TCREUR_Public/070322.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Thursday, March 22, 2007, Vol. 8, No. 58     

                            Headlines


A U S T R I A

AFRA LLC: Claims Registration Period Ends April 19
ARKADI DAVIDOV: Claims Registration Period Ends April 19
BH MATRIX: Claims Registration Period Ends April 19
DORO LLC: Claims Registration Period Ends April 19
BAUSCH & LOMB: Efrain Rivera Succeeds Stephen McCluski as CFO

GANZ GROSS: Wels Court Orders Business Closure
JUTTA VARGA: Claims Registration Period Ends April 20
KALTEIS MOEBEL: Claims Registration Period Ends April 5
KURHOTEL BAD GOISERN: Claims Registration Period Ends April 23
LIMPEL LLC: Claims Registration Period Ends April 2

TECHCOM LLC: Claims Registration Period Ends April 16


C Y P R U S

MARFIN POPULAR: Buys Marine Transport for US$137.4 Million


D E N M A R K

NORTEL NETWORKS: Board Wants KPMG to Replace Deloitte as Auditor


F I N L A N D

M-REAL OYJ: Chairman Calls for Revamp of Paper Industry


F R A N C E

NOVASAUR SAS: Moody's May Downgrade Ba2 Rating After Review


G E R M A N Y

AQUAFORM WASSERTECHNIK: Claims Registration Period Ends April 4
BALTIC FINANZVERMITTLUNGS: Claims Registration Ends April 16
BAUER-BAU GESELLSCHAFT: Claims Registration Period Ends April 2
BBS AUTOMOTIVE: Insolvency Manager Confident on Rescue Deal
BENQ CORP: Board Rejects Chairman's Offer to Resign

CONDOMI AG: Cologne Court Probes Assets for Possible Insolvency
DOMUS FACILITY: Claims Registration Period Ends May 2
F 1 FAHRSCHULEN: Claims Registration Period Ends March 31
F. ZIMMERMANN BETEILIGUNGS: Creditors' Meeting Slated for May 8
FA.SCRIPTOMAIL GMBH: Claims Registration Period Ends April 30

FEHL INNENAUSBAU: Claims Registration Period Ends April 30
HEIDELBERGCEMENT AG: Building New Plant to Tap Indian Demand
HG TEXTILMASCHINEN: Claims Registration Period Ends April 16
INTER-CONSTRUCT: Claims Registration Period Ends April 17
K & F FLIESEN: Claims Registration Period Ends April 13

LANDESBANK BERLIN: Job Guarantees Not Vital for Choosing Buyer
MAKON GESELLSCHAFT: Claims Registration Ends May 9
NTU NIER: Claims Registration End May 22
PEPPONE HANDELS: Claims Registration Ends May 11
PORTERS GASTRONOMIE: Claims Registration Ends June 1

PTAH-GMBH: Claims Registration Ends April 13
QIB QUALITAT: Claims Registration Ends May 4
RD BAUSERVICE: Creditors Must Register Claims by April 16
REGALE BETTENSTUDIO: Creditors Must Register Claims by May 7
RINNERTHALER GMBH: Creditors Must Register Claims by April 16

S & D KFZ-MEISTERBETRIEB: Creditors Must File Claims by April 30
SCHORNSTEINSANIERUNG GMBH: Claims Registration Ends May 9
SILENTA GMBH: Claims Registration Period Ends May 9
SPORTREISEN HINNEMANN: Claims Registration Ends April 30
STAMINA MEDIA: Claims Registration Period Ends May 7

TSG - TELEKOMMUNIKATIONS: Claims Registration Period Ends May 3
TUI AG: Moody's Puts Low-B Ratings Under Review on Merger News
UNITED VERMOEGENSVERWALTUNGS: Claims Registration Ends April 18


H U N G A R Y

HERTZ CORP: Good Performance Prompts S&P's Stable Outlook


I R E L A N D

BCM IRELAND: Moody's Cuts Low-B Ratings on PIK Notes Issuance
EIRCOM GROUP: Moody's Cuts Parent's Low-B Ratings on Bond Issue
SMURFIT KAPPA: Prices 78 Million Shares at EUR16.50 Per Share
SMURFIT KAPPA: Moody's Lifts Corporate Family Rating to Ba3


I T A L Y

ALITALIA SPA: Unveils Financial Calendar for 2007
IMAX CORP: Defers Filing of 2006 Annual Report 2006
IMAX CORP: S&P Affirms B- Rating Despite 10-K Filing Delay
TISCALI SPA: Posts EUR136.16 Million Net Loss for 2006


K A Z A K H S T A N

AENEL LLP: Creditors Must File Claims by April 27
DIYAN LLP: Creditors' Claims Due April 20
EURO TRADE: Proof of Claim Deadline Slated for April 27
INCORPORATION FENIX: Claims Registration Ends April 27
JAN & K: Claims Filing Period Ends April 20

KARABULAK-K LLP: Creditors Must File Claims by April 27
MOB FURNITURE: Claims Registration Ends April 27
OLIMP MOTORS: Proof of Claim Deadline Slated for April 27
ORLEU LLP: Claims Filing Period Ends April 27
SCIENTIFIC-PRODUCTION ENTERPRISE: Creditors' Claims Due April 20


K Y R G Y Z S T A N

ATB-MEENET LLC: Claims Filing Period Ends May 2


L U X E M B O U R G

ABSOLUT FINANCE: Moody's Assigns B1 Rating to Loan Notes


N E T H E R L A N D S

HEXION SPECIALTY: Posts US$109 Mln Net Loss in Full Year 2006
HUDSON CLO: Moody's Rates EUR20-Mln Class B-2 Notes at (P)Ba3


P O L A N D

AFFILIATED COMPUTER: Darwin Deason & Cerberus Submit Buyout Plan
AFFILIATED COMPUTER: Moody's May Downgrade Ratings After Sale


R U S S I A

ALFA-BANK: Names Edward Kaufman as Investment Banking Head
ALTERNATIVA CJSC: Creditors Must File Claims by May 3
ALVIS OJSC: Creditors Must File Claims by May 3
BIO-WOOD LLC: Creditors Must File Claims by April 3
EXCKO OJSC: Owner May Sell Firm to Technostroicontract

HOME CREDIT: Moody's Assigns Ba3 Rating to Sr. Unsecured Notes
KOMSOMOLSKIY OJSC: Creditors Must File Claims by April 3
KUZBAS-ENERGO-SERVICE: Creditors Must File Claims by May 3
PROGRESS CJSC: Court Names V. Gribov as Insolvency Manager
ROSNEFT OAO: Inks Strategic Partnership with OAO TMK

ROSNEFT OIL: Borrows US$22 Billion to Fund Yukos Asset Purchase
ROSTOV-COAL OJSC: Public Auction to Sell Assets Set for April 3
SIBERIA-WOOD LLC: Creditors Must File Claims by April 3
STROY-DETAIL CJSC: Court Starts Bankruptcy Supervision Procedure
SURGUT-TRANS-STROY: Court Starts Bankruptcy Supervision

TMK OAO: Inks Strategic Partnership with OAO NK Rosneft
TNK-BP HOLDING: May Lose License to Develop Kovykta Field
TURINSKIY BUTTER: Court Names A. Kirpishikov to Manage Assets
URALSKIYE TURBINES: Creditors Must File Claims by April 3
VICTORIA INDUSTRIES: Files Restated 2005 Annual Report with SEC

WEST-SIBERIAN BUILDING: Creditors Must File Claims by May 3
WOODWORKING ENTERPRISE: Creditors Must File Claims by May 3
YUKOS OIL: Rosneft Borrows US$22 Billion to Fund Asset Purchase
ZELENODOLSKOYE PASSENGER: Creditors Must File Claims by May 3


S P A I N

BANKINTER 14: Moody's Junks EUR14.2-Million Series E Notes
HIPOTECARIO IX: Fitch Junks EUR15-Million Class E Notes


S W I T Z E R L A N D

COMPULINE LLC: Creditors' Liquidation Claims Due April 4
DMK-SCHWEIZ LLC: Creditors' Liquidation Claims Due March 31
FERIEN ONLINE: Creditors' Liquidation Claims Due March 31
MEDICOM CONSULTING: Creditors' Liquidation Claims Due March 31
MONARCH WIRELESS: Creditors' Liquidation Claims Due March 31

MUNTANELLA SA: Creditors' Liquidation Claims Due March 31
PAN NEW MEDIA: Creditors' Liquidation Claims Due April 5
SC HERISAU: Creditors' Liquidation Claims Due April 5
STAUDT ISOLIERTECHNIK: Creditors' Liquidation Claims Due April 4
STUTZ UND KAPPELI: Creditors' Liquidation Claims Due April 4


U K R A I N E

BILETSKOVSKOE LLC: Creditors Must File Claims by March 23
DIMER PLANT: Creditors Must File Proofs of Claim by March 23
ELECTRO LLC: Creditors Must File Proofs of Claim by March 23
HRYSTINOVKA PLANT: Claims Filing Bar Date Set March 23
INDUSTRY-STAR LLC: Creditors Must File Claims by March 23

KRISTALL LLC: Creditors Must File Proofs of Claim by March 23
MAYAK LLC: Creditors Must File Proofs of Claim by March 23
SOROS-NIKOLAEV LLC: Creditors Must File Claims by March 23
TOLOKA LLC: Creditors Must File Proofs of Claim by March 23
VITOVT LLC: Creditors Must File Proofs of Claim by March 23

VOLIN HAULAGE: Creditors Must File Proofs of Claim by March 23


U N I T E D   K I N G D O M

A R GURTEEN: Claims Filing Period Ends June 30
AMSTEL CORP: Moody's Rates EUR150-Mln Class E Notes at (P)Ba2
AQUA PACIFIC: Names Gavin Geoffrey Bates Liquidator
BACCHUS 2007-1: S&P Rates EUR11-Million Class E Notes at BB-
BLAKELEY MARQUEES: Appoints Liquidator from Hodgsons

BPR INSULATED: Creditors' Meeting Slated for March 28
BRITISH AIRWAYS: Prepares for Possible Impact of Open Skies Deal
CAPITAL ACCOMMODATION: Marfin Taps Panos Eliades as Receiver
CEETAK FABRICATIONS: Names Liquidator to Wind Up Business
CENTRAL VENUE: Joint Liquidators Take Over Operations

CLIFFORD COACHWORKS: D. L. Platt Leads Liquidation Procedure
COLLINS & AIKMAN: Court OKs Assumption of Owosso Facility Lease
COLLINS & AIKMAN: Keeps Port Huron Plant Open to Serve Demand
CORUS GROUP: Deutsche Bank Cuts Equity Stake to Below 3%
EDIMA LTD: Creditors' Meeting Slated for March 27

ENGINEERING TECHNOLOGY: Creditors' Meeting Slated for March 29
GENERAL WASTE: Bank of Scotland Appoints PwC as Receivers
GLOBAL CROSSING: Dec. 31 Balance Sheet Upside-Down by US$195 Mln
HORWICH STEELWORKS: Taps Tenon Recovery as Joint Administrators
INMARSAT VENTURES: S&P Puts BB Ratings on Watch Negative

ITRON INC: Moody's Lowers Corporate Family Rating to B1
JUST SLATE: Brings In Liquidators from SFP
LEASE INVESTMENT: Missed Payment Prompts S&P's Default Rating
MANSARD MORTGAGES: S&P Rates GBP6.875-Mln Class B2 Notes at BB
MULTIPLEX MEDWAY: Taps Liquidator from Maidment Judd

PROVENTUS EUROPEAN: Fitch Puts Low-B Ratings to EUR30-Mln Notes
RESOURCE EUROPE: S&P Rates EUR6.35 Million Class E Notes at BB-
SABANCI BANK: Moody's Withdraws Ratings for Business Reasons
SAM SPLINTER: Creditors Confirm Liquidators' Appointment
SCOTTISH RE: Unit Inks Term Loan Pact with Ableco & Mass. Mutual

SIMRAN ENTERPRISES: Creditors' Meeting Slated for March 27
SYNERGY KITCHENS: Appoints Michael M. McCarthy as Liquidator
TEKPRINT LTD: Calls In Liquidators from Harrisons
VEXED GENERATION: Creditors' Meeting Slated for March 29
VIRGIN MEDIA: Wants Ofcom to Probe Pay TV Industry

VISTEON CORP: Wants to Amend US$1 Billion Secured Term Loan
VT TECHNOLOGY: Taps Allan W. Graham to Liquidate Assets

* Baker Tilly Merges Edinburgh Operations with Scott & Paterson

* Upcoming Meetings, Conferences and Seminars

                            *********

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


AFRA LLC: Claims Registration Period Ends April 19
--------------------------------------------------
Creditors owed money by LLC Afra (FN 234676m) have until
April 19 to file written proofs of claim to court-appointed
estate administrator Martina Simlinger-Haas at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 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 30/07k).


ARKADI DAVIDOV: Claims Registration Period Ends April 19
--------------------------------------------------------
Creditors owed money by KEG Arkadi Davidov (FN 213110y) have
until April 19 to file written proofs of claim to court-
appointed estate administrator Bernhard Eder at:

         Dr. Bernhard Eder
         c/o Dr. Herbert Hochegger
         Brucknerstrasse 4
         1040 Vienna
         Austria
         Tel: 505 78 61
         Fax: 505 78 619
         E-mail: eder@rechtsanwaelte.co.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 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 26 (Bankr. Case No. 5 S 21/07h).  Herbert Hochegger
represents Dr. Eder in the bankruptcy proceedings.


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 Beate Holper 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.


DORO LLC: Claims Registration Period Ends April 19
--------------------------------------------------
Creditors owed money by LLC DORO (FN 44686s) have until April 19
to file written proofs of claim to court-appointed estate
administrator Eberhard Wallentin at:

         Dr. Eberhard Wallentin
         Porzellangasse 4-6
         1090 Vienna
         Austria
         Tel: 313 74-0
         Fax: 313 74-80
         E-mail: office@ksw.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on May 3 for the examination
of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Hall 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 27 (Bankr. Case No. 5 S 22/07f).


BAUSCH & LOMB: Efrain Rivera Succeeds Stephen McCluski as CFO
-------------------------------------------------------------
Bausch & Lomb named Efrain Rivera as Senior Vice-President and
Chief Financial Officer, succeeding Stephen C. McCluski who has
announced his plan to retire on June 30, 2007.  Mr. McCluski
will serve as senior vice president-corporate strategy,
responsible for strategic business development activities, until
his retirement.

"We're very fortunate to have an executive of Efrain Rivera's
caliber to succeed Steve in the CFO function," said Chairman and
CEO Ronald L. Zarrella.  "Efrain has managed successively more
responsible positions in business analysis, investor relations,
commercial operations and treasury, and has demonstrated that he
has the experience, perspective and leadership skills to be an
exceptional CFO."

Mr. Rivera, 50, joined Bausch & Lomb in 1989 and has held
management and executive positions in Corporate Treasury,
Business Analysis and Investor Relations.  He has served as
general manager of Bausch & Lomb Mexico, vice president-finance
for Global Vision Care, and president-Bausch & Lomb Canada and
Latin America.  He was elected an officer of the company in
2002, and has been corporate vice president and treasurer since
2004.  Prior to joining Bausch & Lomb he served as an attorney
in the Civil Division of the U.S. Department of Justice.

Mr. Rivera received a B.S. degree from Houghton College,
Houghton, New York, an MBA in Finance from the William E. Simon
Graduate School of Business at the University of Rochester, a
J.D. degree from New York University, and an Executive Doctorate
in Management from Case Western Reserve University, Cleveland,
Ohio.  A member of Beta Gamma Sigma, the national honor society
in business, at both the Masters and Doctoral levels, Rivera is
a Certified Management Accountant(R), Certified Financial
Manager(R) and a member of the Institute of Management
Accountants.

"Steve McCluski has served Bausch & Lomb with great distinction
during his 19-year career here, 12 of those years as CFO," said
Mr. Zarrella.  "The Board of Directors and I are grateful for
his contributions to the growth and success of our businesses.  
While I will especially miss his wise counsel, over the past few
years he has developed an outstanding successor in Efrain
Rivera, and that will allow us to manage through this transition
smoothly and efficiently."

Mr. McCluski, 54, has been with Bausch & Lomb since 1988, when
he joined the company as director-financial planning and
analysis for the former Personal Products Division.  He served
as vice president and controller for the former Eyewear
Division, president of the former Outlook Eyewear subsidiary and
was named corporate vice president and controller in 1994.  He
has served as Chief Financial Officer since 1995.

Based in Rochester, New York, Bausch & Lomb Inc. --
http://www.bausch.com/-- is engaged in the development,  
manufacture and marketing of eye health products.  Its core
businesses include soft and rigid gas permeable contact lenses
and lens care products, and ophthalmic surgical and
pharmaceutical products.  The company is organized into three
geographic segments: the Americas; Europe, Middle East and
Africa, and Asia (including operations in Australia, China, Hong
Kong, India, Japan, Korea, Malaysia, the Philippines, Singapore,
Taiwan and Thailand.  While in Europe, the company maintains
operations in Austria, Germany, the Netherlands, Spain, and the
United Kingdom.

Its additional operating segments, which are managed on a global
basis, are the Research, Development and Engineering
organization and the Global Supply Chain Organization.  In each
geographic segment, Bausch & Lomb markets products in five
product categories: contact lenses, lens care products,
ophthalmic pharmaceuticals, cataract and vitreoretinal surgery,
and refractive surgery.

Bausch has been plagued with problems ranging from accounting
irregularities at foreign subsidiaries to failure to file its
financial results on time.

The company is also facing several class action suits after
several consumers sustained severe damage to their eyes as a
result of using Bausch & Lomb's ReNu with MoistureLoc contact
lens solution.  

                        *     *     *

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


GANZ GROSS: Wels Court Orders Business Closure
----------------------------------------------
The Land Court of Wels entered Feb. 27 an order closing the
business of LLC Ganz Gross (FN 260304a).

Court-appointed estate administrator Guenter Geusau recommended
the business closure after determining that the continuing
operations would reduce the value of the estate.

The estate administrator can be reached at:

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

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


JUTTA VARGA: Claims Registration Period Ends April 20
-----------------------------------------------------
Creditors owed money by LLC Jutta Varga (FN 152297t) have until
April 20 to file written proofs of claim to court-appointed
estate administrator Ute Toifl at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on May 4 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 March 1 (Bankr. Case No. 28 S 23/07x).


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

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

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

The meeting of creditors will be held at:

         The Land Court of Leoben
         Hall IV
         First Floor
         Leoben         
         Austria

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


KURHOTEL BAD GOISERN: Claims Registration Period Ends April 23
--------------------------------------------------------------
Creditors owed money by LLC Kurhotel Bad Goisern (FN 105523g)
have until April 23 to file written proofs of claim to court-
appointed estate administrator Thomas Mair at:

         Dr. Thomas Mair
         Kurhausstrasse 9
         4820 Bad Ischl
         Austria
         Tel: 06132/23517
         Fax: 06132/23517-9
         E-mail: thomas.mair@rechtsangelegenheiten.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:40 p.m. on May 3 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 Bad Goisern, Austria, the Debtor declared
bankruptcy on March 1 (Bankr. Case No. 20 S 30/07y).


LIMPEL LLC: Claims Registration Period Ends April 2
---------------------------------------------------
Creditors owed money by LLC Limpel (FN 252684w) 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 11:30 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 30/07z).


TECHCOM LLC: Claims Registration Period Ends April 16
-----------------------------------------------------
Creditors owed money by LLC TechCom (FN 206428x) have until
April 16 to file written proofs of claim to court-appointed
estate administrator Andreas Droop at:

         Mag. Andreas Droop
         c/o Dr. Nikolaus Schertler
         Kirchstrasse 4
         6900 Bregenz
         Austria
         Tel: 05574/47244-0
         Fax: 05574/52545
         E-mail: ra.droop@vol.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on April 26 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Feldkirch
         Hall 45
         First Floor
         Feldkirch
         Austria

Headquartered in Fussach, Austria, the Debtor declared
bankruptcy on Feb. 28 (Bankr. Case No. 14 S 7/07b).  Nikolaus
Schertler represents Mag. Droop in the bankruptcy proceedings.


===========
C Y P R U S
===========


MARFIN POPULAR: Buys Marine Transport for US$137.4 Million
----------------------------------------------------------
Marfin Popular Bank Public Co. Ltd. signed an agreement to
purchase 99.2% of Marine Transport Bank Ukraine's share capital
for US$137.4 million.

Simultaneously, MPB is acquiring three affiliated companies of
MTB operating in the area of leasing for US$700,000.

The transaction is subject to necessary approvals by regulatory
authorities in Cyprus and Ukraine.

Deutsche Bank acted on this transaction as an exclusive
financial advisor to MPB.  Renaissance Capital acted as an
exclusive financial advisor to the selling shareholders of MTB.

                     About Marine Transport

Marine Transport Bank Ukraine -- http://www.mtb.com.ua/-- is a  
bank organized as an open joint stock company under the laws of
Ukraine.

It was established in 1993 as a private bank named Marine Trade
Bank.  In 1996, the name was changed to Marine Transport Bank.  
MTB is a universal bank having licenses for a full range of
banking operations.  The Bank has its headquarters in the Odessa
region and has a total of 86 branches.

MTB had a share capital and reserves of US$34.1 million as per
the unaudited financial statements as at Sept. 30, 2006.  Total
deposits and total advances stood at US$156.2 million and
US$148.3 million respectively.


                      About Marfin Popular

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

MPB has full banking operations in Cyprus, Greece, the United
Kingdom, Australia, Romania, Serbia, Estonia and Guernsey and
has representative offices in the United States, Canada, South
Africa and Russia.

                           *    *    *

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


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D E N M A R K
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NORTEL NETWORKS: Board Wants KPMG to Replace Deloitte as Auditor
----------------------------------------------------------------
Nortel Networks Corp.'s board of directors proposed that KPMG
LLP serve as its principal independent public accountant
commencing with fiscal year 2007 as part of the company's
evaluation in its corporate renewal process.

Deloitte & Touche LLP is the independent public accountant for
Nortel Networks and Nortel Networks Limited, its principal
operating subsidiary, for fiscal year 2006.

KPMG will also be appointed as Limited's auditor, if
shareholders approve, at the company's annual and special
meeting, scheduled for May 2.

Nortel Networks said the proposed change in auditor does not
result from any disagreement or dissatisfaction between the
company and Deloitte.  

Deloitte's audit reports for the company and Limited's financial
statements for the fiscal years ended Dec. 31, 2006, and Dec.
31, 2005, did not contain an adverse opinion or a disclaimer of
opinion and were not qualified or modified as to uncertainty,
audit scope, or accounting principles.

The company's and Limited's management concluded in its Form 10-
K that a material weakness in internal control over financial
reporting existed as of Dec. 31, 2006.

Deloitte expressed an unqualified opinion on management's
assessment of the effectiveness of internal control over
financial reporting and an adverse opinion on the effectiveness
of internal control over financial reporting as of Dec. 31,
2006.

                       About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(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 Limited 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.

                           *     *     *

As reported in the Troubled Company Reporter on March 6,
Dominion Bond Rating Service said that Nortel Networks
Corporation accounting restatements will not have an immediate
impact on its B (low) long-term ratings.

As reported in the Troubled Company Reporter on Oct. 5, 2006,
Moody's Investors Service upgraded Nortel Networks Corp.'s B3
Corporate Family Rating to B2 in connection with the rating
agency's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology.

As reported in the Troubled Company Reporter on June 20, 2006,
Standard & Poor's Ratings Services affirmed Nortel Networks
Limited's 'B-' long-term and 'B-2' short-term corporate credit
ratings on the company, and assigned its 'B-' senior unsecured
debt rating to the company's US$2 billion notes.  S&P said NNL's
ratings are based on the consolidation with its parent, Nortel
Networks Corporation.  S&P said the outlook is stable.


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


M-REAL OYJ: Chairman Calls for Revamp of Paper Industry
-------------------------------------------------------
M-real Oyj Chairman Kari Jordan has called for an overhaul of
Finland's paper and forestry industry to prevent the sector's
financial collapse if the country slides into recession,
Bloomberg News reports.

Mr. Jordan said the revamp could entail merging or converting
smaller sites and a moratorium on building of new large pulp
mills or paper plants, Bloomberg News relates.  He added that
Finnish paper firms may likely attract foreign investors due to
their low valuations and "old-fashioned and fragmented
Structure."

"When there are favorable economic conditions in Finland and the
forest industry still makes weak profits, it's clear that when
the economy hits worse times, we will really be in a mess," Mr.
Jordan said.

M-real, along with rivals Stora Enso Oyj and UPM-Kymmene Oyj has
cut capacity and workforce to cope with low prices and paper
oversupply.

                         About M-real

Headquartered in Espoo, Finland, M-real Oyj --
http://www.m-real.com/-- produces and distributes coated and  
uncoated fine papers for printing and packaging industries.

                        *     *     *

In a TCR-Europe report on March 13, Moody's Investors Service
lowered M-real Oyj's Corporate Family  Rating to B3 from B2 and
also changed the senior unsecured debt ratings of M-real Oyj in
addition to the senior unsecured guaranteed MTN program rating
of its majority-owned subsidiary, Metsa Group Financial Services
Oy, to B3 from B2.  The outlook for the ratings has been changed
to stable from negative.

As of Feb. 8, M-real Oyj carries Standard & Poor's B+ Long-Term
Issuer Credit Rating and B Short-Term Issuer Credit Ratings with
Negative Outlook.


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


NOVASAUR SAS: Moody's May Downgrade Ba2 Rating After Review
-----------------------------------------------------------
Moody's Investors Service placed the Ba2 Corporate Family Rating
of Novasaur S.A.S., the holding company for Saur S.A.S. on
review for downgrade following the announcement by Novasaur's
ultimate shareholder, PAI partners, that it has granted
exclusivity to a consortium comprised of Caisse des Depots et
Consignations (47%), Seche Environnement (33%) and AXA IM (20%),
in respect of the sale of the share capital of Novasaur on the
basis of an equity value of EUR1.72 billion.

At the same time, Moody's also placed under review for downgrade
the B1 rating on the EUR265 million senior subordinated notes
issued by FG4 S.A., a finance subsidiary of Novasaur.

The rating review was prompted by Moody's concerns that the
potential transaction may result in a change in the group's
capital structure, if the new owners decide to further leverage
up the business to fund part of the EUR1.72 billion purchase
price.  Moody's will re-position the Corporate Family Rating and
outlook once greater clarity as regards the future financial
profile of the group is obtained.  Moody's however notes that
bondholders remain protected by a change of control clause that
allows them to tender their notes.

Moody's last rating action on Novasaur was on Dec. 14, 2006,
when the agency changed the outlook on the group's ratings to
developing from positive.

Novasaur S.A.S., headquartered in Guyancourt, France, is the
third largest provider of water and sanitation services as well
as waste management services in France.  In 2005/06, the group
reported revenues of EUR1.4 billion.


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


AQUAFORM WASSERTECHNIK: Claims Registration Period Ends April 4
---------------------------------------------------------------
Creditors of Aquaform Wassertechnik GmbH have until April 4 to
register their claims with court-appointed insolvency manager
Robert Schiebe.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on April 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bingen am Rhein
         Hall 7
         Mainzer Strasse 52
         55411 Bingen am Rhein
         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. Robert Schiebe
         Lauterenstrasse 37
         55116 Mainz
         Germany
         Tel: 06131/693040
         Fax: 06131/6930411

The District Court of Bingen am Rhein opened bankruptcy
proceedings against Aquaform Wassertechnik GmbH on March 14.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Aquaform Wassertechnik GmbH
         Wiesen 18 a
         55218 Ingelheim
         Germany

         Attn: Gert Fraunberger, Manager
         Wernerstr. 37
         71636 Ludwigsburg
         Germany


BALTIC FINANZVERMITTLUNGS: Claims Registration Ends April 16
------------------------------------------------------------
Creditors of Baltic Finanzvermittlungs GmbH & Co. KG i.L. have
until April 16 to register their claims with court-appointed
insolvency manager Andreas Roepke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:25 a.m. on May 9, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C207
         Second Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be contacted at:

         Dr. Andreas Roepke
         Dammstr. 26
         47119 Duisburg
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against Baltic Finanzvermittlungs GmbH & Co. KG i.L. on March 9.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Baltic Finanzvermittlungs GmbH & Co. KG i.L.
         Duisburger Str. 161-167
         47166 Duisburg
         Germany

         Attn: Klaus-Dieter Kruetzfeldt, Manager
         Fichtenweg 22
         25917 Leck
         Germany


BAUER-BAU GESELLSCHAFT: Claims Registration Period Ends April 2
---------------------------------------------------------------
Creditors of Bauer-Bau Gesellschaft fuer schluesselfertiges
Bauen mbH have until April 2 to register their claims with
court-appointed insolvency manager Matthias Hofmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bayreuth
         Meeting Hall 520
         Ground Floor
         Friedrichstr. 18
         Bayreuth
         Germany

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

The insolvency manager can be contacted at:

         Matthias Hofmann
         Richard-Wagner-Strasse 64
         95444 Bayreuth
         Germany
         Tel: 0921/76400-0
         Fax: 0921/76400-11

The District Court of Bayreuth opened bankruptcy proceedings
against Bauer-Bau Gesellschaft fuer schluesselfertiges Bauen mbH
on March 14.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Bauer-Bau Gesellschaft fuer schluesselfertiges
         Bauen mbH
         Attn: Uwe Pedall, Manager
         Maintalstr. 155
         95460 Bad Berneck
         Germany


BBS AUTOMOTIVE: Insolvency Manager Confident on Rescue Deal
-----------------------------------------------------------
Jobst Wellensiek, the insolvency manager of BBS automotive
technology AG, told Frankfurter Allgemeine Zeitung that more
than 30 companies are looking to acquire the German rim
manufacturer.

Mr. Wellensiek emphasized that the creditors' committee is open
to any rescue measures for BBS.

According to Baden Online, the insolvency manager is confident
that BBS can be saved.  However, he didn't disclose the identity
of the possible investors.

In February, BBS declared insolvency after its inability to pay
discouraged one bank to participate in a rescue plan aimed at
restoring its liquidity, TV Suebaden relates.

Headquartered in Schiltach, Germany, BBS automotive technology
AG -- http://bbs.com/-- manufactures high-quality light alloy  
wheels.  BBS employs 1,200 people, 750 of which are in Germany.  
In 2005, the company had turnover of EUR189.8 million and losses
of EUR1.7 million.


BENQ CORP: Board Rejects Chairman's Offer to Resign
---------------------------------------------------
BenQ Corp.'s Board of Directors refused to accept Chairman K.Y.
Lee's offer to resign and instead demanded him to turn the
company around.

Mr. Lee offered to resign from his post after the company failed
to make its former German mobile phone subsidiary profitable.

However, the company's board refused the resignation and said it
will form a task force to review and report on all losses
attributed to the acquisition of the mobile phone maker.

BenQ posted a net loss of NT$7.89 billion or US$238 million for
the October-December quarter.  The Troubled Company Reporter-
Europe noted that the quarterly loss is the company's fifth
straight as its handset business continues to drag after it
declared its German unit insolvent late last year.

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

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

BenQ Mobile has lost market share against giant competitors.

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

                        *     *     *

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

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

The ratings reflect BenQ's:

   * continuing operating losses from its handset operations;

   * high leverage; and

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


CONDOMI AG: Cologne Court Probes Assets for Possible Insolvency
---------------------------------------------------------------
A local district court in north Cologne, Germany, is conducting
a probe to see if Condomi AG has enough assets to warrant an
insolvency procedure after financial authorities in the area
petitioned for the company's insolvency in December 2006,
Suddeutsche Zeitung reports.

According to the report, Condomi suffered losses from major
state contracts and high production costs while stretching its
production capacity thin by manufacturing over 700 million
condoms per year.

As reported in the TCR-Europe on Dec. 15, 2004, Poland's Unimil
signed an agreement to buy its German parent, Condomi, whose
condition has deteriorated as a result of failed investments.

Under the deal, Unimil took on Condomi's liabilities for GBP67
million, including that of two of its main shareholders.  In
return, it received 74.4% of its own shares and almost 40% of
Condomi shares.

However, the transaction turned into a hostile takeover, where
Condomi was forced to surrender all of its brand rights and
customer contracts to Unimil, Suddeutsche Zeitung states.  
Oliver Gothe, the German company's founder, resigned as board
chairman in 2005, which prompted Unimil to back off.

The company's shareholders are hoping that Unimil will keep its
hands off Condomi's assets, Suddeutsche Zeitung suggests.

                          About Unimil

Krakow, Poland-based Unimil SA -- http://www.unimil.com.pl/--  
Poland's biggest condom producer, controls 70% of the Polish
condom market and sells 100 to 120 million condoms a year.

                          About Condomi

Headquartered in Cologne, Germany, Condomi AG --
http://www.condomi.com/-- manufactures condoms.  The company  
amassed a EUR37-million debt in 2003, an amount that was almost
double its revenues that year.


DOMUS FACILITY: Claims Registration Period Ends May 2
-----------------------------------------------------
Creditors of Domus Facility und Verwaltungsgesellschaft mbH have
until May 2 to register their claims with court-appointed
insolvency manager Kurt Bruder.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 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 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. Kurt Bruder
         Herzog-Wilhelm-Str. 17
         80331 Munich
         Germany
         Tel: 089/236858-0
         Fax: 089/2603440

The District Court of Munich opened bankruptcy proceedings
against Domus Facility und Verwaltungsgesellschaft mbH on
March 8.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Domus Facility und Verwaltungsgesellschaft mbH
         BaierbrunnerStr. 3
         81379 Munich
         Germany

         Attn: Goran Jasmina, Manager
         Wuermseestr. 33
         81476 Munich
         Germany


F 1 FAHRSCHULEN: Claims Registration Period Ends March 31
---------------------------------------------------------
Creditors of F 1 Fahrschulen GmbH i.L. have until March 31 to
register their claims with court-appointed insolvency manager
Helmut Hetzelt.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on May 15, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bamberg
         Meeting Hall 317
         Synagogenplatz 1
         96047 Bamberg
         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:

         Helmut Hetzelt
         Geisfelder Str. 14
         96050 Bamberg
         Germany
         Tel: 0951/91787-0
         Fax: 0951/9178729

The District Court of Bamberg opened bankruptcy proceedings
against F 1 Fahrschulen GmbH i.L. on March 13.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         F 1 Fahrschulen GmbH i.L.
         Attn: Wolfgang Schauer, Liquidator
         Herzog-Max-Str. 5
         96047 Bamberg
         Germany


F. ZIMMERMANN BETEILIGUNGS: Creditors' Meeting Slated for May 8
---------------------------------------------------------------
The court-appointed insolvency manager for F. Zimmermann
Beteiligungs-GmbH, Hartwig Albers, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 8:45 a.m. on May 8.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:05 a.m. on Aug. 7 at the same venue.

Creditors have until June 13 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Hartwig Albers
         Luetzowstr. 100
         10785 Berlin
         Germany


The District Court of Charlottenburg opened bankruptcy
proceedings against F. Zimmermann Beteiligungs-GmbH on March 14.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         F. Zimmermann Beteiligungs-GmbH
         Luetzowstr. 70-73
         10785 Berlin
         Germany


FA.SCRIPTOMAIL GMBH: Claims Registration Period Ends April 30
-------------------------------------------------------------
Creditors of Fa.Scriptomail GmbH have until April 30 to register
their claims with court-appointed insolvency manager Dr. Hill.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Esslingen
         Hall 1
         First Floor
         Rit-terstr.5
         Esslingen
         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. Hill
         Gebelsbergstr. 35
         70191 Stuttgart
         Germany
         Tel: 0711/6017700
         Fax: 0711/60177060

The District Court of Esslingen opened bankruptcy proceedings
against Fa.Scriptomail GmbH on March 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Fa.Scriptomail GmbH
         Attn: Hans J. Radtke, Manager
         Wiesenstr.62/1
         70794 Filderstadt
         Germany


FEHL INNENAUSBAU: Claims Registration Period Ends April 30
----------------------------------------------------------
Creditors of Fehl Innenausbau GmbH & Co. KG have until April 30
to register their claims with court-appointed insolvency manager
Thomas Illy.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 24, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hanau
         Area 205
         Engelhardstrasse 21
         63450 Hanau
         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 Illy
         Taunusanlage 17
         60325 Frankfurt/Main
         Germany
         Tel: 069/9799530
         Fax: 069/97995399
         E-mail: thomas.illy@thierhoffilly.com

The District Court of Hanau opened bankruptcy proceedings
against Fehl Innenausbau GmbH & Co. KG on March 13.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Fehl Innenausbau GmbH & Co. KG
         Attn: Renate Fehl-Hildebrand, Manager
         Quellenstr. 6
         36391 Sinntal-Oberzell
         Germany


HEIDELBERGCEMENT AG: Building New Plant to Tap Indian Demand
------------------------------------------------------------
HeidelbergCement AG will construct a new site in Gujarat, India,
to cater to high demand for building materials in the area,
Bloomberg News reports.

The new site, which has two million tons of cement capacity, is
part of the HeidelbergCement plan to own up to 15 million tons
of cement capacity in India over the next three to four years,
Bloomberg News quotes chairman Dr. B. Scheifele as saying.

The company could produce up to 3.5 million tons of cement in
India through its Mysore Cements Ltd. unit and a venture with
Indo Rama Cement Ltd.

The demand for cement in Gujarat and Maharashtra rose by 11%
between April 2006 and January 2007 -- higher than the industry
average of 10%, Bloomberg News relates, citing the Cement
Manufacturers' Association.

                     About HeidelbergCement

Based in Heidelberg, Germany, HeidelbergCement AG --
http://www.heidelbergcement.com/-- produces cement as well as  
building materials and building chemicals.  The group's fiscal
2006 net income amounted to EUR414.5 million on EUR9.23 billion
net sales.

                        *     *     *

Moody's Investors Service issued Ba1 ratings on the company's
Bank Loan and Senior Unsecured Debts.  Moody's also set Issuer
and LT Corp. Family ratings at Ba1.


HG TEXTILMASCHINEN: Claims Registration Period Ends April 16
------------------------------------------------------------
Creditors of HG Textilmaschinen-Handel GmbH have until April 16
to register their claims with court-appointed insolvency manager
Joachim Exner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on June 1, 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 Ansbach
         Meeting Hall 1
         Ground Floor
         Promenade 8
         91522 Ansbach
         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:

         Joachim Exner
         Stahlstr. 17
         90411 Nuremberg
         Germany
         Tel: 0911-951285-0
         Fax: 0911-951285-10

The District Court of Ansbach opened bankruptcy proceedings
against HG Textilmaschinen-Handel GmbH on March 13.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         HG Textilmaschinen-Handel GmbH
         Attn: Peter Himmelmann, Manager
         Bergst. 22
         OT Rehlingen
         91799 Langenaltheim
         Germany


INTER-CONSTRUCT: Claims Registration Period Ends April 17
---------------------------------------------------------
Creditors of Inter-Construct GmbH have until April 17 to
register their claims with court-appointed insolvency manager
Erich Hoelzemann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Muenster
         Meeting Hall 119 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be contacted at:

         Erich Hoelzemann
         Goethestr. 2
         59065 Hamm
         Germany
         Tel: 02381/924200
         Fax: +4923819242020

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

The Debtor can be contacted at:

         Inter-Construct GmbH
         Porschestrasse 4
         59229 Ahlen
         Germany

         Attn: W. Schmidt, Manager
         Alter Muehlenweg 66
         44139 Dortmund
         Germany


K & F FLIESEN: Claims Registration Period Ends April 13
-------------------------------------------------------
Creditors of K & F Fliesen GmbH have until April 13 to register
their claims with court-appointed insolvency manager Andreas
Kienast.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Magdeburg
         Hall D
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg
         Germany

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

The insolvency manager can be contacted at:

         Andreas Kienast
         Lennestr. 10
         39112 Magdeburg
         Germany
         Tel: 0391/5973322
         Fax: 0391/5973333

The District Court of Magdeburg opened bankruptcy proceedings
against K & F Fliesen GmbH on March 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         K & F Fliesen GmbH
         Attn: Juergen Friedrichs and Thomas Kummer, Managers
         Breite Str. 15
         39343 Erxleben
         Germany


LANDESBANK BERLIN: Job Guarantees Not Vital for Choosing Buyer
--------------------------------------------------------------
The German government has assured the European Commission that
job guarantee is not a vital criterion in selecting the buyer
for Landesbank Berlin AG, Bloomberg News reports.

Competition Commissioner Neelie Kroes had asked clarifications
from the government whether the bank's sale would be contingent
to employment conditions offered by interested parties, Jonathan
Todd, the commissioner's spokesman, told Bloomberg News.  The
German government has allayed Mr. Kroes' concerns, added Mr.
Todd.

The city of Berlin, the bank's owner, must sell its 81% stake by
the end of the year as part of the conditions set by the
European Commission when the city rescued the bank for EUR22-
billion following a property market collapse in 2001.

Bloomberg News suggests that the bank may be sold up to
EUR6.5 billion.  UBS AG, Berlin's financial adviser, has already
relayed the sale conditions to 14 bidders, which include:

   -- Commerzbank AG
   -- UniCredit S.p.A.
   -- Landesbanks WestLB
   -- HSH Nordbank

In a TCR-Europe report on Feb. 9 potential bidders expected to
submit binding bids in June.

                   About Landesbank Berlin AG

Headquartered in Berlin, Germany, Landesbank Berlin AG --
http://www.lbb.de/landesbank/-- is the German capital's biggest  
credit institution, holding a dominant market share of both the
retail and corporate banking market.

The company comprises the banking operations of Landesbank
Berlin Holding AG.  On a group basis, first half 2006 earnings
reached EUR121 million and total assets were reported at EUR140
billion.

On Aug. 29, 2006, Landesbank Berlin changed its name from
Bankgesselschaft Berlin AG.  It is 81% owned by the city of
Berlin.  Deka Bank owns 10% while the remaining 9% stake is
listed on the Berlin Stock Exchange.

The TCR-Europe reported on Jan. 19 that Moody's Investors
Service assigned a D+ Financial Strength Ratings for the bank.


MAKON GESELLSCHAFT: Claims Registration Ends May 9
--------------------------------------------------
Creditors of Makon Gesellschaft fuer Immobilienanlagen mbH & Co.
KG have until May 9 to register their claims with court-
appointed insolvency manager Thomas Illy.

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

The meeting of creditors will be held at:

         The District Court of Wiesbaden
         E 36 A
         Third Floor
         Building E
         Moritzstrasse 5
         Hinterhaus
         65185 Wiesbaden
         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 Illy
         Kanzlei Thierhoff, Illy + Partner
         Taunusanlage 17
         60325 Frankfurt/M.
         Germany
         Tel: 069/9799 53-0
         Fax: 069/9799 53-99

The District Court of Wiesbaden opened bankruptcy proceedings
against Makon Gesellschaft fuer Immobilienanlagen mbH & Co. KG
on March 9.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Makon Gesellschaft fuer Immobilienanlagen mbH & Co. KG
         Mohnweg 5
         65201 Wiesbaden
         Germany


NTU NIER: Claims Registration End May 22
----------------------------------------
Creditors of NTU NIER Technologie & Umformtechnik GmbH have
until May 22 to register their claims with court-appointed
insolvency manager Michael Waculik.

Creditors and other interested parties are encouraged to attend
the meeting at 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 Wilhelmshaven
         Hall 109
         Old Building
         Market Route 15
         26382 Wilhelmshaven
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Wilhelmshaven opened bankruptcy
proceedings against NTU NIER Technologie & Umformtechnik GmbH on
March 13.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         NTU NIER Technologie & Umformtechnik GmbH
         Roffhausener Landstrasse
         26419 Schortens
         Germany


PEPPONE HANDELS: Claims Registration Ends May 11
------------------------------------------------
Creditors of Peppone Handels GmbH have until May 11 to register
their claims with court-appointed insolvency manager Barbara
Beutler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 5, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Barbara Beutler
         Schwanthalerstr. 32
         80336 Munich
         Germany
         Tel: 089/54511-0
         Fax: 089/54511-444

The District Court of Munich opened bankruptcy proceedings
against Peppone Handels GmbH on March 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Peppone Handels GmbH
         Steinstr. 70
         81667 Munich
         Germany

         Attn: Hanns-Jochen Michelet, Manager
         Metzstr. 14
         81667 Munich
         Germany


PORTERS GASTRONOMIE: Claims Registration Ends June 1
----------------------------------------------------
Creditors of Porters Gastronomie GmbH have until June 1 to
register their claims with court-appointed insolvency manager
Thomas Steger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 am. on June 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 Bad Neuenahr-Ahrweiler
         Hall 4
         Wilhelmstrasse 55-57
         53474 Bad Neuenahr-Ahrweiler
         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 Steger
         Koelnstr. 135
         53757 St. Augustin
         Germany
         Tel: 02241-90600
         Fax: 02241-90 60 90
         E-mail: kanzlei@kalker-fahnster.de

The District Court of Bad Neuenahr-Ahrweiler opened bankruptcy
proceedings against Porters Gastronomie GmbH on March 13.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Porters Gastronomie GmbH
         Landskroner Str. 4
         53474 Bad Neuenahr-Ahrweiler
         Germany

         Attn: Wolfgang-Ernst Roesler, Manager
         Burggrafenstr. 48
         53489 Sinzig
         Germany


PTAH-GMBH: Claims Registration Ends April 13
--------------------------------------------
Creditors of Ptah-GmbH have until April 13 to register their
claims with court-appointed insolvency manager Dr. Thomas
Dithmar.

Creditors and other interested parties are encouraged to attend
the meeting at 12:10 p.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 Meiningen
         Meeting Hall A 0105
         Lindenallee 15
         Meiningen
         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. Thomas Dithmar
         Barbarossahof 3
         99092 Erfurt
         Germany

The District Court of Meiningen opened bankruptcy proceedings
against Ptah-GmbH on March 13.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Ptah-GmbH
         Attn: Sibylle Henning, Manager
         Kleine Anspelstrasse 1
         98544 Zella-Mehlis
         Germany


QIB QUALITAT: Claims Registration Ends May 4
--------------------------------------------
Creditors of QIB Qualitat im Bau GmbH have until May 4 to
register their claims with court-appointed insolvency manager
Dr. Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on May 25, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 QIB Qualitat im Bau GmbH on March 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         QIB Qualitat im Bau GmbH
         Attn: Carsten Schmidt, Manager
         Gotenstr. 1
         59439 Holzwickede
         Germany


RD BAUSERVICE: Creditors Must Register Claims by April 16
---------------------------------------------------------
Creditors of RD Bauservice GmbH have until April 16 to register
their claims with court-appointed insolvency manager
Karina Schwarz.

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

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall D
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Karina Schwarz
         Klausenerstr. 24
         39112 Magdeburg
         Germany
         Tel: 0391/ 6286260
         Fax: 0391/ 6286266
         E-mail: magdeburg@Rechtsanwaelte-Schwarz.de

The District Court of Magdeburg opened bankruptcy proceedings
against RD Bauservice GmbH on March 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         RD Bauservice GmbH
         Schillerstr. 20
         39167 Niederndodeleben
         Germany


REGALE BETTENSTUDIO: Creditors Must Register Claims by May 7
------------------------------------------------------------
Creditors of Regale Bettenstudio GmbH have until May 7 to
register their claims with court-appointed insolvency manager
Michael W. Scholz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Michael W. Scholz
         Welckerstrasse 8
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Regale Bettenstudio GmbH on March 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Regale Bettenstudio GmbH
         Hamburger Strasse 116
         22083 Hamburg
         Germany

         Attn: Johnny Sigvard Hasslinger, Manager
         Saseler Muehlenweg 68
         22395 Hamburg
         Germany


RINNERTHALER GMBH: Creditors Must Register Claims by April 16
-------------------------------------------------------------
Creditors of Rinnerthaler GmbH Digital- und Printmedien have
until April 16 to register their claims with court-appointed
insolvency manager Manuel Ast.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 23, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Nuremberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuremberg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Manuel Ast
         Archivstr. 3
         90408 Nuremberg
         Germany
         Tel: 0911/59781-22
         Fax: 0911/59781-44

The District Court of Nuremberg opened bankruptcy proceedings
against Rinnerthaler GmbH Digital- und Printmedien on March 14.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Rinnerthaler GmbH Digital- und Printmedien
         Attn: Debora Hoernig
         Feldgasse 37
         90489 Nuremberg
         Germany


S & D KFZ-MEISTERBETRIEB: Creditors Must File Claims by April 30
----------------------------------------------------------------
Creditors of S & D Kfz-Meisterbetrieb GmbH have until April 30
to register their claims with court-appointed insolvency manager
Raimund Schafmeister.

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

The meeting of creditors will be held at:

         The District Court of Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         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:

         Raimund Schafmeister
         Moltkestr. 12
         32756 Detmold
         Germany

The District Court of Detmold opened bankruptcy proceedings
against S & D Kfz-Meisterbetrieb GmbH on March 7.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         S & D Kfz-Meisterbetrieb GmbH
         Siemensstrasse 35
         32105 Bad Salzuflen
         Germany

         Attn: Gabriele Schwender, Manager
         Gerberweg 15 a
         32107 Bad Salzuflen
         Germany


SCHORNSTEINSANIERUNG GMBH: Claims Registration Ends May 9
---------------------------------------------------------
Creditors of Schornsteinsanierung GmbH have until May 9 to
register their claims with court-appointed insolvency manager
Klaus Regeling.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 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 Bonn
         Hall W 1.26
         Ground Floor
         Wilhelmstr. 23
         53111 Bonn
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Klaus Regeling
         Godesberger Allee 125-127
         53175 Bonn
         Germany
         Tel: 0228/81000-56
         Fax: 0228/81000820

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

The Debtor can be reached at:

         Schornsteinsanierung GmbH
         Attn: Annette Preiser, Manager
         Nordstrasse 11 a
         53340 Meckenheim
         Germany


SILENTA GMBH: Claims Registration Period Ends May 9
---------------------------------------------------
Creditors of SILENTA GmbH Consulting & Immobilien have until
May 9 to register their claims with court-appointed insolvency
manager Joern Weitzmann.

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

The meeting of creditors will be held at:

         The District Court of Lueneburg
         Hall 302
         Ochsenmarket 3
         21335 Lueneburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Joern Weitzmann
         c/o Buero Kilger
         Arnold-Heise-Str. 9
         20249 Hamburg
         Germany
         Tel: 040 / 46 07 970
         Fax: 040 / 46 07 97 25

The District Court of Lueneburg opened bankruptcy proceedings
against SILENTA GmbH Consulting & Immobilien on March 5.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         SILENTA GmbH Consulting & Immobilien
         Attn: Peter Richard Ritter, Manager
         Hans-Eidig-Weg 2b
         21449 Radbruch
         Germany


SPORTREISEN HINNEMANN: Claims Registration Ends April 30
--------------------------------------------------------
Creditors of Sportreisen Hinnemann GmbH have until April 30 to
register their claims with court-appointed insolvency manager
Gerrit Hoelzle.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 21, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C407
         Fourth Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Gerrit Hoelzle
         Rheinstrasse 75
         47623 Kevelaer
         Germany

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

The Debtor can be reached at:

         Sportreisen Hinnemann GmbH
         Kurierweg 7
         46562 Voerde
         Germany

         Attn: Mike Neufuss, Manager
         Benzenbergstr. 38
         40219 Duesseldorf
         Germany


STAMINA MEDIA: Claims Registration Period Ends May 7
----------------------------------------------------
Creditors of Stamina Media GmbH have until May 7 to register
their claims with court-appointed insolvency manager Christian
Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on June 4, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Christian Beck  
         Hansering 1
         D 06108 Halle
         Germany
         Tel: 0345/212220
         Fax: 0345/2122222

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against Stamina Media GmbH on March 5.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Stamina Media GmbH
         Mansfelder Str. 56
         06108 Halle
         Germany

         Attn: Ulrich Meyszies
         Reichardtstr. 14
         06114 Halle
         Germany


TSG - TELEKOMMUNIKATIONS: Claims Registration Period Ends May 3
---------------------------------------------------------------
Creditors of TSG - Telekommunikations Service GmbH have until
May 3 to register their claims with court-appointed insolvency
manager Joerg Riedemann.

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 Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Joerg Riedemann
         Muehlweg 47
         D 06114 Halle
         Germany
         Tel: 0345/293900
         Fax: 0345/2939029

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against TSG - Telekommunikations Service GmbH on
March 13.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         TSG - Telekommunikations Service GmbH
         Attn: Andre Stock, Manager
         Igepa-Ring 11a
         06188 Landsberg
         Germany


TUI AG: Moody's Puts Low-B Ratings Under Review on Merger News
--------------------------------------------------------------
Moody's Investors Service placed TUI AG's long-term senior
unsecured rating under review for possible downgrade following
the announcement that the Boards of TUI and First Choice
Holidays PLC have agreed to merge TUI's tourism division with
First Choice to create a new leisure travel group.

All other ratings including the Corporate Family Rating have
been affirmed.

The review reflects Moody's concerns that the transaction will
increase the amount of priority indebtedness within the group to
the potential detriment of the creditors of the ultimate holding
company, TUI AG.  The unsecured bondholders' structurally
subordinated position behind a material amount of secured debt
stemming from the obligations located at the operating
subsidiaries will increase with the integration of First Choice
despite TUI's stated goal to further centralize financing at the
TUI AG level.  

Moreover, Moody's understands that the planned merger by the end
of the current fiscal year of TUI AG and TUI Deutschland GmbH,
an operating company based in Germany, will not take place.
Moody's will therefore review the details of the future debt
capital structure of TUI to determine notching implications.
This review will most likely be concluded after the
implementation of the European Loss Given Default methodology.

The affirmation of TUI's other ratings reflects Moody's view
that TUI's credit profile is expected to remain in line with its
current B1 Corporate Family Rating.  Moody's nevertheless
cautions that the contemplated transaction implies execution
risks and that the expected EUR146 million annual synergies may
be difficult to achieve given the current difficult environment
in the UK tourism business and the structural changes the
European leisure market is undergoing.  Moody's will therefore
assess the details of the transaction and closely monitor its
implementation together with TUI's performance over the coming
quarters.  Moody's current ratings anticipate that the company's
credit metrics will improve, with retained cash flow to net debt
rising above 10% and debt to EBITDA falling below 6x by FY2008,
all ratios being adjusted according to Moody's methodologies.

Moody's previous rating action on TUI was on Feb. 9 following
the company's announcement of its strategic action plan in
December 2006:

   -- Corporate Family Rating was downgraded to B1 from Ba3;
   -- senior unsecured long-term rating to B1 from Ba3; and
   -- subordinated debt rating to B3 from B2.

TUI, headquartered in Hanover, Germany, is Europe's largest
integrated tourism group and a leading provider of Container
Shipping services, with sales of EUR20.9 billion in 2006.


UNITED VERMOEGENSVERWALTUNGS: Claims Registration Ends April 18
---------------------------------------------------------------
Creditors of United Vermoegensverwaltungs GmbH have until April
18 to register their claims with court-appointed insolvency
manager Dr. Carlos Mack.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on April 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Deggendorf
         Meeting Hall 3
         E 29
         Amanstrasse 17
         94469 Deggendorf
         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. Carlos Mack
         Brienner Strasse 21
         80333 Munchen
         Germany
         Tel: 089/5488880
         Fax: 089/54888899

The District Court of Deggendorf opened bankruptcy proceedings
against United Vermoegensverwaltungsgesellschaft mbH on March
13.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         United Vermoegensverwaltungs GmbH
         Hauptstr. 180 55743 Idar-Oberstein
         Vormals Pfarrer Feld 1
         94532 Aussernzell
         Germany


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


HERTZ CORP: Good Performance Prompts S&P's Stable Outlook
---------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Hertz
Corp. to stable from negative.  All ratings, including the 'BB-'
corporate credit rating, were affirmed.

"The outlook revision is based on the company's stabilized
financial profile, with better earnings performance in 2006 and
continued improvement expected in 2007," said Standard & Poor's
credit analyst Betsy Snyder.

"In addition, with 28% of the company now owned by public
shareholders, the chance of another large debt-financed dividend
is unlikely."

The ratings on Park Ridge, New Jersey-based Hertz Corp. reflect
an aggressive financial profile following its US$14 billion
leveraged acquisition in December 2005, its sponsors' very
aggressive financial policy, and the price-competitive nature of
on-airport car rentals and equipment rentals.

Ratings also incorporate the company's position as the largest
global car rental company and the strong cash flow its
businesses generate.  Hertz was acquired from Ford Motor Co. by
Clayton, Dubilier & Rice Inc., The Carlyle Group, and Merrill
Lynch Global Private Equity, who combined now own a 72% stake
after the company's US$1.3 billion IPO in November 2006.  The
acquisition, which added over US$2 billion of debt to Hertz's
balance sheet, resulted in an increase in its borrowing costs,
and credit ratios have weakened from their previous relatively
healthy levels. Subsequently, Hertz's sponsors completed a US$1
billion debt-financed dividend just six months after acquiring
the company.

Proceeds of the IPO, after US$1 billion was used to repay debt
incurred for the dividend, were also paid to the sponsors as a
dividend.  In addition, around two-thirds of the company's
tangible assets are now secured, versus around 10% prior to its
acquisition.

Although Hertz's financial policy has become significantly more
aggressive, its financial profile has stabilized.  While its
sponsors took US$1.3 billion of dividends from the company in
less than a year, partially funded through debt that was
subsequently repaid with proceeds from an IPO, the chances of
this recurring are unlikely given that 28% of the company is now
owned by public owners.  A significant weakening in the
company's operating performance could result in a negative
outlook.  If the company continues to reduce its debt leverage,
the outlook could be revised to positive.

Hertz Corp. -- https://www.hertz.com/ --  the largest global car
rental company, participates primarily in the on-airport segment
of the car rental industry.  This segment, which generates
approximately 69% of Hertz's consolidated revenues, is heavily
reliant on airline traffic.  Demand tends to be cyclical, and
can also be affected by global events such as wars, terrorism,
and disease outbreaks.  Hertz has also grown its off-airport
business (12% of consolidated revenues), the segment of the car
rental business that is less cyclical and more profitable, but
which is dominated by 'A-' rated Enterprise Rent-A-Car Co.  
Through its Hertz Equipment Rental Corp. subsidiary (HERC, 18%
of consolidated revenues), Hertz also operates one of the larger
industrial and construction equipment renters in the U.S., along
with some European locations.  Hertz has operations in Hungary,
Philippines and Peru, among others.


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


BCM IRELAND: Moody's Cuts Low-B Ratings on PIK Notes Issuance
-------------------------------------------------------------
Moody's Investors Service downgraded the ratings of BCM Ireland
Finance Ltd, an indirect parent company of eircom Group plc.  
The ratings are:

   -- Corporate Family Rating to B1 from Ba3; and

   -- EUR350-million senior unsecured notes due 2016 to B3 from
      B2.

Moody's also downgraded the ratings of BCM Ireland Holdings Ltd.  
The ratings are:

   -- EUR350-million second-lien term loan to B3 from B2;

   -- EUR3.3-billion senior secured facility was confirmed at
      Ba3.

These rating actions conclude the review for possible downgrade
initiated on Nov. 15 2006 following the announcement that the
company was planning to issue EUR425-million in paid-in-kind
notes.  The outlook on the ratings is stable.

Concurrently, Moody's assigned these ratings in the context of
the implementation of its Loss Given Default methodology for
European corporates from March 19, 2007:

   * BCM Ireland Finance Ltd:

     -- Probability of default rating: B1
     -- EUR350-million senior unsecured notes due 2016: LGD 6,
        93%

   * BCM Ireland Holdings Ltd:

     -- EUR3.3-billion senior secured facility: LGD 3, 39%
     -- EUR350-million second-lien term loan: LGD 5, 87%

The downgrade reflects the slower pace of improvement in the
company's credit metrics as a result of the more ambitious capex
plan it recently announced and the more aggressive financial
policies being implemented than had originally been anticipated
at the time of the assignment of the Ba3 CFR, as reflected by
the issuance of the PIK notes as part of an early distribution
of capital to shareholders in the form of a holding company
dividend.  Moody's notes that the company was already weakly
positioned in its rating category following the refinancing of
its capital structure in Aug. 2006.

The company has announced a more aggressive capex plan of up to
EUR250 million over the next three years in support of a variety
of initiatives, including improved IT infrastructure, enhanced
broadband services, the development of a Next Generation core IP
network as well as the rollout of fiber to the curb.  Mobile
services are also scheduled to receive part of this investment,
providing accelerated enhancements to the network, further
investments in order to reach network parity, and the
development of the fourth 3G licence, which was finally issued
to eircom in Feb. 2007.  In Moody's opinion, this additional
capex plan will slow the de-leveraging profile that we expected
at the time of the initial rating assignment and the rating
agency now expects that the company's Debt / EBITDA (as adjusted
by Moody's and excluding the PIK notes) will not fall below 6x
until 2009.

Moody's is continuing to assign the CFR to BCMIF given that the
PIK obligations (issued by BCM Ireland Preferred Equity Limited,
BCIMF's parent) do not have a strict creditor claim on the
restricted group and the tight indenture covenant package of the
acquisition facilities prevents cash leakage from the restricted
group.  Therefore, the CFR does not incorporate in its leverage
calculations the EUR425 million PIK notes.

However, Moody's acknowledges that the PIK notes add complexity
to the broader ownership group and limit the potential upward
rating pressure over the medium term within the new B1 rating
category, given that pressure can develop to refinance within
the restricted group once sufficient financial flexibility
develops.

The B1 CFR continues to reflect not only the combination of
eircom's high leverage and ongoing regulatory and competitive
risks in the Irish market, but also the company's dominant
position in the Irish fixed-line telecommunications market and
the competitive advantage afforded by its significant scale and
network reach, the strong operational cash flow provided by
eircom's businesses, the current strength of the Irish economy
and its favorable demographics.

Negative rating pressure could materialize if there is pressure
on operating performance and/or failure to deliver on the de-
leveraging targets with the result that leverage on a
Debt/EBITDA basis rises above 7x.  Conversely, the ratings could
experience upward pressure over the medium term if there is
evidence that the capex plan is being successfully executed and
is supported by EBITDA growth and de-leveraging on a Debt/EBITDA
basis to sustainably below 6x, coupled with evidence that the
PIK notes are not intended to be refinanced within the
restricted group.

As a result of the implementation of the LGD methodology,
Moody's has downgraded to B3 the ratings of the EUR350-million
senior unsecured notes due 2016 and the EUR350-million second-
lien term loan.  However, the rating of the EUR3.3-billion
senior secured facility was confirmed at Ba3, reflecting the
presence of junior debt in the capital structure, resulting in a
one-notch differential between the rating of the senior secured
facility and the corporate family rating.

BCM Ireland Finance Limited is a holding company of eircom, the
principal provider of fixed-line telecommunications services in
Ireland and, following its acquisition of Meteor, the third
largest mobile operator in Ireland.  In the nine months ending
Dec. 31, 2006, eircom generated revenues of EUR1,467 million.


EIRCOM GROUP: Moody's Cuts Parent's Low-B Ratings on Bond Issue
---------------------------------------------------------------
Moody's Investors Service downgraded the ratings of BCM Ireland
Finance Ltd, an indirect parent company of eircom Group plc.  
The ratings are:

   -- Corporate Family Rating to B1 from Ba3; and

   -- EUR350-million senior unsecured notes due 2016 to B3 from
      B2.

Moody's also downgraded the ratings of BCM Ireland Holdings Ltd.  
The ratings are:

   -- EUR350-million second-lien term loan to B3 from B2;

   -- EUR3.3-billion senior secured facility was confirmed at
      Ba3.

These rating actions conclude the review for possible downgrade
initiated on Nov. 15 2006 following the announcement that the
company was planning to issue EUR425-million in paid-in-kind
notes.  The outlook on the ratings is stable.

Concurrently, Moody's assigned these ratings in the context of
the implementation of its Loss Given Default methodology for
European corporates from March 19, 2007:

   * BCM Ireland Finance Ltd:

     -- Probability of default rating: B1
     -- EUR350-million senior unsecured notes due 2016: LGD 6,
        93%

   * BCM Ireland Holdings Ltd:

     -- EUR3.3-billion senior secured facility: LGD 3, 39%
     -- EUR350-million second-lien term loan: LGD 5, 87%

The downgrade reflects the slower pace of improvement in the
company's credit metrics as a result of the more ambitious capex
plan it recently announced and the more aggressive financial
policies being implemented than had originally been anticipated
at the time of the assignment of the Ba3 CFR, as reflected by
the issuance of the PIK notes as part of an early distribution
of capital to shareholders in the form of a holding company
dividend.  Moody's notes that the company was already weakly
positioned in its rating category following the refinancing of
its capital structure in Aug. 2006.

The company has announced a more aggressive capex plan of up to
EUR250 million over the next three years in support of a variety
of initiatives, including improved IT infrastructure, enhanced
broadband services, the development of a Next Generation core IP
network as well as the rollout of fiber to the curb.  Mobile
services are also scheduled to receive part of this investment,
providing accelerated enhancements to the network, further
investments in order to reach network parity, and the
development of the fourth 3G licence, which was finally issued
to eircom in Feb. 2007.  In Moody's opinion, this additional
capex plan will slow the de-leveraging profile that we expected
at the time of the initial rating assignment and the rating
agency now expects that the company's Debt / EBITDA (as adjusted
by Moody's and excluding the PIK notes) will not fall below 6x
until 2009.

Moody's is continuing to assign the CFR to BCMIF given that the
PIK obligations (issued by BCM Ireland Preferred Equity Limited,
BCIMF's parent) do not have a strict creditor claim on the
restricted group and the tight indenture covenant package of the
acquisition facilities prevents cash leakage from the restricted
group.  Therefore, the CFR does not incorporate in its leverage
calculations the EUR425 million PIK notes.

However, Moody's acknowledges that the PIK notes add complexity
to the broader ownership group and limit the potential upward
rating pressure over the medium term within the new B1 rating
category, given that pressure can develop to refinance within
the restricted group once sufficient financial flexibility
develops.

The B1 CFR continues to reflect not only the combination of
eircom's high leverage and ongoing regulatory and competitive
risks in the Irish market, but also the company's dominant
position in the Irish fixed-line telecommunications market and
the competitive advantage afforded by its significant scale and
network reach, the strong operational cash flow provided by
eircom's businesses, the current strength of the Irish economy
and its favorable demographics.

Negative rating pressure could materialize if there is pressure
on operating performance and/or failure to deliver on the de-
leveraging targets with the result that leverage on a
Debt/EBITDA basis rises above 7x.  Conversely, the ratings could
experience upward pressure over the medium term if there is
evidence that the capex plan is being successfully executed and
is supported by EBITDA growth and de-leveraging on a Debt/EBITDA
basis to sustainably below 6x, coupled with evidence that the
PIK notes are not intended to be refinanced within the
restricted group.

As a result of the implementation of the LGD methodology,
Moody's has downgraded to B3 the ratings of the EUR350-million
senior unsecured notes due 2016 and the EUR350-million second-
lien term loan.  However, the rating of the EUR3.3-billion
senior secured facility was confirmed at Ba3, reflecting the
presence of junior debt in the capital structure, resulting in a
one-notch differential between the rating of the senior secured
facility and the corporate family rating.

BCM Ireland Finance Limited is a holding company of eircom, the
principal provider of fixed-line telecommunications services in
Ireland and, following its acquisition of Meteor, the third
largest mobile operator in Ireland.  In the nine months ending
Dec. 31, 2006, eircom generated revenues of EUR1,467 million.


SMURFIT KAPPA: Prices 78 Million Shares at EUR16.50 Per Share
-------------------------------------------------------------
Smurfit Kappa plc has successful placed 78,787,879 new ordinary
shares to institutional investors at a price of EUR16.50 per
share.

The total number of ordinary shares in issue at Admission will
be 205,626,167 million and, based on a share price of EUR16.50
per share, the market capitalization of the company following
Admission will be approximately EUR3.4 billion.

The group intends to use the net proceeds of the Global Offer to
repay certain existing debt facilities.

Existing shareholders did not sell any shares in the Global
Offer and have agreed not to do so for a period of at least 180
days post Admission.  Following Admission, Smurfit Kappa's free
float is expected to be approximately 38.3 percent.

In addition, in order to cover over-allotments and for
stabilization purposes, the company has granted Deutsche Bank,
acting as stabilizing manager, an over-allotment option
representing Shares up to a maximum of 15 percent of the total
number of ordinary shares comprised in the Global Offer.

"We are delighted to announce our successful return to public
markets in what is the largest ever primary offering within the
Irish market and the largest ever equity raising in the paper
packaging sector," Gary McGann, group chief executive of Smurfit
Kappa, said.  "The Offering has seen substantial interest from
institutional investors in Ireland, Europe, and the US and was
significantly oversubscribed.  Smurfit Kappa now has a high
quality and geographically diverse institutional investor base.  
The significant level of investor interest re-affirms our belief
that industry conditions and Smurfit Kappa's business model
today provide us with a compelling basis to deliver and sustain
superior returns.

"We are also delighted to welcome to our Board three new
directors, Mr. Sean Fitzpatrick, Mr. Liam O'Mahony & Mr. Nicanor
Restrepo.  We would like to record our appreciation, once again,
for our outgoing chairman, Michael Smurfit, for his outstanding
contribution to Smurfit Kappa specifically and to the industry
generally over many years.

"Smurfit Kappa, its Board and its management team are now
committed to the objective of becoming the market leader in
paper-based packaging."

Deutsche Bank is acting as global coordinator of the Global
Offer, with Citigroup, Davy, Deutsche Bank, and Goldman Sachs
acting as joint bookrunners.  Davy and Deutsche Bank are acting
as joint sponsors to the company on the Irish Stock Exchange.

                      About Smurfit Kappa

Dublin, Ireland-based Smurfit Kappa plc --
http://www.smurfitkappa.com/-- is one of the world's largest  
integrated manufacturers of paper-based packaging products with
operations in Europe and Latin America.


SMURFIT KAPPA: Moody's Lifts Corporate Family Rating to Ba3
-----------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating
of Smurfit Kappa Holdings plc to Ba3 from B1 and also upgraded
other rated debt instruments by one notch each after the partial
flotation of the group on the Dublin and London Stock Exchanges.

The outlook for all ratings is stable.  This concludes the
review process that was initiated on Feb. 14 when the company
announced its decision to partially float and apply all net
proceeds to repay a number of debt issues.

The upgrade of all ratings reflects foremost the sizeable debt
reduction, but also an ongoing improvement of SK's operating
performance.

Following the successful public tender offers for some of the
debt instruments, SK is repaying debt of about EUR1.4 billion
after costs and expenses.  This lowers net debt (excluding
working cash of about EUR100m) from about EUR5.8 billion at FYE
2006 to around EUR4.4 billion and decreases net leverage (Net
Debt/EBITDA) from about 6.1x to 4.7x.

Apart from the sizable reduction of debt, Moody's has noted the
improved operating performance on the back of higher prices as a
result of increasing industry utilization rates following
capacity closures as well as realized synergies since the merger
in late 2005.  Given the relatively long lead times before new
capacity is coming to market, which Moody's believes will not
happen in Western Europe until 2009, operating utilization rates
should further improve in an environment of continued demand
growth.

The upgrade to Ba3 therefore also reflects the positive
operating performance trajectory, which should additionally be
bolstered by further synergy benefits and position SKG's credit
metrics solidly in the Ba3 category.  At the same time, the Ba3
ratings incorporate the expectation that the company will
generate positive free cash flows from 2007 on while maintaining
capital expenditure at about 4-5% of group revenues.

SKG was formed in December 2005 through the combination of the
Jefferson Smurfit Group Limited and Kappa Holding BV, which
created the largest European manufacturer of containerboard and
corrugated containers and a leading industry player in Latin
America. Since the merger, management has taken out capacities
of nearly 495,000 tonnes of containerboard capacity during 2006
and has realized cost synergies of EUR87 million.  Unconditional
trading commenced March 20 and the bond tender offers scheduled
to settle the day after.

Smurfit Kappa Group, headquartered in Dublin, Ireland, is
Europe's largest integrated manufacturer of containerboard,
corrugated containers and other paper-based packaging products.
SKG also holds leading positions in Latin America, which
accounted for 13% of group sales, which totaled approximately
EUR7 billion at FYE 2006.


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


ALITALIA SPA: Unveils Financial Calendar for 2007
-------------------------------------------------
The Board of Directors of Alitalia S.p.A. has revised the 2007
calendar of corporate events previously announced on Jan. 30.

      March 23             Board of Directors meeting:
                           agenda include approval of the
                           fourth quarter 2006 report as of
                           Dec. 31, 2006
  
      May 14               Board of Directors meeting:
                           agenda include approval of the first
                           quarter 2007 report as of March 31,
                           2007

      May 23               Board of Directors meeting:
                           agenda include approval of the draft
                           balance sheet and the consolidated
                           balance sheet as of Dec. 31, 2006.
  
      Sept. 12             Board of Directors meeting:
                           agenda include approval of the first
                           half report as of June 30, 2007.

                           In accordance with article 82,
                           Par 2 of the CONSOB decision no.
                           11971/99 and subsequent
                           modifications, the report for the
                           April-June 2007 quarter will not be
                           issued.
  
      Nov. 13              Board of Directors meeting:
                           agenda include approval of the third
                           quarter report as of Sept. 30, 2007

The Shareholder's Meeting to approve the balance sheet for the
year ending Dec. 31, 2006 is scheduled to be held between June
25 and 28, 2007.

The convocation date for the above Shareholder's Meeting, as
well as the date of meetings with the financial community, and
any changes in the dates of Board meetings above mentioned, will
be announced as soon as possible.

                         About Alitalia

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

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


IMAX CORP: Defers Filing of 2006 Annual Report 2006
---------------------------------------------------
IMAX Corp. said it will delay the filing of its Form 10-K for
fiscal 2006 beyond the filing deadline of March 16, 2007, due to
its evaluation about US$2.5 million of identified accounting
errors that occurred between the years 2001 through 2006,
inclusive.

The company intends to file its 2006 Form 10-K on or before
March 30, 2007, and will file with the Securities and Exchange
Commission a Form 12b-25 Notification of Late Filing, and
indicate that its 10-K filing is expected to be made within the
15-day grace period.  Until then, the company's prior-filed
financial statements for the years and periods involved should
not be relied upon.

Separately, the company said it had installed seven theater
systems in the fourth quarter of 2006, signed deals for nine
theater systems in the period and finished 2006 with about
US$27 million in cash and short-term investments.

"The timing of these accounting issues is particularly
unfortunate because it masks significant business developments
which have affected our business in a very positive way," said
Richard L. Gelfond and Bradley J. Wechsler, IMAX's co-chief
executive offices and co-chairmen.

"Specifically, the record-breaking performance of the recent
film 300, along with our recent joint venture agreement with
Regal Cinemas, the world's largest exhibitor, and five-system
deal with Dickinson Theaters, our largest theatre sale or lease
deal since 2004, have increased our confidence in the business,"
Messrs. Gelfond and Wechsler, further said.

The company and its auditors, PricewaterhouseCoopers LLP, remain
in the process of analyzing the errors and the company will make
a subsequent announcement when it concludes this analysis.  

The estimated US$2.5 million in errors that occurred during 2001
until 2006 relate to the accounting treatment of certain costs
previously capitalized that should have been expensed as
incurred and unrecorded branch-level interest taxes, as well as
certain adjustments for errors determined to have been
immaterial and previously identified in the related periods.  
The company is also evaluating the effect of these matters on
its internal control over financial reporting and expects to
report material weaknesses with respect to certain of these
matters.

"We recognize that the delay in filing the 10-K and the
underlying causes are unacceptable, and we are committed to
rebuilding our financial staff," Messrs. Gelfond and Wechsler,
said.  

"All of the identified errors relating to the current situation
arise from prior quarters and prior years.  In August 2006, our
chief financial officer resigned and, since then, we have been
ably led by our acting chief financial officer, Edward MacNeil.  
We have been engaged in the process of hiring a permanent CFO,
have interviewed several strong candidates to date, and can
assure our constituencies that we have no higher priority than
the smooth functioning of our finance area," Messrs. Gelfond and
Wechsler, added.  

                         About IMAX Corp.

Headquartered in Toronto, Canada, IMAX Corporation --
http://www.imax.com/-- is an entertainment technology company  
specializing in large-format and three-dimensional (3D) film
presentations. The company's principal business is the design,
manufacture, sale and lease of projection systems based on
technology for large-format, 15-perforation film frame, 70-mm
format (15/70-format) theaters, including commercial theaters,
museums and science centers, and destination entertainment
sites.  IMAX has locations in Guatemala, India, and Italy, among
others.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services affirmed its ratings,
including the 'B-' corporate credit rating, on IMAX Corp. and
removed them from CreditWatch, where they were placed on
March 10, 2006, with developing implications.

The Troubled Company Reporter - Asia Pacific reported that
Moody's Investors Service affirmed the B3 corporate family
rating for IMAX Corporation, as well as the Caa1 rating on its
senior notes.  The outlook remains stable.


IMAX CORP: S&P Affirms B- Rating Despite 10-K Filing Delay
----------------------------------------------------------
Standard & Poor's Ratings Services affirms the ratings of IMAX
Corp. (B-/Negative/--) despite the company's delayed filing of
its SEC Form 10-K beyond the filing deadline of March 16, 2007.  

The company intends to file its 10-K by March 30, 2007, and to
restate its financial statements for certain periods over the
past six years.  IMAX expects that the restatement will have a
six-year net negative impact of roughly US$2.5 million.  The
magnitude of the restatement and delay does not currently affect
IMAX's rating, though Standard & Poor's could become concerned
if there are further delays.

Headquartered in Toronto, Canada, IMAX Corporation --
http://www.imax.com/-- is an entertainment technology company  
specializing in large-format and three-dimensional (3D) film
presentations. The company's principal business is the design,
manufacture, sale and lease of projection systems based on
technology for large-format, 15-perforation film frame, 70-mm
format (15/70-format) theaters, including commercial theaters,
museums and science centers, and destination entertainment
sites.  IMAX has locations in Guatemala, India, and Italy, among
others.


TISCALI SPA: Posts EUR136.16 Million Net Loss for 2006
------------------------------------------------------
Tiscali S.p.A. released it financial results for the full year
ended Dec. 31, 2006.

The company registered EUR136.16 million in net losses on
EUR678.48 million in net revenues for the full year 2006
compared with EUR12.81 million net losses on EUR530.85 billion
in revenues for full year 2005.

As of Dec. 31, 2006, Tiscali had EUR1.23 billion in total
assets, EUR960 million in total liabilities and EUR270 million
in total shareholders' equity.

Tiscali attributed the larger loss to its discontinued
operations, which it decided to include in its annual results,
Bloomberg News reports.

As previously reported in the TCR-Europe, Tiscali decided in
2006 to focus on its Italian and British operations and disposed
of units in Germany, The Netherlands Czech Republic, and Spain.

                        About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the  
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.  It has sold non-core assets to
raise money to cover a EUR250 million bond that matured in July.
Former chairman and founder Renato Soru owns almost 30% of the
company.

As reported in the TCR-Europe on Oct. 13, 2006, Tiscali's Board
of Directors of Tiscali approved a new three-year plan for 2007-
2010, which calls for the concentration of its core business in
Italy and in the United Kingdom.

                          *     *     *

In a TCR-Europe report on Dec. 1, 2006, Fitch Ratings placed
Italy-based Tiscali S.p.A.'s Issuer Default rating of CCC on
Rating Watch Positive.

Upon receipt of EUR255 million in proceeds from the sale of its
Tiscali Netherlands subsidiary, expected to occur on first
quarter 2007, the agency anticipates that the Rating watch will
be resolved and the IDR will be upgraded to B- from CCC.  At the
same time, the agency has affirmed the Short-term rating at C
and simultaneously withdrawn it.


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


AENEL LLP: Creditors Must File Claims by April 27
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Aenel insolvent on Oct. 26.  

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


DIYAN LLP: Creditors' Claims Due April 20
-----------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Diyan insolvent.  

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan


EURO TRADE: Proof of Claim Deadline Slated for April 27
-------------------------------------------------------
LLP Euro Trade has declared insolvency.  Creditors have until
April 27 to submit written proofs of claim to:

         LLP Euro Trade
         Samarskoye High Way 101
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakshtan


INCORPORATION FENIX: Claims Registration Ends April 27
------------------------------------------------------
LLP Incorporation Fenix has declared insolvency.  Creditors have
until April 27 to submit written proofs of claim to:

         LLP Incorporation Fenix
         Gabdullin Str. 28-2
         Almaty
         Kazakhstan


JAN & K: Claims Filing Period Ends April 20
-------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Altyn Jan & K insolvent.  

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan


KARABULAK-K LLP: Creditors Must File Claims by April 27
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Karabulak-K 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


MOB FURNITURE: Claims Registration Ends April 27
------------------------------------------------
LLP Mob Furniture Interior Contract Kazakhstan has declared
insolvency.  Creditors have until April 27 to submit written
proofs of claim to:

         LLP Mob Furniture Interior Contract Kazakhstan
         Station Melovaya
         Micro District 22
         Aktau
         Mangistau
         Kazakhstan


OLIMP MOTORS: Proof of Claim Deadline Slated for April 27
---------------------------------------------------------
LLP Olimp Motors has declared insolvency.  Creditors have until
April 27 to submit written proofs of claim to:

         LLP Olimp Motors
         Abai Ave. 213/1
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan


ORLEU LLP: Claims Filing Period Ends April 27
---------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Orleu insolvent on Jan. 25.

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


SCIENTIFIC-PRODUCTION ENTERPRISE: Creditors' Claims Due April 20
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Scientific-Production Enterprise
Technos insolvent on February 2.

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

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


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


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

         LLC ATB-Meenet
         Lenin Str. 202
         Djalal-Abad
         Djalal-Abad Region
         Kyrgyzstan


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


ABSOLUT FINANCE: Moody's Assigns B1 Rating to Loan Notes
--------------------------------------------------------
Moody's Investors Service assigned a rating of B1 to the Loan
Participation Notes to be issued by Absolut Finance S.A.,
incorporated under the laws of Luxembourg, for the sole purpose
of providing a loan to Absolut Bank.

The amount and the tenor of the Notes have yet to be determined.
The outlook for the rating is positive.

Moody's notes that the B1 rating assigned to the Notes is based
on the fundamental credit quality of the underlying obligor,
Absolut Bank, rated at B1/NP/E+ (positive), and does not factor
in any support from the bank's shareholders or the Russian
financial authorities; the rating also reflects the seniority of
the notes.  The bank's obligations under the loan received from
Absolut Finance S.A. will rank at least pari passu in right of
payment with all other unsecured and unsubordinated obligations
of Absolut Bank, except as otherwise provided by mandatory
provisions of applicable law.  Moody's notes that Russia is, in
general, a country with individual depositor preference, which
may reduce the recovery-rates for the bondholders, especially if
such deposits were to represent a sizeable proportion of the
bank's liabilities in the event of liquidation.

According to the terms and conditions of the loan agreement,
Absolut Bank must maintain on a consolidated basis a capital
adequacy ratio calculated in accordance with Basel Capital
Accord requirements of at least 11%, and must comply with the
Central Bank of Russia's capital regulations and with a number
of other covenants such as negative pledge, limitations on
mergers and disposals, and transactions with affiliates.  The
rating agency notes that, while the likelihood of any of the
abovementioned covenants being triggered is relatively low, any
such occurrence could potentially have adverse liquidity
implications for the bank and, if accompanied at that time by
deterioration in the bank's credit standing, might exert
additional downward pressure on its ratings.

Headquartered in Moscow, Russian Federation, Absolut Bank
reported total consolidated assets in accordance with IFRS of
RUR66.3 billion (US$2.5 billion) as of Dec. 31, 2006.  Absolut
Finance S.A. is the bank's special purpose vehicle domiciled in
Luxembourg.


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


HEXION SPECIALTY: Posts US$109 Mln Net Loss in Full Year 2006
-------------------------------------------------------------
Hexion Specialty Chemicals Inc. reported a net loss of
US$109 million on net sales of US$5.205 billion for the year
ended Dec. 31, 2006, compared with a net loss of US$87 million
on net sales of US$4.442 billion for the year ended Dec. 31,
2006.

The net loss in 2006 included increased interest expense of
US$242 million, compared to interest expense of US$203 million
in 2005, and an increased charge to extinguish debt of US$121
million, compared to a loss on extinguishments of debt of US$17
million in 2005.

Of the 17 percent increase in net sales in 2006, acquisitions
accounted for 12 percentage points when compared to 2005.  Full
year operating income increased by 38 percent to US$286 million
compared to US$208 million in 2005, supported by lower selling,
general and administrative expenses, continued realization of
synergies and lower transaction costs compared to the similar
year ago period.  2006 operating income was negatively impacted
by increased integration costs when compared to 2005, as well as
the continued rise in raw material costs and the delayed timing
in contractual pass through of certain raw material cost
increases to customers that resulted in a negative full-year
lead lag.

                    Fourth Quarter Highlights

For the fourth quarter ended Dec. 31, 2006, net loss was
US$55 million versus a net loss of US$14 million in the prior
year period.  The net loss in the fourth quarter 2006 included a
US$69 million loss on extinguishment of debt.

Revenues increased to US$1.309 billion compared to revenues of
US$1.141 billion during the prior year period, an increase of
approximately 15 percent.

Operating income improved 34 percent to US$59 million versus
US$44 million in the prior year period.  Income for the fourth
quarter 2006 was negatively impacted by the delayed timing of
contractual pass through of certain raw material price increases
and integration costs of US$12 million compared to integration
costs of US$5 million in fourth quarter 2005.

"Hexion posted improved revenues and Segment EBITDA in the
fourth quarter 2006 compared to the fourth quarter 2005, despite
key raw materials at historically high levels," said Craig O.
Morrison, chairman and chief executive officer.  "Rapidly
escalating raw material costs continued to create a negative
lead-lag effect in the fourth quarter 2006.  Despite this
volatility and some softening volumes for our products,
primarily for the North American residential construction and
automotive markets, we improved our fourth quarter 2006 Segment
EBITDA and operating income by US$12 million and US$15 million,
respectively, when compared to the fourth quarter 2005."

Segment EBITDA is defined as EBITDA adjusted to exclude certain
noncash and non-recurring expenses.

                   Acquisition of Orica Limited

During the fourth quarter, Hexion announced that it received
Australian regulatory approval to purchase the adhesives and
resins business of Orica Limited and subsequently completed the
transaction in February 2007.  The Orica adhesives and resins
business manufactures formaldehyde and formaldehyde-based
binding resins used primarily in the forest products industry.  
The business had 2006 sales of US$85 million and employs 100
people.  The acquisition included three manufacturing
facilities, with one site in Australia and two in New Zealand.

                  Senior Secured Credit Facility

As previously announced, Hexion amended its senior secured
credit facility in November 2006.  The amended and restated
credit agreement increased the company's current seven-year
US$1.625 billion term loan facility to US$2 billion.  The
amended and restated credit agreement also provides that the
company's current seven-year US$50 million synthetic letter of
credit facility remained outstanding.  The company continues to
have access to the US$225 million revolving credit facility.  In
addition, during the fourth quarter 2006, the company retired
US$625 million of outstanding senior second secured notes.  The
company also sold through its wholly owned finance subsidiaries,
Hexion U.S. Finance Corp. and Hexion Nova Scotia Finance ULC,
US$200 million of Second-Priority Senior Secured Floating Rate
Notes due 2014 and US$625 million of 9_% Second-Priority Senior
Secured Notes due 2014.

                  About Hexion Specialty Chemicals

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc.
-- http://hexionchem.com/-- makes thermosetting resins (or  
thermosets).  Thermosets add a desired quality (heat resistance,
gloss, adhesion) to a number of different paints and adhesives.
Hexion also makes formaldehyde and other forest product resins,
epoxy resins, and raw materials for coatings and inks.  The
company has 86 manufacturing and distribution facilities in 18
countries.

The company has its Asian headquarters in Singapore, with
offices in Australia, China, Korea, Malaysia, New Zealand,
Taiwan, and Thailand.  The company's European headquarters is
located at Rotterdam in The Netherlands.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported that
Moody's Investors Service assigned B3 ratings to the new
guaranteed senior secured second lien notes due 2014 of Hexion
Specialty Chemicals Inc.  The company expects to issue roughly
USUS$825 million of notes split (55/45) between fixed and
floating rate notes.  The new notes will be used to refinance
roughly
US$625 million of existing second lien notes and partially fund
a USUS$500 million dividend to existing shareholders.  A
USUS$375 million increase in the company's existing guaranteed
senior secured first lien term loan to USUS$2 billion, rated
Ba3, will fund the remainder of the extraordinary dividend.  

Moody's also affirmed Hexion's other long term debt ratings and
its SGL-2 speculative grade liquidity rating.  As a result of
this refinancing, the LGD assessment rates have changed as shown
in the table below.  The outlook is stable and the ratings on
the existing second lien notes will be withdrawn upon successful
completion of the refinancing.

New ratings assigned:

   * Hexion Specialty Chemicals Inc.

     -- Floating Rate Gtd. Second Lien Sr. Sec Notes
        due 2014 -- B3, LGD5, 75%

     -- Fixed Rate Gtd Second Lien Sr Sec Notes
        due 2014, -- B3, LGD5, 75%

Ratings affirmed with revised LGD rates:

     -- US$225mm Gtd Sr Sec Revolving Credit Facility
        due 5/2011 -- Ba3, LGD2, 24% from 29%

     -- US$50mm Gtd Sr Sec Letter of Credit Facility
        due 5/2011 -- Ba3, LGD2, 24% from 29%

     -- US$1,625mm Gtd Sr Sec Term Loan
        due 5/2013 -- Ba3, LGD2, 24% from 29%*

     -- US$300mm Flt Rate Gtd Second Lien Sr Sec Notes
        due 7/2010 -- B3, LGD5, 75% from 77%**

     -- US$325mm 9.0% Gtd Second Lien Sr Sec Notes
        due 7/2014 -- B3, LGD5, 75% from 77%**

     -- US$34.0mm Pollution Control Revenue Bonds Series 1992
        due 12/2009 -- B3, LGD5, 75% from 77%

Ratings affirmed:

   * Hexion Specialty Chemicals Inc.

     -- Corporate Family Rating -- B2

     -- Probability of Default Rating -- B2

     -- US$114.8mm 9.2% Sr. Unsec Debentures due 3/2021 -- Caa1,
        LGD6, 94%

     -- US$246.8mm 7.875% Sr. Unsec Notes due 2/2023 -- Caa1,
        LGD6, 94%

     -- US$78.0mm 8.375% S.F. Sr. Unsec Debentures
        due 4/2016 -- Caa1, LGD6, 94%

Standard & Poor's Ratings Services assigned its 'B+' rating and
its recovery rating of '3' to Hexion Specialty's US$1.675
billion senior secured term loan and synthetic letter of credit
facilities.

The rating on the existing US$225 million revolving credit
facility was lowered to 'B+' with a recovery rating of '3', from
'BB-' with a recovery rating of '1', to reflect the similar
security package as the new term loan and synthetic letter of
credit facility.

The ratings on the existing senior second secured notes were
raised to 'B', with a recovery rating of '3', from 'B-' with a
recovery rating of '5'.  The ratings on the senior second
secured notes reflect the amount of priority claims of the
revolving facility and the first-lien term loan lenders.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating on Hexion and revised the outlook to stable from
negative.


HUDSON CLO: Moody's Rates EUR20-Mln Class B-2 Notes at (P)Ba3
-------------------------------------------------------------
Moody's assigned provisional credit ratings to six classes of
notes to be issued by Hudson CLO 1 B.V., a special purpose
company incorporated under the laws of the Netherlands.  The
ratings are:

   -- EUR80-million Class A-1R Senior Secured Variable Funding
      Notes due 2023: (P)Aaa;

   -- EUR190-million Class A-1E Senior Secured Floating Rate
      Notes due 2023: (P)Aaa;

   -- EUR35.5-million Class A-2 Senior Secured Floating Rate
      Notes due 2023: (P)Aa2;

   -- EUR27.5-million Class A-3 Deferrable Senior Secured
      Floating Rate Notes due 2023: (P)A2;

   -- EUR24-million Class B-1 Deferrable Senior Secured Floating
      Rate Notes due 2023: (P)Baa3; and

   -- EUR20-million Class B-2 Deferrable Senior Secured Floating
      Rate Notes due 2023: (P)Ba3.

The company's EUR37-million Class C Subordinated Notes due 2023
are expected to be issued but will not be rated by Moody's.

The provisional ratings address the expected loss posed to
investors by the legal final maturity in 2023.  Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks, such as those associated with the timing
of principal prepayments and other market risks, have not been
addressed and may have a significant effect on yield to
investors.

These provisional ratings are based upon:

   1. An assessment of the eligibility criteria and portfolio
      guidelines applicable to the future additions to the
      portfolio;

   2. the protection against losses through the subordination of
      the more junior classes of notes to the more senior
      classes of notes;

   3. the overcollateralization of the Notes;

   4. the analysis of the foreign currency risk involved in the
      transaction;

   5. the expertise of Aladdin Capital Management UK LLP as a
      collateral manager; and

   6. the legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a collateral portfolio of approximately EUR400
million, comprised primarily of European senior and mezzanine
loans (with a predominance of senior secured loans).  This
portfolio is dynamically managed by Aladdin Capital Management
UK LLP.  This portfolio will be partially acquired on the
closing date and partially during the 9 months ramp-up period in
compliance with portfolio guidelines.  Thereafter, the portfolio
of loans will be actively managed and the portfolio manager will
have the option to buy or sell assets in the portfolio.  Any
addition or removal of assets will be subject to a number of
portfolio criteria.

This transaction features a multi-currency class of variable
funding notes, the Class A-1R Notes, which ranks pari-passu with
the Class A-1E Notes.  It can be drawn in Euros and Sterling.
Sterling denominated advances will be used to purchase loans
denominated in the Sterling.  Should such Sterling assets
default, Sterling advances would not be fully collateralized by
Sterling denominated assets and therefore Euro proceeds may need
to be converted into Sterling in order to redeem Sterling
advances, thus creating a foreign exchange risk exposure that is
partially mitigated by the use of options.  This currency risk
has been considered in Moody's analysis.

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

The transaction is arranged by Bear Stearns.


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


AFFILIATED COMPUTER: Darwin Deason & Cerberus Submit Buyout Plan
----------------------------------------------------------------
Affiliated Computer Services Inc. received a proposal from
Darwin Deason and Cerberus Capital Management L.P. to acquire
all of the outstanding shares of the company for US$59.25 per
share in cash, other than certain shares and options held by Mr.
Deason and members of the company's management team, according
to a regulatory filing with the U.S. Securities and Exchange
Commission.

                  Deason-Cerberus Buyout Proposal

In their proposal, Mr. Deason and Cerberus said their proposed
price represents a premium of 15.5% over the closing price of
the company's class A common stock on March 19, 2007, and an
18.3% premium over the 90-day average closing price.

Mr. Deason and Cerberus expect that the company's Board of
Directors will establish a special committee of independent
directors to consider and negotiate the proposal on behalf of
the company's public shareholders and ultimately to recommend to
the Board of Directors whether to approve the Acquisition.

Mr. Deason and Cerberus also expect that the Special Committee
will engage its own legal and financial advisors to assist in
its review.

Specifically, Mr. Deason and Cerberus propose, among others,
that:

   a) the acquisition would be structured as a merger in which a    
      newly formed acquisition vehicle of a holding company
      organized by the proponents for the transaction would
      merge with and into the company;

   b) Mr. Deason continue as Chairman following the acquisition;

   c) the business would continue to be run in accordance with
      the company's current practice while maintaining the
      company's valuable employee base; and

   d) in connection with the transaction, Mr. Deason would
      receive performance-based equity incentives.

                             Financing

Mr. Deason committed to roll, into equity securities of the
acquiror, company common stock and options having an aggregate
value of approximately US$300 million based on the proposed
acquisition price.

Members of the company's executive management team would also be
required to roll over company common stock and options
representing at least 70% of the aggregate value of the company
common stock and options held by them based on proposed
acquisition price, and other members of the company's management
team would be required to roll over at least half of the
aggregate value of the company common stock and options held by
them.

Members of management would also be afforded the opportunity to
roll over more company common stock and options.  Cerberus will
make a significant cash-equity investment to fund a substantial
portion of the purchase price.

The balance of the purchase price will be financed through a
combination of bank loans and high yield securities issued
pursuant to commitment letters from financial institutions.

                    Citigroup Commitment Letter

Mr. Deason and Cerberus received a letter from Citigroup Global
Markets Inc. stating that it is highly confident of its ability
to raise the debt necessary to complete the transaction.

In that letter, Citigroup stated, "It is our understanding that
acquiror intends to finance the acquisition with:

   (i) up to US$4,050 million of funded Senior Secured Credit
       Facilities;

  (ii) the underwriting or private placement of up to
       US$2,515 million High Yield Notes; and

(iii) the contribution by the acquiror of cash equity and
       rollover equity, all of which will allow [the acquiror]
       to complete the acquisition and to pay fees and expenses
       associated therewith."

In evaluating the acquisition, Citigroup said it "is highly
confident of its ability to (i) underwrite fully or privately
place through a 144A offering with subsequent registration
rights the Notes and (ii) underwrite fully and syndicate the
Senior Credit Facilities."

                             Timetable

Cerberus has already begun its due diligence review, but will
need to conduct additional confirmatory business, accounting and
legal due diligence.  The proposal is subject to completion of
the confirmatory due diligence by Cerberus, as well as
negotiation and execution of a mutually satisfactory merger
agreement.

Cerberus believes it can complete its due diligence within 45
days from the date it is granted full access to the company's
management and the requisite due diligence materials.  The
proponents anticipate negotiation of the merger agreement
concurrently with the due diligence process, with a view to the
execution of the merger agreement in early-May 2007.

Cerberus said it is prepared to commence its confirmatory due
diligence review immediately following negotiation and execution
of a mutually satisfactory confidentiality agreement.

                    Second Quarter 2007 Results

As reported in the Troubled Company Reporter on Mar. 9, 2007,
Affiliated Computer Services Inc. reported net income of
US$72.1 million on revenues of US$1.426 billion for the second
quarter of fiscal 2007 ended Dec. 31, 2006, compared with net
income of US$102.4 million on revenues of US$1.347 billion for
the second quarter of the prior year.  

At Dec. 31, 2006, the company's balance sheet showed
US$5.928 billion in total assets, US$4.038 billion in total
liabilities, and US$1.89 billion in total stockholders' equity.

                     About Affiliated Computer

A FORTUNE 500 company, Affiliated Computer Services Inc.,
(NYSE: ACS) -- http://www.acs-inc.com/-- provides business  
process outsourcing and information technology solutions to
world-class commercial and government clients.  The company has
more than 58,000 employees supporting client operations in
nearly 100 countries.  The company has global operations in
Brazil, China, Dominican Republic, India, Guatemala, Ireland,
Philippines, Poland, and Singapore.


AFFILIATED COMPUTER: Moody's May Downgrade Ratings After Sale
-------------------------------------------------------------
Moody's Investors Service has placed the ratings for Affiliated
Computer Services Inc. on review for possible downgrade after
the company's disclosure that founder Darwin Deason and private
equity fund Cerberus Capital Management have proposed to buy the
company. Deason and Cerberus are offering US$59.25 for each ACS
share, about 16% higher than ACS' closing price as of March 19.

"With a proposed consideration exceeding US$8 billion, the
transaction, once approved, would likely result in a significant
increase in financial leverage and a multiple notch downgrade of
the company's ratings," according to John Moore, Moody's Senior
Analyst.

Ratings Placed on Review for Possible Downgrade:

   * Ba2 Senior Secured Term Loan Rating
   * Ba2 Senior Secured Revolving Credit Facility Rating
   * Ba2 Senior Notes Rating, US$500 Million due 2010 and 2015
   * Ba2 Corporate Family Rating

Affiliated Computer Services, Inc., located in Dallas, Texas,
provides I/T and business process outsourcing services.


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


ALFA-BANK: Names Edward Kaufman as Investment Banking Head
----------------------------------------------------------
Alfa-Bank has appointed Edward Kaufman as the Head of Alfa-
Bank's Investment Banking operations.  He will be responsible
for the development of strategy for the investment bank, the
introduction of new investment banking products, and meeting
needs and challenges in the present-day market.

Mr. Kaufman will focus on expanding the investment operations
and increasing the customer base, particularly with Alfa-Bank's
corporate clients.

"Mr. Kaufman is well-known as a top-level professional with
important experience and work in major foreign and Russian
companies," said Mikhail Fridman, chairman of the Board of
Directors at Alfa-Bank.  "I am convinced that his expertise and
extensive knowledge will contribute to the development of the
Bank's investment operations."

"Bringing aboard such an experienced leader as Edward Kaufman
underscores the fact that we are committed to actively
developing our investment banking operations," said Alfa-Bank
CEO Petr Smida.  "We believe that Mr. Kaufman will help our Bank
to attain a preeminent position in investment banking in Russia
and abroad."

Mr. Kaufman graduated in 1987 from Duke University with a BA in
political science and in Russian language.  He also holds an MA
from the Josef Lauder Institute of Management, Pennsylvania
University (1992) and holds an MBA in finance and strategic
planning from Wharton School, Pennsylvania University (1992).

From 2003 to 2007 Edward Kaufman worked in UBS as a managing
director and head of Investment Bank.  Prior to that, he worked
in Salomon Smith Barney (Citigroup) holding different executive
positions in London and Moscow-based offices for 6 years (1997-
2003), including the post of general director of the company's
Russian representative office in 1997-1998.  Working from 2000
to 2002 as a managing director of European Telecommunications,
the team responsible for SSB Telecom Investment Banking Business
in Northern Europe (Scandinavia and Germany) and Emerging
Markets (EMEA), Edward was responsible for the investment
operations of SSB/Citigroup in Russia.

Prior to joining investment banking, during the period from 1992
to 1996, Edward Kaufman worked as a strategy consultant in the
Boston Consulting Group (BCG) specializing in financial
institutions, energy companies, and privatization.  He was one
of the founders of BCG's Moscow office.

                         About Alfa Bank

Headquartered in Moscow, Russia, Alfa Bank --
http://www.alfabank.com/-- provides services in every key  
sector of the financial service industry, including corporate
banking, retail banking, investment banking, trade finance,
insurance and asset management.  Alfa Bank's branch network has
grown to 121, including subsidiary banks in Russia, Ukraine,
Kazakhstan and the Netherlands.

In 2005 total assets of the Alfa Bank and its subsidiaries grew
to US$9.8 billion, total equity increased to US$855.8 million,
loan portfolio net of provisions increased to US$5.7 billion.  
The net profit for a year 2005 was US$180.6 million.

                        *     *     *

In a TCR-Europe report on March 5, Fitch Ratings assigned Alfa
Bond Issuance PLC's US$300 million issue of limited recourse
8.635% loan participation notes due February 2017 a Long-term
rating of 'B+'.

As reported in the TCR-Europe on Dec 26, Standard & Poor's
Ratings Services raised its long-term counterparty credit rating
on Alfa-Bank to BB from BB-.  The short-term rating on the bank
was affirmed at B.  The outlook is stable.  At the same time,
the Russian national scale rating was raised to ruAA from ruAA-.

As reported in the TCR-Europe on Oct. 6, Fitch Ratings assigned
Alfa MTN Issuance Limited's US$400 million 7.875% notes issue
due October 2009 a Long-term BB- rating.  The proceeds from the
issue will be on-lent to Alfa Bank, rated Issuer Default BB-
/Outlook Stable, Short-term B, Support 4, Individual C/D, and
National Long-term A+/Outlook Stable.


ALTERNATIVA CJSC: Creditors Must File Claims by May 3
-----------------------------------------------------
Creditors of CJSC Financial-Building Company Alternativa have
until May 3 to submit proofs of claim to:

         O. Vasilyeva, Insolvency Manager
         Varshavskaya Str. 19/2-428
         196128 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-36856/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Financial-Building Company Alternativa
         Letter A
         Beloostrovskaya Str. 15
         St. Petersburg
         Russia


ALVIS OJSC: Creditors Must File Claims by May 3
-----------------------------------------------
Creditors of OJSC Tobacco Factory Alvis (TIN 6608003077, OGRN
1026605754592) have until May 3 to submit proofs of claim to:

         O. Rushitskaya, Insolvency Manager
         Moskovskaya Str. 58-192
         620086 Ekaterinbrug
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A60-17643/06-S11.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Tobacco Factory Alvis
         Samoletnaya Str. 55
         620087 Ekaterinbrug
         Russia


BIO-WOOD LLC: Creditors Must File Claims by April 3
---------------------------------------------------
Creditors of LLC Bio-Wood have until April 3 to submit proofs of
claim to:

         A. Demidov, Temporary Insolvency Manager
         Office 221
         Dm. Donskogo Str. 7
         236000 Kaliningrad
         Russia

The Arbitration Court of Kaliningrad commenced bankruptcy
supervision procedure on LLC Bio-Wood.  The hearing in the Court
will convene on April 27.  The case is docketed under Case No.
A21-7362/2006.


The Court is located at:  

         The Arbitration Court of Kaliningrad  
         Rokossovskogo Str. 2
         Kaliningrad
         Russia

The Debtor can be reached at:

         LLC Bio-Wood
         Oktyabrskaya Str. 2
         Chernyakhovsk, Kaliningrad
         Russia


EXCKO OJSC: Owner May Sell Firm to Technostroicontract
------------------------------------------------------
The owner of OJSC EXCKO may sell the bankrupt company to Moscow-
based Technostroicontract, the Financial Information Service
reports.

Steel Union, which is currently holding talks with several
potential buyers, shut down the unprofitable excavator-
manufacturing firm in February due to financial losses, FIS
adds.  Steel Union has since then laid-off almost all of its
employees, but kept personnel to maintain the plant's boiler and
water inlet.

Headquartered in Kostroma, Russia, OSJC EXCKO --
http://www.excko.ru/-- manufactures road-building and communal  
machines.  The Arbitration Court in Kostroma declared the
company bankrupt in December 2004.


HOME CREDIT: Moody's Assigns Ba3 Rating to Sr. Unsecured Notes
--------------------------------------------------------------
Moody's has assigned a Ba3 long-term foreign currency rating to
the senior unsecured Loan Participation Notes expected to be
issued on a limited-recourse basis by Eurasia Capital S.A., a
Luxembourg-based special purpose vehicle, for the sole purpose
of funding loans to Home Credit and Finance Bank Limited
Liability Company.  

The amount of the issue and maturity will be determined at a
later stage.  The outlook on the rating is stable

The Ba3 rating is based primarily on the fundamental ability of
HCFB, the ultimate obligor in respect of payments under the
Notes, to make timely payments of interest and ultimate payment
of principal on the Loan.  As the ultimate borrower under the
transaction, HCFB must comply with a number of covenants such as
negative pledge, limitations on mergers, disposals and certain
transaction with affiliates.  A financial covenant stipulates
that the bank must maintain a minimum 15% BIS Capital Adequacy
Ratio at the current rating level.

Headquartered in Moscow, Russian Federation, HCFB reported under
IFRS total consolidated assets of US$1,724 million and net
assets attributable to participants of US$378 million as of 31
December 2006.


KOMSOMOLSKIY OJSC: Creditors Must File Claims by April 3
--------------------------------------------------------
Creditors of OJSC Meat Combine Komsomolskiy have until
April 3 to submit proofs of claim to:

         I. Ponamorev, Temporary Insolvency Manager
         Rakhmaninova Str. 1
         440066 Penza
         Russia

The Arbitration Court of Samara commenced bankruptcy supervision
procedure on the company.  The hearing in the Court will convene
on May 14.  The case is docketed under Case No. A55-17674/
2006-13.

The Court is located at:

         The Arbitration Court of Samara  
         Avrory Str. 148
         Samara
         Russia

The Debtor can be reached at:

         OJSC Meat Combine Komsomolskiy
         Sovetskaya Str. 8
         Primorskiy
         Stavropol, Samara
         Russia


KUZBAS-ENERGO-SERVICE: Creditors Must File Claims by May 3
----------------------------------------------------------
Creditors of OJSC Kuzbas-Energo-Service have until
May 3 to submit proofs of claim to:

         V. Togulev, Insolvency Manager
         Stroiteley Avenue 28/1-135
         650060 Kemerovo
         Russia

The Arbitration Court of Kemerovo commenced bankruptcy
proceedings against the company after finding it insolvent.  The
hearing in the Court will convene at 2:30 p.m. on Feb. 21, 2008.
The case is docketed under Case No. A27-12936/2006-4.

The Court is located at:

         The Arbitration Court of Kemerovo  
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         OJSC Kuzbas-Energo-Service
         Karbolitovskaya Str. 10
         650099 Kemerovo
         Russia


PROGRESS CJSC: Court Names V. Gribov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court Krasnodar appointed Mr. V. Gribov as
Insolvency Manager for CJSC Progress.  He can be reached at:

         V. Gribov
         Room 5
         Lenina Str. 101
         350033 Krasnodar
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case
No. A-32-28761/04-27/254-B.

The Court is located at:

         The Arbitration Court of Krasnodar  
         Staroderevenkovskaya St.
         Krasnodar  
         Russia

The Debtor can be reached at:

         CJSC Progress
         Molodyezhnaya Str. 7
         Sredniy Chelbass
         Pavlovskiy
         352060 Krasnodar
         Russia


ROSNEFT OAO: Inks Strategic Partnership with OAO TMK
----------------------------------------------------
OAO NK Rosneft and OAO TMK have entered into a long-term
strategic partnership.  The agreement was signed in Moscow by
Rosneft's first vice president, Sergei Kudryashov, and TMK CEO
Konstantin Semerikov.

Both parties have set an initial period of three years for the
partnership, with an option to extend.  Under the terms of the
partnership, TMK and Rosneft will form a supervisory board to
manage the venture, review ongoing strategy and make any
necessary adjustments.

The partnership will ensure optimal coordination of the design
and production of new types of pipes supplied by TMK to Rosneft
for use in the oil and gas industry, both in the medium and long
term.

                            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.

                          About Rosneft

Headquartered in Moscow, Russia, OAO NK Rosneft --
http://www.rosneft.com/-- is a vertically integrated Russian  
oil and gas company with upstream and downstream operations in
each of Russia's oil-producing regions.  It is among the world's
largest publicly traded oil companies in terms of proved oil
reserves (14.9 bln bbls) and among the top ten globally in crude
oil production.  Rosneft operates eleven oil and gas producing
enterprises across Russia and is involved in over ten world-
class exploration projects.  In addition to its strong upstream
operations, the company also owns two refineries, which have a
combined throughput capacity of 10 million tons per year, as
well as four main oil export terminals and a nationwide network
of over 600 service stations.

                        *     *     *

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.


ROSNEFT OIL: Borrows US$22 Billion to Fund Yukos Asset Purchase
---------------------------------------------------------------
OAO Rosneft Oil Co. will borrow around US$22 billion to finance
its possible acquisition of some of OAO Yukos Oil Co.'s assets,
various reports say.

Rosneft will directly borrow US$13 billion from a group of bank
comprised of ABN AMRO, Barclays, BNP Paribas, Calyon, Citibank,
Goldman Sachs, J.P. Morgan Chase, and Morgan Stanley.  Rosneft
will also guarantee a US$9-billion loan for its RN-Razvitiye,
which was purposely created to acquire Yukos' 9.44% stake in
Rosneft.  The unit has already filed a request with the Federal
Antimonopoly Service for the transaction.

"We have successfully attracted US$22 billion, thus, finishing
an important phase of preparation for auctions," said Rosneft
President Sergey Bogdanchikov.  "We are ready for competition.
In the process of preparing and taking part in auctions we will
base our decisions on the principles of economic expedience, the
creation of maximum value for shareholders and steady and long-
term development."

Reports say the loan will carry an interest rate of LIBOR
+0.25%-0.5% and will mature in 12 months to 18 months.

Mr. Bogdanchikov implied that Rosneft would bid for Yukos' oil
refining assets to break the "considerable imbalance between the
amount of oil Rosneft is extracting and the capacity of oil
refineries."

Rosneft already owns Yukos' former core production unit,
Yuganskneftegaz.

The first phase of the auction will commence on March 27.  
Eduard Rebgun, Yukos' bankruptcy receiver, is putting up 193
Yukos subsidiaries for sale over several months.

                          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.

                        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.


ROSTOV-COAL OJSC: Public Auction to Sell Assets Set for April 3
---------------------------------------------------------------
Fund of Property of Rostov Region, the bidding organizer for
OJSC Rostov-Coal, will open a public auction for the company's
properties at 11:00 a.m. on April 3 at:

         Fund of Property of Rostov Region
         Room 836
         Sotsialisticheskaya Str. 112
         344050 Rostov-na-Donu
         Russia

Interested participants have until March 30 to deposit an amount
equivalent to 10% of the starting price to:

         Fund of Property of Rostov Region
         Settlement Account 40603810700000000024
         Correspondent Account 3010181010000000000762
         BIK 046015762
         OJSC CB Centre-Invest
         Rostov-na-Donu
         Russia

Bidding documents must be submitted to:

         Fund of Property of Rostov Region
         Room 836
         Sotsialisticheskaya Str. 112
         344050 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         OJSC Rostov-Coal
         Sovetskaya Str. 187/189
         Shakhty, Rostov
         Russia


SIBERIA-WOOD LLC: Creditors Must File Claims by April 3
-------------------------------------------------------
Creditors of LLC Siberia-Wood have until April 3 to submit
proofs of claim to:

         S. Shkarovskaya, Temporary Insolvency Manager
         Room 10
         Melnikayte Str. 90a
         625026 Tyumen
         Russia

The Arbitration Court of Tyumen commenced bankruptcy supervision
procedure on the company.  The hearing in the Court will convene
at 9:00 a.m. on May 17.  The case is docketed under Case No.
A-70-8399/3-2006.

The Court is located at:

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

The Debtor can be reached at:

         LLC Siberia-Wood
         1st Lugovaya Str. 38
         Tobolsk, Tyumen
         Russia


STROY-DETAIL CJSC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Arbitration Court of Novgorod commenced bankruptcy
supervision procedure on CJSC Stroy-Detail.  The case is
docketed under Case No. A44-3289/2006-15k.

The Temporary Insolvency Manager is:

         S. Lukyanov, Temporary Insolvency Manager
         Apartment 59
         Room 1
         Korablestroiteley Str. 22
         199226 St. Petersburg
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Stroy-Detail
         Stroiteley Str. 8
         Staraya Russa
         175207 Novgorod
         Russia


SURGUT-TRANS-STROY: Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy commenced bankruptcy
supervision procedure on CJSC Surgut-Trans-Stroy.  The case is
docketed under Case No. A75-633/07.

The Temporary Insolvency Manager is:

         E. Pugacheva
         Post User Box 583
         Surgut
         628412 Khanty-Mansiyskiy
         Russia

The Court is located at:

         The Arbitration Court of Khanty-Mansiyskiy
         Lenina Str. 54/1
         Khanty-Mansiysk  
         Russia

The Debtor can be reached at:

         CJSC Surgut-Trans-Story
         Lokomotivnyj Pr. 5
         628400 Surgut
         Russia


TMK OAO: Inks Strategic Partnership with OAO NK Rosneft
-------------------------------------------------------
OAO NK Rosneft and OAO TMK have entered into a long-term
strategic partnership.  The agreement was signed in Moscow by
Rosneft's first vice president, Sergei Kudryashov, and TMK CEO
Konstantin Semerikov.

Both parties have set an initial period of three years for the
partnership, with an option to extend.  Under the terms of the
partnership, TMK and Rosneft will form a supervisory board to
manage the venture, review ongoing strategy and make any
necessary adjustments.

The partnership will ensure optimal coordination of the design
and production of new types of pipes supplied by TMK to Rosneft
for use in the oil and gas industry, both in the medium and long
term.

                          About Rosneft

Headquartered in Moscow, Russia, OAO NK Rosneft --
http://www.rosneft.com/-- is a vertically integrated Russian  
oil and gas company with upstream and downstream operations in
each of Russia's oil-producing regions.  It is among the world's
largest publicly traded oil companies in terms of proved oil
reserves (14.9 bln bbls) and among the top ten globally in crude
oil production.  Rosneft operates eleven oil and gas producing
enterprises across Russia and is involved in over ten world-
class exploration projects.  In addition to its strong upstream
operations, the company also owns two refineries, which have a
combined throughput capacity of 10 million tons per year, as
well as four main oil export terminals and a nationwide network
of over 600 service stations.

                           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.


TNK-BP HOLDING: May Lose License to Develop Kovykta Field
---------------------------------------------------------
TNK-BP Holding Ltd. may lose its license to develop the Kovykta
gas field in East Siberia after failing to meet its obligations
to intensify production and supply surrounding areas with gas,
RIA Novsoti reports, quoting Yury Trutnev, Russia's natural
resources minister.

Under the terms of the license, TNK-BP, along with its partners
in the project, has to develop and extract at least 9 billion
cubic meters of natural gas from the Kovykta gas field, which
has 1.9 trillion cubic meters of proven reserves, RIA Novosti
relates.

The Russian Federation's Ministry of Natural Resources warned
the company that if it fails to comply with the terms within
three months, the agency would revoke the license, RIA Novsoti
says.

Mr. Trutnev doubts if TNK-BP could comply with the terms on
time, as the company has failed to do so in the past years.  The
government had previously denied a request by Russia Petroleum,
which operates the field for TNK-BP, for changes on the amounts
specified on the license.

Mr. Trutnev said the license would be offered at an auction as a
strategic deposit.  However, Mr. Trutnev stressed that foreign
investors are excluded from taking part in the auction due to a
bill, which has yet to be approved, prohibiting such.

RIA Novosti suggests that OAO Gazprom may acquire the license,
as it has been interested in joining the Kovykta gas project.  
Gazprom and TNK-BP are currently holding talks over a joint
project to build a unified network for upstream and downstream
operations and gas transportation in East Siberia and the Far
East.

                          About TNK-BP

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

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

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

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

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


TURINSKIY BUTTER: Court Names A. Kirpishikov to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Sverdlovsk appointed Mr. A. Kirpishikov
as Insolvency Manager for OJSC Turinskiy Butter Factory.  He can
be reached at:

         A. Kirpishikov
         Post User Box 249
         620014 Ekaterinbrug
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case
No. A60-28266/06-S11.

The Court is located at:

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

The Debtor can be reached at:

         A. Kirpishikov
         Post User Box 249
         620014 Ekaterinbrug
         Russia


URALSKIYE TURBINES: Creditors Must File Claims by April 3
---------------------------------------------------------
Creditors of CJSC Uralskiye Turbines have until April 3 to
submit proofs of claim to:

         P. Tarasov, Insolvency Manager
         Post User Box 19
         Ops-100
         170100 Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-23880/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Uralskiye Turbines
         Room 2
         Savushkina, 125
         St. Petersburg
         Russia


VICTORIA INDUSTRIES: Files Restated 2005 Annual Report with SEC
---------------------------------------------------------------
Victoria Industries filed with the U.S. Securities and Exchange
Commission an amended report on Form 10-KSBA for the year ended
Dec. 31, 2005.

The company's restated report showed net income of US$162,079 on
revenues of US$5,353,013 for the year ended Dec. 31, 2005.  This
compares to a US$92,321 net loss on revenues of US$2,164,534 for
2004.

At Dec. 31, 2005, the company's balance sheet showed
US$2,716,189 in total assets and US$1,702,021 in total
liabilities, resulting to US$1,014,168 in total stockholders'
equity.

                      Going Concern Doubt

John A. Braden & Company, PC, in Houston Texas, expressed
substantial doubt on the company's ability to continue as a
going concern.  The auditing firm pointed to the company's
limited revenue history, dependence on narrow customer base and
limited funding.

The auditing firm also said that the company has suffered losses
from operations, has limited operating history and intentions
for future capital investment.  The auditing firm further said
that there is no assurance that the lumber business that the
company is involved in will generate sufficient funds that will
be available for operations.

A full-text copy of the company's amended annual report for 2005
is available for free at http://ResearchArchives.com/t/s?1b91

                    About Victoria Industries

New York-based Victoria Industries, Inc. (OTC BB: VIIN), --
http://www.victoriaind.com/-- that markets and distributes  
forest products, primary plywood, sawlog, and lumber.  Its
subsidiaries are Victoria Resources, Inc., Victoria Lumber, LLC,
Victoria Siberian Wood, and Coptent Trading.  The Group's
principal customers are based in Eastern Siberia and Far East
regions of Russia, and North provinces of China - Inner Mongolia
and Heyluntszyan.


WEST-SIBERIAN BUILDING: Creditors Must File Claims by May 3
-----------------------------------------------------------
Creditors of LLC West-Siberian Building Company (TIN 7204030197)
have until May 3 to submit proofs of claim to:

         O. Leontyeva, Insolvency Manager
         K. Zaslonova Str. 29
         Tyumen
         Russia

The Arbitration Court of Tyumen commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A-70-7844/3-06.

The Court is located at:

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

The Debtor can be reached at:

         LLC West-Siberian Building Company
         Pervomayskaya Str. 58A
         Tyumen
         Russia


WOODWORKING ENTERPRISE: Creditors Must File Claims by May 3
-----------------------------------------------------------
Creditors of LLC Woodworking Enterprise have until May 3 to
submit proofs of claim to:

         V. Nagovitsyn, Insolvency Manager
         Apartment 59
         M. Gvardii Str. 22
         Glazov
         427620 Udmurtiya
         Russia

The Arbitration Court of Kirov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A28-296/06-245/6.

The Court is located at:

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

The Debtor can be reached at:

         LLC Woodworking Enterprise
         Rechnaya Str. 2
         Kobra
         Nagorskiy
         613257 Kirov
         Russia


YUKOS OIL: Rosneft Borrows US$22 Billion to Fund Asset Purchase
---------------------------------------------------------------
OAO Rosneft Oil Co. will borrow around US$22 billion to finance
its possible acquisition of some of OAO Yukos Oil Co.'s assets,
various reports say.

Rosneft will directly borrow US$13 billion from a group of bank
comprised of ABN AMRO, Barclays, BNP Paribas, Calyon, Citibank,
Goldman Sachs, J.P. Morgan Chase, and Morgan Stanley.  Rosneft
will also guarantee a US$9-billion loan for its RN-Razvitiye,
which was purposely created to acquire Yukos' 9.44% stake in
Rosneft.  The unit has already filed a request with the Federal
Antimonopoly Service for the transaction.

"We have successfully attracted US$22 billion, thus, finishing
an important phase of preparation for auctions," said Rosneft
President Sergey Bogdanchikov.  "We are ready for competition.
In the process of preparing and taking part in auctions we will
base our decisions on the principles of economic expedience, the
creation of maximum value for shareholders and steady and long-
term development."

Reports say the loan will carry an interest rate of LIBOR
+0.25%-0.5% and will mature in 12 months to 18 months.

Mr. Bogdanchikov implied that Rosneft would bid for Yukos' oil
refining assets to break the "considerable imbalance between the
amount of oil Rosneft is extracting and the capacity of oil
refineries."

Rosneft already owns Yukos' former core production unit,
Yuganskneftegaz.

The first phase of the auction will commence on March 27.  
Eduard Rebgun, Yukos' bankruptcy receiver, is putting up 193
Yukos subsidiaries for sale over several months.

                          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.


ZELENODOLSKOYE PASSENGER: Creditors Must File Claims by May 3
-------------------------------------------------------------
Creditors of OJSC Zelenodolskoye Passenger Auto Transport
Enterprise have until May 3 to submit proofs of claim to:

         Y. Bolotov, Insolvency Manager
         Post User Box 392
         OPS-100
         Zelenodolsk
         422540 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-65-16746/2004-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 Zelenodolskoye Passenger Auto Transport Enterprise
         Metallistov Str. 6
         Zelenodolsk, Tatarstan
         Russia


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


BANKINTER 14: Moody's Junks EUR14.2-Million Series E Notes
----------------------------------------------------------
Moody's Investors Service assigned these definitive credit
ratings to seven series of Bonos de Titulizacion Hipotecaria to
be issued by BANKINTER 14 Fondo de Titulizacion Hipotecaria, a
Spanish asset securitization fund that has been created by
Europea de Titulizacion, S.G.F.T, S.A.:

   -- EUR172.7-million Series A1 notes: Aaa;
   -- EUR566.6-million Series A2 notes: Aaa;
   -- EUR172.7-million Series A3 notes: Aaa;
   -- EUR14.1-million Series B notes: Aa2;
   -- EUR14.2-million Series C notes: A3;
   -- EUR9.5-million Series D notes: Ba2; and
   -- EUR14.2-million Series E notes: C.

According to Moody's, this deal benefits from strong features,
including:

   (1) the basis swap by which the index reference rates on the
       assets (12M Euribor) are exchanged against the index
       reference rate on the notes (3M Euribor);

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

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

   (4) the fact that 100% of the loans are secured by
       residential mortgages; and

   (5) the quality of BANKINTER (Aa3/P-1) as an originator and
       servicer.

However, Moody's notes that the deal also has a number of
weaknesses, including:

   (1) very tight excess spread;

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

   (3) the flexible nature of the mortgage loans, with the
       debtors being able to make successive redraws and enjoy
       grace periods on interest and principal.  These increased
       risks were reflected in Moody's Credit Enhancement
       calculation.

This transaction marks the fourteenth time that BANKINTER has
tapped the RMBS market.  The products being securitized are
first-lien mortgage loans granted to individuals, all of whom
will use these loans to acquire or refurbish properties located
in Spain.  All of the mortgage loans were originated by
Bankinter, which will continue to service them.

The portfolio comprised 6,365 loans for a total amount of
EUR1,027,114,429.  The original weighted average LTV is 63.41%.
The current WALTV is 60.38%.  The average loan size is
EUR161,369.  The loans were originated between 2002 and 2005
with a weighted average seasoning of 14.64 months.  All the
loans are paid through monthly installments, which are debited
from accounts held by the debtors at Bankinter.

Moody's based its ratings on:

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

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

Moody's definitive ratings address the expected loss posed to
investors by the legal final maturity.  The rating agency
believes that the structure of the Bankinter 14 notes allows for
timely payment of interest and ultimate payment of principal at
par, on or before the final legal maturity date on Classes
A/B/C/D, and for ultimate payment of interest and principal at
par on or before the rated final legal maturity date on Class E,
and not at any other expected maturity date.  The ratings do not
address the full redemption of the notes on the expected
maturity date.  Moody's ratings address only the credit risks
associated with the transaction.  Other non-credit risks have
not been addressed, but may have a significant effect on yield
to investors.


HIPOTECARIO IX: Fitch Junks EUR15-Million Class E Notes
-------------------------------------------------------
Fitch Ratings assigned expected ratings to Rural Hipotecario IX,
FTA mortgage-backed floating-rate notes totaling
EUR1.51 billion due in February 2050:

   -- EUR200 million Class A1: 'AAA'
   -- EUR1.02 billion Class A2: 'AAA'
   -- EUR210 million Class A3: 'AAA'
   -- EUR29.3 million Class B: 'A+'
   -- EUR28.5 million Class C: 'BBB+'
   -- EUR10.5 million Class D: 'BB+'
   -- EUR15 million Class E: 'CCC'

This transaction is a cash flow securitization of a
EUR1.50 billion static pool of first-ranking residential
mortgage loans granted by 26 sellers among the Spanish rural
credit cooperatives.  This is the ninth residential mortgage
securitization conducted by the cajas rurales and the fourth
rated by Fitch.  

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

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


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


COMPULINE LLC: Creditors' Liquidation Claims Due April 4
--------------------------------------------------------
Creditors of LLC Compuline have until April 4 to submit their
claims to:

         JSC Thalmann Treuhand
         Liquidator
         Marktplatz 3
         8570 Weinfelden TG
         Switzerland

The Debtor can be reached at:

         LLC Compuline
         Bussnang
         Weinfelden TG
         Switzerland


DMK-SCHWEIZ LLC: Creditors' Liquidation Claims Due March 31
-----------------------------------------------------------
Creditors of LLC DMK-Schweiz have until March 31 to submit their
claims to:

         Brigitte Grossi
         Liquidator
         Fichtenwaldstr. 32
         4142 Munchenstein
         Arlesheim BL
         Switzerland

The Debtor can be reached at:

         LLC DMK-Schweiz
         Munchenstein
         Arlesheim BL
         Switzerland


FERIEN ONLINE: Creditors' Liquidation Claims Due March 31
---------------------------------------------------------
Creditors of JSC Ferien Online have until March 31 to submit
their claims to:

         Sam Kwok
         Liquidator
         Chilerai 36b
         8602 Wangen-Bruttisellen
         Uster ZH
         Switzerland

The Debtor can be reached at:

         JSC Ferien Online
         Dietlikon
         Bulach ZH
         Switzerland


MEDICOM CONSULTING: Creditors' Liquidation Claims Due March 31
--------------------------------------------------------------
Creditors of JSC Medicom Consulting & Engineering have until
March 31 to submit their claims to:

         JSC Breves Treuhand
         Liquidator
         Baarerstrasse 79
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Medicom Consulting & Engineering
         Risch ZG
         Switzerland


MONARCH WIRELESS: Creditors' Liquidation Claims Due March 31
------------------------------------------------------------
Creditors of LLC Monarch Wireless have until March 31 to submit
their claims to:

         Schonbuelstr. 4
         9032 Engelburg
         Switzerland

The Debtor can be reached at:

         LLC Monarch Wireless
         Gaiserwald SG
         Switzerland


MUNTANELLA SA: Creditors' Liquidation Claims Due March 31
---------------------------------------------------------
Creditors of SA Muntanella have until March 31 to submit their
claims to:

         Dr. H. J. Zinsli
         Liquidator
         via Maistra 5
         7500 St. Moritz
         Maloja GR
         Switzerland

The Debtor can be reached at:

         SA Muntanella
         St. Moritz
         Maloja GR
         Switzerland


PAN NEW MEDIA: Creditors' Liquidation Claims Due April 5
--------------------------------------------------------
Creditors of LLC PAN New Media have until April 5 to submit
their claims to:

         Viaduktstrasse 65
         4002 Basel BS
         Switzerland

The Debtor can be reached at:

         LLC PAN New Media
         Basel BS
         Switzerland


SC HERISAU: Creditors' Liquidation Claims Due April 5
-----------------------------------------------------
Creditors of JSC SC Herisau have until April 5 to submit their
claims to:

         Kasernenstrasse 68a
         9100 Herisau AR
         Switzerland

The Debtor can be reached at:

         JSC SC Herisau
         Kasernenstrasse 68a
         9100 Herisau AR
         Switzerland


STAUDT ISOLIERTECHNIK: Creditors' Liquidation Claims Due April 4
----------------------------------------------------------------
Creditors of JSC Staudt Isoliertechnik have until April 4 to
submit their claims to:

         Inge Struss
         Liquidator
         Belchenstrasse 7
         4054 Basel
         Switzerland

The Debtor can be reached at:

         JSC Staudt Isoliertechnik
         Basel BS
         Switzerland


STUTZ UND KAPPELI: Creditors' Liquidation Claims Due April 4
------------------------------------------------------------
Creditors of JSC Stutz und Kappeli Immobilien have until April 4
to submit their claims to:

         Rebbergstrasse 1
         5610 Wohlen
         Bremgarten AG
         Switzerland

The Debtor can be reached at:

         JSC Stutz und Kappeli Immobilien
         Rebbergstrasse 1
         5610 Wohlen
         Bremgarten AG
         Switzerland


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


BILETSKOVSKOE LLC: Creditors Must File Claims by March 23
---------------------------------------------------------
Creditors of LLC Biletskovskoe (code EDRPOU 3077245) have until
March 23 to submit written proofs of claim to:

         Stepan Bonchak, Liquidator
         50 Years of USSR Str. 29
         Kremenchuk
         39600 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 4/325.

The Court is located at:

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

The Debtor can be reached at:

         LLC Biletskovskoe
         Kremenchuk District Biletskovka
         Poltava
         Ukraine


DIMER PLANT: Creditors Must File Proofs of Claim by March 23
------------------------------------------------------------
Creditors of have until March 23 to submit written proofs of
claim to:

         I. Omelchenko, Liquidator
         Electricians Str. 26
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 376/11b-06.

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 Dimer Plant of Electrical Installations
         Constructions
         Dniepropetrovsk Str. 8
         Dimer
         Vyshgorod District
         Kiev
         Ukraine


ELECTRO LLC: Creditors Must File Proofs of Claim by March 23
------------------------------------------------------------
Creditors of have until March 23 to submit written proofs of
claim to:

         I. Omelchenko, Liquidator
         Electricians Str. 26
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 375/11b-06.

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 Electro
         Dniepropetrovsk Str. 8
         Dimer
         Vyshgorod District
         Kiev
         Ukraine


HRYSTINOVKA PLANT: Claims Filing Bar Date Set March 23
------------------------------------------------------
Creditors of Agricultural OJSC Hrystinovka Plant of Mixed Fodder
and Peeled Grains (code EDRPOU 05430461) have until March 23 to
submit written proofs of claim to:

         S. Gritsay, Temporary Insolvency Manager
         P.O. Box 38
         01030 Kiev
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy supervision
procedure on the company.   The case is docketed under Case No.
14-01-08/103.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         Agricultural OJSC Hrystinovka Plant
         of Mixed Fodder and Peeled Grains
         Hrystynovka, Gogol Str. 19
         Cherkassy
         Ukraine


INDUSTRY-STAR LLC: Creditors Must File Claims by March 23
---------------------------------------------------------
Creditors of LLC Industry-Star (code EDRPOU 21745767) have until
March 23 to submit written proofs of claim to:

         Alexander Zhylich, Liquidator
         Kopernik Str. 36-A
         43010 Lutsk
         Volin
         Ukraine

The Economic Court of Volin commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 4/132-B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Industry-Star
         Potebnia Str. 56
         43018 Lutsk
         Volin
         Ukraine


KRISTALL LLC: Creditors Must File Proofs of Claim by March 23
-------------------------------------------------------------
Creditors of LLC Kristall (code EDRPOU 32006583) have until
March 23 to submit written proofs of claim to:

         The Regional State Tax Inspection of Zhmerinka,
         Liquidator
         B. Hmelnitsky Str. 18
         Zhmerinka
         Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/210-06.

The Debtor can be reached at:

         LLC Kristall
         Luka Movchanskaya
         Zhmerinka District
         23155 Vinnica
         Ukraine

The Court is located at:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine


MAYAK LLC: Creditors Must File Proofs of Claim by March 23
----------------------------------------------------------
Creditors of LLC Mayak (code EDRPOU 30880582) have until
March 23 to submit written proofs of claim to:

         Andrew Savochka, Liquidator
         Sumy-Kiev divisions Str. 20
         40024 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 8/385-06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Mayak
         Verhniaya Sagarovka
         Burinsky District
         Sumy
         Ukraine


SOROS-NIKOLAEV LLC: Creditors Must File Claims by March 23
----------------------------------------------------------
Creditors of LLC Soros-Nikolaev (code EDRPOU 33627072) have
until March 23 to submit written proofs of claim to:

         O. Tomashevsky, Liquidator
         Rabochaya Str. 7
         Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/15/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Soros-Nikolaev
         Chkalov Str. 63
         Nikolaev
         Ukraine


TOLOKA LLC: Creditors Must File Proofs of Claim by March 23
-----------------------------------------------------------
Creditors of LLC Toloka (code EDRPOU 22936512) have until
March 23 to submit written proofs of claim to:

         O. Dobrodub,
         Bogomolets Str. 4
         01601 Kiev-24
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 43/633.

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 Toloka
         Obolonsky Avenue 7-A
         04205 Kiev
         Ukraine


VITOVT LLC: Creditors Must File Proofs of Claim by March 23
----------------------------------------------------------------
Creditors of LLC Vitovt (code EDRPOU 30297354) have until
March 23 to submit written proofs of claim to:

         Vladimir Temchishyn, Liquidator
         Svetlaya Str. 5/3
         Lutsk
         Volin
         Ukraine

The Economic Court of Volin commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 4/133-B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Vitovt
         Sobornost Avenue 25/156
         43024 Lutsk
         Volin
         Ukraine


VOLIN HAULAGE: Creditors Must File Proofs of Claim by March 23
--------------------------------------------------------------
Creditors of OJSC Volin Haulage Company (code EDRPOU 23020488)
have until March 23 to submit written proofs of claim to:

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

The Economic Court of Volin commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 4/125-B.

The Debtor can be reached at:

         OJSC Volin Haulage Company
         Ershov Str. 2
         43000 Lutsk
         Volin
         Ukraine


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


A R GURTEEN: Claims Filing Period Ends June 30
----------------------------------------------
Creditors of A R Gurteen Ltd. have until June 30 to send in
their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         E. Walls
         Liquidator
         Marlor Walls
         C12 Marquis Court
         Marquis Way
         Team Valley
         Gateshead  
         NE11 0RU
         England

E. Walls of Marlor Walls was appointed liquidator of the company
on March 12 by resolutions of members and creditors.


AMSTEL CORP: Moody's Rates EUR150-Mln Class E Notes at (P)Ba2
-------------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
the notes to be issued by Amstel Corporate Loan Offering 2007-1
B.V.:

   -- EUR5.6-billionClass A1 Floating Rate Notes due 2017:
      (P)Aaa;

   -- EUR450-million Class A2 Floating Rate Notes due 2017:
      (P)Aaa;

   -- EUR125-million Class B Floating Rate Notes due 2017:
      (P)Aa2;

   -- EUR100-million Class C Floating Rate Notes due 2017:
      (P)A2;

   -- EUR100-million Class D Floating Rate Notes due 2017:
     (P)Baa2;

   -- EUR150-million Class E Floating Rate Notes due 2017:
      (P)Ba2; and

   -- NR to the EUR3.2-billion Super Senior Credit Default Swap
      related to the ACLO 2007-1 issuance.

The ratings on the notes address the expected loss posed to
investors versus amounts due by the final maturity date in March
2017.  The Super Senior Credit Default Swap was not rated by
Moody's.

The provisional ratings of the notes are based upon:

   -- The credit quality and diversification of the reference
      portfolio;

   -- The definition of credit events; and

   -- The subordination position of each class of notes and
      their performance in relation to various default scenarios
      and related stress-test analyses.

The issuer is providing protection to ABN Amro Bank N.V. (Aa3,
Prime-1), via credit default swaps, on a EUR10-billion
portfolio.  ACLO 2007-1 is hedging the first 68% of losses on
the portfolio.  The remaining 32% on top of that will be hedged
with an unfunded super senior credit default swap.  This
portfolio is composed of credit facilities to corporate
entities, approximately 50% of which are European.  ABN Amro has
the possibility to add and/or remove reference loans from the
portfolio, so long as the portfolio maintains certain credit
characteristics.

The proceeds of the notes are to be deposited with ABN Amro
under cash deposits which will collateralize the vehicles'
obligations firstly under the credit default swaps, and secondly
towards the note holders.  Should ABN Amro's long term rating
fall below Aa3/P-1, either the deposits will be moved to a bank
with a long term rating of at least A1, or the deposits will be
liquidated and the vehicles will enter into repo agreements over
at least Aa3 Euro denominated government bonds with an A1/Prime-
1 bank.

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


AQUA PACIFIC: Names Gavin Geoffrey Bates Liquidator
---------------------------------------------------
Gavin Geoffrey Bates of BRI Business Recovery and Insolvency was
appointed liquidator of Aqua Pacific Ltd. on March 8 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Aqua Pacific Ltd.
         87a Warwick Street
         Leamington Spa
         Warwickshire
         CV324RJ
         England
         Tel: 01926 339 100


BACCHUS 2007-1: S&P Rates EUR11-Million Class E Notes at BB-
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR366 million senior secured and
deferrable floating-rate notes to be issued by BACCHUS 2007-1
PLC.  At the same time, BACCHUS 2007-1 will issue EUR41.4
million of unrated notes.
  
This will be the third arbitrage CLO transaction brought to
market by IKB Deutsche Industriebank AG, broadening the bank's
presence in the European CLO market.  The second one closed on
Aug. 17, 2006 and was preceded by seven balance-sheet CLOs, both
synthetic and cash.
  
At closing, BACCHUS 2007-1 will issue floating-rate notes and a
dual currency revolving credit facility will be made to BACCHUS
2007-1, the proceeds of which, after paying transaction fees and
expenses, will be invested in a portfolio of predominantly
senior secured leveraged loans.
  
The transaction will have a reinvestment period of six years and
the collateral manager will be IKB, acting as IKB Fund
Management through its London branch.
  
The preliminary ratings reflect commensurate credit support in
the form of over-collateralization and subordination, a
diversified collateral pool of loans and derivative financial
instruments, currency risk protections, strong collateral
investment guidelines, the expected bankruptcy-remoteness of the
issuer, and various amortization triggers.
  
                           Ratings List
  
BACCHUS 2007-1 PLC
   EUR407.4 Million Senior Secured And Deferrable Floating-Rate
   Notes
  
                             Prelim.   Prelim. Amount
           Class             rating    (Mln. EUR)
           -----             ------    --------------
           A                 AAA           197.4
           Revolving credit
           facility          AAA            80.0
           B                 AA             32.0
           C                 A              23.0
           D                 BBB-           22.6
           E                 BB-            11.0
           Subordinated
           notes             NR             41.4


BLAKELEY MARQUEES: Appoints Liquidator from Hodgsons
----------------------------------------------------
David Emanuel Merton Mond of Hodgsons was appointed liquidator
of Blakeley (Marquees) Ltd. on March 12 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Blakeley (Marquees) Ltd.
         Olive Mill Cottage
         Black Lane
         Loxley
         Sheffield
         South Yorkshire
         S6 6SE
         England
         Tel: 0114 233 9044
         Fax: 0114 233 1865


BPR INSULATED: Creditors' Meeting Slated for March 28
-----------------------------------------------------
Creditors of BPR Insulated Glass Ltd. will meet at 11:00 a.m. on
March 28 at:

         Poppleton & Appleby
         35 Ludgate Hill
         Birmingham  
         B3 1EH
         England
  
Creditors have until noon on March 27 to submit their proxy
forms together with particulars of their claims or of any
security at the said address.
  
M. T. Coyne of Poppleton & Appleby will furnish creditors
information concerning the company's affairs free of charge as
they may reasonably require.


BRITISH AIRWAYS: Prepares for Possible Impact of Open Skies Deal
----------------------------------------------------------------
British Airways Plc has come up with ways to attract more
travelers as it anticipates intense competition upon the
approval of the opens skies deal between the UK and the U.S.,
Daniel Michaels write for The Wall Street Journal.

According to BA Chief Executive Willie Walsh, the airline is
prepared and will not be damaged.

"When open skies happens, we know what we are going to do," Mr.
Walsh said.

BA intends to introduce new perks targeting business travelers.  
The airline will have to promote "Club World," its business-
class on long-haul flights, more aggressively should the open-
skies pact pursues, WSJ relates.

According to WSJ, BA also plans to offer better facilities and
services on all its long-range planes including cushier, roomier
seats, bigger tables, wider video screens and a self-serve
pantry.

The carrier may consider shifting Atlanta, Dallas and Houston
flights from London's secondary Gatwick Airport to Heathrow,
where travelers can take advantage of more connecting flights,
easier access to London, and better shopping, WSJ says.

BA also seeks to get more takeoff and landing slots at Heathrow
in an effort to retain its position as the airport's dominant
carrier.

As previously reported in the TCR-Europe, BA is opposing the
open skies treaty as it may lose its protected flight status at
Heathrow airport and face intense competition, according to
published reports.

Under the deal, airlines will be allowed to make transatlantic
flights from any nation that could lead to reduced fares, AJC
Consultants relates.

The airlines will also be permitted to land and take-off from
Heathrow.  

At meeting of European transport ministers last week, the
airline urged the British government to reject the deal, The
Financial Times reports.

                           About the Company

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

                        *     *     *

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


CAPITAL ACCOMMODATION: Marfin Taps Panos Eliades as Receiver
------------------------------------------------------------
Marfin Popular Bank Public Co. Ltd. (fka The Cyprus Popular Bank
Ltd.) appointed Stephen Franklin of Panos Eliades, Franklin &
Co. as administrative receiver of Capital Accomodation (London)
Plc (Company Number 2895190) on March 2.

The administrative receiver can be reached at:

         Stephen Franklin
         Panos Eliades, Franklin & Co.
         Albany House  
         18 Theydon Road  
         London  
         E5 9NA  
         England
         Tel: 020 8815 4000  
         Fax: 020 8815 4040

The company can be reached at:

         Capital Accommodation (London) Plc
         16 Turnpike Lane  
         Haringey  
         London  
         N8 0PT  
         England
         Tel: 020 8342 5555


CEETAK FABRICATIONS: Names Liquidator to Wind Up Business
---------------------------------------------------------
Richard Frank Simms was appointed liquidator of Ceetak
Fabrications Ltd. on Feb. 19 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Ceetak Fabrications Ltd.
         29 Bury Mead Road
         Hitchin
         Hertfordshire
         SG5 1RT
         England
         Tel: 01462 630 730


CENTRAL VENUE: Joint Liquidators Take Over Operations
-----------------------------------------------------
Paul A. Whitwam and Gary E. Blackburn of BWC Business Solutions
were appointed joint liquidators of Central Venue Sports
Management Ltd. (formerly Big Dog Ltd. and Dynamicduty Ltd.) on
March 13 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Central Venue Sports Management Ltd.
         Black Horse Farm
         Main Street
         Norwell
         Newark
         Nottinghamshire
         NG236JN
         England
         Tel: 01636 636 348
         Fax: 01636 832 909


CLIFFORD COACHWORKS: D. L. Platt Leads Liquidation Procedure
------------------------------------------------------------
D. L. Platt of SPW Poppleton & Appleby was appointed liquidator
of Clifford Coachworks Ltd. on March 1 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Clifford Coachworks Ltd.
         Frogmore Business Park
         51 Radlett Road
         Frogmore
         St. Albans
         Hertfordshire
         AL2 2JX
         England
         Tel: 01727 875 398


COLLINS & AIKMAN: Court OKs Assumption of Owosso Facility Lease
---------------------------------------------------------------
The Honorable Steven W. Rhodes of the U.S. Bankruptcy Court for
the Eastern District of Michigan authorized Collins & Aikman
Corp. and its debtor-affiliates to assume a lease by Debtor
Owosso Thermal Forming LLC, and assign it to S-Group Automotive
Ltd., contemporaneous with the closing of the Owosso Purchase
Agreement.

Debtor Owosso Thermal Forming LLC, entered into an asset
purchase agreement with S-Group Automotive Ltd., on Feb. 5,
2007.  The Debtors will sell certain assets to S-Group as soon
as practicable under the provisions of the Owosso Purchase
Agreement.  The Debtors will, at closing, assign, transfer and
deliver free and clear of any liens and obligations to S-Group
assets including:

     * certain equipment and machinery, including bridge cranes,
       Advantage Chillers, Conair Granulator, Fostoria Process
       Heating Ovens and office equipment;

     * all useable and merchantable inventories;

     * all of its rights, title and interest in and to all
       methods, information, data or know-how owned by the
       Debtors and used solely in connection with the industrial
       manufacturing of automotive interior components business
       conducted primarily at facilities located at 751 South
       Delaney Road, Owosso, Michigan;

     * all records relating to the Business, Owosso Facility or
       acquired assets; and

     * all licenses, permits, approvals and certificates
       relating solely to the Owosso Facility, the ownership or
       use of the Acquired Assets or the operation of the
       Business.

The Closing Date will be a date not later than five days after
the Court approves the sale.

Assets excluded from the sale are cash and cash equivalents;
accounts receivable; 200 Ton Blow Molding Machine; 180 Ton Blow
Molding Machine; inventory other than the Useable and
Merchantable Inventory; all retained causes of action relating
to Acquired Assets; and all Chapter 5 actions and other
avoidance actions related to the Acquired Assets.

The excluded assets will be removed from the Owosso Facility
within 120 days of the Closing Date.  Excluded Assets remaining
in the Owosso Facility will be deemed abandoned by Owosso unless
otherwise agreed to by S-Group and Owosso.

S-Group will assume the Owosso Facility lease dated June 15,
2004, by and between One If By Land LLC and Owosso, contingent
on the Court's approval of the assumption and assignment of the
Lease.  S-Group will not assume Owosso's liabilities and
obligations arising from the operation of the Business; Owosso
Facility or otherwise; the Debtors' occupancy or use of the
Facility; or environmental law related to conditions on or under
the Owosso Facility, ownership of the Acquired Assets or the
operations of the Business on or before Closing.

The purchaser will be responsible for the timely payment of all
necessary taxes in connection with the consummation of the
Agreement.

The aggregate purchase price for the Acquired Assets will be
US$687,500, payable in immediately available funds to be paid at
Closing.  Owosso will place up to US$103,125, but no more than
US$150,000 into an escrow account for 60 days after the Closing
Date to account for any post-Closing adjustments.  The unused
proceeds will remain the Debtors' property and will be
immediately distributed to Owosso pursuant to the escrow
agreement.

General Motors Corp. and DaimlerChrysler Corp. will transfer all
of their respective rights, title and interest in the Business'
inventory, free and clear of all liens, claims and encumbrances,
and without any right of set-off or reduction, to Owosso.  GM
will be paid US$38,000, and DCC, US$230,000.

S-Group will prepare and deliver to Owosso a written statement
of a detailed calculation of the final inventory amount -- value
of the Useable and Merchantable Inventory owned by Owosso as of
the Closing Date -- and the closing statement, which is the
resulting adjustment to the Purchase Price, no later than five
business days after the Closing Date.

The Final Inventory Amount will be paid either within 15 days
after the Closing, if no objection is received; or within 10
days of determination of the Final Inventory Amount by either an
independent accounting firm or by agreement of both parties.

S-Group will provide sufficient numbers of job offers to current
employees at sufficient terms and conditions of employment to
conform with the Worker Adjustment and Retraining Notification
Act of 1988 or any similar state or local law, regulation or
ordinance.

The purchaser will also perform each and every obligation of the
Owosso under all outstanding purchase orders between the Owosso
and any Debtor or Debtor-affiliate.

                   Irrevocable Letter of Credit

The Debtors filed as exhibit a form of irrevocable letter of
credit to be posted to One If By Land LLC by S-Group Automotive,
Ltd., assignee of the Owosso Facility Lease dated June 15, 2004,
between One If By and Debtor Owosso Thermal Forming, LLC.

Tim McFarlane, president SW Region of Hometown Bank, as
instructed by S-Group, established a non-transferable
Irrevocable Letter of Credit to One If By Land, effective
immediately and expiring on Feb. 28, 2009, authorizing One If By
Land to draw on Hometown Bank an amount not exceeding US$396,882
in the aggregate, to pay any amount equal to any default in
payment of the Lease or additional rent set forth in the Owosso
Facility Lease.

The Stated Amount will be reduced automatically, as of the first
day of each calendar quarter, by an amount equal to all payments
of base rent and taxes made by S-Group to One If By Land during
the preceding calendar quarter.

                       Objections Settled

On March 5, 2007, Judge Rhodes entered the orders, which also
settled the objections to the Debtors' request.

(1) One If By Land

The Debtors and One If By Land agreed that the objection would
be withdrawn upon entry an order providing that:

    -- the Debtors' assumption of the Owosso Lease and the form
       of the Irrevocable Letter of Credit is approved, and the
       Owosso Lease is assigned to S-Group conditioned on the
       closing of the Owosso Purchase Agreement;

    -- the Debtors will pay US$30,000 to One If By Land no later
       than five business days after the assumption of the
       Owosso Lease, which satisfies in full any and all
       obligations to cure any existing default under the Owosso
       Lease, including unpaid rent, legal fees of the lessor
       and damage to the premises;

    -- the assignment of the Owosso Lease to S-Group is
       conditioned on its posting of the Irrevocable Letter of
       Credit to One If By Land; paying the lessor a security
       deposit equal to one month of the current base rent; and
       providing One If By Land with evidence of insurance;

    -- S-Group agrees to abide by the terms of the Owosso Lease
       and will make direct payment of the rent to the lessor's
       mortgage holder at LaSalle Bank Midwest, William H.
       Byrne, 2600 W. Big Beaver, MC: M0900-330, Troy, Michigan;
       and

    -- S-Group will provide with a copy of all payments to the
       lessor's counsel at the law office of Troy R. Taylor
       PLLC, at 126 N. Center St., Ste. C, Northville, Michigan.

(2) GECC

General Electric Capital Corp. withdraws its objection to the
Debtors' request.  The parties agreed that:

     * the Debtors will pay GECC US$425,000 from the Purchase
       Price no later than five days after receipt of the
       Purchase Price;

     * upon receipt of the amount, GECC waives any and all
       claims and releases any and all liens, claims and
       encumbrances on and to any Acquired Assets;

     * nothing in the notice of sale of De Minimis Assets or
       order will modify the final order authorizing Debtors to
       obtain postpetition financing and to utilize cash
       collateral and granting adequate protection to
       prepetition secured parties dated July 28, 2005; and

     * any relief granted will be subject to the Final Debtor-
       In-Possession Order and the corresponding postpetition
       credit agreement, and any and all proceeds obtained from
       the contemplated transactions will be administered in
       accordance with the Final DIP Order and DIP Credit
       Agreement.

The Debtors and S-Group acknowledge that the sale of assets
under the Owosso Purchase Agreement do not include the sale of
any assets not owned by the Debtors, and that the lessor's
assets are not the property of the Debtors or S-Group.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in  
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
US$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  

The Debtors' disclosure statement explaining their First Amended
Joint Chapter 11 Plan was approved on Jan. 25, 2007.  (Collins &
Aikman Bankruptcy News, Issue No. 55; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


COLLINS & AIKMAN: Keeps Port Huron Plant Open to Serve Demand
-------------------------------------------------------------
Collins & Aikman Corp.'s Port Huron, Mich., plant continues
production to serve demand for the company's products, extending
the March 3, 2007, closing date, Times Herald reports.

"Without a sale, the plant, which employs about 530 people,
could still close," David Youngman, Collins vice president of
communications, says.

Meanwhile, sale of Collins' St. Clair plant, part of the carpet
and acoustics divisions, is pending.  The St. Clair plant
employs 180 workers.

Doug Alexander, executive director of the Economic Development
Alliance of St. Clair County, notes that Collins' leasing of
Dove Street building and certain molding machines in the Port
Huron facility could make a sale more difficult.

The Port Huron Plant recently lost one of its largest contracts
to Canada-based automotive supplier Magna International.  EDA
sent Magna information regarding Port Huron, but has not
received any feedback.

           Morristown and Belvidere Plants to Close

The Collins & Aikman Products Co. Morristown, Ind., which
employs 240 workers, will close by March end, The Associated
Press reports, citing a union representative.

The Morristown Plant manufactures cockpit modules, automotive
floor and acoustic systems, instrument panels and plastic-based
trim.  Company spokesman David Youngman says that no severance
package has been negotiated with the plant's employees yet.

In addition, on May 5, 2007, Collins will be shutting down its
plant in Belvidere, Ill.  WIFR - News reported that Collins has
served 60-day notices to its 120 employees, who were informed
that all operations would stop by May 5, 2007.

                Flex-N-Gate Seeks Tax Exemption

Cadillac News reports that Flex-N-Gate, which intends to
purchase Collins' Evart, Mich., plant, has applied to the city
of Evart for an industrial facilities tax exemption.

Flex-N-Gate seeks an abatement of US$125,000 for a period of
12 years beginning May 1, 2007.  

According to Sally Barber of Cadillac News, Flex-N-Gate informed
the city that it would provide improvements at the facility,
which will support retention of 480 jobs at the facility.  The
proposal include expansion of paint line to accommodate fascias,
adding sheet metal and parts, modifications of wash booth
openings and dry-off air duct banks and other upgrades to paint
booths.

The Evart plant is one of the three largest taxpayers in the
city, City Manager Roger Elkins says, according to Cadillac
News.  

"In this case they (city council) are looking at the strong
possibility they (the plant) could face either substantially
reduced work, outsourcing or close entirely," Mr. Elkins said.  
"So what the council is looking at is as helping the community
keep existing jobs and that it would be good for us in the
future.  They are hoping they will be looking at adding new
jobs."

Cadillac News also reported that Flex-N-Gate presented a
proposal to Michigan Economic Growth Authority at the state
agency's board meeting, according to Mr. Elkins.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in  
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
US$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  

The Debtors' disclosure statement explaining their First Amended
Joint Chapter 11 Plan was approved on Jan. 25, 2007.
(Collins & Aikman Bankruptcy News, Issue No. 55; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


CORUS GROUP: Deutsche Bank Cuts Equity Stake to Below 3%
--------------------------------------------------------
Corus Group plc received notification on March 20 from Deutsche
Bank AG London, in accordance with DTR 5 of the Transparency
Obligations Directive, that on March 16 Deutsche Bank AG and its
subsidiary companies interest in the ordinary shares of Corus
Group plc's issued share capital was below 3%.

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.


EDIMA LTD: Creditors' Meeting Slated for March 27
-------------------------------------------------
Creditors of Edima Ltd. will meet at 4:00 p.m. on March 27 at:
  
         Suite 2 First Floor
         Turnpike Gate House
         Birmingham Road
         Alcester
         Warwickshire  
         B49 5JG
         England

Creditors who want to vote at the meeting have until noon on  
March 26 to submit their proxy forms together with particulars
of their claims or of any security at the offices of:

         Bond Partners LLP
         The Grange
         100 High Street
         London  
         N14 6TB       
         England

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

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


ENGINEERING TECHNOLOGY: Creditors' Meeting Slated for March 29
--------------------------------------------------------------
Creditors of Engineering Technology (London) Ltd. will meet at  
11:00 a.m. on March 29 at:
  
         The Grange
         100 High Street  
         London
         N14 6TB
         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 offices of:

         Bond Partners LLP  
         Suite 2, 1st Floor
         Turnpike Gate House
         Birmingham Road
         Alcester  
         B49 5JG
         England
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and  
4:00 p.m. on March 27.

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


GENERAL WASTE: Bank of Scotland Appoints PwC as Receivers
---------------------------------------------------------
Bank of Scotland Plc appointed Laurie Katherine Manson and
Graham Hunter Martin of PricewaterhouseCoopers LLP joint
administrative receivers of General Waste Reduction Ltd.
(Company Number 03457746) on March 12.

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

Headquartered in London, England, General Waste Reduction Ltd.
develops and rents out waste processing equipments.


GLOBAL CROSSING: Dec. 31 Balance Sheet Upside-Down by US$195 Mln
----------------------------------------------------------------
Global Crossing Ltd. reported a net loss of US$324 million on
revenues of US$1.871 billion for the year ended Dec. 31, 2006,
compared with a net loss of US$354 million on revenues of
US$1.968 billion for the year ended Dec. 31, 2005.

For 2006, the enterprise, carrier data and indirect channel  
(invest and grow) segment generated US$1.249 billion in revenue,
representing 67 percent of the company's consolidated revenue.  
This was an increase of 15 percent over 2005 "invest and grow"
revenue of US$1.085 billion, which represented 55 percent of the
company's consolidated revenue.

For 2006, wholesale voice revenue was US$614 million, a decline
of 21 percent from 2005 wholesale voice revenue of US$777
million.

"Global Crossing reached a critical inflection point in 2006,
with consolidated revenue returning to quarterly growth through
focus on our 'invest and grow' segment.  'Invest and grow'
revenue increases outpaced our planned reduction in wholesale
voice revenue, enabling us to reach this important milestone,"
affirmed Mr. John Legere, Global Crossing's chief executive
officer.  "By delivering differentiated network solutions to
enterprises and carrier data clients and providing them with
superior global customer support, our future will continue to
shine, and our 'invest and grow' segment will yield greater
margin expansion."

Cost of revenue was US$1.578 billion in 2006, a 6 percent year-
over-year improvement compared with US$1.676 billion in 2005.  
This improvement was attributable to savings in cost of access
and lower volumes associated with the wholesale voice segment,
and lower stock and incentive compensation, partially offset by
increases associated with Fibernet, costs for equipment sales
and real estate.  

Sales, general and administrative expenses were down 17 percent
year over year to US$342 million for 2006, compared with US$412
million in 2005.  The year-over-year improvements were
attributable to reduced stock and incentive compensation and
lower restructuring expense.  

Year-over-year improvements in adjusted EBITDA were significant.
For the full year of 2006, the company reported an adjusted
EBITDA loss of US$49 million, a 59 percent improvement from 2005
when the company reported an adjusted EBITDA loss of US$120
million.  

Adjusted EBITDA less non-cash stock compensation expense was a
loss of US$25 million for the year compared to a loss of US$64
million in 2005.

At Dec. 31, 2006, the company's balance sheet showed
US$2.044 billion in total assets and US$2.239 billion in total
liabilities, resulting in a US$195 million total stockholders'
deficit.

The company's balance sheet at Dec. 31, 2006, also showed
strained liquidity with US$797 million in total current assets
available to pay US$896 million in total current liabilities.

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?1bb6  

                      Acquisition of Fibernet

Global Crossing reached agreements to acquire two regional
telecommunication services providers with IP solutions based in
the UK and Latin America.  In October, Global Crossing acquired
Fibernet, a UK-based provider of bespoke solutions to large
enterprises and carriers, and it announced the planned
acquisition of Impsat, a provider of private telecommunications,
Internet and information technology services to corporate and
government clients in Latin America.  The acquisition of Impsat
is expected to close in the spring.

Global Crossing closed several financings recently.  In May of
2006, the company raised US$384 million in gross proceeds from a
concurrent offering of common stock and convertible notes.  In
December of 2006, the company's UK subsidiary (GCUK) issued
additional 11.75 percent bonds, raising GBP57 million (including
a GBP5 million premium) in gross proceeds to fund the Fibernet
acquisition.  The additional bonds were priced at 109.25 percent
of par value for a yield to worst of approximately 9.70 percent.
In February of 2007, Global Crossing issued an additional
US$225 million in senior unsecured notes to fund the acquisition
of Impsat with the proceeds being held in escrow pending the
closing of the Impsat acquisition.  The Impsat notes have a
coupon of 9.875 percent and a 10-year maturity.

                         Capital Structure

As of Dec. 31, 2006, unrestricted cash and cash equivalents were
US$459 million and restricted cash was US$6 million.  After
eliminating the proceeds from all financings as well as costs
associated with financings and acquisitions in 2006, cash use
for the year totaled US$144 million, a 29 percent improvement
from 2005 excluding the proceeds from the sales of the Small
Business Group and Trader Voice assets during the 2005 period.  
The 2006 cash use reflected US$120 million of cash used for cash
capital expenditures, US$47 million used for bond interest
payments and US$68 million of cash proceeds from sales of
indefeasible rights of use (IRUs).

At Dec. 31, 2006, the company had US$1.086 billion of
indebtedness outstanding, including the current portion of long-
term and short-term debt, mandatorily convertible notes and
capital leases.

                       About Global Crossing  

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
(NASDAQ: GLBC) -- http://www.globalcrossing.com/-- provides  
telecommunications solutions over the world's first integrated
global IP-based network.  Its core network connects more than
300 cities in 29 countries worldwide, and delivers services to
more than 600 cities in 60 countries and 6 continents around the
globe. The company offers a full range of data, voice and
security products, to approximately 40 percent of the Fortune
500, as well as 700 carriers, mobile operators and ISPs.  The
company filed for chapter 11 protection on Jan. 28, 2002 (Bankr.
S.D.N.Y. Case No. 02-40188).  When the Debtors filed for
protection from their creditors, they listed US$25,511,000,000
in total assets and USUS$15,467,000,000 in total debts.  Global
Crossing emerged from chapter 11 on Dec. 9, 2003.


HORWICH STEELWORKS: Taps Tenon Recovery as Joint Administrators
---------------------------------------------------------------
Nigel Ian Fox and Christopher Ratten of Tenon Recovery were
appointed joint administrators of Horwich Steelworks Ltd.
(Company Number 2017540) on March 9.

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

The company can be reached at:

         Horwich Steelworks Ltd.
         Unit 10  
         Horwich Business Park  
         Chorley New Road  
         Horwich  
         Bolton  
         Lancashire  
         BL6 5UE  
         England
         Tel: 01204 695 989  
         Fax: 01204 669 343


INMARSAT VENTURES: S&P Puts BB Ratings on Watch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit ratings on U.K.-based mobile satellite services
provider Inmarsat Ventures Ltd. and related entities on
CreditWatch with negative implications.  

At the same time, the '1' recovery rating on Inmarsat
Investments Ltd.'s senior secured US$550 million bank loan was
affirmed.

The CreditWatch placement follows the group's announcement that
it will raise and fully guarantee a new loan of US$411.5 million
to assist a third-party purchase of Newfoundland-based Stratos
Global Corp., a distributor of Inmarsat's services representing
about 46% of the group's mobile satellite services revenues.  
This is a total consideration of US$576 million including
Stratos existing net debt of US$327 million.  At the same time,
Inmarsat has a call option to indirectly purchase Stratos after
April 2009.  The new loan is structurally subordinated to all of
Inmarsat's other outstanding debt.

The new US$411.5 million loan borrowed by Inmarsat III Finance
Ltd. will fund a loan of up to US$250 million to Communications
Investment Partners UK Holdings Ltd., which will in turn use it
to fund the acquisition of Stratos. In addition, as part of the
transaction, Inmarsat may draw upon the remaining portion of the
loan to refinance Stratos' outstanding US$150 million bonds,
which could be subject to a change of control put option.
Alternatively, Inmarsat may arrange a backstop facility to
ensure that Stratos' US$225 million bank loan obtains a waiver
due to the change of control arising out of CIP's purchase of
Stratos, which would require borrowings of a further US$74
million. Standard & Poor's expects Inmarsat to do one or the
other.

"The CreditWatch placement also reflects, however, the
possibility that Inmarsat's credit quality could be weakened due
to a higher-than-expected debt burden for the rating," said
Standard & Poor's credit analyst Michael O'Brien.

In a worst-case scenario, Inmarsat would assume US$636 million
of additional debt in total (incorporating both of Stratos' debt
instruments) in return for an option to control Stratos, but
without access to Stratos' cash flow or dividends before 2009 at
the earliest.  While this is not the base case expectation of
Inmarsat or Stratos at this point, Standard & Poor's believes
that Inmarsat could provide support if absolutely necessary in
the event that Stratos is unable to refinance its debt and
refinance both the outstanding US$150 million bonds at Stratos
and arrange the backstop facility to ensure that Stratos' US$225
million bank loan obtains a waiver due to the change of control
arising out of CIP's purchase of Stratos.

Standard & Poor's will seek to resolve the CreditWatch placement
as soon as there is clarity as to whether Inmarsat will indeed
refinance any, or potentially all, of Stratos' debt, which would
take place following completion of the purchase of Stratos by
CIP. Pro forma leverage, which has not been committed by
Inmarsat, could lead to a leverage level more than 4.5x adjusted
debt to EBITDA for 2007, based on consensus EBITDA estimates of
US$365 million for 2007.  This would put the ratings under
pressure and could lead to a downgrade.  Any potential downgrade
would likely be limited to one notch.  Conversely, following
completion of the transaction, if Inmarsat were to only
refinance either Stratos' US$150 million bond or US$225 bank
loan or if CIP completed the transaction and Inmarsat neither
refinanced Stratos' bonds nor its bank loan, the ratings would
likely be affirmed.


ITRON INC: Moody's Lowers Corporate Family Rating to B1
-------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of Itron Inc to B1 from Ba3, concluding the review process
initiated on Feb. 27.

Moody's also assigned a Ba3 rating to the new senior first-lien
multi-currency credit facilities and downgraded the existing
senior subordinated notes to B3.

The downgrade of Itron's CFR reflects the significant increase
in leverage expected at closing of the US$1.6 billion
acquisition of Actaris, a leading European manufacturer of
electric, gas and water meters.  Though recognizing the positive
business implications of the transaction, mainly broader scale,
enhanced geographic, customer and product diversity, which are
expected to bring more revenue stability, as well as the
potential cross-selling opportunities, the rating agency
concluded that the company's CFR would be more adequately
positioned in the B1 category given the large debt funding
component and the related deterioration of the financial metrics
at closing.  

The B1 rating is also based on the expectation that Itron will
use substantially all of its free cash flow to de-lever its
balance sheet in such a way that total debt to EBITDA will
reduce to below 5 times by the end of 2008 from 6 times on a pro
forma basis at December 31, 2006.  Free cash flow/debt is also
expected to exceed 6% by end 2008.

Moody's assessed that integration risk was moderate despite the
magnitude of the acquisition due to:

   (1) limited geographic and technological overlap between the
       two companies;

   (2) the proximity of Itron's management with Actaris' as a
       result of past joint experience within the Schlumberger
       group; and

   (3) the absence of manufacturing consolidation plan.

The newly assigned Ba3 rating to the senior first-lien multi-
currency credit facilities and the downgrade of the senior
subordinated notes rating to B3, reflect the contractual and
effective subordination of the notes to the bank debt with
respect to all domestic assets and Moody's assessment of their
respective expected loss in the event of default.

The following ratings have been downgraded:

   -- Corporate Family Rating to B1 from Ba3;

   -- Probability of Default Rating to B1 from Ba3; and

   -- Senior Subordinated Notes due 2012 to B3 (LGD5, 84%) from
      Ba1 (LGD2, 25%).

The following rating has been withdrawn:

   -- Baa3 (LGD1, 3%) US$55-million Senior Secured Revolver due
      2009.

The following new ratings have been assigned:

   -- Ba3 (LGD3, 31%) US$115-million Senior Secured Multi-
      Currency Revolver due 2011;

   -- Ba3 (LGD3, 31%) US$605.1-million Senior Secured First-Lien
      US Term Loan due 2011;

   -- Ba3 (LGD3, 31%) EUR310-million Senior Secured First-Lien
      Euro Term Loan due 2011; and

   -- Ba3 (LGD3, 31%) GBP50-million Senior Secured First-Lien
      Sterling Term Loan due 2011.

Itron is a leading provider of electricity meters, meter data
collection systems and meter data management software solutions
in North America.  The company reported total revenues of US$644
million in 2006.


JUST SLATE: Brings In Liquidators from SFP
------------------------------------------
Simon Franklin Plant and Daniel Plant of SFP were appointed
joint liquidators of Just Slate Ltd. on March 6 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Just Slate Ltd.
         Wayside Farm
         Fleet Marston
         Aylesbury
         Buckinghamshire
         HP180PZ
         England
         Tel: 01296 655 131
         Fax: 01296 655 161


LEASE INVESTMENT: Missed Payment Prompts S&P's Default Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its credit
ratings on the subordinate class C-1 and C-2 notes issued by
Lease Investment Flight Trust (LIFT).  

The outlook has been revised to 'Negative' from 'Stable' on the
class A-1, A-2, and A-3 notes.  At the same time, the ratings on
the class B notes are affirmed and those on the class D notes
are unchanged.
  
The ratings on the class C-1 and C-2 notes have been lowered to
'D' from 'CC', following the missed March interest payment due
to the class C noteholders.  In addition, during March, almost
US$4 million of liquidity for the class B noteholders has been
drawn from a US$20 million liquidity reserve.  This raises the
possibility of a deferral of interest on the class B notes in
the near term.
  
The outlook on the class A notes has been revised to reflect the
uncertainty facing this transaction in the medium- to long-term.
Only one aircraft is currently off lease according to the latest
monthly investor report.
  
                          Ratings List
  
Lease Investment Flight Trust
   US$1.429 Billion Floating-Rate Asset-Backed Notes Series
   2001-1
  
         Class                      Rating
                         To                      From
  
Ratings Lowered
  
         C-1             D                       CC
         C-2             D                       CC
  
Outlook Changed
  
         A-1             BB+/Negative            BB+/Stable
         A-2             BB+/Negative            BB+/Stable
         A-3             A/Negative              A/Stable
  
Ratings Affirmed
  
         B-1             CCC-/Negative
         B-2             CCC-/Negative
  
Ratings Unchanged
  
         D-1             D
         D-2             D


MANSARD MORTGAGES: S&P Rates GBP6.875-Mln Class B2 Notes at BB
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the mortgage-backed floating-rate notes to be
issued by Mansard Mortgages 2007-1 PLC, a Special Purpose
Entity.
  
The collateral comprises a pool of first-ranking mortgages
secured over freehold and leasehold residential properties in
England, Wales, and Scotland.
  
This is Rooftop Mortgages Ltd.'s fourth RMBS issuance and
largely mirrors the previous Mansard 2006-1 transaction,
although there is no short-term liquidity facility for Mansard
2007-1.
  
All the loans in the provisional pool will be first-ranking
residential mortgages.
  
                          Ratings List
  
Mansard Mortgages 2007-1 PLC
   GBP250 Million (Equivalent) Mortgage-Backed Floating-Rate
   Notes
  
                          Prelim.        Prelim. Amount
           Class          rating          (Mln. GBP)
           -----          ------           --------
           A1             AAA               82.500
           A2             AAA               97.500
           M1             AA                36.250
           M2             A                 14.375
           B1             BBB               12.500
           B2             BB                 6.875


MULTIPLEX MEDWAY: Taps Liquidator from Maidment Judd
----------------------------------------------------
Anthony David Kent of Maidment Judd was appointed liquidator of
Multiplex Medway Ltd. on March 7 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Multiplex Medway Ltd.
         Lordswood Indstl Est
         6 Gleaming Wood Drive
         Chatham
         Kent
         ME5 8XT
         England
         Tel: 01634 684 371
         Fax: 01634 683 840


PROVENTUS EUROPEAN: Fitch Puts Low-B Ratings to EUR30-Mln Notes
---------------------------------------------------------------
Fitch assigned final ratings to Proventus European ABS CDO
P.L.C.'s upcoming issue of EUR2 billion credit-linked notes, as
listed below.

   -- EUR12 million Class A, ISIN XS0283671716: 'AAA'
   -- EUR28 million B, ISIN XS0283673415: 'AA'
   -- EUR20 million Class C, ISIN XS0283674223 : 'A'
   -- EUR25 million Class D, ISIN XS0283674819: 'BBB'
   -- EUR20 million Class E, XS0283675626: 'BB'
   -- EUR10 million Class F, XS0283676434 : 'B'

This is a seven-year replenishing synthetic transaction
referencing a high-grade asset-backed securities portfolio from
the balance sheet of Mizuho Corporate Bank, Ltd.

The rating of the Class A notes addresses the likelihood that
investors will receive full and timely payments of interest and
ultimate repayment of principal by the legal final maturity date
according to conditions of the notes.

The rating of the Classes B, C, D, E, and F notes addresses the
likelihood that investors will receive ultimate repayment of
principal and interest, including deferred interest, by the
legal final maturity date according to conditions of the notes.

The issuer and Mizuho have entered into one credit default swap
on a reference portfolio of asset-backed securities with a
notional balance of EUR2 billion.  The credit-linked notes
represent the mezzanine tranche of the CDS between the unfunded
senior tranche and the first-loss threshold.

Credit enhancement for Class A totals 5.35% and is provided by
the Class B notes, the Class C notes, the Class D notes, the
Class E notes, the Class F notes and the initial first loss
threshold.

The final ratings are based on the quality of the collateral,
available credit enhancement, the financial structure of the
transaction, the underwriting and servicing of the collateral
and the transaction's legal structure.

The CLNs benefit from an initial first loss threshold of 20bps
of the initial reference portfolio balance, which increases by
2.7bps per annum based on the outstanding balance of the
reference portfolio.  Upon a loss allocation, an additional
4.3bps per annum based on the outstanding balance of the
reference portfolio will be made available as credit enhancement
to compensate for the losses.

The net proceeds of the Classes A to B CLNs have been invested
in 'AAA' rated securities issued by Depfa Bank Plc.  The
proceeds of the Class C to F notes have been deposited in a time
deposit account held by Mizuho.


RESOURCE EUROPE: S&P Rates EUR6.35 Million Class E Notes at BB-
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR271.53 million secured floating-rate
notes to be issued by Resource Europe CLO I B.V.

At the same time, Resource Europe CLO I will issue EUR28.47
million of unrated subordinated notes and may also issue
combination notes unrated by Standard & Poor's.
  
At closing, Resource Europe CLO I will issue floating-rate
notes, the proceeds of which, after paying transaction fees and
expenses, will be invested in a portfolio of predominantly
senior-secured leveraged loans.  The transaction has a
reinvestment period of seven years.  The investment manager will
be Resource Europe Management Ltd.
  
This will be the first euro-denominated CLO secured primarily by
European collateral managed by Resource Europe Management.
  
The ratings reflect:

   -- Commensurate credit enhancement in the form of
      over-collateralization and subordination;

   -- A diversified collateral pool of loans and derivative
      financial instruments;

   -- Currency-risk protections;

   -- Strong collateral investment guidelines;

   -- The expected bankruptcy-remoteness of the issuer; and

   -- Various amortization triggers.
  
                          Ratings List
  
Resource Europe CLO I B.V.
   EUR300 Million Secured Floating-Rate Notes
  
                            Prelim.        Prelim. Amount
           Class            rating           (Mln. EUR)
           -----            ------            --------
           A                AAA                211.05
           B                AA                  18.80
           C (deferrable)   A                   17.28
           D (deferrable)   BBB-                18.05
           E (deferrable)   BB-                  6.35
           M (subordinated) NR                  28.47


SABANCI BANK: Moody's Withdraws Ratings for Business Reasons
------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings for Sabanci
Bank Plc for business reasons.  This action does not reflect a
change in the issuer's creditworthiness.

These rating for Sabanci Bank Plc were withdrawn:

   -- Bank Deposits: Ba1
   -- Bank Financial Strength Rating: D-
   -- Short Term Bank Deposits: N/P

All ratings were on review with direction uncertain.


SAM SPLINTER: Creditors Confirm Liquidators' Appointment
--------------------------------------------------------
Creditors of Sam Splinter Food Co. Ltd. (formerly Orderdelve
Ltd.) confirmed on March 8 the appointment of Peter James
Hughes-Holland and Frank Wessely of Vantis as the company's
joint liquidators.

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

The company can be reached at:

         Sam Splinter Food Co. Ltd.
         86a High Street
         Rickmansworth
         Hertfordshire
         WD3 1AQ
         Tel: 01923 897 614
         Fax: 01923 897 702


SCOTTISH RE: Unit Inks Term Loan Pact with Ableco & Mass. Mutual
----------------------------------------------------------------
Scottish Re Group Ltd.'s unit Scottish Annuity & Life Insurance
Co. Ltd. as borrower, Scottish Re and certain of its
subsidiaries as guarantors and Ableco Finance LLC and
Massachusetts Mutual Life Insurance Co. as lenders entered into
a term loan agreement, with Ableco Finance acting as agent on
March 9.

In a Form 8-K filed March 15, Scottish Re said that the proceeds
of any borrowings under the loan will be used to pay all the
costs and expenses incurred in connection with the term loan
agreement and for general working capital purposes.

If the security purchase agreement transaction with MassMutual
Capital Partners LLC and SRGL Acquisition LLC, an affiliate of
Cerberus Capital Management LP, is completed, the investors will
initially hold securities representing approximately 68.7% of
the voting power of all of the company's shareholders, subject
to certain adjustments.

Upon the completion of the transaction, Scottish Annuity & Life
Insurance will be obliged to repay to the lenders any borrowings
under the loan agreement.

Massachusetts Mutual Life Insurance is an affiliate of
MassMutual Capital Partners.

Ableco Finance is an affiliate of Cerberus Capital Management.

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a  
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland,
Singapore, the United Kingdom and the United States.  Its
flagship operating subsidiaries include Scottish Annuity & Life
Insurance Company (Cayman) Ltd. and Scottish Re (US), Inc.  
Scottish Re Capital Markets, Inc., a member of Scottish Re Group
Ltd., is a registered broker dealer that specializes in
securitization of life insurance assets and liabilities.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Nov. 29, 2006, Moody's Investors Service disclosed that it
continues to review the ratings of Scottish Re Group Ltd. with
direction uncertain following the announcement by the company
that it has entered into an agreement to sell a majority stake
to MassMutual Capital Partners LLC, a member of the MassMutual
Financial Group and Cerberus Capital Management, L.P., a private
investment firm.

Moody's said the continuing review affects the debt rating of
Scottish Re (senior unsecured at Ba3), as well as the Baa3
insurance financial strength ratings of the company's core
insurance subsidiaries, Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (U.S.), Inc.  The
uncertain direction of the review indicates the possibility that
Scottish Re's ratings could be upgraded, downgraded, or
confirmed depending on future developments at Scottish Re.

These ratings continue on review with direction uncertain:

   Scottish Re Group Limited

   -- senior unsecured debt of Ba3;

   -- senior unsecured shelf of (P)Ba3; subordinate shelf of
      (P)B1;

   -- junior subordinate shelf of (P)B1;

   -- preferred stock of B2; and

   -- preferred stock shelf of (P)B2.

   Scottish Holdings Statutory Trust II

   -- preferred stock shelf of (P)B1

   Scottish Holdings Statutory Trust III

   -- preferred stock shelf of (P)B1

   Scottish Annuity & Life Insurance Co (Cayman) Ltd.

   -- insurance financial strength of Baa3

   Premium Asset Trust Series 2004-4

   -- senior secured debt of Baa3 (based on IFS of SALIC)

   Scottish Re (U.S.), Inc.

   -- insurance financial strength of Baa3

   Stingray Pass-Through Certificates

   -- senior secured debt of Baa3 (based on IFS rating of SALIC)

On Sept. 5, 2006 Moody's changed the direction of review for
Scottish Re's ratings to uncertain from possible downgrade.


SIMRAN ENTERPRISES: Creditors' Meeting Slated for March 27
----------------------------------------------------------
Creditors of Simran Enterprises Ltd. will meet at 11:30 a.m. on
March 27 at:
  
         Cowgill Holloway Business Recovery LLP
         Regency House
         45-51 Chorley New Road
         Bolton  
         BL1 4QR
         England

Creditors who want to vote at the meeting have until noon on  
March 26 to submit their proxy forms together with particulars
of their claims or of any security at the said address.
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and  
4:00 p.m. on March 26.


SYNERGY KITCHENS: Appoints Michael M. McCarthy as Liquidator
------------------------------------------------------------
Michael M. McCarthy of Walletts Insolvency Services was
appointed liquidator of Synergy Kitchens Ltd. on March 9 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Synergy Kitchens Ltd.
         Century Mill
         Worrall Street
         Congleton
         Cheshire
         CW121DT    
         Tel: 01260 280 002
         Fax: 01260 276 027


TEKPRINT LTD: Calls In Liquidators from Harrisons
-------------------------------------------------
P. R. Boyle and J. C. Sallabank of Harrisons were appointed
joint liquidators of Tekprint Ltd. on Feb. 28 for the creditors'
voluntary winding-up proceeding.

Harrisons -- http://www.harrisons.uk.com/-- provides advice and  
solutions to professional advisors who found their clients
experiencing financial difficulties.  Originally trading from
offices in Reading and has added London, Manchester, Bristol and
Derby and has associate offices in Grantham and Stockton on
Tees.   

The company can be reached at:

         Tekprint Ltd.
         Kembrey Street
         Swindon
         Wiltshire
         SN2 8NY
         England
         Tel: 01793 643 291


VEXED GENERATION: Creditors' Meeting Slated for March 29
--------------------------------------------------------
Creditors of Vexed Generation Clothing Ltd. will meet at  
11:00 a.m. on March 29 at the offices of:
  
         UHY Hacker Young
         St. Alphage House  
         2 Fore Street
         London  
         EC2Y 5DH
         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 the 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 28.


VIRGIN MEDIA: Wants Ofcom to Probe Pay TV Industry
--------------------------------------------------
BT, Setanta, Top Up TV, and Virgin Media Inc. (fka NTL Inc.),
ask UK's Office of Communications to investigate the pay TV
industry and to consider whether to make a market reference to
the Competition Commission under the Enterprise Act 2002.

Pay TV includes subscription and video-on-demand television
services on all platforms: cable, digital terrestrial television
(DTT), satellite and TV over DSL.

After careful consideration, Ofcom has disclosed that it will
investigate the pay TV market, including obtaining information
from market participants.  

The investigation will be concerned with features of the market,
including:

   -- control over content,
   -- ownership of distribution platforms,
   -- retail subscriber bases, and
   -- vertical integration.

Following this assessment Ofcom will decide whether to make a
market reference to the Competition Commission.  Ofcom will also
consider whether any concerns would be better addressed using
sectoral powers or the Competition Act 1998.

Consumer groups including the Ofcom Consumer Panel and the
National Consumer Council have also expressed concerns to Ofcom
about one aspect of the pay TV market: the loss of BSkyB
channels on Virgin Media's pay TV platform.

Separately, BSkyB has unveiled a proposal to launch a new pay TV
service on the DTT platform, based on new set-top box
specifications.  On receipt of a license application, Ofcom
would consult on whether to approve the license variations
needed for such a service.  In the meantime, the implications of
the possible entry of BSkyB into the pay DTT market, including
impact on consumers and emerging competition, will be part of
the market investigation.

                         About Ofcom

Ofcom -- http://www.ofcom.org.uk/-- is the independent  
regulator and competition authority for the U.K. communications
industries, with responsibilities across television, radio,
telecommunications and wireless communications services.

                       About Virgin Media

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides  
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.

                          *     *     *

As of Feb. 13, Virgin Media Inc. (fka NTL Inc.) carries these
ratings:

   * Moody's Investors Service:

      -- Long-Term Corporate Family Rating: Ba3

   * Standard & Poor's:

      -- Long-Term Foreign Issuer Credit Rating: B+
      -- Long-Term Local Issuer Credit Rating: B+
      -- Outlook Positive

   * Fitch:

      -- Long-Term Foreign Issuer Default Rating: B+
      -- Short-Term Issuer Default Rating: B
      -- Short-Term Rating: B
      -- Outlook Stable


VISTEON CORP: Wants to Amend US$1 Billion Secured Term Loan
-----------------------------------------------------------
Visteon Corporation is seeking to amend its existing US$1
billion seven-year secured term loan that expires in June 2013
to add a new tranche expiring December 2013 by up to US$500
million.

Visteon previously stated it would consider further enhancing
its liquidity if market conditions were favorable.

J.P. Morgan Securities Inc. and Citigroup Global Markets Inc.
will act as lead arrangers for this transaction; JPMorgan Chase
Bank, N.A. is the administrative agent.

Visteon anticipates completing the transaction in the second
quarter of 2007.  Completion of the transaction is subject to
final documentation and other conditions, and there is no
assurance regarding timing or successful completion of the
transaction.

                        About Visteon Corp.

Headquartered in Van Buren Township, Mich., Visteon Corp. (NYSE:
VC) -- http://www.visteon.com/-- is a global automotive  
supplier that designs, engineers and manufactures innovative
climate, interior, electronic, and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  With corporate offices in
the Michigan, U.S.; Shanghai, China; and Kerpen, Germany; the
company has more than 170 facilities in 24 countries and employs
around 50,000 people.

Visteon's balance sheet at Dec. 31, 2006, showed total assets of
US$6.93 billion and total liabilities of US$7.12 billion,
resulting in a total shareholders' deficit of US$188 million.  
The company's total shareholders' deficit as of Dec. 31, 2005,
stood at US$48 million.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 5, 2006,
Standard & Poor's Ratings Services affirmed its bank loan and
recovery ratings on auto supplier Visteon Corp.'s senior secured
bank facility, following the announcement that the company will
increase its term loan to US$1 billion from US$800 million.

The secured loan rating is 'B' and the recovery rating is '2',
indicating the expectation for substantial recovery of principal
in the event of a payment default.


VT TECHNOLOGY: Taps Allan W. Graham to Liquidate Assets
-------------------------------------------------------
Allan W. Graham of KPMG LLP, Restructuring was appointed
liquidator of VT Technology Ltd. (formerly Mastertasks Ltd.) on
March 6 for the creditors' voluntary winding-up proceeding.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,  
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.  

The company can be reached at:

         VT Technology Ltd.
         Sullivans Way  
         Loughborough  
         Leicestershire  
         LE115QS  
         England
         Tel: 01509 221 780


* Baker Tilly Merges Edinburgh Operations with Scott & Paterson
---------------------------------------------------------------
Accountancy firm Scott and Paterson will merge with accountancy
and business services group Baker Tilly effective April 2.

The merger, the largest of its kind in Scotland's accountancy
industry since late 1990s, will create the largest Edinburgh
accountancy practice outside the Big Four and also the fifth
biggest firm in the central belt of Scotland.

According to Scotsman, the enlarged group is expected to have a
combined turnover of GBP12 million across the central belt.

The combined entity in Edinburgh, which will operate under the
Baker Tilly name, will total approximately 100 people including
15 partners.

"Scott and Paterson are delighted to be joining forces with
Baker Tilly and believe this is a positive move for our clients
and staff.  We have given considerable thought to the future of
Scott and Paterson and how best to continue our focus of
providing clients with quality service in a cost efficient
manner," Douglas Paterson, Scott and Paterson chairman
disclosed.

"From the several options open to us we are firmly of the view
that merging with Baker Tilly provides the best match, allowing
local autonomy in the continuation of our business with the
benefits of additional service lines," Mr. Paterson added.

"The merger with Scott and Paterson gives us greater critical
mass in East-Central Scotland and through the Baker Tilly brand
allows us a fantastic opportunity to win more business in our
core markets," David Gwilliam, Baker Tilly's regional managing
partner stated.

"The deal strengthens our ability to offer a real and credible
alternative to the Big Four with the larger corporate market in
Scotland.  Along these lines we continue to see work,
traditionally viewed as the reserve of the Big Four, migrate in
our direction," Mr. Gwilliam added.

                About Baker Tilly

Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing   
and other services for mid-cap and smaller publicly listed  
companies and private companies, particularly those expanding  
into new foreign markets.  Services include business and  
financial planning, tax-related services, corporate finance,  
litigation support, turnaround services, and technology  
consulting.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

March 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Country Club at District of Columbia Ranch,
            Scottsdale, Arizona
               Contact: http://www.turnaround.org/

March 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Australia Launch
         Melbourne Hotel, Perth, Washington, Australia
            Contact: http://www.turnaround.org/   

March 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Fundamentals of Turnaround Management
         Sydney, Australia
            Contact: http://www.turnaround.org/  

March 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Toot Your Own Horn - This event is for members only.
         Pronto Cena, Newark, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/  

March 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Reception Co-Sponsored with IWIRC
         Hartford Club, Hartford, Connecticut
            Contact: 203-265-2048 or http://www.turnaround.org/  

March 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         TBA
            Contact: http://www.turnaround.org/  

March 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Australia Launch
         Melbourne Hotel, Perth, Washington, Australia
            Contact: http://www.turnaround.org/  

March 23, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Completing the Turnaround
         Sydney, Australia
            Contact: http://www.turnaround.org/  

March 23, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Evolving Role of the Turnaround Professional
         Kimmel Center, Philadelphia, Pennsylvania
            Contact: http://www.turnaround.org/  

March 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lunch Seminar
         Kansas City, Missouri
            Contact: http://www.turnaround.org/  

March 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lunch Seminar
         Kansas City, Missouri
            Contact: http://www.turnaround.org/  

March 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "The Six Keys of Sustained Profitable Growth"
         Rodney Page, Senior Partner of Blue Springs Partners
            Citrus Club, Orlando, Florida
               Contact: http://www.turnaround.org/  

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons
            Las Colinas, Dallas, Texas
               Contact: http://www.turnaround.org/  

March 28, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "Position" in the Strategic Marketing Context
         Norton White, Sydney, Australia
            Contact: http://www.turnaround.org/  

March 28-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Four Seasons Las Colinas, Dallas, Texas
            Contact: http://www.turnaround.org/  

March 29-31, 2007
   AMERICAN LAW INSTITUTE - AMERICAN BAR ASSOCIATION
      Chapter 11 Business Reorganizations
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/  

March 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Rising to the (Counter) Top of the Market
         Solera, Minneapolis
            Contact: http://www.turnaround.org/

March 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      10th Annual April Fools' Networking Cocktail Reception
         University Club, New York, New York
            Contact: 646-932-5532 or http://www.turnaround.org/  

March 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Zinifex/Pasminco - What a ride?
         Ferriers, Melbourne, Australia
            Contact: http://www.turnaround.org/  

April 5, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Case Study "When Everything Goes Wrong"
         University of Florida, Gainesville, Florida
            Contact: http://www.turnaround.org/

April 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Pal's Cabin, West Orange, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/   

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, District of Columbia
            Contact: 1-703-739-0800; http://www.abiworld.org/  

April 12, 2007
   BEARD AUDIO CONFERENCES
      Second Lien Financings and Intercreditor Agreements
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/  

April 12, 2007
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
      CONFEDERATION
         IWIRC 4th Spring Luncheon and Founders Awards
            Washington, District of Columbia
               Contact: http://www.iwirc.org/  

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon University Club
         Jacksonville, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/  

April 12, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - East
         JW Marriott, Washington, District of Columbia
            Contact: http://www.abiworld.org/  

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Fundamentals of Turnaround Management
         Melbourne, Australia
            Contact: http://www.turnaround.org/  

April 13, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Completing the Turnaround
         Melbourne, Australia
            Contact: http://www.turnaround.org/  

April 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Association for Corporate Growth Arizona Chapter Meeting
         Biltmore Hotel, Phoenix, Arizona
            Contact: http://www.turnaround.org/  

April 17, 2007
   BEARD AUDIO CONFERENCES
      Real Estate Bankruptcy
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

April 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Association for Corporate Growth Arizona Chapter Meeting
         Biltmore Hotel, Phoenix, Arizona
            Contact: http://www.turnaround.org/  

April 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Breakfast with Association for Corporate Growth
         Woodbridge Hilton, Iselin, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/  

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Personnel Issues in Bankruptcy
         University Club, Portland, Oregon
            Contact: http://www.turnaround.org/  

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Program on Fraud and Forensic Investigations
         Athletic Club, Denver, Colorado
            Contact: http://www.turnaround.org/  

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Fundamentals of Turnaround Management
         Brisbane, Australia
            Contact: http://www.turnaround.org/  

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Personnel Issues in Bankruptcy
         University Club, Portland, Oregon
            Contact: http://www.turnaround.org/  

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast: Program on Fraud and Forensic Investigations
         Athletic Club, Denver, Colorado
            Contact: http://www.turnaround.org/  

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Tyson's Corner Marriott, Vienna, Virginia
            Contact: 215-657-5551 or http://www.turnaround.org/  

April 19-20, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Eighth Annual Conference on Healthcare Transactions
         Successful Strategies for Mergers, Acquisitions,
            Divestitures, and Restructurings
               The Millennium Knickerbocker Hotel - Chicago
                  Contact: 800-726-2524;
                     http://renaissanceamerican.com/   

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Wine Tasting Social
         TBA, Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/  

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Operational Turnaround Management
         Renaissance Hotel, Syracuse, New York
            Contact: http://www.turnaround.org/  

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Fraud and Forensic Investigation
         Athletic Club, Denver, Colorado
            Contact: http://www.turnaround.org/  

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Completing the Turnaround
         Brisbane, Australia
            Contact: http://www.turnaround.org/  

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      The Nuts & Bolts of Buying and Selling
         Distressed Companies
            University Club, Chicago, Illinois
               Contact: http://www.turnaround.org/  

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, Georgia
            Contact: 678-795-8103 or http://www.turnaround.org/  

April 24, 2007
   BEARD AUDIO CONFERENCES
      Hospitals in Crisis: The Insolvency Crisis Plaguing    
         Hospitals Across the U.S.
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

April 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "Why Prospects Become Clients"
         Mark Fitzgerald, President of Sales Training Institute
            Inc
               Centre Club, Tampa, Florida
                  Contact: http://www.turnaround.org/  

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Jacksonville Zoo Turnaround
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org/  

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual Credit & Bankruptcy Symposium Golf/Spa Outing
         Fox Hopyard Golf Club, East Haddam, Connecticut
            Contact: 203-265-2048 or http://www.turnaround.org/  

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spa Outing
         Mohegan Sun, Uncasville, Connecticut
            Contact: 203-265-2048 or http://www.turnaround.org/  

April 26-27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual Credit & Bankruptcy Symposium
         Mohegan Sun, Uncasville, Connecticut
            Contact: http://www.turnaround.org/  

April 26-28, 2007
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Philadelphia, Pennsylvania
            Contact: http://www.ali-aba.org/  

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting - Working Effectively with
         the Media to Create Publicity for Your Business
            Contact: http://www.turnaround.org/  

April 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      13 Week CF Program
         Washington University, St. Louis, Missouri
            Contact: http://www.turnaround.org/  

April 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Equity Sponsor Panel Breakfast
         Westin Buckhead, Atlanta, Georgia
            Contact: http://www.turnaround.org/

April 29 - May 1, 2007
   INTERNATIONAL BAR ASSOCIATION
      International Insolvency Conference
         Zurich, Switzerland
            Contact: http://www.ibanet.org/

May 1, 2007
TURNAROUND MANAGEMENT ASSOCIATION
   Networking Organization of Women Visit King Tut Exhibit
      Franklin Institute, Philadelphia, Pennsylvania
         Contact: 215-657-5551 or www.turnaround.org/

May 2-4, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Association for Corporate Growth Arizona Chapter Meeting
         Washington University, Arizona
            Contact: http://www.turnaround.org/  

May 4, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - NYC
         Alexander Hamilton US Custom House, SDNY
            New York, New York
               Contact: http://www.abiworld.org/  

May 7, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      9th Annual New York City Bankruptcy Conference
         Millennium Broadway Hotel & Conference Center
            New York, New York
               Contact: http://www.abiworld.org/  
  
May 14-16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual TMA Regional Conference - Texas
         Hyatt Regency Resort & Spa
            Lost Pines, Texas
               Contact: http://www.turnaround.org/  

May 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Restructuring Workshop
         Cable Center, Denver, Colorado
            Contact: http://www.turnaround.org/  

May 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Restructuring Workshop
         Cable Center, Denver, Colorado
            Contact: http://www.turnaround.org/  

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/  

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Marriott North, Fort Lauderdale, Florida
            Contact: http://www.turnaround.org/   

May 17-18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      6th Annual Great Lakes Regional Conference
         Renaissance Quail Hollow Resort, Painesville, Ohio
            Contact: http://www.turnaround.org/  

May 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Enterprise Valuation / Sale of the Distressed Business
         Athletic Club, Seattle, Washington
            Contact: http://www.turnaround.org/  
  
May 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Women's Networking Lunch
         TBD, Arizona
            Contact: 623-581-3597 or http://www.turnaround.org/

May 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      13 Week CF Program
         Kansas City, Missouri
            Contact: http://www.turnaround.org/  

May 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      LI-TMA Annual Golf Outing
         TBD, Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/   

May 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Hedge Funds
         Standard Club, Chicago, Illinois
            Contact: http://www.turnaround.org/  

May 23, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Calaloo Cafe, Morristown, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/     

May 24-25, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Fourth Annual Conference on Distressed Investing Europe
         Maximizing Profits in the European Distressed Debt
            Market
               Le Meridien Piccadilly Hotel - London, UK
                  Contact: 800-726-2524;
                     http://renaissanceamerican.com/  

May 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona and RMA Joint Meeting
         Hotel Valley Ho, Scottsdale, Arizona
            Contact: http://www.turnaround.org/  

May 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon - Bankruptcy Judges Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/  

May 30-31, 2007
   FINANCIAL RESEARCH ASSOCIATES
      Distressed Debt
         Harvard Club, New York, New York
            Contact: http://www.frallc.com/  

May 31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Wine Tasting and Casino Night
         Mayfair Farms, West Orange, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/  

May 31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Speaker Series
         E&Y Tower, Calgary, Alberta
            Contact: http://www.turnaround.org/

May 31 - June 1, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      2nd Annual TMA Southeast Regional Conference
         Marriott Resort at Grande Dunes
            Myrtle Beach, South Carolina
               Contact: http://www.turnaround.org/  

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
        JW Marriott Spa and Resort, Las Vegas, Nevada
            Contact: http://http://www.airacira.org/  

June 6-8, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      5th Annual Mid-Atlantic Regional Symposium
         Borgata Hotel Casino & Spa
            Atlantic City, New Jersey
               Contact: http://www.turnaround.org/  

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/  

June 7-8, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Mealey's Asbestos Bankruptcy Conference
         Intercontinental Hotel, Chicago, Illinois
            Contact: http://www.turnaround.org/  

June 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Association for Corporate Growth Arizona Chapter Meeting
         Biltmore Hotel, Phoenix, Arizona
            Contact: http://www.turnaround.org/  

June 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Economic Update at the 1/2 Year Mark
         University Club, Portland, Oregon
            Contact: http://www.turnaround.org/  

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/  

June 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Clarion Hotel, Princeton, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

June 21-22, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Tenth Annual Conference on Corporate Reorganizations
         Successful Strategies for Restructuring Troubled
            Companies
               The Millennium Knickerbocker Hotel - Chicago
                  Contact: 800-726-2524;
                     http://renaissanceamerican.com/  

June 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/  

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, Wyoming
            Contact: http://www2.nortoninstitutes.org/   

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org/  

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, Rhode Island
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Young Professionals Billiards Night
         TBD, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/  

July 13, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, Illinois
            Contact: http://www.turnaround.org/  

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/  

July 25-28, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      12th Annual Southeast Bankruptcy Workshop
         The Sanctuary, Kiawah Island, South Carolina
            Contact: http://www.abiworld.org/  

July 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Contact: http://www.turnaround.org/

July 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Golf Outing
         Raritan Valley Country Club, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/  

July 31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Enterprise Florida: Improving Florida's
         Business Climate and Helping Florida Companies
            Market Overseas
               Citrus Club, Orlando, Florida
                  Contact: http://www.turnaround.org/  

Aug. 3, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Women's Spa Event
         Short Hills Hilton, Livingston, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/  

Aug. 10, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, Illinois
            Contact: http://www.turnaround.org/  

Aug. 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, Maryland
               Contact: http://www.abiworld.org/  

Aug. 23-26, 2007
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Drake Hotel, Chicago, Illinois
            Contact: http://www.nabt.com/  

Aug. 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Fishing Trip
         Point Pleasant, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/  

Aug. 28, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Healthcare Panel
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/  

Aug. 29-30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      3rd Annual Northeast Regional Conference
         Gideon Putnam Resort and Spa, Saratoga Springs,
            New York
               Contact: http://www.turnaround.org/  

Sept. 6-7, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Complex Financial Restructuring Program
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.turnaround.org/  

Sept. 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
            Las Vegas, Nevada
               Contact: http://www.abiworld.org/  

Sept. 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, Illinois
            Contact: http://www.turnaround.org/  

Sept. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Buying and Selling Troubled Companies
         Marriott North, Fort Lauderdale, Florida
            Contact: http://www.turnaround.org/  

Sept. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/  

Sept. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Retail Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/  

Sept. 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Educational & Networking Reception
         TBD, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/  

Sept. 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Contact: http://www.turnaround.org/  

Sept. 27-30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      8th Annual Cross Border Business
         Restructuring & Turnaround Conference
            Contact: http://www.turnaround.org/  

Oct. 2, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         TBD, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/  

Oct. 9-10, 2007
   IWIRC
      Orlando, Florida
         IWIRC Annual Fall Conference
            Contact: http://www.iwirc.org/  

Oct. 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      81st Annual National Conference of Bankruptcy Judges
         Contact: http://www.ncbj.org/  

Oct. 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/  

Oct. 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place
            Boston, Massachussets
               Contact: 312-578-6900; http://www.turnaround.org/  

Oct. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Capital Markets Case Study
         Contact: http://www.turnaround.org/  

Oct. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Contact: http://www.turnaround.org/  

Oct. 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/  

Oct. 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Crisis Communications With Employees,Vendors and Media
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/  

Nov. 1, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         TBD, Hackensack, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/  

Nov. 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner
         South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/  

Nov. 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Portland Holiday Party
         University Club, Portland, Oregon
            Contact: 206-223-5495 or http://www.turnaround.org/  

Nov. 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Mixer
         TBA, Vancouver
            Contact: 206-223-5495 or http://www.turnaround.org/

Nov. 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Real Estate Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/  

Nov. 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Speaker
        TBD, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/  

Nov. 29, 2007
   TMA Arizona Chapter Meeting
      TURNAROUND MANAGEMENT ASSOCIATION
         Contact: http://www.turnaround.org/  

Dec. 6, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Seattle Holiday Party
         Athletic Club, Seattle, Washington
            Contact: 206-223-5495 or http://www.turnaround.org/  

Dec. 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/  

Dec. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/  

Jan. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, Florida

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/  

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, District of Columbia
            Contact: http://www.abiworld.org/  

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, Michigan
            Contact: http://www.abiworld.org/  

July 10-13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      16th Annual Northeast Bankruptcy Conference
         Ocean Edge Resort
            Brewster, Massachussets
               Contact: http://www.turnaround.org/  

July 31 - Aug. 2, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      4th Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, Maryland
               Contact: http://www.abiworld.org/  

Aug. 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, Florida
            Contact: http://www.abiworld.org/  

Sept. 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/  

Oct. 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott New Orleans, Louisiana
            Contact: 312-578-6900; http://www.turnaround.org/  
  
Dec. 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               Contact: http://www.abiworld.org/  

May 7-10, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      27th Annual Spring Meeting
         Gaylord National Resort & Convention Center
            National Harbor, Maryland
               Contact: http://www.abiworld.org/  

Sept. 10-12, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      17th Annual Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nevada
            Contact: http://www.abiworld.org/  

Oct. 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/  

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/  

June 21-24, 2009
   INSOL
      8th International World Congress
         TBA
            Contact: http://www.insol.org/  

Oct. 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/  

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/  

BEARD AUDIO CONFERENCES
   BAPCPA One Year On: Lessons Learned and Outlook
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Calpine's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changes to Cross-Border Insolvencies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/  

BEARD AUDIO CONFERENCES
   Dana's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/  

BEARD AUDIO CONFERENCES
   Deepening Insolvency - Widening Controversy: Current Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/  

BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/  

BEARD AUDIO CONFERENCES
   Distressed Claims Trading
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/  

BEARD AUDIO CONFERENCES
   Distressed Market Opportunities
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/  

BEARD AUDIO CONFERENCES
   Distressed Real Estate under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/  

BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/  

BEARD AUDIO CONFERENCES
   Equitable Subordination and Recharacterization
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/  

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/  

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Handling Complex Chapter 11 Restructuring Issues
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/  

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/  

BEARD AUDIO CONFERENCES
   High-Yield Opportunities in Distressed Investing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/  

BEARD AUDIO CONFERENCES
   Homestead Exemptions under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/  

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/  

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/   

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/  

BEARD AUDIO CONFERENCES
   Real Estate Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/  

BEARD AUDIO CONFERENCES
   Reverse Mergers-the New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/  

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/  

BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/  

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/  

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/  

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via e-
mail to conferences@bankrupt.com are encouraged.

  
                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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