TCREUR_Public/070319.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, March 19, 2007, Vol. 8, No. 55

                            Headlines


A U S T R I A

ARI KEG: Linz Court Orders Business Shutdown
KALTEIS MOEBEL: Claims Registration Period Ends April 5
MAYERHOFER & MASKOW: Claims Registration Period Ends April 9
RAMCO ELECTRONIC: Claims Registration Period Ends April 6


B E L G I U M

CHIQUITA BRANDS: Posts US$95.9 Mln Net Loss in Full Year 2006
GOODYEAR TIRE: Jamaican Unit Reports US$120 Million in Losses
GOODYEAR TIRE: Names Kramer as North American Tire Biz President


C Y P R U S

SHIP FINANCE: Sells VLCC Front Vanadis to TMT Subsidiary


G E R M A N Y

AULICH & RENNECKE: Claims Registration Period Ends April 16
BAU-HERR VERWALTUNGS: Creditors' Meeting Slated for April 10
BAU SCHILLER: Claims Registration Ends May 15
CB MEZZCAP: Company No. 1 Files for Insolvency in Marburg/Lahn
DCA GESELLSCHAFT: Claims Registration Period Ends April 18

E.H. IMMOBILIENL: Claims Registration Period Ends April 4
EDV-ANWENDUNG: Claims Registration Period Ends April 16
ENF NUTZFAHRZEUGE: Claims Registration Period Ends May 7
ESMERALDA GMBH: Claims Registration Period Ends April 16
ETOK GMBH: Claims Registration Period Ends April 24

GEDILAN CONSULTING: Creditors' Meeting Slated for April 12
GEDILAN HOLDING: Claims Registration Ends May 10
GIEBLER HAUSBAU: Claims Registration Ends April 16
GLANZ GEBAUDEREINIGUNG: Claims Registration Ends April 19
GMS-METALLBA: Claims Registration Period Ends May 25

H.M. GASTRO: Claims Registration Ends April 3
HANDWERK EINRICHTUNG: Claims Registration Ends April 11
HEGEMANN BAUUNTERNEHMUNG: Claims Registration Ends May 2
HEINZ MOELLER: Claims Registration Ends April 20
HERWIG EDELSTAHLTECHNIK: Claims Registration Ends April 11

HESE UMWELT: Insolvency Manager to Give Accounts on Proceedings
HINCK GMBH: Creditors Must Register Claims by April 4
HOENER-REISEN GMBH: Creditors Must Register Claims by April 10
HTL BAU: Creditors Must Register Claims by April 17
HUTTENLOCHER PAPIERVERARBEITUNG: Creditors' Claims Due May 2

LAK GRUNDSTUECKS: Creditors Must Register Claims by May 3
METALLBAU KOETZ: Claims Registration Ends May 7
NISSAN AUTOHAUS: Claims Registration Ends May 31
SPECTRUM BRANDS: Gets US$1.6-Bln Pledge to Refinance Bank Loan
SPECTRUM BRANDS: Launches Exchange Offer for 8-1/2% Senior Notes

SPIEL UND GASTRO: Claims Registration Ends April 19
SPRINGER BAUMSCHULEN: Creditors' Meeting Slated for April 20
TH HAUSBAU: Claims Registration Ends May 15
TOWER AUTO: Wants to Make Initial Payment in ERISA Settlement
TOWER AUTOMOTIVE: Wants Avoidance Actions Protocol Established

WEBER HEIMBAU: Creditors' Meeting Slated for April 18
WEINHANDELSGESELLSCHAFT MBH: Claims Registration Ends May 26
WILHELM & SCHARF: Creditors' Meeting Slated for April 18
WUNDERTUETEN & MEDIEN: Claims Registration Period Ends May 22


I R E L A N D

GLASTONBURY FINANCE: S&P Rates GBP14-Millio Notes at Low-B


I T A L Y

ALITALIA SPA: Passenger & Cargo Traffic Figures Rise in February
PARMALAT SPA: Paraguay Unit Under Probe over Poisoning Incident


K A Z A K H S T A N

A SIRIUS D: Creditors Must File Claims by April 20
ARTUS LLP: Creditors' Claims Due April 27
BAT-SERVICE LLP: Proof of Claim Deadline Slated for April 20
KARO GROUP: Claims Registration Ends April 20
KYZYLORDARISMASH JSC: Economic Court Begins Bankruptcy Hearing

STROY MONTAGE: Creditors Must File Claims by April 20
STROYSERVICE LLP: Creditors' Claims Due April 20
TATYANA LLP: Proof of Claim Deadline Slated for April 20
ZOLOTOY BYK: Claims Registration Ends April 20


K Y R G Y Z S T A N

REEM AIR: Claims Filing Period Ends May 2


N O R W A Y

ARROW ELECTRONICS: Agilysys Owners OK KeyLink Systems Takeover
CLEAR CHANNEL: Highfields Capital Increases Stake to 5%


P O L A N D

JTT COMPUTER: Hearing Starts; MCI Demands PLN38-Mln Compensation


P O R T U G A L

LEAR CORP: Faces ERISA Violations Suit Over US$2.31-Bln Sale
LEAR CORP: Faces Lawsuits Over US$2.31-Bln Sale to Carl Icahn
LEAR CORP: To Supply Seating Systems to Bombardier Recreational


R U S S I A

CARL FABERGE: Creditors Must File Claims by May 3
EAST-WEST CJSC: Creditors Must File Claims by April 3
FOODSTUFFS STARORUSSKIY: Creditors Must File Claims by April 3
GOLDEN TELECOM: Earns US85.5 Million for Financial Year 2006
INTER-FINS-COMP: Creditors Must File Claims by April 3

KIZLYAR LLC: Dagestan Bankruptcy Hearing Slated for April 12
KLINSKAYA TRANSPORT: Creditors Must File Claims by April 3
KURSK OJSC: Bankruptcy Hearing Slated for June 20
LUKOIL OAO: Eyes Syndicated Loan to Fund Projects
LUKOIL OAO: May Lose Licenses to Russian Energy Fields

NOVATEK OAO: Ups Total Proved Reserves to 4.7 Bln BOE in 2006
OBJECTIVE OJSC: Creditors Must File Claims by May 3
PRINT AND PUBLISHING: Creditors Must File Claims by April 3
RISA CJSC: Creditors Must File Claims by April 3
ROSNEFT OIL: May Lose Licenses to Russian Energy Fields

SEL-KHOZ-TEKHNIKA LLC: Creditors Must File Claims by April 3
SEVERSTAL OAO: Firma STOIK Unit Acquires Victory Industries
SEVERSTAL OAO: North American Unit Faces Air Pollution Complaint
VOLGOGRADSKIY TRACTOR: Asset Sale Slated for April 2
YURYEV-POLSKIY OJSC: Creditors Must File Claims by May 3

ZNAMENSKAYA OJSC: Creditors Must File Claims by April 3


S P A I N

MILLS CORP: Defers 2006 Form 10-K Filing Due to Restatement


U K R A I N E

AUTOHAUS-ROVNO LTD: Claims Filing Bar Date Set March 18
CONSTRUCTION MATERIALS: Creditors Must File Claims by March 18
DANA LLC: Creditors Must File Proofs of Claim by March 18
DNIEPR RZP: Creditors Must File Proofs of Claim by March 18
EVEREST-AUTO LLC: Creditors Must File Claims by March 18

FAIRY MARVEL: Creditors Must File Proofs of Claim by March 18
REGIONAL REPAIR: Creditors Must File Proofs of Claim by March 18
SVITANOK OJSC: Creditors Must File Proofs of Claim by March 18
TH AGE: Creditors Must File Proofs of Claim by March 18
VARIATION AUCTION: Creditors Must File Claims by March 18


U N I T E D   K I N G D O M

AMD TECHNIK: Claims Filing Period Ends May 1
CALMIA LTD: Creditors' Meeting Slated for March 26
CENTURY SHIPPING: Joint Liquidators Take Over Operations
CHARS DISPLAY: Creditors' Meeting Slated for March 30
EIRBUILD LTD: Names M. S. E. Solomons Liquidator

EUROCOM GB: Appoints Peter Sargent as Liquidator
EUROCREDIT CDO VII: S&P Rates GBP19-Mln Class E Notes at BB-
F & R DUNLOP: Brings In Liquidators from PricewaterhouseCoopers
FASHIONHART LTD: Creditors' Meeting Slated for March 23
FASTSERV LTD: Creditors' Meeting Slated for March 23

GENERAL MOTORS: DBRS Holds Rating on Long-Term Debt at B Neg
GLOBAL CLAIMS: Creditors' Meeting Slated for March 23
GLUVIAN ART: Creditors' Meeting Slated for March 26
H F MARINE: Names Terry Christopher Evans Liquidator
HMV GROUP: Trading Conditions Deteriorate; Eyes Strategic Review

HMV GROUP: UK Trust Purchases 35,780 Ordinary Shares
HMV GROUP: Roy Brown Succeeds Lesley Knox as Non-Exec. Director
I SPY: Claims Filing Period Ends April 24
INDUS PLC: S&P Rates GBP9.93-Million Class E Notes at BB
IRON MOUNTAIN: S&P Rates Proposed US$800-Mln Facilities at BB

KIELDER PLUMBING: Creditors Confirm Liquidator's Appointment
LINK BRAND: Taps Joint Administrators from BDO Stoy
MCLAREN HOLDINGS: Brings In Administrators from Robson Rhodes
MEAD LTD: Taps Moore Stephens to Administer Assets
MULTICLEAN U.K.: Appoints Moore Stephens as Administrators

N YEOMANS: Brings In Menzies to Administer Assets
NMI SECURITY: Shareholders Pass Winding-up Resolution
ODN LOGISTICS: Brings In RSM Robson as Joint Administrators
OPEN WORLD: Appoints Begbies Traynor as Joint Administrators
PHOENIX OPTICAL: Creditors' Meeting Slated for March 28

PLANET KIDS: Taps Colin Burke to Liquidate Assets
PRIMAFOX LTD: Taps Moore Stephens as Joint Administrators
RANWORTH PRINTING: Calls In Liquidator from Mayfields
RAP REALISATIONS: Hires C. K. Rayment as Liquidator
REVLON INC: Posts US$5.5 Million Net Loss in Fourth Quarter 2006

RONAL COMPUTERS: Creditors' Meeting Slated for March 27
SKELTONHALL LTD: Appoints P&A as Joint Administrators
SOLUTIA INC: Dec. 31 Balance Sheet Upside-Down by US$1.4 Billion
SOLUTIA INC: Spat Over Exclusive Filing Extension Continues
SOLUTIA: Purchase Price Set at US$212.5 Million in Flexsys Deal

TBL INSURANCE: Claims Filing Period Ends March 28
THIRSK HAULAGE: Creditors' Meeting Slated for March 29
TRYST ENGINEERING: Brings In PwC as Joint Administrators
WEDDING GALLERY: Creditors' Meeting Slated for March 27

* Towry Law Acquires Baker Tilly Financial Services Limited

* BOND PRICING: For the Week March 12 to March 16, 2007

                            *********

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


ARI KEG: Linz Court Orders Business Shutdown
--------------------------------------------
The Land Court of Linz entered Feb. 23 an order shutting down
the business of KEG ARI (FN 251358w).

Court-appointed estate administrator Wilhelm Deutschmann
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. Wilhelm Deutschmann
         Stelzhamerstr. 12/3
         4020 Linz
         Austria
         Tel: 0732/602080
         Fax: 0732/60208020
         E-mail: info@df-ra.at  

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Feb. 19 (Bankr. Case No. 38 S 11/07g).


KALTEIS MOEBEL: Claims Registration Period Ends April 5
-------------------------------------------------------
Creditors owed money by LLC Kalteis Moebel - Geschenke & Co KG
(FN 29391y) have until April 5 to file written proofs of claim
to court-appointed estate administrator Reinhard Teubl at:

         Dr. Reinhard Teubl
         Mittergasse 28
         8600 Bruck an der Mur
         Austria
         Tel: 03862-51462
         Fax: 03862-51462-10
         E-mail: rechtsanwaelte@bzt.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on April 25 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Leoben
         Hall 4
         First Floor
         Leoben
         Austria

Headquartered in Gusswerk, Austria, the Debtor declared
bankruptcy on Feb. 27 (Bankr. Case No. 17 S 24/07h).


MAYERHOFER & MASKOW: Claims Registration Period Ends April 9
------------------------------------------------------------
Creditors owed money by LLC Mayerhofer & Maskow (fka LLC Mar
garita Hoehle u.Alex.Maskow) (FN 257338p) have until April 9 to
file written proofs of claim to court-appointed estate
administrator Hannelore Pitzal at:

         Dr. Hannelore Pitzal
         c/o Mag. Katharina Pitzal
         Paulanergasse 9
         1040 Vienna
         Austria
         Tel: 587 31 11
         Fax: 587 87 50-50
         E-mail: office@heller-pitzal.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on April 23 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 23 (Bankr. Case No. 3 S 28/07y).  Katharina Pitzal
represents Dr. Pitzal in the bankruptcy proceedings.


RAMCO ELECTRONIC: Claims Registration Period Ends April 6
---------------------------------------------------------
Creditors owed money by LLC Ramco Electronic (FN 82316d) have
until April 6 to file written proofs of claim to court-appointed
estate administrator Wilfried Leys at:

         Dr. Wilfried Leys
         c/o Dr. Walter Lenfeld
         Malserstrasse 49 a
         6500 Landeck
         Austria
         Tel: 05442/63 0 29
         Fax: 05442/6302914
         E-mail: RA-LL@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:00 p.m. on April 23 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Conference Hall 212
         Second Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Tarrenz, Austria, the Debtor declared
bankruptcy on Feb. 26 (Bankr. Case No. 19 S 16/07m).  Walter
Lenfeld represents Dr. Leys in the bankruptcy proceedings.


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


CHIQUITA BRANDS: Posts US$95.9 Mln Net Loss in Full Year 2006
-------------------------------------------------------------
Chiquita Brands International Inc. reported a net loss of
US$95.9 million on net sales of US$4.499 billion for the year
ended Dec. 31, 2006, compared with net income of US$131.4
million on net sales of US$3.904 billion for the year ended
Dec. 31, 2005.

The increase in net sales resulted from the acquisition of      
Fresh Express in June 2005.

The operating loss for 2006 was US$28 million, compared to
operating income of US$188 million for 2005.  The 2006 results
included a US$43 million goodwill impairment charge related to
Atlanta AG and a US$25 million charge related to a potential
settlement of a previously disclosed U.S. Department of Justice
investigation.  Operating income for 2005 included flood costs
of US$17 million related to Tropical Storm Gamma and a US$6
million charge related to the consolidation of fresh-cut fruit
facilities in the Midwestern United States.  

Operating results in 2006 were significantly affected by
regulatory changes in the European banana market, which resulted
in lower local pricing and increased tariff costs, and by higher
fuel and other industry costs.  Comparisons to 2005 are also
affected by the fact that 2005 was an unusually good year for
banana pricing in Europe.  

The Fresh Cut segment was significantly affected by consumer
concerns regarding the safety of packaged salad products, after
discovery of E. coli in certain industry spinach products in
September 2006 and the resulting investigation by the U.S. Food
and Drug Administration.  

Interest income in 2006 was US$9 million, compared to US$10.2
million in 2005.  Interest expense in 2006 was US$85.7 million,
compared to US$60.3 million in 2005.  The increase in interest
expense was due to the full-year impact of the Fresh Express
acquisition financing.  Fresh Express was acquired in June 2005.  

Other income was US$6.3 million in 2006 compared to other
expense of US$3 million in 2005.  Other income in 2006 included
a US$6 million gain from the sale of the company's 10% ownership
in Chiquita Brands South Pacific, an Australian fresh produce
distributor.  In 2005, other expense included US$3 million of
financing fees, primarily related to the write-off of
unamortized debt issue costs for a prior credit facility and
US$2 million of charges for settlement of an indemnification
claim relating to prior periods, partially offset by a US$1
million gain on the sale of Seneca Foods Corp. preferred stock
and a US$1 million gain from an insurance settlement.  

Income taxes were a US$2 million benefit for 2006, compared to
expense of US$3 million in 2005.  Income taxes for 2006 include
benefits of US$10 million primarily from the resolution of tax
contingencies in various jurisdictions and a reduction in
valuation allowance.  In addition, the company recorded a tax
benefit of US$5 million as a result of a change in German tax
law. Income taxes for 2005 included benefits of US$8 million
primarily from the resolution of tax contingencies and reduction
in the valuation allowance of a foreign subsidiary due to the
execution of tax planning initiatives.

                     Goodwill Impairment Charge

During the 2006 third quarter, due to a decline in Atlanta AG's
business performance in the period following the implementation
of the new EU banana import regime as of Jan. 1, 2006, the
company accelerated its testing of the Atlanta AG goodwill and
fixed assets for impairment.  As a result of this analysis, the
company recorded a goodwill impairment charge in the 2006 third
quarter for the entire goodwill balance of US$43 million.

              U.S. Department of Justice Investigation

In April 2003 the company voluntarily disclosed to the U.S.
Department of Justice that its 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
this disclosure, the Justice Department undertook an
investigation, including consideration by a grand jury.  

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 these discussions,
and in accordance with the guidelines set forth in SFAS No. 5,
"Accounting for Contingencies," the company recorded a charge of
US$25 million in its financial statements for the quarter and
year ended Dec. 31, 2006.  This amount reflects liability for
payment of a proposed financial sanction contained in an offer
of settlement made by the company to the Justice Department.

At Dec. 31, 2006, the company's balance sheet showed
US$2.738 billion in total assets, US$1.867 billion in total
liabilities, and US$870.8 million 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?1b67

                  Liquidity and Capital Resources

The company's cash balance was US$65 million at Dec. 31, 2006,
compared to US$89 million at Dec. 31, 2005.

Operating cash flow was US$15 million in 2006, compared to
US$223 million in 2005.  The decrease in operating cash flow for
2006 was primarily due to a significant decline in operating
results.  

Capital expenditures were US$61 million for 2006 and US$43
million for 2005.  The increase in 2006 was partially due to the
full year impact of the acquisition of Fresh Express, which
occurred in June 2005.  The 2005 capital expenditures included
US$12 million related to Fresh Express subsequent to the
acquisition.

Total debt at both Dec. 31, 2006 and 2005, was US$1 billion.

The company and Chiquita Brands L.L.C., the main operating
subsidiary of the company, are parties to an amended and
restated credit agreement with a syndicate of bank lenders for a
senior secured credit facility, which consists of a US$200
million revolving credit facility (the "Revolving Credit
Facility"), a US$125 million term loan ("Term Loan B"), and a
US$375 million term loan ("Term Loan C").

At Dec. 31, 2006, US$44 million of borrowings were outstanding
under the Revolving Credit Facility and US$31 million of credit
availability was used to support issued letters of credit,
leaving US$125 million of credit available.

                      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, and Germany.

                          *    *    *

On Nov. 6, 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: Jamaican Unit Reports US$120 Million in Losses
-------------------------------------------------------------
Goodyear Jamaica Ltd., The Goodyear Tire & Rubber Co.'s Jamaican
subsidiary, has lost an estimated US$120 million from the recent
fire at its Spanish Town Road plant, Radio Jamaica reports.

Goodyear Jamaica said in its audited financial statements for
2006 that inventories totaling US$120 million and office
equipment that cost US$250,000 were lost in the fire.

Goodyear Jamaica told Radio Jamaica that the inventories and
office equipment were insured through Goodyear Tire's Global
Insurance Policy.

Goodyear Jamaica's revenue increased by US$122 million to US$1.3
billion in 2006, from 2005.  However, a 20% boost in the cost of
sales brought down its profit to US$25.2 million in 2006,
compared to US$73 million in 2005, Radio Jamaica states.

             About The Goodyear Tire & Rubber Company

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

                          *     *     *

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

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

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


GOODYEAR TIRE: Names Kramer as North American Tire Biz President
----------------------------------------------------------------
Richard J. Kramer has been appointed president of the Goodyear
Tire & Rubber Company's North American Tire unit, effective
immediately.  

Mr. Kramer succeeds Jonathan D. Rich, 51, who is leaving the
company to pursue other leadership options.  Currently executive
vice president and chief financial officer for Goodyear, Mr.
Kramer, 43, also will continue as CFO until the company names a
replacement.

The company disclosed that Jonathan D. Rich was leaving the
company to pursue other leadership options.  Mr. Rich had served
as President of the company's North American Tire unit since
December 2002.

Mr. Kramer joined Goodyear in March of 2000 and was elected an
officer of the company as vice president, corporate finance.  He
became vice president of finance for the North American Tire
business in July of 2002 and was promoted to senior vice
president, strategic planning and restructuring in August of
2003.  In May of 2004 Kramer became chief financial officer.

"Rich Kramer has demonstrated outstanding business leadership at
every level in his career and has earned the respect of his
peers, his associates and Wall Street," Robert J. Keegan,
Goodyear chairman and chief executive officer, said.  "Rich
became our chief financial officer under very challenging
circumstances, made courageous value-creating decisions,
recruited top talent, and built a strong finance team."

Mr. Keegan said that in Mr. Kramer's time in North American Tire
as that business' chief financial officer, he helped build the
business platforms for our improvement.  "He knows the business,
knows the customers and understands the challenges," Mr. Keegan
said.  "I believe Rich is the ideal leader to take the North
American Tire business to the next level of performance.

"At the same time, I want to thank Jon Rich for his outstanding
service to the company and the significant contributions that he
made in helping to create the foundation for the future success
of the North American business," Mr. Keegan added.  "Jon
assembled a strong, capable team that has earned the respect of
our customers in a challenging environment."

Mr. Rich was elected president of Goodyear Chemical in August of
2001 after joining the company in September of 2000.  He was
named president of North American Tire in December of 2002.  
Prior to joining Goodyear, Mr. Rich served in various senior
management roles at General Electric where he worked for 18
years.

A native of Cleveland, Mr. Kramer received a bachelor of science
in business administration degree from John Carroll University
in Cleveland in 1986.  Prior to joining Goodyear he spent 13
years with PricewaterhouseCoopers.

             About The Goodyear Tire & Rubber Company

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

                          *     *     *

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

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

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


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C Y P R U S
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SHIP FINANCE: Sells VLCC Front Vanadis to TMT Subsidiary
--------------------------------------------------------
Ship Finance International Ltd. has agreed to sell the single-
hull VLCC Front Vanadis to a subsidiary of Taiwan Maritime
Transportation Co., Ltd., an unrelated third party.

The sale will be in the form of a hire-purchase agreement, where
the vessel will be chartered to the Buyer for a 3.5-year period,
with a purchase obligation at the end of the charter.

There will a gross upfront payment of US$12.5 million from TMT,
and the gross bareboat charter rate will be US$25,000 per day
during the charter period. The purchase obligation at the end of
the charter is US$3 million. In addition, the Buyer will have
quarterly purchase options during the charter, starting at
US$27.9 million, and reducing gradually over the term of the
charter. Ship Finance has agreed to pay a compensation payment
of approximately US$13.2 million to Frontline Ltd. for the
termination of the current charter. Delivery to the Buyer is
expected to take place in April or May 2007.

During the term of the new charter, Ship Finance will receive on
average approximately US$10,000 more per day compared to the
base rate in the current charter agreement with Frontline, net
of operating expenses.

Following this sale, and after the delivery of six other suezmax
single-hull tankers previously announced sold, Ship Finance will
only have 10 single hull vessels remaining in the fleet, of
which three have double sides.  This is significantly less than
the 18 single hull vessels in the fleet only four months ago. Of
the remaining crude oil tankers without double hull, Frontline
has, as charterer, secured profitable sub-charters for seven of
the vessels, and only the three vessels with double sides are
currently traded in the spot market.

The reduction of the single hull tanker exposure is in line with
the Company's strategy of focusing on modern assets in various
shipping and offshore market segments.  Including new buildings
and recently announced acquisitions and sales, the Company's
fleet will consist of 56 vessels, essentially all on medium to
long term charters.

                       About Ship Finance

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

                          *     *     *

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

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

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


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


AULICH & RENNECKE: Claims Registration Period Ends April 16
-----------------------------------------------------------
Creditors of Aulich & Rennecke Verwaltungs-GmbH have until
April 16 to register their claims with court-appointed
insolvency manager Wilfried Pohle.

Creditors and other interested parties are encouraged to attend
the meeting at 9:55 a.m. on May 21, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Arnsberg
         Meeting Room 328
         Ground Floor
         Eichholzstr. 4
         59821 Arnsberg
         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:

         Wilfried Pohle
         Bahnstrasse 1
         34431 Marsberg
         Germany

The District Court of Arnsberg opened bankruptcy proceedings
against Aulich & Rennecke Verwaltungs-GmbH on March 7.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Aulich & Rennecke Verwaltungs-GmbH
         Attn: Kurt Aulich and Guenter Rennecke, Managers
         Heeresstr. 19
         59929 Brilon
         Germany


BAU-HERR VERWALTUNGS: Creditors' Meeting Slated for April 10
------------------------------------------------------------
The court-appointed insolvency manager for Bau-Herr Verwaltungs
GmbH & Co. Kranoldstrasse KG, Christian Koehler-Ma, will present
his first report on the Company's insolvency proceedings at a
creditors' meeting at 9:40 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 9:35 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.
Kranoldstrasse KG on March 7.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Bau-Herr Verwaltungs GmbH & Co. Kranoldstrasse KG
         Schaferstr. 22
         14109 Berlin
         Germany


BAU SCHILLER: Claims Registration Ends May 15
---------------------------------------------
Creditors of Bau Schiller GmbH have until May 15 to register
their claims with court-appointed insolvency manager Christian
Hanken.

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 Wilhelmshaven
         Hall 109
         Old Building
         Market Route 15
         26382 Wilhelmshaven
         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 Hanken
         Wallstrasse 3
         26409 Wittmund
         Germany
         Tel: 04462/919114
         Fax: 04462/919191
         E-mail: christian.Hanken@rechtsanwaelte-hanken.de
         Web site: http://www.rechtsanwaelte-hanken.de/  

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

The Debtor can be contacted at:

         Bau Schiller GmbH
         Jadebusen 79
         26316 Varel
         Germany

         Attn: Bernd Schiller, Manager
         Weidenweg 27
         26349 Jade
         Germany


CB MEZZCAP: Company No. 1 Files for Insolvency in Marburg/Lahn
--------------------------------------------------------------
CB MezzCAP Limited Partnership, acting through its general
partner CB MezzCAP Limited, was informed by its Financial
Advisor that the company mentioned as Company No. 1 in the
offering circular has filed for the opening of insolvency
proceedings on March 12.

The insolvency court of Marburg/Lahn has appointed a preliminary
insolvency administrator.  The Issuer holds a participation
right in the nominal amount of EUR15 million (share of 7,92%)
that forms part of the pool of Profit Participation Agreements
backing the Notes.  The total pool has a volume of EUR189,5
million.

Company No. 1 until now has made all interests payments to the
Issuer due and payable pursuant to the terms of the Profit
Participation Agreement.  The next interest payment will fall
due on April 15.  Due to the reported financial difficulties of
the company it is likely that it defaults on its obligations
under the Participation Agreement to make payments of interest
and/or principal, which then will lead to reduced payments of
the Issuer under the Notes.

The Issuer is currently trying to get further information
regarding the reasons for the filing by the company and
evaluating the options available to it.  At present the
consequences are uncertain and a complete default must be
considered as possible.

In compliance with applicable law, the Issuer will make further
announcements after having better knowledge of the financial
situation of the Company and the impact on the Notes is
evaluated.  These announcements will be made through the
Irish Stock Exchange.

Under the assumption of a total loss of interests and principal
payments with no recoveries of Company No. 1 and if no further
losses to the portfolio are recorded before the end of the
transaction the effect on the Notes is:

                        Class F Notes

The default of Company No. 1 will constitute a Principal
Deficiency Event.  Therefore the nominal amount of EUR15 million
will be booked immediately in the Principal Deficiency Ledger,
with the consequence, that no interest payments will be made on
the payment dates from April 25, 2007 to April 25, 2010 under
the Class F Notes.

The maximum return for the Class F Notes for the term of the
transaction will fall to approximately 14.5%.

              Class A Notes to Class E Notes

The default of Company No. 1 should have no effect on the
interest payments of the Class A to Class E Notes.  The amount
of EUR15 million paid to the PDL will be repaid to the holders
of the Class A Notes over the next interest payment dates until
April 25, 2010, which corresponds to a redemption of
approximately 11.7% of the nominal amount of the outstanding
Class A Notes.

There will be no early repayment as a result of this event of
the Class B to Class E Notes.

CB MezzCAP Limited Partnership is a German SME CLO transaction.

                        *     *     *

As reported in the TCR-Europe on March 15, Standard & Poor's
Ratings Services placed on CreditWatch with negative
implications its ratings on the class C, D, and E notes issued
by CB MezzCAP Limited Partnership, a German SME CLO transaction.  
The class A and B notes are unaffected at this time.


DCA GESELLSCHAFT: Claims Registration Period Ends April 18
----------------------------------------------------------
Creditors of DCA Gesellschaft fuer Datentechnik und
Computeranwendung mbH have until April 18 to register their
claims with court-appointed insolvency manager Susanne Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 11:05 a.m. on May 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be contacted at:

         Susanne Mueller
         Vietmannsdorfer Strasse 23
         17268 Templin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against DCA Gesellschaft fuer Datentechnik und
Computeranwendung mbH on March 8.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         DCA Gesellschaft fuer Datentechnik und
         Computeranwendung mbH
         Angermuender Str. 16
         16227 Eberswalde
         Germany


E.H. IMMOBILIENL: Claims Registration Period Ends April 4
---------------------------------------------------------
Creditors of E.H. Immobilien GmbH have until April 4 to register
their claims with court-appointed insolvency manager Thomas
Neumann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on April 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hagen
         Meeting Hall 259
         Second Floor
         Heinitzstr. 42/44
         58097 Hagen
         Germany

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

The insolvency manager can be contacted at:

         Thomas Neumann
         Altenaer Str. 2
         58507 Luedenscheid
         Germany

The District Court of Hagen opened bankruptcy proceedings
against E.H. Immobilien GmbH on March 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         E.H. Immobilien GmbH
         Attn: Erika Hellmann, Manager
         Tiefendorfer Str. 79
         58093 Hagen
         Germany


EDV-ANWENDUNG: Claims Registration Period Ends April 16
-------------------------------------------------------
Creditors of EDV-Anwendung GmbH have until April 16 to register
their claims with court-appointed insolvency manager Tobias
Hoefer.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.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 Worms
         Hall 320
         Hardtgasse 6
         67547 Worms
         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:

         Tobias Hoefer
         Soldnerstrasse 2
         68219 Mannheim
         Germany
         Tel: 0621/877080
         Fax: 0621/8770820

The District Court of Worms opened bankruptcy proceedings
against EDV-Anwendung GmbH on Feb. 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         EDV-Anwendung GmbH
         Attn: Ulrich Boesel, Manager
         Alzeyer Str. 39
         67549 Worms
         Germany


ENF NUTZFAHRZEUGE: Claims Registration Period Ends May 7
--------------------------------------------------------
Creditors of ENF Nutzfahrzeuge GmbH have until May 7 to register
their claims with court-appointed insolvency manager Hans-
Albrecht Brauer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on July 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 Wittlich
         Hall 3
         Kurfuerstenstrasse 63
         54516 Wittlich
         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:

         Hans-Albrecht Brauer
         Jahnstr. 1
         54550 Daun
         Germany
         Tel: 06592/985604
         Fax: 06592/7344

The District Court of Wittlich opened bankruptcy proceedings
against ENF Nutzfahrzeuge GmbH on Feb. 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         ENF Nutzfahrzeuge GmbH
         Bundesstr. 2
         54570 Weidenbach
         Germany

         Attn: Adolf Mamerow, Manager
         Haupstr. 10
         54570 Schutz
         Germany


ESMERALDA GMBH: Claims Registration Period Ends April 16
--------------------------------------------------------
Creditors of Esmeralda GmbH have until April 16 to register
their claims with court-appointed insolvency manager Peter
Knoepfel.

Creditors and other interested parties are encouraged to attend
the meeting at 2:05 p.m. on May 16, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be contacted at:

         Peter Knoepfel
         Koenigstrasse 4
         30175 Hannover
         Germany
         Tel: 0511 336138-0
         Fax: 0511 336138-66

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

The Debtor can be contacted at:

         Esmeralda GmbH
         Kopernikusstr. 4
         30167 Hannover
         Germany

         Attn: Manuel Atrio Rodriguez, Manager
         Engelbosteler Damm 62
         30167 Hannover
         Germany


ETOK GMBH: Claims Registration Period Ends April 24
---------------------------------------------------
Creditors of ETOK GmbH have until April 24 to register their
claims with court-appointed insolvency manager Ruediger
Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         Germany

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

The insolvency manager can be contacted at:

         Ruediger Wienberg
         Giesebrechtstr. 1
         10629 Berlin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against ETOK GmbH on March 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         ETOK GmbH
         Schoenfelder Weg 31
         16321 Bernau
         Germany


GEDILAN CONSULTING: Creditors' Meeting Slated for April 12
----------------------------------------------------------
The court-appointed insolvency manager for Gedilan Consulting
GmbH, Christoph Schulte-Kaubruegger, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 8:55 a.m. on April 12.

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 9:10 a.m. on June 21, at the same venue.

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

         Gedilan Consulting GmbH
         Kantstr. 72
         10627 Berlin
         Germany


GEDILAN HOLDING: Claims Registration Ends May 10
------------------------------------------------
Creditors of Gedilan Holding GmbH have until May 10 to register
their claims with court-appointed insolvency manager Dr.
Christoph Schulte-Kaubruegger.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

         Gedilan Holding GmbH
         Kantstr. 72
         10627 Berlin
         Germany


GIEBLER HAUSBAU: Claims Registration Ends April 16
--------------------------------------------------
Creditors of Giebler Hausbau Service GmbH have until April 16 to
register their claims with court-appointed insolvency manager
Michael Schuett.

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

The meeting of creditors will be held at:

         The District Court of Gifhorn
         Hall 118
         Palace Garden 4
         38518 Gifhorn
         Germany

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

The insolvency manager can be reached at:

         Michael Schuett
         Hagenmarkt 8
         31224 Peine
         Germany

The District Court of Gifhorn opened bankruptcy proceedings
against Giebler Hausbau Service GmbH on March 5.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Giebler Hausbau Service GmbH
         Attn: Nino Giebler, Manager
         Eichenstr. 24
         31224 Peine
         Germany


GLANZ GEBAUDEREINIGUNG: Claims Registration Ends April 19
---------------------------------------------------------
Creditors of Glanz Gebaudereinigung GmbH have until April 19 to
register their claims with court-appointed insolvency manager
Fabio Algari.

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

The meeting of creditors will be held at:

         The District Court of Frankfurt
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt
         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:

         Fabio Algari
         Oppenheimer Landstrasse 3
         D 60594 Frankfurt/Main
         Tel: 069/6109160
         Fax: 069/61091616

The District Court of Frankfurt opened bankruptcy proceedings
against Glanz Gebaudereinigung GmbH on March 6.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Glanz Gebaudereinigung GmbH
         Lachnerstr. 6
         60386 Frankfurt am Main
         Germany


GMS-METALLBA: Claims Registration Period Ends May 25
----------------------------------------------------
Creditors of GMS-Metallbau GmbH have until May 25 to register
their claims with court-appointed insolvency manager Dr. Hans-
Gert Dhonau.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 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 Bad Kreuznach
         Hall 309
         Ringstrasse 79
         55543 Bad Kreuznach
         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. Hans-Gert Dhonau
         Bahnhofstr. 7
         D 55566 Bad Sobernheim
         Tel: 06751/938013
         Fax: 06751/9380-36

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

The Debtor can be reached at:

         GMS-Metallbau GmbH
         An der Molkerei 11
         56288 Kastellaun
         Germany


H.M. GASTRO: Claims Registration Ends April 3
---------------------------------------------
Creditors of H.M. Gastro- u. Service GmbH u. Co. KG have until
April 3 to register their claims with court-appointed insolvency
manager Jan-H. Wilhelm.

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

The meeting of creditors will be held at:

         The District Court of Kiel
         Hall 18
         Kiel
         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:

         Jan-H. Wilhelm
         Al-bert- Einstein-Ring 11
         22761 Hamburg
         Germany

The District Court of Kiel opened bankruptcy proceedings against
H.M. Gastro- u. Service GmbH u. Co. KG on Feb. 27.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         H.M. Gastro- u. Service GmbH u. Co. KG
         Attn: Fadime Hidir, Manager
         Germaniahafen 1
         24143 Kiel
         Germany


HANDWERK EINRICHTUNG: Claims Registration Ends April 11
-------------------------------------------------------
Creditors of Handwerk Einrichtung GmbH & Co. KG have until
April 11 to register their claims with court-appointed
insolvency manager Dr. Klaus Pannen.

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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Klaus Pannen
         Jungfernstieg 51
         20354 Hamburg
         Germany

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

The Debtor can be reached at:

         Handwerk Einrichtung GmbH & Co. KG
         Lesserstrasse 60
         22049 Hamburg
         Germany


HEGEMANN BAUUNTERNEHMUNG: Claims Registration Ends May 2
--------------------------------------------------------
Creditors of Hegemann Bauunternehmung GmbH have until May 2 to
register their claims with court-appointed insolvency manager
Norbert Weber.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on May 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 14
         Ground 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:

         Norbert Weber
         Richmodstr. 6
         50667 Cologne
         Germany

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

The Debtor can be reached at:

         Hegemann Bauunternehmung GmbH
         Attn: Adolf Dieter Hegemann, Manager  
         Quellenweg 12
         51503 Roesrath
         Germany


HEINZ MOELLER: Claims Registration Ends April 20
------------------------------------------------
Creditors of Heinz Moeller - Hoch- und Niederspannungsanlagen
GmbH have until April 20 to register their claims with court-
appointed insolvency manager Joachim Buettner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 a.m. on May 21, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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 Heinz Moeller - Hoch- und Niederspannungsanlagen GmbH on
March 6.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Heinz Moeller - Hoch- und Niederspannungsanlagen GmbH
         Friedrich-Ebert-Damm 202a
         22047 Hamburg
         Germany


HERWIG EDELSTAHLTECHNIK: Claims Registration Ends April 11
----------------------------------------------------------
Creditors of Herwig Edelstahltechnik GmbH have until April 11 to
register their claims with court-appointed insolvency manager
Marcus Winkler.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on May 15, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Mosbach
         Meeting Hall 12
         Lohrtalweg 2
         74821 Mosbach
         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:

         Marcus Winkler
         Kettelerstrasse 6
         64720 Michelstadt
         Germany
         Tel: 06066/9699829

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

The Debtor can be reached at:

         Herwig Edelstahltechnik GmbH
         Attn: Ulrich Herwig, Manager
         Barnholz 6
         74731 Wallduern
         Germany


HESE UMWELT: Insolvency Manager to Give Accounts on Proceedings
---------------------------------------------------------------
Rolf Wedmann, the insolvency manager of Hese Umwelt GmbH, will
present his report on the company's insolvency proceedings on
March 26 at the District Court of Essen.

The Court opened bankruptcy proceedings for the company on
Jan. 31.

Schmack Biogas AG took over the company's Biogas division on
Feb. 1, continuing the business under the name Hese Biogas GmbH
to maintain the high-quality and well-positioned brand in the
biogas market.  

Hese Umwelt carried outstanding customer orders worth around
EUR30 million on its books.  Its customers included RWE AG.

The insolvency manager can be reached at:

         Rolf Wedmann
         Alfredstr. 279
         45133 Essen
         Germany


HINCK GMBH: Creditors Must Register Claims by April 4
-----------------------------------------------------
Creditors of Hinck GmbH have until April 4 to register their
claims with court-appointed insolvency manager Boris Reski.

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

The meeting of creditors will be held at:

         The District Court of Pinneberg
         Hall 3
         First Floor
         Bahnhofstrasse 17
         25421 Pinneberg
         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:

         Boris Reski
         Moltkestrasse 3-5
         25421 Pinneberg
         Germany

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

The Debtor can be reached at:

         Hinck GmbH
         Bundesstrasse 5 1
         25373 Ellerhoop
         Germany


HOENER-REISEN GMBH: Creditors Must Register Claims by April 10
--------------------------------------------------------------
Creditors of Hoener-Reisen GmbH have until April 10 to register
their claims with court-appointed insolvency manager
Frank Krueger.

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

The meeting of creditors will be held at:

         The District Court of Osnabrueck
         Hall N 301
         Kollegienwall 10
         49074 Osnabrueck
         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. Frank Krueger
         Sutthauser Str. 394
         49080 Osnabrueck
         Germany
         Tel: 0541-990330
         Fax: 0541-9903310

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

The Debtor can be reached at:

         Hoener-Reisen GmbH
         Kreuzbrink 1
         49205 Hasbergen
         Germany


HTL BAU: Creditors Must Register Claims by April 17
---------------------------------------------------
Creditors of HTL Bau Eisleben GmbH have until April 17 to
register their claims with court-appointed insolvency manager
Ruediger Weiss.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

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

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against HTL Bau Eisleben GmbH on Feb. 28.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HTL Bau Eisleben GmbH
         Karl-Fischer-Strasse 3
         06295 Eisleben
         Germany

         Attn: Friedhelm Machutta, Manager
         Lindengraben 11
         06295 Hedersleben
         Germany


HUTTENLOCHER PAPIERVERARBEITUNG: Creditors' Claims Due May 2
------------------------------------------------------------
Creditors of Huttenlocher Papierverarbeitung GmbH have until
May 2 to register their claims with court-appointed insolvency
manager Michael Wahl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 4, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Goeppingen
         Hall 0.24
         Ground Floor
         Pfarrstrasse 25
         73033 Goeppingen
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Michael Wahl
         c/o PLUTA Rechtsanwalts GmbH
         Karlstr. 33
         89073 Ulm
         Germany
         Tel: 0731/96 88 00
         Fax: 0731/9 68 80-52

The District Court of Goeppingen opened bankruptcy proceedings
against Huttenlocher Papierverarbeitung GmbH on March 8.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Huttenlocher Papierverarbeitung GmbH
         Attn: Winfried Huttenlocher, Manager
         Albstr. 112-114
         73066 Uhingen
         Germany


LAK GRUNDSTUECKS: Creditors Must Register Claims by May 3
---------------------------------------------------------
Creditors of LAK Grundstuecks- und Immobiliengesellschaft mbH
have until May 3 to register their claims with court-appointed
insolvency manager Dirk Decker.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 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:

         Dirk Decker
         Speersort 4/6
         20095 Hamburg
         Germany
         Tel: 040/30 30 10
         Fax: 040/30 30 11 11

The District Court of Lueneburg opened bankruptcy proceedings
against LAK Grundstuecks- und Immobiliengesellschaft mbH on
March 6.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         LAK Grundstuecks- und Immobiliengesellschaft mbH
         Am Felde 51
         21217 Seevetal
         Germany

         Attn: Peter Lehmann, Manager
         Pulvermuehlenweg 12B
         21217 Seevetal
         Germany


METALLBAU KOETZ: Claims Registration Ends May 7
-----------------------------------------------
Creditors of Metallbau Koetz GmbH have until May 7 to register
their claims with court-appointed insolvency manager Michael C.
Frege.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Michael C. Frege
         Augustusplatz 9
         04109 Leipzig
         Germany
         Tel: 0341/2167225
         Telefax: 0341/2167232
         E-mail: insolvenz@cms-hs.com

The District Court of Leipzig opened bankruptcy proceedings
against Metallbau Koetz GmbH on March 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Metallbau Koetz GmbH
         Attn: Karl Rainer Koetz, Manager
         Bahnhofstrasse 4
         04862 Mockrehna
         Germany


NISSAN AUTOHAUS: Claims Registration Ends May 31
------------------------------------------------
Creditors of NISSAN Autohaus GmbH have until May 31 to register
their claims with court-appointed insolvency manager Martin
Moderegger.

Creditors and other interested parties are encouraged to attend
the meeting on July 31, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Fulda
         Hall 3100
         Koenigstrasse 38
         36037 Fulda
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Martin Moderegger
         Heinrichstrasse 13
         36037 Fulda
         Germany
         Tel: 0661/25008080
         Fax: 250080860

The District Court of Fulda opened bankruptcy proceedings
against NISSAN Autohaus GmbH on March 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         NISSAN Autohaus GmbH
         Hanauer Landstr. 205
         Frankfurt/Main
         Germany


SPECTRUM BRANDS: Gets US$1.6-Bln Pledge to Refinance Bank Loan
--------------------------------------------------------------
Spectrum Brands Inc. reported that Goldman Sachs and Bank of
America have provided a commitment to refinance Spectrum Brands'
existing bank credit facility.  This commitment provides for a
new bank credit facility in the aggregate principal amount of at
least US$1.6 billion with a six-year maturity.  The refinancing
will be completed by March 30.

"We are very pleased to have reached this refinancing agreement,
which will provide us with the financial flexibility to pursue
additional steps to improve our capital structure in an orderly
manner, while continuing to strengthen our operating
businesses," Spectrum Brands President and Chief Executive
Officer David Jones stated.  "We remain keenly focused on
completion of asset sales to reduce our outstanding debt and
leverage.  We believe the Company is on the right track to
creating long-term sustainable value."

The commitment of Goldman Sachs and Bank of America is subject
to customary terms and conditions, including negotiation and
execution of definitive loan documentation.  Goldman Sachs will
lead the refinancing and act as joint lead arranger, joint
bookrunner and sole syndication agent.  Bank of America will act
as joint lead arranger and joint bookrunner.  There can be no
assurances that the anticipated refinancing will be completed
or, if completed, what the time or terms of such transaction
will be.

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC) -
- http://www.spectrumbrands.com/-- is a consumer products  
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.  
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.  The
company's European headquarters is located at Sulzbach, Germany.

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 12,
Standard & Poor's Ratings Services lowered all of its ratings on
Atlanta, Georgia-based Spectrum Brands Inc., including the
company's corporate credit rating, which was lowered to 'CCC+'
from 'B-'.  The outlook is developing.


SPECTRUM BRANDS: Launches Exchange Offer for 8-1/2% Senior Notes
----------------------------------------------------------------
Spectrum Brands, Inc. intends to commence an exchange offer to
refinance the US$350 million in aggregate principal amount
outstanding of its 8-1/2% Senior Subordinated Notes due Oct. 1,
2013 (CUSIP No. 755081AD8) with new senior subordinated notes
due October 2, 2013 of equal principal amount.

The company intends to commence the exchange offer by Friday,
March 16, and to consummate the initial settlement of the
exchange offer and the bank credit facility refinancing referred
to below by March 30, 2007, subject to the terms, and the
satisfaction of the conditions, described below.

The New Notes will bear interest at an initial rate of 11.00%,
increasing to 11.25% on April 1 and thereafter increasing semi
annually based on a specified schedule and other provisions.  
The New Notes will be redeemable by the company at scheduled
redemption prices, reflecting a specified premium to par
beginning immediately and declining to par on Oct. 1, 2010.

In conjunction with the exchange offer, the company plans to
solicit consents from the holders of Existing Notes to effect
proposed amendments to the indenture for the Existing Notes that
would eliminate substantially all of the restrictive covenants
and events of default contained therein.  The company expects
that the indenture for the New Notes will contain restrictive
covenants and events of default substantially similar to those
pertaining to the Company's outstanding 7-3/8% Senior
Subordinated Notes due 2015, including specified provisions for
senior secured credit facilities of up to US$1.6 billion.

In connection with the exchange offer, the company has entered
into an agreement with certain holders of the Existing Notes who
previously delivered a notice of default to the company under
which such holders have agreed not to exercise any rights or
remedies which may be available to them under the indenture for
the Existing Notes in respect of and to waive alleged defaults,
to tender their notes in the exchange offer and to consent to
the proposed amendments to the indenture for the Existing Notes.  
The company has been advised that these holders own or otherwise
control a majority in aggregate principal amount of the
outstanding Existing Notes.  The agreement will terminate in the
event that Existing Notes are not exchanged in the offer prior
to April 10.

The closing of the exchange offer will be subject to various
conditions, including the refinancing of the company's existing
bank credit facility and holders of a majority in principal
amount of the Existing Notes having tendered their Existing
Notes in the exchange offer, consented to the amendments to the
indenture for the Existing Notes and waived alleged defaults,
and other customary terms and conditions.

                  Annual Shareholders' Meeting

Spectrum Brands, Inc., will hold its annual shareholders'
meeting on April 25, at 8:00 a.m. CT at the company's
North American headquarters, at 601 Rayovac Drive in Madison,
Wisconsin.

Shareholders of record as of March 27 will be entitled to vote
at the meeting.

                      About Spectrum Brands

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC) -
- http://www.spectrumbrands.com/-- is a consumer products  
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.  
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia, and New
Zealand, and sales offices in Melbourne, Shanghai, and
Singapore.  The company's European headquarters is located at
Sulzbach, Germany.

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 12,
Standard & Poor's Ratings Services lowered all of its ratings on
Atlanta, Georgia-based Spectrum Brands Inc., including the
company's corporate credit rating, which was lowered to 'CCC+'
from 'B-'.  The outlook is developing.


SPIEL UND GASTRO: Claims Registration Ends April 19
---------------------------------------------------
Creditors of Spiel und Gastro GmbH have until April 19 to
register their claims with court-appointed insolvency manager
Mathias Dorn.

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

The meeting of creditors will be held at:

         The District Court of Kempten
         Residenzplatz 4-6
         87435 Kempten
         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:

         Mathias Dorn
         Allgauer Strasse 1
         87435 Kempten
         Germany
         Tel: (08 31) 5 80 04 34
         Telefax: (08 31) 5 80 04 64

The District Court of Kempten opened bankruptcy proceedings
against Spiel und Gastro GmbH on March 5.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Spiel und Gastro GmbH
         Staufner Strasse 13
         88161 Lindenberg
         Germany


SPRINGER BAUMSCHULEN: Creditors' Meeting Slated for April 20
------------------------------------------------------------
The court-appointed insolvency manager for Springer Baumschulen
GmbH, Lothar Plumhof, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:30 a.m. on April 20.

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

         The District Court of Syke
         Hall 112
         Hauptstr. 5A
         28857 Syke
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on July 6 at the same venue.

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

The insolvency manager can be reached at:

         Lothar Plumhof
         Georg-Hoffmann-Str. 20
         28857 Syke
         Germany
         Tel: 04242 / 59 21 21
         Fax: 04242 / 59 21 19

The District Court of Syke opened bankruptcy proceedings against
Springer Baumschulen GmbH on March 7.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Springer Baumschulen GmbH
         Bruchstrasse 40
         31629 Estorf
         Germany

         Attn: Thomas Springer, Manager
         Alte Dorfstrasse 11a
         31629 Estorf
         Germany


TH HAUSBAU: Claims Registration Ends May 15
-------------------------------------------
Creditors of TH Hausbau GmbH have until May 15 to register their
claims with court-appointed insolvency manager Thomas Karg.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on April 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Memmingen
         Meeting Hall 103
         Ground Floor
         Buxacher Strasse 6
         Memmingen
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report at 10:30 a.m. on May 25.

The insolvency manager can be reached at:

         Dr. Thomas Karg
         Kalchstr. 4
         87700 Memmingen
         Tel: 08331/9500-0
         Fax: 08331/9500-30

The District Court of Memmingen opened bankruptcy proceedings
against TH Hausbau GmbH on March 8.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         TH Hausbau GmbH
         Attn: Sabine Lutz, Manager
         Businesspark A 96
         86842 Tuerkheim
         Germany


TOWER AUTO: Wants to Make Initial Payment in ERISA Settlement
-------------------------------------------------------------
Tower Automotive Inc. and its debtor-affiliates seek permission
from the Honorable Allen L. Gropper of the U.S. Bankruptcy Court
for the Southern District of New York to make a US$2 million
provisional settlement payment as part of a settlement of an
Employee Retirement Income Security Act Class Action.

The Debtors previously obtained approval from Judge Gropper to
advance up to an aggregate of US$1,500,000 in legal defense
fees, costs and related expenses incurred by the Debtors'
current and former officers, directors and employees to defend
alleged violations of the Employee Retirement Income Security
Act Class Action.

The Debtors maintain that resolution of the ERISA Litigation is
an important aspect of their efforts to reorganize.

The Debtors and the individual defendants have been negotiating
a settlement of the Class Action Lawsuits that resolves all
potential liability of the Debtors or the Individual Defendants,
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, in New York,
relates.

While the Settlement will be subject to review and approval by
U.S. District Court for the Southern District of New York, the
Debtors come before Judge Gropper seeking authority to make a
provisional payment pursuant to the Settlement, Mr. Cieri notes.
If the request is granted, the Debtors would execute a fully
documented settlement agreement and make the Provisional
Settlement Payment.

The salient terms of the Settlement term sheet provides that:

    (a) Upon approval of the Settlement by the District Court,
        the Debtors will deposit US$2,000,000 in a segregated
        account;

    (b) The stipulated liability under the ERISA Litigation will
        be capped at US$14,000,000, which is within the policy
        limits under the ERISA Policy;

    (c) The Debtors and the Individual Defendants would agree to
        assign to the plaintiffs in the Class Action Lawsuits
        the right to pursue the Debtors' and the Individual
        Defendants' claims against Federal Insurance Company --
        the Debtors' insurance carrier -- up to US$14,000,000,
        at the Plaintiffs' sole expense; and

    (d) If the Plaintiffs prevail against Federal in the
        Coverage Litigation, the first US$4,000,000 of any
        recovery would go to the Plaintiffs, the next
        US$2,000,000 would go to the Debtors to reimburse them
        for the Provisional Settlement Payment, and the balance
        of any recovery would go to the Plaintiffs.  Thus, so
        long as there is more than US$6,000,000 in coverage for
        the ERISA Litigation, the Debtors will be entitled to a
        full refund of the Provisional Settlement Payment upon
        the Plaintiffs' receipt of funds from Federal.

The Debtors submit that the Settlement is beneficial to their
estates and creditors, fair and equitable, and falls well within
the range of reasonableness.

Mr. Cieri also notes that in exchange for the Provisional
Settlement Payment, the Debtors will receive several important
benefits from the Settlement, including that:

    (1) The Debtors will realize significant savings by not
        continuing to fund the litigation costs associated with
        the Coverage Litigation and the ERISA Litigation.  The
        Coverage Litigation and the ERISA Litigation are both in
        relatively early stages, and given the tenor to date,
        would be very costly to conclude, and would likely
        involve significant appellate litigation;

    (2) The Settlement will provide much needed certainty to the
        Debtors and the Individual Defendants at a crucial time
        in the Debtors' Chapter 11 cases.  The ERISA Litigation  
        and the Coverage Litigation have been a distraction for
        the Debtors and for the Individual Defendants, and the
        Debtors believe that their reorganization efforts would
        benefit from putting an end to this distraction and
        allowing the Debtors and the Individual Defendants to
        more fully focus on the considerable challenges at hand
        related to the Debtors' planned emergence from Chapter
        11;

    (3) The Settlement will remove a significant obstacle to the
        Debtors' ability to retain the services of the
        Individual Defendants going forward.  The Debtors expect
        that the future owners of, or investors in, their
        businesses, whomever they may be, may want to retain
        some or all of the Individual Defendants, and that the
        ERISA Litigation could be a barrier to that goal; and
     

    (4) The Debtors and the Individual Defendants will receive a
        full release of all claims arising out of, or in any way
        related to, directly or indirectly, any or all of the
        acts, omissions, facts, matters, transactions or
        occurrences during the Class Period that are, were, or
        could have been alleged, asserted or set forth in the
        ERISA Litigation related to alleged violations of ERISA.
        The release is significant because there's a risk that
        if the Individual Defendants were held liable in the
        ERISA Litigation, their liability would be as agents of
        the Debtors, exposing the Debtors to both vicarious
        liability under the theory of "respondeat superior" and
        the risk of being collaterally estopped from denying
        liability for the actions of the Individual Defendants.

                            Responses

(a) Silver Point

Silver Point Capital Fund, L.P., asserts that it neither takes
issue with the economic structure of the Settlement nor
maintains that the Settlement falls outside the "range of
reasonableness."  However, Silver Point believes that
consideration of the request should be deferred until a better
understanding of the Debtors' ability to fully satisfy the
claims of their senior creditors -- specifically, the Second
Lien Lenders -- in cash can be ascertained.

James C. Tecce, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in
New York, argues that the Debtors' bankruptcy cases have reached
a critical point, and paying junior creditors' prepetition
claims outside of a Chapter 11 plan before the satisfaction of
the Second Lien Lenders' claims simply is inappropriate.

"This is especially true when the US$2 million provisional
payment will not be used to satisfy claims asserted against the
Debtors," Mr. Tecce argues.

Mr. Tecce adds that at best, the Debtors may be obligated with
respect to indemnification claims asserted by the Individual
Defendants relating to the ERISA Litigation.  These claims would
arise under the Debtors' by-laws and employment agreements, and
relate to alleged prepetition misconduct.

Accordingly, Silver Point asks Judge Gropper to sustain its
objection and defer consideration of the Debtors' request.

(b) Creditors Committee

The Official Committee of Unsecured Creditors asks the
Bankruptcy
Court to deny the Debtors' request because:

    * The Plaintiffs' claims arose from the sale of securities,
      and the Bankruptcy Code mandates that the claims be
      subordinated to the claims of general unsecured creditors.
      Thus, payment of the Settlement, without a guarantee of
      insurance coverage, will in essence elevate the
      plaintiffs' claims above all other claims; and

    * The Settlement Payment will constitute the payment of a
      prepetition claim outside of a confirmed Reorganization
      Plan.  Courts have consistently held that payment of those
      claims should only be approved where it is essential to
      the debtors' reorganization efforts.

The Bankruptcy Court must not allow the Debtors to end run
around the bankruptcy priority scheme, and favor the Plaintiffs'
subordinate claims to the detriment of all other claimants, Ira
S. Dizengoff, Esq., at Akin Gump Strauss Hauer & Feld LLP in New
York emphasizes.

Under Section 510(b) of the Bankruptcy Code, courts must
subordinate bankruptcy claims "for damages arising from
purchases and sales of securities of a debtor," including claims
for "reimbursement or contribution" based on those claims, Mr.
Dizengoff notes.

According to Mr. Dizengoff, even if the Plaintiffs' claims are
not subordinated pursuant to Section 510(b), they are still
merely general unsecured claims that should be paid pursuant to
a confirmed Plan.  Multiple provisions in the Bankruptcy Code
envision and demand that similarly situated creditors receive
equal treatment.

Moreover, as required by the Bankruptcy Court's prior orders,
the Debtors must be directed to seek reimbursement from Federal
of all amounts advanced, including amounts already paid, to the
Individual Defendants if the Debtors prevail in the ERISA
Coverage Litigation, Mr. Dizengoff argues.  It is premature to
allow the Debtors to pay any more amounts, including the
Settlement Payment, if there is no basis to recover those
amounts from Federal, he says.

Mr. Dizengoff maintains that the Debtors should know first if
they can recover the Settlement Payment -- plus the amounts
previously paid -- from Federal.  If the Debtors or their
assigns are successful in the ERISA Coverage Litigation, then
the proposed Settlement would have no impact on the estate.

Headquartered in Grand Rapids, Michigan, Tower Automotive Inc. -
- http://www.towerautomotive.com/-- is a global designer and  
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.  Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components.  The Company and 25 of its debtor-affiliates filed
voluntary chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y.
Case No. 05-10576 through 05-10601).  James H.M. Sprayregen,
Esq., Ryan B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz,
Esq., and Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP,
represent the Debtors in their restructuring efforts.  Ira S.
Dizengoff, Esq., at Akin Gump Strauss Hauer & Feld LLP,
represents the Official Committee of Unsecured Creditors.  When
the Debtors filed for protection from their creditors, they
listed US$787,948,000 in total assets and US$1,306,949,000 in
total debts.  The Debtors' exclusive plan-filing deadline is
extended to March 21, 2007, pending a hearing on that date.  
(Tower Automotive Bankruptcy News, Issue No. 54; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


TOWER AUTOMOTIVE: Wants Avoidance Actions Protocol Established
--------------------------------------------------------------
Tower Automotive Inc. and its debtor-affiliates previously asked
the U.S. Bankruptcy Court for the Southern District of New York
to enter a ruling establishing streamlined procedures for claims
and actions that are commenced by the Debtors pursuant to
Sections 502, 547, 548 and 550 of the Bankruptcy Code.

The Court requested that the motion be noticed to all defendants
in the Avoidance Actions.

On Feb. 23, the Debtors filed a similar request asking the Court
to enter an order establishing certain procedures governing all
Avoidance Actions.

Specifically, Frank A. Oswald, Esq., at Togut, Segal & Segal
LLP in New York, says the Debtors ask the Court to enter a
ruling:

    (a) eliminating the requirement of a scheduling conference
        required by Rule 7026(f) of the Federal Rules of
        Bankruptcy Procedure, and an initial pretrial conference
        under Rule 7016, and instead, set procedures and
        timetables for service of Rule 7026 disclosures;

    (b) requiring a pre-motion conference before any motion is
        filed; and

    (c) authorizing and approving omnibus procedures for the
        settlement and compromise of the Avoidance Actions,
        pursuant to which the Debtors would be permitted to
        settle a majority of the Avoidance Actions without the
        requirement of noticing all creditors or bringing all of
        the proposed settlements before the Court for approval
        pursuant to Rule 9019 of the Federal Rules of Bankruptcy
        Procedure.

Mr. Oswald notes that the Debtors have served a copy of the
present request with the summons and complaint on the defendant
in each adversary proceeding.

The Debtors, the Official Committee of Unsecured Creditors and
their retained professionals have been working together to
determine whether any transfers made by the Debtors to third
parties within the one-year period immediately before their
bankruptcy filing, may be avoided and recovered by the Debtors
pursuant to Chapter 5 of the Bankruptcy Code, Mr. Oswald tells
Judge Kishel.

According to Mr. Oswald, the Debtors have commenced more than
400 adversary proceedings seeking to avoid and recover in excess
of US$260,000,000, and have entered into 29 tolling agreements.

Mr. Oswald asserts that absent the establishment of streamlined
procedures to govern the prosecution and settlement of the
Avoidance Actions, it will be extremely difficult and costly for
the Debtors to prosecute the Avoidance Actions in an efficient
and timely manner and equally as difficult for the Court to
administer the matters.

Mr. Oswald says by instituting certain procedures, the Debtors
will be able to minimize the administrative costs to the estates
including, among other things:

    * the cost and expense of having counsel travel to and from
      the Court for countless pretrial and scheduling
      conferences;

    * drafting Rule 9019 motions; and

    * serving every creditor with every proposed settlement,
      which could amount to hundreds of motions for approval of
      settlements.

Mr. Oswald explains that given the volume of the Avoidance
Actions that were commenced, the Debtors believe that their
request with respect scheduling conferences, pretrial
conferences, initial disclosures and motion practice are
imperative.  Absent the limitations, Mr. Oswald says, the
Court's docket will be clogged with those matters and additional
time will be consumed with reviewing and signing individual
scheduling orders in potentially hundreds of adversary
proceedings.

In addition, the Debtors seek the Court's authority to settle
and compromise Avoidance Actions in accordance with these
procedures:

    (1) For the settlement of any Avoidance Action where the
        amount demanded is US$1,000,000 and greater, the Debtors
        will, after obtaining the prior agreement of the
        Creditors Committee or its successor that the proposed
        settlement is fair and reasonable, seek for Court
        approval of the proposed settlement pursuant to Rule
        9019 on notice by regular, first-class mail upon:

         (a) counsel for the Creditors Committee;

         (b) the Office of the U.S. Trustee for the Southern
             District of New York;

         (c) the parties listed on the "Notice List" established
             by the Court's ruling establishing notice
             procedures; and

         (d) the defendant in that particular Avoidance Action;

    (2) For the settlement of any Avoidance Action where the
        amount demanded is greater than US$150,000 but less than
        US$1,000,000, after consultation with the Creditors
        Committee or its successor regarding the settlement, the
        Debtors will serve notice of any proposed settlement by
        regular, first-class mail on the Notice Parties,
        provided that if any of the Notice Parties object to a
        settlement proposed by the Debtors, and the Debtors
        still desire to enter into the proposed settlement with
        the defendant, the execution of the settlement will not
        proceed except upon:

           -- resolution of the objection by the Debtors and the
              Objecting Party; or

           -- further Court ruling after a hearing.

        The Debtors will also file notice on the Court's
        electronic docket.  If no written objection is received
        within 10 business days after the date of service of the
        Notice, the Debtors will be authorized to consummate the
        proposed settlement without further Court ruling or
        consent of any other party;

    (3) For the settlement of any Avoidance Action where the
        amount demanded is US$150,000 or less, the Debtors will
        be authorized to consummate the proposed settlement
        without further Court ruling, and without giving notice
        to, or receiving consent from any other party; and
    
    (4) The Debtors will provide a confidential bi-weekly
        settlement report to the Creditors Committee or its
        successor listing all settled actions, settlement
        amounts and claim waivers, unless the Committee or its
        successor waives the requirement.

The Debtors hope that the proposed procedures will promote
settlements because they believe proceeding in this manner may
obviate the need for defendants to retain outside counsel during
the settlement process.  Often, not having to expend substantial
resources for outside counsel is a major consideration in a
defendant's willingness to settle quickly, Mr. Oswald explains.

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).


WEBER HEIMBAU: Creditors' Meeting Slated for April 18
-----------------------------------------------------
The court-appointed insolvency manager for Weber Heimbau
Systemhaus & Bauelemte GmbH, Dr. Petra Hilgers, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 11:05 a.m. on April 18.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:20 a.m. on Aug. 1 at the same venue.

Creditors have until June 4 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Petra Hilgers
         Goethestr. 85
         10623 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Weber Heimbau Systemhaus & Bauelemte GmbH on
March 8.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Weber Heimbau Systemhaus & Bauelemte GmbH
         Winckelmannstr. 33-35
         2487 Berlin
         Germany


WEINHANDELSGESELLSCHAFT MBH: Claims Registration Ends May 26
------------------------------------------------------------
Creditors of Weinhandelsgesellschaft mbH have until May 26 to
register their claims with court-appointed insolvency manager
Joachim Klein II.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on June 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 Cologne
         Meeting Hall 142
         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 reached at:

         Joachim Klein II
         Hansaring 79 - 81
         50670 Koeln
         Germany


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

The Debtor can be reached at:

         Weinhandelsgesellschaft mbH
         Salamanderweg 4
         51427 Bergisch Gladbach

         Attn: Guenther Lappe, Manager
         Krumbach 3a
         51503 Roesrath
         Germany


WILHELM & SCHARF: Creditors' Meeting Slated for April 18
--------------------------------------------------------
The court-appointed insolvency manager for Wilhelm & Scharf
GmbH, Dr. Juergen Spliedt, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
11:00 a.m. on April 18.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:15 a.m. on Aug. 1 at the same venue.

Creditors have until June 6 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Juergen Spliedt
         Uhlandstr. 165/166
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Wilhelm & Scharf GmbH on March 8.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Wilhelm & Scharf GmbH
         Persiusstr. 7
         10245 Berlin
         Germany


WUNDERTUETEN & MEDIEN: Claims Registration Period Ends May 22
-------------------------------------------------------------
Creditors of W.V.G. Wundertueten & Medien Vertriebs GmbH have
until May 22 to register their claims with court-appointed
insolvency manager Michael Waculik.

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

The meeting of creditors will be held at:

         The District Court of Wilhelmshaven
         Hall 109
         Old Building
         Market Route 15
         26382 Wilhelmshaven
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Michael Waculik
         Schlosserstr. 40
         26441 Jever
         Germany
         Tel: 04461/745750
         Fax: 04461/745751
         E-Mail: kanzlei@waculik.de

The District Court of Wilhelmshaven opened bankruptcy
proceedings against W.V.G. Wundertueten & Medien Vertriebs GmbH
on March 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         W.V.G. Wundertueten & Medien Vertriebs GmbH
         Am Sportplatz 1
         57567 Daaden
         Germany

         Attn: Manfred A. Gerriets, Manager
         Schulstrasse 69
         26384 Wilhelmshaven
         Germany


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


GLASTONBURY FINANCE: S&P Rates GBP14-Millio Notes at Low-B
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the GBP336.65 million floating-rate notes to
be issued by Glastonbury Finance 2007-1 PLC.  At the same time,
it will issue GBP19 million of unrated notes.
  
The preliminary ratings assigned to Glastonbury Finance 2007-1
reflect the credit support provided by the subordinated classes
of securities and the geographic and property diversity of the
properties securing the underlying CMBS collateral.
  
The collateral pool consists of 23 classes of pass-through
certificates from 19 CMBS transactions.
  
At closing, Glastonbury Finance 2007-1 will issue the notes, the
proceeds of which, minus any upfront costs and expenses, will be
used to acquire a portfolio of CMBS securities.
  
All the notes, which will equate to 102% of the transaction
size, will be issued in sterling and euros.  At closing, the
issuer will issue the class A-1 revolving notes, under which it
will be entitled to draw, at any time, a maximum amount of 58.6%
of the size of the transaction.  Amounts drawn under the
revolver may be denominated in sterling or euros.
  
On the issue date, the currency concentration is expected to be
70.1% sterling and 29.9% euros.  The class A-1 notes will be
dual-currency obligations of the issuer, under which the class
A-1 noteholders will receive interest and principal in the
available currencies.
  
Eurohypo Asset Management Ltd. will manage the portfolio.  This
will be the first CRE CDO transaction under its management.  The
transaction is expected to be 100% ramped at closing.

                          Ratings List
  
Glastonbury Finance 2007-1 PLC
   GBP355.65 Million Floating-Rate Notes
  
                          Prelim.        Prelim. Amount
           Class          rating           (Mil. GBP)
           -----          ------            --------
           X              AAA                 5.65
           A-1            AAA               205.00
           A-2            AAA                33.00
           B              AA                 32.00
           C              A                  31.00
           D              BBB                16.00
           E              BB                 10.00
           F              BB-                 4.00
           Subordinated
           notes          NR                 19.00


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


ALITALIA SPA: Passenger & Cargo Traffic Figures Rise in February
----------------------------------------------------------------
Alitalia S.p.A.'s passenger and cargo traffic showed a marked
increase in February 2007 compared with the same period in 2006
according to traffic data recently released by the company.

                      Passenger Operations

Traffic, measured in Revenue Passenger Kilometers, increased by
4.8% and the capacity, measured in Available Seat Kilometers,
increased by 0.4%.  Therefore load factor increased 2.9
percentage point reaching 68.3%.  Alitalia carried 1.7 million
passengers, up 3.3% compared to the previous year.  

Detailed comparisons with February 2006:

   -- Domestic Passenger Network: traffic increased by 1.3%
      with offered capacity down 1%. Load factor was 58.2%;

   -- International Passenger Network: traffic was up by 8.5%
      with a capacity increase of 3.9%. Load factor was 62.8%;

   -- Intercontinental Passenger Network:  traffic grew by 1.5%
      while capacity was down 3.5%. Load factor was 76.9%.

                        Cargo Operations

February 2007 cargo traffic performance, measured in Revenue Ton
Kilometers, increased by 23.3% in comparison with February 2006
figures while capacity was up 24.5%. Overall load factor was
equal to 68.5%.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for  
passengers and air transport of cargo on national, international
and inter-continental routes.  In Europe, the company reaches 45
airports, with 1,238 flights per week.  In the rest of the
world, the Alitalia Group's aircrafts operate out of 32 airports
with 255 flights per week.  The Alitalia Group network is
centered on two main airports, Rome Fiumicino and Milan
Malpensa, and includes, as of Sept. 30, 2006, an operating fleet
of 182 aircrafts.  The Italian government owns 49.9% of
Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked consecutive annual net losses of
EUR520 million in 2003, EUR813 million in 2004, and EUR168
million in 2005.


PARMALAT SPA: Paraguay Unit Under Probe over Poisoning Incident
---------------------------------------------------------------
Paraguayan authorities are investigating Parmalat Paraguay, a
unit of Parmalat S.p.A., following cases of food poisoning in
Alto Parana, Paraguay, Bloomberg News reports.

In a TCR-Europe report on March 16, Parmalat Paraguay recalled a
batch of pasteurized milk linked to more than 400 cases of food
poisoning in the Latin American country.  Patients reported
symptoms that include vomiting and diarrhea several hours after
drinking the milk.

The Health Ministry's National Food and Nutrition Institute had
requested shops to take Parmalat's milk off from shelves.

Elsi Ovelari, the institute's general director, told Bloomberg
News that health officials are inspecting Parmalat's plant and
are trying to determine what caused the contamination of the
milk.  Ms. Ovelari revealed that following an analysis of the
milk, the Health Ministry found the existence of a bacteria.

Ms. Ovelari said health officials and Parmalat Paraguay
executives will meet Mar. 18 to discuss the incident.

                       About Parmalat

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

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

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

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

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

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


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


A SIRIUS D: Creditors Must File Claims by April 20
--------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region has declared LLP A Sirius D 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


ARTUS LLP: Creditors' Claims Due April 27
-----------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Artus insolvent.

Creditors have until April 27 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (3162) 25-79-32


BAT-SERVICE LLP: Proof of Claim Deadline Slated for April 20
------------------------------------------------------------
LLP Bat-Service has declared insolvency.  Creditors have until
April 20 to submit written proofs of claim to:

         LLP Bat-Service
         Omigov Str. 3
         Makinsk
         Bulandinsky District
         Akmola
         Kazakhstan


KARO GROUP: Claims Registration Ends April 20
---------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Karo Group Ltd 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


KYZYLORDARISMASH JSC: Economic Court Begins Bankruptcy Hearing
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
started bankruptcy proceeding against JSC Kyzylordarismash on
Feb. 20.


STROY MONTAGE: Creditors Must File Claims by April 20
-----------------------------------------------------
LLP Stroy Montage Alex Ltd has declared insolvency.  Creditors
have until April 20 to submit written proofs of claim to:

         LLP Stroy Montage Alex Ltd
         Jubanovih Str. 76-37
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-85-63


STROYSERVICE LLP: Creditors' Claims Due April 20
------------------------------------------------
LLP Stroyservice has declared insolvency.  Creditors have until
April 20 to submit written proofs of claim to:

         LLP Stroyservice
         Third Kilometer
         Iliyskoye Highway
         Almaty
         Kazakhstan
         Tel: 8 701 733 03-52


TATYANA LLP: Proof of Claim Deadline Slated for April 20
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region has declared LLP Tatyana 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


ZOLOTOY BYK: Claims Registration Ends April 20
----------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared CJSC Joint Enterprise Zolotoy Byk insolvent.  

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Elgin Str. 100
         Pavlodar
         Kazakhstan


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


REEM AIR: Claims Filing Period Ends May 2
-----------------------------------------
LLC Reem Air has declared insolvency.  Creditors have until
May 2 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 59-51-75.


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


ARROW ELECTRONICS: Agilysys Owners OK KeyLink Systems Takeover
--------------------------------------------------------------
Agilysys Inc. shareholders have approved the proposed sale of
KeyLink Systems Group to Arrow Electronics Inc. for US$485
million in cash.  The company also received clearance under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976.

"With the approval by the Agilysys shareholders and Hart-Scott-
Rodino clearance, we remain on schedule to close this
transaction at the end of the current quarter," said William E.
Mitchell, chairman, president, and chief executive of Arrow
Electronics.

"We are excited about the significant cross-selling
opportunities this partnership will bring to further accelerate
our growth in the global enterprise computing solutions
distribution market.  We will become the leading distributor of
enterprise products for both International Business Machines
Corporation and Hewlett-Packard Company, as well as a leading
value-added distributor of storage and software."

                     About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics --
http://www.arrow.com/-- provides products, services and  
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

In Europe, the company operates in France, Spain, Portugal,
Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, Norway,
Sweden, Italy, Germany, Austria, Switzerland, Belgium, the
Netherlands, and the U.K.

                          *     *     *

Arrow Electronics carries Fitch's 'BB+' issuer default rating.  
The Company's senior unsecured notes and senior unsecured bank
credit facility also carry Fitch's 'BB+' rating.   The rating
outlook is positive.


CLEAR CHANNEL: Highfields Capital Increases Stake to 5%
-------------------------------------------------------
Clear Channel Communications Inc. disclosed in a regulatory
filing with the U.S. Securities and Exchange Commission dated
March 15 that Highfields Capital Management LP now beneficially
owns a 5% stake in the company, equivalent to 24,854,400 shares
at US$0.10 par value per share.

Sarah McBride of The Wall Street Journal relates that Highfields
Capital previously held about 3% of Clear Channel's outstanding
shares.

Boston, Massachusetts-based Highfields Capital is an investment
management firm focused on identifying long-term value
investments on behalf of public and private charitable
foundations, school endowments and other institutional and
private investors.  Highfields Capital currently manages
approximately US$10 billion in investment funds.

The increase, WSJ says, citing people familiar with the matter,
indicates that the investment company wants more influence in a
coming vote on a possible privatization of Clear Channel, which
Highfields opposes.

According to WSJ, Clear Channel, along with investors Bain & Co.
and Thomas H. Lee, are offering US$37.60 a share, but many
investors, including Highfields, believe the company is worth
more.

Clear Channel shareholders of record as of March 23, 2007, are
due to vote on the issue at the special meeting, which will be
held on April 19, 2007.

Highfields is Clear Channel's second-biggest holder, the Journal
says.

                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.


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


JTT COMPUTER: Hearing Starts; MCI Demands PLN38-Mln Compensation
----------------------------------------------------------------
The first hearing on the PLN40-million damage suit filed by MCI
Management S.A. against the Polish government for its role in
the collapse of IT group JTT Computer S.A. commenced on
March 15, Puls Biznesu reports.

According to the report, MCI is demanding a PLN38-million
compensation from the state for the losses it incurred after JTT
went bankrupt resulting from an erroneous PLN10-million tax
charge by Wroclaw tax authorities.

As previously reported in the TCR-Europe on Oct. 4, 2006, the
group's collapse forced MCI to sell its 40% stake for PLN45,000,
which it previously acquired for PLN10.2 million.

Three other hearings will be held every week, Puls Biznesu
relates.

Headquartered in Wroclaw, Poland, MCI Management S.A. --
http://www.mci.com.pl/-- invests in the most attractive  
IT, Internet and mobile projects as well as biotechnology/life
science companies in region of Central and Eastern Europe.  The
fund provides capital as well as sector support for its
portfolio companies while contributing to their growth.

Headquartered in Wroclaw, Poland, JTT Computer S.A. --
http://www.jtt.pl/-- manufactured computers and provided  
network services.  JTT went bankrupt in June 2004 with debts of
over PLN60 million.  Puls Biznesu says the bankruptcy came as a
result of financial problems attributed to unlawful operations
of tax authorities, which demanded PLN10 million in relation to
VAT settlement for export made by JTT and import of the same
computers with 0% VAT rate.


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


LEAR CORP: Faces ERISA Violations Suit Over US$2.31-Bln Sale
------------------------------------------------------------
Lear Corp. employees filed a lawsuit in the U.S. District Court
for the Eastern District of Michigan seeking to block the
automotive parts supplier's acquisition by billionaire investor
Carl Icahn, The Detroit News reports.

Named defendants in the suit:

     -- Roger A. Jackson  
     -- Robert E. Rossiter  
     -- James H. Vandenberghe  
     -- David E. Fry  
     -- Vincent J. Intrieri  
     -- Conrad L. Mallet, Jr.  
     -- Larry W. McCurdy  
     -- Roy E. Parrott  
     -- David P. Spalding  
     -- James A. Stern  
     -- Henry D.G. Wallace  
     -- Richard F. Wallman  
     -- Lear Corp.  
     -- American Real Estate Partners, L. P.  
     -- Carl C. Icahn  
     -- Lear Corp. Employee Benefits Committee  

In February, the company agreed to a US$2.31 billion buyout
offer from Icahn-controlled American Real Estate Partners LP.
The transaction involves Mr. Icahn paying US$36 per share for
the shares he does not already own, according to reports.

Under the terms of the agreement, Lear was allowed to solicit
alternate proposals for 45 days.

According to the lawsuit, the employees have company stock in
two retirement plans, accounting for 1.5 million shares at the
end of 2005, roughly amounting to US$45 million.

The lawsuit seeks class-action status and argues the deal would
violate the Employee Retirement Income Security Act.

Besides undervaluing Lear, the lawsuit argues that the deal is
prohibited by ERISA since it would have Lear's salaried and
hourly retirement savings plans sell shares of company stock to
Mr. Icahn's affiliate.

The lawsuit states that ERISA prohibits "any transaction
involving the sale or exchange of plan assets between a plan and
a party in interest."

The lawsuit argues that Mr. Icahn's affiliate is a "party in
interest" in this case.

The suit is "Qualey v. Jackson et al., Case No. 2:07-cv-10910-
GER-RSW," filed in the U.S. District Court for the Eastern
District of Michigan, under Judge Gerald E. Rosen, with referral
to Judge R. Steven Whalen.

Representing plaintiffs are:

     (1) Barry D. Adler of Adler and Assoc. (Farmington Hills),
         30300 Northwestern Highway, Suite 304, Farmington
         Hills, MI 48334, Phone: 248-855-5090, E-mail:
         badler@adlerfirm.com;

     (2) Ellen M. Doyle of Malakoff, Doyle, 437 Grant St., Suite
         200, Pittsburgh, PA 15219, Phone: 412-281-8400, E-mail:
         edoyle@mdfpc.com; and

     (3) Ronen Sarraf of Sarraf Gentile, 487 Seventh Avenue,
         Suite 1005, New York, NY 10018, Phone: 212-868-3610,
         Fax: 212-918-7967, E-mail: ronen@sarrafgentile.com.

                      About the Company

Southfield, Mich.-based Lear Corp. (NYSE: LEA) --
http://www.lear.com/-- is a global supplier of automotive  
interior systems and components.  Lear provides complete seat
systems, electronic products, electrical distribution systems,
and other interior products.

Lear also operates in Argentina, Austria, Belgium, Brazil,
Canada, China, Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, India, Italy, Japan, Mexico, Morocco,
Netherlands, Philippines, Poland, Portugal, Romania, Russia,
Singapore, Slovakia, South Africa, South Korea, Spain, Sweden,
Thailand, Tunisia, Turkey, and Venezuela.

                          *     *     *

In a TCR-Europe report on Feb. 13, Standard & Poor's Ratings
Services lowered its corporate credit rating on Southfield,
Mich.-based Lear Corp. to 'B' from 'B+ and placed its ratings on
CreditWatch with negative implications following Lear's
announcement that it had agreed to be acquired by Carl Icahn-
controlled American Real Estate Partners, L.P.

As reported in the Troubled Company Reporter-Europe on Feb. 8,
Moody's Investors Service placed the long-term ratings of Lear
Corporation, corporate family rating at B2, under review for
possible downgrade.  The company's speculative grade liquidity
rating of SGL-2 was affirmed.


LEAR CORP: Faces Lawsuits Over US$2.31-Bln Sale to Carl Icahn
-------------------------------------------------------------
Southfield, Michigan-based Lear Corp. is facing six purported
class actions filed by certain shareholders seeking to block the
automotive parts supplier's acquisition by billionaire investor
Carl Icahn, according to the company's Feb. 27, 2007 Form 10-K
filing with the U.S. Securities and Exchange Commission for the
period ended Dec. 31, 2006.

In February, the company agreed to a US$2.31 billion buyout
offer from Icahn-controlled American Real Estate Partners LP.  
The transaction involves Mr. Icahn paying US$36 per share for
the shares he does not already own, according to reports.

Under the terms of the agreement, Lear was allowed to solicit
alternate proposals for 45 days.

Between Feb. 9, 2007 and Feb. 21, 2007, certain stockholders
filed six purported class actions against the company, certain
members of the board of directors and American Real Estate
Partners, L.P. and certain of its affiliates (AREP).

Three of the lawsuits were filed in the Delaware Court of
Chancery and have since been consolidated into a single action.   
Another three were filed in Michigan Circuit Court.

The class action complaints, which are substantially similar,
generally allege that the Agreement and Plan of Merger unfairly
limits the process of selling Lear and that certain members of
the company's board of directors have breached their fiduciary
duties in connection with the Merger Agreement and have acted
with conflicts of interest in approving the Merger Agreement.

The lawsuits seek to enjoin the merger, to invalidate the Merger
Agreement and to enjoin the operation of certain provisions of
the Merger Agreement, a declaration that certain members of the
company's Board of Directors breached their fiduciary duties in
approving the Merger Agreement and an award of unspecified
damages or rescission in the event that the proposed merger with
AREP is completed.

On Feb. 23, 2007, the plaintiffs in the consolidated Delaware
action filed a consolidated amended complaint, a motion for
expedited proceedings and a motion to preliminarily enjoin
the merger contemplated by the Merger Agreement.

The company believes that the lawsuits are without merit and
intend to defend against them vigorously.

                      About the Company

Southfield, Mich.-based Lear Corp. (NYSE: LEA) --
http://www.lear.com/-- is a global supplier of automotive  
interior systems and components.  Lear provides complete seat
systems, electronic products, electrical distribution systems,
and other interior products.

Lear also operates in Argentina, Austria, Belgium, Brazil,
Canada, China, Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, India, Italy, Japan, Mexico, Morocco,
Netherlands, Philippines, Poland, Portugal, Romania, Russia,
Singapore, Slovakia, South Africa, South Korea, Spain, Sweden,
Thailand, Tunisia, Turkey, and Venezuela.

                          *     *     *

In a TCR-Europe report on Feb. 13, Standard & Poor's Ratings
Services lowered its corporate credit rating on Southfield,
Mich.-based Lear Corp. to 'B' from 'B+ and placed its ratings on
CreditWatch with negative implications following Lear's
announcement that it had agreed to be acquired by Carl Icahn-
controlled American Real Estate Partners, L.P.

As reported in the Troubled Company Reporter-Europe on Feb. 8,
Moody's Investors Service placed the long-term ratings of Lear
Corporation, corporate family rating at B2, under review for
possible downgrade.  The company's speculative grade liquidity
rating of SGL-2 was affirmed.


LEAR CORP: To Supply Seating Systems to Bombardier Recreational
---------------------------------------------------------------
Lear Corp. has been awarded a new contract to supply seating
systems to Bombardier Recreational Products Inc. for its Can-Am
line of all-terrain vehicles.  The new business is for a term of
five years.  Financial details of the agreement were not
disclosed.

In May of this year, Lear will begin providing complete seating
assemblies with key characteristics of durability and comfort to
BRP's all-new ATV assembly plant in Juarez, Mexico.  The seats
will be produced at Lear's existing San Lorenzo, Mexico seating
facility, which currently employs 2,500 workers.  This facility
also manufactures seat trim covers for Ford Motor Company and
DaimlerChrysler Corporation's Chrysler unit.

"This new seating business signals progress in our strategic
initiative to further diversify Lear's customer and product
segment portfolio and explore non-traditional growth
opportunities that are synergistic with our core competencies
and existing infrastructure," Doug DelGrosso, Lear President and
Chief Operating Officer, said.  "Lear and BRP are working
jointly to identify other opportunities and we are also
exploring possibilities to leverage our seating expertise within
other industries."

                      About the Company

Southfield, Mich.-based Lear Corp. (NYSE: LEA) --
http://www.lear.com/-- is a global supplier of automotive  
interior systems and components.  Lear provides complete seat
systems, electronic products, electrical distribution systems,
and other interior products.

Lear also operates in Argentina, Austria, Belgium, Brazil,
Canada, China, Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, India, Italy, Japan, Mexico, Morocco,
Netherlands, Philippines, Poland, Portugal, Romania, Russia,
Singapore, Slovakia, South Africa, South Korea, Spain, Sweden,
Thailand, Tunisia, Turkey, and Venezuela.

                          *     *     *

In a TCR-Europe report on Feb. 13, Standard & Poor's Ratings
Services lowered its corporate credit rating on Southfield,
Mich.-based Lear Corp. to 'B' from 'B+ and placed its ratings on
CreditWatch with negative implications following Lear's
announcement that it had agreed to be acquired by Carl Icahn-
controlled American Real Estate Partners, L.P.

As reported in the Troubled Company Reporter-Europe on Feb. 8,
Moody's Investors Service placed the long-term ratings of Lear
Corporation, corporate family rating at B2, under review for
possible downgrade.  The company's speculative grade liquidity
rating of SGL-2 was affirmed.


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


CARL FABERGE: Creditors Must File Claims by May 3
-------------------------------------------------
Creditors of CJSC Carl Faberge (TIN 7709065226, OGRN
1027700016300) have until May 3 to submit proofs of claim to:

         A. Konkov, Insolvency Manager
         Post User Box 70
         105082 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-39110/06-78-774 B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Carl Faberge
         Malaya Adonyevskaya Str. 20
         109544 Moscow
         Russia


EAST-WEST CJSC: Creditors Must File Claims by April 3
-----------------------------------------------------
Creditors of CJSC East-West have until April 3 to submit proofs
of claim to:

         I. Gorn, Insolvency Manager
         Post User Box 183
         127018 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-65848/06-38-1162B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC East-West
         M. Cherkasskiy Per. 1/3
         Moscow
         Russia


FOODSTUFFS STARORUSSKIY: Creditors Must File Claims by April 3
--------------------------------------------------------------
Creditors of OJSC Combine of Foodstuffs Starorusskiy (TIN
5322000124) have until April 3 to submit proofs of claim to:

         V. Gulyaev, Temporary Insolvency Manager
         Post User Box 208
         173025 Velikiy Novgorod
         Russia

The Arbitration Court of Novgorod commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A44-3338/2006-15k.

The Court is located at:

         The Arbitration Court of Novgorod
         Mikhaylova Str. 25
         Velikiy Novgorod
         Russia

The Debtor can be reached at:

         OJSC Combine of Foodstuffs Starorusskiy
         Pishevikov Per. 10
         Staraya Russa
         175200 Novgorod
         Russia


GOLDEN TELECOM: Earns US85.5 Million for Financial Year 2006
------------------------------------------------------------
Golden Telecom Inc. released its financial results for the full
year 2006, prepared according to the U.S. Generally Accepted
Accounting Principles, RIA Novosti reports.

Golden Telecom reported a 12.4% increase in net profit to
US$85.5 million and a 28% hike in consolidated revenues to
US$854.6 million.  

The company posted US$127.2 million in operating profit for full
year 2006, compared with US$116 million in operating income for
2005.

                      About Golden Telecom

Headquartered in Moscow, Russia, Golden Telecom Inc. --
http://www.goldentelecom.com/-- provides integrated  
telecommunications and Internet services in major population
centers throughout Russia and other countries of the
Commonwealth of Independent States.  The Company offers voice,
data and Internet services to corporations, operators and
consumers using its overlay network in major cities including
Moscow, Kiev, St. Petersburg, Nizhniy Novgorod, Samara,
Kaliningrad, Krasnoyarsk, Alma-Ata, and Tashkent, and via
intercity fiber optic and satellite-based networks, including
around 287 combined access points in Russia and other countries
of the CIS.  The Company offers cellular communication services
in Kiev and Odessa, Ukraine.

                          *     *     *

As of Feb. 6, Golden Telecom carries a long-term corporate
credit rating of 'BB' Standard & Poor's.  S&P said the outlook
is stable.


INTER-FINS-COMP: Creditors Must File Claims by April 3
------------------------------------------------------
Creditors of CJSC Financial Company Inter-Fins-Comp have until
April 3 to submit proofs of claim to:

         I. Gorn, Insolvency Manager
         Post User Box 183
         127018 Moscow
         Russia

The Arbitration Court Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A41-K2-17347/06.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Financial Company Inter-Fins-Comp
         Sovetskaya Str. 5
         Voskresensk, Moscow
         Russia


KIZLYAR LLC: Dagestan Bankruptcy Hearing Slated for April 12
------------------------------------------------------------
The Arbitration Court of Dagestan will convene at 10:00 a.m. on
April 12 to hear the bankruptcy supervision procedure on LLC
Liqueur-Vodka Distillery Kizlyar.  The case is docketed under
Case No. A15-1085/2006.

The Temporary Insolvency Manager is:

         D. Ramazanov, Temporary Insolvency Manager
         Umakhanova Per. 12
         Makhachkala, Dagestan
         Russia
         Tel: 8(8722) 68-32-69

The Debtor can be reached at:

         LLC Liqueur-Vodka Distillery Kizlyar
         Ordzhonikidze Str. 31a
         Kizlyar, Dagestan
         Russia


KLINSKAYA TRANSPORT: Creditors Must File Claims by April 3
----------------------------------------------------------
Creditors of CJSC Klinskaya Transport Company have until April 3
to submit proofs of claim to:

         I. Gorn, Insolvency Manager
         Post User Box 183
         127018 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A41-K2-16214/06.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Klinskaya Transport Company
         Liteynaya Str. 6/17, 53
         Klin, Moscow
         Russia


KURSK OJSC: Bankruptcy Hearing Slated for June 20
-------------------------------------------------
The Arbitration Court of Kursk will convene on June 20 to hear
the bankruptcy supervision procedure on OJSC Publishing-Printing
Enterprise Kursk.  The case is docketed under Case No. A35-3494/
06 g.

The Temporary Insolvency Manager is:

         A. Fazlyev, Temporary Insolvency Manager
         Post User Box 220
         Ufa
         450080 Bashkortostan
         Russia

The Court is located at:
         
         The Arbitration Court of Kursk
         K. Marksa Str. 25
         305004 Kursk  
         Russia

The Debtor can be reached at:

         OJSC Publishing-Printing Enterprise Kursk
         Engelsa Str. 109
         Kursk
         Russia


LUKOIL OAO: Eyes Syndicated Loan to Fund Projects
-------------------------------------------------
OAO Lukoil plans to avail of syndicated loans to finance
multiple projects this year, RosBusinessConsulting reports,
citing banking sources.

Lukoil will avail of a five- to seven-year US$600-milllion
syndicated loan to finance the expansion of its oil refinery in
Burgas, Bulgaria, RBC relays.  The company will also avail of a
five-year US$250-million syndicated loan to refinance a US$765-
million loan borrowed in October 2003.  ABN Amro and Calyon will
act as the underwriters for the deal.

According to RBC, Lukoil will also avail of a US$2-billion
syndicated loan to fund acquisition of core European assets.

                         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


LUKOIL OAO: May Lose Licenses to Russian Energy Fields
------------------------------------------------------
The Ministry of Natural Resources of the Russian Federation may
revoke the licenses of OAO Rosneft Oil Co. and OAO Lukoil units,
Torrey Clark writes for Bloomberg News, citing Oleg Mitvol,
deputy head of the Federal Service for the Oversight of Natural
Resources.

According to Mr. Mitvol, Rosneft may lose licenses to:

   -- Zapadno-Lodochny,
   -- Vostochno- Lodochny,
   -- Nizhnebaikhsky and
   -- Polyarny fields.

Rosneft may also lose licenses held by its Sakhalinmoreneftegaz
and Akhtyubneftegaz units.

Meanwhile, Lukoil may lose licenses held by its Paitykhoil and
Khantymansiiskneftegasgeologiya units, Bloomberg News relates.

The licenses, however, have little affect on the companies'
value, Valery Nesterov of Troika Dialog told Bloomberg News.

"If a license is important to these companies, it won't be
revoked," Mr. Nesterov said.

                        About Rosneft

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

                         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.


NOVATEK OAO: Ups Total Proved Reserves to 4.7 Bln BOE in 2006
-------------------------------------------------------------
OAO Novatek disclosed that DeGolyer and MacNaughton have
completed their comprehensive reserve appraisals of the
Company's oil and gas reserves as of Dec. 31, 2006.

The Company added approximately 297 million barrels of oil
equivalent (boe) of proved reserves under the U.S. Securities
and Exchange Commission standards, inclusive of 2006 production,
and produced approximately 206 million boe for sale during the
year.

Estimated total proved reserves as of Dec. 31, 2006 increased to
4,664 million boe from 4,573 million boe as of year-end 2005.
Total proved reserves of natural gas increased from 641 billion
cubic meters (bcm) in 2005 to 651 bcm in 2006, an increase of 39
bcm, inclusive of 2006 production.  Of significant importance
was the growth in proved producing reserves of 929 million boe
(not including production), or 35.4%, over 2005.  In 2006, on a
barrel of oil equivalent basis, Novatek replaced 144 percent of
its production volumes from the appraised fields, or 190 percent
over a three-year period (2004 to 2006), and at year-end 2006,
the Company's reserve to production ratio (or R/P ratio) is 23
years.

NOVATEK's proved and probable reserves increased from 7,358
million boe at year-end 2005 to 7,445 million boe at year-end
2006.  The Company's estimated proved plus probable natural gas
reserves, commonly referred to as "P2", totaled 1,015 bcm in
2006 as compared to 1,006 bcm in 2005, while proved and probable
liquids reserves increased by 4.8 million tons year-on-year.

The 2006 results are based on reserve appraisal reports for
East-Tarkosalinskoye, Khancheyskoye, Yurkharovskoye,
Termokarstovoye and Sterkhovoye fields.

                         About Novatek

Headquartered in Tarko-Sale, Russia, OAO Novatek --
http://www.novatek.ru/-- engages in the exploration, production  
and processing of natural gas and liquid hydrocarbons. The
Company's upstream activities are concentrated in the prolific
Yamal-Nenets Region in Western Siberia.

                          *     *     *

As of March 16, OAO Novatek carries Moody's long-term corporate
family rating with a stable outlook.

Standard & Poor's rates Novatek's long-term foreign and local
issuer credit at BB- with a stable outlook.


OBJECTIVE OJSC: Creditors Must File Claims by May 3
---------------------------------------------------
Creditors of OJSC Factory Objective (TIN 6010000160) have until
May 3 to submit proofs of claim to:

         A. Dzhamaldaev, Insolvency Manager
         Konnaya Str. 2
         180007 Pskov
         Russia

The Arbitration Court of Pskov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A52/1549/2006.

The Court is located at:

         The Arbitration Court of Pskov
         Nekrasova Str. 23
         Pskov
         Russia

The Debtor can be reached at:

         OJSC Factory Objective
         Pushkina Str. 125
         Novorzhev
         182440 Pskov
         Russia


PRINT AND PUBLISHING: Creditors Must File Claims by April 3
-----------------------------------------------------------
Creditors of CJSC Print and Publishing have until April 3 to
submit proofs of claim to:

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

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-32649/2006.

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 Print and Publishing
         Pavlogradskiy Per. 6
         St. Petersburg
         Russia


RISA CJSC: Creditors Must File Claims by April 3
------------------------------------------------
Creditors of CJSC Risa have until April 3 to submit proofs of
claim to:

         I. Gorn, Insolvency Manager
         Post User Box 183
         127018 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A41-K2-17346/06.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Risa
         Pionernaya Str. 5
         Voskresensk, Moscow
         Russia


ROSNEFT OIL: May Lose Licenses to Russian Energy Fields
-------------------------------------------------------
The Ministry of Natural Resources of the Russian Federation may
revoke the licenses of OAO Rosneft Oil Co. and OAO Lukoil units,
Torrey Clark writes for Bloomberg News, citing Oleg Mitvol,
deputy head of the Federal Service for the Oversight of Natural
Resources.

According to Mr. Mitvol, Rosneft may lose licenses to:

   -- Zapadno-Lodochny,
   -- Vostochno- Lodochny,
   -- Nizhnebaikhsky and
   -- Polyarny fields.

Rosneft may also lose licenses held by its Sakhalinmoreneftegaz
and Akhtyubneftegaz units.

Meanwhile, Lukoil may lose licenses held by its Paitykhoil and
Khantymansiiskneftegasgeologiya units, Bloomberg News relates.

The licenses, however, have little affect on the companies'
value, Valery Nesterov of Troika Dialog told Bloomberg News.

"If a license is important to these companies, it won't be
revoked," Mr. Nesterov said.

                         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.

                        About Rosneft

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

                         *     *     *

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

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


SEL-KHOZ-TEKHNIKA LLC: Creditors Must File Claims by April 3
------------------------------------------------------------
Creditors of LLC Sel-Khoz-Tekhnika have until April 3 to submit
proofs of claim to:

         I. Gorn, Insolvency Manager
         Post User Box 183
         127018 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A41-K2-15771/06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Sel-Khoz-Tekhnika
         Malodubnenskoye Shosse
         Orekhovo-Zuevo
         Moscow
         Russia


SEVERSTAL OAO: Firma STOIK Unit Acquires Victory Industries
-----------------------------------------------------------
OAO Severstal, via its Firma STOIK unit, has acquired U.S.
machine manufacturer Victory Industries Inc. for an undisclosed
amount, RosBusinessConsulting reports.

The acquisition was aimed at developing the use of a Severstal
North America equipment, which the company bought in 2004,
Dmitry Romanov, Firma STOIK General Director, told RBC.

Mr. Romanov said Severstal may invite other firms to invest in
Victory Industries, with the aim of doubling the unit's revenue
in 2007.

                        About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel  
producer, with steel production of 17.1 million tons in 2005.  
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

As of June 30, 2006, Severstal had US14.04 billion in total
assets, US$4.89 billion in total liabilities and US$9.15 billion
in total shareholders' equity.

For the first nine months of 2006, Severstal posted a 7.4% year-
on-year slide in net profits to RUR23.5 billion, against a 6.3%
year-on-year hike in revenues to RUR113.59 billion.

                        *     *     *

As of Feb. 1, 2007, Severstal carries these ratings:

   * Moody's
      -- Outlook: Stable
      -- Long-term Corp. Family Rating: Ba3
      -- Senior Unsecured Debt: B1

   * Standard & Poor's
      -- Outlook: Stable
      -- Long-term Foreign Issuer Credit: BB-
      -- Long-term Local Issuer Credit: BB-

   * Fitch
      -- Long-term Issuer Default Rating: BB-
      -- Senior Unsecured Debt: BB-
      -- Short-term: B
      -- Short-term Issuer Default Rating: B


SEVERSTAL OAO: North American Unit Faces Air Pollution Complaint
----------------------------------------------------------------
Detroit attorney Steven Liddle filed a lawsuit in Wayne County
Circuit Court in Michigan against SeverStal North America Inc.,
a unit of OAO Severstal, the Dearborn Press & Guide reports.

The suit was filed on behalf of Melvindale residents who live in
the vicinity of the Dearborn steel plant, 3001 Miller Road, and
have been affected by discharge samples they've found on their
cars and personal property.

The suit is seeking monetary damages and changes to the plant's
emissions, which residents say are causing air pollution and
dust discharge on their personal property.

In 2005, residents in Dearborn's south-end filed a similar
lawsuit, which was settled in March 2006.  It provided that
Severstal must follow through on a modernization program, pay
US$250,000 in attorneys' and experts' fees, US$50,000 in a grant
to Salina schools and US$200,000 for a community tree planting.

Severstal also resolved violations of air-quality regulations
with the Michigan Department of Environmental Quality.

Severstal's upgrades, which have already begun, are expected to
span four years and total more than US$500 million in
investments.  The plant is in the process of installing a
baghouse on their C blast furnace and on the basic oxygen
furnace.  A baghouse works as a vacuum cleaner to filter out
emissions.

Also as part of the MDEQ's enforcement actions, Severstal was
required to pay a penalty of US$900,000 for past violations of
federal and state air regulations and stipulated fines of up to
US$5,000 per violation per day for any future violations of the
settlement document.

Severstal agreed to comply with the newly issued air-use permit,
permanently cease torch cutting of scrap at the facility,
implement a plan to abate emissions from on-site railcars used
for molten metal transport, install a digital camera system to
monitor visible emissions from the basic oxygen furnace, and put
in place several work practice changes leading to reduced
opacity at the facility, the MDEQ said.

Severstal NA Vice President Bill Hornberger did not return a
phone call from the Press & Guide.

Detroit attorney Steven Liddle is with Macuga & Liddle, P.C.,
975 East Jefferson Avenue, Detroit, MI 48207-3101, Phone: (313)
392-0015, Fax: (313) 392-0025, Web site:
http://www.mlclassaction.com/

                        About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel  
producer, with steel production of 17.1 million tons in 2005.  
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

As of June 30, 2006, Severstal had US14.04 billion in total
assets, US$4.89 billion in total liabilities and US$9.15 billion
in total shareholders' equity.

For the first nine months of 2006, Severstal posted a 7.4% year-
on-year slide in net profits to RUR23.5 billion, against a 6.3%
year-on-year hike in revenues to RUR113.59 billion.

                        *     *     *

As of Feb. 1, 2007, Severstal carries these ratings:

   * Moody's
      -- Outlook: Stable
      -- Long-term Corp. Family Rating: Ba3
      -- Senior Unsecured Debt: B1

   * Standard & Poor's
      -- Outlook: Stable
      -- Long-term Foreign Issuer Credit: BB-
      -- Long-term Local Issuer Credit: BB-

   * Fitch
      -- Long-term Issuer Default Rating: BB-
      -- Senior Unsecured Debt: BB-
      -- Short-term: B
      -- Short-term Issuer Default Rating: B


VOLGOGRADSKIY TRACTOR: Asset Sale Slated for April 2
----------------------------------------------------
OJSC Volgogradskiy Tractor Factory, the bidding organizer for
OJSC Volgogradskiy Tractor Factory, will open a public auction
for the company's properties at 11:00 a.m. on April 2 at:

         OJSC Volgogradskiy Tractor Factory
         Dzerzhinsgkogo Square 1
         400006 Volgograd
         Russia

Interested participants have until March 27 to deposit an amount
to:

         OJSC Volgogradskiy Tractor Factory
         Settlement Account 40702810200420000558
         Correspondent Account 3010181060000000000859
         BIK 041806859
         OJSC Impeksbank (Volgogradskiy)
         Volgograd
         Russia

Bidding documents must be submitted to:

         OJSC Volgogradskiy Tractor Factory
         Dzerzhinsgkogo Square 1
         400006 Volgograd
         Russia
         Tel: (8442) 74-61-19, (8442) 74-60-53

The Debtor can be reached at:

         OJSC Volgogradskiy Tractor Factory
         Dzerzhinsgkogo Square, 1
         400006 Volgograd
         Russia


YURYEV-POLSKIY OJSC: Creditors Must File Claims by May 3
--------------------------------------------------------
Creditors of OJSC Breeding Factory Yuryev-Polskiy have until
May 3 to submit proofs of claim to:

         S. Melnikova, Insolvency Manager
         Post User Box 79
         600000 Vladimir
         Russia

The Arbitration Court of Vladimir commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A11-8521/2006-K1-436B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Breeding Factory Yuryev-Polskiy
         Kosinskoye
         Yuryev-Polskiy, Vladimir
         Russia


ZNAMENSKAYA OJSC: Creditors Must File Claims by April 3
-------------------------------------------------------
Creditors of OJSC Agricultural Company Znamenskaya have until
April 3 to submit proofs of claim to:

         S. Artamonov, Temporary Insolvency Manager
         Post User Box 223
         241050 Bryansk
         Russia

The Arbitration Court of Orel commenced bankruptcy supervision
procedure on the company.  The hearing in the Court will convene
at 10:30 a.m. on April 25.  The case is docketed under Case No.
A48-4859/06-20B.

The Court is located at:

         The Arbitration Court of Orel
         Gorkogo Str. 42
         302000 Orel  
         Russia

The Debtor can be reached at:

         OJSC Agricultural Company Znamenskaya
         Kirova Str. 24
         Znamenskoye
         Znamenskiy, Orel
         Russia


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


MILLS CORP: Defers 2006 Form 10-K Filing Due to Restatement
-----------------------------------------------------------
The Mills Corp. and Mills Limited Partnership informed the U.S.
Securities and Exchange Commission that they will be unable to
timely file their Form 10-K for the years ended Dec. 31, 2005,
and 2006, because the companies has not completed their
financial statements for 2005.

The companies have previously reported a restatement of
financials in their 2005 Form 10-K when filed, or Form 10-Qs for
the first three quarters of 2006.  The companies' books for 2006
will not be closed until after these filings have been made.  As
a result, they are unable to reasonably estimate the anticipate
change in the results of operations from 2005 that will be
reflected in their financial statements on 2006 Form 10-K.

Currently, the companies are unable to provide an expected date
for the filing of their 2006 Form 10-K and are not requesting
the 15-day extension from the SEC.

The Mills Corp. and Mills Limited Partnership file joint annual
reports with the SEC.

                       About The Mills Corp.

Headquartered in Chevy Chase, Maryland, The Mills Corp. (NYSE:
MLS) -- http://www.themills.com/-- develops, owns, manages  
retail destinations including regional shopping malls, market
dominant retail and entertainment centers, and international
retail and leisure destinations.  The Company owns 42 properties
in the U.S., Canada and Europe, totaling 51 million square feet.  
In addition, The Mills has various projects in development,
redevelopment or under construction around the world.  In
addition, The Mills has various projects in development,
redevelopment or under construction around the world including
Spain and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter on Jan. 10, The
Mills Corp. issued a warning in a Securities and Exchange
Commission filing saying that it could file for bankruptcy
protection if it cannot sell all or part of the company amidst
accounting errors and speculations of possible executive
misconduct.


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


AUTOHAUS-ROVNO LTD: Claims Filing Bar Date Set March 18
-------------------------------------------------------
Creditors of Joint Ukrainian-German Enterprise LLC Autohaus-
Rovno Ltd. have until March 18 to submit written proofs of claim
to:

         Lesia Tihonchuk, Temporary Insolvency Manager
         Slovatsky Str. 4/6
         333028 Rovno
         Ukraine

The Economic Court of Rovno commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
8/37.

The Court is located at:

         The Economic Court of Rovno
         Yavornitski Str. 59
         33001 Rovno
         Ukraine

The Debtor can be reached at:

         Joint Ukrainian-German Enterprise LLC
         Autohaus-Rovno Ltd.
         Novaya Liubomirka
         35321 Rovno
         Ukraine


CONSTRUCTION MATERIALS: Creditors Must File Claims by March 18
--------------------------------------------------------------
Creditors of OJSC Construction Materials Technologies (code
EDRPOU 01267573) have until March 18 to submit written proofs of
claim to:

         Nadezhda Vozniakevich, Liquidator
         Hmelnitsky Highway Str. 2-A
         Vinnica
         Ukraine

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 1/36B.

The Court is located at:

         The Economic Court of Zhytomir
         Putiatinskiy Square 3/65
         10014 Zhytomir
         Ukraine

The Debtor can be reached at:

         OJSC Construction Materials Technologies
         Zavodskaya Str. 4
         Zhytomir
         Ukraine


DANA LLC: Creditors Must File Proofs of Claim by March 18
---------------------------------------------------------
Creditors of LLC Dana (code EDRPOU 22138161) have until March 18
to submit written proofs of claim to:

         A. Klimenko, Liquidator
         Lenin Avenue 44
         69063 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company on Jan. 25 after finding it
insolvent.  The case is docketed under Case No. 21/17/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Dana
         Peredatochnaya Str. 551
         69026 Zaporozhje
         Ukraine


DNIEPR RZP: Creditors Must File Proofs of Claim by March 18
-----------------------------------------------------------
Creditors of LLC Dniepr RZP (code EDRPOU 32140237) have until
March 18 to submit written proofs of claim to:

         Dmitry Sliunkov, Liquidator
         Heroes Avenue 10
         49100 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 26/258-06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Dniepr RZP
         Heroes Avenue 10, ap. 263
         49100 Dnipropetrovsk
         Ukraine


EVEREST-AUTO LLC: Creditors Must File Claims by March 18
--------------------------------------------------------
Creditors of LLC Everest-Auto (code EDRPOU 31507974) have until
March 18 to submit written proofs of claim to:

         A. Klimenko, Liquidator
         Lenin Avenue 44
         69063 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company on Jan. 2 after finding it
insolvent.  The case is docketed under Case No. 16/6/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Everest-Auto
         Dachnaya Str. 23-A
         Zaporozhje
         Ukraine


FAIRY MARVEL: Creditors Must File Proofs of Claim by March 18
-------------------------------------------------------------
Creditors of CJSC Fairy Marvel (code EDRPOU 00444777) have until
March 18 to submit written proofs of claim to:

         Sergey Chebotarev, Liquidator
         Heroes of Stalingrad Str. 3
         Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 22/8B.

The Court is located at:

         The Economic Court of Lugansk
         Geroiv VVV Square 3a
         91000 Lugansk
         Ukraine

The Debtor can be reached at:

         CJSC Fairy Marvel
         Karl Liebkneht Str. 19
         Lugansk
         Ukraine


REGIONAL REPAIR: Creditors Must File Proofs of Claim by March 18
----------------------------------------------------------------
Creditors of State Enterprise CJSC Regional Repair System (code
EDRPOU 05479177) have until March 18 to submit written proofs of
claim to:

         A. Klimenko, Liquidator
         Lenin Avenue 44
         69063 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company on Jan. 29 after finding it
insolvent.  The case is docketed under Case No. 25/26/07.

The Court is located at:

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

The Debtor can be reached at:

         State Enterprise CJSC Regional Repair System
         Vilniansk, Lenin Str. 13
         70000 Zaporozhje
         Ukraine


SVITANOK OJSC: Creditors Must File Proofs of Claim by March 18
--------------------------------------------------------------
Creditors of OJSC Tribal Plant Svitanok have until March 18 to
submit written proofs of claim to:

         Sergey Krupenko, Liquidator
         P.O. Box 93
         02183 Kiev-183
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 212/2b-2006/14.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Tribal Plant Svitanok
         Svitanok
         Pereyaslav-Hmelnitsky District
         Kiev
         Ukraine


TH AGE: Creditors Must File Proofs of Claim by March 18
-------------------------------------------------------
Creditors of LLC TH Age of Technologies (code EDRPOU 34188158)
have until March 18 to submit written proofs of claim to:

         Sergey Benediuk, Liquidator
         P.O. Box 157
         03110 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Feb. 14 after finding it insolvent.  The
case is docketed under Case No. 24/96-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC TH Age of Technologies
         Pobeda Str. 136
         03115 Kiev
         Ukraine


VARIATION AUCTION: Creditors Must File Claims by March 18
---------------------------------------------------------
Creditors of LLC Variation Auction (code EDRPOU 33593295) have
until March 18 to submit written proofs of claim to:

         Sergey Benediuk, Liquidator
         P.O. Box 157
         03110 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company Feb. 14 after finding it insolvent.  The
case is docketed under Case No. 24/97-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Variation Auction
         Izium Str. 7  
         03039 Kiev
         Ukraine


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


AMD TECHNIK: Claims Filing Period Ends May 1
--------------------------------------------
Creditors of AMD Technik Ltd. have until May 1 to send their
names and addresses and particulars of their debts or claims and
the names and addresses of their solicitors (if any) to:

         Paul Finnity and Robert Michael Young
         Joint Liquidators  
         Begbies Traynor
         The Old Barn
         Caverswall Park
         Caverswall Lane
         Stoke on Trent
         ST3 6HP

Paul Finnity and Robert Michael Young of Begbies Traynor were
appointed joint liquidators of the company on March 2.

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


CALMIA LTD: Creditors' Meeting Slated for March 26
--------------------------------------------------
Creditors of Calmia Ltd. will meet at 11:00 a.m. on March 26 at
the offices of:

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

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


CENTURY SHIPPING: Joint Liquidators Take Over Operations
--------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Jacksons
Jolliffe Cork were appointed joint liquidators of Century
Shipping Group Ltd. on Feb. 28 for the creditors' voluntary
winding-up procedure.

Jackson Jolliffe Cork -- http://www.jjcork.co.uk/-- engages  
exclusively in business recovery and insolvency work and
comprises certified and chartered accountants, licensed
insolvency practitioners and business turnaround consultants,
many having joined us from senior positions within National
firms.  

The company can be reached at:

         Century Shipping Group Ltd.
         Rotterdam Road
         Hull
         North Humberside
         HU7 0XD
         England
         Tel: 01482 838 080
         Fax: 01482 838 989


CHARS DISPLAY: Creditors' Meeting Slated for March 30
-----------------------------------------------------
Creditors of Chars Display (London) Ltd. will meet at noon on
March 30 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 28.


EIRBUILD LTD: Names M. S. E. Solomons Liquidator
------------------------------------------------
M. S. E. Solomons of SPW Poppleton & Appleby was appointed
liquidator of Eirbuild Ltd. on March 6 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Eirbuild Ltd.
         Kingsbury House
         468 Church Lane
         Brent
         London
         NW9 8UA
         England
         Fax: 020 8200 2346


EUROCOM GB: Appoints Peter Sargent as Liquidator
------------------------------------------------
Peter Sargent of Begbies Traynor was appointed liquidator of
Eurocom GB Ltd. on March 7 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:

         Eurocom GB Ltd.
         19 Caunce Street
         Blackpool
         Lancashire
         FY1 3DT
         England
         Tel: 01253 751 132
         Fax: 01253 293 112


EUROCREDIT CDO VII: S&P Rates GBP19-Mln Class E Notes at BB-
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR322 million floating-rate notes to be
issued and the EUR125 million revolving loan facility to be
entered into by Eurocredit CDO VII PLC.  At the same time, it
will issue EUR53 million of unrated notes.
  
Eurocredit CDO VII is a leveraged loan CLO transaction that will
be managed by Intermediate Capital Managers Ltd., a wholly owned
subsidiary of Intermediate Capital Group PLC.  This is ICG's
seventh leveraged loan CLO. It follows Eurocredit CDO VI B.V.,
which closed in December 2006.
  
The collateral portfolio will consist of senior, second-lien,
and mezzanine loans, and high-yield bonds.
  
All the notes, which will equate to 75% of the transaction size,
will be issued in euros.  At closing, the issuer will enter into
a revolver, under which it will be entitled to draw, at any
time, a maximum of 25% of the transaction size.  Amounts drawn
under the revolver may be denominated in sterling or euros.

                          Ratings List
  
Eurocredit CDO VII PLC
   EUR500 Million Senior And Secured Deferrable Floating-Rate
   Notes
  
                          Prelim.        Prelim. Amount
           Class          rating           (Mil. GBP)
           -----          ------            --------
          A              AAA                  208
          Revolving loan
          facility       AAA                  125
          B              AA                    37
          C              A                     30
          D              BBB-                  28
          E              BB-                   19
          Subordinated   NR                    53


F & R DUNLOP: Brings In Liquidators from PricewaterhouseCoopers
---------------------------------------------------------------
Robert Lewis and Derek Howell of PricewaterhouseCoopers LLP were
appointed joint liquidators of F & R Dunlop Services Ltd. (t/a
Tiles R Us) on March 5 for the creditors' voluntary winding-up
procedure.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.   

The joint liquidators can be reached at:

         Robert Lewis and Derek Howell
         PricewaterhouseCoopers LLP  
         One Kingsway
         Cardiff  
         CF10 3PW
         Wales


FASHIONHART LTD: Creditors' Meeting Slated for March 23
-------------------------------------------------------
Creditors of Fashionhart Ltd. will meet at 2:15 p.m. on March 23
at:
  
         10 Orange Street
         Haymarket
         London  
         WC2H 7DQ
         England

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

         Rothman Pantall & Co.  
         Clareville House
         26-27 Oxendon Street
         London  
         SW1Y 4EP
         England
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge on March 21 at:
    
         10 Orange Street
         Haymarket
         London  
         WC2H 7DQ
         England

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


FASTSERV LTD: Creditors' Meeting Slated for March 23
----------------------------------------------------
Creditors of Fastserv Ltd. will meet at 10:30 a.m. on March 23
at the offices of:

         Begbies Traynor
         No. 1 Old Hall Street
         Liverpool  
         L3 9HF
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge on March 21.

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


GENERAL MOTORS: DBRS Holds Rating on Long-Term Debt at B Neg
------------------------------------------------------------
Dominion Bond Rating Service confirmed the ratings of General
Motors Corporation and General Motors of Canada Limited at B and
R-5 and the trends remain Negative.

General Motors Corp.'s confirmed ratings:

   * Commercial Paper Confirmed R-5 Neg

   * Convertible Debentures Confirmed B Neg

   * Ind. Dev. Empower. Zone Rev. Bds., S2004 (Issued by NYC
     Ind. Dev. Agency, Guar. by GMC) Confirmed B Neg

   * Long-Term Debt Confirmed B Neg

General Motors of Canada Limited confirmed ratings:

   * Commercial Paper Confirmed R-5 Neg
   * Long-Term Debt Confirmed B Neg

The rating actions reflect the fact that GM's financial profile
remains weak despite improved results at its North American
automotive operations.  The Negative trends indicate that the
company continues to face considerable headwinds in its
recovery.

GM has reported stronger results for the fourth quarter of 2006,
reflecting the progress made by the company in restructuring its
Automotive business, particularly in North America where the
company's Automotive operations were profitable again.  Net
income, excluding special items, at GMNA, its problematic
segment, was almost breakeven compared with a US$1.4 billion
loss in the prior-year period.  The progress in structural cost
reductions was the key driver, and an improved product mix was
also a contributing factor.

However, unit volume sales continued to decline and the
resultant low capacity utilization remains a concern.  GM was
also affected by a loss at GMAC LLC, its former wholly owned
finance subsidiary.  Weaknesses in the "sub-prime" mortgage
market in the United States have depressed the performance of
the mortgage operations of GMAC, which reported a large loss for
the quarter.  GM achieved positive operating cash flow, on an
adjusted basis, for the quarter, another favourable development.  
Liquidity at the company remains above average, with US$26.4
billion in cash and short-term marketable securities at the end
of 2006.  DBRS believes that GM should have no problem funding
its normal operations and restructuring initiatives.

GM sold a 51% interest of GMAC LLC to a consortium led by
Cerberus Capital Management on Nov. 30, 2006. As a result of the
weak performance at GMAC, GM will refund approximately US$1
billion to GMAC, in the form of a capital contribution, to
restore GMAC's adjusted tangible equity balance as of Nov. 30,
2006 to the US$14.4 billion level that was agreed upon in the
sale agreement.  DBRS believes that this unexpected payment,
although a negative, would not have a material impact on the
company's ability to meet its funding needs.

GM has also announced that it has restated its stockholders'
equity as of Dec. 31, 2001 by US$245 million related to deferred
tax liabilities and taxation of foreign currency transactions.
In addition, the company had also restated its financial
statements for 2002 through to the third quarter of 2006,
largely due to hedge accounting.  The adjustments had no impact
on cash flow for any of the restated periods.  However, similar
to last year, these restatements may lead to issues with various
existing financing agreements such as sale/leasebacks and
leases.  Nevertheless, DBRS believes that, based on the
experience in 2006, the current restatements are not likely to
cause problems for GM.

Despite the recent improvement, DBRS notes that the company's
financial profile remains weak.  GM still faces significant
headwinds to turn around its North American Automotive
operations. Challenges affecting GM include:

   1. Labour negotiations at Delphi Corporation, GM's largest
      parts supplier and a former subsidiary, are still ongoing,
      although labour tension at Delphi has eased significantly
      recently, reducing the odds of an extended strike but the
      risk still exists.

  2. GMNA has been ineffective in stopping its market share
     decline.  Stabilizing market share is critical to GMNA's
     turnaround.

  3. Capacity utilization at GMNA remains unsatisfactory despite
     its ongoing downsizing efforts.

  4. The large legacy cost burden, high wage rates and employee
     benefit costs and the costly "jobs bank" for temporarily
     laid off workers make GMNA one of the highest cost
     automobile manufacturers. The restrictive labour contract
     and a large number of inflexible production lines also
     limit GMNA's ability to improve operating efficiency.

  5. GMNA used to benefit from price concessions from suppliers.  
     With weakening financial health at most parts suppliers, as
     evidenced by a number of bankruptcy filings recently,
     further price concessions would be difficult to achieve.

Moreover, prices from some weak suppliers are more likely to
rise to protect the supply base.  In addition, the continuing
high commodity prices further add to GMNA's cost base.

DBRS notes that there are a number of positive developments
supporting the current ratings.  GM is on track to achieve its
structural cost reduction target of US$9 billion in 2007.  
The reception of the new models has been encouraging, and a
strengthening product cadence should help GM to stabilize its
market share.  The company continues to have an above-average
liquidity position.

DBRS notes that, going forward, GM's ratings are largely
dependent on the continuing progress at GMNA, which has become
more difficult due to the high risk of a slowdown in vehicle
demand in North America due to a sharp decline in the housing
market, still-high gasoline prices and high interest rates.  The
upcoming contract negotiations with the UAW in September 2007
will be another key event affecting GMNA.  A lack of meaningful
progress in GMNA would likely lead to downgrades of the current
ratings.


GLOBAL CLAIMS: Creditors' Meeting Slated for March 23
-----------------------------------------------------
Creditors of Global Claims Management Ltd. will meet at 11:00
a.m. on March 23 at:
  
         B&C Associates       
         Trafalgar House
         Grenville Place
         Mill Hill
         London  
         NW7 3SA  
         England

Creditors who want to vote must submit particulars of their
claims or of any security before the meeting at the said
address.
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge on March 21.


GLUVIAN ART: Creditors' Meeting Slated for March 26
---------------------------------------------------
Creditors of Gluvian Art Ltd. will meet at 2:30 p.m. on March 26
at:
  
         The Best Western Hotel Bristol
         Colvreth Road
         Newquay  
         TR7 2PQ
         England
  
Phillip Anthony Robert will furnish creditors with information
concerning the company's affairs free of charge as they may
reasonably require.

The insolvency practitioner can be reached at:

         Phillip Anthony Robert
         Customs House
         9-10 Hampshire Terrace
         Portsmouth
         Hampshire  
         PO1 2QF
         England


H F MARINE: Names Terry Christopher Evans Liquidator
----------------------------------------------------
Terry Christopher Evans of Rogers Evans was appointed liquidator
of H. F. Marine Ltd. on March 2 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         H.F. Marine Ltd.
         Ensign House
         Hamble Lane
         Hamble
         Southampton
         Hampshire
         SO314JS
         England
         Tel: 023 8045 6449
         Fax: 023 8045 2245


HMV GROUP: Trading Conditions Deteriorate; Eyes Strategic Review
----------------------------------------------------------------
HMV Group plc provides update on its current trading and
strategic and operational review.

"The markets in which we operate are undoubtedly very
challenging," Simon Fox, Group Chief Executive, said.
"Waterstone's and HMV are great brands, but have not adapted
quickly enough to the way customers are now buying and consuming
media.  Our performance has suffered as a consequence."

"The three-year transformation plan which I will outline
[Tues]day is exciting, radical and far-reaching.  There is a
great deal to do and I have every confidence that this plan will
turn the business around," Mr. Fox added.

                      Current Trading

Since the Group's last trading update in January, trading
conditions have deteriorated further, particularly in the
overseas markets and at Waterstone's.

In HMV U.K. & Ireland, although sales have performed in line
with the most recent disclosure, with continued market share
gains in all product categories, the planned improvement of
gross margin and some of the targeted cost savings have not been
delivered.  Recognizing this, further changes have been made to
HMV U.K. management and the Group is confident that these
initiatives will now begin to gain traction, although the
improvements will not be evident until the new financial year.

The remaining seven weeks of the financial year include the U.K.
launch of the Sony PlayStation 3 games console and Easter.
However, given the above factors the Board has taken a cautious
view for the balance of the year and it now expects full year
profits to be below the current range of market expectations.

               Strategic and Operational Review

Simon Fox was appointed Chief Executive of HMV Group plc on
Sept. 28, 2006.  Since then, the management team has undertaken
a comprehensive review of operations to identify strategies for
revitalizing the Group's businesses over the next three years,
particularly relating to the U.K.  The results of this work,
together with the financial impact for the Group and its capital
structure, are covered below.

The Board expects the markets in which the Group operates to be
subject to significant structural change, with the total music
and DVD markets continuing to decline, and growth in the books
market coming from the online channel.

In addressing these issues, the Board has identified three key
areas of focus:

    * Saving -- driving cost efficiency;
    * Protecting -- revitalizing the core business; and
    * Growing -- establishing new channels.

Saving -- driving cost efficiency

Cost savings of GBP40 million per annum will be achieved by
2009/10 by simplifying the HMV U.K. and Waterstone's supply
chains, maximizing Group purchasing and head office synergies
and from the review of the U.K. store portfolio.

Protecting -- revitalizing the core business

    * HMV U.K. will launch an enhanced range of portable digital
      products from suppliers including Apple, Bose, Samsung and
      Sony.

    * A new HMV store format of the future is being developed
      and will be trialed from autumn 2007.

    * Waterstone's will grow its children's book proposition and
      will offer a range of high quality gift stationery.

    * A loyalty card to drive spend across both brands and all
      channels will be rolled out during 2007/08.

Growing -- establishing new channels

    * HMV will launch a social networking site for music, film
      and games enthusiasts, providing revenue streams from
      advertising, sponsorship and paid-for content.  Strategic  
      content partnerships have been agreed with Universal Music
      and 20th Century Fox.

    * HMV U.K. is partnering with 3, the U.K.'s leading mobile
      music retailer to provide content to 3's 3.75 million
      subscribers.  A number of HMV's larger U.K. stores will
      also 3 in-store concessions.

    * Growth in HMV.co.uk and Waterstones.com will be
      accelerated by increased marketing, enhanced functionality
      and closer integration with stores.

    * HMV.co.uk will become 20% of HMV U.K. sales by 2010, and
      Waterstones.com 9% of Waterstone's sales.

As over 80% of the Group's profit is made in the U.K., strategic
and operational review will be focused on U.K. markets.  
However, a strategic review of operations in Japan is underway.
An update will be provided at the Group's preliminary results in
June.

Cash flow, dividend and capital structure

Capital expenditure will remain at GBP50-55 million per year.  
Expenditure on new initiatives will be financed by savings from
reduced new store openings.

The current market expectation for the full year dividend is
currently covered by earnings and free cash flow but at levels
below previous guidance.  The Board intends to rebuild dividend
cover to around 2.0x within three years.

The Group's gearing levels are currently above existing guidance
levels.  However, it is the Board's intention to return to
existing guidance levels within 2-3 years.

                         Trading Update

                                 9 weeks ended
                                 March 10, 2007


                        Like for like     Constant
                      sales (decline)     exchange total
                             growth       sales (decline)
   %                                              growth

   HMV
      U.K. & Ireland          1.0            3.7
      Asia                   (7.2)          (3.0)
      Canada                 (7.6)          (4.9)

   Total HMV                 (2.0)           1.0
   Waterstone's              (6.1)          29.8

   HMV Group                 (3.0)           7.7

                           About HMV

Headquartered in Maindenhead, United Kingdom, HMV Group PLC --
http://www.hmvgroup.com/-- is engaged in the retailing of pre-
recorded music, video and electronic games under the HMV brand,
and the retailing of books under the Waterstone's brand.  
Including the acquisition of Ottakar's Plc, the Group operates
over 730 stores in eight countries, with the principal markets
being those of the United Kingdom, Japan and Canada.

                        *     *     *

On March 31, 2005, the Group completed a refinancing of its
senior bank facilities, creating a more efficient capital
structure.  A five-year GBP260 million revolving credit facility
was arranged, replacing an existing GBP150 million revolving
credit facility, together with outstanding term debt of GBP160
million which was repaid in full.  Consequent to the
refinancing, GBP2.7 million of unamortized deferred financing
fees were written-off in the financial year to April 30, 2005,
as a non-cash exceptional interest charge.

For the 26 weeks ended Oct. 28, 2006, HMV posted GBP26.1 million
in net losses compared with GBP100,000 in net profit for the
same period in 2005.

At Oct. 28, 2006, the company's balance sheet showed GBP53.8
million in stockholders' deficit, compared with a GBP49.7-
million deficit at Oct. 29, 2005.

The company's Oct. 28, 2006 balance sheet also showed strained
liquidity with GBP423.3 million in total current assets
available to pay GBP734.5 million in total liabilities coming
due within the next 12 months.


HMV GROUP: UK Trust Purchases 35,780 Ordinary Shares
----------------------------------------------------
The Trustees of the HMV Group plc Share Incentive Plan notified
the Company of transactions in HMV ordinary shares made on
March 14 on behalf of the UK Trust.  All purchases of
Partnership Shares and Matching Shares were market purchases.

                   Partnership   Matching           
          Opening  Shares        Shares     Share
   Trust  Balance  Purchased     Purchased  Price    Sales
   -----  -------  ---------     ---------  -----    -----
    UK   
   Trust 3,032,844  35,780        35,780    125.00   35,809


         Transfers               Balance
         out to                  as at
         Participants            March 14
         ------------            --------
           2,690                 3,065,905      

The Trustees of the SIP purchased and matched the following
shares on behalf of one HMV Group plc director and those persons
discharging managerial responsibility.

                  Partnership   Matching   
   Director/      Shares        Shares      Share
   Manager        purchased     awarded     Price
   -------        ---------     -------     -----

   Neil Bright       100          100       125.00p
   Michael Lymath    100          100       125.00p
   Elaine Marriner   100          100       125.00p
   Gerry Johnson     100          100       125.00p

As a participant in the SIP Neil Bright is deemed to have a
beneficial interest in the shares held by the Trustees.

                          About HMV

Headquartered in Maindenhead, United Kingdom, HMV Group PLC --
http://www.hmvgroup.com/-- is engaged in the retailing of pre-
recorded music, video and electronic games under the HMV brand,
and the retailing of books under the Waterstone's brand.  
Including the acquisition of Ottakar's Plc, the Group operates
over 730 stores in eight countries, with the principal markets
being those of the United Kingdom, Japan and Canada.

                        *     *     *

On March 31, 2005, the Group completed a refinancing of its
senior bank facilities, creating a more efficient capital
structure.  A five-year GBP260 million revolving credit facility
was arranged, replacing an existing GBP150 million revolving
credit facility, together with outstanding term debt of GBP160
million which was repaid in full.  Consequent to the
refinancing, GBP2.7 million of unamortized deferred financing
fees were written-off in the financial year to April 30, 2005,
as a non-cash exceptional interest charge.

For the 26 weeks ended Oct. 28, 2006, HMV posted GBP26.1 million
in net losses compared with GBP100,000 in net profit for the
same period in 2005.

At Oct. 28, 2006, the company's balance sheet showed GBP53.8
million in stockholders' deficit, compared with a GBP49.7-
million deficit at Oct. 29, 2005.

The company's Oct. 28, 2006 balance sheet also showed strained
liquidity with GBP423.3 million in total current assets
available to pay GBP734.5 million in total liabilities coming
due within the next 12 months.


HMV GROUP: Roy Brown Succeeds Lesley Knox as Non-Exec. Director
---------------------------------------------------------------
HMV Group plc disclosed that Lesley Knox, non-executive director
of the company, retired as a director of Galiform plc (formerly
MFI Group plc) on March 6.

Roy Brown, non-executive director of HMV, has been appointed as
a non-executive director of Alliance & Leicester plc effective
May 4.   

                           About HMV

Headquartered in Maindenhead, United Kingdom, HMV Group PLC --
http://www.hmvgroup.com/-- is engaged in the retailing of pre-
recorded music, video and electronic games under the HMV brand,
and the retailing of books under the Waterstone's brand.  
Including the acquisition of Ottakar's Plc, the Group operates
over 730 stores in eight countries, with the principal markets
being those of the United Kingdom, Japan and Canada.

On March 31, 2005, the Group completed a refinancing of its
senior bank facilities, creating a more efficient capital
structure.  A five-year GBP260 million revolving credit facility
was arranged, replacing an existing GBP150 million revolving
credit facility, together with outstanding term debt of GBP160
million which was repaid in full.  Consequent to the
refinancing, GBP2.7 million of unamortized deferred financing
fees were written-off in the financial year to April 30, 2005,
as a non-cash exceptional interest charge.

For the 26 weeks ended Oct. 28, 2006, HMV posted GBP26.1 million
in net losses compared with GBP100,000 in net profit for the
same period in 2005.

At Oct. 28, 2006, the company's balance sheet showed GBP53.8
million in stockholders' deficit, compared with a GBP49.7-
million deficit at Oct. 29, 2005.

The company's Oct. 28 also showed strained liquidity with
GBP423.3 million in total current assets available to pay
GBP734.5 million in total liabilities coming due within the next
12 months.


I SPY: Claims Filing Period Ends April 24
-----------------------------------------
Creditors of I Spy Security Services Ltd. have until April 24 to
prove their debts by sending written statements of the amount
they claim to be due to them from the company to:

         Jeremy Charles Frost
         Liquidator
         Frost Group Ltd.  
         Square Root Business Centre
         102 Windmill Road
         Croydon  
         CR0 2XQ
         England

Jeremy Charles Frost of Frost Group Ltd. was appointed
liquidator of the company on March 7.


INDUS PLC: S&P Rates GBP9.93-Million Class E Notes at BB
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the GBP894.53 million commercial mortgage-
backed floating-rate notes to be issued by INDUS PLC, a special
purpose entity incorporated in England and Wales.
  
The transaction is the ninth in the ECLIPSE series, originated
and arranged by Barclays Capital.  It will use a similar
structure to the previous U.K. ECLIPSE transactions.
  
At closing, the issuer will use the note proceeds to purchase a
pool of 19 loans. All the loans were originated by Barclays Bank
PLC, except for the Agora Max loan, which was originated by The
Governor and Company of the Bank of Scotland and one-third of it
acquired by Barclays Bank in August 2006.
  
The loans are secured on 366 commercial and residential
properties in England, Scotland, and Wales.
  
Three of the loans include subordinated debt that does not form
part of this securitization.
  
                           Ratings List
  
INDUS ECLIPSE 2007-1 PLC
   GBP894.53 Million Commercial Mortgage-Backed Floating-Rate
   Notes
  
                          Prelim.        Prelim. Amount
           Class          rating           (Mil. GBP)
           -----          ------            --------
           A              AAA                729.00
           X              AAA                  0.10
           B              AA                  48.00
           C              A                   54.00
           D              BBB                 53.50
           E              BB                   9.93


IRON MOUNTAIN: S&P Rates Proposed US$800-Mln Facilities at BB
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned a bank loan rating
of 'BB' and a recovery rating of '1' to the proposed US$800-
million credit facilities of Iron Mountain Inc. (BB-/Stable/--),
indicating high expectation of full recovery of principal in the
event of a payment default.

The credit facilities consist of a US$600-million revolving
credit facility due 2012 and a US$200-million term loan due
2014.  Proceeds from the proposed transaction will be used to
repay existing debt and for general corporate uses.

At the same time, we affirmed all existing ratings, including
the 'BB-' corporate credit rating, on the company. The outlook
is stable.  Boston-based Iron Mountain had total debt
outstanding of about US$2.7 billion.

Iron Mountain provides warehouse storage of paper-based files,
management of electronic records, and other related services,
such as shredding.

"The ratings reflect Iron Mountain's high debt leverage, history
of debt-financed acquisitions, and aggressive financial
policies, and the capital intensity of the record storage
business," said Standard & Poor's credit analyst Andy Liu.

These factors are only partially offset by Iron Mountain's
leading position as the world's largest record management
company and fairly stable growth from existing and new customer
accounts.


KIELDER PLUMBING: Creditors Confirm Liquidator's Appointment
------------------------------------------------------------
Creditors of Kielder Plumbing & Heating Contractors Ltd.
confirmed on March 6 the appointment of Ian William Kings of
Tenon Recovery as the company's liquidator.

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

The company can be reached at

         Kielder Plumbing & Heating Contractors Ltd.
         Unit 6a
         Colliery Lane
         Hetton Le Hole
         Houghton Le Spring
         Tyne and Wear
         DH5 0BG
         England
         Tel: 0191 526 2222
         Fax: 0191 526 6633


LINK BRAND: Taps Joint Administrators from BDO Stoy
---------------------------------------------------
Francis Graham Newton and Matthew Dunham of BDO Stoy Hayward LLP
were appointed joint administrators of Link Brand Solutions Ltd.
(Company Number 05143927) on March 6.

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:

         Link Brand Solutions Ltd.
         Carrwood Road  
         Chesterfield  
         Derbyshire  
         S41 9QB  
         England
         Tel: 01246 450 002


MCLAREN HOLDINGS: Brings In Administrators from Robson Rhodes
-------------------------------------------------------------
Simon Peter Bower and David Michael Riley of RSM Robson Rhodes
LLP were appointed joint administrators of McLaren Holdings (UK)
Ltd. (Company Number 02797124) on March 6.

RSM Robson Rhodes LLP -- http://www.robsonrhodes.co.uk/--  
provides a wide range of auditing, assurance, advisory and
compliance services for both private and public sectors.  The
firm is a member of the RSM International, the world's sixth
largest international organization of accountants and business
advisers.

The company can be reached at:

         Mclaren Holdings (U.K.) Ltd.
         Unit B  
         Beaver Industrial Estate  
         Beaver Road  
         Ashford  
         Kent  
         TN23 7SH
         England  
         Tel: 01233 643 681  
         Fax: 01233 634 154


MEAD LTD: Taps Moore Stephens to Administer Assets
--------------------------------------------------
Colin Prescott and Nigel Price of Moore Stephens LLP were
appointed joint administrators of Mead (S.J.) Ltd. (Company
Number 02218498) on Feb. 28.

Moore Stephens -- http://www.moorestephens.co.uk/-- offers  
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions 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:

         Mead (S.J.) Ltd.
         Unit 7 Broadmead Lane Industrial Estate  
         Broadmead Lane  
         Keynsham  
         Bristol  
         Avon  
         BS31 1ST  
         England
         Tel: 0117 986 2111  
         Fax: 0117 986 9933


MULTICLEAN U.K.: Appoints Moore Stephens as Administrators
----------------------------------------------------------
Nigel Price and Mark Elijah Thomas Bowen of Moore Stephens LLP
were appointed joint administrators of Multiclean U.K. Ltd.
(Company Number 03923989) on March 6.

Moore Stephens -- http://www.moorestephens.co.uk/-- offers  
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions 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:

         Multiclean U.K. Ltd.
         Corner of East Street  
         Cannock  
         Staffordshire  
         WS11 0BU  
         England
         Tel: 01543 578 892  
         Fax: 01543 570 242


N YEOMANS: Brings In Menzies to Administer Assets
-------------------------------------------------
Paul David Williams and Jason James Godefroy of Menzies
Corporate Restructuring were appointed joint administrators of
N. Yeomans and Co. Ltd. (Company Number 05054162) on March 1.

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--  
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.

The company can be reached at:

         N. Yeomans & Co. Ltd.
         Valley Road  
         Clacton on Sea  
         Essex  
         CO15 4AG  
         England
         Tel: 01255 222 828


NMI SECURITY: Shareholders Pass Winding-up Resolution
-----------------------------------------------------
Shareholders of NMI Security PLC passed a resolution to wind-up
the company at an extraordinary general meeting on March 14
after proving that it could no longer continue its business by
reason of its liabilities.

At a subsequent meeting of the company's creditors, the
appointment of Roderick John Weston of Mazars LLP as liquidator
was ratified.

The directors laid before the meetings a report to the members
and creditors on the financial position of the Company and the
events leading up to the meetings.  A copy of this report will
be circulated to all known members and creditors in due course.  
A copy will also be provided upon request.

The report shows that draft unaudited management accounts of NMI
Security plc for the eight months to Dec. 31, 2006 showed
turnover of GBP375,325, gross profit of GBP126,662 and net loss
after tax of GBP909,618 and total shareholders' funds were
GBP227,658.  Furthermore the directors' estimated statement of
affairs as at March 14, 2007, presented to the meeting, reported
a deficiency as regards shareholders of GBP7,789,043.  It is
expected that returns to shareholders will be nil.

The property and affairs of the company will now be managed by
the liquidator.

The liquidator may be contacted at:

         Mazars LLP
         24 Bevis Marks
         London
         EC3A 7NR
         England

         Contact: Natasha Webb
         Tel: 020 7220 3250

Prior to the company's extraordinary general meeting, the
company had been actively pursuing a potential investment into
the company, in the hope that the proposed resolutions to wind
up the company could be withdrawn.

Unfortunately the investment did not come to fruition.

Headquartered in London, England, of NMI Security PLC --
http://www.nmisecurity.com/-- specializes in the development,  
design and deployment of immersive video systems for security
and surveillance.  As reported in the Troubled Company Reporter-
Europe on Feb. 27, the company sought to liquidate its assets
due to rising debts and insufficient equity funding.  


ODN LOGISTICS: Brings In RSM Robson as Joint Administrators
-----------------------------------------------------------
David Michael Riley and Simon Peter Bower of RSM Robson Rhodes
LLP were appointed joint administrators of ODN Logistics Ltd.
(Company Number 04257628) on Feb. 26.

RSM Robson Rhodes LLP -- http://www.robsonrhodes.co.uk/--  
provides a wide range of auditing, assurance, advisory and
compliance services for both private and public sectors.  The
firm is a member of the RSM International, the world's sixth
largest international organization of accountants and business
advisers.

The company can be reached at:

         ODN Logistics Ltd.
         The Potteries  
         Woodgreen Road  
         Waltham Abbey  
         Essex  
         EN9 3SA  
         England
         Tel: 01992 656 950  
         Fax: 01992 656 951


OPEN WORLD: Appoints Begbies Traynor as Joint Administrators
------------------------------------------------------------
Simon Thomas and Nigel Atkinson of Begbies Traynor (South) LLP
were appointed joint administrators of Open World Ltd. (Company
Number 02927562) on Feb. 28.

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:

         Open World Ltd.
         Riverside Court  
         Bath  
         Avon  
         BA2 3DZ  
         England
         Tel: 01225 444 950  
         Fax: 01225 336 738


PHOENIX OPTICAL: Creditors' Meeting Slated for March 28
-------------------------------------------------------
Creditors of Phoenix Optical Company Ltd. will meet at noon on
March 28 at the offices of:

         Crawfords
         Stanton House
         41 Blackfriars Road
         Salford
         Manchester  
         M3 7DB
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between on March 26.


PLANET KIDS: Taps Colin Burke to Liquidate Assets
-------------------------------------------------
Colin Burke of Milner Boardman & Partners was appointed
liquidator of Planet Kids (North West) Ltd. on March 7 for the
creditors' voluntary winding-up procedure.

Milner Boardman -- http://www.milnerboardman.co.uk/-- provides  
financial accounting and business advisory services.   

The company can be reached at:

         Planet Kids (North West) Ltd.
         Actons Walk
         Wigan
         Lancashire
         WN3 4HN
         England
         Tel: 01942 403 910
         Fax: 01942 321 999


PRIMAFOX LTD: Taps Moore Stephens as Joint Administrators
---------------------------------------------------------
Mark Elijah Thomas Bowen and Nigel Price of Moore Stephens LLP
were appointed joint administrators of Primafox Ltd. (Company
Number 03690396) on Feb. 21.

Moore Stephens -- http://www.moorestephens.co.uk/-- offers  
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions 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:

         Primafox Ltd.
         Unit 1  
         Swan Business Park  
         Sandpit Road  
         Dartford  
         Kent  
         DA1 5ED  
         England
         Tel: 01322 291 233  
         Fax: 01322 291 677


RANWORTH PRINTING: Calls In Liquidator from Mayfields
-----------------------------------------------------
Paul John Webb of Mayfields was appointed liquidator of Ranworth
Printing & Stationery Ltd. on Feb. 27 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Ranworth Printing & Stationery Ltd.
         135 Bargates
         Leominster
         Herefordshire
         HR6 8QS
         England
         Tel: 01568 613 888
         Fax: 01568 610 202


RAP REALISATIONS: Hires C. K. Rayment as Liquidator
---------------------------------------------------
C. K. Rayment of BDO Stoy Hayward LLP was appointed liquidator
of Rap Realisations Ltd. (formerly Rapra Technology Ltd.) on
March 5 for the creditors' voluntary winding-up proceeding.

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:

         Rap Realisations Ltd.
         Shawbury
         Shrewsbury
         Shropshire
         SY4 4NR
         England
         Tel: 01939 250 383
         Fax: 01938 251 118


REVLON INC: Posts US$5.5 Million Net Loss in Fourth Quarter 2006
----------------------------------------------------------------
Revlon Inc. reported its results for the fourth quarter and full
year ended Dec. 31, 2006

Net loss for the fourth quarter was US$5.5 million against net
income of US$64.3 million in the fourth quarter of 2005.  Net
loss for the full year was US$251.3 million versus a net loss of
US$83.7 million in 2005.

                       Fourth Quarter Results

The company's net sales in the fourth quarter of 2006 declined
to US$378.9 million, compared with net sales of US$437.8 million
in the fourth quarter of 2005.  This decline was primarily
driven by lower shipments, partially offset by lower returns,
allowances and discounts.  Excluding the favorable impact of
foreign currency, net sales in the fourth quarter of 2006
declined 13.8% versus year-ago.  The fourth quarter of 2005
benefited significantly from the sell-in associated with the
complete re-stage of the Almay brand and the launch of the Vital
Radiance brand.

                           U.S. Net Sales

Net sales for the quarter declined to 227.1 million, versus
US$286.3 million in the fourth quarter of 2005.  This
performance was driven by lower shipments in color cosmetics,
partially offset by lower returns, allowances and discounts, and
higher shipments in the beauty care businesses.  As noted above,
the fourth quarter of 2005 benefited significantly from the
sell-in associated with the Almay re-stage and the launch of
Vital Radiance.

                       International Net Sales

Net sales for the quarter were essentially even at US$151.8
million, versus US$151.5 million in the fourth quarter of 2005.
Double-digit growth in Latin America was offset by low-single-
digit declines in Asia Pacific and Europe.  Excluding the impact
of foreign currency translation, International net sales in the
quarter declined by approximately one percentage point versus
year-ago.

Operating income in the fourth quarter was US$70.1 million,
against operating income of US$99.6 million in the fourth
quarter of 2005.  Adjusted EBITDA in the fourth quarter of 2006
was US$108.2 million, compared with Adjusted EBITDA of US$126.8
million in the same period last year.  Operating income and
Adjusted EBITDA in the fourth quarter of 2006 were negatively
impacted by US$20.8 million and US$9.7 million, respectively, as
a result of the previously announced February 2006 and September
2006 restructuring programs and the discontinuance of the Vital
Radiance brand.

Net loss in the fourth quarter of 2006 was US$5.5 million
compared with net income of US$64.3 million in the fourth
quarter of 2005.

Net cash used for operating activities in the fourth quarter of
2006 was US$13.9 million, compared with net cash used for
operating activities of US$23.8 million in the fourth quarter of
2005.  This performance reflected the higher net loss in the
fourth quarter of 2006, offset by an overall improvement in the
levels of working capital.

During the quarter, the company continued to successfully
implement its disclosed organizational streamlining, as well as
its previously disclosed discontinuance of Vital Radiance, which
did not maintain an economically feasible retail platform for
future growth.  Revlon reiterated its belief that the
restructuring actions taken during 2006 and the discontinuance
of Vital Radiance will accelerate the company's path to becoming
net income and cash flow positive.  The total impact of
restructuring charges, Vital Radiance and executive severance
negatively impacted full year 2006 operating profitability by
approximately US$145 million and Adjusted EBITDA by
approximately US$123 million.

Revlon President and Chief Executive Officer David Kennedy
stated, "Our results for the year reflect the important and
costly decisions we have made to position Revlon for future
success.  We are fortunate to have such a strong portfolio of
brands, particularly the Revlon brand, which we intend to fully
leverage going forward.  As we move into 2007, we will continue
to concentrate on bringing innovation and excitement to the
market in a way that is intensely focused on improving our
profitability and cash flow.  We remain confident in our ability
to achieve Adjusted EBITDA of approximately US$210 million in
2007."

                         Recent Financing

In December 2006, the company successfully refinanced its
2004 credit agreement and extending the maturity of the credit
agreement to January 2012.  In refinancing the credit agreement,
the company entered into a new US$840 million term loan facility
with a maturity of January 2012 and an amended and restated
revolving credit agreement, extending the maturity of the
existing US$160 million multi-currency revolving credit facility
through January 2012.  The interest rate on the new term loan
facility, which was fully drawn at Feb. 28, was reduced by 200
basis points.  The interest rate on the revolving credit
facility, which was undrawn at Feb. 28, was reduced by 50 basis
points.

In January 2007, the company completed a significantly over-
subscribed US$100 million rights offering, which it launched in
December 2006.  The proceeds from the offering were used to
redeem US$50 million in aggregate principal amount of its 8-/8%
Senior Subordinated Notes, reducing the outstanding balance of
these notes to US$167.4 million, and to repay all of the
approximately US$43.3 million of indebtedness then outstanding
in January 2007 under the revolving credit facility, with the
balance of approximately US$5 million, after fees and expenses,
being available for general corporate purposes.  Also, effective
upon the consummation of the US$100 million rights offering,
US$50 million of the line of credit from MacAndrews & Forbes
will remain available through Jan. 31, 2008.

A full-text copy of Revlon's regulatory filing is available for
free at http://ResearchArchives.com/t/s?1b55

                         About Revlon Inc.

Revlon, Inc. (NYSE:REV) -- http://www.revloninc.com/-- is a  
worldwide cosmetics, skin care, fragrance, and personal care-
products company.  The company's vision is to deliver the
promise of beauty through creating and developing the most
consumer preferred brands.  The company's brands include
Revlon(R), Almay(R), Vital Radiance(R), Ultima(R), Charlie(R),
Flex(R), and Mitchum(R).  The company's Latin American
operations are located in Argentina, Brazil, Chile, Mexico and
Venezuela.

On Dec. 31, 2006, the company's balance sheet showed a
stockholders' deficit of US$1,229,800,000, compared to a deficit
of US$1,095,900,000 on Dec. 31, 2005.


RONAL COMPUTERS: Creditors' Meeting Slated for March 27
-------------------------------------------------------
Creditors of Ronal Computers Ltd. will meet at 11:30 a.m. on  
March 27 at the offices of:

         Parkin S. Booth & Co.
         44 Old Hall Street
         Liverpool L3 9EB
         England
  
John C Moran of Parkin S. Booth & Co. will furnish creditors
with information concerning the company's affairs free of charge
as they may reasonably require before the day of the meeting.

Parkin S. Booth & Co http://www.parkinsbooth.co.uk/-- deals  
entirely with insolvency practice.


SKELTONHALL LTD: Appoints P&A as Joint Administrators
-----------------------------------------------------
Christopher Michael White and John Russell of The P&A
Partnership were appointed joint administrators of Skeltonhall
Ltd. (Company Number 00882717) on March 2.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing  
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.

The company can be reached at:

         Skeltonhall Ltd.
         70 Carwood Road
         Sheffield
         South Yorkshire
         S4 7SD
         England
         Tel: 0114 243 1332
         Fax: 0114 244 9579


SOLUTIA INC: Dec. 31 Balance Sheet Upside-Down by US$1.4 Billion
----------------------------------------------------------------
Solutia Inc. and its debtor and non-debtor subsidiaries reported
net income of US$11,000,000 on US$2,905,000,000 of net sales for
the year ended Dec. 31, 2006, compared with net income of
US$8,000,000 on US$2,759,000,000 of net sales for the prior
year.

Solutia's net cash flow was US$43,000,000 in 2006, compared with
a negative cash flow of US$8,000,000 in 2005.  Solutia held
US$150,000,000 in cash at Dec. 31, 2006, compared to
US$107,000,00 during the same point in 2005.     

Deloitte & Touche LLP, the Debtors' auditors, notes that the
financial statements have been prepared assuming that the
company will continue as a going concern.  However, Deloitte
notes, the company's recurring losses from operations, negative
working capital, and shareholders' deficit raise substantial
doubt about its ability to continue as a going concern.  The
financial statements do not include adjustments that might
result from the outcome of the uncertainty.

A full-text copy of Solutia's 2006 annual report on Form 10-K is
available for free at http://researcharchives.com/t/s?1b5d  


                         Solutia Inc.
         Statement of Consolidated Financial Position
                    As of December 31, 2006
                        (In millions)

                          ASSETS

Current Assets:
   Cash & cash equivalents                               US$150
   Trade receivables, net                                   288
   Miscellaneous receivables                                105
   Inventories                                              274
   Prepaid expenses                                          31
                                                        -------
Total Current Assets                                        848

Property, plant and equipment, net                          795
Investments in affiliates                                   193
Goodwill, net                                                89
Intangible assets, net                                       31
Other assets                                                 99
                                                        -------
Total Assets                                            US$2,055
                                                        =======

              LIABILITIES AND SHAREHOLDERS' DEFICIT

Current Liabilities:
   Accounts Payable                                       US$228
   Accrued liabilities                                      245
   Short-term debt                                          650
   Liabilities of discontinued operations                     1
                                                         ------
Total Current Liabilities                                 1,124

Long-term debt                                              210
Other liabilities                                           289
                                                         ------
Total liabilities not subject to compromise               1,623

Liabilities subject to compromise                         1,849

Shareholders' Deficit:
   Common stock (authorized, 600,000 shares,                  1
      par value $0.01) -- 118,400,635 shares issued
   Additional contributed capital                            56
   Treasury stock, at cost (13,941,057 shares)             (251)
   Net deficiency of assets at spin-off                    (113)
   Accumulated other comprehensive loss                     (67)
   Accumulated deficit                                   (1,043)
                                                         ------
Shareholders' deficit                                    (1,417)
                                                         ------
Total Liabilities & Shareholders' Deficit               US$2,055
                                                         ======


                        Solutia Inc.
            Statement of Consolidated Operations
                Year Ended December 31, 2006
                        (In millions)

NET SALES                                               US$2,905
Total cost of goods sold                                  2,524
                                                         ------
Gross Profit                                                381

Marketing expenses                                          136
Administrative expenses                                      97
Technological expenses                                       45
Amortization expenses                                         1
                                                         ------
Operating income (Loss)                                     102

Equity earnings from affiliates                              38
Interest expense, net                                      (104)
Other income, net                                            14
Loss of debt modification                                    (8)
Reorganization items, net                                   (71)
                                                         ------
Loss before income tax expense (benefit)                    (29)
Income tax expense                                           18
                                                         ------
Income from continuing operations before                    (47)
Income (loss) from discontinued operations, net              58
                                                         ------
Income before cumulative effect of change in accounting      11
   principle
Cumulative effect of change in accounting principle, net      0
                                                         ------
NET INCOME                                                 US$11
                                                         ======


                        Solutia Inc.
            Statement of Consolidated Cash Flows
                Year Ended December 31, 2006
                        (In millions)

Cash & cash equivalents used in operating activities:
Net income (loss)                                          US$11
Adjustments to reconcile to Cash from Operations:
   Cumulative effect of change in accounting principle        0
   Depreciation and amortization                            111
   Loss (income) from discontinued operations               (58)
   Amortization of deferred credits                          (9)
   Deferred income taxes                                      4
   Equity (earnings) loss from affiliates, net              (38)
   Gain on sale of Astaris assets                             0
   Restructuring expenses and other changes                   5
   Other, net                                                (2)
   Changes in assets and liabilities
      Income and deferred taxes                               4
      Trade receivables                                     (43)
      Inventories                                           (14)
      Accounts payable                                       12
      Liabilities subject to compromise                    (307)
      Other assets and liabilities                          138
                                                         ------
Cash provided (used in) by continuing operations           (186)
Cash provided by discontinued operations                      2
                                                         ------
      Cash provided by (used in) operations                (184)
                                                         ------
Investing activities:
Property, plant and equipment purchases                    (106)
Acquisition and investment payments, net                    (16)
Property disposals and investment proceeds, net               5
                                                         ------
Cash used in continuing investing activities               (117)
Cash used in discontinued investing activities               69
                                                         ------
      Cash provided by (used in) investing activities       (48)
                                                         ------
Financing Activities:
Net change in short-term debt obligations                   350
Proceeds from issuance of long-term debt obligations          0
Net change in cash collateralized letters of credit           0
Payments on long-term obligations                           (51)
Deferred debt issuance costs                                (17)
Other, net                                                   (7)
                                                         ------
Cash provided by continuing financing activities            275
                                                         ------
Increase (Decrease) in cash and cash equivalents             43

Cash and cash equivalents, beginning of year                107
                                                         ------
CASH AND CASH EQUIVALENTS, END OF YEAR                    US$150
                                                         ======

                        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).


SOLUTIA INC: Spat Over Exclusive Filing Extension Continues
-----------------------------------------------------------
Last month, Solutia Inc. and its debtor-affiliates sought
further extension of their exclusive periods to file a
Chapter 11 plan of reorganization through and including
April 30, 2007, and to solicit acceptances of that plan through
and including June 29, 2007.

Subsequently, among various parties that filed responses to the
Debtors' motion, the Ad Hoc Committee of Solutia Noteholders
asked the U.S. Bankruptcy Court for the Southern District of New
York to deny the requested extension.  

The Noteholders argued that the Debtors' request is not
supported by real progress in the Chapter 11 cases, and the
justifications given for extending exclusivity are hollow.

                    Debtors Slam Noteholders

Undisputed facts show that the Debtors have made significant
progress toward emerging from Chapter 11 and have accomplished
what the Court asked it to do at the November 16, 2006 hearing
on exclusivity, Jonathan S. Henes, Esq., at Kirkland & Ellis
LLP, in New York, states.

The only thing Solutia, Inc., et al., has not done since the
November 2006 hearing on the Debtors' request for extension is
persuade the Ad Hoc Committee of Solutia Noteholders to engage
in good faith, confidential negotiations with Solutia and its
stakeholders, Mr. Henes tells the Court.  The Noteholders cannot
have it both ways -- simultaneously refusing to negotiate with
the Solutia and its stakeholders while decrying the supposed
lack of progress in the Debtors' Chapter 11 cases, he argues.

Each of Solutia's major stakeholders, other than the Noteholders
-- the Official Committee of Unsecured Creditors, Official
Committee of Retirees, Official Committee of Equity Security  
Holders and Monsanto Co. -- support the Debtors' request for an
extension of their exclusive periods to file, and solicit
acceptances of, a reorganization plan.  Once again, the
Noteholders Committee is the lone party objecting to the
Debtors' exclusivity, Mr. Henes notes.

The Noteholders Committee claims that the Dec. 8, 2006 plan term
sheet "failed to move the parties closer together and never
became the focus of plan discussions."  Mr. Henes says that in
an effort to stimulate negotiations, and in recognition of the
risks of the unresolved adversary proceeding commenced by Equity
Committee against JPMorgan Chase Bank, as indenture trustee,
Solutia provided the Noteholders with a term sheet outlining a
compromise stand-alone plan of reorganization predicated on the
Court's 50/50 assessment of the risks attendant to all parties
from the JPMorgan Adversary Proceeding.

The proposal provided the Noteholders with an 80.2% recovery,
which has a 26% premium to the recovery proposed for Solutia's
general unsecured creditors, but the Noteholders refused to
engage in any negotiations with the Debtors or their official
committees, Mr. Henes tells the Court.

The Noteholders Committee asserts that the improvement in its
recovery is the result of financial gamesmanship as opposed to
the reallocation of real value or improvements in Solutia's
business operations.

As the Debtors clearly disclosed in their Exclusivity Request,
the term sheet assumes a higher equity value than the disclosure
statement, filed on Feb. 14, 2006, to their Plan, of
Reorganization.  The Noteholders' objection is a proverbial "red
herring," Mr. Henes contends.  The actual equity value will be
determined by the Court or through the sale process, he states.

The Noteholders Committee also attacks Solutia's exploratory
sale process, conveying decidedly false impression that the
Noteholders' professionals have not been involved in discussions
regarding the sale process and have not been provided with all
available confidential information concerning the sale process
and its progress, Mr. Henes says.

In consideration of the Court's and their stakeholders' concerns
regarding the sale process, the Debtors pushed back the
timetable for the sale process so that indications of interest
would be due in late December 2006.  The Debtors also met with
each of their major stakeholders, including the Noteholders, to
discuss the sale process, Mr. Henes relates.  The discussions
resulted in constructive comments and suggestions, which were
incorporated into the sale process.

The exploratory sale process was successful.  The Debtors
received indications of interest that would allow it to proceed
with a viable alternative to a stand-alone plan based on a sale.  
Solutia also identified a second sale alternative premised on
the sale of certain of Solutia's businesses and a reorganization
around the remaining businesses.  Mr. Henes informs the Court
that Solutia is analyzing and evaluating its options and will
continue to work with its stakeholders and prospective
purchasers to develop and alternative sale-based plan that would
be supported by the constituents.

The Noteholders' repeated opposition to the continuation of the
Debtors' exclusive periods is an exercise in futility because
they are not in position to propose a viable, confirmable plan
of reorganization, Mr. Henes maintains.

Mr. Henes asserts that there is no prejudice to the Noteholders
or any other stakeholders from extending the Exclusive Periods
to allow the recently commenced talks between the Noteholders
Committee and Monsanto to continue or for Solutia to continue to
pursue the sale alternatives.  He notes that Solutia's exclusive
right to file a plan and solicit acceptances does not preclude
the Noteholders or any other stakeholders from continuing to
propose restructuring alternatives for the estate.

Mr. Henes warns that termination of the Exclusive Periods at
this juncture would be highly detrimental to the Chapter 11
cases and Solutia's businesses.  Solutia believes that a
clarification of the legal rights of its creditors is necessary,
through a ruling on the JPMorgan Adversary Proceeding, to
resolve the issues impeding Solutia's progress to confirm a
Chapter 11 plan.

                        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).


SOLUTIA: Purchase Price Set at US$212.5 Million in Flexsys Deal
---------------------------------------------------------------
In February, Solutia Inc. reached a definitive agreement to
purchase Akzo Nobel N.V.'s stake in Flexsys, the 50%/50% rubber
chemicals joint venture between Akzo Nobel and Solutia.

In a Form 10-K filed by Solutia with the U.S. Securities and
Exchange Commission, the transaction agreement provides for the
sale by Akzo of its interest in the Flexsys joint venture to
Solutia for an initial purchase price of US$212,500,000 subject
to various adjustments.  The transaction is subject to
conditions, including approval from the U.S. Bankruptcy Court
for the Southern District of New York and the finalizing of the
purchase agreement for Akzo's Crystex manufacturing operations
in Japan.

Solutia will fund the acquisition through a combination of
sources, including a portion of its debtor-in-possession
financing package.

Pursuant to the Transaction Agreement, Akzo, and Flexsys and
Solutia, including their affiliates and representatives, have
agreed, subject to certain limitations and exclusions, to
indemnify, defend and hold the other harmless from and in
respect of any losses and liabilities arising out of any
breaches of representations, warranties or covenants contained
in the Transaction Agreement.

Akzo also agreed, subject to certain exceptions, that for a
period of five years after the closing of the Transaction
Agreement, neither it nor its affiliates will compete with the
Flexsys business and for a period of three years, will not
solicit for employment certain Flexsys employees.

In addition to customary termination rights, the Transaction
Agreement may be terminated before closing by Akzo or Solutia if
the closing has not occurred on or before May 25.

A full-text copy of the Transaction Agreement is available for
free at http://researcharchives.com/t/s?1b5f  

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).


TBL INSURANCE: Claims Filing Period Ends March 28
-------------------------------------------------
Creditors of TBL Insurance Advisors Ltd. have until March 28 to
send their full names and addresses, full particulars of their
debts or claims, and the names and addresses of their solicitors
(if any) to:

         Stephen Grant
         Liquidator
         Wilkins Kennedy
         Bridge House
         London Bridge
         London  
         SE1 9QR
         England

Stephen Grant of Wilkins Kennedy was appointed liquidator of the
company on March 21.


THIRSK HAULAGE: Creditors' Meeting Slated for March 29
------------------------------------------------------
Creditors of Thirsk Haulage Ltd. will meet at 11:00 a.m. on  
March 29 at:
  
         Begbies Traynor
         Glendevon House
         Hawthorn Park
         Coal Road
         Leeds  
         LS14 1PQ  
         England

Begbies Traynor will furnish information regarding the company's
affairs as may be reasonably requested.

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


TRYST ENGINEERING: Brings In PwC as Joint Administrators
--------------------------------------------------------
Paul William Harding and Derek Anthony Howell of
PricewaterhouseCoopers LLP were appointed joint administrators
of Tryst Engineering Ltd. (Company Number 03745244) on March 6.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.   

Headquartered in High Wycombe, England, Tryst Engineering Ltd.
-- http://www.tryst-eng.co.uk/-- is an engineering company  
specializing in sheet metalwork, machining, general fabrication,
powder coating, and piping.


WEDDING GALLERY: Creditors' Meeting Slated for March 27
-------------------------------------------------------
Creditors of The Wedding Gallery Ltd. will meet at noon on  
March 27 at:
  
         Carlton House
         501 High Road
         Ilford
         Essex  
         IG1 1TZ
         England

Harjinder Johal of Ashcrofts will furnish creditors with
information concerning the company's affairs free of charge as
they may reasonably require.

The insolvency practitioner can be reached at:

         Harjinder Johal  
         Ashcrofts
         601 High Road Leytonstone
         London  
         E11 4PA
         England

Ashcrofts -- http://www.ashcrofts.net/-- offers hands on  
expertise specializing in Business Recovery and Insolvency
providing positive solutions for negative situations.


* Towry Law Acquires Baker Tilly Financial Services Limited
-----------------------------------------------------------
Towry Law, one of the U.K.'s leading financial planning and
wealth management companies, has acquired Baker Tilly Financial
Services Ltd., the financial advisory division within mid-tier
accountancy firm, Baker Tilly.

Baker Tilly Financial Services has a nationwide presence and
over 20,000 high net worth clients.  It has 41 Wealth advisers,
all of whom will begin trading under the Towry Law brand.  Towry
Law sees the former BTFS operation, already largely fee based,
as an ideal fit with its business model.  The combined company
will, as soon as practicable, operate on a fee only basis, in
line with the existing Towry Law strategy.

Up until the acquisition, BTFS advisers received referrals from
all around the Baker Tilly network, which is a relationship that
will be maintained between Towry Law and Baker Tilly post
acquisition.

The acquisition further strengthens the Towry Law business,
which has 160 wealth advisers and 500 staff, based in Bracknell,
London and across the U.K.

Andrew Fisher, Chief Executive of Towry Law, said: "We are
delighted to have secured the acquisition of such a quality
business.  Baker Tilly's financial advisory division is a great
strategic fit and brings over forty highly qualified and well-
respected wealth advisers to Towry Law.  We have publicly stated
that it is our intention to be the premier wealth manager in the
U.K. and this is another important step towards that goal."

                        About Towry Law

Towry Law -- http://www.towrylaw.com/-- provides wealth  
management services in the U.K.  JS&P Towry Law is privately
owned.  

In May 2006, Towry Law merged with JS&P.  The principal
shareholders are Palamon Capital Partners, one of Europe's
leading private equity firms, and JS&P Towry Law employees.

                About Baker Tilly

Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing  
and other services for mid-cap and smaller publicly listed
companies and private companies, particularly those expanding
into new foreign markets.  Services include business and
financial planning, tax-related services, corporate finance,
litigation support, turnaround services, and technology
consulting.


* BOND PRICING: For the Week March 12 to March 16, 2007
-------------------------------------------------------

Issuer                    Coupon   Maturity   Currency   Price     
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      64.59
                          0.250    10/14/26     CDN      37.80
Republic of Austria       7.000    10/10/25     EUR      69.41
                          8.000    10/24/35     EUR      68.38
                          7.000    08/04/25     EUR      70.74
                          

DENMARK
-------
Kommunekredit             0.500    05/11/29     CDN      41.33

FINLAND
-------
Muni Finance PLC          0.250    06/28/40     CDN      19.58
                          0.500    09/24/20     CDN      59.92
                          1.000    11/21/16     NZD      59.82
                          0.500    04/26/13     AUD      71.07
                          1.000    03/19/13     AUD      73.92

FRANCE
------
Accor S.A.                1.750    01/01/08     EUR      67.61
Alcatel S.A.              4.750    01/01/11     EUR      16.84
Alstom S.A.               2.000    12/31/08     EUR       2.73
Altran Technologies S.A.  3.750    01/01/09     EUR      12.32
Ausy                      4.000    03/15/10     EUR      14.40
AXA S.A.                  6.000    01/29/49     EUR      70.70
BNP Paribas               0.250    12/20/14     US$      68.82
CAP Gemini S.A.           2.500    01/01/10     EUR      60.14
                          1.000    01/01/12     EUR      58.11
Club Mediterranee S.A.    3.000    11/01/08     EUR      65.75
                          4.375    11/01/10     EUR      49.63
Elior S.A.                1.000    06/08/07     EUR      19.88
Guilleot Corp.            4.500    08/31/07     EUR      72.60
Havas S.A.                4.000    01/01/09     EUR      10.74
Infogrames
   Entertainment S.A.     4.000    04/01/09     EUR       6.68
                          1.500    07/01/11     EUR      23.49
Ingenico                  2.750    01/01/12     EUR      19.08
LVL Medical Group         2.500    10/01/10     EUR      45.50
Maurel & Prom             3.500    01/01/10     EUR      22.35
Publicis Group            0.750    07/17/08     EUR      36.11
                          1.000    01/18/18     EUR      44.21
Rallye                    3.750    01/01/08     EUR      50.03
Scor S.A.                 4.125    01/01/10     EUR       2.35
Soc Air France            2.750    04/01/20     EUR      34.37
Soitec                    4.625    12/20/09     EUR      17.71
Solving Int'l S.A.        5.500    01/01/12     EUR      10.25
Thomson (EX-TMM)          1.000    01/01/08     EUR      39.10
Valeo                     2.375    01/01/11     EUR      47.83
Vivendi Universal S.A.    1.750    10/30/08     EUR      32.63
Wendel Invest S.A.        2.000    06/19/09     EUR      57.31

GERMANY
-------
Allgemeine
   HypothekenBank
   Rheinboden AG          8.625    12/31/07     DEM      18.03
                          7.000    12/31/10     EUR      35.00
                          5.125    12/31/10     DEM      40.00
                          7.000    12/31/10     EUR      40.00
                          7.250    12/31/10     DEM      45.00
                          7.300    12/31/10     EUR      35.00
                          7.250    12/31/11     EUR      62.00
Commerzbank AG           19.000    04/20/07     EUR      34.07
Deutsche Bank AG         12.000    05/08/07     EUR      71.82
                         19.000    05/08/07     EUR      34.38
                          7.000    10/13/35     EUR      69.46
KfW Bankengruppe          0.500    10/30/13     AUD      69.96
                          0.500    12/19/17     EUR      69.54
                          7.000    07/07/20     EUR      74.42
                          7.500    07/29/20     EUR      74.55
                          7.000    07/21/25     EUR      71.88
                          7.000    09/01/25     EUR      73.63
                          8.000    08/10/30     EUR      70.64
                          8.000    10/17/35     EUR      49.00
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      44.90
Metallbank GmbH           8.000    09/30/08     DEM       0.25
Schefenacker AG           9.500    02/11/14     EUR       6.11
VBH Holding AG            2.500    12/31/14     EUR       5.51
Wapme Systerms AG         5.250    11/05/07     EUR       1.00

ICELAND
-------
Kaupthing Bank            6.500    02/03/45     EUR      71.30

IRELAND
-------
Depfa ACS Bank            0.500    03/03/25     CDN      52.70
                          0.250    07/08/33     CDN      26.62
Irish Perm Plc            6.125    02/15/35     EUR      70.55
Magnolia Finance IV Plc   1.050    12/20/45     US$      26.42

LUXEMBOURG
----------
Teksid Aluminum S.A.     12.375    07/15/11     EUR      62.92


NETHERLANDS
-----------
ABN Amro Bank N.V.        6.250    06/29/35     EUR      74.50
BK Ned Gemeenten          0.500    02/24/25     CDN      49.93
                          0.500    06/27/18     CDN      64.89
EM.TV Finance B.V.        5.250    05/08/13     EUR       5.94
Gerling Global
   Rentefonds             6.625    08/16/21     EUR      60.49
Lehman Bros TSY B.V.      8.250    03/16/35     EUR      69.00
                          7.250    10/05/35     EUR      72.63
Ned Waterschapbk          6.500    08/15/35     EUR      71.00
                          6.000    06/30/45     EUR      71.80
Nib Capital Bank N.V.     7.000    02/21/40     EUR      63.73
Parmalat Finance B.V.     5.500    03/30/09     EUR      27.98
Rabobank Groep N.V.       6.000    07/15/15     EUR      70.19
                          6.000    02/22/35     EUR      74.50
                          8.000    02/23/35     EUR      65.31
                          7.000    02/28/35     EUR      74.44
                          7.000    03/23/35     EUR      72.34
                         
NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      70.93

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      70.90

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400    04/20/35     GBP      58.52
                          1.678    07/03/56     GBP      37.55
National Grid Gas Plc     1.771    03/30/37     GBP      50.40
                          1.754    10/17/36     GBP      50.37
Royal BK Scotland Plc     7.000    02/15/45     US$      72.23
                          7.000    06/29/30     EUR      66.31
                          7.000    06/09/25     EUR      72.80
                          0.250    03/27/14     US$      72.62
                          6.500    02/23/45     EUR      71.00
RSL Communications Plc   10.125    03/01/08     US$       7.00
UBS AG London             4.250    08/07/07     EUR       5.79
Wessex Water Finance Plc  1.369    07/31/57     GBP      34.17

                           *********

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 * * *