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

                           E U R O P E

             Tuesday, March 20, 2007, Vol. 8, No. 56

                            Headlines


A U S T R I A

111%PRODUKTIONS: Vienna Court Orders Business Closure
CPS REINIGUNGSSERVICE: Claims Registration Period Ends April 6
DIPL. ING. HAMMERL: Claims Registration Period Ends April 10
ECHNATON COMMUNICATION: Claims Registration Period Ends April 11
GEBAUDE UND LIEGENSCHAFT: Claims Registration Ends April 10

IMMEXXIS HANDELS: Claims Registration Period Ends April 11
KASPER KEG: Claims Registration Period Ends April 9
LOUIS JOERG: Claims Registration Period Ends April 6
VINEA BETEILIGUNG: Claims Registration Period Ends April 2
WVS HANDELS: Vienna Court Orders Business Shutdown


B E L G I U M

CHIQUITA BRANDS: Colombia May Ask U.S. to Extradite Officials


D E N M A R K

TDC A/S: Unveils Resolutions Passed at Annual General Meeting


F R A N C E

GLOBAL AUTOMOTIVE: Moody's Cuts Corporate Family Rating to Ca


G E R M A N Y

ASB MASCHINENHANDELS: Claims Registration Period Ends April 12
BEGINENHOF LIESELOTTE: Claims Registration Period End April 13
BENQ CORP: Detains Head on Alleged Insider Trading Activities
BENQ CORP: Probe Has No Immediate Impact on Ratings, TRC Says
CHEAP & TRENDY: Claims Registration Period Ends April 10

CLEMENT STRASSEN: Claims Registration Period Ends April 13
COWAREX GMBH: Claims Registration Period Ends April 10
DIG - TOURS: Claims Registration Period Ends April 27
E + M BOHR: Claims Registration Period Ends May 2
EINRICHTUNGSHAUS EBERT: Claims Registration Period Ends May 2

FAHRRADWERK ENIK: Declares Insolvency; May Continue Operations
FASHION-WORLD: Claims Registration Period Ends April 27
FILTEK BETEILIGUNGS: Claims Registration Period Ends April 2
FILTEK ZERSPANUNGSTECHNIK: Claims Registration Ends April 2
GEO-INSTITUT DRUCK: Claims Registration Ends May 2

HAMA TANKBAU: Claims Registration Ends April 2
HARRY'S GMBH: Claims Registration Ends April 2
HAUSBAU SCHOPPER: Claims Registration Ends April 7
HEIMA SERVICE: Creditors' Meeting Slated for May 25
HENGSTER & CANINS: Claims Registration Ends May 15

KARL RUETTEN: Claims Registration Ends April 25
KAZ-BLOTEVOGEL & HEITMEIER: Claims Registration Ends April 25
KDF - TREPPENRENOVIERUNG: Claims Registration Ends April 3
NBG NET: Creditors' Meeting Slated for March 26
PILOT LOUNGE: Creditors Must Register Claims by May 4

PORDEA BAU: Creditors Must Register Claims by April 2
RABEWE IMMOBILIEN-CONSULT: Creditors' Claims Due April 24
REGIONAL TV: Creditors Must Register Claims by May 7
TELE COLUMBUS: Moody's Withdraws B1 Corporate Family Rating
TOWER AUTOMOTIVE: Jan. 31 Balance Sheet Upside-Down by US$772MM

TRANSWITCH CORP: Posts US$10.85 Million Net Loss in 2006
WBK WERTBAUKONZEPT: Claims Registration Period Ends April 16
WITTMANN GMBH: Claims Registration Period Ends April 20
ZIEBART HAUSTECHNIK: Claims Registration Period Ends April 17
ZIMMERMANN PLANUNGSBURO: Claims Registration Period Ends May 11

ZPS GMBH: Claims Registration Period Ends April 5

* German Corporate Insolvencies Down 17.3% in 2006


I R E L A N D

EUROMAX VI: Fitch Rates EUR3.4-Mln Class E Notes at BB
PREPS 2005-2: Court Opens Insolvency Proceedings on Company 36


I T A L Y

ALITALIA SPA: Board to Review Q4 2006 Results on March 23
POPOLARE DI INTRA: S&P Keeps B Ratings Pending Merger Approval


K A Z A K H S T A N

AROMA LLP: Creditors Must File Claims by April 20
ASAR LLP: Creditors' Claims Due April 20
CANARGO ENERGY: Auditors Express Going Concern Doubt
GLAVSNAB LLP: Proof of Claim Deadline Slated for April 20
KAZPROMINVEST LLP: Claims Registration Ends April 27

NEFTEGASBURSERVICE LLP: Claims Filing Period Ends April 27
SVYAZSTROYCOMPLECT JSC: Creditors Must File Claims by April 27
TARSINCOM LLP: Creditors' Claims Due April 20
TECKS LLP: Proof of Claim Deadline Slated for April 27
TRAKIYA LLP: Claims Registration Ends April 27

UNIQUE TRADERS: Claims Filing Period Ends April 20


K Y R G Y Z S T A N

MELZAVOD OJSC: Creditors' Meeting Slated for March 23
VIDEOLAND LLC: Claims Filing Period Ends May 2


L A T V I A

PAREX BANKA: Fitch Affirms BB+ IDR with Stable Outlook


N E T H E R L A N D S

AMSTEL CORPORATE: S&P Rates EUR150-Mln Class E Notes at BB
ASML HOLDING: Moody's Upgrades Corporate Family Rating to Ba1
FIXED-LINK FINANCE: S&P Affirms Junk Rating on Class C Notes
KONINKLIJKE AHOLD: Names Carl Schlicker as Giant-Carlisle CEO
PHELPS DODGE: Freeport Prices Notes Offering to Finance Purchase

PHELPS DODGE: Shareholders Okay Freeport's Acquisition Proposal
PHELPS DODGE: DBRS Downgrades Rating on Senior Notes to BB (low)
REVLON INC: Dec. 31 Balance Sheet Upside-Down by US$1.2 Billion
X5 RETAIL: Says Russian Food Market to Exceed US$400 Bln by 2011
X5 RETAIL: May Sell Stock This Year to Fund Expansion


P O R T U G A L

BEARINGPOINT INC: Lenders Extend Waiver Until March 30


R U S S I A

AMBER LLC: Creditors Must File Claims by April 3
BIKINSKIY BAKERY: Creditors Must File Claims by May 3
DIARY OJSC: Creditors Must File Claims by April 3
EUROGAS LLC: Court Starts Bankruptcy Supervision Procedure
KAMCHATSKIY SALMON: Creditors Must File Claims by May 3

MEZHA-WOOD-PROM: Creditors Must File Claims by April 3
OZINKOVSKIY ELEVATOR: Creditors Must File Claims by May 3
PERVOMAYSKAYA OJSC: Asset Sale Slated for April 4
RED & BLACK: Moody's Rates US$19.4-Mln Class C Notes at (P)Ba2
ROSNEFT OIL: Acquires Four Spherical Gas Holders from OMZ Oil

RUBY CJSC: Court Names N. Tkachenko as Insolvency Manager
STROY-INVEST CJSC: Creditors Must File Claims by May 3
TROIKA DIALOG: Good Performance Spurs S&P to Lift Ratings to BB-
TULINSKIY WOOD-RPOM-KHOZ: Creditors Must File Claims by May 3
TYUMENSKIE SEEDS: Creditors Must File Claims by April 3

VERSATEL CJSC: Court Names V. Ulitenkov as Insolvency Manager
VNESH-TORG-INVEST: Creditors Must File Claims by April 3
X5 RETAIL: Says Russian Food Market to Exceed US$400 Bln by 2011
X5 RETAIL: May Sell Stock This Year to Fund Expansion
YUKOS OIL: Slovakia Wants Veto Power Against Stake Sale Extended

ZHUKOVSKIY BICYCLE: Creditors Must File Claims by May 3


S P A I N

RURAL HIPOTECARIO: Moody's Junks EUR15-Million Series E Notes


S W I T Z E R L A N D

CONWAY TREUHAND: Claims Registration Period Ends March 30
CONTINIUM MANAGEMENT: Creditors' Liquidation Claims Due April 2
PAUL BUDER: Creditors' Liquidation Claims Due April 2
SORINVEST JSC: Creditors' Liquidation Claims Due April 13
UNEGLA JSC: Creditors' Liquidation Claims Due April 15


U K R A I N E

AGENCY OF INVESTMENT: Creditors Must File Claims by March 22
AGRICULTURAL DELIVERY: Creditors Must File Claims by March 22
AGRICULTURAL TRADE: Creditors Must File Claim by March 22
BREAD HARBOUR: Creditors Must File Proofs of Claim by March 22
FORT LLC: Creditors Must File Proofs of Claim by March 22

INPROMBUD LLC: Creditors Must File Proofs of Claim by March 22
KOTLIAREVSKOE OJSC: Creditors Must File Claims by March 22
NOVY BUG: Creditors Must File Proofs of Claim by March 22


U N I T E D   K I N G D O M

A C PACKERS: Creditors' Meeting Slated for March 26
ACTIVE ENERGY: Claims Filing Period Ends April 30
ADI HOME: Creditors' Meeting Slated for March 28
ADVANCED LIGHTING: Creditors' Meeting Slated for March 28
ALFRED MCALPINE: Closes Slate Quarries in North Wales

BELMAR PLASTICS: Appoints Steven M. Law as Liquidator
BELVEDERE BEVERAGES: Creditors' Meeting Slated for March 28
BLACKSTREET PROPERTY: Names M. S. E. Solomons Liquidator
BRITISH AIRWAYS: EU Court Upholds EUR6.8-Mln Fine Imposed by EC
C.M. LANE: Taps Joint Administrators from Vantis Plc

CARSHOCK LTD: Brings In Joint Administrators from BDO Stoy
CHEPSTOW PRINTING: Creditors' Meeting Slated for March 27
CITY BUSINESS: Taps Gerald Irwin to Liquidate Assets
CMAK UK: Creditors' Meeting Slated for March 28
COLIN COLLINS: Creditors' Meeting Slated for March 27

CRESSWELL NURSERIES: Creditors' Meeting Slated for March 23
CUT AND DRY: Brings In Paul Appleton to Liquidate Assets
DELKOR LTD: Appoints BDO Stoy as Joint Administrators
ELANTIC LTD: Joint Liquidators Take Over Operations
ETHER MUSIC: Claims Filing Period Ends May 31

EUROSAIL-UK: Fitch Rates GBP12.57-Million Class E Notes at BB
FIRE TECHNICAL: Creditors' Meeting Slated for March 28
GWYDDELWERN SAWMILLS: Creditors' Meeting Slated for March 27
ICE LIVE: T. Papanicola Leads Liquidation Procedure
IMPERIUM CARS: Creditors' Meeting Slated for March 27

INTEGRATED POLYMERS: Creditors' Meeting Slated for March 27
IRON MOUNTAIN: Moody's Rates Proposed US$800MM Facilities at Ba2
KBG CONSULTING: Calls In Liquidator from Sanderlings LLP
LEDA SUSPENSION: Creditors' Meeting Slated for March 26
LEEK FINANCE: Moody's Rates GBP17.6-Mln Class D Notes at (P)Ba3

LEEK FINANCE: Fitch Rates EUR17.6-Million Class D Notes at BB
LEEK FINANCE: S&P Rates GBP17.6-Million Class D Notes at BB
LIVERPOOL FUEL: Hires Asher Miller as Liquidator
LUBRITEX LTD: Creditors' Meeting Slated for March 27
LUXFER HOLDINGS: Moody's May Upgrade Junk Rating After Review

MICRO LASER: Creditors Confirm Liquidator's Appointment
NAMA BARS: Joint Liquidators Take Over Operations
NEWGATE FUNDING: Moody's Rates GBP5.85-Mln Notes at Low-B
NEWGATE FUNDING: Fitch Puts Low-B Ratings to Three Note Classes
OCEANA TELEVISION: Taps Robert Day to Liquidate Assets

REFCO INC: RCM Trustee Objects to 18 Claims Totaling US$240 Mln
RMP GUARDING: Claims Filing Period Ends May 25
SIGNATECH SYSTEMS: Creditors' Meeting Slated for March 29
SILVERSTAR TRADING: Appoints Alex Kachani as Liquidator
SOLUTIA: Panel Junks Plan to Intervene in Calpine Arbitration

SQUARE3 LTD: Claims Filing Period Ends April 20
ST HELENS: Creditors' Meeting Slated for March 26
TEAM 2: Brings In Liquidator from Pococks
TECHNICAL PLASTERING: Names Elizabeth Arakapiotis Liquidator
TECHNO MEDIA: Creditors' Meeting Slated for March 26

TI AUTOMOTIVE: Moody's Junks Corporate Family Rating From B3
TICKET TOUT: Appoints Joint Administrators from Valentine & Co
XENON MARKETING: Claims Filing Period Ends April 18
YOUR PLACE: Hires Liquidator from Ward Williams

* Bracewell & Giuliani Names New Partners to Restructuring Team
* Higgs & Sons Welcomes Sunil Abbi to Insolvency Team
* U.K. Government May Alter Rules to Save Insolvent Retailers

* Large Companies with Insolvent Balance Sheets

                            *********

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


111%PRODUKTIONS: Vienna Court Orders Business Closure
-----------------------------------------------------
The Trade Court of Vienna entered March 1 an order closing the
business of LLC 111%Produktions- und Vertriebs (FN 258173t).

Court-appointed estate administrator Michael Ludwig Lang
recommended the business closure after determining that the
continuing operations would reduce the value of the estate.

The estate administrator can be reached at:

         Mag. Michael Ludwig Lang
         c/o Dr. Martin Koroschetz
         Maria-Theresien-Strasse 9/4
         1090 Vienna
         Austria
         Tel: 319 32 60
         Fax: 319 32 60-9
         E-mail: lang@brandlang.com
                 dr.koroschetz@aon.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 20 (Bankr. Case No. 6 S 23/07k).  Martin Koroschetz
represents Mag. Lang in the bankruptcy proceedings.


CPS REINIGUNGSSERVICE: Claims Registration Period Ends April 6
--------------------------------------------------------------
Creditors owed money by KEG CPS Reinigungsservice Jovanovic (FN
265606y) have until April 6 to file written proofs of claim to
court-appointed estate administrator Martina Simlinger-Haas at:

         Dr. Martina Simlinger-Haas
         Reisnerstrasse 31
         1030 Vienna
         Austria
         Tel: 713 99 46
         Fax: 713 99 46 22
         E-mail: ra.reisnerstr31@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:25 a.m. on April 23 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1609
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 26 (Bankr. Case No. 38 S 13/07z).


DIPL. ING. HAMMERL: Claims Registration Period Ends April 10
------------------------------------------------------------
Creditors owed money by LLC Dipl. Ing. Hammerl (fka LLC Tiger
Bau und Industriemontagen)(FN 271020i) have until April 10 to
file written proofs of claim to court-appointed estate
administrator Ulla Reisch at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on April 24 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1609
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 23 (Bankr. Case No. 4 S 22/07y).


ECHNATON COMMUNICATION: Claims Registration Period Ends April 11
----------------------------------------------------------------
Creditors owed money by LLC Echnaton Communication (FN 191804s)
have until April 11 to file written proofs of claim to court-
appointed estate administrator Peter Zens at:

         Dr. Peter Zens
         c/o Dr. Norbert Schopf
         Reichsratsstrasse 7
         1010 Vienna
         Austria
         Tel: 534 90
         E-mail: office@leonlaw.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on April 25 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 23 (Bankr. Case No. 2 S 5/07h). Norbert Schopf
represents Dr. Zens in the bankruptcy proceedings.


GEBAUDE UND LIEGENSCHAFT: Claims Registration Ends April 10
-----------------------------------------------------------
Creditors owed money by LLC Gebaude und Liegenschaft Service (FN
265951f) have until April 10 to file written proofs of claim to
court-appointed estate administrator Kurt Freyler at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on April 24 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1609
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 26 (Bankr. Case No. 4 S 23/07w).  Hans Rant represents
Dr. Freyler in the bankruptcy proceedings.


IMMEXXIS HANDELS: Claims Registration Period Ends April 11
----------------------------------------------------------
Creditors owed money by LLC Immexxis Handels (FN 267582d) have
until April 11 to file written proofs of claim to court-
appointed estate administrator Norbert Schopf at:

         Dr. Norbert Schopf
         c/o Dr. Peter Zens
         Reichsratsstrasse 7
         1010 Vienna
         Austria
         Tel: 534 90-0
         E-mail: office@schopf-zens.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on April 25 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 23 (Bankr. Case No. 2 S 29/07p).  Peter Zens represents
Dr. Schopf in the bankruptcy proceedings.


KASPER KEG: Claims Registration Period Ends April 9
---------------------------------------------------
Creditors owed money by KEG Kasper (FN 199631a) have until
April 9 to file written proofs of claim to court-appointed
estate administrator Christoph Ganahl at:

         Dr. Christoph Ganahl
         Schwefel 93/7
         6850 Dornbirn
         Austria
         Tel: 05572/890890
         Fax: 05572/890890-8
         E-mail: kanzlei@ganahl.cc

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:20 a.m. on April 19 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Feldkirch
         Hall 45
         First Floor
         Feldkirch
         Austria

Headquartered in Dornbirn, Austria, the Debtor declared
bankruptcy on Feb. 23 (Bankr. Case No. 13 S 8/07t).


LOUIS JOERG: Claims Registration Period Ends April 6
----------------------------------------------------
Creditors owed money by LLC Louis Joerg (FN 124938h) have until
April 6 to file written proofs of claim to court-appointed
estate administrator Matthias Schmidt at:

         Dr. Matthias Schmidt
         Dr. Karl Lueger-Ring 12
         1010 Vienna
         Austria
         Tel: 533 16 95
         Fax: 535 56 86
         E-mail: schmidt@preslmayr.at

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

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1609
         16th Floor
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 26 (Bankr. Case No. 38 S 10/07h).


VINEA BETEILIGUNG: Claims Registration Period Ends April 2
----------------------------------------------------------
Creditors owed money by LLC Vinea Beteiligung (FN 202667s) have
until April 2 to file written proofs of claim to court-appointed
estate administrator Peter Hajek at:

         Dr. Peter Hajek
         Blumengasse 5
         7000 Eisenstadt
         Austria
         Tel: 02682/63108
         Fax: 02682/65640
         E-mail: eisenstadt@hbw.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:45 a.m. on April 16 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Eisenstadt, Austria, the Debtor declared
bankruptcy on March 1 (Bankr. Case No. 26 S 32/07v).  Dr. Walter
Kainz represents the Debtor in the bankruptcy proceedings.


WVS HANDELS: Vienna Court Orders Business Shutdown
--------------------------------------------------
The Trade Court of Vienna entered March 1 an order shutting down
the business of LLC WVS Handels (FN 280152p).

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

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


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


CHIQUITA BRANDS: Colombia May Ask U.S. to Extradite Officials
-------------------------------------------------------------
Colombia considers asking the United States to extradite
officials of Chiquita Brands International Inc. to face charges
that a former subsidiary paid money to illegal paramilitaries,
Reuters reports.

According to Reuters, Colombian prosecutors will determine if an
extradition request should be made against company executives
responsible for paying more than US$1.7 million to
paramilitaries.

Last week, Chiquita said in a plea agreement with the United
States Attorney's Office for the District of Colombia and the
National Security Division of the U.S. Department of Justice
that it will plead guilty to one count of engaging in
transactions with a specially-designated global terrorist, and
will pay a fine of US$25 million, payable in five equal annual
installments, with interest.

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

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

                 U.S. Department of Justice Probe

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

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

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

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

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

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

                      About Chiquita Brands

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

                          *    *    *

In November 2006, Moody's Investors Service downgraded its
ratings for Chiquita Brands LLC., as well as for its parent
Chiquita Brands International Inc.  Moody's said the outlook on
all ratings is stable.

Standard & Poor's Ratings Services also lowered its ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc.,
including its corporate credit rating, from 'B+' to 'B'.
S&P said the ratings remain on CreditWatch with negative
implications where they were placed on Sept. 26.


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


TDC A/S: Unveils Resolutions Passed at Annual General Meeting
-------------------------------------------------------------
At its Annual General Meeting on Thursday, March 15, TDC A/S
passed seven resolutions:

   -- approval of the Company's Annual Report 2006;

   -- discharge of the Board of Directors and the Executive
      Committee from their obligations in respect of the Annual
      Report;

   -- approval of the proposal presented by the Board of
      Directors regarding the allocation of profit.  A dividend
      of DKK3.50 will be paid per share of a nominal value of
      DKK5.

   -- re-election of six members of the Board of Directors:

          * Kurt Bjorklund,
          * Vagn Sorensen,
          * Lawrence Guffey,
          * Oliver Haarmann,
          * Gustavo Schwed, and
          * Richard Wilson.

      Furthermore, Henning Dyremose was elected as member of
      the Board of Directors.

      Five alternates were re-elected:

          * For Kurt Bjorklund: Ola Nordquist;
          * For Lawrence Guffey: Jan Nielsen;
          * For Oliver Haarmann: Nicolas Gheysens;
          * For Gustavo Schwed: Torsten Winkler;  and
          * For Richard Wilson: Andrew Sillitoe.

      In addition to these members, the Board of Directors also
      consists of four board members elected by the employees:

          * Jan Bardino,
          * Leif Hartmann,
          * Steen M. Jacobsen, and
          * Bo Magnussen.

   -- PricewaterhouseCoopers was re-elected as auditor.

   -- The Board of Directors was authorized -- until the next
      Annual General Meeting -- to allow the Company to acquire
      own shares at a total nominal value of up to 10 percent of
      the share capital of the Company, cf. Section 48 of the
      Danish Companies Act. The purchase price of the shares in
      question must not deviate by more than 10 percent from the
      price quoted on the Copenhagen Stock Exchange at the time
      of acquisition.  In the event the shares are not listed on
      the Copenhagen Stock Exchange at the time of acquisition,
      the purchase price must not deviate by more than 10
      percent from the market value of the shares at the time of
      acquisition.

   -- Four amendments to the Company's Articles of Association
      were adopted:

          * The name and the address of the keeper of the
            Company's Register of Shareholders are inserted in
            the Articles of Association;

          * The provision regarding admission cards is specified
            so that the notice to the General Meeting may state
            that admission cards can also be obtained from e.g.
            the keeper of the Company's Register of Shareholders
            or by electronic application.

          * In future, minutes of the General Meetings are only
            signed by the Chairman of the Meeting.

          * In future, the Executive Committee consists of two
            to seven members.

                         About TDC A/S

Headquartered in Copenhagen, Denmark, TDC A/S --
http://www.tdc.dk/-- through its subsidiaries and affiliates,
provides communication solutions in Europe.  It provides
communication services in Denmark and Switzerland, and has a
significant presence in selected Northern and Central European
telecommunication markets.  It operates through five business
lines.

                        *     *     *

As reported in the TCR-Europe on Jan. 25, Fitch Ratings says it
does not expect the intended sale by TDC A/S of its Lithuanian
and Latvian mobile subsidiary Bite to affect TDC's Issuer
Default rating of 'BB-' or the ratings of TDC and NTC Holdings.


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


GLOBAL AUTOMOTIVE: Moody's Cuts Corporate Family Rating to Ca
-------------------------------------------------------------
Moody's Investors Service downgraded Global Automotive Logistics
S.A.S. to be issued by its financial subsidiary GAL Finance
S.A.:

   -- corporate family rating to Ca from Caa1;
   -- senior secured bank facility to Caa3 from Caa1; and
   -- senior unsecured notes to C from Caa3.

The outlook on the ratings is stable.

In its rating action, Moody's has revisited its assessment of
potential recovery values for all creditors post default in
light of continuing pressure on Renault's volumes, which is a
key driver in the value of the underlying logistics contract,
the fact that the expiry of the contract with Renault is now
within a one year timeframe with a court resolution yet to be
forthcoming and the overall concerns that uncertainty regarding
potential outcomes from the safeguard procedure remains high.

Ratings affected are:

   -- Corporate family rating is downgraded to Ca from Caa1;

   -- EUR60-million Senior Secured Term Loan due 2008 downgraded
      to Caa3 from Caa1;

   -- EUR40-million Senior Secured Revolving facility due 2008
      downgraded to Caa3 from Caa1; and

   -- EUR100-million Senior Unsecured Notes due 2009 downgraded
      to C from Caa3.

Headquartered in Boulogne-Billancourt, France, GAL is currently
one of Europe's largest lead logistics providers to the
automotive industry, providing transportation and distribution
services to automotive customers.  GAL's two areas of business
are vehicle logistics and logistic cargo.  The company reported
revenues of approximately EUR1.182-billion and EUR576.2 million
for the twelve months ended December 2005 and for the six months
ended June 2006 respectively, for total debt of approximately
EUR228.9 million as at June 2006.


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


ASB MASCHINENHANDELS: Claims Registration Period Ends April 12
--------------------------------------------------------------
Creditors of ASB Maschinenhandels- und Dienstleistungs GmbH have
until April 12 to register their claims with court-appointed
insolvency manager Andree Wernicke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on May 3, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 101
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be contacted at:

         Andree Wernicke
         Ohmstr. 13
         80802 Munich
         Germany
         Tel: 089/3838710
         Fax: 089/338308

The District Court of Munich opened bankruptcy proceedings
against ASB Maschinenhandels- und Dienstleistungs GmbH on
March 7.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         ASB Maschinenhandels- und Dienstleistungs GmbH
         Nietzschestr. 30
         80807 Munich
         Germany


BEGINENHOF LIESELOTTE: Claims Registration Period End April 13
--------------------------------------------------------------
Creditors of Beginenhof Lieselotte gemeinnuetzige GmbH have
until April 13 to register their claims with court-appointed
insolvency manager J. Schneider.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.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 Gera
         Hall 310
         Rudolf-Diener-Str. 1
         Gera
         Germany

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

The insolvency manager can be contacted at:

         J. Schneider
         Tatzendpromenade 2a
         07745 Jena
         Germany

The District Court of Gera opened bankruptcy proceedings against
Beginenhof Lieselotte gemeinnuetzige GmbH on March 12.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Beginenhof Lieselotte gemeinnuetzige GmbH
         Dr. Gisela Pohl Meister-Eckehart-Str. 5
         99084 Erfurt
         Germany


BENQ CORP: Detains Head on Alleged Insider Trading Activities
-------------------------------------------------------------
Taiwanese prosecutors raided BenQ's headquarter Neihu and a
factory in Taoyuan and detained its chief financial officer Eric
Yu on an alleged involvement in insider trading activities,
various reports say.

Taoyuan District Prosecutors' Office spokesman John Chang
confirmed that it was Mr. Yu who was detained by the authorities
after the raid, Taipei Times relates.

Mr. Yu could be detained for up to four months before being
charged, in accordance with Taiwan's legal system, the Times
says.

Prosecutors also questioned former Chief Financial Officer Alex
Liou and Accounting Manager Billy Liu, on their suspected
involvement in the scandal.  Both were released on bail.  Mr.
Liou's bail was NT$5 million while Mr. Liu's bail was NT$2
million, BenQ said in a statement.

Bloomberg News, in a telephone interview with Chang Chin-fung,
deputy prosecutor of the Taoyuan District Court, relates that
the allegations involve some employees who benefited from BenQ's
stock trading around March 2006, just before BenQ posted a
fourth quarter loss.

China Post adds that it is believed BenQ executives sold large
amounts of company shares ahead of the company's announcement of
huge losses incurred from its takeover of Siemens's handset
division.

"We have yet to find out whether those shares were owned by
those persons or by the company," Mr. Chang said, noting that
BenQ Chairman K.Y. Lee is not being investigated.

In an internal e-mail, BenQ said that the probe would not
significantly affect its operations, Taipei Times says.

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. --
http://www.benq.com/-- is principally engaged in manufacturing,
developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, 3G handset, Camera phones, and other products.

BenQ Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency
in Germany on Sept. 29, after BenQ Corp.'s board decided to
discontinue capital injection into the mobile unit in order to
stem unsustainable losses.  The collapse follows a year after
Siemens sold the company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.

A Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to meet the
deadline in finding a buyer for the company on Dec. 31, 2006.

                        *     *     *

The Troubled Company Reporter - Asia Pacific reported on Dec. 5,
2006, that Taiwan Ratings Corp., assigned its long-term twBB+
and short-term twB corporate credit ratings to BenQ Corp.

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's:

   * continuing operating losses from its handset operations;

   * high leverage; and

   * the competitive nature and low profitability of the LCD
     monitor industry.


BENQ CORP: Probe Has No Immediate Impact on Ratings, TRC Says
-------------------------------------------------------------
On March 14, 2007, Taiwan Ratings Corp. said that its ratings on
BenQ Corp. -- (twBB+/Negative/twB)-- are not immediately
affected by the current investigation by Taiwan's prosecutors
into alleged insider trading by some of the company's employees.

The prosecutors took action on March 13, 2007, to search for
evidence related to the alleged insider trading.  The
allegations involve some employees making profits from BenQ's
stock trading in March 2006, just before the company posted a
loss of NT$6 billion for the fourth quarter of 2005, which was
derived from its acquisition of German-based Siemens AG's money-
losing handset division in June 2005.

Taiwan Ratings views the alleged insider trading to have no
immediate impact on the company's business operations, as the
probe is not expected to change the company's fundamentals.
Nevertheless, the incident raises concerns over BenQ's internal
controls.  Taiwan Ratings will monitor the progress of the
investigations, as well as the company's operating performance.


CHEAP & TRENDY: Claims Registration Period Ends April 10
--------------------------------------------------------
Creditors of Cheap & Trendy GmbH have until April 10 to register
their claims with court-appointed insolvency manager Josef
Scherer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on May 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 Regensburg
         Hall 105
         Augustenstr. 5
         Regensburg
         Germany

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

The insolvency manager can be contacted at:

         Dr. Josef Scherer
         Theresienplatz 29
         94315 Straubing
         Germany
         Tel: 09421/3303930
         Fax: 09421/3303935

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

The Debtor can be contacted at:

         Cheap & Trendy GmbH
         Maximilianstr. 27
         93047 Regensburg
         Germany


CLEMENT STRASSEN: Claims Registration Period Ends April 13
----------------------------------------------------------
Creditors of Clement Strassen-, Tief- und Wasserbau GmbH have
until April 13 to register their claims with court-appointed
insolvency manager Ulrike Hoge-Peters.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on May 23, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Rostock
         Room 330
         Zochstrse
         18057 Rostock
         Germany

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

The insolvency manager can be contacted at:

         Ulrike Hoge-Peters
         Rosa-Luxemburg-Strasse 8
         18055 Rostock
         Germany

The District Court of Rostock opened bankruptcy proceedings
against Clement Strassen-, Tief- und Wasserbau GmbH on March 7.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Clement Strassen-, Tief- und Wasserbau GmbH
         Attn: Marianne Ode, Manager
         Grubenstrasse 48
         18055 Rostock
         Germany


COWAREX GMBH: Claims Registration Period Ends April 10
------------------------------------------------------
Creditors of Cowarex GmbH have until April 10 to register their
claims with court-appointed insolvency manager Biner Bahr.

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

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Third Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be contacted at:

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

The District Court of Duesseldorf opened bankruptcy proceedings
against Cowarex GmbH on March 12.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Cowarex GmbH
         Robert-Bosch-Str. 22
         41541 Dormagen
         Germany

         Attn: Arthur Albert Flueck, Manager
         Schmelzbergstr. 50
         CHE-8044 Zurich
         Switzerland


DIG - TOURS: Claims Registration Period Ends April 27
-----------------------------------------------------
Creditors of DIG - TOURS GmbH have until April 27 to register
their claims with court-appointed insolvency manager Ulrich
Rosenkranz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on May 30, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be contacted at:

         Ulrich Rosenkranz
         Osdorfer Landstrasse 230
         22549 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against DIG - TOURS GmbH on March 8.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         DIG - TOURS GmbH
         Alsterdorfer Strasse 262
         22297 Hamburg
         Germany

         Attn: Goetz Koertel, Manager
         Alsterdorfer Strasse 324
         22297 Hamburg
         Germany


E + M BOHR: Claims Registration Period Ends May 2
-------------------------------------------------
Creditors of E + M Bohr GmbH have until May 2 to register their
claims with court-appointed insolvency manager Bernd
Schneiderbanger.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 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 Hof
         Meeting Hall 012
         Ground Floor
         Berliner Platz 1
         95030 Hof
         Germany

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

The insolvency manager can be contacted at:

         Dr. Bernd Schneiderbanger
         Kreuzsteinstrasse 41
         95028 Hof
         Germany
         Tel: 09281/71550
         Fax: 09281/715555

The District Court of Hof opened bankruptcy proceedings against
E + M Bohr GmbH on March 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         E + M Bohr GmbH
         August-Mohl-Strasse 38
         95028 Hof
         Germany

         Attn: Christian Etschel, Manager
         Aussere Bayreuther Strasse 73
         95032 Hof
         Germany


EINRICHTUNGSHAUS EBERT: Claims Registration Period Ends May 2
-------------------------------------------------------------
Creditors of Einrichtungshaus Ebert GmbH have until May 2 to
register their claims with court-appointed insolvency manager
Olaf Handschuh.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 6, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bueckeburg
         Hall 4117
         Herminenstrasse 30
         31675 Bueckburg
         Germany

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

The insolvency manager can be contacted at:

         Olaf Handschuh
         Mindener Str. 6
         31675 Bueckeburg
         Germany
         Tel: 05722/1016
         Fax: 05722/1018

The District Court of Bueckeburg opened bankruptcy proceedings
against Einrichtungshaus Ebert GmbH on March 9.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Einrichtungshaus Ebert GmbH
         Gartenstr. 2
         31655 Stadthagen
         Germany

         Attn: Wolfgang Ebert, Manager
         Schmiede 16
         31655 Stadthagen
         Germany


FAHRRADWERK ENIK: Declares Insolvency; May Continue Operations
--------------------------------------------------------------
Fahrradwerk Enik GmbH declared insolvency due to losses incurred
as a result of the bankruptcy of a major customer, bike-eu.com
reports.

However, court-appointed receiver Dr. Bruno M. Kueblen sees a
positive outlook for the company and is confident that business
operations will continue.

Mr. Kueblen said he is currently in talks with customers,
suppliers, and Enik's work council.  About 66 employees have yet
to receive their wages for February.

CB Campus Bike GmbH, Enik's Bruchsal-based sister company, will
not be affected by the insolvency, bike-eu.com relates.

Headquartered in Wenden, Germany, Fahrradwerk Enik GmbH is a
traditional bike supplier, which manufactures about 100,000
bicycles a year.


FASHION-WORLD: Claims Registration Period Ends April 27
-------------------------------------------------------
Creditors of Fashion-World CCP GmbH & Co. KG have until
April 27 to register their claims with court-appointed
insolvency manager Reinhard Titz.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be contacted at:

         Reinhard Titz
         Speersort 4/6
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Fashion-World CCP GmbH & Co. KG on March 8.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Fashion-World CCP GmbH & Co. KG
         Attn: Patrik Tiedemann, Manager
         Modering 3
         22457 Hamburg
         Germany


FILTEK BETEILIGUNGS: Claims Registration Period Ends April 2
------------------------------------------------------------
Creditors of Filtek Beteiligungs-GmbH have until April 2 to
register their claims with court-appointed insolvency manager
Hans-Joerg Derra.

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

The meeting of creditors will be held at:

         The District Court of Neu-Ulm
         Hall 211/II
         Heiner-Metzger-Platz 1
         89231 Neu-Ulm
         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-Joerg Derra
         Frauenstrasse 14
         89073 Ulm
         Germany
         Tel: 0731/922880
         Fax: 0731/9228888

The District Court of Neu-Ulm opened bankruptcy proceedings
against Filtek Beteiligungs-GmbH on March 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Filtek Beteiligungs-GmbH
         Industriestr. 13
         89257 Illertissen-Jedesheim
         Germany


FILTEK ZERSPANUNGSTECHNIK: Claims Registration Ends April 2
-----------------------------------------------------------
Creditors of Filtek Zerspanungstechnik GmbH & Co. KG have until
April 2 to register their claims with court-appointed insolvency
manager Hans-Joerg Derra.

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

The meeting of creditors will be held at:

         The District Court of Neu-Ulm
         Zi. 211/II
         Heiner-Metzger-Platz
         89231 Neu-Ulm
         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:

         Hans-Joerg Derra
         Frauenstr. 14
         89073 Ulm
         Germany
         Tel: 0731/922880
         Fax: 0731/9228888

The District Court of Neu-Ulm opened bankruptcy proceedings
against Filtek Zerspanungstechnik GmbH & Co. KG on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Filtek Zerspanungstechnik GmbH & Co. KG
         Industriestr. 13
         89257 Illertissen
         Germany


GEO-INSTITUT DRUCK: Claims Registration Ends May 2
--------------------------------------------------
Creditors of Geo-Institut Druck-Relief-Technik geographische
Artikel H. Muermann GmbH & Co have until May 2 to register their
claims with court-appointed insolvency manager Marianne Poeppel.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Marianne Poeppel
         Stiftstr. 21
         32427 Minden
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Geo-Institut Druck-Relief-Technik geographische Artikel
H. Muermann GmbH & Co on May 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Geo-Institut Druck-Relief-Technik geographische Artikel
         H. Muermann GmbH & Co
         Gansekamp 41-45
         32457 Porta Westfalica
         Germany


HAMA TANKBAU: Claims Registration Ends April 2
----------------------------------------------
Creditors of Hama Tankbau GmbH & Co. KG have until April 2 to
register their claims with court-appointed insolvency manager
Dr. Ulrich Graf.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 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 Bayreuth
         Room 520 EG
         Fried-richstr. 18
         Bayreuth
         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. Ulrich Graf
         Rathenaustrasse 7
         95444 Bayreuth
         Germany
         Tel: 0921/75933-0
         Fax: 0921/75933-50

The District Court of Bayreuth opened bankruptcy proceedings
against Hama Tankbau GmbH & Co. KG on March 12.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Hama Tankbau GmbH & Co. KG
         von-Linde-Str. 16
         95326 Kulmbach
         Germany


HARRY'S GMBH: Claims Registration Ends April 2
----------------------------------------------
Creditors of Harry's GmbH have until April 2 to register their
claims with court-appointed insolvency manager Claudia Jansen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 8, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Claudia Jansen
         Bockenheimer Landstr. 20
         D 60323 Frankfurt/Main
         Tel: 069/4272686-5270
         Fax: 069/42726865555

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

The Debtor can be reached at:

         Harry's GmbH
         Berliner Strasse 2
         60311 Frankfurt am Main
         Germany


HAUSBAU SCHOPPER: Claims Registration Ends April 7
--------------------------------------------------
Creditors of Hausbau Schopper GmbH have until April 7 to
register their claims with court-appointed insolvency manager
Walter Eckelmann.

Creditors and other interested parties are encouraged to attend
the meeting at 8:15 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 Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         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:

         Walter Eckelmann
         Grosse Bahngasse 8-10
         74072 Heilbronn
         Germany
         Tel: 07131/6216-0
         Fax: 07131/6216-25

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

The Debtor can be reached at:

         Hausbau Schopper GmbH
         Schmidbleicherstr. 1
         74321 Bietigheim-Bissingen
         Germany


HEIMA SERVICE: Creditors' Meeting Slated for May 25
---------------------------------------------------
The court-appointed insolvency manager for Heima Service GmbH,
Dr. Bjoern Gehde, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:30 a.m. on
May 25.

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 10:30 a.m. on Aug. 24 at the same venue.

Creditors have until June 25 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Bjoern Gehde
         Goethestr. 85
         10623 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Heima Service GmbH on March 7.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Heima Service GmbH
         Warmensteinacher Strasse 59
         12349 Berlin
         Germany


HENGSTER & CANINS: Claims Registration Ends May 15
--------------------------------------------------
Creditors of Hengster & Canins GmbH have until May 15 to
register their claims with court-appointed insolvency manager
Ulrich Bastian.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.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 Weilheim
         Meeting Hall SS E 020
         Weilheim
         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:

         Ulrich Bastian
         Sendlinger Str. 46
         80331 Muenchen
         Germany
         Tel: 089/2603966
         Fax: 2609204

The District Court of Weilheim opened bankruptcy proceedings
against Hengster & Canins GmbH on March 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Hengster & Canins GmbH
         Foehrengrund 6
         82349 Pentenried
         Germany


KARL RUETTEN: Claims Registration Ends April 25
-----------------------------------------------
Creditors of Karl Ruetten GmbH have until April 25 to register
their claims with court-appointed insolvency manager Dr. Ralf
Bornemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 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 Mayen
         Hall 17
         St. Veit-Strasse 38
         56727 Mayen
         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. Ralf Bornemann
         Godesberger Allee 125-127
         53175 Bonn
         Germany
         Tel: 0228 / 81 000-858
         Fax: 0228 / 81 000-820
         E-mail: rae-bonn@dphg.de

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

The Debtor can be reached at:

         Karl Ruetten GmbH
         Attn: Karl Dieter Ruetten, Manager
         Plaidter Str. 25
         56645 Nickenich
         Germany


KAZ-BLOTEVOGEL & HEITMEIER: Claims Registration Ends April 25
-------------------------------------------------------------
Creditors of Kaz-Blotevogel & Heitmeier Grundstuecks-
Verwaltungs GmbH have until April 25 to register their claims
with court-appointed insolvency manager Henning Schorisch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on June 6, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Henning Schorisch
         Wasastrasse 15
         01219 Dresden
         Germany
         Web site: http://www.hww-kanzlei.de/

The District Court of Dresden opened bankruptcy proceedings
against Kaz-Blotevogel & Heitmeier Grundst�cks- Verwaltungs GmbH
on March 8.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Kaz-Blotevogel & Heitmeier Grundstuecks-
         Verwaltungs GmbH
         Attn: Sabine Heitmeier and Inge Kaz, Managers
         Katharinenstrasse 18
         01099 Dresden
         Germany


KDF - TREPPENRENOVIERUNG: Claims Registration Ends April 3
----------------------------------------------------------
Creditors of KDF - Treppenrenovierung GmbH have until April 3 to
register their claims with court-appointed insolvency manager
Thomas Wulsten.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on May 2, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 reached at:


         Thomas Wulsten
         Rudolf-Breitscheid-Strasse 33
         14482 Potsdam
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against KDF - Treppenrenovierung GmbH on March 12.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         KDF - Treppenrenovierung GmbH
         Berliner Str. 13
         15537 Erkner
         Germany


NBG NET: Creditors' Meeting Slated for March 26
-----------------------------------------------
The court-appointed insolvency manager for NBG Net Business
GmbH, Ralf Hildebrandt, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
8:35 a.m. on March 26.

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

         The District Court of Montabaur
         Hall 106
         First Stock
         Bahnhofstrasse 47
         56410 Montabaur
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 8:46 a.m. on June 18 at the same venue.

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

The insolvency manager can be reached at:

         Ralf Hildebrandt
         Friedrich-Ebert-Ring 12
         56068 Koblenz
         Germany
         Tel: 0261 9149726
         Fax: 0261 9149727

The District Court of Montabaur opened bankruptcy proceedings
against NBG Net Business GmbH on March 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         NBG Net Business GmbH
         Koenigsberger Strasse 14
         56235 Ransbach-Baumbach
         Germany


PILOT LOUNGE: Creditors Must Register Claims by May 4
-----------------------------------------------------
Creditors of Pilot Lounge GmbH have until May 4 to register
their claims with court-appointed insolvency manager
Joerg Nerlich.

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 Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Joerg Nerlich
         Aachener Str. 563-565
         50933 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Pilot Lounge GmbH on March 7.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Pilot Lounge GmbH
         Thieboldsgasse 101 - 103
         50676 Cologne
         Germany


PORDEA BAU: Creditors Must Register Claims by April 2
-----------------------------------------------------
Creditors of Pordea Bau GmbH have until April 2 to register
their claims with court-appointed insolvency manager
Andree Wernicke.

Creditors and other interested parties are encouraged to attend
the meeting at 11:35 a.m. on April 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Augsburg
         Meeting Hall 162
         Alten Einlass 1
         86150 Augsburg
         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:

         Andree Wernicke
         Kanzlei Scheidle & Partner
         Grottenau 6
         86150 Augsburg
         Germany

The District Court of Augsburg opened bankruptcy proceedings
against Pordea Bau GmbH on March 5.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Pordea Bau GmbH
         Wilhelm-M"rz-Str. 1
         86356 Neusass
         Germany


RABEWE IMMOBILIEN-CONSULT: Creditors' Claims Due April 24
---------------------------------------------------------
Creditors of RaBeWe Immobilien-Consult, -Vermittlungs- und
Baubetreuungs- 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 12:10 p.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 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:

         Ruediger Wienberg
         Giesebrechtstr. 1
         10629 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against RaBeWe Immobilien-Consult, -Vermittlungs-
und Baubetreuungs- GmbH on March 12.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         RaBeWe Immobilien-Consult, -Vermittlungs- und
         Baubetreuungs- GmbH
         Sachsische Strasse 1
         10707 Berlin
         Germany


REGIONAL TV: Creditors Must Register Claims by May 7
----------------------------------------------------
Creditors of Regional TV GmbH & Co. KG have until May 7 to
register their claims with court-appointed insolvency manager
Herbert Feigl.

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 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:

         Herbert Feigl
         Hansering 1
         D 06108 Halle
         Germany
         Tel: 0345/212220
         Fax: 0345/2122222

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against Regional TV GmbH & Co. KG on March 5.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Regional TV GmbH & Co. KG
         Attn: Bernhard Ehl, Manager
         Gueterbahnhof 6
         06536 Rossla
         Germany


TELE COLUMBUS: Moody's Withdraws B1 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn a B1 corporate family
rating of Tele Columbus GmbH & Co. KG.

The rating was put on review for downgrade on Sept. 18, 2006
after the announcement of Unity Media GmbH, a parent company of
Tele Columbus, to sell the remaining part of Tele Columbus group
to Orion Cable GmbH, a holding of ewt cable group, a Level 3 / 4
German cable operator.

Since the announcement of the transaction Tele Columbus has
repaid all of its rated debt.  The rating is withdrawn at the
company's request and due to business reasons.

Based in Germany, Tele Columbus is the largest Level 4 cable
television provider.


TOWER AUTOMOTIVE: Jan. 31 Balance Sheet Upside-Down by US$772MM
---------------------------------------------------------------

             Tower Automotive, Inc., and Subsidiaries
               Unaudited Consolidated Balance Sheet
                      As of January 31, 2007
                          (In Thousands)

Cash and cash equivalents                              US$1,248
Accounts receivable                                     102,595
Inventories                                              43,754
Prepaid tooling and other                                30,186
                                                    ------------
TOTAL CURRENT ASSETS                                    177,783
                                                    ------------
Property, plant and equipment, net                      468,949
Investment in and advances to affiliates                781,732
Other assets, net                                        36,918
                                                    ------------
TOTAL ASSETS                                       US$1,465,382
                                                    ============

CURRENT LIABILITIES NOT SUBJECT TO
    COMPROMISE:
Current maturities of L-T debt and capital lease           US$3
    obligations
Current maturities of DIP borrowings                    640,400
Accounts payable                                        100,490
Accrued liabilities                                      96,201
                                                    ------------
    TOTAL CURRENT LIABILITIES                            837,094
                                                    ------------
Liabilities subject to comprise:                      1,296,219

Non-Current Liabilities Not Subject to
    Compromise:
Long-term debt, net of current maturities                84,751
Other non-current liabilities                            20,131
                                                    ------------
TOTAL LIABILITIES                                     2,238,195
                                                    ------------
STOCKHOLDERS' DEFICIT:                                 (772,813)
                                                    ------------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT:       US$1,465,382
                                                    ============

             Tower Automotive, Inc., and Subsidiaries
                Unaudited Statement of Operations
                      January 1 to 31, 2007
                          (In Thousands)

Revenues                                              US$81,750
Cost of sales                                            83,860
                                                    ------------
Gross profit                                             (2,110)

Selling, general and administrative                       5,499
    expenses
Restructuring & asset impairment                          1,395
    charges, net
Other operating income                                      391
                                                    ------------
Operating income (loss)                                  (9,395)

Interest expense                                          9,292
Interest income                                            (103)
Intercompany interest (income)/expense                   (2,711)
Chapter 11 and related reorganization items               2,881
                                                    ------------
Income (loss) before provision for income               (18,754)
    taxes, equity in earnings of joint
    ventures, and minority interest

Provision (benefit) for income taxes                        191
Income (loss) before equity in earnings of              (18,945)
    joint ventures
Equity in earnings of joint ventures, net of tax              -
                                                    ------------
NET INCOME/(LOSS)                                    (US$18,945)
                                                    ============

             Tower Automotive, Inc., and Subsidiaries
                Unaudited Statement of Cash Flows
                      January 1 to 31, 2007
                          (In Thousands)

OPERATING ACTIVITIES:
Net loss                                             (US$18,945)

Adjustments required to reconcile net loss
    to net cash provided by (used in)
    operating activities:

Chapter 11 & related reorganization items, net              870
Restructuring and asset impairment, net                     186
Depreciation                                              7,694
Equity in earnings of joint ventures, net                     -
Change in working capital & other operating items       (32,514)
                                                    ------------
Net cash provided by (used in) operating                (42,709)
    activities:

INVESTING ACTIVITIES:
Cash disbursed for purchase of property,                 (7,147)
  plant and equipment
                                                    ------------
Net cash used for investing activities                   (7,147)

FINANCING ACTIVITIES:
Proceeds from non-DIP borrowings                              -
Repayments of non-DIP borrowings                             (1)
Borrowings from DIP credit facility                     126,000
Repayments of borrowings from DIP facility              (80,600)
                                                    ------------
Net cash provided by (used in) financing                 45,399
    activities
                                                    ------------
Net change in cash and cash equivalents                  (4,457)
                                                    ------------
Cash and Cash Equivalents, beginning of period            5,705
                                                    ------------
Cash and Cash Equivalents, end of period               US$1,248
                                                    ============
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 has operations in Korea, Spain and
Brazil.

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.


TRANSWITCH CORP: Posts US$10.85 Million Net Loss in 2006
--------------------------------------------------------
TranSwitch Corp. reported that for year ended Dec. 31, 2006, its
net loss was US$10.85 million on total net revenues of
US$38.92 million, as compared with a net loss of US$23.75
million on total net revenues of US$32.9 million for the year
ended Dec. 31, 2005.

As of Dec. 31, 2006, the balance sheet of the company showed
total assets totaling US$82.65 million, total liabilities of
US$58.6 million, resulting to total stockholders' equity of
US$24.05 million.

The company had cash and cash equivalents of US$57.72 million as
of Dec. 31, 2006, up from US$38.84 million in 2005.  This is the
company's primary source of liquidity, since it is not currently
generating positive cash flow from its operations.  The
company's cash equivalents as of Dec. 31, 2006 consist of money
market instruments and commercial paper.

The company has financed its operations and has met its capital
requirements since incorporation in 1988 primarily through
private and public issuances of equity securities, convertible
notes, bank borrowings and cash generated from operations.

                       Financial Commitments

The company has existing commitments to make future interest
payments on the Plus Cash Notes and to redeem these notes in
September 2007.  Over the remaining life of the outstanding Plus
Cash Notes, it expects to accrue and pay about US$1.6 million in
interest to the holders of the Notes.

The company has outstanding operating lease commitments of
US$39.7 million, payable over the next 11 years.  Some of these
commitments are for space that is not being utilized and, for
which, the company recorded restructuring charges in prior years
for excess facilities.

Total contractual obligation of the company as of Dec. 31, 2006,
amounted to US$74.94 million.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1b78

                      About TranSwitch Corp.

Based in Shelton, Conn., TranSwitch Corp. (NASDAQ: TXCC)
-- http://www.transwitch.com/-- designs, develops and markets
innovative semiconductors that provide core functionality and
complete solutions for voice, data and video communications
network equipment.  TranSwitch is an ISO 9001: 2000 registered
company.   The company has locations in India, Germany and the
U.S.

                           *     *     *

TranSwitch Corp. carries Standard and Poor's Ratings Service's
B-long-term foreign and local issuer credit ratings.


WBK WERTBAUKONZEPT: Claims Registration Period Ends April 16
------------------------------------------------------------
Creditors of WBK WertBauKonzept GmbH have until April 16 to
register their claims with court-appointed insolvency manager
Karl-Dieter Sommerfeld.

Creditors and other interested parties are encouraged to attend
the meeting at 9:26 a.m. on April 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Karl-Dieter Sommerfeld
         Hammerweg 3
         51766 Engelskirchen
         Germany
         Tel: 02263/9039-0
         Fax: +492263903910

The District Court of Cologne opened bankruptcy proceedings
against WBK WertBauKonzept GmbH on March 5.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         WBK WertBauKonzept GmbH
         Friedrich-Ebert-Str. 27
         51429 Bergisch Gladbach
         Germany

         Attn: Juergen Wallborn
         Peter-Rosegger-Str. 27
         40699 Erkrath
         Germany


WITTMANN GMBH: Claims Registration Period Ends April 20
-------------------------------------------------------
Creditors of Wittmann GmbH have until April 20 to register their
claims with court-appointed insolvency manager Bernward Widera.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on May 15, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 28
         Fuerstenstrasse 21
         Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Bernward Widera
         Buettenstrasse 4
         08058 Zwickau
         Germany
         Tel: (03 75) 81 89 20
         Fax: (03 75) 818 92 14
         E-mail: widera@zwickau-net.de

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

The Debtor can be reached at:

         Wittmann GmbH
         Attn: Theresa Warzik, Manager
         Bahnhofstrasse 21 c
         08056 Zwickau
         Germany


ZIEBART HAUSTECHNIK: Claims Registration Period Ends April 17
-------------------------------------------------------------
Creditors of Ziebart Haustechnik GmbH have until April 17 to
register their claims with court-appointed insolvency manager
Konrad Menz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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 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:

         Konrad Menz
         Frauenstr. 14
         89073 Ulm
         Germany
         Tel: 0731/92288-0
         Fax: 0731/9228888

The District Court of Memmingen opened bankruptcy proceedings
against Ziebart Haustechnik GmbH on March 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Ziebart Haustechnik GmbH
         Attn: Joerg Ziebart
         Allgauer Str. 17
         87719 Mindelheim
         Germany


ZIMMERMANN PLANUNGSBURO: Claims Registration Period Ends May 11
---------------------------------------------------------------
Creditors of Zimmermann Planungsbuero GmbH have until May 11 to
register their claims with court-appointed insolvency manager
Ulrich Hauter.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 11, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Muehlhausen
         Hall 35
         Untermarkt 17
         Muehlhausen
         Germany

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

The insolvency manager can be reached at:

         Ulrich Hauter
         Untermarkt 12
         99974 Muehlhausen
         Germany

The District Court of Muehlhausen opened bankruptcy proceedings
against Zimmermann Planungsbuero GmbH on March 6.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Zimmermann Planungsbuero GmbH
         Attn: Burkhard Zimmermann, Manager
         Backhausstrasse 2
         99991 Altengottern
         Germany


ZPS GMBH: Claims Registration Period Ends April 5
-------------------------------------------------
Creditors of ZPS GmbH have until April 5 to register their
claims with court-appointed insolvency manager Dr. Frank
Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Frank Kebekus
         Carl-Theodor-Str. 1
         40213 Duesseldorf
         Germany

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

The Debtor can be reached at:

         ZPS GmbH
         Georgstr. 12
         52525 Waldfeucht
         Germany

         Attn: Karl-Heinz Wolff, Manager
         Georgstr. 12
         52525 Waldfeucht
         Germany


* German Corporate Insolvencies Down 17.3% in 2006
--------------------------------------------------
The Federal Statistical Office in Germany revealed a 17.3%
decrease in corporate insolvencies in 2006, from 36,843 filings
in 2005 to 30,462 petitions last year.

However, German insolvency courts reported a total of 155,220
insolvencies for the 12-month period ended Dec. 31, 2006, a
13.7% increase from a 2005 figure of 136,554.  This was due to a
rise in consumer and personal insolvencies.

Total creditor claims in 2006 declined 7.1% to EUR33 billion,
compared with EUR36 billion in 2005.  About 60% of all claims
are filed against corporate debtors.

A full-text copy of the 2006 insolvency statistics is available
at no charge at http://www.destatis.de/indicators/e/ins110ae.htm


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


EUROMAX VI: Fitch Rates EUR3.4-Mln Class E Notes at BB
------------------------------------------------------
Fitch assigned Euromax VI ABS LTD's upcoming issue of
EUR480 million floating rate notes expected ratings.  The
transaction is a securitization of structured finance assets
including primarily residential and commercial mortgage-backed
securities.

   -- EUR5 million class X note due 2012: 'AAA'

   -- EUR372 million class A floating rate notes due 2097: 'AAA'

   -- EUR41.4 million class B floating rate notes due 2097: 'AA'

   -- EUR17.9 million class C deferrable floating rate note due
      2097: 'A'

   -- EUR17.9 million class D deferrable floating rate note due
      2097: 'BBB'

   -- EUR3.4 million class E deferrable floating-rate note due
      2097: 'BB'

The expected ratings of the class X, A and B notes address the
ultimate repayment of principal at maturity and the timely
payment of interest when due, according to the terms of the
notes.  For the class C, D and E notes, which can defer
interest, the expected ratings address the ultimate payment of
principal and interest, including deferred interest, at
maturity.  The final ratings are contingent upon receipt of
final documents conforming to information already received.

The ratings are based on the quality and diversity of the
portfolio of assets, which are selected by the collateral
manager, Collineo Asset Management GmbH, subject to the
guidelines outlined in the collateral management agreement. The
guidelines limit the collateral manager's portfolio allocations
with respect to obligor, industry and asset type.  Collineo will
actively manage the collateral over the six-year reinvestment
period.  Collineo's CDO Asset Manager rating of 'CAM 2' was
affirmed on 27 October 2006.

The ratings are also based on the credit enhancement provided to
the various classes of notes in the form of subordination,
structural protection and excess spread.  Credit enhancement, in
the form of subordination, for the A notes will total 21.68%, of
which 8.7% will be provided by the B notes, 3.8% by the C notes,
3.8% by the D notes, 0.7% by the E notes and 4.7% by the unrated
subordinated C notes.

Euromax VI ABS LTD is a limited liability company incorporated
under the laws of Ireland.  At the closing date, the issuer is
anticipated to have purchased 100% of the target portfolio,
although the manager will have an additional nine months, if
required, to fully invest the portfolio.

Fitch expects Euromax VI ABS LTD to issue combination notes
("combo notes") that will comprise components of the rated notes
as well as the class subordinated notes. The interest and
principal cash flows on the combo notes will be derived from the
interest and principal cash flows on their respective
components.


PREPS 2005-2: Court Opens Insolvency Proceedings on Company 36
--------------------------------------------------------------
PREPS 2005-2 plc has been informed by the Investment Services
Provider, Capital Efficiency Group AG, that a preliminary
insolvency proceeding has been opened regarding portfolio
company number 36.  The insolvency court has appointed a
preliminary insolvency administrator.

The Issuer is the holder of a Profit Participation Agreement
issued by portfolio company number 36 with a principal amount of
EUR10 million that forms part of the pool of Profit
Participation Agreements backing the Notes.  To date, portfolio
company number 36 has made all interest payment to the Issuer
due and payable pursuant to the terms of its Profit
Participation Agreement.  Its next interest payment will fall
due on May 25, 2007.

Given the insolvency proceedings, portfolio company number 36 is
expected to default on its obligations under the Profit
Participation Agreement to make payments of interest and the
principal.  Any such default will result in reduced payments by
the Issuer under the Notes.

The Issuer has engaged financial and legal advisors to evaluate
the options available to it.

At present the consequences of this occurrence are uncertain.  A
complete default is likely.

Effect on the Notes of a failure of portfolio company number 36
to make future interest and principal payments

Portfolio company number 36 participated in the PREPS 2005-2
transaction in the amount of EUR10 million, which corresponds to
2.8% of the initial total volume of EUR360 million.  Assuming
(i) a total loss of the amount advanced to and all interest
payments payable by portfolio company number 36 and (ii) no
further losses to the portfolio are recorded prior to
Dec. 8, 2014, the following analysis results:

Junior Notes

Assuming the events described constitute a Principal Deficiency
Event, the nominal amount of the relevant Profit Participation
Agreement of EUR10 million will be booked immediately in the
Principal Deficiency Ledger.  This has as a consequence that no
interest payments will be made on the payment dates of June 8,
2007, Dec. 10, 2007 and June 9, 2008.  On the Dec. 8, 2008
interest payment date an interest payment of approximately 6.4%
(annualized) of the nominal amount of the EUR36-million PREPS
Junior Income Notes due 2014 can be expected.  After this date
the events of portfolio company number 36 should have no further
effect on the amount of interest payments.

The maximum realizable return for the Junior Notes for the
entire term of the transaction will, as a result of these
events, fall by approximately 5.4%, that is, from 20.8% to
15.4%.

Class A Notes and Class B Notes

The interest payments to the holders of the EUR217-million PREPS
Class A1 Floating Rate Notes due 2014, EUR53-million PREPS Class
A2 Fixed Rate Notes due 2014, EUR41.5-million PREPS Class B1
Floating Rate Notes due 2014, and EUR12.5 million PREPS Class B2
Fixed Rate Notes due 2014 should not be affected by these
events.

If the EUR10 million nominal amount of the relevant Profit
Participation Agreement is booked in the Principal Deficiency
Ledger, then this amount will be repaid to the holders of the
Class A Notes over the next three interest payment dates (June
8, 2007, Dec. 10, 2007 and June 9, 2008).  This payment
corresponds to a redemption of around 3.7% of the nominal amount
of the outstanding Class A Notes.  There will be no repayments
to the holders of the Class B Notes.

PREPS 2005-2 plc is a profit participation or subordinated loan
agreement listed in the Irish stock exchange.  It the fourth
transaction of the innovative PREPS financing platform.  The
participating companies are Germany, Australia, Switzerland,
Italy and Belgium.


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


ALITALIA SPA: Board to Review Q4 2006 Results on March 23
---------------------------------------------------------
The Board of Directors of Alitalia S.p.A. will convene on
March 23 to discuss the approval of its fourth quarter 2006
results, AFX News reports.

The board will also convene on May 14 to review its first
quarter 2007 results and on May 23 to discuss its full year 2006
accounts, AFX News says.  Shareholders will meet between June 25
and June 28 to approve the full year results.

                         Filing Delay

According to reports, Alitalia would delay its full year 2006
results until May or June.  The results could include a EUR400
million to EUR500 million in fleet write-down, on top of EUR300
million net losses the company had forecasted.

In a TCR-Europe report on March 5, Alitalia said it will not
write down its aging fleet.  The company had been mulling to
write off up to EUR400 million of the value of its fleet, which
mostly consists of older MD80 planes.  The move could have
forced Alitalia to launch a capital increase to cover losses
from the write off.

                         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.


POPOLARE DI INTRA: S&P Keeps B Ratings Pending Merger Approval
--------------------------------------------------------------
Standard & Poor's Ratings Services maintained its 'BB' long-term
and 'B' short-term counterparty credit ratings on Italy-based
Banca Popolare di Intra SCPA on CreditWatch with positive
implications, where they were placed on Sept. 29, 2006, on the
proposed offer for Intra by Veneto Banca SCPA.

"If Intra's extraordinary shareholder meeting, planned for
March 24, 2007, approves the acquisition and change of its legal
status to a 'societa per azioni,' we will raise ratings on Intra
to 'BBB+/A-2' and the outlook will be stable," said Standard &
Poor's credit analyst Taos Fudji.

The upgrade would reflect the benefit of becoming strongly
integrated into a financially strong banking group.  Intra would
be considered core to Veneto Banca, meaning the ratings and
outlook on Intra would mirror that on its parent.  Ownership by
Veneto Banca will give immediate advantages to Intra in access
to funding and lower financing costs, and in the short-to-medium
will improve Intra's risk management and efficiency through
sharing of processes and centralization of certain functions.

Our opinion is that Veneto Banca has the capacity to integrate
Intra and to manage down its credit risk profile.

The ratings on Veneto Banca are supported by its strong local
franchise in select provinces of northern Italy, good
capitalization and financial flexibility, and adequate
profitability.  Constraining factors are Intra's currently weak
financial profile, an aggressive growth strategy that weighs on
efficiency and increases potential credit risks, as well as a
reliance on wholesale funding that is higher than for peers.

Positive future rating actions would depend on Veneto Banca's
success in integrating Intra and strengthening its risk
management, as well as consistently improving efficiency and the
earnings base.  The current capital policy of a target core Tier
1 of 7% and flexibility to raise capital is supportive of the
ratings on Veneto Banca.

Conversely, the ratings would come under pressure if Veneto
Banca's aggressive growth strategy led to considerably higher
cost of credit risk or weaken capitalization.  Unexpected
complications in integrating Intra would also place downward
pressure the ratings.


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


AROMA LLP: Creditors Must File Claims by April 20
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Aroma insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Third Floor
         Abai Str. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (31222) 32-90-02


ASAR LLP: Creditors' Claims Due April 20
----------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region has declared LLP Asar insolvent 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


CANARGO ENERGY: Auditors Express Going Concern Doubt
----------------------------------------------------
L J Soldinger Associates LLC expressed substantial doubt about
CanArgo Energy Corp.'s ability to continue as a going concern
after it audited the company's financial statements for the
fiscal years ended Dec. 31, 2006 and 2005.

The auditing firm pointed to the net losses incurred by the
company since inception and the lack of sufficient funds to
execute its business plan.

The company's ability to continue as a going concern is
dependent upon raising capital through debt and equity financing
on terms desirable to the company.  If the company is unable to
obtain additional funds when they are required or if the funds
cannot be obtained on terms favorable to the company, management
may be required to delay, scale back or eliminate its well
development program or license third parties to develop or
market products that the company would otherwise seek to develop
or market itself, or even be required to relinquish its interest
in the properties or in the extreme situation, cease operations.

The auditors also expressed an unqualified opinion on
management's assessment of internal control over financial
reporting and an adverse opinion on the effectiveness of
internal control over financial reporting.

CanArgo reported US$60.5 million in net losses against
US$6.5 million in revenues for the year ended Dec. 31, 2006,
compared with US$12.3 million in net losses against US$5.3
million in revenues for the same period in 2005.

At Dec. 31, 2006, the company's consolidated balance sheet
showed US$136.5 million in total assets, US$55 million in total
liabilities and US$79.4 million in stockholders' equity.

Headquartered in Guernsey, British Isles, CanArgo Energy Corp. -
http://www.canargo.com/-- is an integrated oil and gas company
operating predominately within Georgia and the Republic of
Kazakhstan.  Its principal activity is the acquisition of
interests in and development of crude oil and natural gas
fields.


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

         LLP Trade House Glavsnab
         Eset-Batyr Str. 160-88
         Aktube
         Kazakhstan


KAZPROMINVEST LLP: Claims Registration Ends April 27
----------------------------------------------------
LLP Production-Commercial Firm Kazprominvest has declared
insolvency.  Creditors have until April 27 to submit written
proofs of claim to:

         LLP Production-Commercial Firm Kazprominvest
         Building 2-3
         Maresyev Str. 80
         Aktube
         Kazakhstan


NEFTEGASBURSERVICE LLP: Claims Filing Period Ends April 27
----------------------------------------------------------
LLP Oil Company Neftegasburservice has declared insolvency.
Creditors have until April 27 to submit written proofs of claim
to:

         LLP Oil Company Neftegasburservice
         Eset-Batyr Str. 112/43
         Aktube
         Kazakhstan


SVYAZSTROYCOMPLECT JSC: Creditors Must File Claims by April 27
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared JSC Svyazstroycomplect insolvent.

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

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


TARSINCOM LLP: Creditors' Claims Due April 20
---------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region has declared LLP Tarsincom insolvent on
Jan. 26.

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

         LLP Tarsincom
         Sutushev Str. 58
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan
         Tel: 8 (3152) 46-35-83


TECKS LLP: Proof of Claim Deadline Slated for April 27
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Tecks 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


TRAKIYA LLP: Claims Registration Ends April 27
----------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Trakiya 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


UNIQUE TRADERS: Claims Filing Period Ends April 20
--------------------------------------------------
LLP Unique Traders has declared insolvency.  Creditors have
until April 20 to submit written proofs of claim to:

         LLP Unique Traders
         Ukrainskaya Str. 4
         Almaty
         Kazakhstan


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


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

         Jantaev Str. 76
         Tokmok
         Chui Region
         Kyrgyzstan

to discuss the initialization of the bankruptcy proceedings by
the debtor in extrajudicial procedure, and the appointment of a
temporary insolvency manager.

Proxies must have authorization to vote.


VIDEOLAND LLC: Claims Filing Period Ends May 2
----------------------------------------------
LLC Videoland has declared insolvency.  Creditors have until
May 2 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 58-62-47.


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


PAREX BANKA: Fitch Affirms BB+ IDR with Stable Outlook
------------------------------------------------------
Fitch Ratings has affirmed the ratings of Latvia's Parex banka
at Issuer Default 'BB+', Short-term 'B', Individual 'C/D' and
Support '3'.  The Outlook is Stable.

Parex's ratings reflect the bank's leading position in servicing
non-resident customers as well as its decent domestic franchise,
which gives the bank diversification in both risk and income.
Constraints to a higher rating are pressures on profitability
and capitalization as well as the operational risk arising from
its non-resident business and concerns over the bank's corporate
governance, with the two major shareholders holding senior
management positions.

"Parex has diversified its funding sources, including increasing
the proportion of retail deposits," says Tim Beck, Director in
Fitch Ratings' Financial Institutions group.  "Fitch welcomes
this, though this has led to higher funding costs."
Capitalization has fallen with the growth of the bank, and the
Fitch eligible capital ratio fell to 9.7% at end-Sept 2006 from
11.7% at end-2005.

Parex is the third largest bank in Latvia, with a share of 15%
of total system assets at end-Sept 2006.  Its share of domestic
lending is lower, at 12%.  The bank is majority owned by two
individuals.


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


AMSTEL CORPORATE: S&P Rates EUR150-Mln Class E Notes at BB
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR5.93 billion credit-linked floating-
rate notes to be issued by Amstel Corporate Loan Offering 2007-1
B.V.  Amstel 2007-1 will also issue EUR275 million of unrated
class F notes.

Through this transaction, ABN AMRO Bank N.V. aims to achieve
regulatory capital relief by transferring to investors the
credit risk associated with a corporate portfolio of credit
exposures.

The structure of this transaction is similar to those employed
in previous Amstel balance-sheet transactions by ABN AMRO and
features a pro rata pay structure, provided certain criteria are
fulfilled.

At closing, Amstel 2007-1 will issue the notes. The issuance
proceeds will be deposited in an account with a suitably rated
account bank.  If the account bank ceases to have the required
rating, it will either be replaced with a successor bank with
the required rating or the issuer will enter into a repo
agreement.

The combination of the cash held in the cash deposit account and
the repurchase of securities through the repo agreement will
secure the ultimate repayment of principal on the notes. Timely
interest payments will ultimately be met by premium payments
from the CDS counterparty.

At closing, the issuer will also enter into a CDS with ABN AMRO,
for the class A1 to F notes, on a reference portfolio of
predominantly senior-unsecured loans.

                           Ratings List

Amstel Corporate Loan Offering 2007-1 B.V.
   EUR3.8 Billion Senior CDS And EUR6.2 Billion Credit-Linked
   Floating-Rate Notes

                           Prelim.        Prelim. Amount
            Class          rating           (Mln. EUR)
            -----          ------            --------
            Senior CDS     NR                  3,800
            A1             AAA                 5,000
            A2             AAA                   450
            B              AA                    125
            C              A                     100
            D              BBB                   100
            E              BB                    150
            F              NR                    275


ASML HOLDING: Moody's Upgrades Corporate Family Rating to Ba1
-------------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating
of ASML to Ba1 from Ba2.  The outlook for the rating is stable.

Wolfgang Draack, Senior Vice President and lead analyst for
ASML, noted "The rating upgrade for ASML takes into
consideration:

   (i) the lengthening track record of profitability and free
       cash generation of the semiconductor equipment
       manufacturer, supported by a strong leadership position
       in lithography equipment with very lean and flexible
       assembly processes;

  (ii) management's conservative financial strategies with cash
       exceeding financial debt and a substantial liquidity
       reserve; balanced by

(iii) the company's concentration on a single product family
       with volatile demand characteristics as well as its
       exposure to a small number of major customers and to one
       key supplier.

Since its last loss year in 2003, ASML has made strong progress
in driving lithography technology, gaining market share to more
than 60%, and making the production base asset-light and very
flexible, reflective of historically volatile demand patterns.
ASML's revenues have continued on a volatile path with 42%
growth after 3% in 2005 and an outlook for rather modest sales
increases 2007, when the semiconductor equipment market is
projected to grow less than 5%.  However, the company's
operating flexibility has been firmly established over the last
years with EBIT margins around 20% and substantial free cash
flows, which are boosted in low growth years by releases of
working capital.  ASML's current structure has not yet been
tested by a year of severe semiconductor downturn, but the
company's relatively low level of break-even cost should ensure
profitability even if less than half of its 2006 systems
deliveries are sold.

However, Moody's also considers the concentration of ASML with
regard to product families, customers, productions sites and
suppliers which constrains the rating at the below-investment
grade level.  The respective vulnerabilities are limited by
ASML's market dominance, its high level of outsourcing
components and the strategic relationship with Carl Zeiss SMT
AG, ASML's only supplier for lenses, but remain serious
concerns.

While distributing the free cash flow generated via share
buybacks to shareholders, ASML has maintained a strong capital
structure, not unlike several of its technology peers, as well
as a cash liquidity buffer of around 50% of sales.  The strong
cash generation and flexibility in future share buybacks leaves
this liquidity level a comfortable cushion.

The stable ratings outlook reflects Moody's view that ASML's
favorable financial metrics mitigate the elevated business risk
of the company emanating from the product concentration,
technology risk and volatile order inflow.  The ratings expect
ASML to stay within the 5-25% operating margin range that
management targets and to maintain its balance sheet in a net
cash position.

ASML is the world's leading provider of lithography systems for
the semiconductor industry, manufacturing complex machines that
are critical to the production of integrated circuits or chips.
Headquartered in Veldhoven, the Netherlands, ASML generated
EUR3.6 billion revenues in 2006.


FIXED-LINK FINANCE: S&P Affirms Junk Rating on Class C Notes
------------------------------------------------------------
Standard & Poor's Ratings Services has taken these ratings
actions on the class A, B, and C structured notes issued by the
special-purpose vehicle Fixed-Link Finance B.V. related to
Anglo-French Channel tunnel infrastructure operator Eurotunnel
S.A.:

   -- the senior secured debt rating on the class A notes was
      raised to 'BB+' from 'C';

   -- the subordinated debt rating on the class B notes was
      raised to 'CCC+' from 'C'; and

   -- the junior subordinated debt rating on the class C notes
      was affirmed at 'C'.

Standard & Poor's revised its CreditWatch implications on these
ratings from negative to developing.  The ratings were
originally placed on CreditWatch negative on Feb. 9, 2004.

At the same time, Standard & Poor's lowered to 'D' from 'C' its
long-term debt rating on nonguaranteed senior secured
GBP120 million class A notes issued by the special-purpose
vehicle Fixed-Link Finance 2 B.V.  The rating was removed from
CreditWatch where it was placed on Feb. 9, 2004.  The downgrade
follows a default on a scheduled interest payment in February
2007.

The 'AAA' insured ratings were affirmed on the GBP232 million
class G1 notes and EUR365 million class G2 notes issued by FLF,
as well as the GBP620 million class G notes issued by FLF2.  The
'AAA' insured ratings reflect the unconditional and irrevocable
guarantee provided by MBIA Assurance S.A. for the timely payment
of scheduled interest and principal.

"The rating actions on the class A, B, and C structured notes
reflect potentially lower-than-expected debt write-offs on FLF's
underlying assets," said Standard & Poor's credit analyst
Alexandre de Lestrange. Eurotunnel's debt restructuring, as
approved by the safeguard procedure, proposes that Eurotunnel's
senior debt, Tier 1A, Tier 1, and Tier 2 be fully repaid in cash
at 100% of par including accrued interest.  We previously
believed that Tier 1 and Tier 2 junior debt could potentially be
affected by the debt restructuring.  The holders of Tier 3 debt
will be offered a mix of cash and notes redeemable in ordinary
shares in the future company Groupe Eurotunnel S.A.,
representing 63% of par with an option for cash instead of
notes.


KONINKLIJKE AHOLD: Names Carl Schlicker as Giant-Carlisle CEO
-------------------------------------------------------------
Koninklijke Ahold N.V. has appointed Carl Schlicker as new chief
executive officer of Giant-Carlisle/Tops.  He takes over from
Tony Schiano, who retired recently.

Mr. Schlicker has experience in many areas of the company --
especially marketing and sales.  In his new role, Mr. Schlicker
will be responsible for Giant Food Stores' 24,000 employees and
143 stores in four states in the U.S.A.  Mr. Schlicker will
report directly to Larry Benjamin, Chief Operating Officer of
Ahold U.S.A.

After graduating with a Business Administration degree, Mr.
Schlicker joined Pathmark Supermarkets.  During the next 11
years, he held several management positions including store
manager.

In 1986, Mr. Schlicker joined First National Supermarkets (later
Edwards Super Food Stores) as a store manager.  His assignments
included Produce Supervisor, District Manager, Director of
Operations, Director of Advertising, and Regional Vice
President.

In 1998, Mr. Schlicker transferred to Giant Food Stores as
Executive Vice President of Store Operations.  In May 2000, he
was promoted to Executive Vice President of Sales and Marketing,
with responsibility for advertising, marketing, procurement, and
category management for Giant Food Stores and Tops Markets.

                         About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. --
http://www.ahold.com/-- retails food through supermarkets,
hypermarkets and discount stores in North and South America,
Europe.  The company's chain stores include Stop & Shop, Giant,
TOPS, Albert Heijn and Bompreco.  Ahold also supplies food to
restaurants, hotels, healthcare institutions, government
facilities, universities, stadiums, and caterers.

                        *     *     *

As reported in the TCR-Europe on Dec. 22, 2006, Standard &
Poor's Ratings Services revised its outlook on the Dutch food
retailer and food service distributor Koninklijke Ahold N.V. to
positive from stable.  At the same time, the 'BB+/B' long- and
short-term corporate credit ratings were affirmed.

Moody's Investors Service and Standard and Poor's has assigned
low-B ratings to the company's 5.625% senior notes due 2007.
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B ratings.


PHELPS DODGE: Freeport Prices Notes Offering to Finance Purchase
----------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. reported the pricing of
senior unsecured notes as part of the US$17.5 billion of debt
financing for the pending acquisition of Phelps Dodge Corp.  The
financing is comprised of US$16 billion in funded debt,
including US$10 billion in senior secured term loans and US$6
billion in senior unsecured notes.

In addition, Freeport-McMoRan has a US$1.5 billion senior
secured revolving credit facility, which is expected to be
undrawn at closing.

Freeport-McMoRan will use the net proceeds from these offerings
to fund a substantial portion of the cash consideration of its
acquisition of Phelps Dodge and to pay related fees and
expenses.  The closing of each of the senior notes offering and
the senior secured credit facility is conditioned on Freeport-
McMoRan's acquisition of Phelps Dodge.  As previously announced,
shareholders of both companies separately approved Freeport-
McMoRan's acquisition of Phelps Dodge at special meetings held.

The joint book-running managers for the senior notes offering
are JPMorgan and Merrill Lynch & Co.  JPMorgan and Merrill Lynch
are also the joint lead arrangers and joint book-running
managers in respect of the Term A loan, the Term B loan and the
revolver.

          About Freeport-McMoran Copper & Gold Inc.

Freeport-McMoRan Copper & Gold Inc. is a Louisiana based
producer of copper and gold through its Grasberg mine in
Indonesia.  Freeport's revenue in 2006 was US$5.8 billion.

                 About Phelps Dodge Corp.

Phelps Dodge -- http://www.phelpsdodge.com/-- is among the
world's largest producers of molybdenum, molybdenum-based
chemicals, and manufacturer of wire and cable products.

Phelps Dodge has operations in Venezuela, Thailand, China,
Netherlands, Philippines, Japan, United Kingdom, among others.

                        *    *    *

As reported in the Troubled Company Reporter-Europe on March 15,
Fitch
downgraded the ratings of Phelps Dodge in connection with
Freeport-McMoRan Copper & Gold's pending acquisition of Phelps
Dodge for approximately US$25.9 billion in cash and stock.

Assigned:

   * Phelps Dodge

      -- Cyprus Amax 7.375% Notes due May 2007, to be secured
         and to be guaranteed by FCX downgraded from 'BBB' to
         'BB-';

      -- Senior Unsecured Notes and Debentures to be guaranteed
         by FCX downgraded from 'BBB' to 'BB-';

      -- 8.75% notes due 2011;

      -- 7.125% debentures due 2027;

      -- 9.50% notes due 2031; and

      -- 6.125% notes due 2034.

Phelps Dodge Bank Revolver ratings have been withdrawn.

Some US$18.7 billion in securities are affected.  The Ratings
Outlook is Stable.

The debt ratings of Phelps Dodge have been removed from Ratings
Watch Negative.

On June 26, 2006, Moody's Investors Services has placed Phelps
Dodge's Ba1 junior preferred shelf rating in CreditWatch for a
possible downgrade.


PHELPS DODGE: Shareholders Okay Freeport's Acquisition Proposal
---------------------------------------------------------------
Phelps Dodge Corporation and Freeport-McMoRan Copper & Gold Inc.
announced that both companies' shareholders approved Freeport-
McMoRan's acquisition of Phelps Dodge at special meetings.  At
each meeting, approximately 98 percent of the votes cast
supported the transaction.

Richard C. Adkerson, Freeport-McMoRan's President and Chief
Executive Officer, said, "We are pleased with the approval from
shareholders, which will allow us to complete the acquisition of
Phelps Dodge.  This is an exciting time for our company as we
transform Freeport-McMoRan into the world's largest publicly
traded copper producer."

Under the terms of the merger agreement, Phelps Dodge
shareholders will receive US$88 in cash and 0.67 of a share of
Freeport-McMoRan's common stock for each Phelps Dodge common
share, which is equivalent to a value of US$125.53 based on the
closing price of Freeport-McMoRan's common stock on March 13,
2007.  The cash portion of US$18 billion represents
approximately 70 percent of the total consideration.  Following
completion of the transaction, there will be approximately 334
million shares outstanding.

The transaction is expected to close on March 19, 2007.

Freeport-McMoRan stockholders also approved an increase in the
number of authorized shares of Freeport-McMoRan common stock
from 423.6 million to 700.0 million.

Upon the closing of the merger, Freeport-McMoRan will operate a
geographically diverse portfolio of long-lived reserves of
copper, gold and molybdenum.  The Grasberg mine, the world's
largest copper and gold mine in terms of reserves, will be the
key asset of the combined company.  Freeport-McMoRan will
operate significant mining operations in North and South America
and will proceed with the initial development of the world-class
Tenke Fungurume project in the Democratic Republic of Congo.

          About Freeport-McMoran Copper & Gold Inc.

Freeport-McMoRan Copper & Gold Inc. is a Louisiana based
producer of copper and gold through its Grasberg mine in
Indonesia.  Freeport's revenue in 2006 was US$5.8 billion.

                 About Phelps Dodge Corp.

Phelps Dodge -- http://www.phelpsdodge.com/-- is among the
world's largest producers of molybdenum, molybdenum-based
chemicals, and manufacturer of wire and cable products.

Phelps Dodge has operations in Venezuela, Thailand, China,
Netherlands, Philippines, Japan, United Kingdom, among others.

                        *    *    *

As reported in the Troubled Company Reporter-Europe on March 15,
Fitch
downgraded the ratings of Phelps Dodge in connection with
Freeport-McMoRan Copper & Gold's pending acquisition of Phelps
Dodge for approximately US$25.9 billion in cash and stock.

Assigned:

   * Phelps Dodge

      -- Cyprus Amax 7.375% Notes due May 2007, to be secured
         and to be guaranteed by FCX downgraded from 'BBB' to
         'BB-';

      -- Senior Unsecured Notes and Debentures to be guaranteed
         by FCX downgraded from 'BBB' to 'BB-';

      -- 8.75% notes due 2011;

      -- 7.125% debentures due 2027;

      -- 9.50% notes due 2031; and

      -- 6.125% notes due 2034.

Phelps Dodge Bank Revolver ratings have been withdrawn.

Some US$18.7 billion in securities are affected.  The Ratings
Outlook is Stable.

The debt ratings of Phelps Dodge have been removed from Ratings
Watch Negative.

On June 26, 2006, Moody's Investors Services has placed Phelps
Dodge's Ba1 junior preferred shelf rating in CreditWatch for a
possible downgrade.


PHELPS DODGE: DBRS Downgrades Rating on Senior Notes to BB (low)
----------------------------------------------------------------
Dominion Bond Rating Service downgraded the rating of Freeport-
McMoRan Copper & Gold Inc.'s Senior Unsecured Notes to B (high)
from BB (low) after the announcement by the company on Mar. 14,
2007 that shareholders of Freeport and Phelps Dodge Corporation
have approved Freeport's US$25.9 billion acquisition of Phelps.
The trend is Stable.

DBRS downgraded the rating on Phelps' Senior Unsecured Notes to
BB (low) from BBB.  The trend is Stable.

New rating action:

   * Freeport-McMoRan

     -- Revolving Credit Facility BB(high)
     -- Term Loan A & B BB(high)
     -- Senior Secured Notes BB(high)
     -- Issuer Rating BB
     -- Senior Unsecured Notes B(high)
     -- cross-guarantees Senior Secured Notes BB(high)

   * Phelps Dodge

     -- Issuer Rating BB
     -- Senior Unsecured Notes BB(low)

DBRS is assigning to Freeport's Revolving Credit Facility, Term
Loan A & B and Senior Secured Notes ratings of BB (high) and an
Issuer rating of BB.  The trends are Stable.  DBRS is assigning
to Phelp's Senior Secured Notes a rating of BB (high) and an
Issuer Rating of BB.  The trends are Stable.  The ratings
recognize the combined companies' strengthened business profile.
However, DBRS notes this has been partially offset by the
weakening of the financial profile.  The transaction is expected
to close on March 19, 2007. With these rating actions, Freeport
is removed from Under Review with Developing Implications and
Phelps is removed from Under Review with Negative Implications -
where they were placed on Nov. 20, 2006.

The acquisition strengthens the business profile of New
Freeport as it benefits from additional metal production,
additional operating assets, geographic diversification, scale,
additional reserves and development potential.  Stand-alone
Freeport is currently a one-mine company -- with its mining
asset located in Indonesia.  With the acquisition of Phelps, New
Freeport will operate 11 mines, thus reducing mine operational
risks substantially.  New Freeport will have operating mines in
four countries and a large development project.  Pro forma 2006
revenue by geography was 35% in the United States, 38% in
Indonesia, 22% in Chile and 5% in Peru. With approximately
3.6 billion pounds of copper production in 2006, New Freeport
would be the second largest copper producer in the world --
behind state-owned Corporacion Nacional del Cobre de Chile --
and the largest publicly traded copper mining company in the
world. Phelp's Tenke Fungurume development project, which is
located in the Democratic Republic of Congo, is believed to be
one of the largest undeveloped, high-grade copper/cobalt
projects in the world today.  The political risk profile of New
Freeport is reduced as mine production from Indonesia will be
reduced from 100% for stand-alone Freeport to approximately 40%
for New Freeport.

However, DBRS also notes that the acquisition weakens the
financial profile of New Freeport as its leverage increases
substantially.  Pro forma total debt for New Freeport is
US$17.6 billion, as at Dec. 31, 2006.  New Freeport's pro forma
per cent gross debt-to-capital is 63%, up from 22% for stand-
alone Freeport, as at Dec. 31, 2006.  New Freeport's pro forma
cash flow-to-total debt is approximately 0.4x, down from 2.6x
for stand-alone Freeport, for the 12 months ended Dec. 31, 2006.

Freeport is financing the acquisition with a five-year
US$1.5 billion revolving credit facility, a five-year US$2.5
billion senior secured Term Loan A, aseven-year US$7.5 billion
senior secured Term Loan B, eight-year senior unsecured notes
and en-year senior unsecured notes.

DBRS notes that New Freeport will become the largest mining
company in North America by market capitalization.  For more
information on Freeport, please see DBRS's press release
published on Nov. 20, 2006 and rating report published on
April 26, 2006.


REVLON INC: Dec. 31 Balance Sheet Upside-Down by US$1.2 Billion
---------------------------------------------------------------
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.

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.

                       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, 2007, was reduced
by 200 basis points.  The interest rate on the revolving credit
facility, which was undrawn at Feb. 28, 2007, 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 has international
operations in Argentina, Australia, Bermuda, Brazil, Germany,
Spain, the Netherlands and the United Kingdom.


X5 RETAIL: Says Russian Food Market to Exceed US$400 Bln by 2011
----------------------------------------------------------------
X5 Retail Group N.V. (fka Pyaterochka Holding N.V.) expects the
Russian food market to exceed US$400 billion within five years
as a result of economic growth and higher incomes, Bloomberg
News reports.

X5 expects Russia's food sales in 2011 to reach US$405 billion,
of which US$146 billion will be recorded as official sales and
US$87 billion as sales from "grey market," Bloomberg relates.
The company expects Russian retail food sales to grow 12%
annually through 2011, with the top 10 retail chains posting
average revenue growth of 42%.

The company controlled 22% of the Russian food market in 2006,
with US$3.49 billion in sales, Bloomberg says.  The company is
trailed by Metro AG, Krasnodar and OAO Magnit with 16% market
share each.  X5 added that Russia's economic boom will continue
for at least five more years.

                         About X5 Retail

Headquartered in the Netherlands, X5 Retail Group N.V. (fka
Pyaterochka Holding N.V.) (LSE: FIVE) -- http://www.5chka.com/
-- operates a large store network largely covering the Moscow
region and St. Petersburg but also has a good presence in other
Russian regions through its franchise operations.  The company
has recently acquired two of its successful regional franchise
operations -- in Yekaterinburg and Chelyabinsk.

                          *     *     *

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

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


X5 RETAIL: May Sell Stock This Year to Fund Expansion
-----------------------------------------------------
X5 Retail Group N.V. might sell shares this year to finance its
expansion, Bloomberg News reports citing Chief Financial Officer
Vitali Podolski.

"We may access the capital markets in the second half of this
year to raise significant capital," Mr. Podolski told Bloomberg
News.

Mr. Podolski said the company plans to expand its operations to
take advantage of the growing Russian food market, which X5
expects to reach US$405 billion by 2011, Bloomberg News relates.
X5 plans to invest at least US$700 million to open 450 new
stores this year and develop a superstore format.  The company
may also exercise an option to buy superstore chain Karusel
after Jan. 1, 2008, at more than US$1 billion.

The CFO told Bloomberg News that he is currently discussing the
possible share sale with advisers.

                         About X5 Retail

Headquartered in the Netherlands, X5 Retail Group N.V. (fka
Pyaterochka Holding N.V.) (LSE: FIVE) -- http://www.5chka.com/
-- operates a large store network largely covering the Moscow
region and St. Petersburg but also has a good presence in other
Russian regions through its franchise operations.  The company
has recently acquired two of its successful regional franchise
operations -- in Yekaterinburg and Chelyabinsk.

                          *     *     *

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

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


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


BEARINGPOINT INC: Lenders Extend Waiver Until March 30
------------------------------------------------------
BearingPoint Inc. obtained on March 15 a limited waiver to the
Fifth Amended Credit Agreement, dated as of Oct. 31, 2006 among
the company, BearingPoint, LLC, the guarantors party, the
lenders party, General Electric Capital Corporation, as
syndication agent and collateral agent, Wells Fargo Foothill,
LLC, as documentation agent, UBS Securities, LLC, as lead
arranger, UBS AG Stamford Branch, as issuing bank and
administrative agent, and UBS Loan Finance LLC, as swingline
lender.

Among other things, the Waiver waives the delivery requirement
of the company's Form 10-K for the year ended Dec. 31, 2006 and
of its Forms 10-Q for the fiscal quarters ended March 31, 2006
and June 30, 2006 until March 30.

The Company said in a regulatory filing with the U.S. Securities
and Exchange Commission that it currently expects to file its
Forms 10-Q for fiscal 2006 as soon as reasonably practicable
after the 2006 Form 10-K filing.

The Company has sought and obtained the additional Waiver to
permit the lenders under the Credit Facility time to review and
consider the Company's request to obtain certain additional
amendments to the terms of the Credit Facility and to work
toward execution of a single amendment that would, among other
things, extend the deadline for filing the 2006 Form 10-K and
its other SEC periodic reports, consistent with the Company's
previous announcements.

On July 19, 2005, the company entered into a US$150 million
Senior Secured Credit Facility, which was amended on Dec. 21,
2005, March 30, 2006, July 19, 2006, Sept. 29, 2006 and Oct. 31,
2006.

The 2005 Credit Facility provides for revolving credit and
advances, including issuance of letters of credit.  Advances
under the revolving credit line are limited by the available
borrowing base, which is based upon a percentage of eligible
accounts receivable.  As of Dec. 31, 2005, the company did not
have availability under the borrowing base.  As of Sept. 30,
2006, the company had approximately US$22 million available
under the borrowing base.

                       About BearingPoint

Headquartered in McLean, Virginia, BearingPoint, Inc., (NYSE:
BE) -- http://www.BearingPoint.com/-- provides of management
and technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.

                          *     *     *

Moody's Investors Service's rated BearingPoint Inc.'s 2.5%
Series A Convertible Subordinated Debentures due 2024 at B3.


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


AMBER LLC: Creditors Must File Claims by April 3
------------------------------------------------
Creditors of LLC Food Combine Amber have until April 3 to submit
proofs of claim to:

         V. Podkorytov, Temporary Insolvency Manager
         Dzerzhinskogo Str. 28
         680000 Khabarovsk
         Russia

The Arbitration Court of Sakhalin commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A59-1648/06-S16.

The Court is located at:

         The Arbitration Court of Sakhalin
         Kommunisticheskiy Pr. 24
         693020 Yuzhno-Sakhalinsk
         Russia

The Debtor can be reached at:

         LLC Food Combine Amber
         Beregovoy Per. 3
         Tomari, Sakhalin
         Russia


BIKINSKIY BAKERY: Creditors Must File Claims by May 3
-----------------------------------------------------
Creditors of OJSC Bikinskiy Bakery (TIN 2707000376) have until
May 3 to submit proofs of claim to:

         V. Shvedko, Insolvency Manager
         Frunze Str. 126-106
         680028 Khabarovsk
         Russia

The Arbitration Court of Khabarovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A73-7242/2006-36.

The Debtor can be reached at:

         OJSC Bikinskiy Bakery
         Dzerzhinskogo Str. 77
         Bikin
         682980 Khabarovsk
         Russia


DIARY OJSC: Creditors Must File Claims by April 3
-------------------------------------------------
Creditors of OJSC Diary have until April 3 to submit proofs of
claim to:

         O. Kiryanov, Temporary Insolvency Manager
         Ermolova Str. 38
         Pyatigorsk, Kabardino-Balkariya
         Russia

The Arbitration Court of Kabardino-Balkariya commenced
bankruptcy supervision procedure on the company.  The case is
docketed under Case No. A20-47/2007.

The Debtor can be reached at:

         OJSC Diary
         Nalchik
         Kabardino-Balkariya
         Russia


EUROGAS LLC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Tula commenced bankruptcy supervision
procedure on LLC Eurogas (TIN 7116014051, OGRN 1027101410786).
The case is docketed under Case No. A68-223/07-17B.

The Temporary Insolvency Manager is:

         A. L'vov, Temporary Insolvency Manager
         Post User Box 135
         107014 Moscow
         Russia

The Court is located at:

         The Arbitration Court of Tula
         Hall 35
         Sovetskaya Str. 112
         Tula
         Russia

The Debtor can be reached at:

         LLC Eurogas
         Novaya Str. 1
         Novomoskovsk
         Novomoskovskiy
         301603 Tula
         Russia


KAMCHATSKIY SALMON: Creditors Must File Claims by May 3
-------------------------------------------------------
Creditors of CJSC Kamchatskiy Salmon have until May 3 to submit
proofs of claim to:

         E. Khramenok, Insolvency Manager
         Post User Box 113
         23 GOS
         683023 Petropavlovsk-Kamchatskiy
         Russia

The Arbitration Court of Kamchatka commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A24-297/04-12.

The Debtor can be reached at:

         CJSC Kamchatskiy Salmon
         Morskaya Str. 2
         Ust'-Khaytyuzovo
         Tigilskiy, KAO
         Russia


MEZHA-WOOD-PROM: Creditors Must File Claims by April 3
------------------------------------------------------
Creditors of CJSC Mezha-Wood-Prom have until April 3 to submit
proofs of claim to:

         S. Artamonov, Temporary Insolvency Manager
         Office 104
         Shagova Str. 20
         156961 Kostroma
         Russia

The Arbitration Court of Kostroma commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A31-285/2007-20.

The Debtor can be reached at:

         CJSC Mezha-Wood-Prom
         Office 104
         Shagova Str. 20
         156961 Kostroma
         Russia


OZINKOVSKIY ELEVATOR: Creditors Must File Claims by May 3
---------------------------------------------------------
Creditors of LLC Ozinkovskiy Elevator have until May 3 to submit
proofs of claim to:

         Y. Zimin, Insolvency Manager
         Khomyakovskaya Str., 12
         Khomyakovo
         300908 Tula
         Russia
         Tel/Fax: (4872) 32-92-84

The Arbitration Court of Tula commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A68-583/B-06.

The Court is located at:

         The Arbitration Court of Tula
         Hall 35
         Sovetskaya Str. 112
         Tula
         Russia

The Debtor can be reached at:

         LLC Ozinkovskiy Elevator
         Khomyakovskaya Str. 12
         Khomyakovo
         300908 Tula
         Russia


PERVOMAYSKAYA OJSC: Asset Sale Slated for April 4
-------------------------------------------------
L. Shkilev, the bidding organizer for OJSC Breeding Poultry Farm
Pervomayskaya, will open a public auction for the company's
properties at 12:30 p.m. on April 4 at:

         Room 304
         3rd Floor
         Karla Marksa Str. 62
         400006 Kursk
         Russia

Interested participants have until April 3 to deposit an amount
to:

         OJSC Breeding Poultry Farm Pervomayskaya
         Settlement Account 40702810600900000343
         Correspondent Account 3010181080000000000708
         BIK 043807708
         TIN 4634007525
         KPP 463401001
         OJSC Kursk-prom-bank
         Kursk
         Russia

Bidding documents must be submitted to:

         L. Shkilev, the Bidding Organizer
         2nd floor
         Belinskogo Str. 48
         Kursk
         Russia

The Debtor can be reached at:

         L. Shkilev, the Bidding Organizer
         2nd floor
         Belinskogo Str. 48
         Kursk
         Russia


RED & BLACK: Moody's Rates US$19.4-Mln Class C Notes at (P)Ba2
--------------------------------------------------------------
Moody's Investors Service assigned these provisional long-term
credit ratings to the Notes to be issued by Red & Black Prime
Russia MBS No. 1 Limited:

   -- US$180.9-million Class A Senior Mortgage Backed Floating
      Rate Notes due January 2035: (P)A2;

   -- US$15.1-million Class B Mezzanine Mortgage Backed Floating
      Rate Notes due January 2035: (P)Baa2; and

   -- US$19.4-million Class C Junior Mortgage Backed Floating
      Rate Notes due January 2035: (P)Ba2.

This transaction is the fifth public RMBS transaction in Russia.
Red & Black Prime Russia MBS No. 1 Limited, a special purpose
vehicle incorporated under the laws of Ireland, will issue three
classes of US dollar-denominated notes to fund the purchase of
receivables arising from Russian mortgage loans originated by
DeltaCredit Bank and some of its Partner Banks.  The transfer of
the receivables and the related collateral is governed by
Russian law, while the remaining transaction documents are
governed by English law.

The ratings of the notes are inter alia based on:

   (i) favorable pool characteristics such as the moderate
       weighted average LTV of [65.0]%, average seasoning of
       ten months and moderate average loan size of U.S.
       US$67,856;

  (ii) the sound legal structure including the notification to
       borrowers within eight weeks after closing;

(iii) the high credit quality of the transaction parties, in
       particular DeltaCredit Bank (global long-term local
       currency deposit rating A2) and its parent company
       Societe Generale (Aa2/Prime-1) which also acts as Swap
       Counterparty and Liquidity Facility Provider; and

  (iv) the credit enhancement provided by Excess Spread, Reserve
       Fund and Notes subordination.

The pool consists mainly of fixed rate loans [96.4]%,
denominated in US dollars and secured by mortgages on properties
in the Moscow and the St. Petersburg areas.  The servicing will
be done by DeltaCredit Bank, while Bank Societe Generale Vostok
is the designated stand-by servicer at closing for the
transaction.  The SPV will enter into two interest rate swaps
agreement with Societe Generale in order to hedge its exposure
due to the mismatch of the fixed and floating rate interest
received under the mortgage pool and the floating rate interest
payments due under the Notes.

Besides a Reserve Fund of US$5.8 million ([2.7]% of the initial
note balance at closing building up to [4.2]%), the notes are
supported by an amortizing Liquidity Facility of initially US$
12.9 million (6% of the initial note balance) provided by
Societe Generale.  Unlike previous Russian RMBS transactions,
this transaction features a Principal Deficiency Ledger
mechanism which is debited once the loans are in arrears for
more than 180 days, which allows for stronger and earlier excess
spread trapping mechanism than once it is debited on the
occurrence of losses.

The Notes will start to amortize sequentially and might switch
to pro-rata amortization if certain criteria are met.

The provisional ratings address the expected loss posed to
investors by the legal final maturity of the Notes.  In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal at par on or before the final
legal maturity date.  Moody's issues provisional ratings in
advance of the final sale of securities, but these ratings
represent only Moody's preliminary credit opinions.  Upon a
conclusive review of the transaction and associated
documentation, Moody's will endeavor to assign definitive
ratings to the Notes.  A definitive rating may differ from a
provisional rating.


ROSNEFT OIL: Acquires Four Spherical Gas Holders from OMZ Oil
-------------------------------------------------------------
OMZ Oil and Gas Projects signed a contract with OAO Rosneft Oil
Co. for the manufacture, delivery and "ready-to-operate"
assembly of four spherical gas holders with 600 cubic meters
capacity for the Tuapsinsky Oil Refinery (Krasnodar region).

The contract, worth over RUR50 million, will be completed in the
third quarter of 2007.

The gas holders are designed for the storage of long distillate
of light hydrocarbons (LDLH).

OMZ Oil and Gas Projects (Izhora) specializes in the production
of tank-type equipment and processing stations for the oil and
gas industry. Areas of business include engineering,
manufacturing, supply and maintenance of equipment for oil and
gas plants.

                          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.


RUBY CJSC: Court Names N. Tkachenko as Insolvency Manager
---------------------------------------------------------
The Arbitration Court Moscow appointed Mr. N. Tkachenko as
Insolvency Manager for CJSC Russian-Bulgarian Company Ruby.  He
can be reached at:

         N. Tkachenko
         Orlovskiy Per. 5
         129110 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-21787/06-78-275B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Russian-Bulgarian Company Ruby
         Sovetskaya Str. 5
         Voskresensk, Moscow
         Russia


STROY-INVEST CJSC: Creditors Must File Claims by May 3
------------------------------------------------------
Creditors of CJSC Stroy-Invest (TIN 3436010820) have until May 3
to submit proofs of claim to:

         S. Kagitin, Insolvency Manager
         Post User Box 3113
         400105 Volgograd
         Russia

The Arbitration Court of Volgograd commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A12-6303/06-s58.

The Debtor can be reached at:

         CJSC Stroy-Invest
         Nekrasova Str. 4
         Kamyshin
         403870 Volgograd
         Russia


TROIKA DIALOG: Good Performance Spurs S&P to Lift Ratings to BB-
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on Troika Dialog Group Ltd. to 'BB-'
from 'B+' and its Russia national scale rating on the company to
'ruAA-' from 'ruA'.

Standard & Poor's also said that it removed the long-term and
national scale ratings on the company, which is the ultimate
holding company of Russia's Troika Dialog group, from
CreditWatch with positive implications, where they had been
placed on Dec. 19, 2006.  At the same time, the 'B' short-term
rating was affirmed.  The outlook is stable.

"The upgrade reflects Troika's strengthening business profile
and financial performance, supported by favorable market
conditions, consistent strategy, and tighter risk management,"
said Standard & Poor's credit analyst Ekaterina Trofimova.

The ratings are nevertheless still constrained by Troika's
vulnerability to the risky and concentrated Russian securities
markets, as highlighted by its substantial, albeit declining,
earnings concentrations in brokerage business.

The ratings are based on the creditworthiness of the Troika
Dialog group companies, which form one of Russia's leading
brokerage, asset management, and investment banking groups.

Troika tripled its equity between Sept. 30, 2005, and Feb. 28,
2007, to about US$375 million on high retention of strong
earnings.  We expect good retained profits in 2007, which ought
to further reinforce the group's capital base, improving its
ability to withstand a possible market downturn.

"We expect that Troika will be able to expand its business base
by leveraging its franchise in a growing market," said Ms.
Trofimova.  "The group is likely to continue to diversify,
maintain satisfactory profitability, and widen its capital base
in the medium term."

Further upgrades depend on Troika's ability to sustain its
positive commercial momentum and establish a track record with
an adequate risk profile, liquidity position, capitalization,
and profitability.  If the group is unable to grow and diversify
its customer base or faces deterioration in its financial
performance, the ratings could be lowered.  The ratings will
remain sensitive to the performance of the Russian securities
markets and Troika's ability to generate recurrent revenue flow
in a volatile environment.


TULINSKIY WOOD-RPOM-KHOZ: Creditors Must File Claims by May 3
-------------------------------------------------------------
Creditors of OJSC Tulinskiy Wood-Rpom-Khoz have until May 3 to
submit proofs of claim to:

         V. Oblomkova, Insolvency Manager
         Post User Box 1033
         Bratsk
         665719 Irkutsk
         Russia

The Arbitration Court of Irkutsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A19-26697/06-38.

The Court is located at:

         The Arbitration Court of Irkutsk
         Room 303
         Gagarina Avenue 70
         664025 Irkutsk
         Russia

The Debtor can be reached at:

         OJSC Tulinskiy Wood-Rpom-Khoz
         Tulyushka
         Kuytunskiy
         665321 Irkutsk
         Russia


TYUMENSKIE SEEDS: Creditors Must File Claims by April 3
-------------------------------------------------------
Creditors of CJSC Tyumenskie Seeds have until April 3 to submit
proofs of claim to:

         N. Evgrafova, Temporary Insolvency Manager
         Shirotnaya, 129-34
         Tyumen
         Russia

The Arbitration Court of Tyumen commenced bankruptcy supervision
procedure on the company.  The hearing in the Court will convene
at 10:10 a.m. on May 15.  The case is docketed under Case No. A-
70-249/3-07.

The Court is located at:

         The Arbitration Court of Tyumen
         Khokhryakova Str. 77
         627000 Tyumen
         Russia

The Debtor can be reached at:

         N. Evgrafova, Temporary Insolvency Manager
         Shirotnaya, 129-34
         Tyumen
         Russia


VERSATEL CJSC: Court Names V. Ulitenkov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. V. Ulitenkov as
Insolvency Manager for CJSC Versatel.  He can be reached at:

         V. Ulitenkov
         To be called for Mr. V. Ulitenkov
         125009 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-37192/05-86-67B.

The Court is located at:

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

The Debtor can be reached at:

         V. Ulitenkov
         To be called for Mr. V. Ulitenkov
         125009 Moscow
         Russia


VNESH-TORG-INVEST: Creditors Must File Claims by April 3
--------------------------------------------------------
Creditors of CJSC Vnesh-Torg-Invest 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. A56-32585/2006.

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 Vnesh-Torg-Invest
         Room 7
         Vosstaniya 45
         St. Petersburg
         Russia


X5 RETAIL: Says Russian Food Market to Exceed US$400 Bln by 2011
----------------------------------------------------------------
X5 Retail Group N.V. (fka Pyaterochka Holding N.V.) expects the
Russian food market to exceed US$400 billion within five years
as a result of economic growth and higher incomes, Bloomberg
News reports.

X5 expects Russia's food sales in 2011 to reach US$405 billion,
of which US$146 billion will be recorded as official sales and
US$87 billion as sales from "grey market," Bloomberg relates.
The company expects Russian retail food sales to grow 12%
annually through 2011, with the top 10 retail chains posting
average revenue growth of 42%.

The company controlled 22% of the Russian food market in 2006,
with US$3.49 billion in sales, Bloomberg says.  The company is
trailed by Metro AG, Krasnodar and OAO Magnit with 16% market
share each.  X5 added that Russia's economic boom will continue
for at least five more years.

                         About X5 Retail

Headquartered in the Netherlands, X5 Retail Group N.V. (fka
Pyaterochka Holding N.V.) (LSE: FIVE) -- http://www.5chka.com/
-- operates a large store network largely covering the Moscow
region and St. Petersburg but also has a good presence in other
Russian regions through its franchise operations.  The company
has recently acquired two of its successful regional franchise
operations -- in Yekaterinburg and Chelyabinsk.

                          *     *     *

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

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


X5 RETAIL: May Sell Stock This Year to Fund Expansion
-----------------------------------------------------
X5 Retail Group N.V. might sell shares this year to finance its
expansion, Bloomberg News reports citing Chief Financial Officer
Vitali Podolski.

"We may access the capital markets in the second half of this
year to raise significant capital," Mr. Podolski told Bloomberg
News.

Mr. Podolski said the company plans to expand its operations to
take advantage of the growing Russian food market, which X5
expects to reach US$405 billion by 2011, Bloomberg News relates.
X5 plans to invest at least US$700 million to open 450 new
stores this year and develop a superstore format.  The company
may also exercise an option to buy superstore chain Karusel
after Jan. 1, 2008, at more than US$1 billion.

The CFO told Bloomberg News that he is currently discussing the
possible share sale with advisers.

                         About X5 Retail

Headquartered in the Netherlands, X5 Retail Group N.V. (fka
Pyaterochka Holding N.V.) (LSE: FIVE) -- http://www.5chka.com/
-- operates a large store network largely covering the Moscow
region and St. Petersburg but also has a good presence in other
Russian regions through its franchise operations.  The company
has recently acquired two of its successful regional franchise
operations -- in Yekaterinburg and Chelyabinsk.

                          *     *     *

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

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


YUKOS OIL: Slovakia Wants Veto Power Against Stake Sale Extended
----------------------------------------------------------------
The Economy Ministry of Slovakia wants its veto power against
any possible sale of a 49 percent stake in Transpetrol a.s.
extended, The Slovak Spectator reports.

The Slovakian government sold these shares to Yukos Finance BV,
the Dutch subsidiary of bankrupt OAO Yukos Oil Co., in 2002.
Under terms of the deal, Slovakia retains the right to block the
sale of these shares until April 2007.

Slovak Economy Minister Lubomir Jahnatek wants the commercial
court to issue a preliminary injunction extending the veto power
until the time when these shares are lawfully transferred to a
new commercial entity, the paper relates.

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

As reported in the Troubled Company Reporter-Europe on March 15,
Yukos Oil said it doesn't plan to assert in a Dutch court that
Yukos Finance has a right to participate in a possible sale of
the Transpetrol stake.

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

                      About Transpetrol

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

                       About Yukos Oil

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

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

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

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

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

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


ZHUKOVSKIY BICYCLE: Creditors Must File Claims by May 3
-------------------------------------------------------
Creditors of LLC Food Combine Amber have until May 3 to submit
proofs of claim to:

         M. Pantelelv, Insolvency Manager
         Post User Box 26
         241012 Bryansk
         Russia

The Arbitration Court of Bryansk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A09-2885/06-8.

The Court of is located at:

         The Arbitration Court of Bryansk
         Room 602
         Trudovoy Per. 5
         Bryansk
         Russia

The Debtor can be reached at:

         OJSC Zhukovskiy Bicycle Factory
         Kalinina Str. 1
         Zhukovka, Bryansk
         Russia


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


RURAL HIPOTECARIO: Moody's Junks EUR15-Million Series E Notes
-------------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
seven series of Bonos de Titulizacion de Activos to be issued by
Rural Hipotecario IX Fondo de Titulizacion de Activos, a Spanish
asset securitization fund that has been created by Europea de
Titulizacion, S.G.F.T, S.A.:

   -- EUR200-million Series A1 notes: (P)Aaa;
   -- EUR1.021-billion Series A2 notes: (P)Aaa;
   -- EUR210-million Series A3 notes: (P)Aaa;
   -- EUR29.3-million Series B notes: (P)Aa3;
   -- EUR28.5-million Series C notes: (P)Baa2;
   -- EUR10.5-million Series D notes: (P)Ba3; and
   -- EUR15-million Series E notes: (P)Ca.

The provisional ratings of Rural Hipotecario IX address the
expected loss posed to investors by the legal final maturity
(Feb. 17, 2050).  In Moody's opinion, the structure allows for
timely payment of interest and ultimate payment of principal on
Series A1, A2, A3, B, C and D at par, on or before the final
legal maturity date and for ultimate payment of interest and
principal at par on or before the final legal maturity date on
Series E.  Moody's ratings address only the credit risks
associated with the transaction.  Other non-credit risks have
not been addressed, but may have a significant effect on yield
to investors.

As of Jan. 2007, the portfolio comprised 18,805 loans,
representing a provisional portfolio of EUR1,870,600,416.  The
loans are first-lien mortgages on residential properties
contracted by individuals located in Spain.  All the properties
on which the mortgage security has been granted are covered by
property damage and fire insurance.  At closing date there are
no loans more than 30 days in arrears.  The average loan is
EUR99,474.  The loans have been originated between 1994 and Aug.
2006, with a weighted average seasoning of 1.68 years and a
weighted average remaining term of 24.40 years.  The longest
loan matures in July 2046.  The original WALTV is 70.07%.  The
current weighted average LTV is 66.06%.  Maximum LTV in
portfolio 100%.

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

   (1) Basis swap by which the different index reference rates
       on the assets are exchanged against the index reference
       rate on the notes (3MEuribor);

   (2) a reserve fund that is fully funded upfront to cover a
       potential shortfall in interest and Principal;

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

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

However:

   (1) the deferral of interest payments on each of Series B, C
       and D increases the expected loss on these subordinated
       series; and

   (2) pro-rata amortization of the B, C and D Series of notes
       leads to reduced credit enhancement of the senior series
       in absolute terms.

These issues were reflected in Moody's Credit Enhancement
calculation.

Moody's bases its ratings on:

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

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

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinions regarding the transaction only.  Upon a
conclusive review of the final version of all the documents and
legal opinions, Moody's will endeavor to assign a definitive
rating to the Notes.  A definitive rating may differ from a
provisional rating.


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


CONWAY TREUHAND: Claims Registration Period Ends March 30
---------------------------------------------------------
The Bankruptcy Court of Nidwalden commenced bankruptcy
proceedings against JSC Conway Treuhand on Oct. 19, 2006.

Creditors have until March 30 to submit written proofs of claim.

The Debtor can be reached at:

         JSC Conway Treuhand
         Hinterhostattstrasse 4
         6376 Emmetten
         Nidwalden
         Switzerland

The Bankruptcy Service of Nidwalden can be reached at:

         Bankruptcy Service of Nidwalden
         6370 Stans
         Nidwalden
         Switzerland


CONTINIUM MANAGEMENT: Creditors' Liquidation Claims Due April 2
---------------------------------------------------------------
Creditors of JSC Continium Management have until April 2 to
submit their claims to:

         JSC Continium Management
         Schonenberg 332
         9473 Gams
         St. Gallen
         Switzerland


PAUL BUDER: Creditors' Liquidation Claims Due April 2
-----------------------------------------------------
Creditors of JSC Paul Buder have until April 2 to submit their
claims to:

         Paul Buder, Liquidator
         Rosatsch 9
         7500 St. Moritz
         Grisons
         Switzerland

The Debtor can be reached at:

         JSC OBT
         7000 Chur
         Grisons
         Switzerland


SORINVEST JSC: Creditors' Liquidation Claims Due April 13
---------------------------------------------------------
Creditors of JSC SORinvest have until April 13 to submit their
claims to:

         JSC Alleedo Treuhand
         Dufourstrasse 119
         8034 Zurich
         Switzerland


UNEGLA JSC: Creditors' Liquidation Claims Due April 15
------------------------------------------------------
Creditors of JSC Unegla have until April 15 to submit their
claims to:

         JSC Bisig + Oswald, Bedachungen
         Buchholzstrasse 58
         8750 Glarus
         Switzerland

The Debtor can be reached at:

         Dr. iur. Kurt Brunner
         8750 Glarus
         Switzerland


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


AGENCY OF INVESTMENT: Creditors Must File Claims by March 22
------------------------------------------------------------
Creditors of LLC Agency of Investment Research and Construction
(code EDRPOU 32045964) have until March 22 to submit written
proofs of claim to:

         O. Scherban, Liquidator
         P.O. Box 157
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 43/772.

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 7/73.

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 Agency of Investment Research and Construction
         Kikvidze Str. 41
         01103 Kiev
         Ukraine


AGRICULTURAL DELIVERY: Creditors Must File Claims by March 22
-------------------------------------------------------------
Creditors of LLC Agricultural Delivery (code EDRPOU 31876839)
have until March 22 to submit written proofs of claim to:

         Jury Teleshun, Liquidator
         Independency Square 1B
         36003 Poltava
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Agricultural Delivery
         Vorovsky Str. 1
         Globinoe
         Poltava
         Ukraine


AGRICULTURAL TRADE: Creditors Must File Claim by March 22
---------------------------------------------------------
Creditors of LLC Agricultural Trade (code EDRPOU 23297221) have
until March 22 to submit written proofs of claim to:

         Jury Falchenko, Liquidator
         Zheleznodorozhnaya Str. 19
         Ohtyrka
         Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 8/417-06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agricultural Trade
         Goncharenko Str. 38/10
         Ohtyrka
         Sumy
         Ukraine


BREAD HARBOUR: Creditors Must File Proofs of Claim by March 22
--------------------------------------------------------------
Creditors of LLC Bread Harbour (code EDRPOU 31388358) have until
March 22 to submit written proofs of claim to:

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

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/13/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Bread Harbour
         8th Line Str. 71
         54028 Nikolaev
         Ukraine


FORT LLC: Creditors Must File Proofs of Claim by March 22
---------------------------------------------------------
Creditors of LLC Fort (code EDRPOU 30429560) have until March 22
to submit written proofs of claims to

         Ivan Panasiuk, Liquidator
         Poltavsky Shliah Str. 154
         61098 Kharkov
         Ukraine

The Economic Court of Harkiv commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-19/20-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Fort
         Sumskaya Str. 80
         Kharkov
         Ukraine


INPROMBUD LLC: Creditors Must File Proofs of Claim by March 22
--------------------------------------------------------------
Creditors of LLC Firm Inprombud (code EDRPOU 33444906) have
until March 22 to submit written proofs of claim to:

         O. Scherban, Liquidator
         P.O. Box 157
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 43/460.

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 Firm Inprombud
         Vossoedineniya Str. 15
         02160 Kiev
         Ukraine


KOTLIAREVSKOE OJSC: Creditors Must File Claims by March 22
----------------------------------------------------------
Creditors of OJSC Bread Receiving Enterprise Kotliarevskoe (code
EDRPOU 00954946) have until March 22 to submit written proofs of
claim to:

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

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/12/07.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Bread Receiving Enterprise Kotliarevskoe
         Shevchenkovo
         Zhovtneve District
         57200 Nikolaev
         Ukraine


NOVY BUG: Creditors Must File Proofs of Claim by March 22
---------------------------------------------------------
Creditors of CJSC Agricultural Service Center Novy Bug (code
EDRPOU 31535954) have until March 22 to submit written proofs of
claim to:

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

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/11/07.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Agricultural Service Center Novy Bug
         Vatutin Str. 1
         55611 Nikolaev
         Novy Bug
         Ukraine


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


A C PACKERS: Creditors' Meeting Slated for March 26
---------------------------------------------------
Creditors of A C Packers (Staincliffe) Ltd. will meet at
3:00 p.m. on March 26 at:

         9 Norville Terrace
         Headingley Lane
         Leeds
         LS6 1BS
         England

Creditors who want to vote must submit particulars of their
claims or of any security before the meeting at:

         47-49 Green Lane
         Northwood
         Middlesex
         HA6 3AE
         England

Ashok Kumar Bhardwaj will furnish creditors with information
concerning the company's affairs free of charge as they may
reasonably require or a list of names and addresses of the
company's creditors will be available for inspection free of
charge on March 22.


ACTIVE ENERGY: Claims Filing Period Ends April 30
-------------------------------------------------
Creditors of Active Energy Ltd. have until April 30 to send in
their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         Phillip Anthony Roberts
         Liquidator
         Sterling Ford
         Centurion Court
         83 Camp Road
         St. Albans
         Hertfordshire
         AL1 5JN
         England

Phillip Anthony Roberts of Sterling Ford was appointed
liquidator of the company on March 8.


ADI HOME: Creditors' Meeting Slated for March 28
------------------------------------------------
Creditors of ADI Home Services Ltd. will meet at 2:15 p.m. on
March 28 at:

         Phillips & Co.
         21-23 Station Road
         Gerrards Cross
         Buckinghamshire
         SL9 8ES
         England

Creditors who want to vote at the meeting have until noon on
March 27 to submit their proxy forms together with particulars
of their claims or of any security at the said address.

A list of names and addresses of the company's creditors will be
available for inspection between 10:00 a.m. and 4:00 p.m. on
March 26.


ADVANCED LIGHTING: Creditors' Meeting Slated for March 28
---------------------------------------------------------
Creditors of Advanced Lighting Technology Ltd. will meet at
11:00 a.m. on March 28 at:

         Holiday Inn
         506 Saxon Gate West
         Milton Keynes
         MK9
         England

Creditors who want to vote at the meeting have until noon on
March 27 to submit their proxy forms together with particulars
of their claims or of any security at the company's registered
office at:

         6C Church Street
         Reading
         RG1 2SB
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on March 26 at the registered office.


ALFRED MCALPINE: Closes Slate Quarries in North Wales
-----------------------------------------------------
Alfred McAlpine Plc decided to close its slate quarries in Cwt y
Bugail, Penrhyn and Gloddfa Ganol in order to concentrate on the
roofing side of the business, BBC reports citing Paddy McNaught,
Transport and General Workers' Union officer, as saying.

The closures, which affect 175 workers in North Wales, came
after the suspension of two senior managers of the Slate
business pending further investigation as a result of the
discovery of material accounting irregularities in the Slate
business.

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


BELMAR PLASTICS: Appoints Steven M. Law as Liquidator
-----------------------------------------------------
Steven M. Law of Ensors was appointed liquidator of Belmar
Plastics Ltd. on March 8 for the creditors' voluntary winding-up
procedure.

Ensors -- http://www.ensors.co.uk/-- offers all levels of
accounts preparation.  From basic records through to
sophisticated computerized data, the firm tailors its service to
meet the needs of its client's business.

The company can be reached at:

         Belmar Plastics Ltd.
         22 Eldon Way Industrial Estate
         Eldon Way
         Hockley
         Essex
         SS5 4AD
         England
         Tel: 01702 562 620
         Fax: 01702 562 621


BELVEDERE BEVERAGES: Creditors' Meeting Slated for March 28
-----------------------------------------------------------
Creditors of Belvedere Beverages Ltd. will meet at 11:30 a.m. on
March 28 at:

         Prospect House
         Footscray High Street
         Footscray
         Sidcup
         Kent
         DA14 5HN
         England

Creditors who want to vote at the meeting have until noon on
March 27 to submit their proxy forms together with particulars
of their claims or of any security at:

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

Lloyd Biscoe of Begbies Traynor will furnish creditors with
information concerning the company's affairs free of charge as
they may reasonably require.

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


BLACKSTREET PROPERTY: Names M. S. E. Solomons Liquidator
--------------------------------------------------------
M. S. E. Solomons of SPW Poppleton & Appleby was appointed
liquidator of Blackstreet Property Management Ltd. on March 6
for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Blackstreet Property Management Ltd.
         31 Perry Hill
         Lewisham
         London
         SE6 4LF
         England
         Tel: 020 8699 8146


BRITISH AIRWAYS: EU Court Upholds EUR6.8-Mln Fine Imposed by EC
---------------------------------------------------------------
The European Commission welcomed the judgment by the European
Court of Justice definitely dismissing British Airways plc's
claims against the Commission's decision of July 1999 imposing
on it a fine as a result of abusive conduct (case C-95/04 P).

BA filed an appeal against that judgment before the ECJ.
However, the ECJ dismissed the appeal as in part inadmissible
and in part unfounded.

The ECJ has stated that, in an appeal, it is not the function of
the Court of Justice to substitute its own assessment of market
data and the competition situation for that of the Court of
First Instance.  The appeal must be limited to questions of law.
The assessment of facts is not a question of law, which can be
submitted to the Court of Justice for review.  As a result, the
pleas in which BA challenges assessments of facts and evidence
by the Court of First Instance are inadmissible.

The ECJ confirms that the bonus schemes (including the so-called
"performance reward schemes") used by BA to calculate travel
agents' commissions constitute an abuse of dominant position in
violation of Article 82 of the EC Treaty and keeps the level of
the fine unchanged at EUR6.8 million.  The judgment confirms the
application of an approach under European competition law based
on the effects on the market(s) of the conduct in question.

On July 14, 1999, the Commission found that BA had abused its
dominant position on the United Kingdom market for air travel
agency services and accordingly fined BA EUR6.8 million.  BA
appealed that decision before the Court of First Instance.  The
latter rejected its appeal in December 2003.

The ECJ judgment confirms the CFI ruling on all points subject
to the appeal.

                ECJ Finds Bonus Schemes "Abusive"

The ECJ holds that bonus schemes may be abusive even if they do
not correspond exactly to the types of loyalty bonuses that have
been condemned in past judgments.  More generally, the ECJ
confirms that the list of abusive conduct in Article 82 is not
exhaustive; the practices there mentioned are merely examples of
abuses of a dominant position.

The judgment holds that bonuses granted by dominant companies
can be abusive if they are likely to reduce competition on the
market, that is to say, as the Court stated, "whether they are
capable, first, of making market entry very difficult or
impossible for competitors of the undertaking in a dominant
position and, secondly, of making it more difficult or
impossible for its co-contractors to choose between various
sources of supply or commercial partners".  In addition, it has
to be determined "whether the exclusionary effect arising from
such a system, which is disadvantageous for competition, may be
counterbalanced, or outweighed, by advantages in terms of
efficiency which also benefit the consumer".

The ECJ confirms that the CFI did not err in law when it found
that the bonuses granted by BA were abusive since they had the
effect of excluding rivals of BA from the market without any
objective economic justification.

                   British Airways' Illegal Conduct

In its decision of July 1999, the Commission found that the
performance reward schemes implemented by BA in order to
calculate travel agents' commissions constituted an abuse of the
dominant position held by BA on the United Kingdom market for
air travel agency services.  Although their exact functioning
changed over time (BA modified its bonuses policy in 1998), the
commission schemes put in place by BA had one notable feature in
common: in each case, meeting the targets for sales growth led
to an increase in the commission paid on all BA tickets sold by
the agent, not just on the tickets sold after the target is
reached.

Such commissions were considered to be equivalent to a "loyalty
discount" i.e. a discount based not on cost savings but simply
on customers' loyalty, thereby able to exclude the dominant
firm's competitors from the market.  Indeed, the effect of such
performance reward schemes was to encourage United Kingdom
travel agents to maintain or increase their sales of BA tickets,
to the detriment of sales of tickets of rival airlines.  These
schemes therefore created illegal barriers to airlines that
wished to compete against BA on the U.K. markets for air
transport.  The case began following a complaint lodged by rival
Virgin Atlantic Airways.

                        About the Company

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

                        *     *     *

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


C.M. LANE: Taps Joint Administrators from Vantis Plc
----------------------------------------------------
Nicholas Hugh O'Reilly and Geoffrey Paul Rowley of Vantis Plc
were appointed joint administrators of C.M. Lane Distribution
Services Ltd. (Company Number 01344645) on March 2.

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

Headquartered in Northampton, England, C.M. Lane Distribution
Services Ltd. -- http://www.cmlane.co.uk/-- provides a broad
range of complementary non-food logistic services to the retail
industry and its suppliers.


CARSHOCK LTD: Brings In Joint Administrators from BDO Stoy
----------------------------------------------------------
Toby S. Underwood and Sid Hopper of BDO Stoy Hayward LLP were
appointed joint administrators of Carshock Ltd. (Company Number
04149589) on March 7.

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:

         Carshock Ltd.
         Metrocentre East Business Park
         Waterside Drive
         Gateshead
         Tyne and Wear
         NE11 9HU
         England
         Tel: 0191 217 0087


CHEPSTOW PRINTING: Creditors' Meeting Slated for March 27
---------------------------------------------------------
Creditors Chepstow Printing Co. Ltd. will meet at 11:45 a.m. on
March 27 at the offices of:

         Bevan & Buckland
         Richmond House
         11 Richmond Road
         Cardiff
         CF24 3AQ
         Wales

A list of names and addresses of the company's creditors will be
available for inspection free of charge on March 23.


CITY BUSINESS: Taps Gerald Irwin to Liquidate Assets
----------------------------------------------------
Gerald Irwin of Irwin & Company was appointed liquidator of City
Business Gifts Ltd. (formerly Sterling City Ltd.) on March 8 for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         City Business Gifts Ltd.
         Unit 55
         Britannia Way
         Britannia Enterprise Park
         Lichfield
         Staffordshire
         WS149UY
         England
         Tel: 01543 258 679
         Fax: 01543 258 680


CMAK UK: Creditors' Meeting Slated for March 28
-----------------------------------------------
Creditors of CMAK (U.K.) Ltd. will meet at 11:30 a.m. on
March 28 at:

         F A Simms & Partners Plc
         Insol House
         39 Station Road
         Lutterworth
         Leicestershire
         LE17 4AP
         England

Creditors who want to vote at the meeting have until noon on
March 27 to submit their proxy forms together with particulars
of their claims or of any security at the said address.

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on March 26 and March 27.


COLIN COLLINS: Creditors' Meeting Slated for March 27
-----------------------------------------------------
Creditors of Colin Collins Ltd.(Company Number 00633749) will
meet at 11:00 a.m. on March 27 at:

         MWB Business Exchange
         77 Oxford Street
         London
         W1D 2ES
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on March 26 at:

         Nicholas Hugh O'Reilly and Simon Elliott Glyn
         Joint Administrators
         Vantis
         PO Box 2653
         66 Wigmore Street
         London
         W1A 3RT
         England
         Tel: 020 7467 4000
         Fax: 020 7284 4995

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


CRESSWELL NURSERIES: Creditors' Meeting Slated for March 23
-----------------------------------------------------------
Creditors of Cresswell Nurseries Ltd. will meet at 11:00 a.m. on
March 23 at:

         Baker Tilly
         International House
         Queens Road
         Brighton
         BN1 3XE
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on March 22 at:

         A. White
         Joint Administrator
         Baker Tilly
         International House
         Queens Road
         Brighton
         BN1 3XE
         England
         Tel: 01273 223400
         Fax: 01273 223401

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.


CUT AND DRY: Brings In Paul Appleton to Liquidate Assets
--------------------------------------------------------
Paul Appleton of David Rubin & Partners was appointed liquidator
of Cut and Dry 2 Ltd. (formerly Essensuals (Leicester) Ltd.)
(t/a Essensual Leicester) on March 12 for the creditors'
voluntary winding-up proceeding.

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

The company can be reached at:

         Cut & Dry 2 Ltd.
         12 St. Martins Square
         Leicester
         Leicestershire
         LE1 5DF
         England
         Tel: 020 7440 6660


DELKOR LTD: Appoints BDO Stoy as Joint Administrators
-----------------------------------------------------
Graham David Randall and Simon Edward Jex Girling of BDO Stoy
Hayward LLP were appointed joint administrators of Delkor Ltd.
(Company Number 01327392) on March 9.

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:

         Delkor Ltd.
         Winterfield Road
         Paulton
         Bristol
         Avon
         BS39 7RF
         England
         Tel: 01761 417 079
         Fax: 01761 414 435


ELANTIC LTD: Joint Liquidators Take Over Operations
---------------------------------------------------
J. M. Titley and A. Poxon of DTE Leonard Curtis were appointed
joint liquidators of Elantic Ltd. on Feb. 19 for the creditors'
voluntary winding-up procedure.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.

The company can be reached at:

         Elantic Ltd.
         Webb Street
         Bury
         Lancashire
         BL8 1AF
         Tel: 0161 761 6212
         Fax: 0161 761 6272


ETHER MUSIC: Claims Filing Period Ends May 31
---------------------------------------------
Creditors of Ether Music Ltd. have until May 31 to send in their
full names and addresses, full particulars of their debts or
claims, and the names and addresses of their solicitors (if any)
to:

         Stephen John Evans
         Joint Liquidator
         Antony Batty & Co.
         3 Field Court
         Gray's Inn
         London
         WC1R 5EF
         England

William Antony Batty and Stephen John Evans of Antony Batty &
Co. were appointed joint liquidators of the company on March 1.


EUROSAIL-UK: Fitch Rates GBP12.57-Million Class E Notes at BB
-------------------------------------------------------------
Fitch Ratings assigned expected ratings to Eurosail-UK 07-2 NP
Plc's GBP585m-equivalent mortgage-backed floating-rate notes due
2029 and 2045:

   -- GBP-equivalent 184.27 million Class A1, due 2026: 'AAA'
   -- GBP-equivalent 134.55 million Class A2, due 2045: 'AAA'
   -- GBP-equivalent 169.65 million Class A3, due 2045: 'AAA'
   -- GBP-equivalent 21.94 million Class M, due 2045: 'AAA'
   -- GBP-equivalent 34.22 million Class B, due 2045: 'AA-'
   -- GBP-equivalent 20.47 million Class C, due 2045: 'A-'
   -- GBP-equivalent 16.08 million Class D1, due 2045: 'BBB'
   -- GBP-equivalent 3.80 million Class E1c, due 2045: 'BB'
   -- GBP-equivalent 8.77 million Class ETc, due 2045: 'BB'

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

This transaction is a securitization of prime and near-prime
residential mortgages originated and located in the UK. The
expected ratings are based on the quality of the collateral,
available credit enhancement, the underwriting criteria of
Southern Pacific Mortgage Limited, GMAC-RFC, Preferred Mortgages
Limited and Matlock Bank Limited and the transaction's sound
legal structure.

Credit enhancement for the Class A notes is initially 16.90%,
provided by the subordination of the Class M notes, the Class C
notes, the Class D1 notes, the Class E1c notes, and an initial
and target reserve fund of 0.40%.

The Class ETc notes will also be issued and will be repaid
solely by excess spread available in the transaction.

To determine appropriate credit enhancement levels, Fitch
analyzed the collateral using its UK Residential Mortgage
Default Model, dated Feb. 5.  The agency also modeled cash flows
using the results of the default model, with structural stresses
including various prepayment and interest rate scenarios.  The
cash flow tests showed that each class of notes could withstand
loan losses at a level corresponding to the related stress
scenario without incurring any principal loss or interest
shortfall and can retire principal by legal final maturity.


FIRE TECHNICAL: Creditors' Meeting Slated for March 28
------------------------------------------------------
Creditors of Fire Technical Services U.K. Ltd. will meet at
11:00 a.m. on March 28 at:

         Marriot Gosforth Park Hotel
         Gosfoth Park
         Newcastle upon Tyne
         NE3 3LS
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on March 26 at:

         Bulman House
         Regent Centre
         Gosforth
         Newcastle upon Tyne
         NE3 3LS
         England


GWYDDELWERN SAWMILLS: Creditors' Meeting Slated for March 27
------------------------------------------------------------
Creditors of Gwyddelwern Sawmills Ltd. will meet at 10:30 a.m.
on March 27 at:

         DSi Services
         1 Brassey Road
         Old Potts Way
         Shrewsbury
         SY3 7FA
         England

Creditors who want to vote at the meeting have until noon on
March 28 to submit their proxy forms at the said address.

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on March 23.


ICE LIVE: T. Papanicola Leads Liquidation Procedure
---------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed liquidator of
Ice Live Ltd. on March 6 for the creditors' voluntary winding-up
procedure.

Bond Partners LLP -- http://www.bondpartners.co.uk/--  
specializes in: audit and assurance, taxation, corporate
recovery, business rescue and insolvency, bookkeeping services,
as well as financial services through Bond Financial Network.

The company can be reached at:

         Ice Live Ltd.
         York Road
         Merton
         London
         SW198TP
         England
         Tel: 020 8544 0202
         Fax: 020 8545 0690


IMPERIUM CARS: Creditors' Meeting Slated for March 27
-----------------------------------------------------
Creditors of Imperium Cars U.K. Ltd. will meet at 10:30 a.m. on
March 27 at:

         Nottingham Watson Ltd.
         15 Highfield Road
         Hall Green
         Birmingham
         B28 0EL
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge on March 23.


INTEGRATED POLYMERS: Creditors' Meeting Slated for March 27
-----------------------------------------------------------
Creditors of Integrated Polymers Ltd. will meet at 2:30 p.m. on
March 27 at:

         5th Floor
         Riverside House
         31 Cathedral Road
         Cardiff
         CF11 9HB
         Wales

Creditors who want to vote at the meeting have until noon on
March 26 to submit their proxy forms at the offices of:

         Begbies Traynor
         1 Winckley Court
         Chapel Street
         Preston
         Lancashire
         PR1 8BU
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on March 23.

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


IRON MOUNTAIN: Moody's Rates Proposed US$800MM Facilities at Ba2
----------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to the proposed
US$800 million senior secured credit facilities of Iron Mountain
Incorporated.

Concurrently, Moody's affirmed other ratings and changed the
outlook for the ratings to positive.  The positive outlook
recognizes continued strength in operating performance,
including increases in the rate of growth in storage revenues in
recent quarters, and anticipates improved covenant cushions
under the proposed credit facilities.  The positive outlook also
incorporates Moody's expectation that, given the current market
position of the company, the size of future acquisitions is
likely to be smaller on a relative basis than was the case in
prior years.  Moody's expects the company to continue to pursue
an acquisitive strategy.

The proposed Ba2-rated senior secured credit facilities consist
of a US$600-million global revolving credit facility due 2012,
and a US$200-million senior secured term loan due 2014.  There
will be about US$140-million outstanding under the proposed
revolver at close, which leaves about US$460-million of
availability, net of about US$30-million of letters of credit.
The Ba2 rating reflects Moody's expectation of loss-given-
default greater or equal to 10% and less than 30% (LGD 2).  The
revolver is a multicurrency facility with borrowers comprising
Iron Mountain Incorporated, Iron Mountain Canada Corporation,
Iron Mountain Switzerland GmbH and, potentially, other
subsidiaries.  The credit facilities will be secured by
perfected first priority pledges of the stock of the direct and
indirect U.S. subsidiaries (other than inactive subsidiaries)
and of all non-U.S. subsidiaries of the borrower, except to the
extent any such pledge would result in adverse tax consequences.
Proceeds from the credit facilities will be used to repay
outstanding balances of the company's existing IMI term loan,
IME revolver and IME term loan.  The proposed facilities provide
for an uncommitted accordion of US$300-million (not rated).

The Corporate Family Rating of B2 and instrument ratings
continue to reflect high financial leverage, the significant
amount of goodwill and intangibles to total assets and the
relatively low level of pro forma free cash flow (defined as
cash from operations less capital expenditures less dividends)
relative to debt.  The ratings also reflect a capital-intensive
business with most revenues deriving from paper document storage
and related services, which require significant, customized
physical space.  The ratings are supported by solid interest
coverage for the rating category of about 1.8 times in 2006 and
adequate EBIT return on assets of about 7% in the same period.
The ratings also reflect the company's prominent position as a
global leader in information storage and data protection,
including its strategic expansion in the digital market in
recent years.  The ratings also benefit from the company's
historical revenue stability, geographical diversification and
low customer concentration.

Moody's took these rating actions:

    -- Assigned a Ba2 (LGD2, 13%) rated US$600-million global
      revolving credit facility due 2012;

    -- Assigned a Ba2 (LGD2, 13%) rated US$312-million IMI term
       loan facility;

    -- withdrew the Ba2 (LGD1, 7%) rated US$400-million IMI
       revolving credit facility;

    -- withdrew the Ba2 (LGD1, 7%) rated US$312-million IMI term
       loan facility;

    -- Affirmed the B3 (LGD4, 68%) rating on the CUS$175-million
       senior subordinated notes due 2019;

    -- Affirmed the B3 (LGD4, 68%) rated EUR 225-million 6.75%
       Euro senior subordinated notes due 2018;

    -- Affirmed the B3 (LGD4, 68%) rated US$72-million 8.25%
       senior subordinated notes due 2010;

    -- Affirmed the B3 (LGD4, 68%) rated US$200-million 8.75%
       senior subordinated notes due 2018;

    -- Affirmed the B3 (LGD4, 68%) rated US$448-million 8.625%
       senior subordinated notes due 2013;

    -- Affirmed the B3 (LGD4, 68%) rated US$293.9-million 7.25%
       GBP senior subordinated notes due 2014;

    -- Affirmed the B3 (LGD4, 68%) rated US$439-million 7.75%
       senior subordinated notes due 2016;

    -- Affirmed the B3 (LGD4, 68%) rated US$316-million 6.625%
       senior subordinated notes due 2016;

    -- Affirmed the (P)Ba2 (LGD2, 13%) rated secured drawings
       under the existing shelf;

    -- Affirmed the (P)B3 (LGD4, 68%) rated subordinated draws
       under the existing shelf;

    -- Affirmed the (P)Caa1 (LGD6, 97%) preferred stock draws
       under the existing shelf;

    -- Affirmed the (P)B3 (LGD4, 68%) rated Trust preferred
       stock shelf;

    -- Affirmed the B2 Corporate Family Rating;

    -- Affirmed the B2 Probability of Default Rating.

    -- The Speculative Grade Liquidity rating is unchanged at
       SGL-3.

    -- The outlook for the ratings was changed to positive from
       stable.

Headquartered in Boston, Massachusetts, Iron Mountain
Incorporated is an international provider of information storage
and protection related services.  The company offers
comprehensive records management and data protection solutions,
along with the expertise to address complex information
challenges such as rising storage costs, litigation, regulatory
compliance and disaster recovery.  Founded in 1951, Iron
Mountain has more than 90,000 corporate clients throughout North
America, Europe, Latin America, and Asia Pacific.  Revenue for
the twelve months ended December 31, 2006 was approximately
US$2.4 billion.


KBG CONSULTING: Calls In Liquidator from Sanderlings LLP
--------------------------------------------------------
Andrew Fender of Sanderlings LLP was appointed liquidator of KBG
Consulting Ltd. on March 6 for the creditors' voluntary winding-
up proceeding.

The company can be reached at:

         KBG Consulting Ltd.
         Elsmore House 14a
         The Green
         Ashby de la Zouch
         Leicestershire
         LE651JU
         England
         Tel: 01530 413 500
         Fax: 01530 564 009


LEDA SUSPENSION: Creditors' Meeting Slated for March 26
-------------------------------------------------------
Creditors of Leda Suspension Ltd. will meet at 11:30 a.m. on
March 26 at:

         County Hotel
         Rainsford Road
         Chelmsford
         Essex
         CM1 2PZ
         England

Creditors who want to vote at the meeting have until noon on
March 23 to submit their proxy forms together with particulars
of their claims or of any security at the offices of:

         Benedict Mackenzie LLP
         62 Wilson Street
         London
         EC2A 2BU
         England
         Tel: 020 7247 1174

A list of names and addresses of the company's creditors will be
available for inspection free of charge from the offices of Ian
Donald Williams of Benedict Mackenzie LLP during the period up
to the meeting.


LEEK FINANCE: Moody's Rates GBP17.6-Mln Class D Notes at (P)Ba3
---------------------------------------------------------------
Moody's Investors Service assigned provisional credit ratings to
these Notes to be issued by Leek Finance Number Nineteen PLC:

   -- GBP159.5-million Class A1 Mortgage Backed Floating Rate
      Notes due 2038: (P)Aaa;

   -- GBP517.2-million Class A2 Mortgage Backed Floating Rate
      Notes due 2038: (P)Aaa;

   -- GBP69.7-million Class M Mortgage Backed Floating Rate
      Notes due 2038: (P)Aa2;

   -- GBP47-million Class B Mortgage Backed Floating Rate Notes
      due 2038: (P)A2;

   -- GBP28.5-million Class C Mortgage Backed Floating Rate
      Notes due 2038: (P)Baa3; and

   -- GBP17.6-million Class D Mortgage Backed Floating Rate
      Notes due 2038: (P)Ba3.

Note that the Class A1, A2, M, B, C and D notes may be split in
different currencies (GBP, USD, EUR).

This is the thirteenth public UK RMBS issue from the Leek
Finance series.  The Notes are backed by a portfolio of first
lien mortgage loans secured on residential properties located in
England, Wales, Scotland and Northern Ireland originated by
Platform Funding Limited, a wholly owned subsidiary of Britannia
Building Society (A2, Prime-1).  Western Mortgage Services
Limited, a wholly owned subsidiary of Britannia, is the sub-
administrator in respect of the PFL mortgages.

The total debt raised by Leek Finance Number Eighteen PLC will
be used to purchase a portfolio of mortgage loans, and will be
split as follows:

   -- [19.00]% Class A1 Notes
   -- [61.60]% Class A2 Notes;
   -- [8.3]% Class M Notes;
   -- [5.60]% Class B Notes;
   -- [3.40]% Class C Notes; and
   -- [2.10]% Class D Notes.

In addition, the Notes are supported by a reserve fund of
[2.15%] of Notes balance at closing.

The Notes redeem sequentially, firstly the Class A1 Notes, then
the Class A2 Notes, then the Class M Notes, then the Class B
Notes, after that the Class C Notes and lastly the Class D
Notes.  Only after repayment of interest and principal under the
Expense Loan will the subordinated loan receive interest
payments.  The repayment of principal under the subordinated
loan will occur only after all the Notes have been repaid in
full.

The provisional ratings of the Notes are primarily based on an
assessment of:

   (1) a loan-by-loan analysis of the residential mortgage loans
       backing the Notes;

   (2) the protection that the Notes receive from credit
       enhancement against defaults and arrears in the pool;

   (3) the legal and structural integrity of the transaction;

   (4) the credit quality of Britannia as guarantor of the
       obligations of the pool administrators and of the cash
       bond administration as well as of the representations and
       warranties provided by the originator;

   (5) the experience and expertise of Western Mortgage Services
       Limited, in its role as sub-administrator; and

   (6) the obligations of the various highly rated transaction
       parties as providers of hedging and liquidity agreements.

The provisional ratings assigned address the expected loss posed
to investors by the legal final maturity.  In Moody's opinion,
the structure allows for timely payment of interest payment of
interest and ultimate payment of principal at par on or before
the rated final legal maturity date.  Moody's ratings address
only the credit risks associated with the transaction. Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.

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


LEEK FINANCE: Fitch Rates EUR17.6-Million Class D Notes at BB
-------------------------------------------------------------
Fitch Ratings assigned expected ratings to Leek Finance
Number 19 PLC's multi-currency mortgage-backed floating-rate
notes due 2038:

   -- GBP159.5 million Class A1: 'AAA'
   -- GBP517.2 million Class A2: 'AAA'
   -- GBP69.7 million Class M: 'AA'
   -- GBP47.0 million Class B: 'A'
   -- GBP28.5 million Class C: 'BBB'
   -- EUR17.6 million Class D: 'BB'

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

The ratings are based on the collateral quality, available
credit enhancement and the underwriting of Platform Funding
Limited.  They also consider the servicing capabilities of
Western Mortgage Services Limited as instructed by PFL and the
sound legal structure of the transaction.  Credit enhancement
for the Class A notes totaling 21.55% is provided by the
subordination of the Class M, the Class B, the Class C notes and
Class D, as well as a fully funded reserve fund.


LEEK FINANCE: S&P Rates GBP17.6-Million Class D Notes at BB
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the GBP840 million mortgage-backed floating-
rate notes to be issued by Leek Finance Number Nineteen PLC, a
special purpose entity.

The issuer will issue notes at closing and use the proceeds to
acquire beneficial title to a pool of nonconforming mortgage
loans originated by Platform Funding Ltd.

Leek 19 is the thirteenth public securitization in the series,
and has a similar structure to Leek Finance Number Eighteen PLC.
However, the reserve fund will not build up after closing, as in
previous transactions.  Instead, it will be fully funded at
closing.  In addition, a new class D note has been added, which
is junior to all other note classes.

In addition to third-party liquidity through a liquidity
facility, internal liquidity will also be provided, with
principal receipts available to cover interest shortfalls and
surplus interest available to cover any principal shortfalls,
under certain conditions.

                          Ratings List

Leek Finance Number Nineteen PLC
   GBP840 Million Mortgage-Backed Floating-Rate Notes

                         Prelim.        Prelim. Amount
          Class          rating            (Mln. GBP)
          -----          ------             --------
          A1             AAA                  159.5
          A2             AAA                  517.2
          M              AA                    69.7
          B              A                     47.0
          C              BBB                   28.9
          D              BB                    17.6


LIVERPOOL FUEL: Hires Asher Miller as Liquidator
------------------------------------------------
Asher Miller was appointed liquidator of Liverpool Fuel Oil Co.
Ltd. (fka Cargo Management Systems Ltd.) on Feb. 26 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Liverpool Fuel Oil Co. Ltd.
         Langton Dock
         Bootle
         Merseyside
         L20 1BY
         England
         Fax: 0151 944 2488


LUBRITEX LTD: Creditors' Meeting Slated for March 27
----------------------------------------------------
Creditors of Lubritex Ltd. will meet at 10:30 a.m. on March 27
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 at Begbies Traynor on
March 23.

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


LUXFER HOLDINGS: Moody's May Upgrade Junk Rating After Review
-------------------------------------------------------------
Moody's Investors Service placed the corporate family rating of
Luxfer Holdings Plc (currently rated Caa3/Stable) on review for
possible upgrade following confirmation of completion of their
financial re-organization.

Moody's concurrently has withdrawn the rating on the senior
notes due 2009 issued by Luxfer given their cancellation.

The restructure was executed under a Scheme of Arrangement.
Terms of the restructure included cancellation of the existing
2009 notes and release of the company from all obligations and
liabilities, in exchange for new notes with an aggregate amount
of GBP68.85-million.  Note holders also subscribed in cash for
additional new notes for an aggregate of GBP3.05-million.  The
company paid note holders GBP8.45-million which was applied to
purchase 87% of the total equity in the company, comprising
existing ordinary and preference shares, with the remainder
retained by management and subject to restrictions.

The review will be concluded following an assessment of the
company's fiscal 2006 results and outlook in the context of the
revised debt capital structure.  Preliminary results for the
2006 fiscal year show a positive trend in performance, albeit
with some divisional variability.  Under the reorganization,
leverage has been lowered, debt maturities have been extended
and financial flexibility has been improved.  This gives the
company a stronger financial base and a lower credit risk
profile.  This should also assist to improve Luxfer's standing
as viewed by its customers and suppliers and add flexibility for
re-investment in the business.

A summary of the ratings actions are:

   -- The corporate family rating at Luxfer Holdings Plc's has
      been placed on review for possible upgrade.

   -- The rating on Luxfer Holdings Plc's 10.125% senior notes
      due 2009 has been withdrawn.

Headquartered in Manchester, United Kingdom, Luxfer specializes
in the design and manufacture of high-pressure aluminium gas
cylinders, as well as aluminium, zirconium, and magnesium based
engineering products for use in the aerospace, automotive,
medical and general engineering industries.  For the last twelve
months to Dec. 31, 2006, Luxfer reported consolidated revenues
of around GBP240 million.


MICRO LASER: Creditors Confirm Liquidator's Appointment
-------------------------------------------------------
Creditors of Micro Laser Designs Ltd. confirmed on March 6 the
appointment of A. Graham of Hamilton Insolvency Practitioners
Ltd. as the company's liquidator.

The company can be reached at:

         Micro Laser Designs Ltd.
         Unit 35
         Old Mills
         Old Mills Industrial Estate
         Paulton
         Bristol
         Avon
         BS3 97SU
         England
         Tel: 01761 416 409
         Fax: 01761 416 182


NAMA BARS: Joint Liquidators Take Over Operations
-------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of Insol Hous
were appointed joint liquidators of Nama Bars Ltd. on March 6
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Nama Bars Ltd.
         4 St. Edmunds Road
         Felixstowe
         Suffolk
         IP11 2DJ
         England
         Tel: 01394 282 222


NEWGATE FUNDING: Moody's Rates GBP5.85-Mln Notes at Low-B
---------------------------------------------------------
Moody's Investors Service assigned definitive long-term credit
ratings to the Notes to be issued by Newgate 2007-1:

   -- GBP60-million Class A1a Mortgage Backed Floating Rate
      Notes due December 2050: Aaa;

   -- EUR80-million Class A1b Mortgage Backed Floating Rate
      Notes due December 2050: Aaa;

   -- US$132-million Class A1c Mortgage Backed Floating Rate
      Notes due December 2050: Aaa;

   -- GBP168.8-million Class A2 Mortgage Backed Floating Rate
      Notes due December 2050: Aaa;

   -- GBP130.1-million Class A3 Mortgage Backed Floating Rate
      Notes due December 2050: Aaa;

   -- GBP11-million Class Ma Mortgage Backed Floating Rate Notes
      due December 2050: Aa1;

   -- EUR5-million Class Mb Mortgage Backed Floating Rate Notes
      due December 2050: Aa1;

   -- GBP 20-million Class Ba Mortgage Backed Floating Rate
      Notes due December 2050: Aa3;

   -- EUR24.5-million Class Bb Mortgage Backed Floating Rate
      Notes due December 2050: Aa3;

   -- EUR32.1-million Class Cb Mortgage Backed Floating Rate
      Notes due December 2050: A3;

   -- EUR21.2-million Class Db Mortgage Backed Floating Rate
      Notes due December 2050: Baa3;

   -- GBP2.95-million Class E Mortgage Backed Floating Rate
      Notes due December 2050: Ba2;

   -- GBP2.9-million Class F Mortgage Backed Floating Rate Notes
      due December 2050: Ba3; and

   -- Mortgage Early Repayment Certificates due December 2050:
      Aaa.

Moody's assigned provisional ratings for the above classes of
Notes on Feb. 20, 2007.  The Class T and Class Q Notes are not
rated by Moody's.

The Issuer, Newgate Funding plc, is a special purpose vehicle
incorporated in England and Wales, which is ultimately owned by
a charitable trust.  The Issuer is a multi-issuance vehicle and
this transaction represents the fourth series to be issued under
its MTN style Program.  The Issuer will fund the purchase price
of the series mortgage portfolio using the proceeds of the
Notes.

This transaction is the eleventh securitization of non-
conforming and impaired credit mortgage loans originated by
entities belonging to the Mortgages Group trading under the name
of "Mortgages PLC".  As in the prior Mortgages plc
securitization, the assets supporting the Notes are sub-prime
and non-conforming first residential mortgage loans originated
by entities trading under the name of Mortgages PLC and secured
on residential properties in England, Wales, Northern Ireland
and Scotland.  A part of underlying loan portfolio
(approximately 47%) consists of loans to borrowers classified by
the originator as "near prime" or "near prime plus", with
stricter criteria for adverse credit compared to non-conforming
mortgage loans.  Mortgages PLC will be responsible for the day-
to-day servicing of the loans, handling arrears cases and
approving further advances and product conversions.

The ratings of the Notes are based upon an analysis of the
characteristics of the mortgage pool backing the Notes, the
protection the Notes receive from credit enhancement against
defaults and arrears in the mortgage pool, and the legal and
structural integrity of the issue.  The credit enhancement
available in the deal is provided in the form of excess spread,
reserve fund fully funded at 0.80% of the original note balance,
subordination of the Class M 2.50%, Class B 6.38%, Class C
3.80%, Class D 2.51%, Class E 0.51% and Class F 0.50% Notes.
The Class A1 Notes represent 31.81%, the Class A2 Notes
represent 29.36% and the Class A3 Notes represent 22.63%).
Subject to certain conditions being met, the reserve fund may
amortize up to a floor of 0.40% of the original note balance.

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

The Mortgage Early Repayment Certificates are backed solely by
mortgage early redemption charges that may become payable by
borrowers in the pool on early redemption of their loans within
a certain period.  The Aaa rating on the MERC's addresses the
likelihood of receipt by MERC holders of such amounts if they
are received by the Issuer.  It assumes, without any independent
investigation:

   (i) that payment of the mortgage early redemption charges
       under the mortgage loans is legally valid, binding and
       enforceable, and

  (ii) that such amounts are actually collected from borrowers
       and received by the Issuer.

The amount receivable by MERC holders also depends on prepayment
rates within the pool.  The rating does not address such
prepayment rates.


NEWGATE FUNDING: Fitch Puts Low-B Ratings to Three Note Classes
---------------------------------------------------------------
Fitch Ratings assigned final ratings to Newgate Funding Plc's
Series 2007-1 GBP575 million-equivalent mortgage-backed medium-
term notes and GBP11.2 million excess spread backed notes due
2050:

   -- GBP60 million Class A1a: 'AAA';
   -- EUR80 million Class A1b: 'AAA';
   -- US$132 million Class A1c: 'AAA';
   -- GBP168.8 million Class A2: 'AAA';
   -- GBP130.1 million Class A3: 'AAA';
   -- GBP11 million Class Ma: 'AAA';
   -- EUR5 million Class Mb: 'AAA';
   -- GBP20 million Class Ba: 'AA-';
   -- EUR24.5 million Class Bb: 'AA-';
   -- EUR32.1 million Class Cb: 'A-';
   -- EUR21.2 million Class Db: 'BBB';
   -- GBP2.95 million Class E: 'BB';
   -- GBP2.9 million Class F: 'B';
   -- GBP5.45 million Class T: 'BBB-';
   -- GBP5.75 million Class Q: 'BB-'; and
   -- Mortgage Early Redemption Certificates: 'AAA'.

This transaction is a securitization of sub-prime residential
mortgages originated and located in the UK.  The final ratings
are based on the quality of the collateral; available credit
enhancement; the underwriting criteria and servicing
capabilities of Mortgages PLC and the back-up servicing
capabilities of Homeloan Management Limited; and the
transaction's sound legal structure.

Credit enhancement for the Class A notes totals 17% and will be
provided by the subordination of the Class M notes, the Class B
notes, the Class C notes, the Class D notes, Class E notes and
the Class F notes and an initial and target reserve fund of
0.8%.

The Class T notes will receive interest equally and pro rata
with the Class D notes, and will receive principal after any
necessary payments into the reserve fund. Interest on the Class
Q notes will be paid after the replenishment of the reserve
fund, if needed, and before principal on the Class T. Principal
on the Class Q will be paid after the principal on the Class T
has been repaid in full.

To determine appropriate credit enhancement levels, Fitch
analyzed the collateral using its UK Residential Mortgage
Default Criteria. The agency also modeled cash flows using the
results of the default model, with structural stresses including
various prepayment and interest rate scenarios. The cash flow
tests showed that each class of notes could withstand loan
losses at a level corresponding to the related stress scenario
without incurring any principal loss or interest shortfall and
can retire principal by legal final maturity.


OCEANA TELEVISION: Taps Robert Day to Liquidate Assets
------------------------------------------------------
Robert Day of Robert Day and Co. Ltd. was appointed liquidator
of Oceana Television & Media Ltd. on March 9 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Oceana Television & Media Ltd.
         Stirling House
         30 Guildford Street
         Luton
         Bedfordshire
         LU1 2NR
         England
         Tel: 01582 488 900
         Fax: 01582 488 904


REFCO INC: RCM Trustee Objects to 18 Claims Totaling US$240 Mln
---------------------------------------------------------------
Mark S. Kirschner, the duly appointed Plan Administrator and
Chapter 11 trustee for Refco Capital Markets, Ltd.'s estate, ask
the U.S. Bankruptcy Court for the Southern District of New York
to rule on 18 invalid proofs of claim aggregating approximately
US$240,000,000.

The Subject Claims are:

    Claimant                       Claim No.    Claim Amount
    --------                       --------     ------------
    Carlos Fradique                  11400      US$5,524,340
    Corporex Investment, LLC         10077            33,223
    Dante Canonica                    9934           179,540
                                      9935           350,610
    Geshoa Structured Finance Ltd.   11443         9,560,708
                                     14177        10,134,755
    Jose Maria Gregorio              11019            17,070
    Markwood Investments Ltd.        12260       144,206,978
    Minglewood Investments, LLC       1679         2,796,619
    PM Petromanagement Limited        9879           669,200
    Quercus Investments Ltd.          9933         5,277,684
    Reserve Invest (Cyprus) Ltd.     11392        14,199,476
    Rocky Systems Corp.               9923           486,271
    RR Investment Company Ltd.       11837        42,565,793
    Swix Currency Fund Limited        9938         2,473,118
    Vedat Barha                       9943         1,030,168
    Vipasa Int'l. Investments Corp.  10134                 -
    Armand Marquis                    1368                 -

Specifically, the RCM Administrator asserts that:

   (a) the Marquis Claim should be disallowed because it does
       not hold any liability owing to RCM or any of the other
       Debtors;

   (b) the Fradique Claim, which was based on the claimant's
       foreign exchange account as of the Petition Date; and the
       Corporex Claim, which arose from an account containing
       digital options, should be classified as RCM FX/Unsecured
       Claims instead of being RCM Securities Customer Claims
       pursuant to the Debtors' Chapter 11 Plan;

   (c) seven claims filed by PM Petromanagement, Mr. Canonica,
       Quercus Investments, Rocky Systems, Swix Currency, and
       Vedat Barha -- the FX customers who attempted to buy
       U.S. Treasury Bills with their FX account proceeds after
       the RCM Petition Date, should be reclassified as RCM
       FX/Unsecured Claims since their requested T-Bill
       purchases were not consummated as of the Petition Date;

   (d) Geshoa's Claim No. 14177 is inconsistent with RCM's
       books and records, while its Claim No. 11443 should be
       disallowed and expunged because it is duplicative to
       Claim No. 14177;

   (e) the Gregorio Claim, which is alleged to be funds wrongly
       transferred to an RCM account before the Petition Date,
       has an inappropriate value and should be treated as an
       RCM FX unsecured Claim;

   (f) the Markwood Claim should be disallowed because it is
       inconsistent with RCM's books and records;

   (h) three claims filed by Minglewood, RIC, and RR Investment
       are inconsistent with RCM's books and records, and, thus
       should be disallowed; and

   (i) the Vipasa Claim, which was filed in respect of a
       securities account with a negative balance, was not
       amended, and thus should be disallowed and expunged in
       its entirety.

Moreover, the RCM Administrator seeks a scheduling order
governing certain procedures to resolve the Subject Claims.

                       About Refco Inc.

Headquartered in New York, Refco Inc. -- http://www.refco.com/
-- is a diversified financial services organization with
operations in 14 countries and an extensive global institutional
and retail client base.  Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore.  In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives.

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on
Dec. 26, 2007. (Refco Bankruptcy News, Issue No. 58; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000)


RMP GUARDING: Claims Filing Period Ends May 25
----------------------------------------------
Creditors of RMP Guarding Ltd. have until May 25 to send their
names and addresses and particulars of their debts or claims,
and the names and addresses of the solicitors (if any) to:

         Paul Stanley
         Liquidator
         Begbies Traynor
         Elliot House
         151 Deansgate
         Manchester
         M3 3BP
         England

Paul Stanley of Begbies Traynor was appointed liquidator of the
company on March 7.

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


SIGNATECH SYSTEMS: Creditors' Meeting Slated for March 29
---------------------------------------------------------
Creditors of Signatech Systems Ltd. (Company Number 04262507)
will meet at 10:30 a.m. on March 29 at:

         67 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on March 28 at:

         G. Mummery
         Joint Administrator
         Vantis Business Recovery Services
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England
         Tel: 01708 458211
         Fax: 01708 442308

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


SILVERSTAR TRADING: Appoints Alex Kachani as Liquidator
-------------------------------------------------------
Alex Kachani of Crawfords was appointed liquidator of Silverstar
Trading Ltd. on March 6 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Silverstar Trading Ltd.
         Cecil House
         Mill Lane
         Sutterton
         Boston
         Lincolnshire
         PE202EN
         England
         Tel: 01205 460 004


SOLUTIA: Panel Junks Plan to Intervene in Calpine Arbitration
-------------------------------------------------------------
The Official Committee of Unsecured Creditors of Solutia Inc.,
et al., withdrew with prejudice its request to intervene in the
arbitration of the contested claims of Decatur Energy Center LLC
and Calpine Central L.P.

Prior to its bankruptcy filing, Solutia entered into a series of
20-year term contracts scheduled to commence in 2002, with
Calpine Central, Calpine Power Services Company, and Decatur
pursuant to which Calpine built a natural gas co-generation
facility on land leased from Solutia at Solutia's plant in
Decatur, Alabama.

Calpine and Solutia, however, agreed to delay commencement of
performance until June 1, 2004, because of the unanticipated
increase in natural gas prices.

In 2004, Solutia determined that the then-current and forecasted
price of natural gas rendered it more cost-effective for Solutia
to return to its historical practice of purchasing energy of the
Decatur plant from the Tennessee Valley Authority and generating
its own steam, rather than buying energy and steam from Calpine.
On May 13, 2004, Solutia filed a motion seeking to reject
certain Contracts.

The U.S. Bankruptcy Court for the Southern District of New York
entered a stipulated order on May 24, 2004, settling the motion
and approving the rejection of certain Contracts.  Calpine was
permitted to submit proofs of claim for damages allegedly
resulting from the rejection of the Contracts.

Solutia objected to two of the three claims filed by Calpine for
damages relating to the Rejected Contracts.  Both claims
aggregate US$382,717,333.

The Court entered an order dated November 2005, compelling
arbitration of the contested claims of Calpine Central and
Decatur.  The parties agreed to stay the Arbitration to conduct
settlement negotiations; however, no resolution materialized
between the parties and, consequently, the Arbitration will
proceed.  The Creditors Committee then sought and obtained
approval, in August 2006, to retain conflicts counsel to
represent the interests of unsecured creditors in the
Arbitration.

The Creditors Committee and the Debtors have consulted
extensively about the merits of the Arbitration, and the Debtors
have granted the Creditors Committee access to documents
produced in the Arbitration.

John J. Jerome, Esq., at Saul Ewing LLP, in Philadelphia,
Pennsylvania, conflicts counsel to the Creditors Committee, told
the Court that the outcome of the Arbitration will affect the
ultimate recoveries available to unsecured creditors, therefore,
it is essential for the Creditors Committee to become a formal
party to the Arbitration in order to assert and protect the
interests of the unsecured creditors.

The Creditors Committee's request to intervene is also timely as
the Arbitration remains in the early stages -- fact discovery is
ongoing and the deadline to disclose experts and exchange expert
reports is in late March 2007.  The Arbitration hearing is not
until Aug. 27, Mr. Jerome noted.

The Creditors Committee does not intend to raise new issues,
assert new or different objections to the Calpine Claims, or
take any other actions that would adversely affect the
scheduling order entered by the Arbitration Panel in
September 2006.  Moreover, no party will be prejudiced by the
intervention, Mr. Jerome said.  He clarified that the Committee
merely seeks to ensure that its constituents' interests are
represented.

However, a TCR-Europe report on Jan. 31 relates that Calpine,
and Decatur, along with Solutia, oppose the Official Committee
of Unsecured Creditors' request to intervene in the arbitration
between Calpine and Decatur, on one hand, and Solutia, on the
other.

Eliot Lauer, Esq., at Curtis, Mallet-Prevost, Colt & Mosle LLP,
in New York, attorney for Calpine, argues that non-signatories
to arbitration agreements have no right to participate in the
arbitration.

Neither the Rule 24(a)(2) of the Federal Rules of Civil
Procedures nor Section 1109(b) of the Bankruptcy Code alters the
general rule, Mr. Lauer asserts.  He notes, the non-signatory
may ask the parties' permission to participate, but absent all
parties consenting, may not intervene before the arbitral panel.
Instead, the non-signatory must wait until the arbitration
enters the judicial system, Mr. Lauer says.

Moreover, the Creditors Committee has not satisfied the elements
for intervention under Civil Rule 24(a)(2), Mr. Lauer notes.
The U.S. Bankruptcy Court for the Southern District of New York
should not permit intervention pursuant to Section 105(a), he
asserts.

Solutia and Calpine have already agreed upon a detailed
scheduling order in the arbitration proceeding.  Solutia and
Calpine have spent three and a half months engaging in discovery
and are now in the midst of depositions of witnesses to be
followed by expert discovery.

Permitting the Creditors Committee to intervene at this point in
the arbitration as a "formal party to the arbitration" will be
highly prejudicial to Calpine and Decatur, Mr. Lauer adds.

Moreover, the Creditors Committee's intervention in the private
arbitration will lead to increased expenses and inevitable
delays, Mr. Lauer insists.  Furthermore, the Creditors Committee
offers no explanation of what benefit its intervention will
provide to Solutia's estate.

Solutia is also concerned that the Court does not have the
authority to authorize the intervention, and that any order
authorizing the intervention will cause further litigation in
the arbitration.

                       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).


SQUARE3 LTD: Claims Filing Period Ends April 20
-----------------------------------------------
Creditors of Square3 Ltd. have until April 20 to send their
names and addresses and particulars of their debts or claims,
and the names and addresses of their solicitors (if any) to:

         P. A. Saxton
         Liquidator
         Elwell Watchorn & Saxton LLP
         109 Swan Street
         Sileby
         Leicestershire
         LE12 7NN
         England

Paul Anthony Saxton of Elwell Watchorn & Saxton LLP was
appointed liquidator of the company on March 9.

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


ST HELENS: Creditors' Meeting Slated for March 26
-------------------------------------------------
Creditors of St. Helens Glass Ltd. will meet at noon on March 26
at:

         Holiday Inn
         Lodge Lane
         Newton Le Willows
         WA12 0JG
         England

Creditors who want to vote at the meeting have until noon on
March 23 to submit their proxy forms together with particulars
of their claims or of any security at the said address.

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

         DTE Leonard Curtis
         DTE House
         Hollins Mount
         Hollins Lane
         Bury
         Lancashire
         BL9 8AT
         England

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.


TEAM 2: Brings In Liquidator from Pococks
-----------------------------------------
Martin Pocock of Pococks was appointed liquidator of Team 2
Telecommunications Ltd. on Feb. 16 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Team 2 Telecommunications Ltd.
         Merlin House
         122-126 Kilburn High Road
         London
         NW6 4HY
         England
         Tel: 020 7692 0930
         Fax: 020 7692 6692


TECHNICAL PLASTERING: Names Elizabeth Arakapiotis Liquidator
------------------------------------------------------------
Elizabeth Arakapiotis of Kallis & Co. was appointed liquidator
of Technical Plastering Services Ltd. on March 9 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Technical Plastering Services Ltd.
         110 Swievelands Road
         Biggin Hill
         Westerham
         Kent
         TN163QX
         England
         Tel: 020 8689 1222
         Fax: 020 8689 2333


TECHNO MEDIA: Creditors' Meeting Slated for March 26
----------------------------------------------------
Creditors of Techno Media CD Printers Ltd. will meet at 4:00
p.m. on March 26 at:

         Manchester East Express Holiday Inn
         Debdale Park
         Hyde Road
         Manchester
         M18 7LJ
         England

Creditors who want to vote at the meeting have until noon on
March 23 to submit their proxy forms together with particulars
of their claims or of any security at the offices of:

         Bond Partners LLP
         The Grange
         100 High Street
         London
         N14 6TB
         England

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

Bond Partners LLP -- http://www.bondpartners.co.uk/--  
specializes in: audit and assurance, taxation, corporate
recovery, business rescue and insolvency, bookkeeping services,
as well as financial services through Bond Financial Network.


TI AUTOMOTIVE: Moody's Junks Corporate Family Rating From B3
------------------------------------------------------------
Moody's Investors Service downgraded these ratings of TI
Automotive Ltd:

   -- corporate family rating to Caa1 from B3; and
   -- the senior secured bank facility to B3 from B2.

The rating outlook is negative. This rating action concludes the
rating review initiated on Oct. 6, 2006, which had already led
to an earlier downgrade of the corporate family rating from B1
to B3 on Jan. 25 with the ratings having remained under review
for further possible downgrade at the time.

In its review for downgrade, Moody's focused on the company's:

   (i) measures to improve operating performance shortfalls and
       reverse free cash flow consumption, and

  (ii) its plans to refinance debt maturing in Dec. 2007.

The downgrade of the company's corporate family rating to Caa1
from B3 reflects the limited prospects for a turnaround of
negative free cash flows over the short to medium term in light
of:

   (1) the ongoing challenging operating environment in the
       North American auto industry, which could offset the
       benefits from the company's implemented and targeted cost
       structure improvements; and

   (2) TI Auto's highly leveraged capital structure, which is
       characterized with a substantial cash interest burden
       that could further rise following the intended
       refinancing.

TI Auto's operating performance came under pressure over the
past few months as a result of lower automotive production
volumes in the North American market, which contributed 32% of
the company' sales in 2006.  While the operating performance of
the fluid-carrying systems division is still solid, the
operating performance of the fuel systems division has eroded
over the last years.  Moody's reckons that the fuel systems
division has been affected by an exceptional concentration of
platform launch activity over the last two years and the cost of
investing in new facilities in North America and Thailand.
Moody's notes that the company has initiated a number of
measures to counteract the reduction in operating performance --
including production facility closures, relocations to lower-
labour-cost countries, the run-off of low-margin contracts, a
focus on customers with growing market shares (particular Asian
manufacturers) -- which however will only come into effect over
the medium term.  Moody's is concerned that these measures may
not be sufficient to offset the continued impact of the
challenging North American market environment and the rising
cash interest burden, especially in view of the limited headroom
under a highly leveraged capital structure.

TI Auto is currently in the process of refinancing its debt
structure, driven by the recent disposal of the industrial
division.  While Moody's notes that the company's exposure to
the auto industry increases, Moody's believes that the proceeds
are beneficial for the company's liquidity position over the
short term.  However, the rating agency notes that the company
needs to cover the loss of the industrial segment's cash flow
contributions.

The new debt structure will potentially be composed of GBP367.5-
million first-lien debt, GBP167.5-million second lien and a
GBP75-million revolving facility.  As a result of the
refinancing, TI Auto's interest cost burden may further
increase, although parts of the second-lien interest costs will
be non-cash items.  Given the limited prospects of short-term
improvements in operating performance, the company is
considering further asset disposals.  Moody's notes that the
company remains reliant on further asset disposals to:

   (i) reduce financial leverage and hence interest costs
       towards a level more in line with the company's debt
       capacity; and

  (ii) cover expected negative free cash flows in the next 12 to
       18 months.

The negative outlook reflects the risk that TI Auto may fail to
successfully refinance debt in a timely fashion.  There is also
the possibility of a further downward rating, in the absence of
a successful refinancing, should the company not succeed over
the next 6 to 12 months to shore up its short-to medium term
liquidity provisions either from an improved free cash flow or
from strengthened alternative liquidity arrangements.

The outlook could be changed to stable, if the company
successfully refinances its debt structure and ensures a solid
mid-term liquidity profile supported by improvements in
operating performance.  Upward rating pressure could be driven
by evidence of an improvement in the company's operating
performance and free cash flow generation.

Downgrades:

   * TI Automotive Limited

     -- Corporate Family Rating, Downgraded to Caa1 from B3; and

     -- Senior Secured Bank Credit Facility, Downgraded to B3
        from B2.

Outlook Actions:

   * TI Automotive Limited

     -- Outlook, Changed To Negative From Rating Under Review

Headquartered in Oxford, England and Warren, Michigan, TI Auto
is a leading global designer, manufacturer and vertically
integrated supplier of automotive fuel storage and delivery
systems, brake and fuel-carrying systems and air conditioning
systems.  In 2006, TI Auto reported consolidated sales of GBP1.6
billion (2005 GBP1.6 billion).


TICKET TOUT: Appoints Joint Administrators from Valentine & Co
--------------------------------------------------------------
Ticket Tout Ltd. (Company No. 05706547) brought in Lane Bednash
and Mark Reynolds of Valentine & Co. as joint administrators on
March 6.

The company, which sold tickets to venues across the country has
ceased to trade and closed its London premises.

In a letter to creditors, joint administrator Lane Bednash
stated,  "A vast number of customers are expecting tickets for
future events, and regrettably the company will be unable to
provide these to you as it is not in possession of the tickets.
If you have paid for tickets but are yet to receive them, you
will have a valid claim against the Company.  Unfortunately, due
to the insolvent financial status of the Company it is extremely
unlikely that you will receive any repayment from the Company
for your claim."

According to The Guardian, the administrators estimated a GBP1.4
million debt to around 6,500 people the company sold tickets to,
but after being flooded with calls from customers, the
administrators stated that this was probably an underestimate.

Headquartered in London, England, Valentine & Co. --
http://www.valentine-co.com/-- is a firm of insolvency
practitioners specializing in all aspects of insolvency,
corporate and personal, as well as, where possible, providing
advice for corporate and personal financial survival.


XENON MARKETING: Claims Filing Period Ends April 18
---------------------------------------------------
Creditors of Xenon Marketing Ltd. have until April 18 to send in
their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         C. H. I. Moore
         K J Watkin & Co.
         Emerald House
         20-22 Anchor Road
         Aldridge
         Walsall
         WS9 8PH
         England

C. H. I. Moore of K. J. Watkin & Co. was appointed liquidator of
the company on March 7.


YOUR PLACE: Hires Liquidator from Ward Williams
-----------------------------------------------
Peter John William Stanger of Ward Williams was appointed
liquidator of Your Place Ltd. on March 7 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Your Place Ltd.
         24 Windsor Street
         Chertsey
         Surrey
         KT168AS
         England
         Tel: 01932 566 255
         Fax: 01932 566 468


* Bracewell & Giuliani Names New Partners to Restructuring Team
---------------------------------------------------------------
Evan D. Flaschen and Gregory W. Nye will join Bracewell &
Giuliani LLP as partners.

Both are currently partners in the Financial Restructuring Group
at Bingham McCutchen LLP.  It is expected that a number of
financial restructuring attorneys from Bingham will follow
Messrs. Flaschen and Nye in their move to Bracewell.

This addition provides Bracewell with one of the most highly
regarded financial restructuring practices in the world and adds
depth to Bracewell's private funds practice, which includes
representing "special situations" and distressed investment
funds.  Mr. Flaschen and Mr. Nye represent hedge and private
equity funds, institutional investors, secured lenders,
insurance companies and other financial institutions, as well as
acquirers of distressed assets, in complex workouts and
insolvency matters, with a particular emphasis on major
corporate and multinational restructurings.

"With the arrival of Evan and Greg, we've taken the logical next
step toward broadening our practice offerings in the New York
region and deepening our financial restructuring practice," said
Patrick C. Oxford, managing partner of Bracewell & Giuliani.

"Their arrival highlights our continuing focus on adding top
talent in key practice areas throughout the firm.  Moreover,
this shows that our client-driven growth strategy in New York
continues to be very successful.  The seed we planted two years
ago when we opened in New York with Rudy Giuliani as our new
named partner continues to bear substantial fruit," said Mr.
Oxford.

Bracewell's latest addition adds to its growing global
capabilities.  Mr. Flaschen has been named twice to Euromoney's
list of the Top 25 "Best of the Best" insolvency lawyers in the
world.  In addition, he was the only U.S. restructuring lawyer
included in Asialaw's "Leading Lawyers 2006."

"Greg and I are very excited to join Bracewell & Giuliani.
Bracewell is not only a world class law firm, but also a true
partnership where the needs of the clients and the people always
come first," said Mr. Flaschen.

               About Bracewell & Giuliani


Bracewell & Giuliani LLP-- http://www.bracewellgiuliani.com/--
is among the nation's most prominent law firms.  With over 400
lawyers in New York, Texas, Washington, D.C., Kazakhstan and
London, the company distinctively positioned to serve clients
concentrated in the energy and financial services sectors
worldwide.  In 2005, former New York City mayor Rudolph W.
Giuliani joined the firm as a senior partner.  His international
reputation for leadership and problem solving is a unique asset
for our clients, which include Fortune 500 companies, major
financial institutions, leading private investment funds,
governmental entities and individuals.


* Higgs & Sons Welcomes Sunil Abbi to Insolvency Team
-----------------------------------------------------
Higgs & Sons has strengthened its growing insolvency practice
with the appointment of an experienced insolvency litigator.

Associate, Sunil Abbi (33), joins Higgs from Berkshire-based
firm Pitmans, where he worked within its insolvency litigation
team.

A graduate of Brunel University, Mr. Abbi, who is based in
Hagley, has a wide ranging experience in all aspects of
contentious corporate and personal insolvency issues.  He joins
Higgs as its own insolvency practice is building on its
reputation as a valuable resource for companies and individuals
throughout the Black Country and beyond.

"I came to Higgs & Sons because of the reputation it has
established within the legal and business communities," Mr. Abbi
says.  "The team is now one of the largest in the region and I
am looking forward to working with my colleagues in establishing
it as an essential resource for corporate, business and
individual clients of the firm."

Head of the Corporate & Commercial department David Ellis
believes the appointment of Sunil is a further illustration of
the burgeoning strength of his team: "The Corporate team now
benefits from being one of the strongest in the region outside
Birmingham.  We already had an excellent reputation for
corporate restructurings and other non-contentious insolvency
work, however recently we have found that more of our insolvency
practitioner clients require assistance in bringing and
defending court proceedings.

"We are therefore delighted to be joined by Sunil who has such a
wealth of experience in this sector and we expect his
appointment to help to drive forward the work of our growing
insolvency practice," concludes David who is himself a licensed
insolvency practitioner.

Higgs & Sons provides a comprehensive legal service to a range
of private and corporate clients.  The insolvency team advises
on all aspects of insolvency including formal and informal
schemes to save businesses, Company Director Disqualification
Act proceedings, Administrations, Receiverships and
Liquidations.


* U.K. Government May Alter Rules to Save Insolvent Retailers
-------------------------------------------------------------
The U.K. Insolvency Service gave signs it may reverse the
adverse impact of the Trident ruling on the business rescue
culture in England and Wales, Kevin Reed writes for Accountancy
Age.

According to the report, Justice David Richards in the Trident
case said policy dictated that business rates for both occupied
and unoccupied properties should rank as an expense in an
administration.

The profession cautioned that this extra cost could result in
businesses entering liquidation than being saved, Mr. Reed
relates.

"We are presently in the process of considering the likely
implications of the judgment with a view to assessing what
remedies may be available to remove or mitigate any consequent
damage to the rescue culture," an Insolvency Service spokeswoman
was quoted by Accountancy Age as saying.

"We would certainly not want the rescue culture fostered by the
new style administration regime to be jeopardized, if that
indeed were to be the effect of the judgment," the source adds.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (214)       1,756      293


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Sabena S.A.                          (86)       2,215     (297)
Hamon S.A.                HAMO       (12)         236      (58)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Acces Industrie                       (8)         106      (35)
Arbel                     PA.ARB     (116)        194      (94)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Dollfus Mieg & Cie S.A.   DS         (16)         143      (45)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (10)         120       (5)
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (65)         259       10
Labo Dolisos              DOLI.PA    (28)         110      (33)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
Rhodia S.A.               RHA       (788)       6,681      171
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Selcodis S.A.             SPVX       (18)         128       22
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Plambeck Neue
   Energien AG            PNE3        (4)         141        6
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (64)         104      (15)
Schaltbau Hold            SLTG       (22)         162       (4)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (33)         132      (45)


GREECE
------
Empedos S.A.              EMPED      (34)         175      (48)
Pouliadis Associates
   Corporation            POUL       (28)         124      (31)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

HUNGARY
-------
Exbus Asset Management
   Nyrt.                  EXBUS      (30)         118   (5,162)
IPK Osijek DD OS          IPKORA     (18)         190     (320)


ICELAND
-------
Decode Genetics Inc.      DCGN        (55)         216      141

ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Compagnia Italia          ICT       (138)         527     (235)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (154)         800      (50)
I Viaggi del
   Ventaglio S.p.A.       VVE.MI     (61)         487      (57)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)
Wind Telecomunicazioni
   S.p.A.                            (10)      12,698     (815)


IRELAND
-------

Waterford Wed Ut          WTFU      (203)         828       190


LUXEMBOURG
----------

Millicum International    MICC       (59)       1,523         4


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)
BW Offshore               BWO        (85)         487     (516)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)
Vista Alegre Atlantis
   SGPS S.A.              VAAAE      (18)         193      (83)

ROMANIA
-------
Oltchim RM Valce          OLT        (45)         232     (321)
Rafo Onesti               RAF       (395)         359    (1695)


RUSSIA
------
OAO Samaraneftegas                  (332)         892  (16,942)
Zil Auto                            (185)         378  (11,107)
Vimpel Ship               SOVP       (77)         188     (927)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (10)         134      (37)


SWITZERLAND
-----------
Wedins Skor
    Accessoarer AB                   (10)         139     (129)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dnepropetrovsk Metallurgical
   Plant Imeni Petrovsko  DMZP       (10)         358     (596)
Dniprooblenergo                      (38)         478     (797)
Donetskoblenergo                    (166)         706   (1,320)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
AEA Technology Plc        AAT.L      (24)         340      (50)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker Plc                 ANK.L      (22)         115       13
Atkins (WS) Plc           ATK        (63)       1,279       69
BCH Group Plc             BCH         (6)         189      (44)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd        523362Q (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Britvic Plc               BVIC      (108)         874     (20)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST      (108)         595      (61)
Danka Bus System          DNK.L     (108)         540       34
Dawson Holdings           DWN.L      (12)         158      (19)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,264)       2,818     (253)
Euromoney Institutional
   Investor Plc           ERM.L      (50)         448      (67)
European Home Retail Plc  EHRL       (14)         111      (37)
Galiform Plc              GFRM      (152)         889       35
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Gondola Holdings Plc      GND.L     (239)         987     (396)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (4)         948     (175)
HDGG Robinson Gr          HRG       (258)         791       (5)
Homestyle Group Plc       HME        (29)         409     (124)
Imperial Chemical
   Industries Plc         ICI       (870)       8,393        2
Invensys PLC                      (1,031)       3,875      523
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (49)         307      (53)
Ladbrokes Plc             LAD     (1,227)       1,669     (267)
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (72)         129      (4)
Mytravel Group            MT.L      (283)       1,818     (488)
Orange Plc                ORNGF     (594)       2,902        7
Park Group Plc            PKG.L       (5)         111      (13)
Partygaming Plc           PRTY       (46)         398     (110)
Premier Farner Plc        PFL        (33)         964      127
Premier Foods Plc         PFD.L      (31)       1,475       16
Probus Estates Plc        PBE.L      (28)         113      (49)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,144)        3507     (457)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
UK Coal Plc               UKC        (25)         865      (62)
Virgin Mobile
   Holdings Plc           VMOB.L    (490)         155      (80)
Wincanton Plc             WIN        (66)       1,236      (71)


                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *