO Lukoil subsidiaries. Their joint capacity
amounts to 65 MW.   

"We are considering possibilities of constructing another
several hundred gas and energy complexes which will help safely
supply electric power to our fields, increase utilization
volumes of associated gas and place orders for constructing
appropriate high-technology equipment at domestic engineering
and energy industry enterprises," said Vagit Alekperov, OAO
Lukoil President.

                         About Lukoil

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

                         *     *     *

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


MELENKI-SEL-KHOZ-KHIMIYA: Creditors Must File Claims by April 17
----------------------------------------------------------------
Creditors of CJSC Melenki-Sel-Khoz-Khimiya have until April 17
to submit proofs of claim to:

         A. Shurov, Insolvency Manager
         Radiozavodskoye Shosse 2a
         Murom
         602264 Vladimir
         Russia

The Arbitration Court of Vladimir commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A11-11906/2006-K1-444B/3B.

The Court is located at:

         The Arbitration Court of Vladimir
         Oktyabrskiy Pr. 14
         600025 Vladimir  
         Russia

The Debtor can be reached at:

         CJSC Melenki-Sel-Khoz-Khimiya
         Dzerzhinskogo Str. 54a
         Melenki
         602102 Vladimir
         Russia


NOVOSIBIRSK-AGRO-PROM-KHIMIYA: Claims Filing Due by April 17
------------------------------------------------------------
Creditors of OJSC Company Novosibirsk-Agro-Prom-Khimiya have
until April 17 to submit proofs of claim to:

         T. Gorbacheva, Insolvency Manager
         Post User Box 302
         630099 Novosibirsk
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-29723/05-4/365.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Company Novosibirsk-Agro-Prom-Khimiya
         Krasnyj Pr. 82
         630091 Novosibirsk
         Russia


PBB LPN: Fitch Assigns B-/RR4 Rating to Upcoming Bond Issue
-----------------------------------------------------------
Fitch Ratings assigned PBB LPN Issuance Limited's upcoming notes
issue an expected Recovery rating of 'RR4' and an expected Long-
term rating of 'B-'.  

Proceeds from the issue will be used to finance a loan to
Russia's Probusinessbank, rated Issuer Default 'B-' with a
Stable Outlook, Short-term B, Individual 'D', Support '5' and
National Long-term 'BB+' with a Stable Outlook.  The final
ratings of the issue are contingent upon receipt of final
documentation conforming materially to information already
received.

The notes are to be issued under the loan participation program
established in July 2005 and rated by Fitch Long-term 'B-' for
issues with initial maturities of more than one year and Short-
term 'B' for issues with initial maturities of up to one year.  
The program limit was increased to US$750 million as of this
month, following a previous rise to US$200 million in November
2006 from the original limit of US$100 million.  There have been
no other significant changes to the terms and conditions of
issues under the program.

The issuer's claims under the loan agreement will rank at least
equally with the claims of other senior unsecured creditors of
PBB, save those whose claims are preferred by any bankruptcy,
insolvency, liquidation or similar laws of general application.  
Under Russian law, the claims of retail depositors rank above
those of other senior unsecured creditors.  At end of third
quarter of 2006, retail deposits accounted for 28% of PBB's
total liabilities, according to the bank's IFRS accounts.

PBB is a medium-sized Russian bank, with consolidated assets of
RUR32.9 billion at end-9M06.  The bank is owned by senior
management and a small number of private equity funds, having
65.5% and 34.5% stakes, respectively.  Its activities are
concentrated on SME and retail lending, with the latter
representing about 30% of the loan portfolio.  The bank's
strategy is focused on gaining market positions in selected
regions of Russia, both through organic growth and acquisitions.  
Through acquisitions PBB has strengthened its positions in the
Volga region and Yekaterinburg.


PORKHOV-BREAD OJSC: Creditors Must File Claims by April 17
----------------------------------------------------------
Creditors of OJSC Porkhov-Bread have until April 17 to submit
proofs of claim to:

         D. Natalkin, Insolvency Manager
         Apartment 43
         Building 5
         Y. Gagarina Pr. 26
         196135 St. Petersburg
         Russia

The Arbitration Court of Pskov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A52-443/2006/4.

The Court is located at:

         The Arbitration Court of Pskov
         Nekrasova Str. 23
         Pskov
         Russia

The Debtor can be reached at:

         OJSC Porkhov-Bread
         Orlova Str., 84
         Porkhov, Pskov
         Russia


PRESS-PRINT OJSC: Creditors Must File Claims by April 17
--------------------------------------------------------
Creditors of OJSC Press-Print (TIN 5045002341) have until
April 17 to submit proofs of claim to:

         L. Ponomareva, Insolvency Manager
         Post User Box 600
         603000 N. Novgorod
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A41-K2-12750/06.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Press-Print
         Stupino
         142800 Moscow
         Russia


PRESTIZH LLC: Creditors Must File Claims by April 17
----------------------------------------------------
Creditors of LLC Agricultural Company Prestizh (TIN 4311002583)
have until April 17 to submit proofs of claim to:

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

The Arbitration Court of Kirov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A28-714/06-122/10.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agricultural Company Prestizh
         Gagarina Str. 15
         Kiknur
         612300 Kirov
         Russia


PROBUSINESSBANK: Fitch Rates PBB LPN's Upcoming Bond Issue at B-
----------------------------------------------------------------
Fitch Ratings assigned PBB LPN Issuance Limited's upcoming notes
issue an expected Recovery rating of 'RR4' and an expected Long-
term rating of 'B-'.  

Proceeds from the issue will be used to finance a loan to
Russia's Probusinessbank, rated Issuer Default 'B-' with a
Stable Outlook, Short-term B, Individual 'D', Support '5' and
National Long-term 'BB+' with a Stable Outlook.  The final
ratings of the issue are contingent upon receipt of final
documentation conforming materially to information already
received.

The notes are to be issued under the loan participation program
established in July 2005 and rated by Fitch Long-term 'B-' for
issues with initial maturities of more than one year and Short-
term 'B' for issues with initial maturities of up to one year.  
The program limit was increased to US$750 million as of this
month, following a previous rise to US$200 million in November
2006 from the original limit of US$100 million.  There have been
no other significant changes to the terms and conditions of
issues under the program.

The issuer's claims under the loan agreement will rank at least
equally with the claims of other senior unsecured creditors of
PBB, save those whose claims are preferred by any bankruptcy,
insolvency, liquidation or similar laws of general application.  
Under Russian law, the claims of retail depositors rank above
those of other senior unsecured creditors.  At end of third
quarter of 2006, retail deposits accounted for 28% of PBB's
total liabilities, according to the bank's IFRS accounts.

PBB is a medium-sized Russian bank, with consolidated assets of
RUR32.9 billion at end-9M06.  The bank is owned by senior
management and a small number of private equity funds, having
65.5% and 34.5% stakes, respectively.  Its activities are
concentrated on SME and retail lending, with the latter
representing about 30% of the loan portfolio.  The bank's
strategy is focused on gaining market positions in selected
regions of Russia, both through organic growth and acquisitions.  
Through acquisitions PBB has strengthened its positions in the
Volga region and Yekaterinburg.


PROGRESS CJSC: Creditors Must File Claims by April 17
-----------------------------------------------------
Creditors of CJSC Progress have until April 17 to submit proofs
of claim to:

         E. Sapozhnikova, Insolvency Manager
         Post User Box 1162
         660016 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33-14902/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Progress
         Rudyanoye
         Kanskiy, Krasnoyarsk
         Russia


PROGRESS-INVEST CJSC: Court Names P. Zimin as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court St. Petersburg and Leningrad appointed Mr.
P. Zimin as Insolvency Manager for CJSC Progress-Invest.  He can
be reached at:

         P. Zimin
         Zavodskoy Pr. 48-62
         Kolpino
         196657 St. Petersburg
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-37815/06.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Progress-Invest
         Chernoy Rechki Quay, 41/11
         St. Petersburg
         Russia


SBERBANK ROSSII: Pegs US$9.6 Billion Proceeds from IPO
------------------------------------------------------
OAO Sberbank Rossii could raise up to RUR252 billion (US$9.6
billion) from the recent sale of its shares, Dmitry Sergeyev
writes for Reuters citing CEO Andrei Kazmin as saying.

Mr. Kazmin said the bank's current shareholders exercised their
pre-emptive rights and subscribed to RUR146 billion of new
shares while new investors ordered RUR106 billion of new stocks.

"We have no reason to expect a change in the behavior of
investors that are buying shares outside the scope of pre-
emptive rights," Mr. Kazmin said. "There are no grounds to
expect that the tempo will be worse than with the pre-emptive
rights."

The share offering, under local market rules, resembles an
option since investors are not obliged to pay for the subscribed
shares, Reuters reports.  This, however, created uncertainty
over the final proceeds from the issue.  Mr. Kazmin, however,
said the rules were designed prevent share issues from being
exploited by money launderers.  He added that Sberbank would
propose improvements to the mechanism.

Mr. Kazmin also denied that the bank received state support on
the IPO, adding that Sberbank itself did not acquire new shares.  
The chief executive expressed satisfaction with the IPO results,
saying the expected gain is sufficient to maintain the bank's
growth for the next three years.

The government's stake in the company -- held by Central Bank --
may drop to 59.6% while foreign investors' holdings may rise to
21.8% from 20%, depending on the final results of the IPO.

Mr. Kazmin, meanwhile, revealed that Sberbank plans a share
split this year, subject to shareholder approval.  Reuters
relates that analysts are calling for a 50-for-one share split
to bring the nominal value of Sberbank's ordinary shares in line
with its preferred stock.  

The chief executive further revealed that Sberbank posted a
RUR14-billion net profit in the first two months of 2007.

                         About Sberbank

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

                        *     *     *

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

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


SHIPYARD RED: Asset Sale Slated for March 30
--------------------------------------------
O. Smirnov, the insolvency manager and bidding organizer for
OJSC Shipyard Red Smithy, will open a public auction for the
company's properties at noon on March 30 at:

         OJSC Shipyard Red Smithy
         Nikolskiy Pr. 15
         Arkhangelsk
         Russia

Interested participants have until March 29 to deposit an amount
equivalent to 10% of the starting price to:

         PBOYuL Smirnov Oleg Germanovich, Bidding Organizer
         Settlement Account 40802810200010000254
         Correspondent Account 3010181050000000000793
         BIK 041117793
         OJSC FONDSERVICEBANK (Arkhangelskiy)
         Arkhangelsk
         Russia

Bidding documents must be submitted to:

         O. Smirnov
         Nikolskiy Pr. 15
         Arkhangelsk, Arkhangelsk
         Russia

The Debtor can be reached at:

         OJSC Shipyard Red Smithy
         Nikolskiy Pr. 15
         Arkhangelsk
         163020 Arkhangelsk
         Russia


SMART-MEDIA CJSC: Court Names I. Talanov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. I. Talanov as
Insolvency Manager for CJSC Smart-Media (TIN 7710256521, OGRN
1027739295154).  He can be reached at:

         I. Talanov
         Building 2
         Shabolovka Str., 29
         115162 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-59545/06-95-1123B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Smart-Media
         Building 1
         Lesnaya Str. 6
         125047 Moscow
         Russia


SUAL GROUP: To Complete Merger with RusAl & Glencore this Week
--------------------------------------------------------------
The merger between Siberian-Urals Aluminium Company, Russky
Alyuminiyum and Glencore International AG could be completed
within the week, RIA Novosti reports citing SUAL shareholder
Viktor Vekselberg.

Mr. Vekselberg said the merged company, United Company RusAl
Ltd., would be registered in Jersey, United Kingdom, RIA Novosti
relays.  The new firm will have a 12-member board: six from
RusAl, two from Sual, one from Glencore and two independent
directors.

RusAl chief executive Alexander Bulygin will head the firm as
director general.  The post of board chairman, however, became
vacant after Sual President Brian Gilbertson decided to quit
from the company.  Mr. Vekselberg may be appointed chairman, RIA
Novosti relates citing unofficial reports.

The three firms agreed on Oct. 9, 2006, to merge their assets to
form United Company RusAl, with RusAl holding a 66% stake, Sual
22% and Glencore 12%.  The combined company would have a total
production capacity of 4 million tons of aluminum and 11 million
tons of alumina.  The merged company will hold 12.5% of the
global primary aluminum market and 16% of the worldwide alumina
market, RIA Novosti relates.

The merged company will operate in 17 countries and employ more
than 110,000 people.

The Federal Anti-Monopoly Service, the European Commission and
anti-monopoly authorities in Ukraine, Montenegro and Turkey had
already approved the merger.

As reported in the TCR-Europe on Nov 15, 2006, the United
Company Rusal will include these RUSAL assets:

   -- Bratsk Aluminium Smelter,
   -- Krasnoyarsk Aluminium Smelter,
   -- Novokuznetsk Aluminium Smelter,
   -- Sayanogorsk Aluminium Smelters,
   -- Achinsk Alumina Plant,
   -- Nikolaev Alumina Refinery,
   -- Boksitogorsk Alumina Refinery,
   -- Friguia Alumina Plant (Guinea),
   -- Compagnie des Bauxites de Kindia (Guinea),
   -- Bauxite Company of Guyana,
   -- a stake in the Queensland Alumina Refinery (Australia),
   -- Armenal Alumina Refinery,
   -- Sayanal Alumina Refinery, and
   -- a cathode plant in China.

SUAL Group will contribute:

   -- Irkutsk Aluminium Smelter,
   -- Urals Aluminium Smelter,
   -- Kandalaksha Aluminium Smelter,
   -- Bogoslovsk Aluminium Smelter,
   -- Nadvoitsy Aluminium Smelter,
   -- Volgograd Aluminium Smelter,
   -- Volkhov Aluminium Smelter,
   -- Zaporozhye Aluminium Combine,
   -- Pikalevo Alumina Refinery,
   -- SUBR,
   -- Urals Foil,
   -- Silicon,
   -- SUAL-Silicon-Ural and
   -- SUAL-PM.

Glencore International AG will contribute:

   -- Aughinish in Ireland,
   -- Windalco and Alpart in Jamaica,
   -- Eurallumina in Italy, and
   -- Kubikenborg Aluminium Smelter in Sweden.

                        About Glencore

Headquartered in Baar, Switzerland, Glencore International AG --
http://www.glencore.com/-- engages in the smelting, refining,  
mining, processing, purchasing, selling and marketing of metals
and minerals, energy products and agricultural products.
Energy products and commodities are marketed and coordinated
primarily in Glencore's headquarters in Baar, Switzerland and
through the offices of its subsidiaries in London, Stamford and
Singapore.

                         About RusAl

Headquartered in Moscow, Russia, Russky Alyuminiyum --
http://www.rusal.com/-- produces and smelts aluminium with  
US$6.65 billion in revenues in 2005.  The group produced 2.714
million tons of primary aluminium in 2005.  RusAl employs about
50,000 people in nine Russian regions and thirteen countries.

                         About SUAL

Headquartered in Moscow, Russia, Siberian-Urals Aluminium
Company -- http://www.sual.com/-- produces and smelts aluminium  
and ranks amongst the world's top ten producers.  It comprises
18 businesses that are located in nine Russian regions and in
Ukraine, Zaporozhya City, are involved in the production of
bauxite, alumina, primary aluminium, silicon, semi-finished and
finished aluminium products.  The Group's revenue for the year
ended Dec. 31, 2005, was US$2.7 billion.  It has 60,000
employees.

                        *     *     *

Standard & Poor's Ratings Services assigned its 'BB-'long-term
corporate credit rating to SUAL International Ltd. The outlook
is stable.  Standard & Poor's also assigned its 'ruAA-' Russian
national scale rating to SUAL.

At the same time, Moody's Investors Service, assigned 'Ba3'
corporate family rating to SUAL International Ltd. Outlook is
stable.


SURGUTSKIY OIL: Court Names V. Fedoseev as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad appointed
Mr. V. Fedoseev as Insolvency Manager for CJSC Surgutskiy Oil
Alliance.  He can be reached at:

         V. Fedoseev
         Rakhmaninova Str. 1
         Penza
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-31487/2006.

The Court is located at:

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

The Debtor can be reached at:

         V. Fedoseev
         Rakhmaninova Str. 1
         Penza
         Russia


TNK-BP HOLDING: Finance Unit Issues US$1.3-Billion Eurobonds
------------------------------------------------------------
TNK-BP Finance S.A., the finance unit of TNK-BP Holding Ltd.,
has launched US$1.3-billion two-tranche Eurobonds with five- and
ten- year maturities, AK&M Information Agency reports citing
banks managing the debt issue.

The Eurobond issue includes:

   -- US$500-million bonds with five-year maturity and yield of
      173 basis points in relation to U.S. Treasuries; and

   -- US$800-million bonds with 10-year maturity and yield of
      223 basis points in relation to U.S. Treasuries.

Lead managers for the Eurobond issue are ABN Amro, Citigroup S
Barclays.

                          About TNK-BP

Headquartered Moscow, Russia, TNK-BP operates six refineries in
Russia and Ukraine, and markets products through 2,100 retail
service stations operating under TNK and BP brand.  BP Plc and
Alfa Access/Renova jointly own the group.

TNK-BP holds a strategic position as the second largest liquids
producer in the Russian intergraded operating environment,
accounting for approximately 18% of Russia's total crude oil
production.
                          *     *     *

Standard & Poor's assigned BB+/Stable foreign currency local
currency ratings to TNK-BP on June 30, 2006.

Moody's assigned Ba2/Positive foreign currency rating to the
company on Jan. 24, 2006.

Fitch assigned BB+/Positive foreign currency rating to TNK-BP on
Feb. 13, 2006, and BB+/Positive local currency rating on Aug.
24, 2005.


URAL STROY: Creditors Must File Claims by April 17
--------------------------------------------------
Creditors of LLC Ural Stroy (TIN 6612014258) have until April 17
to submit proofs of claim to:

         V. Opryshko, Temporary Insolvency Manager
         Post User Box 302
         620075 Ekaterinburg
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A60-33341/06-S11.

The Court is located at:

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

The Debtor can be reached at:

         LLC Ural Story
         Chebysheva Str. 6-213
         624330 Ekaterinburg
         Russia


USEC INC: Senior VP and General Counsel Tim Hansen to Resign
------------------------------------------------------------
USEC Inc. reported that Timothy Hansen, senior vice president,
general counsel and secretary is planning to leave the company
this summer.

Mr. Hansen has worked for USEC since 1994 and held a series of
positions with progressively higher responsibility.  He left the
company briefly in late 2004 and returned in early 2005.  Mr.
Hansen said he will be making a career change, and both he and
his wife will be pursuing advanced degrees in education.

"I have thoroughly enjoyed many challenges and opportunities in
my 13 years at USEC and developed a deep respect for the
commitment and dedication of the company's employees.  This was
not an easy decision, but my family and I are ready to pursue a
path for personal growth that we wanted to begin in 2004.  
There's no perfect time to make a career change, but we've
decided our time to begin is now," Hansen said.

Chairman James R. Mellor said the Company was sorry to lose a
senior officer with the knowledge, skills and temperament that
Hansen has demonstrated throughout his tenure at USEC.  "I asked
Tim to return to USEC in 2005 during the period when I was the
interim chief executive officer.  I told him that I needed his
counsel, and he set aside his career change plans at that time.  
We wish Tim and his family well as they embark on a new path.  I
think Tim will do a great job at anything he does and working
with young people is certainly a noble goal to pursue."

President and Chief Executive Officer John K. Welch said, "Tim
has been an integral member of senior management and a strong
leader within the Company.  He was invaluable to me when I
joined USEC.  We've benefited from his experience at USEC from
its early days, as well as his insight on the issues facing the
nuclear industry [Fri]day.

"We especially appreciate the advance notice that Tim has
provided, which will allow time for a smooth transition to new
leadership of our legal function," Welch added.

                         About USEC Inc.

Headquartered in Bethesda, Maryland, USEC (NYSE: USU) is a
leading global supplier of low enriched uranium to nuclear power
plants and is the exclusive executive agent for the US
Government under the Megatons to Megawatts program with Russia.  
The company had revenues of US$1.8 billion in 2006.

                         *     *     *

As reported in the Troubled Company Reporter on Feb. 19, 2007,
Moody's Investors Service placed USEC's Corporate Family Rating
at B1 and Senior Unsecured Regular Bond/Debenture at B2 on
review for a possible downgrade.


VORKUTINSKIY BREWERY: Creditors Must File Claims by April 17
------------------------------------------------------------
Creditors of OJSC Vorkutinskiy Brewery (TIN 1103016306) have
until April 17 to submit proofs of claim to:

         A. Kokarev, Insolvency Manager
         Post User Box 512
         197046 St. Petersburg
         Russia

The Arbitration Court of Komi commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A29-4065/2006-3B.

The Court is located at:

         The Arbitration Court of Komi
         Room 407
         Ordzhonikidze Str. 49a
         Syktyvkar
         Russia

The Debtor can be reached at:

         OJSC Vorkutinskiy Brewery
         Promyshlennoy Industrii Str. 3a
         Vorkuta
         169900 Komi
         Russia


YUKOS OIL: OAO Gazprom to Buy Firm's Assets from Italian Bidder
---------------------------------------------------------------
OAO Gazprom will not participate in the auction to acquire the
bankruptcy assets of OAO Yukos Oil Co., Richard Orange writes
for the Business Online.

Instead, Gapzrom inked a deal to acquire the assets from an
Italian consortium comprising of energy group ESN, Eni S.p.A and
Enel S.p.A., Business Online relates.  The consortium will
acquire the assets -- particularly Yukos' 20% stake in OAO
Gazprom Neft and 51% stake in the bankrupt firm's Urengoil and
Arcticgas assets -- on April 4 and sell them to Gazprom at a
later date.

Under the deal, Gazprom has an option to take a 51% stake in
both Urengoil and Arcticgas.  The consortium may also swap the
20% stake in Gazprom Neft for a holding in Gazprom.

Details of the deal will be finalized during the state visit of
Russian president Vladimir Putin to Italy.  The strategy,
Business Online suggests, is aimed at Gazprom avoiding a
possible suit from Yukos shareholders.

In a TCR-Europe report on March 14, Yukos is scheduled to sell
its 9.44 percent stake in state-owned Rosneft Oil, which
includes promissory notes issued by Yuganskneftegaz, Yukos'
former main production unit, for RUR195.5 billion (US$7.47
billion) on March 27.

Meanwhile, its 20 percent stake in Gazprom Neft, along with
Yukos' ArcticGaz unit and 20 other assets in one lot, will carry
a RUR145-billion starting price during the April 4 auction.

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

Mr. Rebgun has estimated Yukos' assets between US$25.6 billion
and US$26.8 billion, minus a possible liquidation discount of
not more than 30 percent.  The latest estimate exceeds the
earlier figure of US$22 billion disclosed by the company's
initial appraisers in January.  As of Jan. 31, claims against
Yukos filed by 68 creditors reached RUR709 billion (US$26.8
billion).

According to RosBusinessConsulting, interested bidders are
required to submit an advance payment equal to 20 percent of the
cost of the lot to participate in the auction.

                         About Yukos Oil

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

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

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

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

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

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


YUKOS OIL: Firm Linked to ESN Chairman Eyes Rosneft Stake
---------------------------------------------------------
Razvitiye LLC will participate in the auction to acquire the
bankruptcy assets of OAO Yukos Oil Co., RosBusinessConsulting
reports citing Eduard Rebgun, the oil company's receiver, as
saying.

Mr. Rebgun has signed an advance payment agreement with
Razvitiye, which plans to participate in March 27 auction for
Yukos' 9.44% stake in OAO Rosneft Oil Co., RBC relays.  Mr.
Rebgun noted that Razvitiye was the first company to officially
sign an agreement.

RBC suggests, citing unofficial data, that Razvitiye LLC may be
owned by Grigory Beryozkin, chairman of the Board of Directors
of the ESN Group, a Russian energy firm that is part of a
consortium of interested bidders eyeing Yukos' assets.

                          About Yukos Oil

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

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

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

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

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

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


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


BAUSCH & LOMB: Recalls 12 Lots of ReNu MultiPlus(R) Solution
------------------------------------------------------------
Bausch & Lomb has initiated a limited voluntary recall from
distribution centers and retail shelves in the United States and
specific other countries of 12 lots of ReNu MultiPlus lens care
solution made at its plant in Greenville, South Carolina because
they contain an elevated level of trace iron.  

This may result in discoloration of the solution in some
bottles, and the shelf life of the product may be shortened to
less than its two-year expiration date, due to a potential loss
of effectiveness over time.  The company has received no reports
of serious adverse events associated with these lots and
believes virtually all of the affected product, manufactured
about a year ago, has already been used by consumers.  Bausch &
Lomb has notified the U.S. Food and Drug Administration of this
voluntary action.

About a million bottles of solution from nine of the 12 lots
were originally distributed in the United States.  Product from
the 12 affected lots was also distributed in Canada, Latin
America, Korea and Taiwan, where it is also being recalled.

The company initiated an investigation after receiving three
customer reports of discolored solution.  The root cause of the
discoloration was determined to be an elevated level of trace
iron in a single batch of raw material sourced from an outside
supplier.  Iron is an element present at trace levels - measured
in parts per billion - in many compounds used in manufacturing
food, drug, medical device and cosmetic products for human use.
The elevated level of trace iron could combine with other
compounds in the solution to cause discoloration which signals
that the solution may be losing effectiveness over time.

"The health and safety of consumers is our top priority," said
Angela J. Panzarella, vice president and head of Bausch & Lomb's
global vision care business.  "With detailed and specific
information about the distribution of the affected product, and
good information about consumer use patterns, we are highly
confident that virtually all of the affected product was used
before it began to lose effectiveness.  We're now in the process
of confirming with distributors and retailers that there is no
product still available for sale anywhere."

"We are confident we have identified the source of the problem
and we are taking appropriate measures designed to avoid a
recurrence," Panzarella said.

Bausch & Lomb does not expect the costs associated with this
limited recall will have a significant impact on its financial
results.

If consumers notice that their lens care solution appears to be
discolored, they should discard it, as it may be losing
effectiveness.  The recalled lots all carry the expiration date
"2008 - 03 on the bottle.  Consumers who have bottles from the
lot numbers listed below should check the company's web site at
http://www.bausch.com/productrecallor call the consumer affairs  
line (1-866-259-8255) to arrange for a replacement.

Lot numbers subject to recall are:

    * GC6030
    * GC6037
    * GC6038
    * GC6045
    * GC6048
    * GC6052
    * GC6061
    * GC6063
    * GC6072
    * GC6073
    * GC6080
    * GC6085

                        About Bausch & Lomb

Headquartered in Rochester, New York, Bausch & Lomb Inc. --
http://www.bausch.com/-- develops, manufactures, and markets     
eye health products, including contact lenses, contact lens care
solutions, and ophthalmic surgical and pharmaceutical products.  
The company is organized into three geographic segments: the
Americas; Europe, Middle East, and Africa; and Asia (including
operations in India, Australia, China, Hong Kong, Japan, Korea,
Malaysia, the Philippines, Singapore, Taiwan and Thailand).  In
Latin America, the company has operations in Brazil and Mexico.
While in Europe, the company maintains operations in Austria,
Germany, the Netherlands, Spain, and the U.K.

                          *     *     *

On Feb. 2, 2007, Moody's Investors Service downgraded Bausch &
Lomb Inc.'s senior unsecured debt to Ba1 and continues to review
all ratings for possible downgrade.  Moody's also assigned the
company a Ba1 Corporate Family Rating.


SANTANDER HIPOTECARIO: Moody's Junks EUR22.4-Mln Series F Notes
---------------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
eight series of residential mortgage-backed "Bonos de
Titulizacion de Activos" to be issued by Fondo de Titulizacion
de Activos Santander Hipotecario 3, a Spanish Asset
Securitization Fund created by Santander de Titulizacion,
S.G.F.T, S.A.:

   -- EUR613.3-million Series A1 notes:(P)Aaa;
   -- EUR1.54-billion Series A2 notes: (P)Aaa;
   -- EUR420-million Series A3 notes: (P)Aaa;
   -- EUR79.2-million Series B notes: (P)Aa2;
   -- EUR47.5-illion Series C notes: (P)A1;
   -- EUR72-million Series D notes: (P)Baa1;
   -- EUR28-llion Series E notes: (P)Ba2; and
   -- EUR22.4-million Series F notes: (P)Ca.

This transaction consists of the securitization of a pool of
first-lien residential mortgage loans originated and serviced by
Banco Santander Central Hispano, one of the leading Spanish
banks and with a proven track record in the securitization
market.  All of the loans comprising the collateral have a Loan-
to-Value exceeding 80%.

The pool comprises 17,782 loans representing a provisional
portfolio of EUR2,956,395,725.  The loans are originated between
1993 and 2006, with a weighted average seasoning of
approximately 1.5 years. The original weighted average LTV is
92.42%.  The current weighted average LTV is 90.21%.  The pool
is well diversified across Spain.

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

   (1) a swap agreement that guarantees a 75-bppa Xs spread plus
       the servicing fee in the event of SCH being replaced as
       servicer;

   (2) a reserve fund that is fully funded at closing from the
       proceeds of the issue of the Series F Notes to cover any
       potential shortfall in interest and principal;

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

   (4) the fact that 100% of the loans are secured by first lien
       residential mortgages.

However, Moody's notes that the deal also features a number of
credit weaknesses, notably:

   (1) the fact that the collateral comprises loans with an LTV
       of over 80%, which leads to a higher expected default
       frequency and more severe losses;

   (2) the absence of any information on the occupancy type of
       the borrowers; and

   (3) the fact that, although the deferral of interest payments
       on each of Series B, C, D and E benefits the repayment of
       the series senior to each of them, it increases the
       expected loss on Series B, C, D and E themselves.

All of these increased risks were reflected in Moody's credit
enhancement calculation.

Moody's has based its ratings on:

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

   (2) the transaction's structural protections, which include
       the subordination of the notes, the strength of the cash
       flows (including the reserve fund) and any excess spread
       available to cover losses.

The ratings address the expected loss posed to investors 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.  In Moody's opinion, the structure allows
for timely payment of interest and ultimate payment of principal
at par on or before the rated final legal maturity date on
Series A1, A2, A3, B, C, D and E, and for ultimate payment of
interest and principal at par on or before the rated final legal
maturity date on Series F.

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


SANTANDER HIPOTECARIO: Fitch Rates EUR22.4-Mln Notes at CCC
-----------------------------------------------------------
Fitch Ratings assigned expected ratings to FTA Santander
Hipotecario 3 mortgage-backed floating-rate notes totalling
EUR2,822.4million due in January 2050:

   -- EUR613.3 million Class A1: 'AAA'
   -- EUR1,540 million Class A2: 'AAA'
   -- EUR420 million Class A3: 'AAA'
   -- EUR79.2 million Class B: 'AA'
   -- EUR47.5 million Class C: 'A'
   -- EUR72 million Class D: 'BBB'
   -- EUR28 million Class E: 'BB'
   -- EUR22.4 million Class F: 'CCC'

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

This transaction is a cash flow securitization of a
EUR2,800 million static pool of first-ranking residential
mortgage loans granted by Banco Santander Central Hispano.  This
is Santander's first single-seller RMBS transaction rated by
Fitch.  The seller is already a very active player in the
Spanish securitization market, focused so far in SME
collateralized debt obligations and consumer loans.

The expected ratings are based on the quality of the underlying
collateral, the underwriting and servicing of the mortgage
loans, available credit enhancement, and the sound legal and
financial structure of the transaction.  The expected ratings
address the payment of interest on the notes according to the
terms and conditions of the documentation, subject to a deferral
trigger on the Class B, C, D and E notes, as well as the
repayment of principal by the legal final maturity in January
2050.

The fund will be regulated by Spanish Securitisation Law 19/1992
and Royal Decree 926/1998.  Its sole purpose will be to
transform into securities the mortgage transfer certificates
acquired from Santander.  The CTHs will be subscribed by
Santander de Titulizacion, S.G.F.T., S.A, whose sole function is
to manage asset-backed notes on behalf of the fund.


SANTANDER HIPOTECARIO: S&P Junks EUR22.4-Mln Class F Notes
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR2.8 billion mortgage-backed floating-
rate notes to be issued by Fondo de Titulizacion de Activos
Santander Hipotecario 3.  In addition, an overissuance of
EUR22.4 million floating-rate notes will be issued to initially
fund the reserve fund.
  
Santander Hipotecario 3 will purchase mortgage transmission
certificates from the participation issuer, Banco Santander
Central Hispano, S.A. and will issue six classes of floating-
rate notes.
  
The Classes A to E notes are backed by a pool of first-ranking
mortgages secured over residential properties located in Spain
and originated by Santander.  The class F notes will fund the
reserve fund and will be repaid with excess spread.
  
This is the 24th securitization to be originated by the
Santander group over its residential mortgage portfolio.
  
The main feature of this transaction is the collateral itself.
Santander Hipotecario 3 is purchasing high LTV ratio loans,
97.97% of which have LTV ratios above 80.00%.  Santander
reserves the loans with LTV ratios lower than 80% for collateral
of "c,dulas hipotecarias" and therefore uses ineligible
collateral under the c,dulas legal framework for securitization.
  
The transaction also features mortgage insurance on a portion of
the loans being provided by AIG Europe S.A. and Genworth
Financial Mortgage Insurance Ltd., potentially reducing the
losses incurred.
   
                           Ratings List
  
Fondo de Titulizacion de Activos Santander Hipotecario 3
   EUR2.8 Billion Mortgage-Backed Floating-Rate Notes And An
   Overissuance Of EUR22.4 Million Floating-Rate Notes
  
                          Prelim.        Prelim. Amount
               Class      rating          (Mln. EUR)
               -----      ------           --------   
               A1         AAA                613.3
               A2         AAA              1,540.0
               A3         AAA                420.0
               B          AA                  79.2
               C          A                   47.5
               D          BBB                 72.0
               E          BB                  28.0
               F          CCC-                22.4


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


DOBROBUD: Proofs of Claim Filing Deadline Set March 17
------------------------------------------------------
Creditors of State Production-Trade Enterprise Dobrobud (code
EDRPOU 06711920) have until March 17 to submit written proofs of
claim to:

         Andrew Petrov, Temporary Insolvency Manager
         Bogun Str. 2/1 Apartment 32
         40007 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy supervision
procedure on the company on Jan. 12.  The case is docketed under
Case No. 7/3-07.

The Court is located at:

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

The Debtor can be reached at:

         State Production-Trade Enterprise Dobrobud
         Fighters for Revolution Str. 2
         40030 Sumy
         Ukraine


FRATERNALAL AGRICULTURAL: Creditors' Claim Due March 17
-------------------------------------------------------
Creditors of OJSC Fraternalal Agricultural Chemistry (code
EDRPOU 05490049) have until March 17 to submit written proofs of
claim to:

         Edward Davidov, Liquidator
         Kintsev Str. 10
         54007 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/633/06.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Fraternalal Agricultural Chemistry
         Industrial Str. 7
         Bratskoe
         Nikolaev
         Ukraine


INDUSTRIAL TECHNOLOGIES: Creditors Must File Claims by March 17
----------------------------------------------------------------
Creditors of LLC Production Enterprise Industrial Technologies
(code EDRPOU 31261753) have until March 17 to submit written
proofs of claim to:

         Leonid Talan, Liquidator
         P.O. Box 158
         49000 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company on Feb. 6 after finding it
insolvent.  The case is docketed under Case No. B 24/41-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Production Enterprise Industrial Technologies
         Stoliarov Str. 3-A
         49038 Dnipropetrovsk
         Ukraine


KRYM SPECIALIZED: Creditors Must File Proofs by March 18
--------------------------------------------------------
Creditors of LLC Krym Specialized Excavation Department (code
EDRPOU 33572846) have until March 18 to submit written proofs of
claim to:

         Vladimir Barancov, Liquidator
         1st Slobodskaya Str. 8-a
         54055 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company on Feb. 7 after finding it insolvent.  The
case is docketed under Case No. 10/704/06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Krym Specialized Excavation Department
         Korabeley Str. 12
         Nikolaev
         Ukraine


MOSHUROVSKOE CJSC: Proofs of Claim Filing Deadline Set March 17
----------------------------------------------------------------
Creditors of CJSC Moshurovskoe (code EDRPOU 03794182) have until
March 17 to submit written proofs of claim to:

         Sergey Nazarenko, Temporary Insolvency Manager
         Dobrovolsky Str. 3/1 Apartment 25
         18000 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy supervision
procedure on the company.   The case is docketed under Case No.
10/322.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         CJSC Moshurovskoe
         October Str. 5
         Moshurov
         Talnovka District
         20432 Cherkassy
         Ukraine


NIKOLAEV SPECIALIZED: Creditors Must File Claims by March 18
------------------------------------------------------------
Creditors of LLC Nikolaev Specialized Excavation Department
(code EDRPOU 33572830) have until March 18 to submit written
proofs of claim to:

         Vladimir Barancov, Liquidator
         1st Slobodskaya Str. 8-a
         54055 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company on Feb. 7 after finding it insolvent.  The
case is docketed under Case No. 10/706/06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Nikolaev Specialized Excavation Department
         Korabeley Str. 12
         Nikolaev
         Ukraine


PROMETEY LLC: Creditors Must File Proofs of Claim by March 17
-------------------------------------------------------------
Creditors of LLC Production Firm Prometey (code EDRPOU 33338707)
have until March 17 to submit written proofs of claim to:

         Leonid Talan, Liquidator
         P.O. Box 158
         49000 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company on Feb. 8 after finding it
insolvent.  The case is docketed under Case No. B 24/57-07.
The Court is located at:

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

The Debtor can be reached at:

         LLC Production Firm Prometey
         Judin Str. 15-B
         49000 Dnipropetrovsk
         Ukraine


SOUTH BUILDING 2: Creditors Must File Claims by March 18
--------------------------------------------------------
Creditors of LLC South Building Mechanization 2 (code EDRPOU
33572851) have until March 18 to submit written proofs of claim
to:

         Vladimir Barancovm, Liquidator
         1st Slobodskaya Str. 8-a
         54055 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company on Feb. 7 after finding it insolvent.  The
case is docketed under Case No. 10/707/06.

The Court is located at:

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

The Debtor can be reached at:

         LLC South Building Mechanization 2
         Korabeley Str. 12
         Nikolaev
         Ukraine


VIK LTD: Creditors Must File Proofs of Claim by March 17
--------------------------------------------------------
Creditors of LLC Vik Ltd. (code EDRPOU 31375108) have until
March 17 to submit written proofs of claim to:

         R. Konteruk, Liquidator
         Bandera Str. 5
         Kovel
         45000 Volin
         Ukraine

The Economic Court of Volin commenced bankruptcy proceedings
against the company on Feb. 5 after finding it insolvent.  The
case is docketed under Case No. 7/61-B.

The Court is located at:

         The Economic Court of Volin
         Volia Avenue 54-a
         43010 Lutsk
         Volin
         Ukraine

The Debtor can be reached at:

         LLC Vik Ltd.
         Vaturin Str. 82
         Kovel
         45000 Volin
         Ukraine


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


24SEVEN VENDING: Brings In Administrators from Grant Thornton
-------------------------------------------------------------
Nigel Morrison and Trevor Patrick O'Sullivan of Grant Thornton
U.K. LLP were appointed joint administrators of 24Seven Vending
Ltd.(Company Number 00661893) on March 6.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--  
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting, and valuation services.

The company can be reached t:

         24Seven Vending Ltd.
         1300 Park Avenue  
         Aztec West  
         Almondsbury  
         Bristol  
         BS32 4RX  
         England
         Tel: 01454 615 186  
         Fax: 01454 201 076


ADAM MAURER: Appoints Vantis as Joint Administrators
----------------------------------------------------
Geoffrey Paul Rowley and Nicholas Hugh O'Reilly of Vantis Plc
were appointed joint administrators of Adam Maurer Associates
Ltd. (Company Number 04703274) on March 2.

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,  
business, and tax advisory services in the United Kingdom.

The company can be reached at:

         Adam Maurer Associates Ltd.
         Johnson Smirke Building  
         4 Royal Mint Court  
         Tower Hamlets  
         London  
         EC3N 4HJ  
         England
         Tel: 020 7977 7700


ADVANCED MARKETING: Hires Houlihan Lokey as Investment Banker
-------------------------------------------------------------
The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for
the District of Delaware authorized Advanced Marketing Services
Inc. and its debtor affiliates to employ Houlihan Lokey Howard &
Gukin Capital Inc. as their investment banker, at the expense of
the Chapter 11 estate, nunc pro tunic to Jan. 14.

As reported in the TCR-Europe on Feb. 20, The Official Committee
of Unsecured Creditors, as well as Kelly Beaudin Stapleton, the
United States Trustee for Region 3, filed objections to the
Debtors' motion.

Mark D. Collins, Esq., at Richards, Layton & Finger, PA, in
Wilmington, Delaware, relates that Houlihan Lokey is one of the
leading advisors and investment bankers to troubled companies,
both inside and outside of bankruptcy.  The firm's Financial
Restructuring Group has advised more than 500 transactions,
valued in excess of US$200 billion, over the past 12 years.

The Debtors have chosen Houlihan Lokey to act as their
investment banker because the firm has substantial expertise in
advising them, and is well qualified to perform the services and
represent their interests in the Chapter 11 cases, Mr. Collins
explains.

As investment banker, Houlihan Lokey will:

   (a) evaluate the Debtors' strategic options based on
       Houlihan's initial review;

   (b) advise the Debtors generally as to available financing
       and capital restructuring alternatives, including
       recommendations of specific courses of action;

   (c) assist the Debtors with the development, negotiation and
       implementation of a restructuring plan, including
       participation as an advisor to the Debtors in
       negotiations with creditors and other parties involved in
       a restructuring;

   (d) assist the Debtors, if required, to draft an information
       memorandum to seek potential new capital, and to solicit,
       coordinate and evaluate indications of interest
       regarding a transaction;

   (e) assist the Debtors with the design of any debt and equity
       securities or other consideration to be issued in
       connection with a Transaction;

   (f) advise the Debtors as to potential mergers or
       acquisitions, and the sale or other disposition of any of
       the Debtors' assets or businesses;

   (g) assist the Debtors in communications and negotiations
       with its constituents; including, creditors, employees,
       vendors, shareholders, and other parties in interest in
       connection with any Transaction;

   (h) assist the Debtors in locating and negotiating debtor-in-
       possession financing with a new lender to replace the DIP
       financing with Wells Fargo Foothill, Inc., in effect
       as of the Effective Date of the Agreement; and

   (i) render other financial advisory and investment banking
       services as may be mutually agreed upon by Houlihan and
       the Debtors.

Houlihan Lokey will be paid a flat monthly fee of US$150,000 for
the first three months of the engagement, and US$100,000 per
month afterwards.

The Debtors will also pay the firm:

   (1) a Financing Fee upon the consummation of a DIP Financing
       Transaction on behalf of the Debtors equal to the greater
       of (i) US$750,000 and (ii) 1.25% of the aggregate
       principal amount of DIP Financing raised or committed;

   (2) a M&A Transaction Fee equal to a minimum of US$1.25
       million plus incremental increases; and

   (3) a US$1.25 million Restructuring Transaction Fee.

Houlihan Lokey will be reimbursed for all its reasonable out-of-
pocket expenses.

According to Mr. Collins, Houlihan Lokey's restructuring
expertise, as well as its capital markets knowledge, financing
skills, and mergers and acquisitions capabilities, some or all
of which may be required by the Debtors during the term of the
engagement, were important factors in the determination of the
amount of the firm's fees.

As its compensation will be calculated and paid based on certain
transaction fees, Houlihan Lokey will not be required to file
time records, Mr. Collins adds.  Rather, in its fee applications
filed with the Court, Houlihan Lokey would present descriptions
of those services provided on behalf of the Debtors and the
individuals who provided the professional services.

The Debtors would indemnify and hold Houlihan Lokey harmless
against liabilities arising out of or in connection with its
retention.

Christopher R. Di Mauro, managing director at Houlihan Lokey,
assures the Court that his firm is a "disinterested person" as
that term is defined in Section 101(14) of the Bankruptcy Code.

                           Objections

(a) Committee

The Official Committee of Unsecured Creditors said it is
inappropriate and unnecessary at this juncture for the Debtors
to retain Houlihan Lokey or any other investment banker.

Given the high fees Houlihan Lokey is seeking, there is no
benefit to the estates and creditors to retain them at this
time, Thomas F. Driscoll III, Esq., at Morris, Nichols, Arsht &
Tunnell LLP, in Wilmington, Delaware, told Judge Sontchi.

Any beneficial services that Houlihan Lokey could realistically
provide at this point can be provided by the Debtors' other
professionals, Mr. Driscoll maintains.  It is also possible that
Jefferies & Company, Inc., the Debtors' prepetition investment
banker, will make a claim for compensation, he added.

Houlihan Lokey's compensation must be subject to review under
Section 330 of the Bankruptcy Code.  A greater portion of any
monthly fees awarded to Houlihan Lokey should be credited
against any M&A Transaction Fee Houlihan may become entitled to
in these cases, Mr. Driscoll asserts.

(b) U.S. Trustee

Kelly Beaudin Stapleton, the United States Trustee for Region 3,
reminded the Court that professional fees may not be awarded
unless and until the applicant shows that there is a benefit to
the estate.  The fees must be reasonable and necessary, she
added.

Ms. Stapleton noted that Houlihan Lokey's monthly fee, if
allowed, should be subject to Section 330 standards, while the
various transaction and financing fees should be disallowed
under the "improvident" standard set forth in Section 328 and
subject to Section 330.

With respect to the objections filed by the Official Committee
of Unsecured Creditors and the U.S. Trustee, the Court ruled
that:

   (a) Houlihan Lokey will receive a Transaction Fee during the
       Tail Period only if an M&A Transaction or Restructuring
       Transaction is caused or procured by Houlihan Lokey; and

   (b) if Houlihan Lokey commences a process intending to raise
       exit financing or other sources of capital in support of
       a Transaction, its proposed fees will be submitted upon
       proper notice in an application to the Court for
       approval.

Judge Sontchi said Houlihan Lokey will be compensated for its
services, and reimbursed for any related expenses, in accordance
with Section 328(a) of the Bankruptcy Code, the Bankruptcy
Rules, the Local Bankruptcy Rules and any other applicable
orders of the Court.   The firm's fees and expenses will be paid
in the amounts, at the times and in the manner, described in the
Engagement Letter.

The Debtors and the Committee are permitted to review the
Monthly Fees pursuant to the reasonableness standards set forth
in Section 330 of the Bankruptcy Code provided that the number
of hours spent by Houlihan Lokey's personnel during any given
monthly period will not be the sole basis for any objection.

All other fees to which Houlihan Lokey is entitled will be
subject to review by the U.S. Trustee, the Committee, the
Debtors, and all parties-in-interest under the standards set
forth in Section 328(a).

In the event that Jefferies & Co., Inc., moves for, and is
granted, a claim in connection with any sale of the Debtors'
assets which also gives rise to a M&A Transaction Fee or
Restructuring Fee, the Committee, the U.S. Trustee and the
Debtors may challenge, and the Court will review, for
reasonableness, that portion of the Houlihan Lokey M&A
Transaction Fee or Restructuring fee which is in the equivalent
amount of the allowed Jefferies Section 503(b) claim.

Houlihan Lokey will file interim and final fee applications.

In the event that Houlihan Lokey is required to contribute to
any losses, claims, liabilities or expenses, any limitation of
the contribution in the Engagement Letter will not apply.

If, before the earlier of (i) the entry of an order confirming a
Chapter 11 plan in the Debtors' cases, and (ii) the entry of an
order closing the Chapter 11 cases, Houlihan Lokey believes that
it is entitled to indemnification claims under the Engagement
Letter and the application, the firm must file an application in
the Court, and the Debtors may not pay any amounts to Houlihan
Lokey before the entry of a Court order approving the payment.

The Debtors will indemnify and hold Houlihan Lokey harmless
against liabilities arising out of or in connection with its
retention by the Debtors except for any losses, claims, damages,
or liabilities incurred by the Debtors that are finally
judicially determined by a court of competent jurisdiction to
have resulted from Houlihan Lokey's gross negligence, willful
misconduct or fraud.

Houlihan Lokey is excused from maintaining time records as set
forth in Rule 2016 in connection with the services to be
rendered pursuant to the Engagement Letter.  The firm is
permitted to:

   (a) present summary time descriptions of those services
       provided on behalf of the Debtors and the individuals who
       provided professional services on behalf of the Debtors
       for work performed prior to the entry of the Order; and

   (b) maintain time records in half-hour increments in
       connection with the services to be rendered pursuant to
       the Engagement Letter for work performed after the entry
       of the Order.

The U.S. Trustee's objection has been withdrawn.

                    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 Approves Hiring of Traxi as Advisors
--------------------------------------------------------------
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 Traxi
LLC as its financial advisors, effective as of Jan. 12.

As reported in the TCR-Europe on Feb. 26, the Debtors want to
retain the firm's services because of its experience and
knowledge.  The Committee believes that Traxi is well qualified
to represent it in the Debtors' bankruptcy cases.

As the Creditors Committee's financial advisors, Traxi will:

    (a) provide financial analysis related to the proposed
        debtor-in-possession financing motion and other first
        day motions, including assistance in negotiations,
        attendance at hearings, and testimony;

    (b) review all financial information prepared by the Debtors
        or its consultants as requested by the Committee,
        including a review of the Debtors' financial statements
        as of the Petition Date showing in detail all assets and
        liabilities and priority and secured creditors;

    (c) monitor the Debtors' activities regarding cash
        expenditures, receivable collections, asset sales and
        projected cash requirements;

    (d) attend at meetings including the Committee, the Debtors,
        creditors, their attorneys and consultants, federal and
        state authorities, if required;

    (e) review the Debtors' periodic operating and cash flow
        statements;

    (f) review the Debtors' books and records for inter-company
        transactions, related party transactions, potential
        preferences, fraudulent conveyances and other potential
        prepetition investigations;

    (g) investigate any prepetition acts, conduct, property,
        liabilities and financial condition of the Debtors,
        their management, creditors including the operation of
        their business, and as appropriate, avoidance actions;

    (h) review any business plans prepared by the Debtors or
        their consultants;

    (i) review and analyze proposed transactions for which the
        Debtors seek Court approval;

    (j) assist in the Debtors' sale process, collectively or in
        segments, parts or other delineations, if any;

    (k) assist the Committee in developing, evaluating,
        structuring and negotiating the terms and conditions of
        all potential plans of reorganization;

    (l) estimate the value of the securities, if any, that may
        be issued to unsecured creditors under any the Plan;

    (m) provide expert testimony on the results of the
        Committee's findings;

    (n) analyze potential divestitures of the Debtors'
        operations;

    (o) assist the Committee in developing alternative Plans,
        including contacting potential Plan sponsors if
        appropriate; and

    (p) provide the Committee with other and further financial
        advisory services with respect to the Debtors, including
        valuation, general restructuring and advice with respect
        to financial, business and economic issues, as may arise
        during the course of the restructuring as requested by
        the Committee.

Traxi will be paid on an hourly basis, plus reimbursement of the
actual and necessary expenses that Traxi incurs in accordance
with the ordinary and customary rates, which are in effect on
the date the services are rendered, William Sinnott of Random
House, the Committee Chairperson, said.

Traxi's hourly rates are:

        Professional                      Hourly Rate
        ------------                      -----------
        Partners/Managing Directors     US$450 - US$525
        Managers/Directors              US$275 - US$425
        Associate/Analysts              US$125 - US$275

According to Mr. Sinnott, the charges set forth are based on
actual time charges on an hourly basis and based on the
experience and expertise of the professional involved.  The
hourly rates set forth are subject to periodic adjustments to
reflect economic and other conditions.

Anthony J. Pacchia, senior managing director and unit holder at
Traxi, assured the Court that Traxi represents no other entity
in connection with the Debtors' bankruptcy cases, is a
"disinterested person" as that 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
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.


ALPSTAR CLO: S&P Rates EUR24-Million Class E Notes at BB-
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the class AR, A1, and A2 senior secured
floating-rate notes and to the class B, C, D, and E senior
secured deferrable floating-rate notes to be issued by Alpstar
CLO 2 PLC.  At the same time, it will issue EUR57 million of
unrated subordinated notes.
  
The transaction has a reinvestment period of seven years and the
investment manager will be Alpstar Management Ltd., which is
advised by Mignon GenSve S.A. This will be the second CLO
transaction managed by Alpstar Management, with Mignon GenSve as
advisor.
  
At closing, Alpstar 2 will issue floating-rate notes.  The
proceeds, after paying transaction fees and expenses, will be
invested in a portfolio of predominantly senior secured
leveraged loans.
  
At the same time, the issuer will enter into a variable funding
note purchase agreement, under which it may draw up to EUR112.5
million in euros, British pounds sterling, and U.S. dollars.
  
Alpstar 2 may include up to 25% of non-euro-denominated assets.
  
                            Ratings List
  
Alpstar CLO 2 PLC
   EUR600 Million Secured Floating-Rate Notes
       
                          Prelim.        Prelim. Amount
           Class          rating           (Mil. EUR)
           -----          ------            --------
  
           AR             AAA                112.5
           A1             AAA                200.5
           A2             AAA                 78.0
           B              AA                  48.5
           C              A                   37.5
           D              BBB-                42.0
           E              BB-                 24.0
           Subordinated   NR                  57.0


APMS TRAINING: Creditors' Meeting Slated for April 5
----------------------------------------------------
Creditors of APMS Training Ltd. will meet at 10:30 a.m. on
April 5 at the offices of:
  
         Elwell Watchorn & Saxton LLP
         2 Axon
         Commerce Road
         Lynchwood
         Peterborough  
         PE2 6LR
         England  

Creditors who want to vote at the meeting have until noon on
April 4 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 April 3 and April 4.

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.


ATRIUM TRAINING: Joint Liquidators Take Over Operations
-------------------------------------------------------
R. D. Smailes and S. B. Ryman of Rothman Pantall & Co. were
appointed joint liquidators of Atrium Training Services Ltd.
(formerly Options Employment Group Ltd.) on Feb. 23 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:

         Atrium Training Services Ltd.
         Clareville House 26-27
         Oxendon Street
         City of Westminster
         London
         SW1Y4EP
         England
         Tel: 020 8814 8999


BRITISH AIRWAYS: Opposes Conservative Party's Taxation Proposals
----------------------------------------------------------------
British Airways Plc and Virgin Atlantic Airways Ltd. criticized
proposals of Britain's opposition Conservative Party to impose
new taxes on air travel in an effort to reduce carbon emission,
according to published reports.

The party is considering a number of measures including levying
VAT or fuel duty on domestic flights and replacing air passenger
duty with a per flight tax based on carbon emissions, BBC News
relates.

According to George Osborne, a top party official, the taxes
will only target frequent flyers and planes with dirty engines.

Mr. Osborne emphasized that other taxes would be lowered to
offset the new air travel levies, Aaron Karp writes for ATW
Daily News.

However, British Airways believed taxation is an extremely blunt
instrument in terms of reducing carbon emissions.  The airline
favors emissions trading instead, politics.co.uk reveals.

Virgin Atlantic, on the other hand, is calling on the aviation
industry to invest in the technology, which will deliver lighter
and cleaner planes and fossil-free fuels, Paul Charles, Virgin
spokesman, was quoted by the Associated Press as saying.

Mr. Charles added taxing passengers could harm the economy as
they make U.K. airlines less competitive and shift jobs to other
countries in Europe.

                            About BA

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

                        *     *     *

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


BRITISH AIRWAYS: Committee Blames Poor Mktg. for Scheme Failure
---------------------------------------------------------------
British Airways Plc was criticized by members of the all-party
Environmental Audit Committee of poorly marketing its carbon
offsetting scheme under which customers pay for the cost of the
emissions created by their journey, BBC News reports.

As previously disclosed, the money raised through the scheme
will be used by an organization called Climate Care to invest in
sustainable energy projects that tackle global warming by
reducing carbon dioxide levels.

According to BA Secretary Alan Buchanan, the scheme has saved
just 1,600 tons of CO2 since September 2005.

"The take-up has been disappointing and it has been largely flat
throughout the period," Mr. Buchanan was quoted by BBC as
saying.

The committee alleged passengers lack information on how to take
part in the scheme and check-in staff were unaware of the
options available when asked, BBC relates.

However, Mr. Buchanan emphasized marketing was put on hold as it
expected customers to be less sympathetic to the scheme after
air passenger duties doubled.

He added that the best way to achieve a proper offset is through
an organized emissions trading scheme that would cover an entire
flight.

                       About the Company

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

                        *     *     *

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


BRITISH AIRWAYS: Eyes Major Expansion at London City Airport
------------------------------------------------------------
British Airways Plc is expanding its operations at London City
Airport by more than 70% with the launch of its new subsidiary,
BA CityFlyer.

The new carrier will operate 250 flights a week from the
Docklands airport to six U.K. and European destinations from the
end of this month.

British Airways currently operates 144 flights a week at London
City.  The increase represents the airline's greatest commitment
by far to the airport since it began services there in 2003.

From March 26, BA CityFlyer will start new direct routes to
Glasgow and Zurich, each served four times a day, and add extra
frequency on the busy Edinburgh service.  Destinations also
include Frankfurt, Madrid and Milan.

Fares are available from GBP39 one way, including taxes.

Underlining its business focus at London City, the airline is
offering passengers a schedule that enables them to do a full
business day in Glasgow and Zurich with a same-day return
option.

"London City Airport will be a major focus for us over the next
few years," Peter Simpson, BA CityFlyer managing director
designate, said.  "It is an increasingly popular base for
customers, easy to use and conveniently located for the growing
business districts of Docklands and the City."

"Our existing services have been well received by the business
community, and our new routes are very much at the top of the
"wish list" for our customers.

"This growth demonstrates our commitment to London City.  We
believe BA CityFlyer has a great future here, and we will
evaluate further growth opportunities as we plan our schedules
for 2008 and beyond," Mr. Simpson added.

"It's good to see British Airways increasing their network at
London City Airport," Richard Gooding, chief executive for
London City Airport, said.  "What we offer is very unique
compared to other airports.  Our location and support
infrastructure enables airlines to serve the business community
by delivering a service that exceeds their business travel
expectations.  We wish British Airways every success for the
future and look forward to hearing about further network
expansion."

                       About the Company

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

                        *     *     *

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


BROADOAK BOTTLING: Names Liquidators to Wind Up Business
--------------------------------------------------------
Mark Peter George Roach and Graham David Randall of BDO Stoy
Hayward LLP were appointed joint liquidators of Broadoak
Bottling Co. Ltd. on March 6 for the creditors' voluntary
winding-up procedure.

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

The company can be reached at:

         Broadoak Bottling Co. Ltd.
         The Cider Mill Clutton Hill Estate
         Clutton Hill
         Clutton
         Bristol
         Avon
         BS395QQ
         England
         Tel: 01761 453 119


CANNOCK GATES: Brings In Ernst & Young as Joint Administrators
--------------------------------------------------------------
Ian Best and Chris Marsden of Ernst & Young LLP were appointed
joint administrators of Cannock Gates U.K. Ltd.

"Originally established in 1983, the company has built a strong
reputation for the quality of its handmade products and has a
significant customer base across the country making it an
attractive acquisition target, Ian Best disclosed.

"We are seeking to trade the business with a view of finding a
buyer, and early indications show that there is interest from
several parties," Mr. Best added.  "We aim to keep an open
dialogue with customers who have orders with the company and we
will be contacting them over the next few days to keep them
fully up to date."

Ernst & Young -- http://www.ey.com/-- provides broad array of  
services relating to audit and risk-related services, tax, and
transactions across all industries-from emerging growth
companies to global powerhouses-deal with a broad range of
business issues.  

Headquartered in Cannock, England, Cannock Gates U.K. Ltd. --
http://www.cannockgates.co.uk/-- manufactures a range of  
wrought iron and solid wooden gates, and is one of the largest
manufacturers of its kind in Britain.  The company also sells
its products direct to consumers via a factory shop, through its
mail order catalogue and its web site.  It employs 100 people at
its two sites.


CEN GLASS: Creditors' Meeting Slated for March 21
-------------------------------------------------
Creditors of Cen Glass Systems Ltd. will meet at 3:00 p.m. on
March 21 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 19 and March 20.


COLLINS & AIKMAN: Maryann Wright Steps Down as Vice President
-------------------------------------------------------------
In a Form 8-k filing with the U.S. Securities and Exchange
Commission, Collins & Aikman Corp. made known the resignation of
MaryAnn Wright from her position as executive vice president for
Engineering, Design and Product Development, effective Feb. 28.

Collins and Ms. Wright entered into a separation agreement that
provides Ms. Wright:

    -- US$108,750 cash severance payment, less applicable
       withholding taxes; and

    -- the opportunity to elect continuation coverage under the
       group medical and dental benefit plans, or COBRA
       coverage.

Subject to certain exceptions, Ms. Wright has agreed not to
disclose confidential information of the Company and not to
solicit or hire Collins employees until Sept. 30.

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.  

The Debtors' disclosure statement explaining their First Amended
Joint Chapter 11 Plan was approved on Jan. 25, 2007.
(Collins & Aikman Bankruptcy News, Issue No. 55; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/   
or 215/945-7000).


COMPLETE BUILD: Taps Liquidator from Hodgsons
---------------------------------------------
David Emanuel Merton Mond of Hodgsons was appointed liquidator
of Complete Build and Heat Ltd. on Feb. 28 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Complete Build & Heat Ltd.
         4 Didsbury Road
         Stockport
         Cheshire
         SK4 3BS
         England
         Tel: 0161 432 7096
         Fax: 0161 432 5581


DARCY INDUSTRIES: KPMG Offers Cleaning Goods Business for Sale
--------------------------------------------------------------
Paul Dumbell and Brian Green of KPMG LLP, acting as joint
administrators of Darcy Industries Ltd., are offering to sell
the business and assets of the company.

Inquiries may be addressed to:

         Alex Birch or Simon Owers
         KPMG LLP
         St. James' Square
         Manchester M2 6DS
    Tel: 01618 384 000
         Fax: 01618 384 089

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,  
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.

Headquartered in Bolton, England, Darcy Industries Ltd.
manufactures cleaning, DIY and decorative products like Hospec,
Youngs Detergents, Homecare decorating products, and Carr & Day
& Martin shoe care products.  The company has a turnover of
around GBP19 million and employs 150 people across its two sites
in Warrington and Bolton.


DECO 12: Fitch Assigns GBP1.13-Mln Class F Notes at BB
------------------------------------------------------
Fitch Ratings has assigned final ratings to DECO 12 - UK 4
p.l.c.'s floating-rate notes due January 2020 as follows:

   -- GBP475 million Class A1: 'AAA'
   -- GBP115 million Class A2 'AAA'
   -- GBP35 million Class B: 'AA'
   -- GBP28 million Class C: 'A'
   -- GBP16 million Class D: 'BBB'
   -- GBP2.75 million Class E: 'BBB-'
   -- GBP1.13 million Class F: 'BB'

The final ratings reflect the credit enhancement provided to
each class by the subordination of classes junior to it, the
positive and negative features of the underlying collateral, and
the integrity of the legal and financial structures.  The
ratings also address the timely payment of interest on the notes
and the ultimate repayment of principal by final legal maturity
in January 2020.

Initial credit enhancement for the Class A1 and A2 notes is
provided by subordination of the Class B, C, D, E and F notes.  
Likewise, initial credit enhancement for the Class B, Class C,
Class D and Class E is provided by the subordination of those
notes junior to them.

This transaction is a securitization of 10 commercial mortgage
loans originated by Deutsche Bank AG, London branch.   The total
principal balance outstanding of the 10 loans is
GBP672.9 million and the initial weighted average loan-to-value
ratio is 59.5%.  The pool is dominated by two loans, the Tesco
loan and the Merry Hill loan.  The Tesco loan benefits from the
strong credit quality of its main tenant, Tesco PLC, and a
weighted average unexpired lease length of 20 years.  The Merry
Hill loan is backed by a single UK regional shopping center with
a very granular tenant pool, where the largest tenant makes up
2.6% of passing rent.  While the WA LTV of the pool is
relatively low, this is primarily driven by the low leverage of
the Merry Hill loan.  Should Merry Hill prepay on day one, the
WA LTV of the pool would increase to 69.3%.

Interest on the notes will be paid quarterly in arrears,
commencing in April 2007. Scheduled repayment of principal on
the loans will be distributed sequentially as the loans
themselves amortize; however, prepayment funds and final
redemption funds will be used to repay note principal in a
modified pro rata manner incorporating loan buckets, as long as
a sequential trigger has not been breached.  The transaction
benefits from a liquidity facility, which amounts to
GBP41.0 million.


ETS RESOURCES: Creditors' Meeting Slated for April 3
----------------------------------------------------
Creditors of ETS (Resources) Ltd. will meet at 2:30 p.m. on
April 3 at:

         Jackson Gregory & Co.
         14 Wood Street
         Bolton  
         BL1 1DZ
         England
       
Creditors who want to vote at the meeting have until noon on
Feb. 23 to submit their proxy forms together with particulars of
their claims or of any security at the said address.
  
Roderick Julian Jones of Jackson Gregory & Co. will furnish
creditors with information concerning the company's affairs free
of charge between 10:00 a.m. and 4:00 p.m. on March 30 as they
may reasonably require.


EUROEJECTORS LTD: Taps Harrisons as Joint Administrators
--------------------------------------------------------
P. R. Boyle and J. C. Sallbank of Harrisons were appointed joint
administrators of Euroejectors Ltd. (Company Number 03472924) on
Feb. 26.

Harrisons -- http://www.harrisons.uk.com/-- provides advice and  
solutions to professional advisors who found their clients
experiencing financial difficulties.  Originally trading from
offices in Reading and has added London, Manchester, Bristol,
and Derby and has associate offices in Grantham and Stockton on
Tees.   

The company can be reached at:

         Euroejectors Ltd.
         Kendricks Road  
         Wednesbury  
         West Midlands  
         WS10 8LX
         England  
         Tel: 0121 568 8282  
         Fax: 0121 568 8213


EXCEL LIFT: Taps Harrisons as Joint Administrators
--------------------------------------------------
P. R. Boyle and J. C. Sallabank of Harrisons were appointed
joint administrators of Excel Lift Services (U.K.) Ltd. (Company
Number 04338028) on Feb. 23.

Harrisons -- http://www.harrisons.uk.com/-- provides advice and  
solutions to professional advisors who found their clients
experiencing financial difficulties.  Originally trading from
offices in Reading and has added London, Manchester, Bristol,
and Derby and has associate offices in Grantham and Stockton on
Tees.   

The company can be reached at:

         Excel Lift Services (U.K.) Ltd.
         15 Amberley Court  
         Sidcup  
         Kent  
         DA14 6JT  
         England
         Tel: 01732 760 567


FISHER COMMUNICATION: Appoints Administrators from DTE Leonard
--------------------------------------------------------------
J. M. Titley and A. Poxon of DTE Leonard Curtis were appointed
joint administrators of Fisher Communication Systems Ltd.
(Company Number 01419423) on Feb. 20.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax  
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.

The company can be reached at:

         Fisher Communication Systems Ltd.
         Unit 4 Greenfields Technology Park  
         Hawkshead Road  
         Croft Technology Park  
         Bromborough  
         Wirral  
         Merseyside  
         CH62 3RJ  
         England
         Tel: 0151 482 8700
         Fax: 0151 482 8739


FLOORLINE CONTRACTS: Creditors' Meeting Slated for March 27
-----------------------------------------------------------
Creditors of Floorline (Contracts) Ltd. will meet at 3:00 p.m.
on March 27 at:
  
         Smith & Williamson Ltd.  
         No. 1 St. Swithin Street
         Worcester  
         WR1 2PY  
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge on March 23.

Smith & Williamson -- http://www.smith.williamson.co.uk/--  
provides investment management, financial advisory and
accountancy services to private clients, professional practices,
mid to large corporates, and non-profit organizations.


FORD MOTOR: Mulally Says Company Has Realistic Business Plan
------------------------------------------------------------
Ford Motor Co. Chief Executive Alan Mulally told Congress on
Wednesday that the company has a strong and realistic plan to
turn around its troubled business, Reuters reports.

According to the report, Mr. Mulally said in written testimony
for a U.S. House of Representatives Energy and Commerce
subcommittee that Ford's business strategies must be flexible.

Reuters also cited Mr. Mulally as saying that the plan is
beginning to show results in strong sales of vehicles like the
new Edge crossover.

More than two weeks ago, Ford estimated US$11,182 million in
total lifetime costs for restructuring actions.  

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

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

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

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

Ford, which incurred a US$12,613 million net loss on US$160,123
million of total sales and revenues for the year ended Dec. 31,
2006, said in a regulatory filing with the Securities and
Exchange Commission that its overall market share in the United
States has declined in each of the past five years, from 21.1%
in 2002 to 17.1% in 2006.  The decline in overall market share
primarily reflects a decline in the company's retail market
share, which excludes fleet sales, during the past five years
from 16.3% in 2002 to 11.8% in 2006, the automaker said.

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

                       About Ford Motor Co.

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

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4'.

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


FORD MOTOR: UAW Local 863 Wins Investment in Sharonville Plant
--------------------------------------------------------------
The International Union, United Automobile, Aerospace and
Agricultural Implement Workers of America members at Local 863
in Sharonville, Ohio, have secured an agreement from Ford Motor
Co. to invest US$200 million for retooling to build a new, fuel-
efficient transmission, union officials said.

"This shows what we can accomplish when we work together to
preserve good-paying manufacturing jobs in the United States,"
UAW President Ron Gettelfinger said.

"Our members earned this agreement," UAW Vice President Bob King
added.  "Ford understands our extraordinary commitment to world-
class productivity and efficiency."

"This is great news for our members, for Ford Motor Co. and for
our communities," said Lloyd Mahaffey, director of UAW Region
2B, which covers the state of Ohio.

"Our members build world-class quality, and this is a great
opportunity to build the fuel-efficient transmissions that will
power the Ford vehicles of the future."

                       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 US$3 billion of senior convertible notes
due 2036.


FORD MOTOR: DBRS Says Aston Sale May Not Warrant Rating Actions
---------------------------------------------------------------
Dominion Bond Rating Service said that Ford Motor Company has
announced that it has entered into a definitive agreement to
sell Aston Martin to a consortium of investors in a transaction
valued at US$925 million.  Ford will also retain a US$77 million
investment in Aston Martin.

DBRS believes that the sale is beneficial to Ford but is not
material enough to warrant any rating actions.  The transaction
is expected to close during the second quarter of 2007 and is
subject to customary closing conditions, including applicable
regulatory approvals.

Ford had announced on August 2006 that it intended to explore
strategic options for the Aston Martin business as part of the
company's plan to restructure its automotive operations.  DBRS
believes the transaction is a positive development.  The
proceeds from the sale will add to the company's liquidity to
fund the execution of the "Way Forward" plan, Ford's
restructuring program to restore its North American automotive
operations.  Aston Martin competes in the luxury segment, which
is not a critical component to the success of Ford's automotive
operations.  The divestiture of Aston Martin will have minimal
negative impact on the company's profitability.  The conclusion
of the sale will also remove a distraction from senior
management.

Nevertheless, DBRS notes that Ford continues to face significant
challenges to turn around its deteriorating performance.  The
company has indicated that its North American operations are not
expected to be profitable before 2009.  These concerns are
reflected in the Negative trend on the ratings of Ford and its
finance subsidiaries.  To change the trend to Stable, the
Company needs to demonstrate consistent progress in executing
its Way Forward plan in its North American operations.

More importantly, the company's UAW contract expires in
September 2007.  The company needs to secure a new labor
agreement with the UAW, addressing issues such as "jobs bank"
and inflexible work rules, to enable it to become competitive
with the Asian producers without any extended labor disruptions.  
Conversely, any signs of stalling in executing the Way Forward
plan and disruptive labor actions during contract negotiations
may lead to negative rating actions.


FRESHFAYRE PRODUCTS: Taps Administrators from BDO Stoy
------------------------------------------------------
Graham David Randall and Simon Edward Jex Girling of BDO Stoy
Hayward LLP were appointed joint administrators of Freshfayre
Products Ltd. (Company Number 01232426) on Feb. 26.

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

The company can be reached at:

         Freshfayre Products Ltd.
         Unit 18  
         Llandough Trading Estate  
         Penarth Road  
         Cardiff  
         South Glamorgan
         CF11 8RR  
         Wales
         Tel: 029 2070 5701  
         Fax: 029 2070 5366


GENERAL MOTORS: Eyes 20% Shift in Pension Allocation to Bonds
-------------------------------------------------------------
General Motors Corp. said Wednesday it was shifting 20% of its
pension assets from stocks to bonds in a bid to protect the
assets of plans overfunded by US$17.1 billion, Reuters reports.

According to the report, the automaker's pension plans will now
be invested about 52% in global bonds, 29% in global equity, 8%
in real estate and 11% in alternative investments.

GM, the source says, had a 15% return on pension assets in 2006,
well ahead of general market performance and an improvement on
the strong 13% return on assets in 2005.

With the shift of asset allocation, Reuters relates that GM
lowered its expected return on assets for 2007 to 8.5%, down
from the previous assumption of a 9% return.

The automaker had undertaken the asset shift at the end of 2006
and early 2007, Reuters says, citing company's Chief Financial
Officer Fritz Henderson.

The shift is intended to reduce the expected volatility of asset
returns in the plan's funded status, and lower the probability
of any future funding requirements," Mr. Henderson said in the
report.

GM, which reported a lower net loss of US$2.0 billion in 2006
from a net loss of US$10.4 billion in 2005, earlier said that it
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.

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, The Wall
Street Journal said, citing people familiar with the settlement.

                    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.


GODDARD BINDERY: Hires Joint Administrators from Vantis
-------------------------------------------------------
Frank Wessely and Peter James Hughes-Holland of Vantis Plc were
appointed joint administrators of Goddard Bindery Group Ltd.
(Company Number 02781089) on Feb. 28.

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,  
business and tax advisory services in the United Kingdom.

The company can be reached at:

         Goddard Bindery Group Ltd
         Unit 9  
         Middlegreen Trading Estate  
         Middlegreen Road  
         Slough  
         Berkshire  
         SL3 6DF  
         England
         Tel: 01753 554 559  
         Fax: 01753 550 994


GREAT HALL: Moody's Rates GBP14.5-Mln Class Ea Notes at Ba2
-----------------------------------------------------------
Moody's Investors Service assigned definitive credit ratings to
these classes of Notes issued by Great Hall Mortgages No.1 plc,
Series 2007-01:

   -- GBP55-million Class A1a Notes due March 2039: Aaa;
   -- EUR139-million Class A1b Notes due March 2039: Aaa;
   -- GBP264-million Class A2a Notes due March 2039: Aaa;
   -- EUR396-million Class A2b Notes due March 2039: Aaa;
   -- GBP47.1-million Class Ba Notes due March 2039: Aa2;
   -- EUR55.6-million Class Bb Notes due March 2039: Aa2;
   -- GBP14-million Class Ca Notes due March 2039: A2;
   -- EUR33.4-million Class Cb Notes due March 2039: A2;
   -- GBP19-million Class Da Notes due March 2039: Baa3;
   -- EUR22.9-million Class Db Notes due March 2039: Baa3; and
   -- GBP14.5-million Class Ea Notes due March 2039: Ba2.

Moody's previously assigned provisional ratings on the notes on
Feb. 5.  This transaction represents the second securitization
transaction sponsored by JP Morgan Chase Bank, N.A. through its
Great Hall Mortgages No.1 program.  The collateral was
originated by Platform Funding Limited, a wholly-owned
subsidiary of Britannia Building Society (A2, Prime-1), a party
that has a good track record in the securitization market.

The ratings of the Notes are based upon an analysis of the
characteristics of the mortgage pool backing the Notes, the
protection the Notes receive from credit enhancement against
defaults and arrears in the mortgage pool, and the legal and
structural integrity of the issue.  The credit enhancement
available in the deal is provided in the form of excess spread,
reserve fund (1.55% of original note balance at closing), and
subordination of the Class B, C, D, and E Notes.  Subject to
certain conditions being met, the reserve fund may amortize up
to a floor of 0.775% of the original note balance.

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


HANDL COOKWARE: Claims Filing Period Ends April 10
--------------------------------------------------
Creditors of andl Cookware Ltd. have until April 10 to send in
their names, addresses and descriptions, full particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to:

         Andrew Andronikou
         Joint Liquidator
         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London  
         EC2Y 5DH
         England

Creditors confirmed the appointment of Andrew Andronikou and
Peter Alan Kubik of UHY Hacker Young as joint liquidators of the
company on March 1.


HOUSEPROUD HOME: Brings In Tenon Recovery to Administer Assets
--------------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint administrators of Houseproud Home Improvements Ltd.
(Company Number 4521381) on March 7.

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

Headquartered in Sevenoaks, England, Houseproud Home
Improvements Ltd. -- http://www.houseproudhome.co.uk/--  
installs home improvement products.


LANDMARK MORTGAGE: Fitch Rates GBP6.1-Mln Class D Notes at BB
-------------------------------------------------------------
Fitch Ratings assigned final ratings to these Landmark Mortgage
Securities No.1 Plc's GBP350.00 million mortgage-backed
floating-rate notes:

   -- GBP276.49 million Class Aa notes due 2039: 'AAA'
   -- EUR35.0 million Class Ac notes due 2039: 'AAA'
   -- GBP21.0 million Class Ba notes due 2039: 'A'
   -- EUR16.5 million Class Bc notes due 2039: 'A'
   -- GBP11.9 million Class C notes due 2039: 'BBB'
   -- GBP6.1 million Class D notes due 2039: 'BB'

The collateral underlying the notes in this transaction consists
solely of originations from Amber Home Loans, Unity Mortgages
and Infinity Home Loans.

The final ratings are based on the quality of the collateral,
available credit enhancement, the underwriting criteria of
Amber, Unity and Infinity, the primary servicing capabilities of
Homeloan Management Limited, the special servicing capabilities
of Investec and the sound legal structure of the transaction.

Credit enhancement for the Class A notes totals 15.15% and will
be provided by the subordination of the Class B, Class C, Class
D and a reserve fund of 0.85% of the initial issue size.

To determine appropriate credit enhancement levels, Fitch
analyzed the collateral using its UK Residential Mortgage
Default Model, dated February 5.  The agency also modeled cash-
flows using the results of the default model, with structural
stresses including various prepayment and interest rate
scenarios.  The cash-flow tests showed that each class of notes
could withstand loan losses at a level corresponding to the
related stress scenario without incurring any principal loss or
interest shortfall and can retire principal by legal final
maturity.


MAXFIELDS JEWELLERS: Creditors' Meeting Slated for March 21
-----------------------------------------------------------
Creditors of Maxfields (Jewellers) Ltd. will meet at 11:15 a.m.
on March 21 at:
  
         BWC Business Solutions
         8 Park Place
         Leeds  
         LS1 2RU
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on March 19.


MILEBEECH LTD: Creditors Confirm Liquidators' Appointment
---------------------------------------------------------
Creditors of Milebeech Ltd. (t/a Clements & Church and Rosen &
Nathan) confirmed on Feb. 27 the appointment of Nigel Price and
Mark Elijah Thomas Bowen of Moore Stephens LLP as the company's
joint liquidators.

Moore Stephens -- http://www.moorestephens.co.uk-- offers  
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pnsions audit, risk advisory services, tax, and
trusts & estates services.  Its U.K. network comprises over
1,400 partners and staff.

The company can be reached at:

         Milebeech Ltd.
         44 Grovefield Crescent
         Balsall Common
         Coventry
         West Midlands
         CV7 7RE
         England
         Tel: 0121 233 9994


PAK SEAFOODS: Claims Filing Period Ends April 16
------------------------------------------------
Creditors of Pak Seafoods Ltd. (formerly G M Fisheries Ltd.)
have until April 16 to send in their names, addresses and the
particulars of their debts and claims to:

         Mehmet Arkin
         Liquidator
         Arkin & Co.
         Maple House
         High Street
         Potters Bar
         Hertfordshire  
         EN6 5BS
         England

Mehmet Arkin of Arkin & Co. was appointed liquidator of the
company on March 2.


PHOENIX COVERS: Creditors' Meeting Slated for March 23
------------------------------------------------------
Creditors of Phoenix Covers 2000 Ltd. will meet at 2:15 p.m. on
March 23 at:
  
         BWC Business Solutions
         8 Park Place
         Leeds  
         LS1 2RU
         England

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


PORTRAIT CORP: Has Until May 28 to Remove Civil Actions
-------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York gave Portrait Corporation of America Inc. and its
debtor-affiliates until the earlier of plan confirmation and
May 28, 2007, to remove prepetition civil actions.

The Debtors are currently party to numerous State Court Actions.  
The Debtors pointed out that this is simply not the time for
them to be reviewing state court litigations for purposes of
removal.

The Debtors recently filed their proposed plan of reorganization
and an accompanying disclosure statement with the Court.  The
Debtors want to obtain Court approval of their plan by the end
of April 2007.  Before that, the Debtors must obtain Court
approval of their disclosure statement; prepare for the voting
and claims resolution processes; and obtain exit financing
necessary to consummate the Plan.

The Debtors say they need more time to make fully informed
decisions concerning removal of the State Court Actions.

Portrait Corporation of America, Inc. -- http://pcaintl.com/--   
provides professional portrait photography products and services
in North America.  The Company operates portrait studios within
Wal-Mart stores and Supercenters in the United States, Canada,
Mexico, Germany and the United Kingdom.  The Company also
operates a modular traveling business providing portrait
photography services in additional retail locations and to
church congregations and other institutions.

Portrait Corporation and its debtor-affiliates filed for
Chapter 11 protection on Aug. 31, 2006 (Bankr S.D. N.Y. Case
No. 06-22541).  John H. Bae, Esq., at Cadwalader Wickersham &
Taft LLP, represents the Debtors in their restructuring efforts.
Berenson & Company LLC serves as the Debtors' financial advisor
and investment banker.  Kristopher M. Hansen, Esq., at Stroock &
Stroock & Lavan LLP represents the Official Committee of
Unsecured Creditors.  Peter J. Solomon Company serves as
financial advisor for the Committee.  At June 30, 2006, the
Debtor had total assets of US$153,205,000 and liabilities of
US$372,124,000.

The Debtors' submitted a Joint Chapter 11 Plan of Reorganization
and Disclosure Statement explaining that Plan on Jan. 31, 2007.


PRISMATIC YARNS: Appoints Peter Sargent as Liquidator
-----------------------------------------------------
Peter Sargent of Begbies Traynor was appointed liquidator of
Prismatic Yarns & Fibres Ltd. (formerly Herring Dale Ltd.) on
March 8 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:

         Prismatic Yarns & Fibres Ltd.
         Empire Wks, Shay La
         Holmfield
         West Yorkshire
         HX3 6SD    
         England
         Tel: 01422 247 222
         Fax: 01422 363 605


REFCO INC: Administrators Want Until May 11 to Remove Actions
-------------------------------------------------------------
RJM LLC, the duly appointed administrator of Refco, Inc.'s
Chapter 11 case, and Marc S. Kirschner, the duly appointed
administrator and Chapter 11 Trustee of Refco Capital Markets,
Ltd.'s estate, ask the U.S. Bankruptcy Court for the Southern
District of New York to extend until May 11, 2007, the period
within which Refco, Inc., and its debtor-subsidiaries may file
notices of removal with respect to pending actions under Rule
9027(a)(2) of the Federal Rules of Bankruptcy Procedure.

The Plan Administrators assumed the rights, powers, and duties
of the Reorganized Debtors and RCM upon the Plan Effective Date.

Jared R. Clark, Esq., at Bingham McCutchen LLP, in New York,
relates that as of their bankruptcy filing, the Debtors were
plaintiffs in 37 actions and proceedings in a variety of state
and federal courts throughout the country.

Mr. Clark states that since the Debtors have continued to focus
primarily on winding down their businesses, administering claims
and implementing the Plan, the Debtors have not reviewed all the
Actions to determine whether any of them should be removed.

Mr. Clark asserts that extension of the Removal Period will
afford the Debtors a sufficient opportunity to assess whether
the Actions can and should be removed, hence, protecting the
Debtors' valuable right to adjudicate lawsuits under Section
1452 of the Judiciary and Judicial Procedure Code.

                          About Refco Inc.

Headquartered in New York, New York, Refco Inc. --
http://www.refco.com/-- is a diversified financial services  
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore.  In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products.  Refco is one of the largest global
clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported $16.5 billion in assets and $16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on
Dec. 26, 2007. (Refco Bankruptcy News, Issue No. 58; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).


REFCO INC: Ch. 7 Trustee Wants Lease-Decision Deadline Extended
---------------------------------------------------------------
Albert Togut, the Chapter 7 Trustee overseeing the liquidation
of Refco LLC's estate, asks the Honorable Robert D. Drain of the
U.S. Bankruptcy Court for the Southern District of New York to
extend the Lease Decision Deadline until May 9, 2007, without
prejudice to the rights of (i) any non-debtor counterparties to
seek an earlier date upon which the Trustee must assume or
reject a specific contract, and (ii) the Trustee to seek a
further extension, if necessary and appropriate.

The Chapter 7 Trustee tells the Court that as of Jan. 16, 2007,
he has completed his evaluation of the Debtor's executory
contracts and contacted various parties to negotiate
modifications to certain terms and conditions of seven remaining
contracts so that they may be assumed.

The Chapter 7 Trustee expects to reach agreements to assume, or
assume as modified, the Remaining Contracts, and is hopeful that
the process can be completed within the next 60 days.

Currently, the Remaining Contracts that have not yet been
assumed or rejected pertain to document and electronic data
storage services that are continuously used in connection with
the administration of the Debtor's estate, Scott E. Ratner,
Esq., at Togut, Segal & Segal LLP, in New York, states.  The
Remaining Contracts also relate to documents that may be
required to be maintained and stored under applicable
commodities or other law.

Counterparties to the Remaining Contracts are:

   * Archives One, Inc. - New York,
   * GRM - Chicago,
   * Iron Mountain Information Management, Inc.,
   * Iron Mountain Off-Site Data Protection, Inc.,
   * Data Impact, also known as Speedscan, Inc.,
   * Vanguard Archives, Inc. - Chicago.
   
Mr. Ratner asserts that the extension is necessary and
appropriate and will assist the Chapter 7 Trustee in maximizing
the value of Refco LLC's estate for the benefit of creditors.

                       About Refco Inc.

Headquartered in New York, Refco Inc. -- http://www.refco.com/  
-- is a diversified financial services organization with
operations in 14 countries and an extensive global institutional
and retail client base.  Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore.  In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives.

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on
Dec. 26, 2007.  (Refco Bankruptcy News, Issue No. 58; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000)


SMH PLASTICS: Claims Filing Period Ends May 28
----------------------------------------------
Credio rs of SMH Plastics Ltd. have until May 28 to prove their
debts by sending written statements of the amounts they claim to
be due to them from the company to:

         D. F. Wilson  
         Joint Liquidator
         Begbies Traynor  
         Glendevon House
         Hawthorn Park
         Coal Road
         Leeds  
         LS14 1PQ
         England

D. F. Wilson and J. N. R. Pitts of Begbies Traynor were
appointed joint liquidators of the company on Feb. 15.

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


SOLUTIA INC: Reports Status of Litigations as of Dec. 31, 2006
--------------------------------------------------------------
Solutia Inc. disclosed in its 2006 annual report on Form 10-K
submitted to the U.S. Securities and Exchange Commission that
due to the size and nature of its business, it is a party to
numerous legal proceedings.

(1) Anniston Partial Consent Decree

On Aug. 4, 2003, the United States District Court for the
Northern District of Alabama approved a partial consent decree
in the action United States of America v. Pharmacia Corp. and
Solutia.  It provides for Pharmacia and Solutia to sample
certain residential properties and their soils to check if PCBs
are at a level of 1 part per million or above, to conduct a
remedial investigation and feasibility study to provide
information for the selection by the Environmental Protection
Agency of a cleanup remedy for the Anniston, Alabama PCB site,
and to pay EPA's past response costs and future oversight costs.

The decree also provided for the creation of an educational
trust fund of approximately US$3,000,000 to be funded over a 12-
year period to provide supplemental education services for
children in west Anniston.

The District Court issued an order on June 30, 2005, authorizing
Solutia and Pharmacia to suspend clean up at the Anniston site
under the Anniston Consent Decree.

In July 2006, Solutia and Pharmacia reached an agreement with
EPA that clarifies the extent of remaining obligations under the
Anniston Consent Decree and the coordination of the work with
the lead site clean-up being performed by others, and by which
Solutia and Pharmacia will forego the opportunity to suspend
their obligations under the Anniston Consent Decree pursuant to
the June 30, 2005 order.  Solutia and Pharmacia preserved their
rights under the agreement to continue to argue that the
contribution protection afforded certain other potentially
responsible parties performing lead site cleanup should not be
effective as to them.

(2) Penndot Case

Solutia provided a US$20,000,000 letter of credit to secure a
portion of Pharmacia's obligations with respect to an appeal
bond issued in its case in the Commonwealth Court of
Pennsylvania by the Commonwealth of Pennsylvania, seeking
damages for PCB contamination in the Transportation and Safety
Building in Harrisburg, Pennsylvania, that it claimed
necessitated the demolition of the building.

On May 25, 2006, the Supreme Court of Pennsylvania reversed in
whole and remanded in part the trial court decision against
Pharmacia.  The letter of credit used to secure the appeal bond
was released and Solutia recognized a gain in its consolidated
statement of operations during the second quarter of 2006.

(3) Flexsys-Related Litigations

Antitrust authorities in the U.S., Europe and Canada are
continuing to investigate past commercial practices in the
rubber chemicals industry, including the practices of Flexsys,
Solutia's joint venture with Akzo Nobel.  The European
Commission issued its findings from its investigation in 2005,
without levying any fines against Flexsys.  Investigations
regarding the industry may still be on-going in the U.S. and
Canada -- no findings have been made in either country yet.

A number of purported civil class actions have been filed
against Flexsys and other producer of rubber chemicals on behalf
of indirect purchasers of rubber chemical products.  All, except
two pending cases, have been dismissed, or are currently subject
to tentative settlements.

(4) Cash Balance Plan Litigation

Since October 2005, current or former participants in Solutia's
employees' pension plan have filed three class actions alleging
that the Pension Plan is discriminatory based upon age and that
the lump sum values of individual account balances are
miscalculated.  None of the Debtors, and no individual or entity
other than the Pension Plan, has been named as defendant in any
of the cases.

Two of the cases are still pending in the Southern District of
Illinois against Monsanto and Monsanto Company Pension Plan and
Pharmacia Cash Balance Pension Plan, Pharmacia, Pharmacia and
Upjohn, Inc., and Pfizer Inc.

On Sept. 4, 2006, a consolidated class action complaint was
filed against the Pension Plan.  Motions for class certification
were filed in late 2006 against the each of the defendants.  
Briefing was completed in January 2007.  The motion is still
pending before the Court.

(5) Dickerson V. Feldman

On Oct. 7, 2004, a purported class action styled Dickerson v.
Feldman, et al., was filed in the U.S. District Court for the
Southern District of New York against a number of defendants,
including former officers and employees of Solutia and its
Employee Benefits Plans Committee and Pension and Savings Funds
Committee.  The action alleged breach of fiduciary duty under
Employee Retirement Income Security Act and sought to recover
alleged losses to the Solutia Savings and Investment Plan during
the period Dec. 16, 1998, to Oct. 7, 2004.

On March 30, 2006, the District Court dismissed the action on
grounds that the Dickerson parties lacked standing to sue and
for failure to state a claim on which relief could be granted.  
On April 3, 2006, Dickerson filed an appeal in the U.S. Court of
Appeals for the 2nd Circuit.  Oral judgment was scheduled on
Feb. 12.

(6) Solutia Inc. v. FMC Corp.

Solutia filed the suit Solutia v. FMC Corp. in Circuit Court in
St. Louis County, Missouri, against FMC over the failure of
purified phosphoric acid technology provided by FMC to Astaris,
the 50/50 joint venture formed by both parties.  Solutia
dismissed the case and filed an adversary proceeding in the
Bankruptcy Court on Feb. 20, 2004.  On March 29, 2005, the New
York District Court granted in part and denied in FMC's motion
to dismiss.

Solutia's causes of action for breaches of warranty and
fiduciary duty, negligent misrepresentation, fraud and fraud in
the inducement were not dismissed.  The parties have completed
all fact discovery and cross motions for summary judgment.

The District Court ruled that Solutia may still be entitled to
punitive damages in addition to its claims for out-of-pocket and
lost profit damages.  A bench trial is scheduled to begin on
April 2007.

(7) Ferro Antitrust Investigation

Competition authorities in Belgium and several other European
countries are investigating past commercial practices of certain
companies engaged in the production and sale of butyl benzyl
phthalates.  The Belgian Competition Authority has Ferro Belgium
sprl, a subsidiary of Ferro Corp., under investigation.  Ferro's
BBP European business was purchased from Solutia in 2000.  
Solutia was indemnified and has exercised its right, pursuant to
the purchase agreement relating to Ferro's acquisition of the
business.

SESA, a European non-debtor subsidiary of Solutia, along with
Ferro Belgium and two other BBP producers, was identified as a
party under investigation with respect to its ownership of the
business from 1997 to 2000.  Solutia and SESA are fully
cooperating with the BCA in its investigation.  SESA will have
an opportunity to submit comments to the BCA and at a subsequent
oral hearing, which date has not yet been determined.

(8) DOL Investigation of SIP Plan

The Department of Labor informed Solutia in 2005, through the
Benefits Security Administration, that it wanted to conduct an
investigation on Solutia's SIP plan.  Solutia fully cooperated
with DOL throughout its investigation.  On Dec. 6, 2006, DOL
reported that it appeared Solutia, through its fiduciaries,
breached its fiduciary obligations and violated provisions of
ERISA with respect to the SIP Plan.

DOL offered Solutia an opportunity to voluntary discuss how the
alleged violations may be corrected.  Solutia has submitted
additional information to support its request for
reconsideration of the DOL's findings.

(9) Solutia Canada Inc. v. INEOS Americas LLC

Solutia negotiated a stock and asset sale agreement for the sale
of its Resimenes & Additives business to UCB S.A. in late 2002.  
Solutia agreed to exclude LaSalle assets and entered into the
LaSalle toll agreement wherein Solutia Canada Inc., will operate
the LaSalle Plant for the benefit of UCB.  In return, UCB would
pay Solutia Canada for all of its actual, direct and indirect
costs incurred in connection with the services under the LTA.  
The LTA was eventually assigned by UCB to Cytec Industries,
Inc., then to INEOS Americas LLC.

On Jan. 31, 2006, INEOS notified Solutia Canada of its intention
to terminate the LTA as of Jan. 31, 2008, in compliance with the
terms of the LTA.  Solutia Canada estimates the overall
termination costs and shutdown of the LaSalle Plant to be CAD
31,000,000.  INEOS has disputed the amount.  Both parties were
unable to resolve the issue.

Solutia Canada filed in the Quebec Court in December 2006, a
suit against INEOS for breach of contract.  The case is pending.

(10) TCEQ Administrative Enforcement Proceeding

On Aug. 11, 2006, the executive director of the Texas Commission
on Environmental Quality commenced an administrative enforcement
proceeding against Solutia alleging certain violations of the
State of Texas air quality program.

The Executive Director requests that an administrative penalty
amount be assessed and that Solutia undertake corrective
actions.  On Sept. 1, 2006, Solutia asserted affirmative
defenses and requested a contested enforcement case hearing.  No
date has been set yet for a hearing.

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in  
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  The
company and 15 debtor-affiliates 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 Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn
& Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims and
noticing agent.  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).


SPORTZ ACADEMY: Creditors' Meeting Slated for March 22
------------------------------------------------------
Creditors of Sportz Academy Exchange Ltd. will meet at
11:00 a.m. on March 22 at:
  
         Panos Eliades, Franklin & Co.
         Albany House
         18 Theydon Road
         London  
         E5 9NZ
         England
  
Stephen Franklin, of Panos Eliades, Franklin & Co. will furnish
creditors with information concerning the company's affairs free
of charge as they may reasonably require.


TRAVEL DIRECTORY: Taps Gerald Irwin to Liquidate Assets
-------------------------------------------------------
Gerald Irwin was appointed liquidator of The Travel Directory
Ltd. (formerly Cloudscan Ltd, First in Menorca Ltd., Orchid
Travel Ltd., DV Ltd. and Valley Vacations Ltd.) on March 6 for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         The Travel Directory Ltd.
         Hardmans Business Centre
         New Hall Hey Road
         Rossendale
         Lancashire
         BB4 6HH
         England
         Fax: 01706 235 010


VICTOR FABRICATION: Creditors' Meeting Slated for March 22
----------------------------------------------------------
Creditors of Victor Fabrication Ltd. will meet at 11:00 a.m. on
March 22 at:

         Leonard House
         14 Silver Street
         Tamworth  
         B79 7NH
         England

Robert Gibbons of Arrans will furnish creditors with information
concerning the company's affairs free of charge as they may
reasonably require.


VOLCLAY LTD: Appoints Ian C. Brown as Liquidator
------------------------------------------------
Ian C. Brown of Parkin S. Booth & Co. was appointed liquidator
of Volclay Ltd. (formerly Cetco Ltd.) on March 5 for the
creditors' voluntary winding-up procedure.

Parkin S. Booth & Co http://www.parkinsbooth.co.uk/-- deals  
entirely with insolvency practice.

The company can be reached at:

         Volclay Ltd.
         Birkenhead Road
         Wallasey
         Merseyside
         CH447BU
         England
         Fax: 0151 638 7000


WINDSOR HOUSE: Creditors' Meeting Slated for March 26
-----------------------------------------------------
Creditors of Windsor House Natural Water Co. Ltd. will meet at
10:30 a.m. on March 26 at:
  
         Griffins
         Tavistock House South
         Tavistock Square
         London  
         WC1H 9LG
         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 22.


WORLD OF SOCKS: Creditors' Meeting Slated for March 27
------------------------------------------------------
Creditors of World of Socks Ltd. will meet at noon on March 27
at the offices of:

         Valentine & Co.
         4 Dancastle Court
         14 Arcadia Avenue
         London  
         N3 2HS
         England
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge on March 23.


* BOOK REVIEW: Crafting Solutions for Troubled Businesses: A
               Disciplined Approach to Diagnosing and
               Confronting Management Challenges
----------------------------------------------------------------
Author:     Stephen J. Hopkins and S. Douglas Hopkins
Publisher:  Beard Books
Hardcover:  316 pages
List Price: US$74.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587982870/internetbankru
pt


So the first thing to do when dealing with a troubled business
is to find the guilty and lop someone's head off!  Don't be so
quick to react, advise co-authors Stephen J. Hopkins and S.
Douglas Hopkins in their thoughtful, well-researched book,
Crafting Solutions for Troubled Businesses.

The father-son team of Steve and Doug Hopkins are principals of
Kestrel Consulting LLC, a firm they founded in March 2004.

Each has more than 25 years of experience working with troubled
businesses and providing turnaround advisory and interim
management services.

Steve got his first taste of a troubled business when, as chief
financial officer of an 80-year-old chemical company, Bill
Nightingale of Nightingale & Associates assisted him in taking
the company through a Chapter 11 filing.  The company
subsequently emerged from bankruptcy with payment in full to all
creditors.

Steve then joined Nightingale, staying for 23 years and serving
initially as a principal and eventually as president from 1994
to 2000.  Doug began working at Nightingale in 1978 as a part-
time resource for special projects.  After working in this
capacity for 10 years, Steve joined Nightingale full time in the
1980s and became a principal in 1994.  Both Steve and Doug have
served in various C-level roles in troubled companies, including
CEO, CFO, COO, and CRO.

To write this book, the Hopkinses drew upon their vast
experience in dealing with troubled companies.  They took 100 of
the largest projects they have been involved in and applied a
"disciplined analysis" to diagnose problem situations and
produce successful outcomes.

The projects -- helpfully set apart by shaded boxes --
demonstrate the authors' theories and methods in dealing with
troubled businesses.

The authors also analyze some well-known cases like Enron,
WorldCom, and Sunbeam to help the reader connect the dots in a
very real sense and use the book for actionable advice.

The book is divided into five parts:

   1) Conceptual Approach and Key Issues,
   2) Managing the Crisis,
   3) The Diagnosis Process,
   4) Alternatives and Action Plans, and
   5) Lessons Learned in 100 Completed Assignments.

Each part has multiple chapters expanding on these themes, and
each chapter concludes with a recap of what was discussed.  For
speed readers and the time crunched, these recaps are an
excellent way of extracting from the book the essence of what
the authors are advocating.

So what about lopping off that head?  The authors contend that
management's role is much less pivotal than is commonly
believed.

The real issue when working with a troubled business is
determining the viability of the business.  To do that, the
underlying causes must be identified at different stages of the
corporate lifecycle.

The authors categorize troubled businesses as Undisciplined
Racehorses, Overburdened Workhorses, and Aging Mules.  Only
through a step-by-step diagnosis can the core problems be dealt
with.  Pursuing a turnaround may not always be a viable and, in
fact, in only one-third of the 100 cases the authors worked on
did the company achieve a true operational turnaround.

Crafting Solutions to Troubled Businesses should be on the must-
read list of anyone involved in dealing with, consulting for, or
operating a troubled business.

                           *********

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 * * *