TCREUR_Public/070321.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Wednesday, March 21, 2007, Vol. 8, No. 57     

                            Headlines


A U S T R I A

BH MATRIX: Claims Registration Period Ends April 19
FASALEX LLC: Wels Court Orders Business Shutdown
GANZ GROSS: Claims Registration Period Ends April 16
MAURER BESCHRIFTUNG: Claims Registration Period Ends April 11
MODA ALLA: Claims Registration Period Ends April 10

OTHMAR LIMPEL: Claims Registration Period Ends April 2


B E L G I U M

CHIQUITA BRANDS: Pleads Guilty to Terrorist Payment Allegation
TENNECO INC: Fitch Rates New US$831 Mln Senior Facility at BB+


B U L G A R I A

LUKOIL BULGARIA: Petrol Holding Confirms BGN89.6-Million Suit


C Z E C H   R E P U B L I C

TEXLEN TRUTNOV: Hradec Kralove Court Rules on Bankruptcy


F I N L A N D

METSO OYJ: Supplies Handling Equipment to Bateman Africa


F R A N C E

CASCADES INC: Earns CDN$3 Million in Full Year 2006
DURALEX INT'L: Failure to Pay Debt May Prompt Wind-Up Procedure
LSG GATE: Under Legal Rectification Following Insolvency
UNION NAVALE: Grupo Boluda Warns Bankruptcy Filing for Shipyard


G E R M A N Y

BAU-PARTNER HEINZ: Claims Registration Period Ends April 12
D S DACHSERVICE: Claims Registration Period Ends April 24
DAIMLERCHRYSLER: Union Heads Fight Chrysler Sale to Equity Buyer
DERNER WOHNBAU: Claims Registration Period Ends April 25
DTM KAROSSERIE: Creditors' Meeting Slated for April 19

DUKA REINIGUNGS: Claims Registration Period Ends April 30
ELEKTRO RAMB: Claims Registration Period Ends April 10
GARANT SCHUH: Owners Opt for Capital Hike; Avoids Liquidation
GWJ HEIZUNG: Claims Registration Period Ends April 13
HANS OTTO: Claims Registration Period Ends April 25

HOUSE OF SCANDINAVIA: Claims Registration Period Ends April 9
INTERAKTIV WOHNBAU: Claims Registration Period Ends April 8
JAHN & MALCHOW: Claims Registration Ends April 4
KONZEPT- UND BETEILIGUNGS: Claims Registration Ends April 10
KUECHENSTUDIO-OST GMBH: Claims Registration Ends April 23

LUTSCH 55: Claims Registration Ends April 23
MALEREIBETRIEB CAKOLLI: Claims Registration Ends April 16
MANTEUFFELSTRASSE VERWALTUNGS: Creditors' Meeting Set April 30
MOEBIUS GASTROSYSTEM: Creditors' Meeting Slated for April 30
MR-BAU GMBH: Creditors Must Register Claims by May 14

PIV PLANUNGSINGENIEURE: Creditors Must File Claims by April 20
RECKLINGHAUSER BRAUHAUS: Creditors Must File Claims by April 20
RITTER & REISS: Claims Registration Ends July 25
SCHLOSS GYMNICH: Claims Registration Ends April 16
SCHMITT GMBH: Claims Registration Ends April 12

SCHUETTE BAU: Claims Registration Ends April 10
SICHERER BRIEF: Claims Registration Ends April 13
SPECTRUM BRANDS: Refinancing Cues Fitch to Affirm Junk Ratings
SPEZIALBAU RIEGER: Claims Registration Period Ends April 30
TETE HAUS: Claims Registration Period Ends April 16

TLB TRANSPORTLOGISTIK:  Claims Registration Period Ends May 7
TUI AG: Hikes Tourism Earnings to EUR401 Million in 2006
TUI AG: Merges Tourism Division with First Choice Holidays
TUI AG: Tourism Unit Merger Cues S&P to Put BB Ratings on Watch
WCM BETEILIGUNGS: Sells Klockner-Werke Stake for EUR240 Million

YAMOTO GMBH: Claims Registration Period Ends May 15
ZIMMEREI FREY: Claims Registration Period Ends May 2


H U N G A R Y

AES CORP: Delays Filing of 2006 Form 10-K Due to Restatements
AES CORP: Restatements Cue Default Under Senior Facilities


I R E L A N D

H2HCARE LTD: Creditors Wind Up Business Solution Firm


I T A L Y

PARMALAT SPA: Unit Sells Portuguese Assets for EUR5.3 Million
SEAT PAGINE: Earns EUR80 Million for Year Ended 2006
TK ALUMINUM: Amends Nemak Transaction Consent Terms
TRW AUTO: Issuing US$1.1-Bln & EUR275-Mln Bonds in Private Offer


K A Z A K H S T A N

ALGA LLP: Creditors Must File Claims by April 27
ATAMEKEN-2030 LLP: Creditors' Claims Due April 27
BEK-JAN LLP: Proof of Claim Deadline Slated for April 27
EKIBASTUZ-ENERGO-ALLIANCE LLP: Claims Registration Ends April 27
HABER LLP: Claims Filing Period Ends April 20

HALYK BANK: Annual Shareholders' Meeting Slated for April 23
STROYSANTECHSERVICE LLP: Creditors Must File Claims by April 27
TECHNO-CITY LLP: Creditors' Claims Due April 27
TEMPRA LLP: Proof of Claim Deadline Slated for April 27
TERMINAL-SERVICE LLP: Claims Registration Ends April 27

TRANS-SERVICE-EXPEDITION LLP: Claims Filing Period Ends April 20


K Y R G Y Z S T A N

TERRAVOX LLC: Claims Filing Period Ends May 2


L U X E M B O U R G

EVRAZ GROUP: Acquires 93.35% ZapSibTETs Stake for RUR5.95 Bln


N E T H E R L A N D S

GETRONICS NV: Declines to Comment on KPN Takeover Speculation
X5 RETAIL: Names Pawel Musial as Chief Commercial Officer


N O R W A Y

THINK NORDIC: US$25-Mln Capital Injection Revives Bankrupt Firm


P O R T U G A L

PARMALAT SPA: Unit Sells Portuguese Assets for EUR5.3 Million


R O M A N I A

* Western Romania Has Less Bankrupts Than Rest of Country


R U S S I A

ALEKSEEVSKIY AGRO-COMPLEX: Creditors Must File Claims by April 3
BOLSHEVIK OJSC: Creditors Must File Claims by May 3
BUILDING CENTRE: Creditors Must File Claims by May 3
DAVLEKANOVSKIY FOUNDRY: Creditors Must File Claims by May 3
DRUZHBA CJSC: Tyumen External Court Starts Bankruptcy Procedure

EVRAZ GROUP: Acquires 93.35% ZapSibTETs Stake for RUR5.95 Bln
HYDROSPETSSTROY LTD: Sverdlovsk Court Rules on Bankruptcy
LUKOIL OAO: Paitykhoil Unit Retains License for Paitykh Site
LUKOIL OAO: Petrol Holding Confirms BGN89.6-Million Suit
MOBILE TELESYSTEMS: Shows Subscriber Growth for February 2007

PLUS LLC: Creditors Must File Claims by May 3
PROM-SNAB-SUGAR: Creditors Must File Claims by April 3
REINFORCED CONCRETE: Bankruptcy Hearing Slated for May 28
RENAISSANCE CAPITAL: Better Profile Cues S&P to Lift B+ Ratings
ROSNEFT OIL: Authorities to Revoke Akhtybneftegaz License

RUSUNIVERSAL: Fitch Assigns B- IDR on Size & Limited Franchise
SIBIRSKO-USOLSKIY OIL-GAS: Creditors Must File Claims by April 3
SOSVINSKIY WOODWORKING: Creditors Must File Claims by May 3
TMK OAO: Eyes New Pipe Production Facility to Hike Capacity
TOTEMSKIY LLC: Creditors Must File Claims by May 3

URVANSKIY OPEN: Creditors Must File Claims by May 3
UST'-ILIMSKIY CJSC: Asset Sale Slated for April 4
VOLGODONSK-REM-AGRO-SERVICE: Claims Filing Period Ends April 3
VOLGOGRADSKIY TRACTOR: Asset Sale Slated for April 3
WINERY LEVOBEREZHNYJ: Bankruptcy Hearing Slated for March 29
X5 RETAIL: Names Pawel Musial as Chief Commercial Officer

YUKOS OIL: Three More Auctions in April Set to Sell 35 Assets


S L O V A K   R E P U B L I C

SLOVAK AIRLINES: Bratislava Court Declares Carrier Bankrupt


S P A I N

TOWER AUTOMOTIVE: Wants Deutsche Bank's 2nd Lien L/Cs Extended
TOWER AUTOMOTIVE: Wants Until July 31 to Decide on Leases
TOWER AUTOMOTIVE: Hikes Due-Diligence Amount to Over US$3.2 Mln


S W I T Z E R L A N D

ARS MANAGEMENT: Creditors' Liquidation Period Ends June 4
BEAT ARBENZ: Creditors' Liquidation Period Ends April 23
DELIXO LLC: Creditors' Liquidation Period Ends April 2
SARA GASTRO: Sissach Court Closes Bankruptcy Proceedings
ZALA UMBAU: Creditors' Liquidation Period Ends April 2


T U R K E Y

PETROL OFISI: Fitch Affirms IDR at BB- Despite Tax Fines


U K R A I N E

AMETIST LLC: Court Starts Bankruptcy Supervision Procedure
BUKOVINA FLAX: Court Starts Bankruptcy Supervision Procedure
CHERNOVCY MEAT: Chernovcy Court Commences Bankruptcy Process
ELEKTRO CJSC: Court Starts Bankruptcy Supervision Procedure
EUROPE-SERVICE LTD: Court Starts Bankruptcy Supervision

GEFEST-96 LLC: AR Krym Court Commences Bankruptcy Process
HORIZON LLC: Harkiv Court Commences Bankruptcy Process
JURICOM LLC: Donetsk Court Commences Bankruptcy Process
KIEVSKY LLC: Kiev Court Commences Bankruptcy Process
PRIVOVCHANSKOE COMPANY: Court Commences Bankruptcy Process

SUCCESS LLC: Donetsk Court Commences Bankruptcy Process
TRADING-BUILDING-SERVICE: Court Commences Bankruptcy Process
UKRAINIAN SEEDS: Court Starts Bankruptcy Supervision Procedure
USO LLC: Dnipropetrovsk Court Start Bankruptcy Supervision
VELIKOALEXANDROVSKAYA LLC: Court Starts Bankruptcy Supervision

ZORIA POLESYE: Zhytomir Court Commences Bankruptcy Process


U N I T E D   K I N G D O M

CHEAM PLASTICS: Creditors' Meeting Slated for March 28
CORUS GROUP: Deutsche Bank Holds 3.06% Equity Stake
COWLEY TRACTORS: Appoints A. Turpin as Liquidator
EAST MIDLANDS: Joint Liquidators Take Over Operations
GEOBLOCK LTD: Claims Filing Period Ends June 7
GLYNN ELECTRICAL: Creditors' Meeting Slated for March 29

GREAT HALL: Fitch Rates GBP14.5 Million Class Ea Notes at BB
HOT STUFF: Names Richard Andrew Segal Liquidator
IPSO FACTO: Creditors' Meeting Slated for March 29
IRONWORKS DESIGNS: Claims Filing Period Ends May 7
KWIK SAVE: Rescue Package Saves Retailer From Administration

LADDER M8: Taps P&A Partnership as Joint Administrators
LIGHTIMAGES.CO.UK: Creditors' Meeting Slated for April 11
LLANELLI TIMBER: Appoints Gary Stones as Liquidator
MANSARD MORTGAGES: Moody's Rates GBP6.87-Million Notes at (P)Ba3
MERKOR LTD: Creditors' Meeting Slated for April 11

MIDLAND SHEETMETAL: Creditors' Meeting Slated for March 30
NORTEL NETWORKS: Posts US$80-Mln Net Loss in Fourth Quarter 2006
PHOTRONICS INC: Earns US$7.58 Million in First Quarter 2007
PINEAPPLE CLOTHING: N. A. Bennett Leads Liquidation Procedure
POWERTRANS SOLUTIONS: Hires Liquidators to Wind Up Business

REE SYSTEMS: Joint Liquidators Take Over Operations
REFCO INC: Plan Administrators Want US$15MM Admin Claims Denied
REFCO INC: Plan Administrators Want Cross-Border Protocol Fixed
ROMSEY GROUP: Appoints Joint Administrators from PwC
S. NASSAR: Creditors Ratify Liquidator's Appointment

SC DISTRIBUTORS: Taps Liquidator from Wilkinson & Co.
SCANA UK: Brings Simon Thornton to Liquidate Assets
SHAW GROUP: Obtains Second Waiver from Lenders
SHAW GROUP: Hires KPMG LLP as Independent Accountant
SOUTH DEVON: Calls In Liquidators from Rothman Pantall & Co.

TILBURY FREIGHT: Peter Ramsey Taps Begbies Traynor as Receivers
WOODFIELD LODGE: Hires Liquidator from Fisher Partners

                            *********

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A U S T R I A
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BH MATRIX: Claims Registration Period Ends April 19
---------------------------------------------------
Creditors owed money by LLC BH Matrix (FN 240863k) have until
April 19 to file written proofs of claim to court-appointed
estate administrator Elisabeth Zonsics-Kral at:

         Mag. Beate Holper
         c/o Dr. Susi Pariasek
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 533 28 55
         E-mail: office@anwaltwien.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on May 3 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. 26 (Bankr. Case No. 2 S 31/07g).  Susi Pariasek
represents Mag. Holper in the bankruptcy proceedings.


FASALEX LLC: Wels Court Orders Business Shutdown
------------------------------------------------
The Land Court of Wels entered Feb. 23 an order shutting down
the business of LLC Fasalex (FN 171691m).

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

The estate administrator can be reached at:

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

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


GANZ GROSS: Claims Registration Period Ends April 16
----------------------------------------------------
Creditors owed money by LLC Ganz Gross (FN 260304a) have until
April 16 to file written proofs of claim to court-appointed
estate administrator Guenter Geusau at:

         Dr. Guenter Geusau
         Kaiser Josef Platz 48
         4600 Wels
         Austria
         Tel: 07242/67731
         Fax: 07242/67731-9
         E-mail: g.geusau@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:20 p.m. on April 26 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Wels, Austria, the Debtor declared bankruptcy
on Feb. 23 (Bankr. Case No. 20 S 25/07p).  


MAURER BESCHRIFTUNG: Claims Registration Period Ends April 11
-------------------------------------------------------------
Creditors owed money by LLC Maurer Beschriftung & Druck (FN
218817s) have until April 11 to file written proofs of claim to
court-appointed estate administrator Elisabeth Zonsics-Kral at:

         Dr. Elisabeth Zonsics-Kral
         c/o Dr. Ferdinand Bruckner
         Schubertstrasse 10/3/5/9
         2100 Korneuburg
         Austria
         Tel: 02262/72 437
         Fax: 02262/729 39 15
         E-mail: widhalm@raedrb-drz.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on April 25 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Bisamberg, Austria, the Debtor declared
bankruptcy on Feb. 26 (Bankr. Case No. 36 S 16/07f).  Ferdinand
Bruckner represents Dr. Zonsics-Kral in the bankruptcy
proceedings.


MODA ALLA: Claims Registration Period Ends April 10
---------------------------------------------------
Creditors owed money by LLC Moda alla Contini (FN 212257v) have
until April 10 to file written proofs of claim to court-
appointed estate administrator Ute Toifl at:

         Dr. Ute Toifl
         Tuchlauben 12/20
         1010 Vienna
         Austria
         Tel: 0222/535 46 11
         Fax: 0222/535 46 11-11
         E-mail: office@thr.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:15 a.m. on April 24 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 26 (Bankr. Case No. 28 S 21/07b).  


OTHMAR LIMPEL: Claims Registration Period Ends April 2
------------------------------------------------------
Creditors owed money by LLC Othmar Limpel Kommunikationsberatung
& Co.KG (FN 253647k) have until April 2 to file written proofs
of claim to court-appointed estate administrator Peter Hajek Jr.
at:

         Dr. Peter Hajek Jr.
         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 11:15 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 Donnerskirchen, Austria, the Debtor declared
bankruptcy on Feb. 27 (Bankr. Case No. 26 S 29/07b).  


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B E L G I U M
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CHIQUITA BRANDS: Pleads Guilty to Terrorist Payment Allegation
--------------------------------------------------------------
Chiquita Brands International has pleaded guilty to one count of
doing business with Colombian terrorists to protect its most
profitable banana-growing operation, the Associated Press
reports.

Chiquita's guilty plea relates to the company's 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 which includes payment of a US$25 million
fine, payable in five equal annual installments, with interest.

According to AP, prosecutors told a federal court Monday that
the company agreed to pay about US$1.7 million between 1997 and
2004 to the United Self-Defense Forces of Colombia.

Chiquita, AP relates, has said it was forced to make the
payments and was acting only to ensure the safety of its
clients.

However, AP says, federal prosecutors noted that from 2001 to
2004, when Chiquita made US$825,000 in illegal payments, the
Colombian banana operation earned US$49.4 million and was the
company's most profitable unit.

The company is set to be sentenced June 1, the source says.

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, 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.


TENNECO INC: Fitch Rates New US$831 Mln Senior Facility at BB+
--------------------------------------------------------------
Fitch Ratings has assigned a rating of 'BB+' to Tenneco Inc.'s
new senior secured bank facility.  The new facility replaces
TEN's existing bank facility.

As such, there is no impact to Fitch's current ratings of the
existing debt or Rating Outlook, which are:

    -- Issuer Default Rating 'BB-';
    -- Senior secured bank facility 'BB+';
    -- Senior secured second lien notes 'BB'; and
    -- Senior subordinated notes 'B'.

The Rating Outlook is Positive.  Including the existing undrawn
revolver, Fitch's ratings affect approximately US$1.8 billion in
total debt.

TEN's new US$830-million senior credit facility replaces its
existing US$831-million facility and enhances the company's
financial flexibility by extending the revolver and the term
loan maturities as well as loosening and removing certain
covenants.

The new bank facility includes a:

    * five-year revolving line of credit of approximately
      US$550-million;

    * five-year term loan A facility of approximately
      US$150-million; and

    * seven-year synthetic letter of credit facility of
      approximately US$130-million.

The synthetic facility can also be used as a revolver for
working capital and other cash requirements.  TEN will use the
new facility to retire approximately US$356-million in term
loans due December 2010 and to replace its existing US$320-
million revolver expiring December 2008 as well as its US$155-
million synthetic letter of credit facility expiring December
2010.  Applicable margins on the new facility generally range
between 50 - 125 basis points lower than the existing facility.

The new bank facility is the obligation of Tenneco, Inc. and
guaranteed by certain domestic subsidiaries. Collateral includes
substantially all of the domestic assets and 65% of the stock of
the first-tier foreign subsidiaries.  Terms include maximum
consolidated net leverage and minimum interest coverage ratios
but no minimum fixed charge coverage ratio and no capital
expenditure covenant as in the last facility.

The new facility also contains baskets allowing the company to
incur certain additional indebtedness and liens subject to
certain restrictions.  Permitted additional indebtedness
includes an amendment to allow the borrower to give unsecured
guarantees for the obligations of its subsidiaries.  Baskets of
permitted indebtedness include; US$150 million for general
indebtedness, general guarantees up to US$100 million, US$125
million related to indebtedness for capital leases and foreign
subsidiaries indebtedness up to US$150 million but can be US$200
million if the proceeds are used to repay the second lien notes.  
Permitted liens include the following baskets; up to US$125
million on capital leases, a general basket of up to US$100
million, certain receivables financing up to US$250 million, and
certain liens of foreign subsidiaries up to US$150 million but
can be US$200 million if the proceeds are used to repay the
second lien notes.  Other covenants include change-in-control,
restricted payments, investment limitations, sale of assets
restrictions and a sale/leaseback covenant.

Fitch's ratings are based on TEN's track record of strong
operating discipline and working capital management, consistent
cash flow generation and subsequent capital structure
improvement, as well as continued expansion and customer
diversification across its business segments.  Fitch expects TEN
to be free cash flow positive in 2007.  Throughout 2006, TEN
faced the same headwinds as other suppliers, including higher
steel prices, lower and unsteady customer production volumes,
exposure to the slowdown in SUV demand, and tightening trade
credit.  However, TEN was able to offset these challenges with
increased revenue from new business launched, gains in
manufacturing efficiency, close attention to working capital
requirements, and a geographically diverse customer base
compared with other North American suppliers.

Going forward, TEN is expected to benefit from its technology
position and entry into new growth markets. Given TEN's track
record, Fitch expects that TEN's backlog was booked within solid
cost/pricing parameters, translating into improved earnings
growth.  TEN is expected to benefit from tighter air quality
standards and from the demand for safety-related products.  TEN
has several light-vehicle and commercial diesel exhaust programs
booked for 2007 in both the U.S. and Europe.  TEN has also
introduced an electronically adjustable ride control product
which improves vehicle stability - an added safety feature for
consumers.  Concerns include total debt levels, margin pressures
from price competition and raw materials, customers' production
volumes, potential labor stoppage due to customers' critical
union negotiations and a financially stressed base of automotive
suppliers other than TEN.

Including the cash and marketable securities balance of
US$202 million, total liquidity at the end of 4Q06 was
approximately US$658 million.  At year-end, TEN had US$320
million of availability under its revolver and approximately
US$121 million after US$34 million in outstanding LOCs under its
synthetic facility.

The company also has a US securitization facility of
approximately US$100 million of which US$15 million was
available at year-end.  In addition, the company had US$48
million outstanding under its uncommitted European receivable
facilities, the availability of which Fitch does not include in
liquidity since the facilities are cancelable at any time.  As
of Dec. 31, total adjusted debt-to-EBITDA was reduced to 3.3
times (x) from 3.5x in 2005.


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LUKOIL BULGARIA: Petrol Holding Confirms BGN89.6-Million Suit
-------------------------------------------------------------
Petrol Holding AD, in a statement sent to the Bulgarian Stock
Exchange on March 16, confirmed that it is facing a lawsuit
filed by Lukoil Bulgaria, a unit of OAO Lukoil, Sofia Weekly
reports.

As reported in the TCR-Europe on Mar. 12, Lukoil filed a
BGN89.6-million claim against Petrol, alleging that the
Bulgarian fuel group breached a 2001 concession agreement by
deliberately delaying payments.  Petrol also filed a BGN84-
million counterclaim against Lukoil Bulgaria, arguing that the
latter had also delayed payments, Dnevnik relates.  Lukoil,
however, denied Petrol's accusations.

The court will hear Lukoil's suit against Petrol on May 11,
Sofia Weekly relates.

Petrol said the lawsuit did not disrupt its fuel stations and
storage network.

                         About Lukoil

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

                         *     *     *

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


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


TEXLEN TRUTNOV: Hradec Kralove Court Rules on Bankruptcy
--------------------------------------------------------
The Regional Court in Hradec Kralove declared Texlen Trutnov
bankrupt after parent company Texlen Linen entered bankruptcy
last week.

Texlen's board of directors told CTK Czech News Agency some
banks demanded the early repayment of loans and blocked its
accounts after a potential investor ended due diligence at the
company with a negative result.  The lenders' demands prompted
the Czech textile group's insolvency.

In 2005, sales of the group fell 12% to CZK780 million while
losses reached CZK23 million, CTK relates.

According to Texlen management, sales were hurt by the reduced
inflow of Chinese textile into European Union markets after the
withdrawal of import quotas.  The firming Czech crown and
growing energy prices also added pressure to the group's
finances.

Texlen is convinced that a strong strategic investor, deep
restructuring and massive lay-offs may help rescue the business,
CTK says.

Creditors are given 30 days to register their claims.


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


METSO OYJ: Supplies Handling Equipment to Bateman Africa
--------------------------------------------------------
Metso Minerals, a division of Metso Oyj, will supply bulk
materials handling equipment to Bateman Africa (Pty) Ltd. for
Richards Bay Coal Terminal (RBCT) situated on the east coast of
South Africa.

The delivery, installation and commissioning will be completed
by the first quarter of 2009.  The value of the order is around
EUR17 million.

The order comprises a twin-cell rotary railcar dumper system and
a stacker reclaimer.  The railcar dumper rotates two railcars at
a time and will be capable of unloading trains at the rate of 65
railcars per hour.  The stacker reclaimer has a 60-meter boom
outreach with an average reclaim rate of 4,500 tons per hour and
a stacking rate of 6,000 tons per hour.  The order also
comprises commissioning and installation services.

Metso's supply is part of the overall solution for the expansion
of the terminal.  Once the expansion is completed, the terminal
annual throughput capacity will increase from 72 million tons to
91 million tons.

Bateman Africa is the main contractor for engineering,
procurement and construction (EPC) for the RBCT phase V
expansion project.  RBCT is the largest single export coal
terminal in the world and it employs around 500 permanent
people.

                        About Metso

Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj --
http://www.metso.com/-- is a global engineering and technology   
corporation with 2005 net sales of around EUR4.2 billion.  Its
22,000 employees in more than 50 countries serve customers in
the pulp and paper industry, rock and minerals processing, the
energy industry and selected other industries.

The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom, and the United States.

                        *    *    *

As of Feb. 9, Metso Oyj carries Standard & Poor's 'BB+' long-
term and 'B' short-term corporate credit ratings and 'BB' senior
unsecured debt rating.


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


CASCADES INC: Earns CDN$3 Million in Full Year 2006
---------------------------------------------------
Cascades Inc. reported net earnings of CDN$3 million for the
year ended Dec. 31, 2006, compared with a net loss of CDN$97
million for the year ended Dec. 31, 2005.  Sales increased 3% to
CDN$3.4 billion in 2006 from CDN$3.3 billion in 2005.

For the fourth quarter ended Dec. 31, 2006, the company reported
a net loss of CDN$46 million compared to a net loss of
CDN$104 million for the fourth quarter of 2005.  As a result of
recent business acquisitions, better selling prices and
shipments, sales increased by 8% during the fourth quarter of
2006, amounting to CDN$876 million compared with CDN$810 million
for the same period in 2005.

Commenting on the yearly results, Mr. Alain Lemaire, president
and chief executive officer stated: "We are pleased with these
results given we were able to prevail through a most challenging
time, one of the most difficult we've ever experienced,
characterized by increasing foreign competition, rising fiber
costs and very Volatile energy prices.  We very much rely on the
efforts of our employees in pursuing the realization of our
strategic plan.  They are the reason behind our success in
significantly improving our earnings and cash-flows and they are
the ones which will allow us to better address tomorrow's
challenges."

Operating losses amounted to CDN$28 million for the fourth
quarter ended Dec. 31, 2006, compared to operating losses of
CDN$34 million for the same quarter last year.

Operating income from continuing operations for the fourth
quarter ended Dec. 31, 2006, excluding specific items, amounted
to CDN$40 million and excludes the following items; a CDN$40
million pre-tax amount representing the impairment charge on
certain assets of the Red Rock (Ontario) containerboard mill, a
CDN$12 million pre-tax amount representing severance and other
benefits payable to departing employees and a CDN$14 million
pre-tax amount representing an impairment charge of the
company's sole North-American sawmill assets (Scierie Lemay).  

In addition, the 2006 fourth quarter operating results also
include a CDN$3 million pre-tax amount representing a refund of
countervailing and anti-dumping duties in relation to the
Scierie Lemay operations and a CDN$3 million positive adjustment
of post-retirement benefits.  Net earnings for the fourth
quarter were also impacted by an additional income tax provision
following the Norampac Inc. acquisition.

                        About Cascades Inc.

Founded in 1964, Cascades Inc. -- http://www.cascades.com/--   
produces, transforms, and markets packaging products, tissue
paper and fine papers, composed mainly of recycled fibres.  
Cascades employs nearly 15,600 men and women who work in some
140 modern and flexible production units located in North
America, in Europe and in Asia.  Cascades' management
philosophy, its more than 40 years of experience in recycling,
its continued efforts in research and development are strengths
which enable the company to create new products for its clients
and thus offer superior performance to its shareholders.  The
Cascades shares trade on the Toronto stock exchange under the
ticker symbol CAS.  The company has operations in Hong Kong,
Colombia, and Europe.

                           *     *     *

The Troubled Company Reporter -- Asia Pacific reported that
Moody's Investors Service confirmed Cascades Inc.'s Ba2
corporate family rating and its Ba3 senior unsecured rating.

Moody's also assigned Baa3 ratings to Cascades' new
CDN650-million senior secured revolver and CDN100 million senior
secured term loan.  Finally, Moody's announced that it will
upgrade Norampac's senior unsecured rating to Ba3 from B1 upon
completion of the acquisition by Cascades of the 50% of Norampac
it does not already own, and on the basis that the Norampac
notes will become a direct obligation of Cascades when the
liquidation of Norampac into Cascades is complete.

Standard & Poor's Ratings Services rated the Cascades Inc.'s
7-1/4% Senior Notes due 2013 at BB+.


DURALEX INT'L: Failure to Pay Debt May Prompt Wind-Up Procedure
---------------------------------------------------------------
Duralex International France sits on the edge of a liquidation
proceeding after owner Sinan Solmaz failed to raise EUR1.2
million to pay off the company's debts, Christine Berkovicius
writes for Le Monde.

According to Le Monde, Mr. Solmaz accumulated an EUR8-million
debt on top of the liabilities turned over by previous owners,
when he acquired the company in December 2005.

The commercial court in Orleans is expected to give the
insolvent company until June 2007 to continue operations and
find a buyer in order to avoid a possible liquidation.

Headquartered in La Chapelle Saint-Mesmin, France, Duralex
International France specializes in making glass.  It has 350
employees.  

In June 2005, the commercial court in Orleans placed the company
into court-supervised administration.   Mr. Solmaz, then
shareholder in Duralex, presented the magistrates with a three-
year plan involving injections of capital during 2006.  

The court approved the rescue package in December 2005.


LSG GATE: Under Legal Rectification Following Insolvency
--------------------------------------------------------
The commercial court of Mulhouse (Haut-Rhin) placed LSG Gate
Gourmet Paris SAS in legal rectification on March 14, a
spokesman for the company told AFP.

The source says LSG will be under observation until May 2.  A
provisional administrator will also be appointed.

LSG declared insolvency after losing major customers
representing 18% of its estimated sales turnover in 2007, AFP
relates.  The company said it incurred losses of EUR11 million
in 2006 and EUR37,000 in 2007.

The airline catering company earlier confirmed that it was in a
state of a suspension of payments.  

Headquartered in Ile de France, France, LSG Gate Gourmet Paris
SAS manufactures food for air transport.  The company, a 50/50
joint venture between LSG Sky Chefs France SA and Gate Gourmet
France SAS, revealed in October 2006 that it is experiencing
financial difficulties after the merger.  It also warned of 830
job losses between March 14 and April 30.


UNION NAVALE: Grupo Boluda Warns Bankruptcy Filing for Shipyard
---------------------------------------------------------------
Grupo Boluda contemplates on filing a bankruptcy petition for
Union Navale de Marseille after attempts to mediate disputes
between management and workforce representatives failed, Gerard
Tur writes for La Tribune.

According to the report, UNM's trade unions and employees were
against Boluda's policy of subcontracting 70 to 80 percent of
the shipyard's work.

Boluda, which took over the company in September 2006, disclosed
that it would file the petition and leave Marseilles if the
unions persist on refusing access of the workshops and usage of
machines to the subcontractors, La Tribune relates.  Boluda also
said the company is no longer viable.

Headquartered in Madrid, Spain, Grupo Boluda --
http://www.grupoboluda.com/-- is a private shipping group which  
ranks third biggest in Europe in the towing industry.

Headquartered in Marseilles, France, Union Navale de Marseille
operates a shipyard for military ship repairs.


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


BAU-PARTNER HEINZ: Claims Registration Period Ends April 12
-----------------------------------------------------------
Creditors of Bau-Partner Heinz Lange GmbH have until April 12 to
register their claims with court-appointed insolvency manager
Peter C. Minuth.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 3, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be contacted at:

         Dr. Peter C. Minuth
         Heinrich-Heine-Allee 20
         40213 Duesseldorf
         Germany
         Tel: 0211-49 22 40
         Fax: 0211-49 22 487

The District Court of Kleve opened bankruptcy proceedings
against Bau-Partner Heinz Lange GmbH on March 12.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Bau-Partner Heinz Lange GmbH
         Attn: Bernhard Elsing, Manager
         Siemensstrasse 27
         47574 Goch
         Germany


D S DACHSERVICE: Claims Registration Period Ends April 24
---------------------------------------------------------
Creditors of D S Dachservice GmbH i.L. have until April 24 to
register their claims with court-appointed insolvency manager
Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 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 Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

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

The insolvency manager can be contacted at:

         Thomas Thiele
         Bronnerstrasse 7
         44141 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against D S Dachservice GmbH i.L. on March 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         D S Dachservice GmbH i.L.
         Birkenstr. 33
         59379 Selm
         Germany


DAIMLERCHRYSLER: Union Heads Fight Chrysler Sale to Equity Buyer
----------------------------------------------------------------
Union leaders in Germany and in the U.S. oppose the sale of
DaimlerChrysler AG's Chrysler Group to a private equity buyer,
the Wall Street Journal reports.

"We wouldn't support a sale to a private-equity investor,"
DaimlerChrysler supervisory board member Gerd Rheude, who heads
the works council at a Worth truck plant in southwestern
Germany, says in an interview with WSJ.

"It's important for us that Chrysler won't be cut in pieces, but
that we find a way of securing the jobs of our American
colleagues," Mr. Rheude adds.

"We wouldn't support a solution such as a private equity firm
that would cut out choice bits," DaimlerChrysler supervisory
board member Helmut Lense tells The Detroit News in an
interview.  Mr. Lense is the main employee representative of a
plant in Stuttgart that builds engines, suspensions and
transmissions.

According to WSJ, under German law, a sale of a division have to
be approved by a public company's supervisory board, and half of
its seats have to be occupied by worker representatives.

The board chairman, a shareholder representative, can cast a
second, tie-breaking vote in case of a deadlock, although German
companies usually avoid such moves, WSJ adds.

In a TCR story on March 15, 2007, United Auto Workers President
Ron Gettelfinger said Chrysler Group should remain in the
family, according to reports of various news agencies.

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

                       About DaimlerChrysler

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

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

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

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

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


DERNER WOHNBAU: Claims Registration Period Ends April 25
--------------------------------------------------------
Creditors of Derner Wohnbau GmbH have until April 25 to register
their claims with court-appointed insolvency manager
Marcus Winkler.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Pforzheim
         Hall 310
         Third Floor
         Mannheimer Str. 17
         75179 Pforzheim
         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:

         Marcus Winkler
         Leitzstr. 45
         70469 Stuttgart
         Germany

The District Court of Pforzheim opened bankruptcy proceedings
against Derner Wohnbau GmbH on March 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Derner Wohnbau GmbH
         Attn: Karl Derner, Manager
         Quellenstr. 14/1
         75443 Oetisheim
         Germany


DTM KAROSSERIE: Creditors' Meeting Slated for April 19
------------------------------------------------------
The court-appointed insolvency manager for DTM Karosserie- und
Fahrzeugbau GmbH, Bjoern Gehde, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
10:55 a.m. on April 19.

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 10:00 a.m. on Aug. 9 at the same venue.

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

The insolvency manager can be reached at:

         Dr. Bjoern Gehde
         Goethestr. 85
         10623 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against DTM Karosserie- und Fahrzeugbau GmbH on
March 8.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         DTM Karosserie- und Fahrzeugbau GmbH
         Wollenberger Str. 2
         13053 Berlin
         Germany


DUKA REINIGUNGS: Claims Registration Period Ends April 30
---------------------------------------------------------
Creditors of DUKA Reinigungs- und Transportunternehmen GmbH have
until April 30 to register their claims with court-appointed
insolvency manager Marc Schmidt-Thieme.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         Germany

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

The insolvency manager can be contacted at:

         Marc Schmidt-Thieme
         Stephanienstr. 8
         76133 Karlsruhe
         Germany
         Tel: (0721) 7569 652

The District Court of Karlsruhe opened bankruptcy proceedings
against DUKA Reinigungs- und Transportunternehmen GmbH on
March 12.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         DUKA Reinigungs- und Transportunternehmen GmbH
         Attn: Iman Kaya, Manager
         Kriegsstr. 296
         76135 Karlsruhe
         Germany


ELEKTRO RAMB: Claims Registration Period Ends April 10
------------------------------------------------------
Creditors of Elektro Ramb GmbH have until April 10 to register
their claims with court-appointed insolvency manager
Michael Wellstein.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 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 Kaiserslautern
         Hall 8
         Bahnhofstr. 24
         67655 Kaiserslautern
         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:

         Michael Wellstein
         c/o Gesper, Hermes & Partner GBR
         L 11 20-22
         68161 Mannheim
         Germany
         Tel: 0621/129430
         Fax: 0621/152466

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

The Debtor can be contacted at:

         Elektro Ramb GmbH
         Woogmorgen 10
         67292 Kirchheimbolanden
         Germany


GARANT SCHUH: Owners Opt for Capital Hike; Avoids Liquidation
-------------------------------------------------------------
Shareholders of Garant Schuh + Mode have voted to launch capital
measures to get out of insolvency and avoid liquidation, Borsen
Zeitung reports.

The capital measures initially entail cutting the share capital
and then increasing it by issuing new stocks at EUR9.63 per
share, Borsen Zeitung relates.  Current shareholders would see
their holdings diluted to 24%, while new investors could control
up to 76% of voting rights.

According to the report, Erste Amplificator GmbH -- a trust set
up by insolvency administrator Friedrich Wilhelm Metzeler and
funded by a Commerzbank-led consortium -- would acquire the new
shares.  The company would then look for at least one strategic
investor to take over the share package.

Creditors will vote on the insolvency plan this July, with the
District Court of Duesseldorf subsequently terminating
insolvency procedures against Garant Schuh.

Headquartered in Duesseldorf, Germany, Garant Schuh & Mode AG --
http://www.garantschuh.de/-- retails footwear, leather goods  
and accessories.  The Garant Schuh & Mode group is a cooperative
of 4,000 stockists in 14 European countries, with a total of
5,800 stores.  The Company has member firms in Germany, France,
the Netherlands, Austria and Belgium.

Garant Schuh filed for commencement of bankruptcy proceedings in
September 2004 after failing to obtain cash from banks to cover
a financing gap.  The District Court of Duesseldorf opened
bankruptcy proceedings against the company in December 2004.


GWJ HEIZUNG: Claims Registration Period Ends April 13
-----------------------------------------------------
Creditors of GWJ Heizung & Sanitar GmbH have until April 13 to
register their claims with court-appointed insolvency manager
Bjoern Junge.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 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 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:

         Bjoern Junge
         Graf-Schack-Strasse 14
         18055 Rostock
         Germany

The District Court of Rostock opened bankruptcy proceedings
against GWJ Heizung & Sanitar GmbH on March 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         GWJ Heizung & Sanitar GmbH
         Attn: Nando Jennin, Manager
         Gnoiener Chaussee 60
         18195 Tessin/Vilz
         Germany


HANS OTTO: Claims Registration Period Ends April 25
---------------------------------------------------
Creditors of Hans Otto Pauli GmbH have until April 25 to
register their claims with court-appointed insolvency manager
Jens Uwe Drowatzky.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on May 16, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be contacted at:

         Dr. Jens Uwe Drowatzky
         Feithstr. 177
         58097 Hagen
         Germany

The District Court of Hagen opened bankruptcy proceedings
against Hans Otto Pauli GmbH on March 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Hans Otto Pauli GmbH
         Michaelstr. 11
         58089 Hagen
         Germany

         Attn: Andreas Schulze, Manager
         Grundschoetteler Str. 65
         58300 Wetter
         Germany


HOUSE OF SCANDINAVIA: Claims Registration Period Ends April 9
-------------------------------------------------------------
Creditors of House of Scandinavia GmbH have until April 9 to
register their claims with court-appointed insolvency manager
Gideon Boehm.

Creditors and other interested parties are encouraged to attend
the meeting at 10:25 a.m. on May 21, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Pinneberg
         Hall 5
         First Floor
         Bahnhofstrasse 17
         25421 Pinneberg
         Germany

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

The insolvency manager can be contacted at:

         Dr. Gideon Boehm
         Bachstrasse 85 a
         22083 Hamburg
         Germany

The District Court of Pinneberg opened bankruptcy proceedings
against House of Scandinavia GmbH on March 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         House of Scandinavia GmbH
         Attn: Jan-Hinrich Hermann Floto, Manager
         Pinneberger Chaussee 99
         25436 Moorrege
         Germany


INTERAKTIV WOHNBAU: Claims Registration Period Ends April 8
-----------------------------------------------------------
Creditors of Interaktiv Wohnbau GmbH & Co. KG have until April 8
to register their claims with court-appointed insolvency manager
Hubert Ampferl.

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

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

The insolvency manager can be contacted at:

         Dr. Hubert Ampferl
         Nymphenburger Str. 20
         80335 Munich
         Germany
         Tel: 089/3090586-0
         Fax: 089/3090586-10

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

The Debtor can be contacted at:

         Interaktiv Wohnbau GmbH & Co. KG
         Attn: Stefan Wagner, Manager
         Baader Str. 34
         80489 Munich
         Germany


JAHN & MALCHOW: Claims Registration Ends April 4
------------------------------------------------
Creditors of Jahn & Malchow GmbH have until April 4 to register
their claims with court-appointed insolvency manager
Wolfgang Weber.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Schwarzenbek
         Hall 3
         Moellner Str. 20
         Schwarzenbek
         Germany

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

The insolvency manager can be reached at:

         Wolfgang Weber
         Lauenburger Str. 15
         21493 Schwarzenbek
         Germany

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

The Debtor can be reached at:

         Jahn & Malchow GmbH
         Grabauer Str. 1
         21493 Schwarzenbek
         Germany


KONZEPT- UND BETEILIGUNGS: Claims Registration Ends April 10
------------------------------------------------------------
Creditors of Konzept- und Beteiligungs-GmbH have until April 10
to register their claims with court-appointed insolvency manager
Dr. Bruno Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 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:

         Dr. Bruno Kuebler
         Nieritzstr. 14
         01097 Dresden
         Germany
         Web site: http://www.kuebler-gbr.de/   

The District Court of Dresden opened bankruptcy proceedings
against Konzept- und Beteiligungs-GmbH on March 9.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Konzept- und Beteiligungs-GmbH
         Bruennerstr. 11
         01279 Dresden
         Germany


KUECHENSTUDIO-OST GMBH: Claims Registration Ends April 23
---------------------------------------------------------
Creditors of Kuechenstudio-Ost GmbH have until April 23 to
register their claims with court-appointed insolvency manager
Dr. Lucas F. Floether.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Dr. Lucas F. Floether
         Specks Hof Eingang C
         Nikolaistr. 3-5
         04109 Leipzig
         Germany
         Tel: 0341/652200
         Fax: O341/65220111

The District Court of Leipzig opened bankruptcy proceedings
against Kuechenstudio-Ost GmbH on March 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Kuechenstudio-Ost GmbH
         Ehrensteinstr. 34
         04105 Leipzig
         Germany


LUTSCH 55: Claims Registration Ends April 23
--------------------------------------------
Creditors of Lutsch 55 GmbH have until April 23 to register
their claims with court-appointed insolvency manager Rolf
Rattunde.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 14, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hagen
         Area 283 Karlsruhe
         Second Floor
         Main House (New Building)
         Heinitzstrasse 42
         58097 Hagen
         Germany   

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

The insolvency manager can be reached at:

         Rolf Rattunde
         Neumarktstr. 2c
         58095 Hagen
         Germany

The District Court of Hagen opened bankruptcy proceedings
against Lutsch 55 GmbH on March 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Lutsch 55 GmbH
         LuetkehofStr. 13
         58091 Hagen
         Germany

         Attn: Viktor Fedotushkin, Manager
         Luetkehofstr. 13
         58091 Hagen
         Germany


MALEREIBETRIEB CAKOLLI: Claims Registration Ends April 16
---------------------------------------------------------
Creditors of Malereibetrieb Cakolli GmbH have until April 16 to
register their claims with court-appointed insolvency manager
Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 7, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 Malereibetrieb Cakolli GmbH on March 7.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Malereibetrieb Cakolli GmbH
         Sonnenallee 14
         12047 Berlin
         Germany


MANTEUFFELSTRASSE VERWALTUNGS: Creditors' Meeting Set April 30
--------------------------------------------------------------
The court-appointed insolvency manager for Manteuffelstrasse
Verwaltungs GmbH, Dirk Wittkowski, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 10:25 a.m. on April 30.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:15 a.m. on July 16 at the same venue.

Creditors have until May 28 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dirk Wittkowski
         Kirchblick 11
         14129 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Manteuffelstrasse Verwaltungs GmbH on
March 13.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Manteuffelstrasse Verwaltungs GmbH
         Breite Str. 12
         14199 Berlin
         Germany


MOEBIUS GASTROSYSTEM: Creditors' Meeting Slated for April 30
------------------------------------------------------------
The court-appointed insolvency manager for Moebius Gastrosystem
GmbH, Bjoern Gehde, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:15 a.m. on April 30.

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 10:10 a.m. on July 16 at the same venue.

Creditors have until May 28 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Bjoern Gehde
         Goethestr. 85
         10623 Berlin
         Germany

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

The Debtor can be reached at:

         Moebius Gastrosystem GmbH
         Woehlertstrasse 15
         10115 Berlin
         Germany


MR-BAU GMBH: Creditors Must Register Claims by May 14
-----------------------------------------------------
Creditors of MR-Bau GmbH have until May 14 to register their
claims with court-appointed insolvency manager Immo Hamer von
Valtier.

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 Gifhorn
         Hall 118
         Schlossgarten 4
         38518 Gifhorn
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Immo Hamer von Valtier
         Langensalzastrasse 5
         30169 Hannover
         Germany
         Tel: 0511/3741074

The District Court of Gifhorn opened bankruptcy proceedings
against MR-Bau GmbH on March 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         MR-Bau GmbH
         Attn: Rainer Miglo, Manager
         Erzring 13 a
         38268 Lengede
         Germany


PIV PLANUNGSINGENIEURE: Creditors Must File Claims by April 20
--------------------------------------------------------------
Creditors of PIV Planungsingenieure Versorgungstechnik GmbH
Heizung-Klima-Sanitar have until April 20 to register their
claims with court-appointed insolvency manager Thomas Leicht.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Stuttgart
         Hall 13
         Ground Floor
         Hauffstr. 5 (Am Neckartor)
         70190 Stuttgart
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Thomas Leicht
         Eugenstr. 16
         70182 Stuttgart
         Germany
         Tel: 0711/245252

The District Court of Stuttgart opened bankruptcy proceedings
against PIV Planungsingenieure Versorgungstechnik GmbH Heizung-
Klima-Sanitar on March 8.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         PIV Planungsingenieure Versorgungstechnik GmbH
         Heizung-Klima-Sanitar
         Johannesstr. 11/1
         70176 Stuttgart
         Germany


RECKLINGHAUSER BRAUHAUS: Creditors Must File Claims by April 20
---------------------------------------------------------------
Creditors of Recklinghauser Brauhaus GmbH have until April 20 to
register their claims with court-appointed insolvency manager
Wolfgang Lorisch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 22, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

         Wolfgang Lorisch
         Kurt-Schumacher-Strasse 48
         45699 Herten
         Germany

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

The Debtor can be reached at:

         Recklinghauser Brauhaus GmbH
         Augustinessenstr. 4
         45657 Recklinghausen
         Germany

         Attn: Ludger Gregor Kruthoff, Manager
         Dellerheide 57
         46147 Oberhausen
         Germany


RITTER & REISS: Claims Registration Ends July 25
------------------------------------------------
Creditors of Ritter & Reiss Bau GmbH have until July 25 to
register their claims with court-appointed insolvency manager
Mr. Reinhardt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 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 Erfurt
         Hall 6
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         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:

         Mr. Reinhardt
         Windthorststr. 17
         99096 Erfurt
         Germany

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

The Debtor can be reached at:

         Ritter & Reiss Bau GmbH
         Cyriakstrasse 14
         99094 Erfurt
         Germany


SCHLOSS GYMNICH: Claims Registration Ends April 16
--------------------------------------------------
Creditors of Schloss Gymnich Verwaltungs GmbH have until
April 16 to register their claims with court-appointed
insolvency manager Dr. Heinz Dieter Klein.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on May 14, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Heinz Dieter Klein
         Waldpark 11
         50996 Cologne
         Germany

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

The Debtor can be reached at:

         Schloss Gymnich Verwaltungs GmbH
         Balkhausener Str. 2
         50374 Erftstadt
         Germany

         Attn: Ahmet Binguel, Manager
         Klufterhof 20
         53175 Bonn
         Germany


SCHMITT GMBH: Claims Registration Ends April 12
-----------------------------------------------
Creditors of Schmitt GmbH & Co. KG have until April 12 to
register their claims with court-appointed insolvency manager
Frank Hanselmann.

Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.m. on April 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Schweinfurt
         Meeting Hall 7
         Schweinfurt
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Frank Hanselmann
         Berliner Platz 6
         97080 Wuerzburg
         Germany
         Tel: 0931/359800
         Fax: 0931/3598050

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

The Debtor can be reached at:

         Schmitt GmbH & Co. KG
         Attn: Uwe Schmitt, Manager
         Muellersweg 35
         97797 Wartmannsroth/Difflofsroda
         Germany


SCHUETTE BAU: Claims Registration Ends April 10
-----------------------------------------------
Creditors of Schuette Bau GmbH have until April 10 to register
their claims with court-appointed insolvency manager
Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on April 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bersenbrueck
         Meeting Hall E 11
         Main Building
         Stiftshof 8
         49593 Bersenbrueck
         Germany

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

The insolvency manager can be reached at:

         Andreas Sontopski
         Gnoiener Platz 1
         48493 Wettringen
         Germany
         Tel: 02557/938422
         Fax: 02557/938450

The District Court of Bersenbrueck opened bankruptcy proceedings
against Schuette Bau GmbH on March 7.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Schuette Bau GmbH
         Bramscher Allee 10
         49565 Bramsche
         Germany

         Attn: Dirk Brunsmann, Manager
         Konrad-Adenauer-Strasse 19
         49179 Ostercappeln
         Germany


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

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on May 8, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. H. Hess
         Barbarossahof 4-5
         99092 Erfurt
         Germany

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

The Debtor can be reached at:

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


SPECTRUM BRANDS: Refinancing Cues Fitch to Affirm Junk Ratings
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Spectrum Brands Inc.
as:

    -- Issuer default rating 'CCC';
    -- Senior secured bank facility 'B/RR1';
    -- Senior subordinated debentures 'CCC-/RR5'.

The Rating Outlook has been revised to Negative from Stable.
Approximately US$2.38 billion of debt is covered by these
actions.

On March 12, 2007, SPC announced that Goldman Sachs and Bank of
America will refinance the current bank facility.  The current
bank facility consists of term loans of US$1.158-billion and up
to US$300-million of revolving credit for a total of US$1.458
billion at Dec. 31, 2006.  This facility is expected to be
refinanced by a new facility totaling US$1.65-billion which
provides potentially US$192-million more in credit availability.  
The new bank facility is expected to be rated 'B/RR1' subject to
final terms and conditions.  

SPC also announced an exchange offer where the current holders
of the US$350-million 8.5% senior subordinated notes due 2013
will receive a Variable Rate Toggle Interest Pay-In-Kind senior
subordinated note with an interest rate that begins at 11% and
matures in 2013.  The new bank facility is expected to close on
March 30, 2007.  The initial settlement on the exchange offer is
expected on the same day.  When these facilities are closed,
Fitch expects to rate them the same as the existing facilities
being replaced if, as seen in the March 9 SEC filing, the new
bonds have similar indenture terms as the US$700-million 7-3/8%
notes and the terms and conditions of the new bank facility are
relatively the same except for pricing - which is most likely to
be higher.

The rating reflects SPC's high leverage with FFO adjusted
leverage of 9 times (x) as well as debt/EBITDA of 8.3x for the
last 12 months (LTM) ending Dec. 31, 2006.  The company made
three major acquisitions since 2003 to lessen its dependence on
batteries.  The acquisitions were funded with debt and SPC
became highly leveraged.  In August 2006, management stated that
they were uncomfortable with leverage and had engaged Goldman
Sachs to assist in selling assets to delever.  The company's
credit metrics, diverse portfolio and minimal debt amortizations
are encapsulated in the 'CCC' IDR.

However, the Rating Outlook has been revised to Negative.  The
company's financial performance and credit protection measures
have shown a negative trend since 2004 and liquidity has
tightened at a time when the company is trying to restructure
operations.  The company's lessened liquidity limits its
competitiveness on a number of fronts one of which was shown by
its need to obtain waivers to spend in front of the new
Remington shaver launch. Importantly, the timing and proceeds
related to potential asset sales which should increase financial
flexibility are uncertain as is the company's potential scale
and business lines.  It is noted that the Home & Garden segment,
which represented more than 30% of SPC's EBITDA, is slated for
sale but that other asset sales would be needed as well to
reduce leverage.

SPC last had positive organic volume growth during FY04. In FY05
and FY06 top line growth was derived from acquisitions with F/X
buttressing the top line in 1Q07.  For the most part, battery
operations (34% of FY06 revenues) have been mired in zero or
negative growth on a quarter over quarter basis since 2Q05 -
though there was a strong retailer uptake with the 'more
performance better price' re-launch in 3Q06 of 16%.  Much of the
remaining issues within batteries appear to be the result of the
structural change in the European market but it will take
several quarters to address it.  Remington has uneven
performance.  The EBITDA margin has declined from 15% in FYE04
to 11.5% at LTM Dec. 31, 2006 due to mix and commodity pricing.
With leverage from acquisitions and declining margins, FFO
Adjusted Leverage rose from 5x to 9x in the similar period.

Of concern, is the marked decline in cash flow from operations
which has declined by US$183 million to US$44.5 million at
FYE06.  After being free cash flow positive (cash flow from
operations less capital expenditures) since FYE03, a negative
US$15.8 million was recorded at FYE06.  With the seasonal build-
up in working capital and despite very small capital
expenditures for 1Q07, free cash flow was negative US$78.4
million with LTM Dec. 31, 2006 a negative US$86.4 million.  Debt
balances increased by US$103-million from the fiscal year-end
and revolving credit availability declined to US$138 million at
Dec. 31, 2006.  Given increased working capital requirements for
the Home & Garden in Q207, it is expected that revolver
availability will have declined even further.  

At present, except for the steady performance of Global Pet,
which itself just took a US$271 million impairment charge, there
is very little in the near term that would indicate a solid up-
tick is forthcoming in the rest of the businesses (excluding the
discontinued Home & Garden).  While the company continues to
restructure its operations, there is a cash component in the
short to medium term that will need funding.  Additionally, the
new facilities will add more debt service to an already
pressured cash flow.  If there are large unexpected shocks to
the business model, the company may not have the financial
flexibility to respond.

Fitch views the expected financing as positive in that it takes
away a legal uncertainty with the bondholders, the imminent
requirement for covenant waivers on the existing bank facility,
adds some limited liquidity and also buys time to complete the
transition.  With Goldman leading both the bank facility and the
asset sale process, it is expected that future covenants will
provide the appropriate flexibility to work through the
transition.  Additionally, the Home & Garden segment should also
provide cash throughout the Spring and Summer as it typically
does in its seasonal cycle.  However, the uneven business trends
and the need for some measure of brand support and investment in
working capital for the next seasonal build up in working
capital towards the holiday season will continue to pressure
liquidity and credit metrics in the medium term.

The Recovery Ratings and notching in the debt structure reflect
Fitch's recovery expectations under a scenario in which
distressed enterprise value is allocated to the various debt
classes.  The recovery ratings for the bank facility ('RR1',
reflecting 91%-100% recovery) benefit from an enterprise value
which more than covers maximum outstanding.  The senior
subordinated debentures of 'RR5' (10%-30%) reflect the
expectation of below average recovery prospects in a distressed
case.

SPC is a global branded consumer products company with
operations in seven product categories: consumer batteries; home
& garden (discontinued); pet supplies; electric shaving and
grooming; household insect control; electric personal care
products, and portable lighting.


SPEZIALBAU RIEGER: Claims Registration Period Ends April 30
-----------------------------------------------------------
Creditors of Spezialbau Rieger GmbH have until April 30 to
register their claims with court-appointed insolvency manager
Henrik Teiwes.

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

The meeting of creditors will be held at:

         The District Court of Holzminden
         Hall 14
         Hauptgebaude
         Karlstrasse 15
         37601 Holzminden
         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:

         Henrik Teiwes
         Bahnhofstrasse 23
         37603 Holzminden
         Germany
         Tel: 0 55 31/9 37 10
         Fax: 0 55 31/93 71 10

The District Court of Holzminden opened bankruptcy proceedings
against Spezialbau Rieger GmbH on March 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Spezialbau Rieger GmbH
         Attn: Heinz-Dieter Rieger, Manager
         Kurze Breite 3
         37627 Deensen
         Germany


TETE HAUS: Claims Registration Period Ends April 16
---------------------------------------------------
Creditors of TETE Haus Baubetreuung-Massivbau GmbH have until
April 16 to register their claims with court-appointed
insolvency manager Gerhard Walter.

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

The meeting of creditors will be held at:

         The District Court of Tuebingen
         Hall 208
         Second Floor
         Branch Office
         Schulberg 14
         72074 Tuebingen
         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:

         Gerhard Walter
         Beim Kupferhammer 5/4
         72070 Tuebingen
         Germany

The District Court of Tuebingen opened bankruptcy proceedings
against TETE Haus Baubetreuung-Massivbau GmbH on March 9.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         TETE Haus Baubetreuung-Massivbau GmbH
         Attn: Asmus-Christian von Luetzow, Manager
         Calwer Str. 37/1
         72202 Nagold
         Germany


TLB TRANSPORTLOGISTIK:  Claims Registration Period Ends May 7
-------------------------------------------------------------
Creditors of TLB Transportlogistik Bleicherode GmbH have until
May 7 to register their claims with court-appointed insolvency
manager Dr. Frank Kreuznacht.

Creditors and other interested parties are encouraged to attend
the meeting at 3:45 p.m. on June 7, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Frank Kreuznacht
         Untermarkt 23
         99974 Muehlhausen
         Germany

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

The Debtor can be reached at:

         TLB Transportlogistik Bleicherode GmbH
         Attn: Wolfgang Hesse, Manager
         Gewerbestrasse 07
         99752 Bleicherode
         Germany


TUI AG: Hikes Tourism Earnings to EUR401 Million in 2006
--------------------------------------------------------
TUI AG closed fiscal year 2006 with a considerable increase of
the underlying operating earnings in its tourism division.  

The tourism result improved by 9.5% to EUR401 million
(EUR366 million in the previous year) after adjustment for
special influences (underlying divisions EBITA).  

In the tourism division, the company posted about
EUR14.1 billion in sales for 2006.  This figure matches the
previous year's level.  The shipping division increased its
sales by 63.1% to EUR6.3 billion.  This increase was primarily
caused by first-time inclusion of CP Ships for the entire year.  
The division's underlying result was still slightly positive at
EUR8 million yet still fell considerably short of the comparable
figure for the previous year (EUR322 million).  Decreased
freight rates owing to cyclical development as well as markedly
increased costs for bunker fuel and landside logistics primarily
caused this financial result.

The group reported an overall increase of 6.6% in sales to
EUR20.9 billion (EUR19.6 billion in the previous year) for its
divisions.  This figure covers the central operations unit and
the discontinued operations in addition to the core business
segments, i.e. tourism and shipping.  The divisions' underlying
profit, adjusted by special items, was EUR369 billion
(EUR707 million in the previous year), and was therefore
considerably below the comparable figure for the previous year.

The 2006 annual results for the group were considerably below
the previous year's figures.  Financial results as shown in the
balance sheet were burdened by expenses for restructuring
measures and by required depreciations on goodwill in the
tourism division to the amount of EUR710 million.  Moreover,
non-scheduled depreciations on intangible and tangible assets to
the amount of EUR54 million were required.

The total sum of non-scheduled depreciation in fiscal year 2006
therefore amounted to EUR764 million.  Taking into account the
tax expenses the results for the group amount to a loss of
EUR847 million.

Tourism continued its positive development from the previous
years, especially in the Central Europe sector.  The unit's
underlying operating earnings, adjusted by EUR26 million in
restructuring expenses, improved 74.7% to EUR115 million
(previous year EUR66 million).  The reported result at
EUR90 million was 35.8% above the previous year's level
(EUR66 million).

Despite difficult market conditions in the U.K. and Ireland the
earnings in the Northern Europe source market, adjusted for
restructuring costs, saw an increase.  At a slight decline in
sales the Northern Europe sector obtained underlying results of
EUR135 million (previous year: EUR114 million).  Including
restructuring expenses the result stands at EUR81 million
(previous year: EUR103 million).

The development of the Western Europe sector has not turned out
satisfactory.  The unit's result worsened compared with the
previous year, with burdens resulting from the weakness of the
French market.  The division's underlying EBITA, after
adjustments for special items, was -EUR26 million, which is
considerably below the comparable figure for the previous year
(-EUR0.7 million).  Taking into account extraordinary effects
from restructuring measures the result stands at -EUR54 million
(-EUR3 million in the previous year).

In the Destinations sector the incoming agencies and the hotel
sector succeeded in increasing sales compared with the previous
year.  The EUR173 million underlying division EBITA attained the
previous year's high level.  With EUR136 million, the result as
shown in the balance sheet is falling below the previous year's
figure (EUR185 million) owing to special depreciations.

The development in shipping was characterized, on the one hand,
by integration and first-time annual reporting of CP Ships and,
on the other hand, by the declining development among freight
rates.

Moreover, increased costs for bunker fuel, for landside
logistics and an increase in charter rates for vessels had a
negative impact on profit.  Sales in the shipping division
increased by 63.1% to EUR6.3 billion in 2006 due to the
integration of CP Ships for the entire year.  The underlying
result was slightly positive at EUR8 million (EUR322 million in
the previous year), when adjusted by expenses in conjunction
with integrating CP Ships.  The reported operating result at
-EUR106 million, as caused by the aforementioned factors, was
considerably below the previous year's figure (EUR319 million).

The group's debt situation evidences a positive development.
Debt was reduced by EUR600 million compared with the previous
year to about EUR3.2 billion due to divestments performed in
2006.

                        Outlook

Tourism

The current status of bookings is very good in most source
markets.  For the 2007 summer season starting in April the
number of guests is currently 7.2% over the previous year for
the global TUI Group.  Booked sales have increased by 4.7%, and
they are likewise considerably above the previous year's level.  
TUI is even closing out the winter season with a solid plus on
its books.  Winter sales throughout the group in the tourist
sector are 5.4% higher, and the number of guests 9% higher
compared with the same period last year.  Both figures are ahead
of current market growth.

TUI is expecting a positive development for the current fiscal
year in various tourism sectors.  TUI is generally expecting
rising sales, especially in the Central Europe sector, to
accompany our consistent expansion of the growth segment of
modular trips and expansion of innovative products in the
package tour market.  Consequently, TUI aims at sales growth of
up to EUR15 billion in tourism for fiscal year 2007.

It is assumed, in terms of the development of bookings, that the
Central Europe sector can achieve the good results from the
previous year, supported by accelerated expansion of new
business segments.

TUI believes that restructuring programs, which commenced in the
U.K. at a time of a declining market in the previous year, will
have a stabilizing impact on the development of financial
results for the Northern Europe sector, with positive results
most likely expected in the Nordic countries.

The market environment in France, which has been difficult thus
far, is expected to improve in the course of the current fiscal
year.  TUI plans for a generally positive contribution to
financial results in the Western Europe sector.  It is also
anticipated that profits in the Destinations sector will rise,
which may substantially result from profitable growth in the
hotel sector.

TUI has moreover instituted strategic initiatives that are aimed
at increasing the financial results in the tourism division in a
sustainable way.  These initiatives are based on structural
changes on the tourism market.  The measures were announced in
December 2006, and to a large extent restructuring costs have
already been implemented in the accounts for 2006.

TUI is reckoning with operating earnings somewhere between
EUR450 million and EUR550 million for 2008 in the tourism
division in consideration of the profit margin risk caused by
intensified competition and high prices for raw materials and
kerosene.

Shipping

TUI is reckoning with an 8% to 9% increase in shipped quantities
in the container shipping division for 2007 and 2008 within the
scope of anticipated market growth.  The group is assuming that
freight rates will develop differently on a regional basis.  
They are expected to show a slow positive development in the
second half of 2007.  A further increase in freight rates is
expected for 2008.  TUI is assuming, based on the expected
developments of shipped quantities and freight rates that sales
in the shipping division will rise to up to EUR7 billion in
fiscal year 2007.

Financial results in the shipping division shall remain
encumbered during the first half of 2007.  Dominated by the
realization of synergies from the process of integrating CP
Ships, which has been completed at the operational level, a
significantly positive contribution to the 2007 financial
results is expected, even in case of freight rates remaining
low.  The full synergy potential of about EUR220 million from
integrating CP Ships shall be achieved in fiscal year 2008.
Influenced by an anticipated growth in quantities and recovery
of the freight rate level, TUI is expecting an operating profit
in the range between 400 million and EUR500 million for shipping
in 2008.

Group

TUI is reckoning with an increase of group turnover to up to
EUR22 billion for fiscal year 2007 against the backdrop of the
anticipated positive development in the tourism and shipping
divisions.  Markedly improved results in both divisions shall
yield again a positive result for the Group.

                           About TUI

Headquartered in Hanover, Germany, TUI AG --
http://www.tui-group.com/-- engages in the tourism and  
shipping sectors.   The Company's core activities are in the
tourism business, focusing mainly on the markets of Central,
Northern and Western Europe.  TUI AG's shipping and logistics
activities are contained within its Hapag-Lloyd Container Linie
GmbH and CP Ships Ltd. subsidiaries.

                        *     *     *

As reported in the TCR-Europe on Feb. 13, Moody's Investors
Service downgraded the corporate family rating of TUI
Aktiengesellschaft to B1 from Ba3, the long-term senior
unsecured rating to B1 from Ba3 and the subordinated debt rating
to B3 from B2.  Moody's said the outlook on all ratings is now
stable.

In November 2006, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Germany-based shipping and
tourism group TUI AG to 'BB' from 'BB+', owing to its weakening
operating results.  S&P said the outlook is negative.


TUI AG: Merges Tourism Division with First Choice Holidays
----------------------------------------------------------
The Boards of TUI AG and the British First Choice Holidays PLC
have agreed to create a unique leisure travel group which will
also be one of the world's most profitable travel companies.  

TUI AG will merge its tourism division, excluding certain hotel
assets with First Choice.  The new leisure travel group will be
called TUI Travel PLC.

TUI Travel PLC will be headquartered in the U.K. and will seek
admittance to trading on the London Stock Exchange.  TUI AG will
have a majority shareholding with 51%, with existing
shareholders of First Choice holding 49% (calculated on a fully
diluted basis).  

Chief Executive Officer designate of the new company is Peter
Long, who is currently Chief Executive of First Choice.  As
authorized by the Supervisory Board of TUI AG in an
extraordinary meeting, the executive board has approved the
Merger.  The merger is subject to approval by the existing
shareholders of First Choice and approval by the relevant anti-
trust authorities.

"We are creating one of the most profitable and efficient
tourism groups in the world," TUI Chief Executive Dr. Michael
Frenzel, who will become Chairman of TUI Travel PLC, said.  "At
just the right time two strong partners are joining forces: TUI
Travel PLC is clearly aiming at growth and simultaneously will
make good use of the opportunities presented by the ongoing
consolidation in the European travel market."

The different strengths of the two partners represent an
excellent fit.  "TUI is clearly the market leader in traditional
beach package holidays," Peter Long, current Chief Executive
Officer and Chief Executive Officer Designate of TUI Travel PLC,
said.  "And over the past few years First Choice has
successfully expanded in the modular travel segment and in
certain niche markets, and in doing so has achieved above
average returns.  Both partners will benefit from the know how
of the other."

The travel company being created under the umbrella of TUI
Travel PLC will have, on the basis of the composite figures of
the 2006 financial year, a revenue of around EUR18 billion
(GBP12.1 billion) and EBITA of around EUR475 million
(GBP325 million).  In 2006, around 27 million holidaymakers
traveled with the tour operators and airlines of TUI Travel PLC.

TUI Travel PLC anticipates an annual synergy potential amounting
to approximately EUR146 million (GBP100 million) as a result of
the Merger to be fully realized within three years of
completion.  The majority of the synergy effects will be in the
British market and will be achieved for instance by having joint
administration, joint fleet and flight planning in the airlines,
introducing a common IT infrastructure and a more efficient use
of marketing instruments.  It is as yet uncertain how many jobs
will be lost as a result of the merger.  Jobs in Germany will
not be directly affected by the merger.

The formation of TUI Travel PLC is at the right juncture
according to Dr. Frenzel.  "We have used the past year to do our
homework.  Many structural and operational measures have been
started.  Now we are fit for the future," Dr. Frenzel said.

The TUI AG Chief Executive emphasized that the new TUI Travel
PLC is in a position not only to secure its footprint in a
strongly competitive environment but also to extend it.

"By taking this step we are creating room to take positive
action and are driving forwards the consolidation of the
European tourism business.  At the same time this undertaking
underlines our intention of pushing forward the two pillar
strategy of the TUI Group," Dr. Frenzel added.

The TUI Travel PLC will be headed by Peter Long as Chief
Executive Officer designate.  The board will consist of 17
members, including will be:

     * Sir Mike Hodgkinson (Non-Executive Deputy Chairman),
     * Peter Rothwell (Deputy Chief Executive),
     * Paul Bowtell (Chief Financial Officer),
     * Will Waggott (Group Commercial Director),
     * Christoph R. Mueller (Aviation Director), and
     * Volker B"ttcher (Managing Director Central Europe)

                           About TUI

Headquartered in Hanover, Germany, TUI AG --
http://www.tui-group.com/-- engages in the tourism and  
shipping sectors.   The Company's core activities are in the
tourism business, focusing mainly on the markets of Central,
Northern and Western Europe.  TUI AG's shipping and logistics
activities are contained within its Hapag-Lloyd Container Linie
GmbH and CP Ships Ltd. subsidiaries.

                          *     *     *

As reported in the TCR-Europe on Feb. 13, Moody's Investors
Service downgraded the corporate family rating of TUI
Aktiengesellschaft to B1 from Ba3, the long-term senior
unsecured rating to B1 from Ba3 and the subordinated debt rating
to B3 from B2.  Moody's said the outlook on all ratings is now
stable.

In November 2006, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Germany-based shipping and
tourism group TUI AG to 'BB' from 'BB+', owing to its weakening
operating results.  S&P said the outlook is negative.


TUI AG: Tourism Unit Merger Cues S&P to Put BB Ratings on Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit rating and related issue ratings on Germany-
based tourism and shipping group TUI AG on CreditWatch with
negative implications.  

This follows the announced merger of its tour operator business
with U.K.-based tour operator First Choice Holidays PLC, which
will increase the group's exposure to the highly volatile travel
industry.  It also reflects publication of TUI's full-year 2006
financial results, which are below par for the current ratings.  
The announced merger is subject to the approval of U.K.
antitrust authorities and First Choice shareholders and is
expected to be closed later in the year.

"We consider that the transaction will increase the group's
exposure to the highly volatile tourism industry, which will
account for 75% of combined group sales after completion of the
merger," said Standard & Poor's credit analyst Michael Seewald.  
"Potential synergies to be gained could be offset by ongoing
margin pressure inherent to the travel industry, owing to
changing market dynamics and potential external event risk, and
may not reduce the group's capital-intensive asset base."

In addition, the strongly growing but cyclical container
shipping market remains exposed to the threat of capacity
overhang, leading to continued margin pressure on TUI's shipping
division.  For the fiscal year 2006, TUI reported an operating
margin of 2.8% for the tourism segment and a flat result for the
shipping division, which was mainly due to earnings declines and
integration cost in TUI's Hapag-Lloyd container shipping
division.

At this early stage, it is not yet clear whether the
transaction, which does not include a cash component, will
dilute TUI's financial risk profile.  Under the announced
structure, First Choice's share in the new business would
represent 22% of total sales and an ownership stake of 49%,
which could result in potentially higher cash outflows to
shareholders in the future.  Furthermore, TUI's new corporate
structure including First Choice could weaken current financial
debt protection at TUI AG level, owing to structural
subordination issues.

Finally, the consolidation of First Choice's cash flow and debt
into TUI might not structurally improve the latter's currently
aggressive financial metrics.  TUI's fiscal 2006 adjusted funds
from operations-to-debt ratio has moved into the 15%-20% range,
which is below the 20% level considered adequate for the
ratings.

Standard & Poor's will continue to monitor future developments
and seek to resolve the CreditWatch placement within the next
three months, after the details of the transaction are known and
after discussion with management on future strategy and
financial policy.  "Depending on the final financial risk
profile of the combined entity and on the development of TUI's
operations, we could lower the corporate credit rating," said
Mr. Seewald.  "Taking into account potential issues of
structural subordination, the ratings on TUI's senior unsecured
and subordinated indebtedness could be lowered by up to two
notches."


WCM BETEILIGUNGS: Sells Klockner-Werke Stake for EUR240 Million
---------------------------------------------------------------
WCM Beteiligungs- und Grundbesitz AG has sold its stake in
Klockner-Werke AG for around EUR240 million, Borsen Zeitung
reports.

Following the sale, WCM now has more than enough funds to repay
its EUR230-million debt to HSH Nordbank, Borsen Zeitung relates.  
To repay its remaining debts, the company either has to sell or
restructure its remaining holdings in Maternus Kliniken AG and
Ymos.  Borsen Zeitung suggests that WCM would become a shell
company after paying its debts.

Michael C. Frege, WCM's court-appointed administrator, told
Borsen Zeitung that the stake sale would not terminate company's
insolvency although it represents a major move and could form
the basis for a new insolvency plan.

WCM applied for insolvency on Nov. 8, 2006, as a result of the
extraordinary termination of the loan agreement by HSH Nordbank
AG.  The District Court of Frankfurt (Main) opened bankruptcy
proceedings against the company on Nov. 21, 2006.  

The Court will verify the claims against the company at 9:00
a.m. on April 23, at:

         The District Court of Frankfurt (Main)
         Hall 1
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany

The administrator can be reached at:

         Michael C. Frege
         Barckhausstrasse 12-16
         60325 Frankfurt (Main)
         Germany
         Tel: 069/71701-300
         Fax: 069/71701-40-410

                        About WCM AG

Headquartered in Frankfurt, Germany, WCM Beteiligungs- und
Grundbesitz-AG -- http://www.wcm.de/-- holds equity interests  
in other real estate investment, management, and development
companies, as well as in the nursing homes and a packaging
maker.  The group owns 80% of Klockner-Werke AG, which also
operates in Austria, Czech Republic, Denmark, France, United
Kingdom, Italy, Netherlands, Spain, Switzerland, Australia,
Brazil, India, Japan, Mexico, Russian Federation, Singapore, and
the U.S.A.

WCM has been posting consecutive annual net losses since 2002:
EUR849 million in 2002; EUR315 million in 2003; EUR163 million
in 2004; and EUR44 million in 2005.


YAMOTO GMBH: Claims Registration Period Ends May 15
---------------------------------------------------
Creditors of YAMOTO GmbH have until May 15 to register their
claims with court-appointed insolvency manager
Dr. Stefanie Kuche.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on June 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Stefanie Kuche
         Arthur-Menge-Ufer 5
         30169 Hannover
         Germany
         Tel: 0511 626287-0
         Fax: 0511 626287-10


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

The Debtor can be reached at:

         YAMOTO GmbH
         Kuechengartenstr. 2
         30449 Hannover
         Germany

         Atn: Franziska Czarnowski, Manager
         Geveker Kamp 77
         30453 Hannover
         Germany


ZIMMEREI FREY: Claims Registration Period Ends May 2
----------------------------------------------------
Creditors of Zimmerei Frey GmbH have until May 2 to register
their claims with court-appointed insolvency manager Dr. Winfrid
Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.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 Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Winfrid Andres
         Neuer Zollhof 3
         40221 Duesseldorf
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against Zimmerei Frey GmbH on March 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Zimmerei Frey GmbH
         Attn: Karl-Heinz Frey, Manager
         Gernotstr. 15
         44319 Dortmund
         Germany


=============
H U N G A R Y
=============


AES CORP: Delays Filing of 2006 Form 10-K Due to Restatements
-------------------------------------------------------------
AES Corporation disclosed in a regulatory filing with the U.S.
Securities and Exchange Commission Monday that it is restating
its previously reported financial statements as a result of
errors discovered by its management.

As a result, the company says that the financial statements and
reports issued by its independent registered public accounting
firm, Deloitte & Touche LLP, should no longer be relied upon for
the years ended Dec. 31, 2003, 2004, and 2005.

Since AES has not finalized its year-end accounting review or
completed its preparation of year-end financial statements, the
company has not filed its Form 10-K for the year ending Dec. 31,
2006.  The 2006 Form 10-K will be filed as soon as practicable,
and will reflect the restated prior year financial results.

In addition, the company currently intends to amend its 2006
quarterly reports on Form 10-Q to restate its financial results
in those periods.

The company expects that the cumulative reduction to net income
for the errors currently identified will range from US$80
million to US$105 million in the aggregate for all periods being
restated.

However, no definitive conclusions may be presented regarding
this total until the accounting review is final.  The errors
identified by the company relate primarily to these categories,
which may change before the accounting review is finalized:

    * accounting for derivatives;

    * capitalization;

    * certain errors, including depreciation adjustments in the
      Company's subsidiaries, C.A. La Electricidad de Caracas
      and AES Eletropaulo;

    * share-based compensation, including stock option and
      restricted stock unit awards; and

    * income tax expense.

Many of these errors were identified as a result of the
Company's continuing remediation of previously identified
material weaknesses.  Other errors were discovered during the
Company's quarterly and year-end accounting reviews.  All errors
that have been presently identified result in non-cash
adjustments.

The company's statement of non-reliance on prior period
financial statements is the result of a required adjustment for
an embedded foreign currency derivative in a power sales
agreement at the company's facility in Cartagena, Spain, which
caused a material adjustment to prior periods.  This error
required a reduction to net income of approximately US$40
million in the aggregate for all periods reported through 2005
and is individually material to the results of operations for
the years ended Dec. 31, 2003 and 2004.

The company continues to review its accounting and historical
granting practices relating to share-based compensation, with
the assistance of outside consultants noted in its Form 8-K
dated Feb. 26, 2007.

On March 19, 2007, an ad hoc committee comprised of certain
members of AES's Financial Audit Committee was formed at the
suggestion of management to review the procedures, conclusions
and recommendations that will be presented by management
regarding the review of share-based compensation.

The non-reliance determination was made last March 16, by the
Financial Audit Committee of AES's Board of Directors, upon the
recommendation of management.  The determination has been
discussed with Deloitte & Touche LLP.

                      About AES Corporation

AES Corporation -- http://www.aes.com/-- is a global power  
company.  The company operates in South America, Europe, Africa,
Asia and the Caribbean countries.  Generating 44,000 megawatts
of electricity through 124 power facilities, the company
delivers electricity through 15 distribution companies.

AES has been in Eastern Europe for nearly ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.


AES CORP: Restatements Cue Default Under Senior Facilities
----------------------------------------------------------
AES Corporation reported that as of March 16, 2007, it was in
default under its senior bank credit facility due to the need to
restate prior period financial statements.  

In addition, the senior bank credit facility contains a cross-
default provision that provides that if a condition exists that,
with the giving of notice or lapse of time or both, would enable
the holders of indebtedness in amounts in excess of US$50
million to accelerate of maturity thereof, including the senior
notes and junior subordinated notes, would constitute an event
of default under the senior bank credit facility.

As a result, US$200 million of the debt under the company's
senior bank credit facility will be classified as current on the
balance sheet as of Dec. 31, 2006.  The Company will seek a
waiver of this default from its senior secured facility lenders.  
The company may not borrow additional funds under the revolving
credit facility until obtaining this waiver.

The company, as of March 16, 2007, was also in default under its
US$600 million senior unsecured credit facility agreement due to
the need to restate prior period financial statements.  As a
result, the company will seek a waiver of this default from its
senior unsecured credit facility lenders.   The company may not
borrow additional funds under the credit facility.  The current
draw on this facility is approximately US$100 million.

Because the company did not timely deliver its Form 10-K for the
year ended Dec. 31, 2006, to the trustee, the company was not in
compliance with its indentures governing the company's senior
notes and junior subordinated notes, but that non-compliance
does not result in an automatic event of default or the
acceleration of the notes.  However, the trustee under any of
the indentures or the holders of at least 25% of the outstanding
principal amount of any series of such notes has the right to
accelerate the maturity of that series of notes, if the company
fails to file and deliver its 2006 Form 10-K within 60 days
after written notice of such default, unless holders of a
majority of each such series of the notes waive compliance with
the filing and delivery requirement.

All of the indentures governing the notes and the senior
unsecured credit facility provide that an event of default
occurs thereunder when an event of default occurs under any
other indebtedness of the company in excess of US$50 million and
as a result of such default, the maturity of such debt has been
accelerated and such acceleration has not been annulled within
60 days.

                      About AES Corporation

AES Corporation -- http://www.aes.com/-- is a global power  
company.  The company operates in South America, Europe, Africa,
Asia and the Caribbean countries.  Generating 44,000 megawatts
of electricity through 124 power facilities, the company
delivers electricity through 15 distribution companies.

AES has been in Eastern Europe for nearly ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.


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


H2HCARE LTD: Creditors Wind Up Business Solution Firm
-----------------------------------------------------
Creditors of H2HCare Ltd. has decided to wind up the debt-laden
company, which incurred up to EUR2.5 million in debt, and
appointed Jim Stafford of Friel Stafford as liquidator, Sunday
Business Post reports.

Most of the company's debts were owed to shareholders, which
include the Bank of Ireland Venture Capital, the Enterprise 2000
fund and Enterprise Ireland, Sunday Business Post relates.  

H2HCare posted EUR2.3 million in losses in 2005, compared with
EUR1.4 million in 2004, Sunday Business Post says.  The company
only has EUR56,600 in shareholders' equity as of Dec. 31, 2005.  
According to the firm's latest accounts, its directors had
undertaken a detailed review of the business, and had prepared
detailed financial forecasts.

Mr. Stafford is reportedly holding talks with potential buyers
of the company's assets and intellectual property.  

The company is headed by chief executive Eamonn Furniss and
chairman Michael O'Toole.

Headquartered in Dun Laoghaire, Ireland, H2HCare Ltd. --
http://www.h2hcare.com/-- provides business management  
applications to international public and private hospital
markets.  The applications focus on operational efficiencies
based on advanced resource management and improved cash
management through patient and insurer billing and claims
management.


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


PARMALAT SPA: Unit Sells Portuguese Assets for EUR5.3 Million
-------------------------------------------------------------
Boschi Luigi & Figli S.p.A., a unit of Parmalat S.p.A., has
disposed of its Portuguese assets for around EUR5.3 million, AFX
News reports.

Boschi has sold Industria da Tranformacao Productos Alimentares
S.A. and Fomento da Industria do Tomate S.A. to Portuguese firm
Holding da Industria do Tomate S.A.

HIT will initially pay around EUR4.9 million on the sale date,
and the remaining amount four months after the transaction, AFX
News relates.  The price, however, could rise depending on the
ruling of the European Commission on the deal.

Under the terms of the agreement, HIT will take over the
guarantees Boschi gave Portuguese banks when it re-financed
Italagro's debt in 2004.

Italagro and FIT are not entirely consolidated in Parmalat as
they are up for sale, AFX News notes.

                       About Parmalat

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

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

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

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

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

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


SEAT PAGINE: Earns EUR80 Million for Year Ended 2006
----------------------------------------------------
Seat Pagine Gialle Group released its financial result for the
year ended Dec. 31, 2006.

The group posted an EUR80.1 million net income on EUR1.46
billion in revenue for the year ended Dec. 31, 2006, compared
with a EUR131.9 million net income on EUR1.42 billion in revenue
for the same period in 2005.

At Dec. 31, 2006, Seat Pagine's balance sheet showed EUR4.38
billion in total assets, EUR3.30 billion in total liabilities
and EUR1.08 billion in shareholders' equity.

The company's Board of Directors approved the draft annual
report for financial year 2006 on March 13.  

The board will propose the distribution of dividends for EUR58.4
million, equal to EUR0.007 per ordinary share and EUR0.0076 per
savings share at the general shareholders' meeting scheduled for
April 18 and 19.

A full-text copy of Seat Pagine's 2006 financial results is
available at no charge at http://ResearchArchives.com/t/s?1bc4

                    About Seat Pagine Gialle

Headquartered in Turin, Italy, Seat Pagine Gialle S.p.A. --
http://www.seat.it/-- provides a multimedia platform for  
assisting in the development of business contacts between users
and advertisers.  It has operations in the U.K., Germany and
France.

                          *     *     *

Moody's Investors Service assigned Seat Pagine Gialle S.p.A. a
Ba3 Corporate Family Rating, with stable outlook.

Fitch Ratings also placed the company an Issuer Default rating
of BB- with Stable Outlook.  Fitch also assigned rating of BB to
Seat's senior secured facilities, and B+ to the senior notes
issued by Lighthouse International Company S.A.

Standard & Poors also assigned BB- Long-term Local and Foreign
Issuer Rating to Seat.


TK ALUMINUM: Amends Nemak Transaction Consent Terms
---------------------------------------------------
TK Aluminum Ltd., the indirect parent of Teksid Aluminum
Luxembourg S.a.r.l., S.C.A., has executed amended and restated
agreements and completed the sale of certain of its assets and
operations in North America and its operations and interests in
South America to Tenedora Nemak S.A. de C.V., a subsidiary of
ALFA S.A.B. de C.V.  

Pursuant to the revised terms of the Nemak transaction, the
Company remains obligated to sell its assets and operations in
Poland and a 70% equity interest in its Chinese joint venture.

Under the revised Nemak transaction, the Company is entitled to
receive an aggregate amount of US$485 million in cash, subject
to certain adjustments, together with a synthetic equity
interest in the Nemak business post-closing, which, after giving
effect to the completion of Nemak's acquisition of Norsk Hydro,
is expected to be no greater than 6.68%.  The synthetic equity
interest is subject to downward revision for various
indemnities, guarantees and repayment of the US$25 million loan
issued in connection with the transaction.  

The synthetic equity interest is also subject to adjustment for
certain dilutive events, changes in capitalization and the
occurrence of certain major transactions.  Pursuant to the
revised terms of the Nemak transaction, Nemak is obligated to
provide the Company with certain limited assistance, including
the assumption of up to US$2 million in liabilities in
connection with the reorganization of the Company's remaining
operations.  In addition, ALFA has agreed to provide credit
enhancement to support up to US$25 million of letters of credit
in favor of commercial counterparties to replace arrangements
under the Company's senior credit facility.

The Company also announced that approximately 82% of the EUR240
million aggregate principal amount of the Company's outstanding
11-3/8% Senior Notes due 2011 were validly delivered in its
previously announced solicitation, which expired on March 8,
2007.  Consequently, the Company and the indenture trustee
executed a supplemental indenture, effective as of March 15,
2007.

The Supplemental Indenture

   (i) permits the Nemak transaction on the terms contained in
       the amended and restated agreements; and
  
  (ii) implements the other terms that were agreed to with the
       financial and legal advisors to the adhoc committee of
       Noteholders, which were previously disclosed of in the       
       Company's Feb. 27, 2007, press release. The Indenture
       amendments and terms of the consent solicitation are
       described in the Consent Solicitation Statement dated
       March 2, 2007.

As consideration for the initial sale of assets and operations
in North and South America being purchased, the Company received
US$414 million in cash along with a 5.64% synthetic equity
interest in the Nemak business.

Pursuant to the revised terms of the Nemak transaction, the
Company would be entitled to additional cash consideration and
additional synthetic equity interest in connection with
subsequent sales of certain of its remaining operations and
interests.  There can be no assurance that these sales will
occur.

The proceeds from the initial sale were used in part to fund the
repayment of certain of the Company's then outstanding debt,
including the senior secured credit facilities (both the first
lien revolver and the second lien facility) and required
repayments under capitalized leases.  In addition, proceeds will
also be used to fund the anticipated tax payments as a result of
this transaction, and various other payments, including fees and
expenses, and to commence the tender offer required by the
Supplemental Indenture.

In parallel with the Nemak transaction, Teksid Aluminum has
continued to pursue alternatives with regard to its remaining
operations, principally located in France, Italy and Germany.  
As previously reported, the Company is in discussions with
potential purchasers of these operations.  The consummation of a
transaction remains subject to a number of conditions, including
execution of a definitive agreement, regulatory approvals,
completion of satisfactory due diligence, and approval by the
board of directors of the Company.  There can be no assurance
that a definitive agreement with any party will be executed on
acceptable terms or at all.  Additionally, even assuming
acceptable terms are reached, there can be no assurance that the
required conditions of such transactions would be met, including
any requirement to receive consent of the Noteholders.

                     About Teksid Aluminum

Teksid Aluminum -- http://www.teksidaluminum.com/--   
manufactures aluminum engine castings for the automotive
industry.  Principal products include cylinder heads, engine
blocks, transmission housings and suspension components.  The
company operates 15 manufacturing facilities in Europe, North
America, South America and Asia.  The company maintains
operations in Italy, Brazil and China.

Until Sept. 2002, Teksid Aluminum was a division of Teksid
S.p.A., which was owned by Fiat.  Through a series of
transactions completed between Sept. 30, 2002 and Nov. 22, 2002,
Teksid S.p.A. sold its aluminum foundry business to a consortium
of investment funds led by equity investors that include
affiliates of each of Questor Management Company LLC, JPMorgan
Partners, Private Equity Partners SGR SpA and AIG Global
Investment Corp.  As a result of the sale, Teksid Aluminum is
owned by its equity investors through TK Aluminum Ltd., a
Bermuda holding company.

                          *     *     *

On Jan. 16, Moody's Investors Service placed TK Aluminum
Ltd.'s long-term corporate family rating at Caa3.


TRW AUTO: Issuing US$1.1-Bln & EUR275-Mln Bonds in Private Offer
----------------------------------------------------------------
TRW Automotive Holdings Corp., through its subsidiary TRW
Automotive Inc., has finalized the terms of its Senior Notes
offering.

The company will issue:

    * US$500-million in principal amount of 7% Senior Notes due
      2014,

    * EUR275-million in principal amount of 6-3/8% Senior Notes
      due 2014, and

    * US$600-million in principal amount of 7-1/4% Senior Notes
      due 2017.

The company anticipates that consummation of the offering will
occur on March 26, 2007.

The company intends to use the proceeds from this offering to
consummate its tender offers and consent solicitations for its
outstanding US$825 million 9-3/8% Senior Notes due 2013, EUR130
million 10-1/8% Senior Notes due 2013, US$195 million 11% Senior
Subordinated Notes due 2013 and its EUR81 million 11-3/4% Senior
Subordinated Notes due 2013, as well as to pay for related fees
and expenses.

The Notes will be issued in a private placement and are expected
to be resold by the initial purchasers to qualified
institutional buyers in accordance with Rule 144A under the
Securities Act of 1933, as amended, and to non-U.S. persons
outside the United States pursuant to Regulation S under the
Securities Act.  The offer of the Notes will be made only by
means of an offering memorandum to qualified investors and has
not been registered under the Securities Act, and the Notes may
not be offered or sold in the United States absent registration
under the Securities Act or an applicable exemption from the
registration requirements of the Securities Act.

                            About TRW

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

                          *     *     *

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


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


ALGA LLP: Creditors Must File Claims by April 27
------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Pkf Alga 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


ATAMEKEN-2030 LLP: Creditors' Claims Due April 27
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Atameken-2030 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


BEK-JAN LLP: Proof of Claim Deadline Slated for April 27
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Bek-Jan insolvent on Oct. 26, 2006.

Creditors have until April 27 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


EKIBASTUZ-ENERGO-ALLIANCE LLP: Claims Registration Ends April 27
----------------------------------------------------------------
LLP Ekibastuz-Energo-Alliance has declared insolvency.  
Creditors have until April 27 to submit written proofs of claim
to:

         LLP Ekibastuz-Energo-Alliance
         Gridin Str. 123
         Ekibastuz
         Pavlodar
         Kazakhstan


HABER LLP: Claims Filing Period Ends April 20
---------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region has declared LLP Haber insolvent on Feb. 2.  

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

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan Region
         Sutushev Str. 58
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan
         Tel: 8 (3152) 46-35-83


HALYK BANK: Annual Shareholders' Meeting Slated for April 23
------------------------------------------------------------
JSC Halyk Bank of Kazakhstan will hold its Annual General
Shareholders' Meeting on April 23 at:

         Kurmangazy Str. 40,
         Almaty
         Kazakhstan

Issues proposed for voting at the meeting include:

   -- approval of 2006 annual financial statements;

   -- approval of distribution of 2006 net income;

   -- approval of payment of dividends on shares;

   -- approval of amount of dividend per common share for 2006;
    
   -- approval of number of members of the Board of Directors;

   -- approval of amendments to the Charter;

   -- election of new directors to the Board of Directors;

   -- approval of amendments to the Corporate Governance Code;   

   -- approval of amendments to the Terms of the Board of         
      Directors; and

   -- approval of number of members and the term of the Counting
      Board; and election of members to the Counting Board.

List of shareholders entitled to participate at the general
shareholders' meeting of JSC Halyk Bank Kazakhstan will be
determined based on the shareholders register of JSC Halyk Bank
Kazakhstan as at March 23.

For any information and materials related to the agenda and
other details of the general shareholders' meeting contact: for
Russian speaking - (007) 3272 590 777, 590 599; for English
speaking - (007) 3272 598 866, 590 427.

Registration of the participants at the general shareholders'
meeting will proceed from 10:00 a.m. to 10:45 a.m. Almaty time
on the same day at the said address.

Individual participants shall present identification document,
representatives of shareholders shall present a respective power
of attorney in accordance with the legislation of the Republic
of Kazakhstan.

In the absence of quorum the general shareholders' meeting shall
reconvene at 11:00 a.m. Almaty time on April 24 at:

         Kurmangazy 40
         Almaty
         Kazakhstan

Details of the procedures for voting of shares represented by
Global Depositary Receipts are specified in the Article 12 of
the Terms and Conditions of the GDRs.  Copy of the Terms and
Conditions on the GDRs are available on the website of JSC Halyk
Bank Kazakhstan and also from the Deutsche Bank Trust Company
Americas, 60 Wall Street, New York NY, 10005 U.S.A.

In accordance with the Law of the Republic of Kazakhstan "On
Joint Stock Companies" dated May 3, 2003 the shares in nominal
holding are eligible for voting at the general shareholders'
meeting subject to prior disclosure of identity of ultimate
beneficial owners of the GDRs to the Central Depositary of the
Republic of Kazakhstan.

Additionally in accordance with the Law of the Republic of
Kazakhstan "On Banks and Banking Activity" dated Aug. 31, 2005
as amended, voting rights of holders of GDRs representing common
shares shall be subject that:
         
   (i) they certify on behalf of the relevant beneficial owner   
       that:

      -- it is not a legal entity registered in Andorra,
         Liechtenstein, Liberia, Monaco, the Marshall Islands,
         Nauru, the Cook Islands, Guatemala, Indonesia, Burma
         (Myanmar), Nigeria or the Philippines or which has an
         affiliate registered in any such jurisdiction (unless
         such entity is an international bank having a credit
         rating of 'A' or above from one  of Moody's Investors
         Service, Inc., Standard & Poor's Ratings Services,
         Fitch Ratings Ltd. or Capital Intelligence Ltd.), or

      -- a physical person who is a participant or a
         shareholder in such legal entity.
     
  (ii) they own GDRs representing less than 10% of the
       outstanding common shares of the Bank, or in case they
       own GDRs representing more than 10% of the outstanding
       common shares of the Bank they have obtained an approval
       from the Agency of Kazakhstan on Regulation and
       Supervision of Financial Markets and Financial
       Organizations for such ownership.

In consideration of the legislative requirements and upon
determining the list of shareholders entitled to participate at
the general shareholders' meeting, i.e. March 23, 2007, the
"Depositary" will be requesting the holders of GDRs to disclose
of  the identity of ultimate beneficial owners of the GDRs and
certify that they are not subject to (i) and (ii) of the above
paragraph.  Further details and deadlines will be specified in
respective requests from the Depositary.

Items of the agenda proposed for voting together with supporting
materials and voting instructions will be provided through the
Depositary in due course.

Headquartered in Almaty, Kazakhstan, Halyk Bank --
http://www.halykbank.kz/-- is the largest universal second-tier  
bank of Kazakhstan.

                         *     *     *

As reported in the TCR-Europe on Jan. 22, Fitch Ratings affirmed
Kazakhstan-based Halyk Bank's ratings at foreign currency Issuer
Default BB+, Short-term foreign currency B, local currency
Issuer Default BBB-, Short-term local currency F3, Individual
C/D, and Support 3.  Fitch said the Outlook on the foreign
currency Issuer Default rating remains Positive, and that on the
local currency IDR Stable.


STROYSANTECHSERVICE LLP: Creditors Must File Claims by April 27
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Stroysantechservice insolvent on Jan. 29.

Creditors have until April 27 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

TECHNO-CITY LLP: Creditors' Claims Due April 27
-----------------------------------------------
LLP Techno-City has declared insolvency.  Creditors have until
April 27 to submit written proofs of claim to:

         LLP Techno-City
         Mir Str. 110
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


TEMPRA LLP: Proof of Claim Deadline Slated for April 27
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Tempra insolvent.  

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Pobeda Square 5
         Pavlodar
         Kazkahstan
         Tel: 8 (3182) 32-38-46


TERMINAL-SERVICE LLP: Claims Registration Ends April 27
-------------------------------------------------------
LLP Terminal-Service has declared insolvency.  Creditors have
until April 27 to submit written proofs of claim to:

         LLP Terminal-Service
         Office 202
         Micro District 2 47b
         Aktau
         Mangistau
         Kazakhstan


TRANS-SERVICE-EXPEDITION LLP: Claims Filing Period Ends April 20
----------------------------------------------------------------
LLP Trans-Service-Expedition has declared insolvency.  Creditors
have until April 20 to submit written proofs of claim to:

         LLP Trans-Service-Expedition
         Country House 6
         Vostochny
         Semipalatinsk
         East Kazakhstan Region
         Kazakhstan


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


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

         LLC Terravox
         Micro District 6, 9/1-25
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 48-01-78


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


EVRAZ GROUP: Acquires 93.35% ZapSibTETs Stake for RUR5.95 Bln
-------------------------------------------------------------
OOO InvestEnergoProject, acting in the interests of parent Evraz
Group S.A., won an auction to acquire a stake in OAO West
Siberian Heat and Power Plant (ZapSibTETs).

The 93.35% stake was acquired at the price of RUR5.95 billion.  
ZapSibTETs has a nominal capacity of 1,307.5 Gcal/hour of heat
and 600 MW of electricity.

The West Siberian Heat and Power Plant was built as a substation
of ZSMK that at present consumes 42% of the heat and over 25% of
the electricity produced by the Plant.  The technological
processes of ZSMK and the Plant are closely interconnected.  
ZSMK supplies to the Plant coking and blast furnace gas that
accounts for up to 17% of the Plant's fuel balance, takes part
in the steam refrigeration, and gives it room for an ashes dump.  
The Plant can meet up to 85% of ZSMK's electricity requirements
and fully satisfy its demand for heat.

"The acquisition of ZapSibTETs, in addition to existing power
and heat generation capacities at NTMK and NKMK, will allow us
to manage steel production costs more efficiently," Alexander
Frolov, Evraz's CEO, said.  "It will also enhance significantly
the power independence of Evraz's Russian steel mills."

                           About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and  
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                          *     *     *

As reported in the TCR-Europe on Nov. 23, 2006, Fitch Ratings
affirmed Luxembourg-based Evraz Group S.A.'s Issuer Default and
senior unsecured ratings at BB and its Short-term rating at B.

At the same time, Fitch has affirmed the ratings of Mastercroft
Ltd., Evraz's core subsidiary with most of its assets
concentrated in Russia- at Issuer Default BB and Short-term B.
Evraz Securities SA's senior unsecured rating is affirmed at BB.
Fitch said the Outlooks on the Issuer Default ratings are
Stable.

Evraz Group's 8-1/4% notes due November 2015 has been given by
Moody's Investors Service's (P)B2 rating, Standard & Poor's B+
rating and Fitch's BB- rating.


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


GETRONICS NV: Declines to Comment on KPN Takeover Speculation
-------------------------------------------------------------
Getronics NV refused to comment on a De Telegraaf report that it
was being prepared for a sale to Dutch telecoms group Royal KPN
NV, Reuters says.

According to the report, Getronics' banks instructed new CFO
Maarten Henderson to "clean up and facilitate a sale".

The paper reveals that KPN is only interested in the Benelux
operations of Getronics.  Thus, the IT group will have to sell
its other businesses in Britain, Spain and United States.

Getronics CEO Klaas Wagenaar earlier disclosed this month that
the group might sell some units and acquire new businesses
particularly outside western Europe.  It is also considering
offers for the whole company, Reuters relates.

Analysts see Getronics as a takeover candidate because it has
interesting assets as well as underperforming activities.

However, a spokesman for KPN reiterated that the telecoms group
had nothing to say regarding any takeover talks with Getronics
although some of the latter's activities fit into its strategy
to broaden portfolio and expand from core business.

Meanwhile, workers at Getronics' Scottish headquarters at
Inchinnan, Renfrewshire, fear that the sale of its Dutch parent
may result to job cuts, The Herald reports.

                        About Getronics

Headquartered in Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages  
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.
Its shares are traded on Euronext Amsterdam.

                          *     *     *

As reported in the TCR-Europe on March 12, Moody's confirms the
current B2 corporate family rating of Getronics N.V.

Concurrently the Caa1 rating on the approximately EUR11-million
of remaining convertible bonds due 2008 is also confirmed.  The
Caa1 rating on 2008 bonds is expected to be unchanged upon the
implementation of Moody's Loss Given Default Methodology
beginning March 19.  Moody's said a negative outlook for ratings
was assigned.  Moody's will withdraw the rating on the 2008
notes if they are fully redeemed.


X5 RETAIL: Names Pawel Musial as Chief Commercial Officer
---------------------------------------------------------
X5 Retail Group N.V. has appointed Pawel Musial as Chief
Commercial Officer of X5 Retail Group N.V.

The company also appointed Igor Sotnikov as Director for
managing the supply chain for X5 Retail Group N.V.

Mr. Musial will be responsible for implementing company policies
in commercial procurement, marketing, advertising and managing
product assortment and price range.

Mr. Musial graduated Warsaw University and Warsaw Agricultural
Academy.  He has worked in Poland as the director of Tesco and
Hit hypermarkets.  He also worked as the marketing director of
the Robert supermarket chain (part of the Auchan Group) and as
the Regional Operational Director of the Tesco chain.
He joined Perekrestok in 2004, first in the capacity of
Operational Director and then as General Director.
From October 2006 until now, Mr. Musial acted as Vice President
for international cooperation of X5 Retail Group N.V.

Mr. Sotnikov will be responsible for implementing company
policies in the management of logistical operations for X5
Retail Group stores.

Mr. Sotnikov graduated Bauman Moscow State Technical University
(1985-1996) with a degree in Metallurgical Machines and
Hardware, Moscow State University (1994-1997) with a degree in
Applied Mathematics, and Moscow Institute of Economics,
Management and Law (1998-2001) with a degree in Finance and
Credit.

His career began with the company California Cleaners in 1994.
From 1997 to 2001 he worked at Minolta's Moscow office.  In 2001
he joined ZAO TD Perekrestok as a Deputy Director of the IT
division, and then transferred to become the Director of the
distribution center.  From 2004 until present, he was the
Commercial Director of the Perekrestok chain.

"The position Chief Commercial Officer didn't exist at X5 until
now," Lev Khasis, X5 Retail Group CEO, said.  "It is being
created in connection with the introduction of the integrated
function of commercial procurement and marketing.  Pawel Musial
has been appointed to this position as a person who is well-
known in the business as a professional with serious experience
working at international retail companies.  He has been rated
among the best managers in Russia according to surveys by the
Russian Association of Managers and the Kommersant publishing
house.

"Logistics is currently one of the most strategically important
branches of the company's development in the mid-term," Mr.
Khasis added.  "I have no doubt that the experience of the new
Director for managing the supply chain Igor Sotnikov completely
corresponds with the scale of our ambitious projects to create
an integrated logistics system on the base of X5's regional
multi-formatted stores."

                         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.


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


THINK NORDIC: US$25-Mln Capital Injection Revives Bankrupt Firm
---------------------------------------------------------------
Think Nordic ASA will resume operations after its Norwegian and
international investors injected a US$25 million fresh capital
to revive the business, the Associated Press reports.

According to the report, the needed capital will be used to
finance the production of its Think City car later this year.

Ford Motor Co. first acquired Think in 1999 and had invested
over US$100 million to develop two-seater electric cars.  In
2003, Ford sold Think to Kamkorp Microelectronics, which owned
it until its bankruptcy filing in 2006.  Norwegian investment
group InSpire bought the company during the liquidation process
in March 2006.  

Jan-Olaf Willums, Think's managing director, told AP that the
company will work on the platform left by Ford to environment-
friendly cars.  Mr. Willums expressed confidence that Think's
car would be in demand due to increasing focus on environmental
concerns.

The company is preparing to manufacture its new Think City,
which, according to Mr. Willums, has a range of about 180
kilometers, and meets both European and U.S. safety standards.

Headqquartered in Oslo, Norway, Think Nordic ASA --
http://www.think.no/-- designs, develops and produces electric  
vehicles and other innovative, affordable and clean modes of
transportation for fleet customers.


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


PARMALAT SPA: Unit Sells Portuguese Assets for EUR5.3 Million
-------------------------------------------------------------
Boschi Luigi & Figli S.p.A., a unit of Parmalat S.p.A., has
disposed of its Portuguese assets for around EUR5.3 million, AFX
News reports.

Boschi has sold Industria da Tranformacao Productos Alimentares
S.A. and Fomento da Industria do Tomate S.A. to Portuguese firm
Holding da Industria do Tomate S.A.

HIT will initially pay around EUR4.9 million on the sale date,
and the remaining amount four months after the transaction, AFX
News relates.  The price, however, could rise depending on the
ruling of the European Commission on the deal.

Under the terms of the agreement, HIT will take over the
guarantees Boschi gave Portuguese banks when it re-financed
Italagro's debt in 2004.

Italagro and FIT are not entirely consolidated in Parmalat as
they are up for sale, AFX News notes.

                       About Parmalat

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

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

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

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

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

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


=============
R O M A N I A
=============


* Western Romania Has Less Bankrupts Than Rest of Country
---------------------------------------------------------
There are less bankrupt companies in Western Romania than any
other part of the country, Ziarul Financiar reports citing a
study by risk management firm COFACE.

Western Romania accounts for only 9% of insolvency cases filed
in the last 17 years, the study says.  Only 914 companies went
into administration or succumbed to bankruptcy in Western
Romania, compared with 1,931 bankrupt firms in Bucharest.  The
Calarazi county in the region posted the lowest number of
bankrupts, with 41 firms, equivalent to less than 0.4% of the
total 10,431 cases in Romania.

According to the study, cities with the most number of bankrupts
include Bucharest, Bihor (5.5%), Brasov (4.95%) and Galati
(4.1%).

The study included firms undergoing bankruptcy proceedings,
under administration and which bankruptcy proceedings have
ended, regardless of the year when the proceedings were started,
Ziarul Financiar says.


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


ALEKSEEVSKIY AGRO-COMPLEX: Creditors Must File Claims by April 3
----------------------------------------------------------------
Creditors of OJSC Alekseevskiy Agro-Complex have until
April 3 to submit proofs of claim to:

         R. Khalimov, Insolvency Manager
         Post User Box 163
         Kazan
         420054 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A65-21524/2006-SG4-21.

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12, Floor 2
         Entrance 2, Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         OJSC Alekseevskiy Agro-Complex
         Tsentralnaya Str. 37
         Kurkul
         Alekseevskiy
         Tatarstan
         Russia


BOLSHEVIK OJSC: Creditors Must File Claims by May 3
---------------------------------------------------
Creditors of OJSC Breeding Poultry Factory Bolshevik have until
May 3 to submit proofs of claim to:

         V. Chernyshov, Insolvency Manager
         Svobody Str. 1a
         Yasenki
         Bobrovskiy
         397721 Voronezh
         Russia

The Arbitration Court Voronezh commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A14-1903-2006/2/27b.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Breeding Poultry Factory Bolshevik
         Yasenki
         Bobrovskiy
         Voronezh
         Russia


BUILDING CENTRE: Creditors Must File Claims by May 3
----------------------------------------------------
Creditors of CJSC Building Centre Region have until May 3 to
submit proofs of claim to:

         A. Miroshin, Insolvency Manager
         Post User Box 5-18
         680000 Khabarovsk
         Russia

The Arbitration Court of Khabarovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A73-3911/2006-36.

The Debtor can be reached at:

         CJSC Building Centre Region
         Molodogvardeyskaya Str. 17
         Komsomolsk-na-Amure
         681000 Khabarovsk
         Russia


DAVLEKANOVSKIY FOUNDRY: Creditors Must File Claims by May 3
-----------------------------------------------------------
Creditors of OJSC Davlekanovskiy Foundry Mechanical Shop (TIN
0259007123) have until May 3 to submit proofs of claim to:

         E. Ivanov, Insolvency Manager
         Apartment 9
         Oktyabrya Pr. 89/3
         Ufa
         450057 Bashkortostan
         Russia

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

The Court is located at:

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

The Debtor can be reached at:

         OJSC Davlekanovskiy Foundry Mechanical Shop
         Chernoyarskaya Str., 9
         Davlekanovo
         453400 Bashkortostan
         Russia


DRUZHBA CJSC: Tyumen External Court Starts Bankruptcy Procedure
---------------------------------------------------------------
The Arbitration Court of Tyumen commenced external management
bankruptcy procedure on CJSC Garment Factory Druzhba (TIN
7202122029).  The case is docketed under Case No. A70-8325/3-06.

The External Insolvency Manager is:

         F. Bekshenev
         Respubliki Str. 144
         625026 Tyumen
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Garment Factory Druzhba
         M. Dzhalilya Str. 13
         Tyumen
         Russia


EVRAZ GROUP: Acquires 93.35% ZapSibTETs Stake for RUR5.95 Bln
-------------------------------------------------------------
OOO InvestEnergoProject, acting in the interests of parent Evraz
Group S.A., won an auction to acquire a stake in OAO West
Siberian Heat and Power Plant (ZapSibTETs).

The 93.35% stake was acquired at the price of RUR5.95 billion.  
ZapSibTETs has a nominal capacity of 1,307.5 Gcal/hour of heat
and 600 MW of electricity.

The West Siberian Heat and Power Plant was built as a substation
of ZSMK that at present consumes 42% of the heat and over 25% of
the electricity produced by the Plant.  The technological
processes of ZSMK and the Plant are closely interconnected.  
ZSMK supplies to the Plant coking and blast furnace gas that
accounts for up to 17% of the Plant's fuel balance, takes part
in the steam refrigeration, and gives it room for an ashes dump.  
The Plant can meet up to 85% of ZSMK's electricity requirements
and fully satisfy its demand for heat.

"The acquisition of ZapSibTETs, in addition to existing power
and heat generation capacities at NTMK and NKMK, will allow us
to manage steel production costs more efficiently," Alexander
Frolov, Evraz's CEO, said.  "It will also enhance significantly
the power independence of Evraz's Russian steel mills."

                           About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and  
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                          *     *     *

As reported in the TCR-Europe on Nov. 23, 2006, Fitch Ratings
affirmed Luxembourg-based Evraz Group S.A.'s Issuer Default and
senior unsecured ratings at BB and its Short-term rating at B.

At the same time, Fitch has affirmed the ratings of Mastercroft
Ltd., Evraz's core subsidiary with most of its assets
concentrated in Russia- at Issuer Default BB and Short-term B.
Evraz Securities SA's senior unsecured rating is affirmed at BB.
Fitch said the Outlooks on the Issuer Default ratings are
Stable.

Evraz Group's 8-1/4% notes due November 2015 has been given by
Moody's Investors Service's (P)B2 rating, Standard & Poor's B+
rating and Fitch's BB- rating.


HYDROSPETSSTROY LTD: Sverdlovsk Court Rules on Bankruptcy
---------------------------------------------------------
The Arbitration Court of Sverdlovsk has declared HydroSpetsStroy
Ltd. bankrupt and appointed Olga Rushitskaya as bankruptcy
trustee, Ural Business Consulting reports.

"My predictions have come true: I knew there was no other way
for HydroSpetsStroy Ltd. but to go through bankruptcy
proceedings, as it appears impossible to restore the company's
solvency," Ms. Rushitskaya told UrBC.

Creditors, which the company owed at least RUR55 million, will
convene a meeting shortly to decide upon a committee whose
members would then appoint a bankruptcy trustee themselves, UrBC
relates.

"Enforcing bankruptcy proceedings on HydroSpetsStroy is only
fair when it comes to dishonest builders," Head of Affordable
Housing NGO Konstantin Bruner told UrBC.  "The court had all the
grounds for this decision; I am even inclined to think this
should have been done earlier," Mr. Bruner said.

                   About HydroSpetsStroy Ltd.

Russian company HydroSpetsStroy Ltd. is a general contractor
with accumulated debts of more than RUR55 million
(EUR1.59 million).


LUKOIL OAO: Paitykhoil Unit Retains License for Paitykh Site
------------------------------------------------------------
OAO Rosneft Oil Co. and OAO Lukoil units will get to keep its
six mining licenses, but will lose one, after a commission of
the Federal Mineral Development Agency found that the units did
not breach environmental laws, a source at the Natural Resources
Ministry of the Russian Federation told Itar-Tass.

In a TCR-Europe report on March 19, Oleg Mitvol, deputy head of
the Federal Service for the Oversight of Natural Resources
warned that the Ministry of Natural Resources of the Russian
Federation may revoke the licenses of these units:

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

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

The Federal Nature Usage Supervisory Service had earlier claimed
that the units committed flagrant violations of environmental
laws, including:

   -- soil pollution with crude,
   -- unauthorized dumping of water from oil traps, and
   -- overdue reclamation of polluted lands.

The commission, however, revoked Akhtybneftegaz's license to
develop the Yuzhno-Pribaskuchanskoye field.  The commission also
ruled out revoking Paitykhoil's license to develop the Paitykh
field, the source told Itar-Tass.   

"The commission did not discuss the
Khantymansiiskneftegazgeologia situation, although the issue was
on the agenda," the source added.

                        About Rosneft

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

                         About Lukoil

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

                         *     *     *

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


LUKOIL OAO: Petrol Holding Confirms BGN89.6-Million Suit
--------------------------------------------------------
Petrol Holding AD, in a statement sent to the Bulgarian Stock
Exchange on March 16, confirmed that it is facing a lawsuit
filed by Lukoil Bulgaria, a unit of OAO Lukoil, Sofia Weekly
reports.

As reported in the TCR-Europe on Mar. 12, Lukoil filed a
BGN89.6-million claim against Petrol, alleging that the
Bulgarian fuel group breached a 2001 concession agreement by
deliberately delaying payments.  Petrol also filed a BGN84-
million counterclaim against Lukoil Bulgaria, arguing that the
latter had also delayed payments, Dnevnik relates.  Lukoil,
however, denied Petrol's accusations.

The court will hear Lukoil's suit against Petrol on May 11,
Sofia Weekly relates.

Petrol said the lawsuit did not disrupt its fuel stations and
storage network.

                         About Lukoil

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

                         *     *     *

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


MOBILE TELESYSTEMS: Shows Subscriber Growth for February 2007
-------------------------------------------------------------
Mobile TeleSystems OJSC disclosed that its consolidated
subscriber base reached 73.79 million users on Feb. 28, 2007.

During February 2007, MTS' consolidated subscriber base
increased by 0.38 million subscribers.

                       Feb 28   Jan 31   Growth   Growth
   Subscribers (mln)    2007     2006     Subs      %     
   -----------------   ------   ------   ------   ------           
   Total consolidated
   subscribers, end
   of period           73.79    73.41    0.38      0.5%

   Russia              51.22    51.20    0.02      0.03%

   Moscow and the
   Moscow region       11.36    11.27    0.09      0.8%

   St. Petersburg
   and the Leningrad
   region               2.64     2.68   -0.04     -1.5%

   Rest of Russia      37.22    37.26   -0.04     -0.1%

   Ukraine             20.75    20.50    0.25      1.2%

   Uzbekistan           1.63     1.52    0.11      7.0%

   Turkmenistan         0.19     0.19    0.004     2.3%

   MTS Belarus[1]       3.37     3.34    0.03      0.9%


                       Feb 28   Growth   Growth
   Subscribers (mln)   2006       Subs     %
   -----------------   ------   ------   ------
   Total consolidated
   subscribers, end
   of period           60.31    13.48     22.3%

   Russia              45.45     5.77     12.7%

   Moscow and the
   Moscow region       10.18     1.18     11.6%

   St. Petersburg and
   the Leningrad
   region               2.53     0.11      4.2%

   Rest of Russia      32.74     4.48     13.7%

   Ukraine             14.17     6.58     46.4%

   Uzbekistan           0.62     1.01    162.4%

   Turkmenistan         0.07     0.12    173.8%

   MTS Belarus[1]       2.25     1.12     49.7%


  [1] MTS owns a 49% stake in Mobile TeleSystems LLC, a mobile    
      operator in Belarus, which is not consolidated.

                        About MTS

Headquartered in Moscow, Russia, Mobile TeleSystems OJSC --
http://www.mtsgsm.com/-- is the largest mobile phone operator  
in Russia and the CIS.  Together with its subsidiaries, the
Company services over 61.77 million subscribers.  The regions of
Russia, as well as Belarus, Turkmenistan, Ukraine, and
Uzbekistan, in which MTS and its associates and subsidiaries are
licensed to provide GSM services, have a total population of
approximately 233.1 million.  Since June 2000, MTS' Level 3 ADRs
have been listed on the New York Stock Exchange.

                        *     *     *

As of Dec. 31, 2005, MTS had a working capital deficit of
US$631.6 million, compared with a US$189 million working capital
deficit at Dec. 31, 2004.

MTS is rated to BB-/outlook stable by Standard & Poor's and
Ba3/outlook stable by Moody's.


PLUS LLC: Creditors Must File Claims by May 3
---------------------------------------------
Creditors of LLC Crystal Factory Plus have until
May 3 to submit proofs of claim to:

         I. Borzov, Insolvency Manager
         Kalinina Str. 28
         Gus' Khrustalnyj
         Vladimir
         Russia

The Arbitration Court of Vladimir commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A11-3530/2006-K1-111B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Crystal Factory Plus
         Kalinina Str. 28
         Gus' Khrustalnyj
         Vladimir
         Russia


PROM-SNAB-SUGAR: Creditors Must File Claims by April 3
------------------------------------------------------
Creditors of LLC Prom-Snab-Sugar have until April 3 to submit
proofs of claim to:

         Y. aladzheva, Temporary Insolvency Manager
         Office 4
         Krasnoarmeyskaya Str. 208
         344010 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov commenced bankruptcy supervision
procedure on the company.  The hearing in the Court will convene
at 10:00 a.m. on May 14.  The case is docketed under Case No.
A53-62/2007-S1-51.

The Court is located at:

         The Arbitration Court of Rostov  
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         LLC Prom-Snab-Sugar
         Gogolevskiy Per. 6
         Taganrog
         Rostov
         Russia


REINFORCED CONCRETE: Bankruptcy Hearing Slated for May 28
---------------------------------------------------------
The Arbitration Court of Novosibirsk will convene at 9:30 a.m.
on May 28 to hear the bankruptcy supervision procedure on LLC
Reinforced Concrete.  The case is docketed under Case No.
A45-1354/07-54/15.

The Temporary Insolvency Manager is:

         V. Semenikhin
         Room 89
         Lenina Str. 55
         630004 Novosibirsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Reinforced Concrete
         Kombinatorskaya Str. 10
         630015 Novosibirsk
         Russia


RENAISSANCE CAPITAL: Better Profile Cues S&P to Lift B+ Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating to 'BB-' from 'B+' on Russian
securities firm Renaissance Capital Holdings Ltd.  

At the same time, the ratings were removed 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 Renaissance Capital's strengthening
business profile and financial performance, supported by very
favorable market conditions; consistent strategy; and tighter
risk management," said Standard & Poor's credit analyst Elena
Romanova.

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

RCHL is the ultimate holding company of Renaissance Capital, a
leading Russian equity and fixed-income brokerage and advisory
house, which provides services to international and domestic
investors.

The Russian securities market remains extremely risky, due to
volatile prices and liquidity.  Renaissance Capital is therefore
vulnerable to market risk and event shocks, through potential
falling values and trading volumes, and to settlement risk
arising from its brokerage and trading businesses.  On the
upside, over half of Renaissance Capital's brokerage business is
with reputable international banks and financial companies,
resulting in below-average counterparty credit risk for Russian
financial institutions.

Renaissance Capital nearly doubled its equity between Dec. 31,
2004, and Sept. 30, 2006, to over US$550 million, on high
retention of strong earnings.

"We expect Renaissance Capital to be able to expand its business
by leveraging its franchise in a growing market and the
structural risks arising from its businesses," said Ms.
Romanova.  "The group is likely to continue to diversify,
maintain satisfactory profitability, and widen its capital base
in the medium term."

Further upward ratings movement depends on Renaissance Capital's
ability to sustain its positive commercial momentum, establish a
stronger risk management framework, and maintain its strong
profitability.  The ratings could be lowered, or the outlook
revised to negative if the group's market position weakens, or
if the financial performance or capital base drops
significantly.
The ratings will remain sensitive to the performance of the
Russian securities market and Renaissance Capital's ability to
generate recurrent revenues in a volatile environment.


ROSNEFT OIL: Authorities to Revoke Akhtybneftegaz License
---------------------------------------------------------
OAO Rosneft Oil Co. and OAO Lukoil units will get to keep its
six mining licenses, but will lose one, after a commission of
the Federal Mineral Development Agency found that the units did
not breach environmental laws, a source at the Natural Resources
Ministry of the Russian Federation told Itar-Tass.

In a TCR-Europe report on March 19, Oleg Mitvol, deputy head of
the Federal Service for the Oversight of Natural Resources
warned that the Ministry of Natural Resources of the Russian
Federation may revoke the licenses of these units:

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

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

The Federal Nature Usage Supervisory Service had earlier claimed
that the units committed flagrant violations of environmental
laws, including:

   -- soil pollution with crude,
   -- unauthorized dumping of water from oil traps, and
   -- overdue reclamation of polluted lands.

The commission, however, revoked Akhtybneftegaz's license to
develop the Yuzhno-Pribaskuchanskoye field.  The commission also
ruled out revoking Paitykhoil's license to develop the Paitykh
field, the source told Itar-Tass.   

"The commission did not discuss the
Khantymansiiskneftegazgeologia situation, although the issue was
on the agenda," the source added.

                         About Lukoil

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

                        About Rosneft

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

                         *     *     *

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

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


RUSUNIVERSAL: Fitch Assigns B- IDR on Size & Limited Franchise
--------------------------------------------------------------
Fitch Ratings assigned Russian Universal Bank ratings at Issuer
Default 'B-', Short-term 'B', Individual 'D/E', Support '5' and
National Long-term 'BB-'.  The Outlooks for the Issuer Default
and National Long-term ratings are Stable.

The ratings reflect the bank's very small size and limited
franchise, risks associated with very high concentration on both
sides of the balance sheet, expansion into the risky
construction sector and vulnerable liquidity position.  However,
they also take into account the bank's currently low level of
impaired loans, the generally reasonable credit quality of the
defence sector enterprises to which the bank lends and adequate
capitalization.

"While loan concentration is very high, the sizable equity
cushion should help the bank to withstand potential
deterioration of asset quality," says Vladimir Markelov,
Associate Director of Fitch's Financial Institutions group.  
"Development of good risk management is essential at this stage
as the increasing exposure to new sectors may increase the risk
profile of the institution."

Profitability ratios have fallen during recent years, albeit
from high levels, due to declining margins in the corporate
sector and rising costs, but they remain reasonable.  Longer-
term projects should support the asset growth and reduce
volatility of earnings but Fitch notes that they may result in
higher funding costs.  Although comfortable at present,
Rusuniversal's capitalization is expected to moderate in 2007-
2008 as growth continues.

Upside to Rusuniversal's ratings is unlikely in the near term,
but gradual and carefully managed expansion and diversification
of its franchise, reflected in continued sound asset quality and
performance would be positive for the bank's credit profile.
Downside pressure could result from deterioration in asset
quality resulting from increased exposure to high risk
industries such as construction, as well as worsening liquidity
or a marked weakening of capitalization.

Rusuniversal was established in 1996 and is among the 200
largest Russian banks, with approximately US$200 million of
total assets as of Sept. 30, 2006.  The franchise is focused
primarily on serving corporates operating in the defence-related
sectors, although exposures to construction and trade are
growing.  The bank is controlled by 10 individuals, including
management and several corporates within the defence industry.


SIBIRSKO-USOLSKIY OIL-GAS: Creditors Must File Claims by April 3
----------------------------------------------------------------
Creditors of OJSC Permskiy Gas Processing Factory Sibirsko-
Usolskiy Oil-Gas-Chemical Company (TIN 5905000020) have until
April 3 to submit proofs of claim to:

         Y. Demenkov, Temporary Insolvency Manager
         Office 400
         7th Gvardeyskaya Str. 2a
         400005 Volgograd
         Russia

The Arbitration Court of Perm commenced bankruptcy supervision
procedure on the company.  The hearing in the Court will convene
at 10:30 a.m. on June 15.  The case is docketed under Case No.
A50-1161/2007-B.

The Court is located at:

         The Arbitration Court of Perm  
         Lunacharskogo Str. 3
         Perm  
         Russia

The Debtor can be reached at:

         OJSC Permskiy Gas Processing Factory Sibirsko-Usolskiy
         Oil-Gas-Chemical Company
         Promyshlennaya Str. 98
         Osentsy
         614055 Perm
         Russia


SOSVINSKIY WOODWORKING: Creditors Must File Claims by May 3
-----------------------------------------------------------
Creditors of OJSC Sosvinskiy Woodworking Enterprise (TIN
6650000915) have until May 3 to submit proofs of claim to:

         P. Lazarev, Insolvency Manager
         Post User Box 106
         Central Post Office
         620000 Ekaterinburg
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A60-15719/06-S11.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Sosvinskiy Woodworking Enterprise
         Lenina Str. 1
         Sosva
         Serovskiy
         624971 Sverdlovsk
         Russia


TMK OAO: Eyes New Pipe Production Facility to Hike Capacity
-----------------------------------------------------------
OAO TMK has contracted Haeusler AG of Switzerland, one of the
world's biggest producers of welded pipe production equipment,
to supply a new facility for the production of large diameter
longitudinal welded pipes.

The new facility will produce longitudinal welded pipes with
diameters of between 530mm and 1420mm, wall thickness of up to
42mm and strength groups of up to X100.  These products are used
in long distance oil and gas pipelines including offshore
pipelines, oil field pipelines, general-purpose pipelines and in
the construction of heating systems and nuclear power stations.

The facility will utilize leading edge roll bending technology,
which is currently being used by the world's leading pipe
producers as it ensures high productivity and high quality
production characteristics. The equipment is renowned for its
operational reliability.

The facility will be installed at the Volzhsky Pipe Plant, a
subsidiary of TMK situated in the Volgograd region of Russia.  
Production of large diameter longitudinal welded pipes is
expected to start in Q3 2008.  Following the installation, TMK's
total annual production capacity for large diameter pipes will
exceed 1.3 million tons of pipes per year.

"The market for large diameter pipes in Russia and its
neighboring countries is buoyant," Konstantin Semerikov, CEO of
TMK, stated.  "The facility will allow TMK to sustain its
position as the leader of Russian pipe industry in this segment
and to provide for Gazprom and Transneft's increasing demand for
large diameter pipes for their long distance oil and gas
pipelines in Russia and the CIS."

                          About TMK

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

                        *     *     *

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

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


TOTEMSKIY LLC: Creditors Must File Claims by May 3
--------------------------------------------------
Creditors of LLC Flax Factory Totemskiy have until
May 3 to submit proofs of claim to:

         A. Novitskiy, Insolvency Manager
         Post User Box 34
         160009 Vologda
         Russia

The Arbitration Court of Vologda commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A13-7301/2006-22.

The Court is located at:

         The Arbitration Court of Vologda  
         Hall 4
         Gertsena Str. 1a
         Vologda  
         Russia

The Debtor can be reached at:

         LLC Flax Factory Totemskiy
         Tekstilshiki
         Totemskiy
         Vologda
         Russia


URVANSKIY OPEN: Creditors Must File Claims by May 3
---------------------------------------------------
Creditors of OJSC Urvanskiy Open Mine have until
May 3 to submit proofs of claim to:

         Kh. Khutezhev, Insolvency Manager
         Lenina Pr. 36
         Nalchik
         360022 Kabardino Balkariya
         Russia

The Arbitration Court of Kabardino Balkariya commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A20-13 83/06.

The Debtor can be reached at:

         Kh. Khutezhev, Insolvency Manager
         Lenina Pr. 36
         Nalchik
         360022 Kabardino Balkariya
         Russia


UST'-ILIMSKIY CJSC: Asset Sale Slated for April 4
-------------------------------------------------
D. Slaykovskiy, the bidding organizer for CJSC Diary Ust'-
Ilimskiy, will proceed with a repeated auction for the company's
properties at 4:00 p.m. on April 4 at:

         CJSC Diary Ust'-Ilimskiy
         Bratskaya Str. 34 A
         Irkutsk
         Russia

Interested participants have until April 1 to deposit an amount
equivalent to 20% of the starting price to:

         CJSC Diary Ust'-Ilimskiy
         Settlement Account 40702810700000000915
         Correspondent Account 3010181020000000000790
         BIK 042511790
         LLC PromServiceBank

Bidding documents must be submitted to:

         D. Slaykovskiy, Bidding Organizer
         Pirogova Str. 7
         Bratsk
         Irkutsk
         Russia

The Debtor can be reached at:

         CJSC Diary Ust'-Ilimskiy
         Bratskaya Str. 34 A
         Irkutsk
         Russia


VOLGODONSK-REM-AGRO-SERVICE: Claims Filing Period Ends April 3
--------------------------------------------------------------
Creditors of CJSC Volgodonsk-Rem-Agro-Service have until April 3
to submit proofs of claim to:

         N. Sherbina, Temporary Insolvency Manager
         70 Let Oktyabrya Str. 57
         Romanovskaya St.
         Volgodonsk
         347350 Rostov
         Russia

The Arbitration Court of Rostov commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A53-1/07-S1-30.

The Court is located at:

         The Arbitration Court of Rostov  
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         CJSC Volgodonsk-Rem-Agro-Service
         70 Let Oktyabrya Str. 57
         Romanovskaya St.
         Volgodonsk
         347350 Rostov
         Russia


VOLGOGRADSKIY TRACTOR: Asset Sale Slated for April 3
----------------------------------------------------
LLC Auction Centre F Contact, the bidding organizer for
OJSC Volgogradskiy Tractor Factory, will open a public auction
for the company's properties at 10:00 a.m. on April 3 at:

         OJSC Volgogradskiy Tractor Factory
         Dzerzhinskogo Str. 1
         Volgograd
         Russia

The company has set a RUR3,654,000 starting price for the
auctioned assets.

Interested participants have unitl March 29 to deposit an amount
of RUR730,800 to:

         LLC Auction Centre F Contact, Bidding Organizer
         Settlement Account 40702810700000001439
         Correspondent Account 3010181050000000000125
         BIK 044583125
         Morskoy Bank (OJSC)
         Russia

Bidding documents must be submitted to:

         OJSC Volgogradskiy Tractor Factory
         Dzerzhinskogo Str. 1
         400006 Volgograd
         Russia

The Debtor can be reached at:

         OJSC Volgogradskiy Tractor Factory
         Dzerzhinskogo Str. 1
         400006 Volgograd
         Russia
         Tel: (8442) 746-053


WINERY LEVOBEREZHNYJ: Bankruptcy Hearing Slated for March 29
------------------------------------------------------------
The Arbitration Court of Stavropol will convene on March 29 to
hear the bankruptcy supervision procedure on CJSC Winery
Levoberezhnyj.  The case is docketed under Case No. A63-18270/
06-S5.

The Temporary Insolvency Manager is:

         N. Sasin
         Floor 6
         Entrance 1
         Lenina Str. 219
         355017 Stavropol
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Winery Levoberezhnyj
         Budennogo Str. 29
         Levoberezhnyj
         Budennovskiy
         Stavropol
         Russia


X5 RETAIL: Names Pawel Musial as Chief Commercial Officer
---------------------------------------------------------
X5 Retail Group N.V. has appointed Pawel Musial as Chief
Commercial Officer of X5 Retail Group N.V.

The company also appointed Igor Sotnikov as Director for
managing the supply chain for X5 Retail Group N.V.

Mr. Musial will be responsible for implementing company policies
in commercial procurement, marketing, advertising and managing
product assortment and price range.

Mr. Musial graduated Warsaw University and Warsaw Agricultural
Academy.  He has worked in Poland as the director of Tesco and
Hit hypermarkets.  He also worked as the marketing director of
the Robert supermarket chain (part of the Auchan Group) and as
the Regional Operational Director of the Tesco chain.
He joined Perekrestok in 2004, first in the capacity of
Operational Director and then as General Director.
From October 2006 until now, Mr. Musial acted as Vice President
for international cooperation of X5 Retail Group N.V.

Mr. Sotnikov will be responsible for implementing company
policies in the management of logistical operations for X5
Retail Group stores.

Mr. Sotnikov graduated Bauman Moscow State Technical University
(1985-1996) with a degree in Metallurgical Machines and
Hardware, Moscow State University (1994-1997) with a degree in
Applied Mathematics, and Moscow Institute of Economics,
Management and Law (1998-2001) with a degree in Finance and
Credit.

His career began with the company California Cleaners in 1994.
From 1997 to 2001 he worked at Minolta's Moscow office.  In 2001
he joined ZAO TD Perekrestok as a Deputy Director of the IT
division, and then transferred to become the Director of the
distribution center.  From 2004 until present, he was the
Commercial Director of the Perekrestok chain.

"The position Chief Commercial Officer didn't exist at X5 until
now," Lev Khasis, X5 Retail Group CEO, said.  "It is being
created in connection with the introduction of the integrated
function of commercial procurement and marketing.  Pawel Musial
has been appointed to this position as a person who is well-
known in the business as a professional with serious experience
working at international retail companies.  He has been rated
among the best managers in Russia according to surveys by the
Russian Association of Managers and the Kommersant publishing
house.

"Logistics is currently one of the most strategically important
branches of the company's development in the mid-term," Mr.
Khasis added.  "I have no doubt that the experience of the new
Director for managing the supply chain Igor Sotnikov completely
corresponds with the scale of our ambitious projects to create
an integrated logistics system on the base of X5's regional
multi-formatted stores."

                         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: Three More Auctions in April Set to Sell 35 Assets
-------------------------------------------------------------
Eduard Rebgun, in his capacity as bankruptcy receiver for OAO
Yukos Oil Co., disclosed three more auctions to sell 35 Yukos
assets worth about RUR3.6 billion, RosBusinessConsulting
reports.

The bidding for the assets started March 19.  Bidding details
show:

            Bidding    Auction         Starting   Bid Increment
   Assets   Deadline   Date         Price (RUR)           (RUR)
   ------   --------   -------   --------------  --------------
   Lot 4    Apr. 13    Apr. 17     2.64 billion   26.39 million
   Lot 5    Apr. 16    Apr. 18   992.31 million    9.92 million
   Lot 6    Apr. 18    Apr. 20     3.12 million          31,000

An unidentified source tells Interfax that assets under Lot 4,
which will feature Yukos's stakes in various energy companies,
include:

   -- ZAO Energy Service Co. (100%),
   -- ESKOM- EnergoTrade (100%),
   -- Belgorodenergo (25.73%),
   -- Tambovenergo (25.15%),
   -- Tambov Energy Sales Company (25.15%),
   -- Tambov Trunk Grid Company (25.15%),
   -- Belgorod Trunk Grid Company (25%),
   -- Belgorod Sales Company (25%),
   -- Corporate Service Systems (25%), and
   -- Territorial Generation Company No. 4 (3.18%).

RBC says the fifth lot will be comprised of nine assets while
the sixth would include eight non-core assets of the bankrupt
oil firm.

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

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

Mr. Rebgun has estimated Yukos' assets between US$25.6 billion
and US$26.8 billion, minus a possible liquidation discount of
not more than 30 percent.  As of Jan. 31, claims against Yukos
filed by 68 creditors reached RUR709 billion (US$26.8 billion).

Rosneft Oil and Gazprom are seen as the most likely bidders for
the bulk of the nearly 200 Yukos assets, which Mr. Rebgun aims
to sell by August 2007.

Aside from being a potential buyer, Rosneft also holds a
RUR264.6 billion (US$10 billion) claim against Yukos, which
entitled Rosneft a seat in the firm's creditors' committee.

                        About Yukos Oil

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

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

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

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

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

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


=============================
S L O V A K   R E P U B L I C
=============================


SLOVAK AIRLINES: Bratislava Court Declares Carrier Bankrupt
-----------------------------------------------------------
The regional court in Bratislava has declared Slovak Airlines
bankrupt, CTK Czech News Agency reports.

Creditors have until May 3 to file written proofs of claims
against the carrier, which is a subsidiary of Austrian Airlines.

As reported in the TCR-Europe on Feb. 23, Austrian Airlines
terminated scheduled flights in mid-February in the wake of the
Slovakian government's failure to meet a final extension for the
repayment of its unsettled debts.

The Austrian national carrier had withdrawn all financial
support for the company since Jan. 17 and also recalled its two
Boeing 737 300s from Slovak Airlines' custody, forcing the
company to cease its operations.

An Austrian Airlines spokesperson told the Austrian Press Agency
that the carrier is considering filing legal action against
Slovakia.

About 100 employees are affected by Slovak Airlines' bankruptcy,
JURNALO states.

                    About Austrian Airlines

Based in Wien, Austria, Austrian Airlines -- http://www.aua.com/
has three partners: Austrian, Lauda Air, and Austrian arrows.
The focus of Austrian is on scheduled traffic, Austrian arrows
specializes in regional business, while Lauda Air completes the
Group program with its activities in the charter flight segment.

                      About Slovak Airlines

Headquartered in Bratislava, Slovak Republic, Slovak Airlines --
http://www.slovakairlines.sk/-- has been operating on the  
Slovak airlines market for almost 10 years.  The company's main
target is to operate regular and irregular passenger air
transport.

In January 2005, Austrian Airlines purchased a 62% stake in the
company under the condition that the Slovakian government will
take on the company's debts.

After the company finished its transformation in January 2006,
the maintenance of the aircrafts was shifted on a contractual
basis to Austrian Airlines Technik.


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


TOWER AUTOMOTIVE: Wants Deutsche Bank's 2nd Lien L/Cs Extended
--------------------------------------------------------------
Tower Automotive Inc. and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the Southern District of New
York to enter into and perform under a Second Extension
Agreement and to pay Deutsche Bank' fees.  The Debtors also ask
the Court to approve a proposed "affirmation and consent" of
various Debtors.

The Court previously authorized the replacement of Comerica Bank
with Deutsche Bank Trust Company Americas as the issuer of
Second Lien Letters of Credit under the Prepetition Credit
Agreement.  On Nov. 1, 2006, the Debtors and Deutsche Bank
agreed to extend the maturity dates of the Second Lien L/Cs from
Feb. 7, 2007, to not later than June 7, 2007.

As of March 9, 2007, there are 10 outstanding undrawn and unpaid
Second Lien L/Cs under the Second Lien Facility in the aggregate
amount of approximately US$97,200,000.  The Second Lien L/Cs are
set to expire on June 7.

According to Anup Sathy, Esq., at Kirkland & Ellis LLP, in
Chicago, in light of the pending expiry of the Second Lien L/Cs,
the Debtors negotiated an extension agreement, and certain
related agreements, which extend the expiry of the L/Cs to the
earlier of:

   (a) Oct. 9, 2007; and

   (b) the effective date of the Debtors' plan of
       reorganization.

However, the Debtors have the right not to request the extension
of the expiry date of one or more of the Second Lien L/Cs, or to
request the extension of the expiry date of one or more of the
Second Lien L/Cs to a date before Oct. 9, 2007, in their sole
discretion, Mr. Sathy explains.

Mr. Sathy notes that the Second Extension Agreement is subject
to certain conditions, including the agreement of Silver Point
Capital Fund L.P., as the successor administrative agent under
the Second Lien Facility, and LaSalle Bank National Association,
as the escrow agent.

Mr. Sathy relates that in exchange for Deutsche Bank's
commitment to extend the expiry of the Second Lien L/Cs,
Deutsche Bank has requested, and the Debtors have agreed to pay:

   (i) Deutsche Bank's legal expenses related to the
       negotiation, documentation and implementation of the
       Second Extension Agreement, and otherwise related to the
       Second Lien L/Cs; and

  (ii) a non-refundable, fully-earned extension fee for
       US$243,219.

Mr. Sathy asserts that if the Second Extension Agreement and
Affirmation are not authorized, each of the beneficiaries will
most likely draw on their Second Lien L/Cs.  He explains that
this could have serious adverse consequences to the Debtors'
estates because the Debtors are generally current on amounts
owed to the beneficiaries, and a full draw of the Second Lien
L/Cs may over-collateralize certain of the beneficiaries.

Furthermore, the Debtors' budget under the DIP credit agreement
was negotiated with the assumption that the Second Lien L/Cs
would continue, generally undrawn and unpaid, throughout the
Debtors' Chapter 11 cases, Mr. Sathy explains.  

The DIP Credit Agreement's revolving credit facility limits L/Cs
under it to US$100,000,000.  If the Second Extension Agreement
and the Affirmation are not approved and the beneficiaries fully
draw the Second Lien L/Cs, the Debtors believe that many of the
beneficiaries would nevertheless require replacement L/Cs that
would have to be issued under the DIP Credit Agreement.

In this case, Mr. Sathy says, there would be insufficient
availability under the DIP Credit Agreement to issue both
replacement L/Cs to beneficiaries under the Second Lien Facility
as well as new letters of credit as may become required during
the Debtors' Chapter 11 cases.

A full-text copy of the proposed Second Extension Agreement,
together with a proposed Affirmation and Consent of various
Debtors, is available for free at:

            http://ResearchArchives.com/t/s?1b94

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.

Tower Automotive and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.  

The Debtors' exclusive plan-filing deadline is extended to
March 21, 2007, pending a hearing on that date.  (Tower
Automotive Bankruptcy News, Issue No. 56; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


TOWER AUTOMOTIVE: Wants Until July 31 to Decide on Leases
---------------------------------------------------------
Tower Automotive Inc. and its debtor-affiliates ask the
Honorable Allen L. Gropper of the U.S. Bankruptcy Court for the
Southern District of New York to further extend the time by
which they must assume or reject their unexpired nonresidential
real property leases through and including July 31, 2007.

Anup Sathy, Esq., at Kirkland & Ellis LLP, in Chicago, relates
that the Debtors are party to more than 18 major facility lease
agreements, including leases for office space locations and
key production centers.  The Debtors are current on all
postpetition obligations under the unexpired Leases, Mr. Sathy
relates.

The Leased Facilities will factor heavily into the Debtors'
ongoing operational restructuring, Mr. Sathy notes.

According to Mr. Sathy, the Debtors have already made
significant progress evaluating the Unexpired Leases.  As of
March 9, 2007, the Debtors have rejected nine different leases.  
However, Mr. Sathy explains that while the Debtors have made
substantial progress, they remain in active negotiations with
the landlords regarding certain of the Leased Facilities and
require additional time to assume or reject the Unexpired
Leases.

The Debtors reserve their rights to evaluate whether any of the
Unexpired Leases are secured financing arrangements.  Nothing
will constitute an admission that any of the contracts are
properly categorized as lease arrangements, Mr. Sathy says.

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.

Tower Automotive and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.  

The Debtors' exclusive plan-filing deadline is extended to
March 21, 2007, pending a hearing on that date.  (Tower
Automotive Bankruptcy News, Issue No. 56; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


TOWER AUTOMOTIVE: Hikes Due-Diligence Amount to Over US$3.2 Mln
---------------------------------------------------------------
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, in New York,
notifies the U.S. Bankruptcy Court for the Southern District of
New York that Tower Automotive Inc. and its debtor-affiliates
have decided to increase the Due-Diligence Amount -- the amount
the Debtors may pay to prospective equity investors and lenders
-- up to US$3,225,000.

The Increase of the Due-Diligence Amount from US$2,000,000 to
US$3,225,000 was made:

    * with the consent of the Official Committee of Unsecured
      Creditors; and

    * pursuant to the Dec. 21, 2006, order issued by Judge
      Gropper authorizing the Debtors to increase payments upon
      notice to the Court.

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.

Tower Automotive and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.  

The Debtors' exclusive plan-filing deadline is extended to
March 21, 2007, pending a hearing on that date.  (Tower
Automotive Bankruptcy News, Issue No. 56; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


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


ARS MANAGEMENT: Creditors' Liquidation Period Ends June 4
---------------------------------------------------------
Creditors of LLC ARS Management & Consultant have until June 4
to submit their claims to:

         Rudolf Kanzig, Liquidator
         Klebestrasse 6
         8041 Zurich
         Switzerland

The Debtor can be reached at:

         LLC ARS Management & Consultant
         Zurich
         Switzerland


BEAT ARBENZ: Creditors' Liquidation Period Ends April 23
--------------------------------------------------------
Creditors of LLC Beat Arbenz Corporate Finance Consulting have
until April 23 to submit their claims to:

         Beat Arbenz, Liquidator
         Larchenstrasse 19
         8442 Hettlingen
         Germany

The Debtor can be reached at:

         LLC Beat Arbenz Corporate Finance Consulting
         Hettlingen
         Zurich
         Switzerland


DELIXO LLC: Creditors' Liquidation Period Ends April 2
------------------------------------------------------
Creditors of LLC Delixo have until April 2 to submit their
claims to:

         Katia Saccoccia, Liquidator
         Lehnisweidstrasse 30
         8967 Widen
         Germany

The Debtor can be reached at:

         LLC Delixo
         Widen
         Aargau
         Switzerland


SARA GASTRO: Sissach Court Closes Bankruptcy Proceedings
--------------------------------------------------------
Bankruptcy Court of Sissach entered Feb. 22 an order closing the
bankruptcy proceedings of LLC Sara Gastro.

The Bankruptcy Service of Sissach can be reached at:

         Bankruptcy Service of Sissach
         4450 Sissach
         Basel-Country
         Switzerland

The Debtor can be reached at:

         LLC Sara Gastro
         Hauptstrasse 52
         4450 Sissach
         Basel-Country
         Switzerland


ZALA UMBAU: Creditors' Liquidation Period Ends April 2
-------------------------------------------------------
Creditors of JSC Zala Umbau und Unterlagsboden have until
April 2 to submit their claims to:

         Niggli & Zala, Liquidator
         Laret 33 A
         7504 Pontresina
         Grisons
         Switzerland

The Debtor can be reached at:

         JSC Zala Umbau und Unterlagsboden
         Brusio
         Grisons
         Switzerland


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


PETROL OFISI: Fitch Affirms IDR at BB- Despite Tax Fines
--------------------------------------------------------
Fitch Ratings affirmed Turkey-based Petrol Ofisi A.S.'s local
and foreign currency Issuer Default ratings at 'BB-' and the
National Long-term rating is affirmed at 'A'.  The Outlooks on
all ratings are Stable.

The senior unsecured rating on the US$175 million notes of
POAS's 100%-owned and guaranteed subsidiary PO Oil Financing Ltd
is also affirmed, at 'BB-'.

The ratings are affirmed despite additional fines by the tax
authorities related to back-dated taxes.  The Ministry of
Finance initially began an investigation in March 2006 into the
tax records of Is-Dogan, then the holding company of POAS, for
the years 2001-2002.  Fitch understands that the Ministry is
claiming that deduction of FX losses and interest expenses from
the corporate tax accounts of POAS, after its merger with the
highly leveraged holding company, is a violation of tax
regulations.  In March 2007 POAS received adjusted tax/penalty
notifications totaling TRL988.9 million for 2002 to 2006, up
from TRL330 million as of February 2007, for the years 2004 and
2005.  Since Dogan Holding, the largest shareholder of POAS with
54%, has agreed to protect Austria's OMV against any losses
arising from tax related matters for periods prior to the
purchase of a 34% stake in the company in March 2006, the total
tax liability/penalty originating from POAS and IS-Dogan will
amount to TRL650 million as of March 2007.

Fitch does not expect POAS to set aside any provisions for these
charges and does not expect any cash outflow from the company
related to these in the short- to medium-term, but will in any
case continue to closely watch the developments on back-dated
taxes.  Fitch also notes that POAS already filed a lawsuit with
the Istanbul Tax Court relating to the tax investigation report
for 2001-2002 and the above noted tax and tax penalty imposed
for the years 2004 and 2005, but acknowledges that the
litigation process could take up to two years.

In a downside scenario, POAS's leverage may deteriorate to the
1.5x-1.9x range, still within the limits of the current rating
category.  However, any deterioration beyond this mark would put
pressure on the ratings.  Related to the US$414 million
administrative fine imposed on POAS and its subsidiary Erk
Petrol Yatirimlari A.S. on Aug. 31, 2006, by the regulator EMRA
for alleged supplying fuels to unlicensed dealers, Fitch notes
that the General Assembly of the State Council announced a
decision in favor of POAS and halted the execution of EMRA fine
payments.  Fitch does not factor in any additional fines by EMRA
and will also continue to monitor developments on this front
closely.

The ratings are underpinned by POAS's leading domestic market
position in the diesel market despite consolidation and elevated
competition in the sector.  Fitch views that Lukoil's entry into
the local market, with 1,000 stations anticipated by end-2007,
will result in more competition in the long term.  The ratings
also incorporate POAS's free cash flow-generating capacity,
despite rising capital expenditure and net working capital
requirements.  POAS had become highly leveraged following its
merger, but its debt is now moderate with net debt/EBITDA at
less than 0.7x at FYE06, down from 1.6x at FYE05.

POAS is the largest wholesale and retail fuel distributor in
Turkey, commanding 34% and 26% market shares in key segments of
diesel and gasoline sales respectively.  The company runs a
nationwide dealer network of around 3,500 stations.


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


AMETIST LLC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Economic Court of Cherkassy commenced bankruptcy supervision
procedure on LLC Ametist (code EDRPOU 22798369) on Feb. 2.  The
case is docketed under Case No. 10/5351.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Temporary Insolvency Manager is:

         Alexander Shylkin
         Pushkin Str. 5
         Uman
         20300 Cherkassy
         Ukraine

The Debtor can be reached at:

         LLC Ametist
         Lenin Str. 72a
         Uman
         20300 Cherkassy
         Ukraine


BUKOVINA FLAX: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------
The Economic Court of Chernovcy commenced bankruptcy supervision
procedure on OJSC Bukovina Flax (code EDRPOU 02128299) on
Jan. 15.  The case is docketed under Case No. 10/3/B.

The Court is located at:

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

The Liquidator is:

         Victor Rabaniuk
         Zalozetsky Str. 38/1
         59022 Chernovcy
         Ukraine

The Debtor can be reached at:

         OJSC Bukovina Flax
         Tarashany
         Glybotsky District
         60430 Chernovcy
         Ukraine


CHERNOVCY MEAT: Chernovcy Court Commences Bankruptcy Process
------------------------------------------------------------
The Economic Court of Chernovcy commenced bankruptcy proceedings
against OJSC Chernovcy Meat Industrial Service (code EDRPOU
00451665) after finding it insolvent.  The case is docketed
under Case No. 50/72/B.

The Court is located at:

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

The Liquidator is:

         Victor Rabaniuk
         Zalozetsky Str. 38/1
         59022 Chernovcy
         Ukraine

The Debtor can be reached at:

         OJSC Chernovcy Meat Industrial Service
         M. Torez Str. 31
         58000 Chernovcy
         Ukraine


ELEKTRO CJSC: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------
The Economic Court of Herson commenced bankruptcy proceedings
against CJSC Elektro after finding it insolvent.  The case is
docketed under Case No. 6/172-B-06.

The Court is located at:

         The Economic Court of Herson
         Gorkiy Str. 18
         73000 Herson
         Ukraine

The Temporary Insolvency Manager is:

         Koval Jury
         Zagorodniaya Str. 81
         Herson
         Ukraine

The Debtor can be reached at:

         CJSC Elektro
         Stahanov Str. 61
         Ziurupinsk
         Herson
         Ukraine


EUROPE-SERVICE LTD: Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on LLC Europe-Service Ltd. (code EDRPOU
32475844).  The case is docketed under Case No. B 40/467-06.

The Court is located at:

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

The Temporary Insolvency Manager is:

         Dmitry Kushnarev
         Turgenevskaya Str. 52/58          
         01000 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Europe-Service Ltd.
         Parkovaya Str. 4-a
         Maloaleksandrovka
         52070 Dnipropetrovsk
         Ukraine


GEFEST-96 LLC: AR Krym Court Commences Bankruptcy Process
---------------------------------------------------------
The Economic Court of AR Krym commenced bankruptcy proceedings
against LLC Gefest-96 (code EDRPOU 24503487) after finding it
insolvent.  The case is docketed under Case No. 2-3/545-2007.

The Court is located at:

         The Economic Court of AR Krym
         Karl Marks Str. 18
         Simferopol
         95000 AR Krym
         Ukraine

The Liquidator is:

         Nikolay Cherevach
         P.O. Box 82.
         Evpatoriya
         97420 AR Krym
         Ukraine

The Debtor can be reached at:

         LLC Gefest-96
         Gogol Str. 34
         Evpatoriya
         97416 AR Krym
         Ukraine


HORIZON LLC: Harkiv Court Commences Bankruptcy Process
------------------------------------------------------
The Economic Court of Harkiv commenced bankruptcy proceedings
against LLC Horizon on Feb. 8 after finding it insolvent.  The
case is docketed under Case No. B-24/88-06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Horizon
         Lenin Str. 54
         Slatino
         Dergachi District
         Kharkov
         Ukraine


JURICOM LLC: Donetsk Court Commences Bankruptcy Process
-------------------------------------------------------
The Economic Court of Donetsk commenced bankruptcy proceedings
against LLC Juricom (code EDRPOU 33793084) on Feb. 7 after
finding it insolvent.  The case is docketed under Case No.
27/20-B.

The Court is located at:

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

The Liquidator is:

         Rostislav Milonov
         Artem Str. 159/26
         83048 Donetsk
         Ukraine

The Debtor can be reached at:

         LLC Juricom
         Koltsov Str. 15
         Donetsk
         Ukraine


KIEVSKY LLC: Kiev Court Commences Bankruptcy Process
----------------------------------------------------
The Economic Court of Kiev commenced bankruptcy proceedings
against LLC Distribution Center Kievsky (code EDRPOU 32107805)
after finding it insolvent.  The case is docketed under Case No.
15/730b.

The Court is located at:

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

The Liquidator is:

         T. Tarasenko
         Dobrohotov Str. 17
         Kiev
         Ukraine

The Debtor can be reached at:

         LLC Distribution Center Kievsky
         Obolonsky Avenue 23-a
         04205 Kiev
         Ukraine


PRIVOVCHANSKOE COMPANY: Court Commences Bankruptcy Process
----------------------------------------------------------
The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against Agricultural Firm Privovchanskoe Company
(code EDRPOU 30355557) after finding it insolvent.  The case is
docketed under Case No. B 26/4-07.

The Court is located at:

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

The Liquidator is:

         Konstantin Romanov
         a/b 3740
         49064 Dnipropetrovsk
         Ukraine

The Debtor can be reached at:

         Agricultural Firm Privovchanskoe Company
         Privovchanskoe
         Pavlograd District
         51490 Dnipropetrovsk
         Ukraine


SUCCESS LLC: Donetsk Court Commences Bankruptcy Process
-------------------------------------------------------
The Economic Court of Donetsk commenced bankruptcy proceedings
against LLC Success (code EDRPOU 00848799) on Feb. 6 after
finding it insolvent.  The case is docketed under Case No.
27/7-B.

The Court is located at:

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

The Liquidator is:

         Artem Pygida
         Sybirtsev Str. 17/320
         Artemovsk
         84500 Donetsk
         Ukraine

The Debtor can be reached at:  

         LLC Success
         Central Str. 1
         Komuna
         Artemovsk District
         Donetsk
         Ukraine


TRADING-BUILDING-SERVICE: Court Commences Bankruptcy Process
------------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy proceedings
against LLC Trading-Building-Service after finding it insolvent.  
The case is docketed under Case No. 15/467b.

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 Trading-Building-Service
         Malaya Zhytomirskaya Str. 20
         01001 Kiev
         Ukraine


UKRAINIAN SEEDS: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------
The Economic Court of Cherkassy commenced bankruptcy supervision
procedure on Joint LLC Ukrainian Seeds (code EDRPOU 32444884) on
Jan. 25.  The case is docketed under Case No. 01/387.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         Joint LLC Ukrainian Seeds
         Stepanetskoe
         Kaniv District
         19031 Cherkassy
         Ukraine


USO LLC: Dnipropetrovsk Court Start Bankruptcy Supervision
----------------------------------------------------------
The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on LLC Agricultural Firm Uso (code EDRPOU
31980352) on Jan. 31.  The case is docketed under Case No. B
29/25/07.

The Court is located at:

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

The Temporary Insolvency Manager is:

         Victoriya Evstafieva
         Slobodskaya Str. 17
         Sursko-Litovskoe
         Dnipropetrovsk District
         52064 Dnipropetrovsk
         Ukraine

The Debtor can be reached at:

         LLC Agricultural Firm Uso
         Shevchenko Str. 94a
         Loboykovka
         Petrikovka District
         51830 Dnipropetrovsk
         Ukraine


VELIKOALEXANDROVSKAYA LLC: Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Economic Court of Herson commenced bankruptcy supervision
procedure on LLC Agricultural Firm Velikoalexandrovskaya (code
EDRPOU 24104307) on Jan. 23.  The case is docketed under Case
No. 12/180-B-06.

The Court is located at:

         The Economic Court of Herson
         Gorkiy Str. 18
         73000 Herson
         Ukraine

The Temporary Insolvency Manager is:

         Klygina Irina
         P.O. Box 93
         73033 Herson
         Ukraine

The Debtor can be reached at:

         LLC Agricultural Firm Velikoalexandrovskaya
         Podstancionny Lane 1
         Velyka Aleksandrovka
         74100 Herson
         Ukraine


ZORIA POLESYE: Zhytomir Court Commences Bankruptcy Process
----------------------------------------------------------
The Economic Court of Zhytomir commenced bankruptcy proceedings
against LLC Zoria Polesye (code EDRPOU 00858160) after finding
it insolvent.  The case is docketed under Case No. 7/210-b.

The Court is located at:

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

The Liquidator is:

         Oleg Dovzhanitsa
         Uritsky Str. 160
         Cherniahov
         12301 Zhytomir
         Ukraine

The Debtor can be reached at:

         LLC Zoria Polesye
         Zhadki
         Cherniahov District
         Zhytomir
         Ukraine


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


CHEAM PLASTICS: Creditors' Meeting Slated for March 28
------------------------------------------------------
Creditors of Cheam Plastics Ltd. will meet at 11:00 a.m. on  
March 28 at:
  
         81 Station Road
         Marlow
         Buckinghamshire  
         SL7 1NS  
         England

Secured creditors who want to vote at the meeting have until
noon on March 27 to submit their proxy forms together with
particulars of 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.


CORUS GROUP: Deutsche Bank Holds 3.06% Equity Stake
---------------------------------------------------
Corus Group plc received notification on March 16 from Deutsche
Bank AG London, in accordance with DTR 5 of the Transparency
Obligations Directive, that on March 12 Deutsche Bank AG and its
subsidiary companies had a notifiable interest in 28,909,772
ordinary shares amounting to 3.06% of Corus Group plc's issued
share capital.

Deutsche Bank AG London is a branch of Deutsche Bank AG, a
corporation domiciled in Frankfurt, Germany.

                       About Corus Group

Corus Group plc, fka British Steel, was formed when the UK
privatized its major steelworks in 1988.  It then changed its
name to Corus Group after acquiring most of Dutch rival
Koninklijke Hoogovens.  Corus makes coated and uncoated strip
products, sections and plates, wire rod, engineering steels, and
semi-finished carbon steel products.   It also manufactures
primary aluminum products.  Customers include companies in the
automotive, construction, engineering, and household-product
manufacturing industries.

Corus turns over GBP10 billion annually and employs 47,300 in
over 40 countries and sales offices and service centers
worldwide, including Indonesia and the Philippines.

As reported in the TCR-Europe, Tata Steel won an auction for
Corus over Companhia Siderurgica Nacional after offering
investors 608 pence per share in cash, or GBP5.7 billion
(US$11.3 billion).

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 2, 2007, Standard & Poor's Ratings Services kept its 'BB'/
long-term corporate credit rating on U.K.-based steelmaker Corus
Group PLC on CreditWatch with developing implications, after the
completion of the auction process, during which India-based
steel manufacturer Tata Steel Ltd. offered the highest bid of
608 pence per share.

This values the company at GBP5.75 billion, up from the 455
pence per share of the initial bid.

At the same time, the 'BB+' long-term debt rating on Corus'
EUR700 million senior secured bank loan and the 'BB-' unsecured
debt ratings on Corus remain on CreditWatch with developing
implications.  The 'B' short-term corporate credit rating
remains on CreditWatch with positive implications.

All ratings were placed on CreditWatch on Oct. 18, 2006,
following the disclosure of an initial bid by Tata Steel.

On Feb 2, 2007, Fitch Ratings said that Corus Group Plc's Issuer
Default 'BB-' and Short-term 'B' ratings remain on Rating Watch
Negative following a recommended bid, valued at GBP6.2 billion,
from India-based Tata Steel Ltd. in the wake of an auction
process conducted by the U.K. Takeover Panel on Jan. 30-31,
2007.  The RWN also applies to the 'B+' ratings on CS's EUR800
million 7.5% senior notes and Corus Finance Plc's GBP200m 6.75%
guaranteed bonds.

At the same time, Moody's Investors Service placed Corus Group
plc's Ba2 Corporate Family and other ratings under review.


COWLEY TRACTORS: Appoints A. Turpin as Liquidator
-------------------------------------------------
A. Turpin of Poppleton & Appleby was appointed liquidator of
Cowley Tractors Ltd. on March 12 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Cowley Tractors Ltd.
         Guildings Farm
         Grafton Flyford
         Worcester
         Worcestershire
         WR7 4PR
         England
         Tel: 01905 381 543
         Fax: 01905 381 543


EAST MIDLANDS: Joint Liquidators Take Over Operations
-----------------------------------------------------
Philip Anthony Brooks and Julie Willetts of Blades Insolvency
Services were appointed joint liquidators of East Midlands Sign
Centre Ltd. on March 8 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         East Midlands Sign Centre Ltd.
         5 Redwood Court
         Nottingham
         Nottinghamshire
         NG7 2BQ
         England
         Tel: 0115 978 8074
         Fax: 0115 942 0813


GEOBLOCK LTD: Claims Filing Period Ends June 7
----------------------------------------------
Creditors of Geoblock Ltd. have until June 7 to send in their
full names, their addresses and descriptions, full particulars
of their debts or claims, and the names and addresses of their
solicitors (if any) to:

         Kevin Brown
         Liquidator
         Marriotts LLP
         Allan House
         10 John Princes Street
         London  
         W1G 0AH
         England

Kevin Brown of Marriotts LLP was appointed liquidator of the
company on March 7.


GLYNN ELECTRICAL: Creditors' Meeting Slated for March 29
--------------------------------------------------------
Creditors of Glynn Electrical Ltd. will meet at 4:00 p.m. on  
March 29 at:
  
         Begbies Traynor (South) LLP
         The Old Exchange
         234 Southchurch Road
         Southend-on-Sea  
         SS1 2EG
         England

Creditors who want to vote at the meeting have until noon on
March 28 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 27.

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


GREAT HALL: Fitch Rates GBP14.5 Million Class Ea Notes at BB
------------------------------------------------------------
Fitch Ratings assigned final ratings to Great Hall Mortgages
2007-1 PLC's No 1 multi-currency mortgage-backed floating-rate
notes due 2039:

   -- GBP55.00 million Class A1a: 'AAA'
   -- EUR139.00 million Class A1b: 'AAA'
   -- GBP264.00 million Class A2a: 'AAA'
   -- EUR396.00 million Class A2b: 'AAA'
   -- GBP47.10 million Class Ba: 'AA'
   -- EUR55.60 million Class Bb: 'AA'
   -- GBP14.00 million Class Ca: 'A'
   -- EUR33.40 million Class Cb: 'A'
   -- GBP19.00 million Class Da: 'BBB'
   -- EUR22.90 million Class Db: 'BBB'
   -- GBP14.50 million Class Ea: 'BB'

The ratings are based on the collateral quality, available
credit enhancement and the underwriting of Platform Funding Ltd.  
They also consider the servicing capabilities of Western
Mortgage Services Ltd. 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 B notes, the Class C notes, the Class D notes and Class E
notes, as well as a fully funded reserve fund.

To determine appropriate credit enhancement levels, Fitch
analyzed the collateral using its U.K. Residential Mortgage
Default Model, dated Feb. 5, 2007.  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.


HOT STUFF: Names Richard Andrew Segal Liquidator
------------------------------------------------
Richard Andrew Segal of Begbies Traynor was appointed liquidator
of Hot Stuff Fireplaces Ltd. on March 13 for the creditors'
voluntary winding-up proceeding.

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

The company can be reached at:

         Hot Stuff Fireplaces Ltd.
         The Broadway
         Farnham Common
         Slough
         Berkshire
         SL2 3QJ
         England
         Tel: 01753 648 124


IPSO FACTO: Creditors' Meeting Slated for March 29
--------------------------------------------------
Creditors of Ipso Facto Ltd. will meet at 11:00 a.m. on March 29
at:
  
         Hazlewoods LLP
         Windsor House  
         Barnett Way
         Barnwood
         Gloucester  
         GL4 3RT
         England

Creditors who want to vote at the meeting have until noon on  
March 28 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 27.

Hazlewoods -- http://www.hazlewoods.co.uk/-- offers a service  
that sets it apart from other chartered accountancy firms.   It
is highly qualified and experienced staff provides the greatest
level of professionalism in all areas of business advice,
accountancy, financial planning and tax.  The firm employs 150
staff.


IRONWORKS DESIGNS: Claims Filing Period Ends May 7
--------------------------------------------------
Creditors of Ironworks Designs In Metal Ltd. have until May 7 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:

         William Antony Batty
         Liquidator
         Antony Batty & Co.  
         3 Field Court
         Gray's Inn
         London  
         WC1R 5ER
         England

William Antony Batty of Antony Batty & Co. was appointed
liquidator of the company on March 7.


KWIK SAVE: Rescue Package Saves Retailer From Administration
------------------------------------------------------------
Kwik Save Ltd. withdrew its petition for an administration order
on March 7 after a private consortium of investors led by Paul
Niklas stepped in with a GBP50 million rescue package, according
to published reports.

Grant Thornton confirmed that it had been on standby should the
retailer fail to raise additional funding.

As part of this development, a new operations board has been
established, with Mr. Niklas appointed as Chairman and Chief
Executive Officer.

The new board will be reviewing the range, services and
operations of the business, ensuring stores reflect the needs
and demands of customers at a local level.

"This is an exciting new era for Kwik Save and I am delighted to
be in the position to announce this re-financing boost to the
company," Mr. Niklas says.  "Kwik Save has been through an
unsettling period of uncertainty in recent months and I am
looking forward to the challenge of implementing a new vision
for the company.

"I recognize that there will be difficult decisions to be taken
over the coming months to ensure Kwik Save survives in an
increasingly competitive marketplace.  Initially, I will be
working hard to develop relationships with existing and new
suppliers to ensure stock is replenished to acceptable levels
before implementing a long-term strategy."

Mr. Niklas previously served as Managing Director at Kwik Save
on a four-month consultancy basis.  He was brought in to help
set up the company following the acquisition by BTTF Ltd.

The Sunday Times reported in December 2006 that Kwik Save was
seeking capital injenction after suffering from a sharp fall in
sales and mounting losses.  The company reportedly had conflicts
with its major suppliers due to payment delays, resulting to
limited stocks on basic products.

The rescue deal will safeguard about 3,800 jobs in 200 Kwik Save
stores across the United Kingdom, The Northern Echo reports.

Headquartered in Huddersfield, England, Kwik Save Ltd. --
http://www.kwiksave.co.uk/-- is a discount supermarket chain in  
the United Kingdom, which is owned and operated by Kwik Save
Group Ltd. (fka BTTF Ltd.).


LADDER M8: Taps P&A Partnership as Joint Administrators
-------------------------------------------------------
Christopher Michael White and Allan Cooper of The P&A
Partnership were appointed joint administrators of Ladder M8
Ltd. (Company Number 04656223) on March 8.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing  
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.

Headquartered in Stoke-on-Trent, England, Ladder M8 Ltd. --  
http://www.ladderm8.co.uk/-- manufactures safety equipment for  
ladders.


LIGHTIMAGES.CO.UK: Creditors' Meeting Slated for April 11
---------------------------------------------------------
Creditors of Lightimages.co.uk Ltd. will meet at 11:00 a.m. on
April 11 at:
  
         Travel Inn
         London Road
         Wrotham Heath near Sevenoaks  
         TN15 7RX  
         England

Creditors who want to vote at the meeting have until noon on  
April 10 to submit their proxy forms together with particulars
of their claims or of any security at the offices of:

         Begbies Traynor
         2-3 Pavilion Buildings
         Brighton
         East Sussex  
         BN1 1EE
         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 April 9 at Begbies Traynor.

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


LLANELLI TIMBER: Appoints Gary Stones as Liquidator
---------------------------------------------------
Gary Stones of Stones & Co. was appointed liquidator of Llanelli
Timber & Doors Ltd. on March 13 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Llanelli Timber & Doors Ltd.
         Pembrey Road
         Llanelli
         DYFED
         SA153EU
         Wales
         Tel: 01554 749 049
         Fax: 01554 749 049


MANSARD MORTGAGES: Moody's Rates GBP6.87-Million Notes at (P)Ba3
----------------------------------------------------------------
Moody's Investors Service assigned provisional credit ratings to
these classes of Notes issued by Mansard Mortgages 2007-1 PLC:

   -- GBP82.5-million Class A1 Mortgage Backed Floating Rate
      Notes due February 2047: (P)Aaa;

   -- GBP97.5-million Class A2 Mortgage Backed Floating Rate
      Notes due February 2047: (P)Aaa;

   -- GBP36.25-million Class M1 Mortgage Backed Floating Rate
      Notes due February 2049: (P)Aa2;

   -- GBP14.37-million Class M2 Mortgage Backed Floating Rate
      Notes due February 2049: (P)A2;

   -- GBP12.5-million Class B1 Mortgage Backed Floating Rate
      Notes due February 2049: (P)Baa2; and

   -- GBP6.87-million Class B2 Mortgage Backed Floating Rate
      Notes due February 2049: (P)Ba3.

This transaction represents the fourth securitization of
mortgage loans originated by Rooftop Mortgages Ltd. and the
second under the Mansard Mortgages program.  The assets
supporting the Notes are near prime and non-conforming mortgage
loans secured on residential properties in England, Wales and
Scotland.

The total debt raised by Mansard Mortgages 2007-1 plc will be
used to purchase a portfolio of mortgage loans and will be split
as follows:

   -- [72.00]% Class A Notes;
   -- [14.50]% Class M1 Notes;
   -- [5.75]% Class M2 Notes;
   -- [5.00]% Class B1 Notes; and
   -- [2.75]% Class B2 Notes.

The reserve fund will be fully funded at [0.80%] of the initial
transaction amount at closing.

The ratings of the Notes are based upon the 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, the reserve fund, and
the legal and structural integrity of the issue.

The ratings address the expected loss posed to investors by the
legal final maturity.  The structure allows for timely 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 the yield to investors.

Rooftop Mortgages Ltd., with delegation to Crown Mortgage
Management Ltd. is the day-to-day servicer for the mortgage
loans.  Vertex Mortgage Services Ltd. will be the Standby Sub-
Servicer for the pool, if the appointment of CMM as Sub-servicer
is terminated.

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


MERKOR LTD: Creditors' Meeting Slated for April 11
--------------------------------------------------
Creditors of Merkor Ltd. will meet at 11:00 a.m. on April 11 at:

         Jarvis Clayton Lodge Hotel
         Newcastle under Lyme
         Staffordshire  
         ST5 4AF  
         England

Creditors who want to vote at the meeting have until noon on
April 10 to submit their proxy forms together with particulars
of their claims or of any security at:
  
         HKM LLP
         The Old Mill  
         9 Soar Lane
         Leicester  
         LE3 5DE
         England       
         Fax: 0116 242 5201

HKM LLP -- http://www.hkm.co.uk/-- is an independent and  
regulated firm of accountants, business and taxation advisors
and insolvency specialists.  In July 2004, HKM Harlow Khandhia
Mistry changed its business status to become a limited liability
partnership and is now known as HKM LLP.


MIDLAND SHEETMETAL: Creditors' Meeting Slated for March 30
----------------------------------------------------------
Creditors of Midland Sheetmetal Ltd. (Company Number 02101564)
will meet at 11:00 a.m. on March 30 at:

         PricewaterhouseCoopers LLP
         Donington Court
         Pegasus Business Park
         Castle Donington
         East Midlands  
         DE74 2UZ
         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 29 at:

         S. D. Maddison and D. M. Hammond
         Joint Administrators
         PricewaterhouseCoopers LLP
         Benson House
         33 Wellington Street
         Leeds  
         LS1 4JP
         England
         Tel: [44] (113) 289 4000
         Fax: [44] (113) 289 4460

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


NORTEL NETWORKS: Posts US$80-Mln Net Loss in Fourth Quarter 2006
----------------------------------------------------------------
Nortel Networks Corp. reported a net loss of US$80 million for
the fourth quarter ended Dec. 31, 2006, compared with a net loss
of US$2.286 billion for the fourth quarter of 2005.  

Fourth quarter 2006 results included a gain of US$164 million on
the sale of assets, a shareholder litigation expense of
US$234 million reflecting a mark-to-market adjustment of the
share portion of the global class action settlement and special
charges of US$29 million for restructuring.  Fourth quarter 2005
results included a litigation expense of US$2.474 billion, a tax
benefit of US$134 million and special charges of US$24 million.   

Revenues for the fourth quarter of 2006 were US$3.32 billion.  
Nortel achieved year over year revenue increases of 10 percent
in the quarter as it continued to drive its core strategy and
expand its business through growth in the company's four
operating segments.

For the year 2006, revenues were US$11.42 billion compared to
US$10.51 billion for the year 2005.  The company reported net
earnings for the year 2006 of US$28 million, compared with a net
loss of US$2.61 billion for the year 2005.

Net earnings for the year 2006 included a shareholder litigation
recovery of US$219 million reflecting mark-to-market adjustments
of the share portion of the global class action settlement,
special charges of US$105 million primarily related to
restructuring activities, a benefit of approximately
US$43 million related to the changes to the North American
employee benefit plans and a benefit of US$206 million related
to the sale of assets.  The year 2005 results included a
litigation expense of US$2.474 billion, special charges of
US$169 million and US$47 million of costs related to the sale of
businesses and assets.  

"A relentless focus on execution in 2006 delivered solid
progress on our Business Transformation plan and laid the
foundations upon which Nortel will build its future.  I am
particularly pleased with the progress made in the fourth
quarter as we grew revenues by 10 percent, grew our backlog, and
improved operating margin and operating cash flow performance.  
In fact, the fourth quarter operating margin, was the highest in
eight quarters and the operating cash flow performance for 2006
was the best since 1998," said Mike Zafirovski, Nortel president
and chief executive officer.  "We are 100% focused on the future
and are taking the necessary steps to reduce costs, grow
revenues faster than the market in key next-generation solutions
and position the company for profitable growth.  There is a
significant amount of work left to be done, but today Nortel is
stronger than it has been in years."

Gross margin was 40 percent of revenue in the fourth quarter of
2006, reflecting a strong contribution from the LG-Nortel joint
venture and code division multiple access (CDMA) solutions.  
This compares to gross margin of 39 percent for the fourth
quarter of 2005.  Compared to the fourth quarter of 2005, there
were significant improvements in Mobility and Converged Core
Networks (MCCN) gross margins due to the negative impact of
certain contracts in the fourth quarter of 2005 not repeated in
the fourth quarter of 2006, partially offset by a significant
decline in Metro Ethernet Networks (MEN) margins due to product
mix and lower margins in Enterpise Solutions (ES) and Global
Services (GS).

Selling, general and administrative expenses were US$694 million
in the fourth quarter of 2006, compared to US$683 million for
the fourth quarter of 2005.  Compared to the fourth quarter of
2005, SG&A was impacted by the consolidation of the LG-Nortel
joint venture, higher accruals for commission and bonus
payments, and higher costs related to the company's business
transformation initiatives, partially offset by lower
restatement related and employee benefit plan costs.

Research and Development expenses were US$488 million in the
fourth quarter of 2006, compared to US$457 million for the
fourth quarter of 2005.  R&D expenses in the fourth quarter of
2006 was impacted by increased investment in targeted product
areas, higher accruals for bonus payments and the impact of the
consolidation of the LG-Nortel joint venture, partially offset
by lower employee benefit plan costs.

Special charges in the fourth quarter of 2006 of US$29 million
included US$13 million related to the company's prior
restructuring plans and US$17 million for the restructuring
program announced on June 27, 2006.  

Other income was US$34 million of income for the fourth quarter
of 2006, which primarily included interest and dividend income
of US$47 million.

Minority interest expense was US$58 million in the fourth
quarter of 2006, compared to US$2 million for the fourth quarter
of 2005.  The increase in minority interest expenses was
primarily driven by the profitability of the LG-Nortel joint
venture in the fourth quarter of 2006 resulting from the
recognition of previously deferred revenue.

Interest expense on long term debt was US$84 million in the
fourth quarter of 2006, compared to US$54 million for the fourth
quarter of 2005.  Interest expense on long term debt was up due
to the increase in interest costs associated with the
US$2 billion aggregate principal amount of senior notes issued
in July 2006.

Cash balance at the end of the fourth quarter of 2006 was
US$3.49 billion, up from US$2.6 billion at the end of the third
quarter of 2006.  This increase was primarily driven by positive
cash from operations of US$520 million as well as US$306 million
in cash received upon the closing of the sale of certain assets
and liabilities related to the UMTS Access business.

At Dec. 31, 2006, the company's balance sheet showed
US$18.979 billion in total assets, US$17.079 billion in total
liabilities, US$779 million in minority interests in subsidiary
companies, and US$1.121 billion in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 31, 2006, are available for
free at http://researcharchives.com/t/s?1ba8

                            About Nortel

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

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

                           *     *     *

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


PHOTRONICS INC: Earns US$7.58 Million in First Quarter 2007
-----------------------------------------------------------
Photronics Inc., during the first quarter of fiscal year 2007,
reported a net income of US$7.58 million on net sales of
US$105.98 million, compared with a net income of US$9.69 million
on net sales of US$111.94 million during the first quarter of
fiscal year 2006.

The company listed US$962.73 million in total assets,
US$287.1 million in total liabilities, and US$47.94 million in
minority interests, resulting to US$627.69 million in total
shareholders' equity as of Jan. 28, 2007.  

The company's working capital increased to US$142.7 million at
Jan. 28, 2007, as compared with US$127.7 million at
Oct. 29, 2006, primarily as a result of cash generated from
operations.  

Cash, cash equivalents and short-term investments at Jan. 28,
2007, were US$132.43 million, as compared with US$199.32 million
at Oct. 29, 2006.  As of Jan. 28, 2007, Photronics had
commitments outstanding for capital expenditures of about US$100
million.

Full-text copies of the company's 2007 first quarter financials
are available for free at http://ResearchArchives.com/t/s?1b89

                      About Photronics Inc.

Photronics Inc. -- http://www.photronics.com/-- is a worldwide  
manufacturer of photomasks, which are high precision quartz
plates that contain microscopic images of electronic circuits.  
A key element in the manufacture of semiconductors and flat
panel displays, photomasks are used to transfer circuit patterns
onto semiconductor wafers and flat panel substrates during the
fabrication of integrated circuits, a variety of flat panel
displays and, to a lesser extent, other types of electrical and
optical components.  They are produced in accordance with
product designs provided by customers at strategically located
manufacturing facilities in Asia, Europe, and North America.  In
Europe, the company maintains operations in Dresden, Germany and
Manchester, U.K.

                           *     *     *                     

Photronics Inc. carries Moody's Investors Service's B1 Corporate
Family Rating, B1 Probability of Default Rating, and B2 rating
on the company's US$190 million 4.75% convertible subordinated
notes due 2006.

The company carries Standard & Poor's BB- Long-term Foreign and
Local Issuer Credit Ratings.


PINEAPPLE CLOTHING: N. A. Bennett Leads Liquidation Procedure
-------------------------------------------------------------
N. A. Bennett of Leonard Curtis was appointed liquidator of
Pineapple Clothing Co. Ltd. on March 9 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Pineapple Clothing Co. Ltd.
         Lincoln House
         1 Brixton Road
         Lambeth
         London
         SW9 6DE
         England
         Tel: 020 7582 1011
         Fax: 020 7582 1012


POWERTRANS SOLUTIONS: Hires Liquidators to Wind Up Business
-----------------------------------------------------------
Carl Derek Faulds and James Richard Tickell of Portland Business
& Financial Solutions Ltd. were appointed joint liquidators of
Powertrans Solutions Ltd. on March 7 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Powertrans Solutions Ltd.
         Unit 38
         Glenmore Business Park
         Telford Road
         Salisbury
         Wiltshire
         SP2 7GL       
         England
         Tel: 01722 330 557
         Fax: 01722 332 126


REE SYSTEMS: Joint Liquidators Take Over Operations
---------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss were appointed
joint liquidators of Ree Systems Ltd. (t/a Doors U.K.) on for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Ree Systems Ltd.
         Seedbed Centre
         Vanguard Way
         Shoeburyness
         Southend on Sea
         Essex
         SS3 9QY
         Tel: 01702 382 348
         Fax: 01702 382 347


REFCO INC: Plan Administrators Want US$15MM Admin Claims Denied
---------------------------------------------------------------
RJM LLC, as Plan Administrator of the Reorganized Refco Inc.'s
Chapter 11 cases, and Marc S. Kirschner, as Plan Administrator
and Chapter 11 Trustee of Refco Capital Markets Ltd.'s case, ask
the U.S. Bankruptcy Court for the Southern District of New York
to rule on 31 administrative expense claims, totaling
approximately US$15,000,000.
                                                      
Specifically, the Plan Administrators ask Judge Drain to
disallow and expunge 11 claims that are inconsistent with the
books and records of the Reorganized Debtors and RCM:

   Claimant                          Claim No.   Claim Amount
   --------                          ---------   ------------
   Illinois Department of Revenue       4974          US$379
   Joe Damouni                          3091             -
   Michelle Y. Coe                      3333             -
                                        3446             -
   Qwest Communications Corp.           3396        19,528
   State of Connecticut                14285           400   
   Connecticut Revenue Service Dept.   14286           250
   Tennessee Department of Revenue     14288         1,409
                                         129         1,655
                                       14287           521
                                         128           350

The Plan Administrators also ask Judge Drain to reduce and
allow, and in certain cases, reclassify, six claims asserting
overstated amounts:

                                Claim        Claim     Modified
Claimant                        Number       Amount     Amount
--------                        ------       ------    --------
Equity Trust Co. Cust. FBO        2982       US$8,022     
US$8,022
Orange County Tax Collector      14421        6,783      6,783
Pitney Bowes Credit Corp.         2316        3,853      3,853
                                  4420          834        834
Telecommunications System Inc.   14245        5,613      5,613
The City of New York             14298   12,017,928    125,000

The Plan Administrators also want nine claims disallowed and
expunged because they fail to assert any basis in satisfying
administrative expense status:

   Claimant                       Claim No.   Claim Amount           
   --------                       ---------   ------------
   Fimat U.S.A. LLC, and Fimat        14300      US$46,397
                                       3413         46,397
   NDC Online Ltd.                     3020        428,745
   Living Water Fund L.P.              3402      1,809,972
   Andrei Popov                       14436         31,938
                                      14437         31,938
   Frances R. Dittmer                  4268         75,000
   Runyun He                          14439          5,579
   SNC Investments Inc.               14441        146,477

Furthermore, the Plan Administrators ask Judge Drain to disallow
Claim No. 3417 filed by West Loop Associates LLC, for
US$398,270, because it has already been addressed by the
Reorganized Debtors' Chapter 11 Plan and the Confirmation Order.

The Plan Administrators want four claims disallowed as
duplicate, amended, or superseded claims:

                               Claim    Claim    Remaining
   Claimant                    Number    Amount     Claim
   --------                    ------    ------   ---------
   Charles Fenton III IRA       14289  US$8,023      2982
                                14290     8,023      2982
   Orange County Tax Collector     73     8,278     14421
                                14394     6,731     14421

The Plan Administrators reserve the right to amend, modify, or
file additional objections to the Administrative Claims on any
grounds.

                          About Refco Inc.

Headquartered in New York, New York, Refco Inc. --
http://www.refco.com/-- is a diversified financial services
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore.  In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products.  Refco is one of the largest global
clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported 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. 59; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).


REFCO INC: Plan Administrators Want Cross-Border Protocol Fixed
---------------------------------------------------------------
RJM LLC, as Plan Administrator of the Reorganized Refco Inc.'s
Chapter 11 cases, and Marc S. Kirschner, as Plan Administrator
and Chapter 11 Trustee of Refco Capital Markets Ltd.'s case, ask
the U.S. Bankruptcy Court for the Southern District of New York
to approve a cross-border insolvency protocol with the joint
provisional liquidators to ensure that the Parallel Proceedings
pending in the U.S. and Bermuda are conducted in an efficient
and effective manner so as to protect the interests of
stakeholders of the RCM and RGF estates; avoid duplication of
effort and expense; and implement the Plan.

Refco Capital Markets Ltd., and Russia Growth Fund Ltd., each
filed for Chapter 11 protection in the U.S. Bankruptcy Court for
the Southern District of Delaware on Oct. 17, 2005.  Two days
after, RCM and RGF filed voluntary winding-up petitions in the
Supreme Court of Bermuda.

The Bermuda Court subsequently appointed Michael W. Morrison of
KPMG Financial Advisory Services Ltd. in Bermuda, and Richard
Heis of KPMG LLP in the United Kingdom, as joint provisional
liquidators in the Bermuda Proceedings.  In April 2006, Marc S.
Kirschner was appointed as Chapter 11 trustee for the RCM
estate.

Timothy B. DeSieno, Esq., at Bingham McCutchen LLP, in New York,
relates that as of Feb. 22, 2007, neither the Joint Provisional
Liquidators nor their professionals have received payment or
reimbursement of any fees or expenses incurred in connection
with the U.S. and Bermuda Proceedings.

Mr. DeSieno notes that on Dec. 12, 2006, the Bermuda Court ruled
that the categories of actions undertaken by the Joint
Provisional Liquidators are within the scope of their duties
under Bermuda law, and that the hourly rates charged by them are
consistent with those charged in previous cases.

Pursuant to the confirmed Chapter 11 Plan of Refco Inc., and its
debtor-affiliates, RJM LLC, has been appointed Plan
Administrator of RGF, and serves as the corporate governance of
RGF under U.S. law, with full power and authority to manage
RGF's affairs and administer RGF's assets under the Plan and
auspices of the Bankruptcy Court.

On Jan. 17, the Bankruptcy Court issued an order providing for
the same allocation of fee approval responsibilities between the
Bankruptcy and Bermuda Courts in accordance with the Dec. 8
Bermuda Order.

The Plan Administrators assert that the Protocol also resolves
the dispute concerning the appropriate amount and proper forum
for determination of the JPL fees.

Mr. DeSieno tells the Bankruptcy Court that the Protocol is
consistent with the purposes of and principles incorporated in
the Cross-Border Insolvency Concordat adopted by the Council of
the International Bar Association on May 31, 1996.  The Protocol
recognizes that the U.S. Proceedings are the main proceedings
for RCM and RGF.  He states that the relative duties and rights
of the Plan Administrators and JPLs are apportioned according to
those principles with respect to:

   -- their legal responsibilities;
   -- the domiciles of RCM and RGF; and
   -- the sovereignty of the U.S. and Bermuda courts.

Since the U.S. Proceedings are the Main Proceeding, the Protocol
provides that Mr. Kirschner and the Refco Administrator, as
applicable, will be responsible for the claims review process,
and proof and allowance of claims will be coordinated through
the U.S. Proceedings and the Bankruptcy Court.

Reimbursement of fees and expenses of the JPLs and their
professional advisors will be:

   -- a total of $1,790,000 in full and final payment and
      satisfaction of all fees and expenses incurred through the
      date of effectiveness of the Protocol; and

   -- up to an additional $20,000 in full and final payment and
      satisfaction of all fees and expenses incurred in
      connection with securing the withdrawal of the winding-up
      petition of RGF in the Bermuda Court.

Furthermore, the Refco Administrator and the JPLs have agreed
that RGF is solvent following the Plan implementation.  At the
earliest possible time, RGL will seek leave from the Bermuda
Court to withdraw its winding-up petition in Bermuda, which
would, in turn, result in the dismissal of the order appointing
the JPLs.  At the same time, the JPLs will seek their release
from the Bermuda Court.

                          About Refco Inc.

Headquartered in New York, New York, Refco Inc. --
http://www.refco.com/-- is a diversified financial services
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore.  In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products.  Refco is one of the largest global
clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported $16.5 billion in assets and $16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on
Dec. 26, 2007. (Refco Bankruptcy News, Issue No. 59; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).


ROMSEY GROUP: Appoints Joint Administrators from PwC
----------------------------------------------------
Robert William Birchall and David Christian Chubb of
PricewaterhouseCoopers LLP were appointed joint administrators
of Romsey Group Ltd. (Company Number 04854754) on March 13.

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

The company can be reached at:

         Romsey Group Ltd.
         Mayflower Close
         Chandlers Ford Industrial Estate
         Eastleigh
         Hampshire  
         SO53 4AR
         England
         Tel: 023 80255255


S. NASSAR: Creditors Ratify Liquidator's Appointment
----------------------------------------------------
Creditors of S. Nassar & Sons (London) Ltd. ratified on March 6
company's resolutions for voluntary liquidation and the
appointment of Alan H. Tomlinson of Tomlinsons as liquidator.

Tomlinsons -- http://www.tomlinsons.co.uk/-- specializes in all  
types of business recovery and insolvency procedures, as well as
offering advice to companies and individuals who believe they
may be heading towards, or are already in, financial difficulty.

The company can be reached at:

         S. Nassar & Sons (London) Ltd.
         Salisbury House
         London Wall
         City of London
         London
         EC2M5RR
         England
         Tel: 020 7638 8358
         Fax: 020 7638 9681


SC DISTRIBUTORS: Taps Liquidator from Wilkinson & Co.
------------------------------------------------------
Andrew Hartley Wilkinson of Wilkinson & Co. was appointed
liquidator of SC Distributors Ltd. on March 1 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         SC Distributors Ltd.
         2 Rosegarth Avenue
         Holmfirth
         West Yorkshire
         HD9 1LB
         England
         Tel: 01484 455 689


SCANA UK: Brings Simon Thornton to Liquidate Assets
---------------------------------------------------
Simon Thornton of Houghton Stone Business Recovery was appointed
liquidator of Scana U.K. Ltd. on March 9 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Scana U.K. Ltd.
         Grove Industrial Estate
         Gloucester Road
         Patchway
         Bristol
         Avon
         BS345BB
         England
         Tel: 0117 979 0090


SHAW GROUP: Obtains Second Waiver from Lenders
----------------------------------------------
The Shaw Group Inc. disclosed in a regulatory filing with the
U.S. Securities and Exchange Commission that it entered into a
Waiver dated March 19, 2007, with respect to a certain Credit
Agreement dated April 25, 2005, as amended, among:

    * the company, as borrower;

    * BNP Paribas, as administrative agent;

    * BNP Paribas Securities Corp., as joint lead arranger and
      sole bookrunner;

    * Bank of Montreal, as joint lead arranger;

    * Credit Suisse First Boston, acting through its Cayman
      Islands branch, as co-syndication agent;

    * UBS Securities LLC, as co-syndication agent;

    * Regions Bank as co-documentation agent;

    * Merrill Lynch Pierce, Fenner & Smith Incorporated, as
      co-documentation agent;

    * the guarantors signatory; and

    * other lenders signatory.

The company had previously said that due to the significance of
the Westinghouse acquisition to its financial statements, the
company was required to file a Current Report on Form 8-K with
the SEC by Jan. 3, 2007, including the audited financial
statements of Westinghouse for the fiscal years ended March 31,
2006, and 2005.

As a subsidiary of BNFL, Westinghouse maintained its accounting
records under the U.K. generally accepted accounting principles.

Further, it did not obtain a separate audit of Westinghouse
results for the periods as required by Form 8-K.

These factors caused delays in obtaining the information and
reports needed to timely file with the SEC.  Due to delays in
receiving the required Westinghouse audited financial
statements, Shaw has not filed an amendment and supplement to
Item 9.01 of its Current Report on Form 8-K initially filed on
Oct. 18, 2006, to include the historical financial statements of
Westinghouse, and the unaudited pro forma financial information
required pursuant to Article 11 of Regulation S-X of the
Securities Act of 1933, as amended.

The company relates that it encountered difficulties in
completing the conversion of U.K. GAAP to U.S. GAAP, and because
the company would have been in violation of certain debt
covenants under the Amended Credit Agreement if it failed to
comply with Westinghouse Filing Requirement by Jan. 18, 2007,
the company obtained a waiver to the Amended Credit Agreement,
which waived compliance, for a 60 day period commencing on
Jan. 18, 2007, and ending on March 20, 2007, by the Company with
any covenant in the Amended Credit Agreement solely to the
extent that such covenant would be breached as a result of the
company's failure to comply with the Westinghouse Filing
Requirement, and waived the requirement that the Company make
any representation or warranty in the Amended Credit Agreement
solely to the extent that such representation or warranty would
be false as a result of the Company's failure to comply with the
Westinghouse Filing Requirement.

Though the company has made significant progress toward
completing the conversion of U.K. GAAP to U.S. GAAP, it
continues to encounter difficulties and needs additional time to
comply with the Westinghouse Filing Requirement.

Accordingly, the company has obtained a second waiver to the
Amended Credit Agreement, which waives compliance, for an
additional 90 day period commencing on March 19, 2007, by the
Company with any covenant in the Amended Credit Agreement solely
to the extent that such covenant would be breached as a result
of the Company's failure to comply with the Westinghouse Filing
Requirement, and waives the requirement that the Company make
any representation or warranty in the Amended Credit Agreement
solely to the extent that such representation or warranty would
be false as a result of the Company's failure to comply with the
Westinghouse Filing Requirement.

The Second Westinghouse Waiver became effective on March 19,
2007, upon execution by the Company and by the Agent pursuant to
authority granted by the Required Lenders; provided that, the
Waiver shall cease to be in effect if (but only if) the company
fails to comply with the Westinghouse Filing Requirement within
90 days after the date of the Waiver which is March 19, 2007.

The company is making every effort to comply with the
Westinghouse Filing Requirement within this additional 90-day
period.  

A full-text copy of the Second Westinghouse Waiver is available
for free at http://ResearchArchives.com/t/s?1bbe

Headquartered in Baton Rouge, LA, The Shaw Group Inc.
(NYSE: SGR) -- http://www.shawgrp.com/-- is a global provider  
of services to the environmental, infrastructure and homeland
security markets, including consulting, engineering,
construction, remediation and facilities management services to
governmental and commercial customers.  It is also a vertically
integrated provider of engineering, procurement, pipe
fabrication, construction and maintenance services to the power
and process industries.  The company segregates its business
activities into four operating segments: Environmental &
Infrastructure (E&I); Energy & Chemicals (E&C); Maintenance, and
Fabrication, Manufacturing & Distribution (F&M).  In January
2005, the company sold substantially all of the assets of its
Shaw Power Technologies Inc. and Shaw Power Technologies
International Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.


SHAW GROUP: Hires KPMG LLP as Independent Accountant
----------------------------------------------------
The Shaw Group Inc. has engaged KPMG LLP to serve as its
independent registered public accounting firm for the fiscal
year ending Aug. 31, 2007, and to perform procedures related to
the financial statements included in the company's quarterly
reports on Form 10-Q, which are expected to commence with, and
include, the quarter ending May 31, 2007, unless the services of
KPMG are requested in connection with the Company's quarterly
report on Form 10-Q for the quarter ended Feb. 28, 2007.

The Audit Committee of the Board of Directors of the company
made the decision to recommend KPMG to the full Board of
Directors, which adopted and approved that decision.

During the Company's two most recent fiscal years ended
Aug. 31, 2006, and Aug. 31, 2005, and during any subsequent
interim period prior to the date of the engagement of KPMG, as
the company's independent registered public accounting firm,
neither the company nor anyone acting on its behalf consulted
with KPMG regarding:

     (i) either: the application of accounting principles to a
         specific transaction, either completed or proposed; or
         the type of audit opinion that might be rendered on the
         Company's financial statements, and neither a written
         report was provided to the Company or oral advice was
         provided that KPMG concluded was an important factor
         considered by the Company in reaching a decision as to
         the accounting, auditing or financial reporting issue;
         or

    (ii) any matter that was either the subject of a
         disagreement (as defined in Item 304(a)(1)(iv) of
         Regulation S-K and the related instructions) or a
         reportable event (as described in Item 304(a)(1)(v) of
         Regulation S-K).

Headquartered in Baton Rouge, LA, The Shaw Group Inc.
(NYSE: SGR) -- http://www.shawgrp.com/-- is a global provider  
of services to  the environmental, infrastructure and homeland
security markets, including consulting, engineering,
construction, remediation and facilities management services to
governmental and commercial customers.  It is also a vertically
integrated provider of engineering, procurement, pipe
fabrication, construction and maintenance services to the power
and process industries.  The company segregates its business
activities into four operating segments: Environmental &
Infrastructure (E&I); Energy & Chemicals (E&C); Maintenance, and
Fabrication, Manufacturing & Distribution (F&M).  In January
2005, the company sold substantially all of the assets of its
Shaw Power Technologies Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.


SOUTH DEVON: Calls In Liquidators from Rothman Pantall & Co.
------------------------------------------------------------
Robert Derek Smailes and Stephen Blandford Ryman of Rothman
Pantall & Co. were appointed joint liquidators of South Devon
Removals Ltd. on March 9 for the creditors' voluntary winding-up
procedure.

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

The company can be reached at:

         South Devon Removals Ltd.
         Torbay Business Park  
         Woodview Road  
         Paignton  
         Devon  
         TQ4 7HP  
         England
         Tel: 01803 666 008


TILBURY FREIGHT: Peter Ramsey Taps Begbies Traynor as Receivers
---------------------------------------------------------------
Peter Ramsey appointed Wayne Macpherson and Lloyd Biscoe of
Begbies Traynor joint administrative receivers of Tilbury
Freight Station Ltd. (Company Number 04611832) 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.   

The company can be reached at:

         Tilbury Freight Station Ltd.
         Tilbury Freeport  
         Tilbury  
         Essex  
         RM18 7HB  
         England
         Tel: 01375 488 042  
         Fax: 01375 852 258


WOODFIELD LODGE: Hires Liquidator from Fisher Partners
------------------------------------------------------
Stephen M. Katz of Fisher Partners was appointed liquidator of
Woodfield Lodge Ltd. on March 7 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Woodfield Lodge Ltd.
         Woodfield
         Rectory Lane
         Stevenage
         Hertfordshire
         SG1 4BT
         Tel: 01438 359 381
         Fax: 01438 369 068

                            *********

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
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Information contained herein is obtained from sources believed
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                 * * * End of Transmission * * *