TCREUR_Public/070323.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

             Friday, March 23, 2007, Vol. 8, No. 59     

                            Headlines


A U S T R I A

BACKEREI GUGGISBERG: Claims Registration Period Ends April 10
HYDRA LLC: Vienna Court Orders Business Shutdown
KAINZ & KIRCHMAYER: Vienna Court Orders Business Shutdown
MODA ALLA: Vienna Court Orders Business Shutdown
SILLABER HOTELWASCHEREI: Salzburg Court Orders Business Closure


B E L G I U M

GOODYEAR TIRE: Agrees on Local Labor Issues with Union


C Z E C H   R E P U B L I C

LG.PHILIPS: Czech Unit Suspends Production as Demand Falls


D E N M A R K

BLOCKBUSTER INC: CEO John Antioco to Leave Post by Year-End
NORTEL NETWORKS: Moody's Rates Proposed US$1-Bln Sr. Notes at B3
NORTEL NETWORKS: S&P Puts B- Rating on Proposed US$1-Bln Debt


F I N L A N D

M-REAL CORP: S&P Cuts Ratings to B on Weak Financial Performance


F R A N C E

ALCATEL-LUCENT: Chief Executive Confirms Job Cuts in R&D Units
DELPHI CORP: Eyes Plant Shutdown for Bankrupt Spanish Unit
GDX AUTOMOTIVE: Court Puts French Unit In Legal Rectification
TECUMSEH PRODUCTS: Brazilian Unit Files Bankruptcy Petition


G E R M A N Y

ALCATEL-LUCENT: Chief Executive Confirms Job Cuts in R&D Units
A-Z OPITZ: Creditors' Meeting Slated for May 2
B & S SICHERHEITSSYSTEME: Claims Registration Ends April 19
BAUUNTERNEHMEN HAIBOECK: Claims Registration Ends May 9
BENQ CORP: Creditors File EUR1.2 Bln Claims Against Mobile Unit

BENQ CORP: Posts NT$7.89 Billion Loss in Fourth Quarter 2006
DEINBOECK IMMOBILIEN: Financial Woes Prompt Insolvency Filing
FIREPHONE GMBH: Claims Registration Ends April 8
GEMINI VERTRIEBSLOGISTIK: Claims Registration Ends May 7
HERZOG GMBH: Claims Registration Ends May 2

INFORMATION MANAGEMENT: Claims Registration Ends April 27
KHS BAUCENTER: Creditors Must Register Claims by May 29
LAUER BAUBETREUUNG: Creditors Must Register Claims by April 21
MICHAEL BEHR: Creditors Must Register Claims by April 13
PERRA GASTRONOMIE: Creditors Must Register Claims by April 16

PH PARTY: Creditors' Meeting Slated for May 11
PO-GA POOL-GARTEN-WELLNESS: Claims Registration Ends April 17
POHLSCHROEDER GELDSCHRANK: Claims Registration Ends May 10
RS-ELEKTRONIK: Claims Registration Period Ends April 20
RUDOLF WORM: Claims Registration Period Ends May 25

SANDWICH CLUB: Claims Registration Ends April 30
SUPULANE GMBH: Claims Registration Period Ends April 19
TANKRAPS GMBH: Claims Registration Period Ends May 11
TRIPOS INC: Dec. 31 Balance Sheet Upside-Down by US$5.4 Million
TRIPOS INC: Shareholders Vote to Sell Unit & Liquidate Company

TRIPOS INC: Completes US$26.2-Mln Sale of Discovery Informatics
W. GOEBEL: Merrill Lynch & Strategic Value Mull Acquisition
WCM BETEILIGUNGS: Salzgitter AG Eyes Klockner-Werke Buyout
WEIGL & JANUSCHKOWETZ: Claims Registration Period Ends May 11
WOHNPARK NORD: Claims Registration Period Ends May 9

WORM TEXTILHANDELSGESELLSCHAFT: Claims Registration Ends May 25


I R E L A N D

AFFILIATED COMPUTER: Confirms Receipt of Purchase Proposal
AFFILIATED COMPUTER: Buyout Offer Cues Fitch's Negative Watch
AFFILIATED COMPUTER: Buyout Offer Cues S&P's Negative Watch
ALPSTAR CLO: Moody's Rates EUR24-Million Class E Notes at (P)Ba3
EUROMAX VI: Fitch Assigns BB Ratings to EUR3-Mln Class E Notes

KINTYRE CLO: Moody's Rates EUR11.55-Mln Class E Notes at Ba3


I T A L Y

ALITALIA SPA: Notes Risk on Transfer to Fiumicino Airport
PARMALAT SPA: Investors to Get US$50-Mln Partial Settlement
PARMALAT SPA: New Jersey Court Denies Citigroup Motion to Appeal
PARMALAT SPA: Earns EUR192.5 Mln for Year Ended Dec. 31, 2006
REVLON CONSUMER: Dec. 31 Balance Sheet Upside-Down by US$1.2 Bln


K A Z A K H S T A N

AKTUBSTROYCENTRE LLP: Creditors Must File Claims by May 1
BIKEEV LLP: Creditors' Claims Due May 1
BLAGPUSTROYSTVO LLP: Proof of Claim Deadline Slated for May 1
CLASS-1 LLP: Claims Registration Ends May 1
LUX LLP: Claims Filing Period Ends May 1

MICHURINSKOYE SELENERGO: Creditors Must File Claims by May 2
STOLICHNOYE SNABJENIYE: Creditors' Claims Due May 4
STROYOPTSERVICE-LTD LLP: Claims Registration Ends May 1
ZARYA LLP: Claims Filing Period Ends May 1


K Y R G Y Z S T A N

RASAK CREDO: Claims Filing Period Ends May 2


L I T H U A N I A

BITE FINANCE: Fitch Assigns Junk Ratings to EUR110-Mln Loan


L U X E M B O U R G

EVRAZ GROUP: Launches Offer to Buy Out NTMK Minority Stake


N E T H E R L A N D S

X5 RETAIL: Acquires 144 Delivery Trucks from Scania AB


R O M A N I A

CFR MARFA: Moody's Assigns Ba2 Corporate Family Rating


R U S S I A

AVTOGAS OJSC: Creditors Must File Claims by May 3
BALT OIL: Kareliya Court Names Y. Ponomarev to Manage Assets
BUZULUKSKIY: Creditors Must File Claims by April 3
DOBRINKA OJSC: Orenburg Bankruptcy Hearing Slated for May 23
ELRUS CJSC: Court Names P. Tarasov as Insolvency Manager

EQUIPMENT AND INVESTMENT: Creditors Must File Claims by April 3
EUROCHEM MINERAL: Scraps Initial Public Offering Plans for 2007
EVRAZ GROUP: Launches Offer to Buy Out NTMK Minority Stake
KAMNESTROY CJSC: Creditors Must File Claims by April 3
LOYUN CJSC: Creditors Must File Claims by April 3

LUKOIL OAO: Inks Four-Year Cooperation Agreement with GAZ Group
MOBILE TELESYSTEMS: Earns US$1.25 Billion for Full Year 2006
NADEZHDA OJSC: Creditors Must File Claims by April 3
PECHOR-MOR-OIL: Creditors Must File Claims by April 3
PULSE LLC: Creditors Must File Claims by April 3

ROSNEFT OIL: Board Approves US$22-Billion Loan for Yukos Bid
ROSNEFT: Fitch's BB+ Rating Incorporates Planned US22-Bln Loan
SARAEVSKIY BUTTER: Court Names M. Kuvshinova to Manage Assets
SEV-ZAP-MILK-AGRO: Creditors Must File Claims by April 3
SOUTHERN TELECOMMUNICATIONS: Court Postpones Tax Claim Hearing

TORG-FINANCE-STROY++: Creditors Must File Claims by April 3
VIMPEL-COMMUNICATIONS: Alfa Group Raises Stake to 42.4%
YUKOS OIL: Court Voids PwC Audit Contract; Firm Set to Appeal


S P A I N

DELPHI CORP: Eyes Plant Shutdown for Bankrupt Spanish Unit


S W I T Z E R L A N D

AGTEN JSC: Creditors' Liquidation Claims Due April 10
CS CONSULTING: Claims Registration Period Ends April 3
EISBALL CONSULTING: Claims Registration Period Ends April 3
HOTEL BAREN: Waldenburg Court Starts Bankruptcy Proceedings
INTER ATLANTIK: Creditors' Liquidation Claims Due March 31

NETWAY SOLUTIONS: Claims Registration Period Ends April 2
PETER RYTZ: Creditors' Liquidation Claims Due April 10
TRYDEX JSC: Creditors' Liquidation Claims Due April 2
TSUFA JSC: Creditors' Liquidation Claims Due April 5
XMM EXECUTIVE: Creditors' Liquidation Claims Due April 10


U K R A I N E

ADAMPOL BREAD: Bar Date for Submission of Claims Set March 25
ADGEZIV LLC: Creditors Must File Proofs of Claim by March 25
AFT LTD: Bar Date for Submission of Claims Set March 24
AMBASSADOR INTERNATIONAL: Creditors Must File Claims by March 25
AZOVSERVICE LLC: Creditors Must File Proofs of Claim by March 25

BALANOVKA AGRICULTURAL: Creditors Must File Claims by March 24
CREDIT DNEPR: Moody's Puts B3 Rating to Senior Unsecured Debt
DIKOM-AUDIT LLC: Creditors Must File Proofs of Claim by March 25
DIVO LLC: Creditors Must File Proofs of Claim by March 25
DNIPROMLYN OJSC: Court Appoints Y. Arkina as Bankruptcy Trustee

MABUD LTD: Creditors Must File Proofs of Claim by March 25
OLENA MARKANTONI: Creditors Must File Claims by March 25
POKROVA LLC: Creditors Must File Proofs of Claim by March 25
PROMZONA LLC: Creditors Must File Proofs of Claim by March 25
REGIONAL AGRICULTURAL: Creditors Must File Claims by March 25

TECHNOLOGY LLC: Creditors Must File Proofs of Claim by March 25
TIREX LLC: Creditors Must File Proofs of Claim by March 25
TRUCK LLC: Creditors Must File Proofs of Claim by March 25


U N I T E D   K I N G D O M

ADVANCED MARKETING: Baker & Taylor Completes Asset Purchase
ADVANCED MARKETING: C. Smith Succeeds G. Rautenstrauch as CEO
ALLERTON DEVELOPMENTS: Names M. S. E. Solomons Liquidator
ANGLO NATIONWIDE: Appoints Chris Williams to Liquidate Assets
ANOUSHKA G: Creditors' Meeting Slated for March 28

BOX OFFICE: Brings In M. S. E. Solomons to Liquidate Assets
BRITISH AIRWAYS: Calls on UK to Sanction US Under Aviation Pact
BROTHER 2 BROTHER: Creditors' Meeting Slated for March 29
BUDGET CLEANING: Taps Robert Day to Liquidate Assets
CANNOCK GATES: Calls In Administrators from Ernst & Young LLP

CHERRYPRINT LTD: Brings In Liquidators from Baker Tilly
CIRCLE STUDIO: Creditors Confirm Voluntary Liquidation
CLAREMONT KNIGHT: M. Chamberlain Leads Liquidation Procedure
COLLINS & AIKMAN: Court Okays Alan Miller as Special Counsel
DANA CORP: Sells Bristol Plant Assets to Dana Canada for US$1.9M

DANA CORP: Discloses Non-Union Retirees Pact With Retiree Panel
DANA CORP: Reaches Pact With IAMAW to Resolve Union's Claims
ECO-BAT TECH: Moody's Lifts Rating to Ba3 on Strong Performance
ECO-BAT TECHNOLOGIES: S&P Affirms B+ Ratings on Loan Refinancing
HOUSE OF AMBER: Creditors' Meeting Slated for April 3

INMARSAT PLC: Moody's Changes Rating Outlook to Negative
J P MEDIA: Hires Liquidator from Griffin & King
JTM DESIGN: Liquidator Invites Creditors to Submit Claims
KYE LTD: Joint Liquidators Take Over Operations
LEEDS WHOLESALE: Creditors Confirm Liquidator's Appointment

MANSARD MORTGAGES: Fitch Rates GBP6.875-Mln Class B2 Notes at BB
PRIORY FINANCE: Taps Liquidators from Taylor Rowlands
RIDGEWOOD TEXTILES: Creditors' Meeting Slated for April 4
SCHEFENACKER PLC: Enters Second Phase of Restructuring
SCHEFENACKER PLC: Succeeds Schefenacker AG's Assets & Debts

SEC REALISATIONS: Appoints Liquidators from Grant Thornton
SOUTHERN PACIFIC: Fitch Affirms BB Ratings on Class E Notes
TRIPOS INC: Dec. 31 Balance Sheet Upside-Down by US$5.4 Million
TRIPOS INC: Shareholders Vote to Sell Unit & Liquidate Company
TRIPOS INC: Completes US$26.2-Mln Sale of Discovery Informatics

VIRGIN MEDIA: S&P Affirms BB- Ratings on Planned Loan Payments

* BOOK REVIEW: American Express: The People Who Built the Great
               Financial Empire

                            *********

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


BACKEREI GUGGISBERG: Claims Registration Period Ends April 10
-------------------------------------------------------------
Creditors owed money by KG Backerei Guggisberg (FN 255602k) have
until April 10 to file written proofs of claim to court-
appointed estate administrator Michael Kropiunig at:

         Dr. Michael Kropiunig
         Max-Tendler-Strasse 28
         8700 Leoben
         Austria
         Tel: 03842-45019
         Fax: 03842-45019-30
         E-mail: office@ra-kropiunig.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:20 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 Trofaiach, Austria, the Debtor declared
bankruptcy on March 2 (Bankr. Case No. 17 S 26/07b).  


HYDRA LLC: Vienna Court Orders Business Shutdown
------------------------------------------------
The Trade Court of Vienna entered March 2 an order shutting down
the business of LLC HYDRA (FN 198258g).

Court-appointed estate administrator Rainer W. Boehm recommended
the business shutdown after determining that the continuing
operations would reduce the value of the estate.

The estate administrator can be reached at:

         Dr. Rainer W. Boehm
         c/o Dr. Georg Auteried
         Altgasse 21
         1130 Vienna
         Austria
         Tel: 876 47 980
         Fax: 876 47 98 21
         E-mail: office@auteried.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 22 (Bankr. Case No. 4 S 21/07a).  Georg Auteried
represents Dr. Boehm in the bankruptcy proceedings.


KAINZ & KIRCHMAYER: Vienna Court Orders Business Shutdown
---------------------------------------------------------
The Trade Court of Vienna entered March 2 an order shutting down
the business of LLC Kainz & Kirchmayer (FN 58598z).

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

The estate administrator can be reached at:

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 8 (Bankr. Case No. 3 S 20/07x).  Wolfgang Pitzal
represents Dr. Pitzal in the bankruptcy proceedings.


MODA ALLA: Vienna Court Orders Business Shutdown
------------------------------------------------
The Trade Court of Vienna entered March 2 an order shutting down
the business of LLC Moda alla Contini (FN 212257v).

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

The estate administrator can be reached at:

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

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


SILLABER HOTELWASCHEREI: Salzburg Court Orders Business Closure
---------------------------------------------------------------
The Land Court of Salzburg entered March 2 an order closing the
business of LLC Sillaber Hotelwascherei (FN 204228k).

Court-appointed estate administrator Walter Aichinger
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. Walter Aichinger
         Ignaz-Rieder-Kai 11c
         5020 Salzburg
         Austria
         Tel: 0662-622301
         Fax: 0662-623000
         E-mail: law@raits-ebner.at    

Headquartered in Leogang, Austria, the Debtor declared
bankruptcy on Feb. 5 (Case No. 44 S 6/07t).


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


GOODYEAR TIRE: Agrees on Local Labor Issues with Union
------------------------------------------------------
Goodyear Tire & Rubber Co. has reached a tentative agreement on
local issues with the United Steelworkers of America after five
weeks of negotiations, Melissa Willett writes for The
Fayetteville Observer.

The report says the agreement, which mainly addressed
scheduling, hiring and vacation time, provides, among others,
that:

   a) all workers except maintenance -- craftsmen, electricians
      and machinists -- will be given multiple shift options;
      and

   b) maintenance workers will be split into two shifts -- one
      working eight hours and the other working 12 hours.

                       Amended Pension Plans

Early this month, the company made a series of changes to its
U.S.-based retail and salaried employee pension and retiree
benefit plans aimed at increasing its global competitiveness
while significantly reducing its cost structure.

The changes will be phased in over a two-year period, with most
benefit plan changes effective in 2008 and the most significant
pension plan changes in 2009.  As a result, Goodyear expects
after-tax savings of US$80 million to US$90 million in 2007,
US$100 million to US$110 million in 2008, and US$80 million to
US$90 million in 2009 and beyond.

The actions are expected to reduce the company's pension
obligation by approximately US$100 million and its obligation
for other post retirement benefits by about US$525 million
assuming interest rates used to value the obligations remain
similar to those used at Dec. 31, 2006.

Goodyear plans to record a one-time after-tax charge of
approximately US$65 million related to these actions in the
first quarter of 2007.

Benefit plan changes effective Jan. 1, 2008, include:

    * Increasing the amounts that current and future salaried
      retirees contribute toward the cost of their medical
      benefits;

    * Redesigning retiree medical benefit plans to minimize cost
      impact on premiums;

    * Closing the company's Medicare supplement plan to new
      entrants; and

    * Discontinuing company-paid life insurance for salaried
      retirees.

The pension changes include:

    * Freezing the current salaried defined benefit pension
      plans as of Dec. 31, 2008;

    * Replacing the defined benefit pension plans with enhanced
      401(k) savings accounts with varying levels of company
      contributions for current associates beginning Jan. 1,
      2009; and

    * Introducing company-matching contributions for the    
      salaried 401(k) savings plan at 50 percent of the first 4
      percent of annual pay beginning Jan. 1, 2009.

                      Low-B Ratings Affirmed

Last week, Fitch Ratings affirmed its ratings for The Goodyear
Tire & Rubber Company, including the 'B' rating on the company's
US$300 million third lien term loan, and 'CCC+' rating on its
senior unsecured debt.  The rating agency revised the rating
outlook to stable from negative.

Fitch noted that at Dec. 31, 2006, the company had approximately
US$7.2 billion of debt outstanding, prior to a paydown of bank
debt in January.

The revision to a Stable Outlook, Fitch said, reflects its
expectation for further improvement in the company's operating
profile as it recovers from the labor strike and continues to
implement its cost-savings plan.

In addition, Fitch noted that the company faces significant cash
requirements that could contribute to negative cash flow in
2007.  The requirements, the rating agency said, include pension
contributions, capital expenditures, an increase in working
capital requirements as the company rebuilds inventory, and debt
and interest payments.  

Fitch's other rating concerns include an improving but still
high cost structure in North America, high raw material costs,
weak demand in North America, and competitive pricing in certain
other markets.

On Jan. 12, 2007, Moody's Investors Service affirmed Goodyear
Tire & Rubber Company's Corporate Family Rating of B1.  Ratings
on Goodyear's existing secured and unsecured obligations were
also affirmed as was the company's Speculative Grade Liquidity
rating of SGL-2.  The outlook was reverted to stable from
negative.

On Jan. 8, 2007, Standard & Poor's Ratings Services affirmed its
'B-' ratings on the class A-1 and A-2 certificates from the
US$46 million Corporate Backed Trust Certificates Goodyear Tire
& Rubber Note-Backed Series 2001-34 Trust.  The ratings were
removed from CreditWatch, where they were placed with negative
implications on Oct. 24, 2006.

             About The Goodyear Tire & Rubber Company

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


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


LG.PHILIPS: Czech Unit Suspends Production as Demand Falls
----------------------------------------------------------
Multidisplay s.r.o. (formerly LG.Philips Displays Czech Republic
s.r.o.) halted TV tubes production at its Hranice plant after a
temporary fall in demand, CTK reports citing plant spokeswoman
Zuzana Fojtikova.

Ms. Fojtikova told CTK that warehouses are full at the moment.

"It is less expensive to stop the lines than to let them run,
say, at 50 percent," Ms. Fojtikova said.

According to CTK, part of the employees will be on holiday
during the temporary shutdown while others will be paid 70% of
the average monthly wage.

The plant will resume operations on April 2 as demand is
expected to rise again.

In February, CTP Invest bought the entire business from the
trustee of the bankrupt mother company LG.Philips Displays
Holding B.V. seated in the Netherlands.

As previously reported in the TCR-Europe, LG.Philips Displays
Holding B.V. filed for insolvency protection along with its
Dutch subsidiary, LG.Philips Displays Netherlands B.V., and its
German subsidiary in Aachen due to worsening conditions in the
CRT marketplace and unsustainable debt.

Less than two months after the insolvency filings in Europe, the
company's U.S. unit, LG.Philips Displays USA Inc., filed a
chapter 11 petition in the U.S. Bankruptcy Court for the
District of Delaware on March 15.  

                      About LG.Philips Displays

Headquartered in Hong Kong, LG.Philips Displays --
http://www.lgphilips-displays.com/-- manufactures cathode ray   
tubes for use in televisions and computer monitors.  The company
produces one in every four television and computer monitor tubes
sold.  Making use of its global manufacturing infrastructure, it
provides regional supplies to top TV and monitor brands
worldwide.  LG.Philips Displays continues to be committed to the
CRT industry and will maintain a strong profile based on its
competitive operations and innovative, high-quality products.  
The company's production facilities are in: China, Korea,
Indonesia, Brazil, The Netherlands and United Kingdom.


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


BLOCKBUSTER INC: CEO John Antioco to Leave Post by Year-End
-----------------------------------------------------------
Blockbuster Inc. disclosed Tuesday in a filing with the U.S.
Securities and Exchange Commission that the Company and John
Antioco, Blockbuster Chairman and CEO, have entered into an
amended and restated employment agreement that sets forth terms
under which Mr. Antioco will leave the company by the end of
2007.

"I am pleased that we were able to reach this agreement," said
John Antioco, Blockbuster Chairman and CEO.  "This revised
employment agreement allows for management continuity and ample
opportunity for an orderly succession by the end of the year. In
the meantime, the board of directors, our management team and I
remain focused on continuing to improve the business, most
notably through BLOCKBUSTER Total Access(TM)."

"John and the company have reached terms that are clearly in the
best interests of the stockholders," said Carl C. Icahn, a
member of the Blockbuster Board of Directors.  "I and the rest
of the board remain committed to working with our dedicated
management team to deliver on the company's financial goals for
the year and to continue positioning Blockbuster for improved
success now and into the future."

Under the amended and restated employment agreement, Mr. Antioco
will receive a 2006 bonus of US$3.0525 million, which reflects a
compromise between the US$2.28 million bonus previously
conditionally offered by the board and US$7.65 million, which is
the amount Mr. Antioco was entitled to receive under his
previous employment agreement and Blockbuster's 2006 Senior
Bonus Plan if negative discretion was not invoked.

Additionally, at the conclusion of his employment, Antioco will
receive a lump sum payment of US$4.9875 million as compared to a
lump sum payment of US$13.5 million that he would have been
entitled to receive if he had been terminated without cause or
had resigned for good reason on Dec. 31, 2007, under his
previous employment agreement.

Details of the amended and restated employment agreement are
available for free at http://researcharchives.com/t/s?1bc7

In addition, at a meeting of the Blockbuster board of directors
on March 19, 2007, the board voted to recommend that
Blockbuster's stockholders approve at its annual meeting an
amendment to Blockbuster's certificate of incorporation to
eliminate the classification of the board of directors and to
provide for the annual election of all directors.  The board
believes that the de-classification of the board is consistent
with best corporate governance practices.

                           2006 Results

As reported in the Troubled Company Reporter on Mar. 9, 2007,
Blockbuster Inc. reported net income of US$54.7 million for the
year ended Dec. 31, 2006, compared with a net loss of US$588.1
million for 2005.

Revenues for 2006 decreased 3.5% to US$5.52 billion from
US$5.72 billion for 2005 mostly due to the closure of stores
resulting from accelerated actions to optimize the company's
asset portfolio and a 2.1% decrease in worldwide same-store
sales.

At Dec. 31, 2006, the company's balance sheet showed
US$3.137 billion in total assets, US$2.394 billion in total
liabilities, and US$742.4 million in total stockholders' equity.

                         About Blockbuster

Blockbuster Inc. (NYSE: BBI) -- http://www.blockbuster.com/--  
is a leading global provider of in-home movie and game
entertainment, with over 8,000 stores throughout the Americas,
Europe, Asia and Australia.  The company maintains operations in
Brazil, Mexico, Denmark, Italy, Taiwan, Australia, among others.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 19, 2006,
Standard & Poor's Ratings Services revised its outlook on video
rental retailer Blockbuster Inc. to stable from negative.  The
ratings on the Dallas-based company, including the 'B-'
corporate credit rating, were affirmed.


NORTEL NETWORKS: Moody's Rates Proposed US$1-Bln Sr. Notes at B3
----------------------------------------------------------------
Moody's Investors Service affirmed Nortel Networks' existing
ratings, including its B3 corporate family rating, and assigned
a B3 rating to the proposed US$1 billion convertible senior
unsecured notes offering.  Proceeds of the offering will be used
to refinance a portion of the US$1.8 billion in 4.25%
convertible notes due in 2008 when they become payable at par.  
The outlook remains stable.

Moody's notes the company's progress in several fronts in its
recently released year end 2006 results including revenue
increases in each of its business segments and reduction in
material weaknesses from 5 to 1.  EBITDA for the year decreased
however, despite the revenue increases.  Nortel's management
team has made progress in it turnaround plan but it still has
considerable challenges to return operating margins to double
digit levels.

The recent divestiture of the UMTS business and recently
disclosed US$400 million cost cutting program should positively
affect EBITDA going forward if the company is able to maintain
its growth momentum.  The proposed notes offering will address a
significant 2008 maturity issue and allow the company to
substantially maintain its strong cash position.

Assigned:

   * Nortel Networks Corporation

      -- Proposed US$1.0 billion Convertible Senior Unsecured
         notes at B3, LGD4, 67%

Affirmed:

   * Nortel Networks Corporation

      -- US$1.8 billion 4.25% Convertible Senior Unsecured notes  
         at B3, LGD4, 67%

   * Nortel Networks Limited

      -- Corporate Family Rating at B3, LGD4, 67%

      -- US$2.0 billion Senior Unsecured notes at B3, LGD4, 67%

      -- US$200 million 6.875% senior unsecured notes at B3,
         LGD4, 67%

      -- Preferred Stock Caa3

   * Nortel Networks Capital Corporation

      -- 7.875% Senior Unsecured notes at B3, LGD4, 67%

Nortel Networks Corporation is a global telecommunications
networking solutions provider headquartered in Toronto, Ontario,
Canada.


NORTEL NETWORKS: S&P Puts B- Rating on Proposed US$1-Bln Debt
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' debt rating
to Canada-based Nortel Networks Corp.'s proposed US$1 billion
senior unsecured convertible notes, which will consist of two
tranches of US$500 million, maturing in 2012 and 2014,
respectively.

Proceeds from the convertible notes will be used to partially
refinance NNC's US$1.8 billion senior unsecured convertible
notes due Sept. 1, 2008, and therefore the overall debt level is
not expected to change.

Standard & Poor's also affirmed its 'B-' long-term and 'B-2'
short-term corporate credit ratings on 100%-owned Canada-based
subsidiary, Nortel Networks Ltd.  At the same time, the ratings
on the US$200 million notes of NNL and the US$150 million notes
of Nortel Networks Capital Corp. were lowered to 'CCC' from 'B-
'.  NNC, NNL, and the U.S.-based subsidiary, Nortel Networks
Inc., are collectively referred to as Nortel.

The outlook on NNL is stable.

"The proposed US$1 billion senior unsecured convertible notes of
the parent will be guaranteed by both NNL and NNI," said
Standard & Poor's credit analyst Madhav Hari.

"We note that the inclusion of the NNI guarantee in the proposed
offering will effectively subordinate about USUS$1.15 billion of
existing debt," Mr. Hari added.

This debt includes the US$200 million unsecured notes of NNL due
September 2023, the US$150 million unsecured notes of NNCC due
June 2026, and the remaining US$800 million convertible notes of
NNC due September 2008.

Given that, on a pro forma basis, priority debt and liabilities
will represent more than 30% of total adjusted assets, the
ratings on the US$200 million notes of NNL and the US$150
million notes of NNCC were lowered as noted above, reflecting
the relatively weaker recovery prospects of this structurally
junior debt in the event of a reorganization.  

Nevertheless, the US$800 million remaining senior unsecured
convertible notes of NNC will continue to be rated 'B-' despite
the structural subordination; this is because Standard & Poor's
believe investors can expect a higher likelihood of full
recovery given the notes near-term maturity, particularly in the
context of Nortel's meaningful cash balances of US$3.5 billion
at Dec. 31, 2006, which are expected to be sustained.

The ratings on NNL, which are based on the consolidation with
parent NNC, reflect a highly competitive telecom equipment
industry, notably in the context of continuing carrier
consolidation; ongoing major changes in the industry's
technology direction, resulting in potential rapid adverse
changes in demand patterns; a weak but stable spending
environment for global telecom equipment and services; the
company's high level of debt and weak credit protection
measures; and profitability that continues to lag that of its
peers.  

These factors are partially mitigated by the company's broad
portfolio of wireline and wireless products and services;
reasonable-scale, geographically diversified operations; strong
customer relations; early indications of a trend toward improved
profitability; and a healthy liquidity position.

The stable outlook reflects our expectations of only modest
improvement in Nortel's operating performance, including modest
growth in revenues, EBITDA, and cash flow in the next two years.
The stable outlook also assumes that Nortel will be able to
maintain a healthy liquidity position supported by a minimum of
US$1.5 billion in cash balances.  The outlook could be revised
to
positive should Nortel deliver better-than-expected operating
performance and improved free operating cash flows.  Should
Nortel's profitability weaken, and if its free operating cash
flow remains negative in the medium term, the outlook could be
revised to negative.


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


M-REAL CORP: S&P Cuts Ratings to B on Weak Financial Performance
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating and senior unsecured debt ratings on
Finland-based forest product company M-real Corp. to 'B' from
'B+', reflecting the company's continued weak financial
performance and the challenges it faces if it is to improve its
performance.  

At the same time, the short-term corporate credit rating of 'B'
was affirmed.  The outlook is negative.

"The rating action reflects Standard & Poor's lowered
expectations for M-real's medium-term financial performance,
given the company's weak 2006 results and the challenges of
significantly improving its cash generation and debt protection
measures," said Standard & Poor's credit analyst Andreas Zsiga.

Margins and cash flows are expected to improve somewhat in 2007,
based on further volume growth, price increases, reduced
external pulp purchases, and other cost-cutting measures, as
well as working-capital gains.  Absolute debt levels could also
fall somewhat as a result of asset disposals and reduced capital
expenditure over the medium term.  Standard & Poor's expects
this improvement to be only modest, however.  Performance is
also sensitive to internal operating efficiency, adverse
pricing, volume, input cost, and exchange rate development.  
This continues to expose the group's credit quality to further
potential setbacks.

The ratings on M-real reflect its exposure to challenging market
conditions; commoditized products; weak pricing power; high and
escalating input costs; and relatively weak operating
performance resulting in weak profitability and credit measures.  
This is balanced by the group's relatively large and modern
asset base, meaningful diversification between paper grades, and
by its sizable shares of the European fine paper and paperboard
markets.  At Dec. 31, 2006, M-real had adjusted debt of EUR2.8
billion.


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


ALCATEL-LUCENT: Chief Executive Confirms Job Cuts in R&D Units
--------------------------------------------------------------
Patricia Russo, CEO of Alcatel-Lucent, during a meeting of the
company's European group committee, stressed that the staff
reductions undertaken by the company are the direct result of
redundancies linked to the merger announced on Dec. 1, 2006, and
of Nortel's UMTS activities acquisition.  

Ms. Russo emphasized that the staff reductions are also linked
to the adaptation of the business model related to its
customers' rapidly evolving needs and to the adjustment of some
activities to the market perspectives.

Those reasons, and especially the redefinition of the product
portfolio, explain why a part of the plan concerns job
reductions in R&D.  While the company's presence in emerging
countries is essential to adapt products to the specificities of
those growing markets, the company insisted on the fact that
those countries would experience the impact of synergies as
well.

Ms. Russo also reaffirmed the company's strong commitment to R&D
in Western Europe and North America in particular.

The missions of the company's major European R&D competence
centers were also confirmed:

   -- access in Belgium and Spain;

   -- optics in Italy, Germany and France;

   -- submarine networks in France;

   -- IP in Belgium;

   -- 2G mobile in France and Germany;

   -- 3G mobile in France, following Nortel's UMTS activities
      acquisition, and in Germany;

   -- WiMAX in France and Germany;

   -- convergence in France, Belgium, Germany and Spain;

   -- enterprise in France; and

   -- research & innovation in France, Germany and Belgium.

Alcatel-Lucent's active involvement in the working group on the
future of telecom in Europe put in place by the French
government is also dedicated to this commitment.

Twelve members of the management team, along with 27 delegates
from nine European countries, attended the meeting.

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable   
service providers, enterprises and governments worldwide, to
deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol (IP) technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work, and on the move.

On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Australia, Brunei, and Cambodia.

                        *     *     *

As of Feb. 7, Alcatel-Lucent's Long-Term Corporate Credit rating
and Senior Unsecured Debt carry Standard & Poor's BB- rating.
It's Short-Term Corporate Credit rating stands at B.

Moody's, on the other hand, put a Ba2 rating on Alcatel's
Corporate Family and Senior Debt rating.  Lucent carries Moody's
B1 Senior Debt rating and B2 Subordinated debt & trust preferred
rating.

Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured
Debt rating at BB.


DELPHI CORP: Eyes Plant Shutdown for Bankrupt Spanish Unit
----------------------------------------------------------
Delphi Corporation intends to shut down a chassis and steering
products manufacturing facility in Cadiz, Spain, with the loss
of about 1,600 workers.

Since the company disclosed the closure, workers and their
families have rallied in protest almost everyday, receiving
extensive media coverage in Spain, Reuters reports.

In a regulatory filing with the U.S. Securities and Exchange
Commission, Thomas S. Timko, chief accounting officer and
controller of Delphi Corp., explains that the Cadiz Facility
Closure is consistent with:

   -- Delphi's overall transformation plan and decisions to
      close or sell facilities manufacturing non-core products;
      and

   -- Delphi's efforts to optimize its manufacturing footprint
      in order to lower its overall cost structure.

The Cadiz Facility is the primary asset of Delphi's indirect
wholly owned Spanish subsidiary Delphi Automotive Systems
Espana, S.L.  Mr. Timko notes that Delphi previously recorded
long-lived asset impairments for the Facility in the fourth
quarter of 2005 but does not expect to incur significant future
impairments.

Mr. Timko relates that Delphi could incur costs for the Closure
based upon the outcome of its negotiations with the unions
representing the Cadiz Facility Employees.  Delphi estimates its
costs to be around US$70,000,000 although the exact amount
cannot be ascertained pending the resolution of DAS Espana's
recent bankruptcy filing.

                        Concurso Filing

DAS Espana filed a petition for Concurso, or bankruptcy, under
Spanish law, on March 20, with the approval of Delphi's Board of
Directors.

Delphi has informed the Spanish Court and the Cadiz Facility
Employees that it would voluntarily provide funds sufficient to
satisfy the separation allowance to which the Employees are
entitled under applicable Spanish law, Mr. Timko says.

Delphi cautions that its ability to commit to fund any
severance-related payments and other closure charges in excess
of the legally required minimum, depending on the amount, may be
subject to the approval of the Bankruptcy Court.

                    About Delphi Corporation

Troy, Mich.-based Delphi Corporation (OTC: DPHIQ) --
http://www.delphi.com/-- is the single largest global supplier  
of vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
Company's technology and products are present in more than 75
million vehicles on the road worldwide.  The Company filed for
chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case
No. 05-44481).  John Wm. Butler Jr., Esq., John K. Lyons, Esq.,
and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, represent the Debtors in their restructuring efforts.  
Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A.
Broude, Esq., at Latham & Watkins LLP, represents the Official
Committee of Unsecured Creditors.  As of Aug. 31, 2005, the
Debtors' balance sheet showed US$17,098,734,530 in total assets
and US$22,166,280,476 in total debts.  

The Debtors' exclusive plan-filing period expires on July 31,
2007.


GDX AUTOMOTIVE: Court Puts French Unit In Legal Rectification
-------------------------------------------------------------
The Commercial Court of Le Havre has placed the French unit of
GDX Automotive Inc. at Saint-Nicolas-of-the-Size (Seine-
Maritime) in legal rectification after the company declared a
suspension of payments, Domenica Aubin writes for Les Echos.

Subsequently, the court also appointed a receiver who will seek
a buyer for the plant.

According to the report, elected officials of the work's council
regretted the move, as they believe financial results for 2006
were in line with forecasts.

The French unit cut 190 jobs in an attempt to reduce costs and
gain new markets.  However, it was not able to achieve
profitability since 2000 due to poor order book, Les Echos
relates.

The unit is owned by US private equity firm Cerberus.  It
employs 165 workers.

Headquartered in Farmington Hills, Michigan, GDX Automotive Inc.
-- http://www.gdxautomotive.com/-- supplies engineered and  
innovative vehicle sealing, glass encapsulation and
antivibration components to the major automotive manufacturers.  
GDX employs nearly 7,000 people in North America, Europe and
China.  In Europe, the company maintains operations in Germany,
Spain, France and the Czech Republic.


TECUMSEH PRODUCTS: Brazilian Unit Files Bankruptcy Petition
-----------------------------------------------------------
TMT Motoco, the Brazil-based engine-manufacturing subsidiary of
Tecumseh Products Company, filed a request in Brazil for court
permission to pursue a judicial restructuring.  

The requested protection under Brazilian bankruptcy law is
similar to a U.S. filing for Chapter 11 protection in that
during such a restructuring TMT Motoco would remain in
possession of its assets and its creditors could not impose an
involuntary restructuring on it.

TMT Motoco requested the judicial restructuring following the
rejection of its request for a temporary stay pending its
previously announced appeal of a Brazilian court's decision,
entered on March 15, 2007, denying its request to impose
financial restructuring terms on two of its lenders.

TMT Motoco has suspended operations and, with the consent of its
unions, has placed its employees on vacation furlough.

TMT Motoco and a majority of its lenders had previously signed
an out-of-court restructuring agreement extending payment dates
for TMT Motoco's debt on the same terms sought to be imposed on
the two dissenting lenders in the court action.

In conjunction with its March 15 ruling, the Brazilian court
lifted a stay that had previously prevented one of the
dissenting banks from pursuing collection proceedings.  The
court also implemented sweep procedures for TMT Motoco's bank
accounts.  These actions had the effect of accelerating TMT
Motoco's debt to the dissenting bank, which totals approximately
$18 million, making it all now due and payable and enabling the
bank to pursue its remedies for collection under Brazilian law.

TMT Motoco had also asked the Brazilian court for injunctive
relief to suspend the outcome of the ruling pending its appeal;
that request, however, was denied.  TMT Motoco's appeal has been
withdrawn.

The filing in Brazil constitutes an event of default with the
Tecumseh's domestic lenders.  This will enable these lenders to
accelerate repayment of Tecumseh's debt unless such lenders
agree to waive the defaults or enter into curative amendments to
Tecumseh's first and second lien credit agreements to eliminate
the default and make other necessary changes to those
agreements.  In its ongoing discussions with these lenders,
Tecumseh to date has received no indication that it intends to
accelerate or that it will not agree to any requested consents,
waivers, or amendments.  There can be no assurance, however,
that Tecumseh will reach an agreement with its domestic lenders
or as to what the terms of any such agreement may be.

Tecumseh's management is continuing to assess what impact the
developments at TMT Motoco may have on its other businesses.  
Tecumseh's management is working to protect these other
businesses from any adverse effects of the events at TMT Motoco
to the greatest extent possible.  In that regard, Tecumseh noted
that it expects to meet all existing commitments to its engine
customers in North America as it currently has six weeks of
inventory en route from Brazil and it also has inventory
available in its warehouse in El Paso, Texas and its plant in
Dunlap, Tennessee.

A full-text copy of Amendment No. 4 To First Lien Credit
Agreement is available for free at
http://ResearchArchives.com/t/s?1bfe

A full-text copy of Amendment No. 1 To Amended And Restated
Second Lien Credit Agreement is available for free at
http://ResearchArchives.com/t/s?1bff

A full-text copy of the Out-of-Court Restructuring Agreement is
available for free at http://ResearchArchives.com/t/s?1c00

                 About Tecumseh Products Company

Headquartered in Tecumseh, Michigan, Tecumseh Products Company
(Nasdaq: TECUA, TECUB) -- http://www.tecumseh.com/--  
manufactures hermetic compressors for air conditioning and
refrigeration products, gasoline engines and power train
components for lawn and garden applications, submersible pumps,
and small electric motors.  The company has offices in Italy,
United Kingdom, Brazil, France, and India.


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


ALCATEL-LUCENT: Chief Executive Confirms Job Cuts in R&D Units
--------------------------------------------------------------
Patricia Russo, CEO of Alcatel-Lucent, during a meeting of the
company's European group committee, stressed that the staff
reductions undertaken by the company are the direct result of
redundancies linked to the merger announced on Dec. 1, 2006, and
of Nortel's UMTS activities acquisition.  

Ms. Russo emphasized that the staff reductions are also linked
to the adaptation of the business model related to its
customers' rapidly evolving needs and to the adjustment of some
activities to the market perspectives.

Those reasons, and especially the redefinition of the product
portfolio, explain why a part of the plan concerns job
reductions in R&D.  While the company's presence in emerging
countries is essential to adapt products to the specificities of
those growing markets, the company insisted on the fact that
those countries would experience the impact of synergies as
well.

Ms. Russo also reaffirmed the company's strong commitment to R&D
in Western Europe and North America in particular.

The missions of the company's major European R&D competence
centers were also confirmed:

   -- access in Belgium and Spain;

   -- optics in Italy, Germany and France;

   -- submarine networks in France;

   -- IP in Belgium;

   -- 2G mobile in France and Germany;

   -- 3G mobile in France, following Nortel's UMTS activities
      acquisition, and in Germany;

   -- WiMAX in France and Germany;

   -- convergence in France, Belgium, Germany and Spain;

   -- enterprise in France; and

   -- research & innovation in France, Germany and Belgium.

Alcatel-Lucent's active involvement in the working group on the
future of telecom in Europe put in place by the French
government is also dedicated to this commitment.

Twelve members of the management team, along with 27 delegates
from nine European countries, attended the meeting.

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable   
service providers, enterprises and governments worldwide, to
deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol (IP) technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work, and on the move.

On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Australia, Brunei, and Cambodia.

                        *     *     *

As of Feb. 7, Alcatel-Lucent's Long-Term Corporate Credit rating
and Senior Unsecured Debt carry Standard & Poor's BB- rating.
It's Short-Term Corporate Credit rating stands at B.

Moody's, on the other hand, put a Ba2 rating on Alcatel's
Corporate Family and Senior Debt rating.  Lucent carries Moody's
B1 Senior Debt rating and B2 Subordinated debt & trust preferred
rating.

Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured
Debt rating at BB.


A-Z OPITZ: Creditors' Meeting Slated for May 2
----------------------------------------------
The court-appointed insolvency manager for A-Z Opitz GmbH, Dr.
Petra Hilgers, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at noon on May 2.

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 11:30 a.m. on Aug. 8 at the same venue.

Creditors have until June 11 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Petra Hilgers
         Goethestr. 85
         10623 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against A-Z Opitz GmbH on March 8.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         A-Z Opitz GmbH
         Werdauer Weg 3
         10829 Berlin
         Germany


B & S SICHERHEITSSYSTEME: Claims Registration Ends April 19
-----------------------------------------------------------
Creditors of B & S Sicherheitssysteme GmbH & Co. KG have until
April 19 to register their claims with court-appointed
insolvency manager Dr. Winfrid Andres.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Winfrid Andres
         Neuer Zollhof 3
         40221 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against B & S Sicherheitssysteme GmbH & Co. KG on March 15.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         B & S Sicherheitssysteme GmbH & Co. KG
         Halskestr. 21
         40880 Ratingen
         Germany

         Attn: Dieter Schymik
         Zeppenheimer Str. 71 A
         40489 Duesseldorf
         Germany


BAUUNTERNEHMEN HAIBOECK: Claims Registration Ends May 9
-------------------------------------------------------
Creditors of Bauunternehmen Haiboeck GmbH have until May 9 to
register their claims with court-appointed insolvency manager
Eberhard Irrgang.

Creditors and other interested parties are encouraged to attend
the meeting at 1:05 p.m. on June 5, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hof
         Meeting Room 012
         Ground Floor
         Berliner Place 1
         95030 Hof
         Germany

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

The insolvency manager can be reached at:

         Eberhard Irrgang
         Martin-Luther-Platz 11
         95100 Selb
         Germany
         Tel: 09287-2575
         Fax: 09287-87197

The District Court of Hof opened bankruptcy proceedings against
Bauunternehmen Haiboeck GmbH on March 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Bauunternehmen Haiboeck GmbH
         Luisenburgstr. 9
         95032 Hof
         Germany


BENQ CORP: Creditors File EUR1.2 Bln Claims Against Mobile Unit
---------------------------------------------------------------
About 4,350 creditors have filed claims against BenQ Mobile GmbH
& Co. OHG, the bankrupt mobile subsidiary of Taiwan-based BenQ
Corp., John Blau of IDG News Service reports citing BenQ
insolvency administrator Martin Prager as saying.

BenQ Mobile is facing up to EUR1.2 billion (US$1.6 billion) in
claims, most of which comes from 3,500 former BenQ employees who
are seeking up to EUR27 million in compensation, Mr. Blau
relates.

According to the report, creditors have asked Mr. Prager to
examine whether they could require the company's Taiwanese
parent to meet their demands as Mr. Prager's estimates of the
mobile unit's assets fall only at around EUR300 million.

BenQ Corp. Chairman K.Y. Lee is in pressure to turn the company
around after the board of directors refused to accept his offer
to resign from his post.  Instead, the board said it will form a
task force to review and report on all losses attributed to the
acquisition of the mobile phone maker from Siemens in 2005.

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

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

BenQ Mobile has lost market share against giant competitors.

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

                        *     *     *

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

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

The ratings reflect BenQ's:

   * continuing operating losses from its handset operations;

   * high leverage; and

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


BENQ CORP: Posts NT$7.89 Billion Loss in Fourth Quarter 2006
------------------------------------------------------------
BenQ Corp. posted its fifth straight quarterly loss as its
handset business continues to drag after it declared its German
unit insolvent late last year, Reuters relates.

According to the report, BenQ posted a net loss of NT$7.89
billion or US$238 million for the October-December quarter,
widening from a year-ago loss of NTT$6.02 billion.

Reuters notes that the result was compared with an average
forecast for an NT$843 million loss from five analysts the news
agency surveyed.  The firm posted a loss of NT$12.22 billion in
the third quarter, Reuters relates.

The report says BenQ faces more challenges as it tries to
strengthen its struggling core businesses, while its outlook is
also clouded by the detention last week of its chief financial
officer in a probe over suspected insider trading.

However, BenQ said it will continue to sell phones in Asia, even
though it failed to turn around the loss-making handset unit it
bought from Germany's Siemens in late 2005, Reuters notes.

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.


DEINBOECK IMMOBILIEN: Financial Woes Prompt Insolvency Filing
-------------------------------------------------------------
Deinboeck Immobilien AG has filed a petition with the District
Court of Bueckeburg on March 9 to commence insolvency
proceedings in light of a possible failure to settle its
obligations, Borsen Zeitung reports.

The company's inability to achieve the financial structure
needed to attract investors may have also triggered the filing,
Borsen Zeitung suggests.  Meanwhile, the court has appointed
Olaf Handschuh as insolvency manager for the company.

The insolvency manager can be reached at:

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

The Debtor can be reached at:

         Deinboeck Immobilien AG
         Striegauer Weg 3
         31655 Stadthagen
         Germany

         Attn: Stephan J. Gerken, Manager
         Neue Str.
         28816 Stuhr
         Germany

                   About Deinbock Immobilien

Based in Frankfurt am Main, Germany, Deinbock Immobilien AG --
http://www.deinboeckag.de-- engages in the development, sale,  
and renting out of real estate objects.  The Company had
apartments and commercial objects in Cologne, Hamburg, Bergisch-
Gladbach, Landshut, Berlin, and Stad.  It has one domestic
subsidiary.


FIREPHONE GMBH: Claims Registration Ends April 8
------------------------------------------------
Creditors of Firephone GmbH have until April 8 to register their
claims with court-appointed insolvency manager Dr. Guenter
Trutnau.

Creditors and other interested parties are encouraged to attend
the meeting at 1:50 p.m. on April 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany   
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Guenter Trutnau
         III. Hagen 30
         45127 Essen   
         Germany
   
The District Court of Essen opened bankruptcy proceedings
against Firephone GmbH on March 13.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Firephone GmbH
         Attn: Christian Duda, Manager                   
         Viehofer Str. 26
         45127 Essen
         Germany


GEMINI VERTRIEBSLOGISTIK: Claims Registration Ends May 7
--------------------------------------------------------
Creditors of GEMINI Vertriebslogistik GmbH have until May 7 to
register their claims with court-appointed insolvency manager
Ruediger Schmidt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Goeppingen
         Hall 0.24
         Ground Floor
         Pfarrstrasse 25
         73033 Goeppingen
         Germany

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

The insolvency manager can be reached at:

         Ruediger Schmidt
         Muehlesgassle 2
         73054 Eislingen
         Germany
         Tel: 07161/82018
         Fax: 07161/817976

The District Court of Goeppingen opened bankruptcy proceedings
against GEMINI Vertriebslogistik GmbH on March 14.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         GEMINI Vertriebslogistik GmbH
         Teckstr. 36
         73107 Eschenbach
         Germany


HERZOG GMBH: Claims Registration Ends May 2
-------------------------------------------
Creditors of Herzog GmbH have until May 2 to register their
claims with court-appointed insolvency manager Peter Weigl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on June 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Regensburg
         Room 105
         Augustenstr. 5
         Regensburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Peter Weigl
         Ladehofstr. 28
         93049 Regensburg
         Germany
         Tel: 0941/2803660
         Fax: 0941/2803662

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

The Debtor can be reached at:

         Herzog GmbH
         Marienplatz 12
         93354 Siegenburg
         Germany


INFORMATION MANAGEMENT: Claims Registration Ends April 27
---------------------------------------------------------
Creditors of Information Management Software (IMS) GmbH have
until April 27 to register their claims with court-appointed
insolvency manager Sabine von Stein-Lausnitz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on May 22, at which time the insolvency
manager will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

         Sabine von Stein-Lausnitz
         Hegelstr. 39
         39104 Magdeburg
         Germany
         Tel: 0391/5982244
         Fax: 0391/5982158

The District Court of Magdeburg opened bankruptcy proceedings
against Information Management Software (IMS) GmbH on March 14.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Information Management Software (IMS) GmbH
         Sandtorstr. 23
         39106 Magdeburg
         Germany

         Attn: Ingo Dammig, Manager
         Rosenhag 22
         39418 Stassfurt
         Germany


KHS BAUCENTER: Creditors Must Register Claims by May 29
-------------------------------------------------------
Creditors of KHS Baucenter GmbH have until May 29 to register
their claims with court-appointed insolvency manager
Rainer Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C205
         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 reached at:

         Rainer Beck
         Rheinstrasse 75
         47623 Kevelaer
         Germany

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

The Debtor can be reached at:

         KHS Baucenter GmbH
         Huenxer Strasse 33
         46569 Huenxe
         Germany

         Attn: Wojciech Orlowski, Manager
         Gehrenstrasse 16
         44149 Dortmund
         Germany


LAUER BAUBETREUUNG: Creditors Must Register Claims by April 21
--------------------------------------------------------------
Creditors of Lauer Baubetreuung Immobilien GmbH have until
April 21 to register their claims with court-appointed
insolvency manager Reinhard Buchholz.

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

The meeting of creditors will be held at:

         The District Court of Ludwigshafen am Rhein
         Meeting Hall 13
         Wittelsbachstr. 10
         67061 Ludwigshafen am Rhein
         
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:

         Reinhard Buchholz
         Herzog-Otto-Str. 104
         D 67105 Schifferstadt
         Germany

The District Court of Ludwigshafen am Rhein opened bankruptcy
proceedings against Lauer Baubetreuung Immobilien GmbH on
March 14.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Lauer Baubetreuung Immobilien GmbH
         Tilsiter Strasse 51
         67117 Limburgerhof
         Germany


MICHAEL BEHR: Creditors Must Register Claims by April 13
--------------------------------------------------------
Creditors of Michael Behr GmbH have until April 13 to register
their claims with court-appointed insolvency manager Hans Raab.

Creditors and other interested parties are encouraged to attend
the meeting at 2:20 p.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 Fuerth
         Hall 3
         Ground Floor
         Baumenstrasse 32
         Fuerth
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Hans Raab
         Marktstr. 1
         91448 Emskirchen
         Germany
         Tel: 09104/829418
         Fax: 09104-829441

The District Court of Fuerth opened bankruptcy proceedings
against Michael Behr GmbH on March 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Michael Behr GmbH
         Hermann-Glockner-Str. 7
         90763 Fuerth
         Germany


PERRA GASTRONOMIE: Creditors Must Register Claims by April 16
-------------------------------------------------------------
Creditors of PERRA Gastronomie GmbH have until April 16 to
register their claims with court-appointed insolvency manager
Angela Gerigk.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 7, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Angela Gerigk
         Katharinenstr. 7
         46282 Dorsten
         Germany

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

The Debtor can be reached at:

         PERRA Gastronomie GmbH
         Am Hang 10
         46282 Dorsten
         Germany


PH PARTY: Creditors' Meeting Slated for May 11
----------------------------------------------
The court-appointed insolvency manager for PH Party House GmbH,
Dr. Dirk Wittkowski will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
9:30 a.m. on May 11.

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 9:30 a.m. on Aug. 10 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:

         Dr. Dirk Wittkowski
         Kirchblick 11
         14129 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against PH Party House GmbH on March 15.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         PH Party House GmbH
         Jan-Petersen-Strasse 18
         12679 Berlin
         Germany


PO-GA POOL-GARTEN-WELLNESS: Claims Registration Ends April 17
-------------------------------------------------------------
Creditors of PO-GA Pool-Garten-Wellness GmbH have until April 17
to register their claims with court-appointed insolvency manager
Alexander Hoepfner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.311
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         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. Alexander Hoepfner
         Darmstadter Str. 43
         64646 Heppenheim
         Germany
         Tel: 06252-6739988
         Fax: 06252-6739989

The District Court of Darmstadt opened bankruptcy proceedings
against PO-GA Pool-Garten-Wellness GmbH on March 15.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         PO-GA Pool-Garten-Wellness GmbH
         Attn: Christoph Luehn, Manager
         Am Erbachwiesenweg 4
         64646 Heppenheim
         Germany


POHLSCHROEDER GELDSCHRANK: Claims Registration Ends May 10
----------------------------------------------------------
Creditors of Pohlschroeder Geldschrank - Recyclingswerk GmbH &
Co. KG have until May 10 to register their claims with court-
appointed insolvency manager Yorck Eymelt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 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 reached at:

         Yorck Eymelt
         Verspoel 12
         48143 Muenster
         Germany
         Tel: 0251/41701-0
         Fax: +492514170160

The District Court of Muenster opened bankruptcy proceedings
against Pohlschroeder Geldschrank - Recyclingswerk GmbH & Co. KG
on March 14.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Pohlschroeder Geldschrank-Recyclingswerk GmbH & Co. KG
         Attn: Arno Wittbrodt, Manager
         Heinrich-Buessing-Str. 16
         49549 Ladbergen
         Germany


RS-ELEKTRONIK: Claims Registration Period Ends April 20
-------------------------------------------------------
Creditors of RS-Elektronik GmbH have until April 20 to register
their claims with court-appointed insolvency manager Frank W.
Stroot.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Osnabrueck
         Branch N 301
         Kollegienwall 10
         49074 Osnabrueck
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Frank W. Stroot
         Rheiner Landstrasse 195b
         49078 Osnabrueck
         Germany
         Tel: 0541/94422-600
         Fax: 0541/94422-660

The District Court of Osnabrueck opened bankruptcy proceedings
against RS-Elektronik GmbH on March 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         RS-Elektronik GmbH
         Attn: Johannes Siebe, Manager
         Lienenere Str. 15
         49186 Bad Iburg
         Germany


RUDOLF WORM: Claims Registration Period Ends May 25
---------------------------------------------------
Creditors of Rudolf Worm GmbH & Co. KG have until May 25 to
register their claims with court-appointed insolvency manager
Dirk Obermueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bad Neuenahr-Ahrweiler
         Hall 4
         William Route 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:

         Dirk Obermueller
         Godesberger Allee 125-127
         53175 Bonn
         Germany
         Tel: 0228/81000-56
         Fax: 0228/81000-820

The District Court of Bad Neuenahr-Ahrweiler opened bankruptcy
proceedings against Rudolf Worm GmbH & Co. KG on March 15.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Rudolf Worm GmbH & Co. KG
         Mittelstr. 42-46
         53424 Remagen-Kripp
         Germany

         Attn: Oskar Franz Worm, Manager
         Batterieweg 26
         53424 Remagen
         Germany


SANDWICH CLUB: Claims Registration Ends April 30
------------------------------------------------
Creditors of Sandwich Club GmbH have until April 30 to register
their claims with court-appointed insolvency manager Joerg
Nerlich.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Joerg Nerlich
         Louise-Dumont-Str. 25
         40211 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Sandwich Club GmbH on March 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Sandwich Club GmbH
         Jagenbergstrasse 4b
         41468 Neuss
         Germany

         Attn: Tim Ralf Hoernemann, Manager
         Carlsplatz 4
         40213 Duesseldorf
         Germany


SUPULANE GMBH: Claims Registration Period Ends April 19
-------------------------------------------------------
Creditors of Supulane GmbH have until April 19 to register their
claims with court-appointed insolvency manager Olaf Suehrer.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 31, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.312
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         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:

         Olaf Suehrer
         Steubenplatz 12
         64293 Darmstadt
         Germany
         Tel: 06151/136270
         Fax: 06151/1362729

The District Court of Darmstadt opened bankruptcy proceedings
against Supulane GmbH on March 15.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Supulane GmbH
         Suesslingswiesenweg 6
         64367 Muehltal
         Germany

         Attn: Uwe Gross, Manager
         Roede 1
         64367 Muehltal
         Germany


TANKRAPS GMBH: Claims Registration Period Ends May 11
-----------------------------------------------------
Creditors of TankRaps GmbH have until May 11 to register their
claims with court-appointed insolvency manager Dr. Peter
Staufenbiel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Goettingen
         Hall B 11
         Maschmuhlenweg 11
         37073 Goettingen
         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. Peter Staufenbiel
         Dransfelder Strasse 19 A
         37079 Goettingen
         Tel: 0551/9000950
         Fax: 0551/9000955
         E-Mail: staufenbiel@hauter.com

The District Court of Goettingen opened bankruptcy proceedings
against TankRaps GmbH on Feb. 20.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         TankRaps GmbH
         Attn: Wolfgang Jacobi, Manager
         Johannes-Jeep-Str. 16
         37127 Dransfeld
         Germany


TRIPOS INC: Dec. 31 Balance Sheet Upside-Down by US$5.4 Million
---------------------------------------------------------------
Tripos Inc. reported a net loss of US$4.9 million on revenues of
US$27.4 million for the year ended Dec. 31, 2006, compared with
a net loss of US$4.5 million on revenues of US$28.0 million for
the year ended Dec. 31, 2005.

The company posted an operating loss of US$4.6 million for the
fiscal year ending Dec. 31, 2006, compared with an operating
loss of US$3.1 million in 2005.

Net loss allocable to common shareholders was US$35.0 million,
or US$3.42 per basic share, compared with a net loss of US$4.3
million, or US$0.42 per basic share, in 2005.

At Dec. 31, 2006, the company's balance sheet showed US$35.4
million in total assets and US$36.9 million in total
liabilities, resulting in a US$5.4 million total stockholders'
deficit.

Tripos has called a special meeting of shareholders to approve
the proposed sale of its Discovery Informatics business to
Vector Capital.  As shareholder approval is required for the
sale, Generally Accepted Accounting Principles (GAAP) requires
that Tripos continue to report the Discovery Informatics results
as continuing operations until shareholder approval is obtained.

During the fourth quarter of 2006, the company determined to
hold the Discovery Research business for sale and accordingly,
GAAP requires that the Discovery Research business be reported
as discontinued operations for both the current and prior year
periods.

                        Impairment Charges

The fourth-quarter financial results included a non-cash
impairment charge in the amount of US$15 million to adjust the
carrying value of assets in the Discovery Research business to
the projected proceeds from a contemplated sale of the operating
segment.  This charge approximates the difference between the
value of the Discovery Research business and the company's best
estimate of the anticipated net sale price to be received for
that business.

In the third quarter of 2006, Tripos recorded an impairment
charge of US$3.6 million that approximated the loss to be
incurred on the sale of excess property, buildings, and
equipment at its chemistry facility in Bude, England.

                     Restructuring Charges

The company incurred a restructuring charge in the fourth
quarter of US$471,000 for the elimination of 22 positions at the
Tripos Discovery Research facility.  The number of jobs
eliminated in the Discovery Research business in 2006 was 112
with an associated charge of US$1.6 million.

Tripos also eliminated nine positions from the Discovery
Informatics and administrative groups, incurring a charge of
US$120,000 in the first quarter of 2006.  

A restructuring charge of US$861,000 was recorded in the fourth
quarter of 2005 at Tripos Discovery Research related to a
temporary building that was idled in anticipation of the job
reductions at its chemistry facility.   

                      Operating Activities

In the Discovery Informatics division a charge of US$650,000 was
taken to reflect the additional costs to complete the
informatics service contract with Wyeth Pharmaceuticals.  This
project has experienced delays and cost overruns that now are
anticipated to result in the project being completed at cost.  
The adjustment in the fourth quarter eliminates the cumulative
gross profit from the project and was a prime contributor for
the business unit's quarterly operating loss.

Tripos incurred operating losses of US$3.9 million at the Tripos
Discovery Research Ltd. chemistry facility in the fourth quarter
due primarily to costs and overhead exceeding the level of
revenue achieved, and recording the obligation to repay a
portion of a grant previously received to fund the expansion of
its chemistry facilities.  When operating results are combined
with the restructuring and impairment charges, this segment had
losses of US$19.4 million in the quarter.

The fourth quarter marks the anniversary of the completion of
the four-year US$90 million chemical compound project for Pfizer
Inc.  The inability to replace this source of revenue in the
face of competition from India and China is the principal cause
of the deterioration in the operating results in the Discovery
Research Division.

In addition, costs related to the strategic alternatives process
- including proxy costs, investment-banking fees of US$250,000
along with legal and professional fees of nearly US$550,000 -
amounted to approximately US$800,000 in the fourth quarter.

For the full year, the Discovery Research unit was severely
impacted by its inability to replace the large Pfizer contract.  
Excluding the restructuring charges and the impairment charges,
this unit generated losses of US$9.7 million.  When including
the restructuring and impairment charges, the loss for the year
was US$29.9 million from the Discovery Research business.

In spite of repeated efforts to streamline the organization,
Tripos was not able to generate sufficient revenues or cut fixed
facility, equipment, and overhead costs quickly enough to keep
pace with the loss of business that went offshore to less
expensive locales.

The Discovery Informatics unit generated losses of US$2 million
for the year that were primarily driven by the incremental costs
incurred and expected to be incurred to deliver the next-
generation laboratory informatics project for Wyeth.

The company had incurred costs in excess of US$1 million during
2006 related to the strategic alternatives process, including
legal, professional, and investment banking fees.  Tripos
continues to believe that the costs of being a pubic company in
the current regulatory environment are not justified by current
revenue and near-term growth opportunities.

"We are extremely disappointed with the 2006 operating results.
New business that had been anticipated and cultivated in the
Discovery Research area did not develop as forecasted," said Dr.
John P. McAlister, president and chief executive officer of
Tripos.

"Throughout this year, we have dealt with the rapid realignment
of the market for outsourced discovery research services to the
low-cost venues in Asia and Eastern Europe.  As a result, we
have continued to take steps to streamline the Discovery
Research organization as revenue expectations have changed while
we have sought to build a project pipeline with existing
customers and attract new business.

"Throughout the year, but particularly in the fourth quarter,
efforts to effect a successful negotiation and sale of our
operating units added increased burden to the organization's
management.  These efforts required that the company maintain
operations at certain levels in order to be able to offer
operating enterprises to potential buyers."

                Liquidity and Capital Resources

Due to the company's financial performance in 2006, Tripos was
unable to comply with a financial covenant under its credit
facility with LaSalle Bank N.A.

The company requested a waiver of the covenant violation and an
extension of the credit facility past its maturity date of
Jan. 1.  LaSalle Bank advised Tripos that it would waive the
covenant violation and extend the maturity date until Feb. 28.

Tripos and LaSalle completed an amendment to the loan agreements
in December 2006.  On Feb. 27, LaSalle Bank granted a further
extension of the company's credit facility until March 21.

During the discussions with LaSalle Bank that led to the
extension through March 21, LaSalle reiterated that it does not
intend to further extend the maturity date of the credit
facility if the stockholders do not approve the Asset Sale.

The company's ability to operate as a going concern and fund its
operating and capital needs if stockholders do not approve the
Asset Sale is dependent upon the company's ability to obtain
capital in an amount sufficient to repay LaSalle and provide
sufficient working capital for the company.

The company does not have a commitment for alternative
financing.  If new financing is available, it would likely be on
terms that are materially adverse to the company and its
stockholders.

If new capital is not available and stockholders have not
approved the Asset Sale, the company would attempt to
renegotiate the current terms of the LaSalle facility with the
lender.

If stockholders have not approved the Asset Sale and the company
can neither obtain alternative financing nor renegotiate the
current facility with LaSalle, the company may determine that it
should pursue a restructuring of the company's debt and other
interests under applicable law.

                        About Tripos Inc.

Headquartered in St. Louis, Missouri, Tripos Inc. --
http://www.tripos.com/-- combines leading-edge technology and  
innovative science to deliver consistently superior chemistry-
research products and services for the biotechnology,
pharmaceutical and other life science industries.

Within Tripos' Discovery Informatics business, the company
provides software products and consulting services to develop,
manage, analyze and share critical drug discovery information.

Within Tripos' Discovery Research business, Tripos' medicinal
chemists and research scientists partner directly with clients
in their research initiatives, leveraging state-of-the-art
information technologies and research facilities.


TRIPOS INC: Shareholders Vote to Sell Unit & Liquidate Company
--------------------------------------------------------------
Tripos Inc. disclosed that its proposals to sell the assets of
its Discovery Informatics business to Vector Capital and to
adopt a plan of dissolution and liquidation of the company
following completion of that sale were each approved by the
required stockholder vote on March 16.

Liquidation of the company will occur following resolution of
all corporate debts and obligations, and will commence
approximately six months from now.

                      About Vector Capital

Based in San Francisco, California, Vector Capital --
http://www.vectorcapital.com/-- is a private equity boutique  
specializing in buyouts, spinouts, and recapitalizations of
established technology businesses.

                        About Tripos Inc.

Headquartered in St. Louis, Missouri, Tripos Inc. --
http://www.tripos.com/-- combines leading-edge technology and  
innovative science to deliver consistently superior chemistry-
research products and services for the biotechnology,
pharmaceutical and other life science industries.

Within Tripos' Discovery Informatics business, the company
provides software products and consulting services to develop,
manage, analyze and share critical drug discovery information.

Within Tripos' Discovery Research business, Tripos' medicinal
chemists and research scientists partner directly with clients
in their research initiatives, leveraging state-of-the-art
information technologies and research facilities.

At Dec. 31, 2006, the company's balance sheet showed US$35.4
million in total assets and US$36.9 million in total
liabilities, resulting in a US$5.4 million total stockholders'
deficit.


TRIPOS INC: Completes US$26.2-Mln Sale of Discovery Informatics
---------------------------------------------------------------
Tripos Inc. has completed the sale of the assets of its
Discovery Informatics business to affiliates of Vector Capital
and received a final purchase price of US$26.2 million for the
unit.

This represented an increased purchase price of approximately
US$575,000 due to improved working capital of the business since
the signing of the asset purchase agreement in November 2006.

Tripos used a portion of the proceeds to retire existing debt
with LaSalle Bank and Horizon Technology Finance.

Liquidation of the company will occur following resolution of
all remaining corporate debts and obligations, and will commence
approximately six months from now.

Efforts to sell Tripos' Discovery Research business are
continuing, although no assurance can be given that a
transaction for this division can be completed on satisfactory
terms.

                      About Vector Capital

Based in San Francisco, California, Vector Capital --
http://www.vectorcapital.com/-- is a private equity boutique  
specializing in buyouts, spinouts, and recapitalizations of
established technology businesses.

                        About Tripos Inc.

Headquartered in St. Louis, Missouri, Tripos Inc. --
http://www.tripos.com/-- combines leading-edge technology and  
innovative science to deliver consistently superior chemistry-
research products and services for the biotechnology,
pharmaceutical and other life science industries.

Within Tripos' Discovery Informatics business, the company
provides software products and consulting services to develop,
manage, analyze and share critical drug discovery information.

Within Tripos' Discovery Research business, Tripos' medicinal
chemists and research scientists partner directly with clients
in their research initiatives, leveraging state-of-the-art
information technologies and research facilities.

At Dec. 31, 2006, the company's balance sheet showed US$35.4
million in total assets and US$36.9 million in total
liabilities, resulting in a US$5.4 million total stockholders'
deficit.


W. GOEBEL: Merrill Lynch & Strategic Value Mull Acquisition
-----------------------------------------------------------
W. Goebel Porzellanfabrik is currently the target of a takeover
bid by U.S. investors Merrill Lynch and Strategic Value Partner
for an undisclosed amount, Suddeutsche Zeitung relates.

According to the report, the financiers plan to assimilate all
430 employees, although redundancies are still possible.  They
will also keep the Rodental facility since it has a five-year
lease.

Meanwhile, Insolvency Administrator Siegfried Beck foresees a
successful future for the company in light of the potential
acquisition, Suddeutsche Zeitung reveals.

                        About W. Goebel

Based in Rodental, Germany, W. Goebel Porzellanfabrik --
http://www.goebel.de/-- designs and manufactures handicraft  
products that include figurines, tableware, and lifestyle
accessories made of porcelain, fine earthenware, and other
materials.  All Goebel products are handmade by highly
experienced craftsmen and shaped and painted with high quality
standards.

In July 2006, W. Goebel filed for the commencement of insolvency
proceedings in Germany.


WCM BETEILIGUNGS: Salzgitter AG Eyes Klockner-Werke Buyout
----------------------------------------------------------
Salzgitter AG, through its Salzgitter Mannesmann GmbH unit, will
launch an offer to buy out minority shareholders of Kloeckner-
Werke AG, once it completes its acquisition of the 78% stake of
WCM Beteiligungs- und Grundbesitz AG in the firm.

In a statement released though euro adhoc, Salzgitter, which
currently holds a total of 5.2% in Kloeckner-Werke, will offer
EUR15 per share to acquire the remaining equity in the firm.  

Reuters relays that under German law, Salzgitter AG must make a
mandatory offer to all Kloeckner-Werke shareholders once its
stake reaches 30%.

In a TCR-Europe report on March 21, WCM, represented by court-
appointed insolvency administrator Michael C. Frege, has agreed
to sell its stake in Kloeckner-Werke to Salzgitter AG for EUR240
million.  The firm's shareholders and anti-trust authorities
have yet to approve the share purchase agreement.

Mr. Frege hopes the stake sale would represent a major move that
could form the basis for a new insolvency plan.

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

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

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

The administrator can be reached at:

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

                        About Salzgitter

Headquartered in Salzgitter, Germany, Salzgitter AG --
http://www.salzgitter-ag.de/-- is the Germany-based holding  
company for a group of more than 80 domestic and international
subsidiaries active in the steel technology industry.

                         About WCM AG

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

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


WEIGL & JANUSCHKOWETZ: Claims Registration Period Ends May 11
-------------------------------------------------------------
Creditors of Weigl & Januschkowetz Handels-GmbH have until
May 11 to register their claims with court-appointed insolvency
manager Dr. Michael Jaffe.

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

         Dr. Michael Jaffe
         Franz-Joseph-Str. 8
         80801 Muenchen
         Germany
         Tel: 089/255487-00
         Fax: 089/255487-10

The District Court of Muenchen opened bankruptcy proceedings
against Weigl & Januschkowetz Handels-GmbH on March 13.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Weigl & Januschkowetz Handels-GmbH
         Mittermayerstr. 6
         221 Dachau
         Germany


WOHNPARK NORD: Claims Registration Period Ends May 9
----------------------------------------------------
Creditors of Wohnpark Nord GmbH have until May 9 to register
their claims with court-appointed insolvency manager Karl-
Joachim Meyer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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:

         Karl-Joachim Meyer
         Schiessgrabenstr. 8/9
         21335 Lueneburg
         Tel: 20100
         Fax: 20 10 14
         Germany

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

The Debtor can be reached at:

         Wohnpark Nord GmbH
         Attn: Joachim-Anton von Alvensleben, Manager
         Grapengiesserstr. 31
         21335 Lueneburg
         Germany


WORM TEXTILHANDELSGESELLSCHAFT: Claims Registration Ends May 25
---------------------------------------------------------------
Creditors of Rudolf Worm Textilhandelsgesellschaft mbH have
until May 25 to register their claims with court-appointed
insolvency manager Dirk Obermueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bad Neuenahr-Ahrweiler
         Hall 4
         William Route 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:

         Dirk Obermueller
         Godesberger Allee 125-127
         53175 Bonn
         Germany
         Tel: 0228/81000-56
         Fax: 0228/81000-820

The District Court of Bad Neuenahr-Ahrweiler opened bankruptcy
proceedings against Rudolf Worm Textilhandelsgesellschaft mbH on
March 15.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Rudolf Worm Textilhandelsgesellschaft mbH
         Mittelstr. 42
         53424 Remagen
         Germany

         Attn: Rudolf Herbert Worm, Manager
         Batterieweg 26
         53424 Remagen
         Germany


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


AFFILIATED COMPUTER: Confirms Receipt of Purchase Proposal
----------------------------------------------------------
Affiliated Computer Services Inc. confirmed that it received a
proposal from Darwin Deason, Chairman of the Board of ACS, and
Cerberus Capital Management L.P., to acquire, for a cash
purchase price of US$59.25 per share, all of the outstanding
shares of the company's common stock, other than certain shares
and options held by Mr. Deason and members of the company's
management team that would be rolled into equity securities of
the acquiring entity in connection with the proposed
transaction.

A special committee of independent directors has been formed by
the Board of Directors to evaluate the company's strategic
alternatives, including the proposal from Mr. Deason and
Cerberus. The committee has engaged independent legal counsel --
Weil, Gotshal & Manges LLP -- and expects forthwith to retain
independent financial advisors to assist the committee.

The committee expects to make a recommendation to the Board of
Directors following its consideration of strategic alternatives,
including the proposal, in due course.

                       Letter to Mr. Deason

The independent directors, through Lead Director Joseph P.
O'Neill, have written a letter to Mr. Deason about his proposal.

In that letter, Mr. O'Neill stated that the independent
directors have threshold concerns with two aspects of the
Proposal:

   1) The Proposal states that Mr. Deason has agreed to work
      exclusively with Cerberus to negotiate a transaction and
      expect the Proposal to undergo a customary market check
      process only after execution of a definitive agreement;
      and

   2) The Proposal indicates that Mr. Deason has entered into an
      agreement with Cerberus which involves, among other
      things, voting arrangements with respect to Mr. Deason's
      ACS shares.

With regards to the first aspect, Mr. O'Neill emphasized that
the independent directors are concerned that it provides Mr.
Deason and Cerberus with an inherent timing and information
advantage, which may chill the interest of other parties and
raise questions about the fairness and reasonableness of the
company's process for developing and considering alternative
proposals.

Accordingly, Mr. O'Neill relates that the independent directors
are requesting that the exclusivity arrangement promptly be
voided so that there is no constraint on the company's ability
to deal with third parties concurrently with Mr. Deason and
Cerberus.

Concerning the second aspect, Mr. O'Neill said that the
independent directors believe they need to be informed of Mr.
Deason's agreements relating to the Proposal, including details
as to the roll over of certain of his securities, cash he
received in the transaction and ongoing incentive and other
arrangements, in order to properly evaluate the Proposal.

                   Moody's May Downgrade Ratings

Moody's Investors Service placed the ratings for Affiliated
Computer Services on review for possible downgrade after the
company's disclosure of Mr. Deason and Cerberus' proposal to buy
the company.

"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", John Moore, Moody's Senior Analyst,
said.

Ratings placed on review for possible downgrade include the Ba2
rated Senior Secured Term Loan, Senior Secured Revolving Credit
Facility, Senior Notes, and US$500 Million due 2010 and 2015.

                  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.


AFFILIATED COMPUTER: Buyout Offer Cues Fitch's Negative Watch
-------------------------------------------------------------
Fitch Ratings has placed Affiliated Computer Services, Inc. on
Rating Watch Negative after the proposed offer from Darwin
Deason, founder and current chairman of ACS, and Cerberus
Capital Management L.P. to acquire the company in a leveraged
buyout transaction valued at US$8.2 billion, including existing
debt.

Ratings affected:

   -- Issuer Default Rating 'BB';
   -- Senior secured revolving credit facility at 'BB';
   -- Senior secured term loan at 'BB'; and
   -- Senior notes at 'BB-'.

Approximately US$3.3 billion of debt, including the US$1 billion
revolving facility, is affected by Fitch's action.

Resolution of the Negative Rating Watch is contingent on these
factors:

   -- The decision reached by ACS' Board of Directors to accept
      or reject the offer following a review of the transaction;

   -- The degree of leverage utilized in financing the
      acquisition should the Board approve the transaction;

   -- The acquirer's ability to arrange what Fitch believes will
      be approximately US$6 billion of debt financing, assuming
      a 30% equity contribution.

Fitch believes ACS' credit metrics proforma for the transaction
support an IDR in the 'B' category.  Based on the proposed offer
price and a 30% equity contribution, Fitch estimates pro forma
leverage may increase to 6.3x from 2.8x as of Dec. 31, 2006 due
to a projected US$3.3 billion increase in outstanding debt to
US$6 billion in order to finance the transaction.

Fitch believes proforma interest coverage may decline to 1.7x
from 7.1x for the latest 12 months ended Dec. 31, 2006.

Fitch believes the majority of outstanding debt will be
refinanced in an LBO transaction.  Total debt as of Dec. 31,
2006 was approximately US$2.6 billion, consisting primarily of
US$1.8 billion of secured term loans due 2013, US$275 million of
borrowings under the revolving credit facility, US$250 million
of senior notes due June 2010 and US$250 million of senior notes
due June 2015.  

Under the terms of the credit facility agreement, consummation
of the proposed transaction would be an event of default,
requiring immediate repayment of all outstanding borrowings
under the facility due to a change of control provision and
likely violation of financial covenants in the agreement,
including maximum consolidated total leverage ratio of 4x and
interest coverage covenant of 4.5x.

The indenture governing ACS' US$500 million of senior notes
offers no protection in the event of an LBO.  ACS previously
granted equal and ratable liens in favor of the holders of the
senior notes in all assets other than accounts receivable when
it obtained the current secured credit facility.  The 'BB-'
rating for the senior notes incorporates the fact that the
secured credit facilities have the sole rights to ACS' accounts
receivable, which represented approximately 21% of total assets
and 43% of tangible assets as of Dec. 31, 2006.

Acceleration of principal on the senior notes as a result of
ACS' failure to timely file its 10-K for the year ended June 30,
2006, remains uncertain due to the company's pending lawsuit
against its Trustee, in which ACS seeks a declaratory judgment
affirming its position that no default has occurred under the
indenture. However, Fitch believes there is a possibility the
senior notes will be refinanced in the proposed transaction to
avoid the uncertainty associated with a sizeable contingent
payment relative to current liquidity and minimal pro forma free
cash flow in a highly leveraged capital structure.


AFFILIATED COMPUTER: Buyout Offer Cues S&P's Negative Watch
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' corporate
credit and senior secured ratings on Dallas, Texas-based
Affiliated Computer Services Inc. on CreditWatch with negative
implications.

"The CreditWatch placement follows the announcement that an
investment group led by ACS' founder has offered to buy the
company for about US$8.2 billion (including the assumption of
debt)," said Standard & Poor's credit analyst Philip Schrank.

If the LBO is successful, operating lease-adjusted leverage
likely will increase from the 5x threshold incorporated into the
current rating.

Standard & Poor's will monitor any negotiations and respond to
any change in the company's business or financial profile.


ALPSTAR CLO: Moody's Rates EUR24-Million Class E Notes at (P)Ba3
----------------------------------------------------------------
Moody's assigned provisional credit ratings to nine classes of
Notes to be issued by Alpstar CLO 2 p.l.c., an Irish special
purpose company.  The ratings are:

   -- EUR112.5-million Class AR Senior Secured Variable Funding
      Notes due 2024: (P)Aaa;

   -- EUR200.5-million Class A1 Senior Secured Floating Rate
      Notes due 2024: (P)Aaa;

   -- EUR78-million Class A2 Senior Secured Floating Rate Notes
      due 2024: (P)Aaa;

   -- EUR48.5-million Class B Deferrable Senior Secured Floating
      Rate Notes due 2024: (P)Aa2;

   -- EUR37.5-million Class C Deferrable Senior Secured Floating
      Rate Notes due 2024: (P)A2;

   -- EUR42-million Class D Deferrable Senior Secured Floating
      Rate Notes due 2024: (P)Baa3;

   -- EUR24-million Class E Deferrable Senior Secured Floating
      Rate Notes due 2024: (P)Ba3;

   -- EUR10-million Class P Combination Notes due 2024: (P)A3;
      and

   -- EUR2.8-million Class Q Combination Notes due 2024:    
      (P)Baa3;

The EUR57-million Subordinated Notes due 2024 are expected to be
issued but will not be rated by Moody's.

The provisional ratings assigned by Moody's to the various
Classes of Senior Secured Notes address the expected loss posed
to investors by the legal final maturity in 2024.  The
provisional ratings assigned to the Combination Notes address
the ultimate repayment of the rated balance in respect of such
Combination Notes on or before the legal final maturity, where
the rated balance is equal, at any time, to the principal amount
of the Combination Notes on the closing date minus the aggregate
of all payments made from the closing date to such date, either
through interest or principal payments.  It is not an opinion
about the ability of the Issuer to pay interest.  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 overcollateralisation of the Notes;

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

   5. The expertise of Mignon Geneve S.A. as the collateral
      adviser; 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 EUR600
million, comprised primarily of European senior secured loans.
Second lien loans, mezzanine loans and senior unsecured loans
might also be included in the portfolio up to a limit of 15% of
the collateral balance.  This portfolio will be dynamically
managed by Alpstar Management Jersey Limited while Mignon Geneve
S.A. will provide investment advice to the manager.  This
portfolio will be partially acquired on the closing date and
partially during the 12 month ramp-up period.  At the end of the
ramp-up period, the portfolio will have to be in compliance with
several 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 the
reinvestment criteria which includes, amongst other, the
portfolio guidelines described there above.

This transaction features a multi-currency Class of Variable
Funding Notes which ranks pari-passu with the Class A1 Notes.
The Variable Funding Notes can be drawn in Euros, Sterling or US
Dollars.  Non-Euro denominated advances will be used to purchase
loans denominated in the currency of the advances.  Should such
Non-Euro denominated assets default, Non-Euro advances would not
be fully collateralized by Non-Euro denominated assets and
therefore Euro proceeds may need to be converted into the
relevant Non-Euro currency in order to redeem Non-Euro advances,
thus creating a foreign exchange risk exposure that is partially
mitigated by the presence of FX call 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 may
differ from a provisional rating.

The transaction is arranged by Banc of America Securities
Limited.


EUROMAX VI: Fitch Assigns BB Ratings to EUR3-Mln Class E Notes
--------------------------------------------------------------
Further to its assigning expected ratings to Euromax VI ABS
LTD's upcoming issue of floating rate notes on March 16, Fitch
states that the revision of issue size to EUR430 million does
not affect the ratings, as detailed below.  

The transaction is a securitization of structured finance assets
including primarily residential and commercial mortgage-backed
securities.

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

   -- EUR333 million class A floating rate notes due 2097: 'AAA'

   -- EUR37.0 million class B floating rate notes due 2097: 'AA'

   -- EUR16.0 million class C deferrable floating rate note due
      2097: 'A'

   -- EUR16.0 million class D deferrable floating rate note due
      2097: 'BBB'

   -- EUR3.0 million class E deferrable floating-rate note due
      2097: 'BB'

The text presented below is that of the March 16 announcement,
barring changes to credit enhancement.

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

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

The ratings are also based on the credit enhancement provided to
the various classes of notes in the form of subordination,
structural protection and excess spread.  Credit enhancement, in
the form of subordination, for the A notes will total 21.65%, of
which 8.7% will be provided by the B notes, 3.8% by the C notes,
3.8% by the D notes, 0.7% by the E notes and 4.7% by the EUR20
27 unrated subordinated notes.

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

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


KINTYRE CLO: Moody's Rates EUR11.55-Mln Class E Notes at Ba3
------------------------------------------------------------
Moody's assigned these ratings to the notes issued by Kintyre
CLO I P.L.C., a special purpose company incorporated in Ireland:

   -- EUR239.75-million Class A Senior Secured Floating Rate
      Notes due 2023: Aaa;

   -- EUR20.3-million Class B Senior Secured Deferrable Floating
      Rate Notes due 2023: Aa2;

   -- EUR21.7-million Class C Senior Secured Deferrable Floating
      Rate Notes due 2023: A2;

   -- EUR19.95-million Class D Senior Secured Deferrable
      Floating Rate Notes due 2023: Baa3; and

   -- EUR11.55-million Class E Senior Secured Deferrable
      Floating Rate Notes due 2023: Ba3.

The ratings address the expected loss posed to investors by the
legal final maturity date in Dec. 2023.

These ratings are based upon:

   1. An assessment of the credit quality and the
      diversification of the assets to be included in the
      portfolio;

   2. An assessment of the eligibility criteria, reinvestment
      criteria, collateral quality tests, percentage limitations
      and coverage tests applicable to the future additions to
      the portfolio;

   3. The overcollateralization of the notes;

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

   5. The perfect asset swap, which insulates Kintyre CLO I
      P.L.C. from the volatility of foreign currency exchange
      rates for non-Euro obligations;

   6. The expertise of RBS CDO Fund and Investment Group in the
      management of leveraged finance portfolios as Investment
      Advisor; and

   7. The legal and structural integrity of the transaction.

This transaction is a high yield collateralized loan obligation
related to a EUR338 million portfolio comprised primarily of
European senior and mezzanine loans.  The portfolio is dynamic
and Plemont Portfolio Managers Limited under the advisory of RBS
CDO Fund and Investment Group will provide portfolio management
services to Kintyre CLO I P.L.C. in respect thereof.  The
portfolio was approximately 85% ramped-up at closing, and is
expected to be fully ramped-up within half year after closing,
subject to compliance with the eligibility criteria, Percentage
Limitations, Coverage Tests and Collateral Quality Tests
(including, amongst other tests, the diversity score, the
weighted average rating factor, the weighted average recovery
rate, the weighted average spread and the weighted average
maturity of the assets in the portfolio).

This transaction was arranged by The Royal Bank of Scotland.


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


ALITALIA SPA: Notes Risk on Transfer to Fiumicino Airport
---------------------------------------------------------
Alitalia S.p.A. wishes to point out that the government's
decision to transfer low-cost flights from Ciampino to Fiumicino
in order to deal with problems of an environmental nature
arising from over-development of Ciampino airport, would risk
having a negative impact on the Company's operations during
rush-hour periods.

The decision is risky since low-cost carriers would not generate
additional traffic on routes differing from existing ones but,
on the contrary, would overlap with some of the flight
operations carried out by Alitalia at Fiumicino.

Furthermore, such a move could also have repercussions on the
quality of airport services provided for carriers considering
the impact that the extra traffic would have on the airport
infrastructures.      

Therefore, bearing in mind what happens in other European
countries, Alitalia maintains that it is essential to adopt a
regional policy that envisages transferring low-cost carriers,
currently operating at Ciampino, to more decentralized airports
such as Latina, Frosinone or Viterbo.  Such a scenario would
enable both types of business models to exist side by side, with
main airports for full-service carriers such as Alitalia, and
peripheral airports for low-cost carriers, as already happens in
Paris, Brussels, London, Barcelona, Frankfurt, Stockholm, and
Hamburg.

                         About Alitalia

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

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


PARMALAT SPA: Investors to Get US$50-Mln Partial Settlement
-----------------------------------------------------------
A multi-national notification program began on March 22, 2007,
as ordered by the U.S. District Court for the Southern District
of New York, to alert investors, brokers, financial
institutions, and other nominees who bought the common stock
and/or bonds of Parmalat Finanziaria S.p.A. and its subsidiaries
and affiliates from Jan. 5, 1999 through and including Dec. 18,
2003 about a
US$50 million partial settlement of a U.S. class action lawsuit
about the prices paid for Parmalat common stock and bonds.

The lawsuit alleges that Parmalat and numerous other defendants
participated in a fraudulent financial scheme, resulting in the
understatement of Parmalat's debt by nearly US$10 billion and
the overstatement of its net assets by over US$16 billion.  
Parmalat ultimately filed for bankruptcy, and the value of its
stock and bonds dramatically declined.

Several of the defendants have now agreed to settle the case
(Banca Nazionale del Lavoro S.p.A. (BNL), Credit Suisse Group,
Credit Suisse, Credit Suisse International, and Credit Suisse
Securities (Europe) Limited), while the lawsuit proceeds against
Parmalat S.p.A. (the successor to Parmalat Finanziaria S.p.A.),
financial institutions, two auditing firms, and certain
individuals.

The Court defined "Class members" in the settlement to include
all people and entities who bought Parmalat common stock and/or
bonds from Jan. 5, 1999 through and including Dec. 18, 2003, and
were damaged thereby, regardless of where such people live or
where they purchased their Parmalat securities.

Notices informing Class members about their legal rights will be
mailed, and are scheduled to appear in publications reaching
readers in the United States, Italy, and around the world,
leading up to a hearing in New York on July 19, 2007, when the
Court will consider whether to approve the settlement.

In May 2004, the Court appointed the law firms of Cohen,
Milstein, Hausfeld & Toll, P.L.L.C, of Washington, D.C., Grant &
Eisenhofer, P.A., of Wilmington, DE, and Spector Roseman &
Kodroff, P.C., of Philadelphia, PA, to represent the Class.  
These firms have been litigating this case known as In re
Parmalat Securities Litigation, No. 04 Civ. 0030 (LAK), since
that time, and they negotiated the partial settlement.

Those affected by this settlement may simply await further
notice about how to ask for a payment, or may now exclude
themselves
from the partial settlement, or object to the terms of the
proposed settlement.  The deadline for exclusions and objections
is June 19, 2007.

The money in the settlement fund will not be distributed yet.  
In part because the litigation is still proceeding against the
remaining defendants, there is no plan to allocate the money
now; thus it is not possible to determine the amount of Class
member payments, or what the average payment will be on a per
share or per bond basis.  Payments will depend on the number of
valid claim forms that Class members eventually send in, how
many shares of Parmalat stock they bought or how many bonds they
bought, when they bought and sold them, and the prices they
paid.

A neutral Court website has been established at
http://www.ParmalatSettlement.com/where notices and the  
Settlement Stipulation may be obtained.  Those affected may also
write to:

     Parmalat Notice Administrator
     P.O. Box 4068
     Portland, OR 97208-4068

The Class Counsels are:

     1) Mark S. Willis, Esq.
        Cohen, Milstein, Hausfeld & Toll, P.L.L.C.
        Telephone +1-202-408-4606

     2) James Sabella, Esq.
        Grant & Eisenhofer P.A.
        Telephone +1-646-722-8500

     3) Robert M. Roseman, Esq.
        Spector Roseman & Kodroff, P.C.
        Telephone +1-215-496-0300

                       About Parmalat

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

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

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

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

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

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


PARMALAT SPA: New Jersey Court Denies Citigroup Motion to Appeal   
----------------------------------------------------------------
The Superior Court of New Jersey, Appellate Division, has
rejected Citigroup's Motion for Leave to Appeal the denial of
the motion to dismiss Parmalat S.p.A.'s complaint against the
bank on the basis of forum non-conveniens.

Parmalat's suit against Citigroup continues in New Jersey, the
forum originally selected by Parmalat.   

                         About Parmalat

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

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

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

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

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

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


PARMALAT SPA: Earns EUR192.5 Mln for Year Ended Dec. 31, 2006
-------------------------------------------------------------
Parmalat S.p.A. released its consolidated financial results for
the full year 2006.

The company reported EUR192.5 million in net profit against
EUR3.84 billion in revenues for the full year 2006, compared
with EUR300,000 in net loss against EUR3.68 billion in revenues.

Parmalat said in a statement that the positive figure reflects a
favorable shift in the sales mix, the implementation of measures
to increase manufacturing and distribution efficiency and a
positive change in foreign exchange rates.  The company's
financial performance in 2006 was also boosted by proceeds from
legal settlements, The Associated Press reports.

The company also halved its net debt from EUR369.3 million as of
Dec. 31, 2005, to EUR170 million as of Dec. 31, 2006.  The
figure, however, excludes, proceeds from a EUR112-million
settlement with Banca Nazionale del Lavoro S.p.A., which was
booked in January 2007.

                         Outlook for 2007

In 2007, absent non-recurring transactions and changes in the
scope of consolidation, Parmalat expects to report higher
revenues and EBITDA than in 2006, consistent with its
performance in the first two months of the current year.  These
expectations are based on to the assumption of a positive
contribution by functional products and the success of marketing
and industrial projects that are currently being implemented.

The positive operational results of the countries where the
Group operates could partially suffer, in the Group
consolidation, of the appreciation in value of the euro versus
the currencies of the countries.

Thanks to the collection early in 2007 of the receivables
generated by the settlements with BNL, BPM and Deloitte,
virtually all of the net indebtedness has been eliminated.
Moreover, the Group's operations in the various countries are
expected to generate sufficient cash flows to fund their capital
investment programs and their debt service obligations.

                         About Parmalat

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

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

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

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

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

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


REVLON CONSUMER: Dec. 31 Balance Sheet Upside-Down by US$1.2 Bln
----------------------------------------------------------------
Revlon Consumer Products Corp. increased its net loss for the
year ended Dec. 31, 2006, to US$244.5 million, from US$77.8
million for the year ended Dec. 31, 2005.  Net sales in 2006 and
2005 were somewhat flat at US$1.33 billion, sales in 2005 were
higher by US$900,000.  

The company had an operating loss of US$43.6 million in 2006, as
compared with an operating income of US$72.5 million a year
earlier.  The operating loss was partly due to the increased
selling, general, and administrative expenses of US$802.1
million in 2006, as compared with US$750.2 million in 2005.

The company's balance sheet as of Dec. 31, 2006, showed a
stockholders' deficiency of US$1.22 billion, resulting from
total assets of US$944 million and total liabilities of US$2.16
billion.  It stockholders' deficiency in 2005 was US$1.09
billion.

As of Dec. 31, 2006, the company's cash and cash equivalents
totaled US$35.4 million, slightly up from US$32.4 million in
2005.

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

                       Year 2006 Highlights

In September 2006, the company elected David Kennedy as a
Director and as president and chief executive officer to replace
Mr. Stahl.  Mr. Kennedy was also elected as a director.  Mr.
Kennedy previously served as Revlon, Inc.'s executive vice
president, chief financial officer and treasurer, and prior to
that as the company's executive vice president and president of
Revlon, Inc.'s international operations.

Revlon, Inc. also announced in September 2006 the discontinuance
of its Vital Radiance brand, which did not maintain an
economically feasible retail platform for future growth.  

During 2006 the company incurred charges of US$9.4 million in
connection with the Mr. Stahl's departure and US$60.4 million in
connection with the discontinuance of the Vital Radiance brand.

                         Credit Agreements

On Dec. 20, 2006, the company replaced the US$800 million 2004
Term Loan Facility under its 2004 Credit Agreement with a new 5-
year, US$840 million 2006 Term Loan Facility pursuant to the
2006 Term Loan Agreement, as of Dec. 20, 2006, among the
company, as borrower, the lenders party thereto, Citicorp USA,
Inc., as administrative agent and collateral agent, Citigroup
Global Markets Inc., as sole lead arranger and sole bookrunner,
and JPMorgan Chase Bank, N.A., as syndication agent.

As part of the bank refinancing, the company also amended and
restated the 2004 Multi-Currency Facility by entering into the
US$160 million 2006 Revolving Credit Agreement that amended and
restated the 2004 Credit Agreement.

The company was in compliance with all applicable covenants
under the 2006 Credit Agreements as of Dec. 31, 2006.  

At Feb. 28, 2007, the 2006 Term Loan Facility was fully drawn
and availability under the US$160 million 2006 Revolving Credit
Facility, based upon the calculated borrowing base less about
US$15.1 million of outstanding letters of credit and nil then
drawn on the 2006 Revolving Credit Facility, was about US$134.4
million.

                       About Revlon Consumer

Revlon Consumer Products Corp., headquartered in New York, is a
cosmetics, skin care, fragrance, and personal care products
company.  The company is a wholly owned subsidiary of Revlon,
Inc., which in turn is majority-owned by MacAndrews and Forbes,
which is wholly owned by Ronald O. Perelman.  

                           *     *     *

As reported in the Troubled Company Reporter on Dec. 11, 2006,
Moody's Investors Service assigned a B1 rating to Revlon
Consumer Products Corp.'s US$160 million senior secured asset
based revolving credit facility and a B3 rating to the company's
new US$840 million senior secured term loan.  At the same time,
Moody's affirmed the company's long-term ratings, including the
corporate family rating of Caa1.  The outlook remains negative.


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


AKTUBSTROYCENTRE LLP: Creditors Must File Claims by May 1
---------------------------------------------------------
LLP Aktubstroycentre has declared insolvency.  Creditors have
until May 1 to submit written proofs of claim to:

         LLP Aktubstroycentre
         Eset Batyr Str. 138-27
         Aktube
         Kazakhstan
         Tel: 8 (3152) 56-44-27


BIKEEV LLP: Creditors' Claims Due May 1
---------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region has declared LLP Bikeev insolvent on February 12.

Creditors have until May 1 to submit written proofs of claim to:

         LLP Bikeev
         Office 409
         Dostyk-Drujba ave. 215
         Uralsk
         West Kazakhstan Region,
         Kazakhstan


BLAGPUSTROYSTVO LLP: Proof of Claim Deadline Slated for May 1
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Blagpustroystvo insolvent.

Creditors have until May 1 to submit written proofs of claim to:

         LLP Blagpustroystvo
         Karl Marks Str. 3
         Abai
         Karaganda
         Kazakhstan


CLASS-1 LLP: Claims Registration Ends May 1
-------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Class-1 insolvent.

Creditors have until May 1 to submit written proofs of claim to:

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


LUX LLP: Claims Filing Period Ends May 1
----------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Lux insolvent.

Creditors have until May 1 to submit written proofs of claim to:

         LLP Lux
         Micro District 3, 9
         Abai
         Karaganda
         Kazakhstan


MICHURINSKOYE SELENERGO: Creditors Must File Claims by May 2
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared JSC Michurinskoye Selenergo insolvent.  

Creditors have until May 2 to submit written proofs of claim to:

         JSC Michurinskoye Selenergo
         Loboda Str. 20
         Karaganda
         Kazakhstan


STOLICHNOYE SNABJENIYE: Creditors' Claims Due May 4
---------------------------------------------------
CJSC Opened Commodity Exchange Stolichnoye Nabjeniye has
declared insolvency.  

Creditors have until May 4 to submit written proofs of claim to:

         CJSC Opened Commodity Exchange
         Stolichnoye Nabjeniye
         Beibitshilik Str. 18-18
         Astana
         Kazakhstan


STROYOPTSERVICE-LTD LLP: Claims Registration Ends May 1
-------------------------------------------------------
LLP Stroyoptservice-Ltd has declared insolvency.  Creditors have
until May 1 to submit written proofs of claim to:

         LLP Stroyoptservice-Ltd
         Pushkin Str. 134-21
         Astana
         Kazakhstan


ZARYA LLP: Claims Filing Period Ends May 1
------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region has declared LLP Zarya insolvent on January 29.

Creditors have until May 1 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan Region
         Jukov Str. 10-35
         Uralsk
         West Kazakhstan Region
         Kazakhstan


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


RASAK CREDO: Claims Filing Period Ends May 2
--------------------------------------------
LLC Rasak Credo Lombard has declared insolvency.  Creditors have
until May 2 to submit written proofs of claim to:

         LLC Rasak Credo Lombard
         Sulaimanov Str. 3/10
         Osh, Kyrgyzstan


=================
L I T H U A N I A
=================


BITE FINANCE: Fitch Assigns Junk Ratings to EUR110-Mln Loan
-----------------------------------------------------------
Fitch Ratings assigned final ratings to Bite Finance
International BV's EUR190 million senior secured notes due 2014
at 'B'/'RR3' and EUR110 million senior subordinated notes due
2017 at 'CCC+'/'RR5'.  

In February the agency assigned Lithuania-based UAB Bite Lietuva
an Issuer Default rating of 'B-' with a Stable Outlook and.  SIA
EECF Bella FinCo's EUR15 million senior secured revolving credit
facility a 'B'/ 'RR3' rating.

Although the senior secured note offering was increased to
EUR190 million from EUR185 million, the senior subordinated
notes offering was decreased by the same amount to
EUR110 million, such that absolute levels of leverage remain
unchanged.  The higher proportion of senior secured debt
relative to the junior debt does not significantly affect
recoveries for either instrument, and the final ratings are
therefore unchanged from the expected levels published in
February.


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


EVRAZ GROUP: Launches Offer to Buy Out NTMK Minority Stake
----------------------------------------------------------
Mastercroft Ltd., a wholly owned subsidiary of Evraz Group S.A.,
has commenced a cash tender offer to purchase around 5% of the
Nizhny Tagil Iron and Steel Plant (NTMK) outstanding shares.

At the moment Mastercroft Limited holds 94.997% of NTMK share
capital, and is making an offer to NTMK's minority shareholders
to tender the remaining 5.003187% of NTMK's outstanding common
stock for a cash consideration of RUR63.72 per share or an
aggregate price of approximately RUR4.18 billion.

The tender offer will be valid until May 29, 2007.

                           About Evraz

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

                          *     *     *

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

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

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


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


X5 RETAIL: Acquires 144 Delivery Trucks from Scania AB
------------------------------------------------------
X5 Retail Group N.V. has purchased 144 delivery trucks from
Scania AB to service additional shops across Russia, various
reports say.

X5 will receive the two-axle local delivery trucks in April
2007, Reuters reports.  The company has been propping up its
delivery fleet with Scania trucks, and previously ordered around
100 trucks from the Swedish truck-maker.

"X5 Retail Group plans to open shops in most large cities in
Russia and is choosing Scania because we both have trucks with
low operating costs and a well-developed service network," Raimo
Lehtioe, Managing Director of Scania Russia, told The Auto
Channel.

Scania said in a statement the order consolidated its position
as the largest western European make in the fast-growing market.  
Leif Oestling, Scania's CEO, told Bloomberg News that he
considers the Russian market a source of future growth for the
truck-maker.  Scania, which controls around a third of the
Russia truck market, plans to add more service dealerships in
the country on top of 30 existing ones.

                        About X5 Retail

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

                          *     *     *

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

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


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


CFR MARFA: Moody's Assigns Ba2 Corporate Family Rating
------------------------------------------------------
Moody's Investors Service assigned a Ba2 Corporate Family Rating
to CFR Marfa S.A.

Concurrently, Moody's affirmed the Ba2 Senior Unsecured Debt
rating, currently assigned to the Company's EUR120 million
Eurobond issuance due by December 2007 in the context of the
implementation of its Loss Given Default methodology for
European corporates from March 19, 2007.

The outlook on CFR Marfa's ratings remains negative.

In accordance with Moody's GRI rating methodology, the Corporate
Family Rating of CFR Marfa reflects the combination of the
following inputs:

   -- Baseline credit assessment of 17 (on a scale of 1 to 21
      where 1 represents lowest credit risk)

   -- Baa3 local currency rating of the Romanian government

   -- High dependence

   -- High support

CFR Marfa S.A., headquartered in Bucharest, is the national
company for freight railway transport in Romania. In 2005 the
Company had total revenues for ROL1.7 billion.


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


AVTOGAS OJSC: Creditors Must File Claims by May 3
-------------------------------------------------
Creditors of OJSC Avtogas have until May 3 to submit proofs of
claim to:

         A. Lantsov, Insolvency Manager
         Post User Box 58
         121614 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A-40-18200/06-123-183B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Avtogas
         Dmitrovskoye Shosse 131
         127247 Moscow
         Russia


BALT OIL: Kareliya Court Names Y. Ponomarev to Manage Assets
------------------------------------------------------------
The Arbitration Court of Kareliya appointed Mr. Y. Ponomarev as
Insolvency Manager for LLC Balt Oil.  He can be reached at:

         Y. Ponomarev
         Krasnoflotskaya Str. 37-78
         Petrozavodsk
         185001 Kareliya
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A26-9084/2006-182.

The Court is located at:

         The Arbitration Court of Kareliya
         Krasnoarmeyskaya Str. 24a
         Petrozavodsk
         185610 Kareliya  
         Russia

The Debtor can be reached at:

         Y. Ponomarev
         Krasnoflotskaya Str. 37-78
         Petrozavodsk
         185001 Kareliya
         Russia


BUZULUKSKIY: Creditors Must File Claims by April 3
--------------------------------------------------
Creditors of Municipal Unitary Enterprise Vegetable Tinned
Factory Buzulukskiy (TIN 5603002134, KPP 560301001) have until
April 3 to submit proofs of claim to:

         V. Gorbunov, Insolvency Manager
         Gaya Str. 23a
         460000 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-10198/06-14 GK.

The Court is located at:

         The Arbitration Court of Orenburg
         9th January Str. 64
         460046 Orenburg
         Russia

The Debtor can be reached at:

         Municipal Unitary Enterprise Vegetable Tinned Factory
         Buzulukskiy
         Moskovskaya Str. 10
         Buzuluk
         461040 Orenburg
         Russia


DOBRINKA OJSC: Orenburg Bankruptcy Hearing Slated for May 23
------------------------------------------------------------
The Arbitration Court of Orenburg will convene at 9:00 a.m. on
May 23 to hear the bankruptcy supervision procedure on OJSC
Dobrinka.  The case is docketed under Case No. A47-600/
2007-14 GK.

The Temporary Insolvency Manager is:

         V. Gusev
         Parkovaya Str. 6
         Chebenki
         460550 Orenburg
         Russia

The Court is located at:

         The Arbitration Court of Orenburg
         9th January Str. 64
         460046 Orenburg
         Russia

The Debtor can be reached at:

         OJSC Dobrinka
         Tsentralnaya Str. 12
         Dobrinka
         Aleksandrovskiy
         461835 Orenburg
         Russia


ELRUS CJSC: Court Names P. Tarasov as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Stavropol appointed Mr. P. Tarasov as
Insolvency Manager for CJSC Company Elrus.  He can be reached
at:

         P. Tarasov
         Sotsialisticheskaya Str. 60v
         344002 Rostov-na-Donu
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A63-14852/06-S5.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Company Elrus
         1st location 17
         Budennovsk
         Russia


EQUIPMENT AND INVESTMENT: Creditors Must File Claims by April 3
---------------------------------------------------------------
Creditors of LLC Equipment and Investment 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. A56-36856/2006.

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:

         LLC Equipment and Investment
         Building 1
         Vitebskiy Pr. 41
         St. Petersburg
         Russia


EUROCHEM MINERAL: Scraps Initial Public Offering Plans for 2007
---------------------------------------------------------------
OJSC EuroChem Mineral and Chemical Co. will not hold an initial
public offering this year, RIA Novosti reports citing general
director Dmitry Strezhnev.

EuroChem had planned to raise around US$400 million from issuing
15% of its total shares via a public placement in March and
April 2007, RIA Novosti relates.  Mr. Strezhnev said the IPO was
scrapped, as it is not a company priority.

"In our segment of the market, we intend to keep the
profitability positions and also join the group of the top five
producers in terms of production volume," Mr. Strezhnev said.
"These are the company's guidelines within its aggressive
development strategy."

RIA Novosti suggests that Russian firms like Eurochem are
believed to be heavily undercapitalized and are looking for
funds to compete with Western rivals.

In a TCR-Europe report on March 14, EuroChem is issuing US$300
million in bonds to foreign investors to finance the company's
expansion and development plans.

EuroChem intends to invest US$1.5 billion over the next five
years to develop the Gremyachenskoye potash field.  It also
plans to upgrade its fleet of rail cars and its other
businesses.

Citigroup Inc., UBS AG and ING Groep N.V. serve as the deal's
sale managers.

                         About EuroChem

Headquartered in Moscow, Russia, OJSC EuroChem Mineral and
Chemical Company -- http://www.eurochem.ru/-- engages in raw  
materials extraction, and production of fertilizers, organics,
feed phosphates in Russia and abroad.

                          *     *     *

Fitch Ratings assigned Russia-based OJSC EuroChem Mineral and
Chemical Company an Issuer Default 'BB-' (BB minus) rating and a
Short-term 'B' rating.  The Outlook on the Issuer Default rating
is Stable.


EVRAZ GROUP: Launches Offer to Buy Out NTMK Minority Stake
----------------------------------------------------------
Mastercroft Ltd., a wholly owned subsidiary of Evraz Group S.A.,
has commenced a cash tender offer to purchase around 5% of the
Nizhny Tagil Iron and Steel Plant (NTMK) outstanding shares.

At the moment Mastercroft Limited holds 94.997% of NTMK share
capital, and is making an offer to NTMK's minority shareholders
to tender the remaining 5.003187% of NTMK's outstanding common
stock for a cash consideration of RUR63.72 per share or an
aggregate price of approximately RUR4.18 billion.

The tender offer will be valid until May 29, 2007.

                           About Evraz

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

                          *     *     *

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

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

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


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

         A. Larina, Insolvency Manager
         Komsomolskiy Pr. 33-40
         454126 Chelyabinsk
         Russia

The Arbitration Court Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-5862/2006-32-14.

The Court is located at:

         The Arbitration Court of Chelyabinsk  
         Vorovskogo Str. 2
         454091 Chelyabinsk  
         Russia

The Debtor can be reached at:

         CJSC Kamnestroy
         Turgoyakskoye Shosse 7
         Miass
         456313 Chelyabinsk
         Russia


LOYUN CJSC: Creditors Must File Claims by April 3
-------------------------------------------------
Creditors of CJSC Industrial Financial Company Loyun 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. A56-33317/2006.

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 Industrial Financial Company Loyun
         Bolshoy Pr. V.O. 55 a
         St. Petersburg
         Russia


LUKOIL OAO: Inks Four-Year Cooperation Agreement with GAZ Group
---------------------------------------------------------------
Vladimir Nekrasov, First Vice-President of OAO Lukoil, and Erik
Eberhardson, CEO of OOO GAZ Group, have signed a cooperation
agreement for 2007-2010.

Among other things, the agreement stipulates that LUKOIL branded
lubricants will be used for the first filling of GAZ
automobiles. Under the agreement, the lubricants will become
part of the engineering and design documentation.

The parties also plan to step up cooperation in developing and
certifying new types of motor, transmission and industrial oil
to produce equipment for automobile assembly plants.

GAZ Group will recommend Lukoil branded lubricants to service
stations and GAZ automobiles owners.

OOO LLK-International, a 100% OAO Lukoil subsidiary, will
provide GAZ Group with systematic supplies of high quality
lubricants to automobile assembly plants and service stations,
and guarantee failure-free operation of conveyor, production
equipment and service centers.  OOO LLK-International also
committed itself to conducting research and development based on
its scientific engineering potential, to creating prospective
types of lubricants for automotive vehicles and production
equipment.

OOO LLK-International will also start manufacturing GAZ branded
motor oil, making GAZ Group exclusive supplier of the
lubricants.

"The agreement with GAZ Group is an important step in
development of LUKOIL's 'lubricant business', as it will help
expand our product sales market, and give a boost to our
programs on developing new types of high quality lubricants,"
said Vladimir Nekrasov, OAO LUKOIL First Vice-President.

For instance, one of the recent projects in this line of the
Company's business was to develop and launch production of a
special lubricant for General Electric, diesel locomotive
engines.  Lukoil has already signed similar agreements with OAO
Avtovaz, OAO Agromashholding and a number of other large Russian
lubricant consumers.

                         About Lukoil

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

                         *     *     *

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


MOBILE TELESYSTEMS: Earns US$1.25 Billion for Full Year 2006
------------------------------------------------------------
Mobile TeleSystems OJSC released its consolidated financial
results for the full year 2006, prepared according to U.S.
Generally Accepted Accounting Principles.

In 2006, MTS posted a 10.6% hike in profit to US$1.25 billion,
and a 27.4% increase in revenues to US$6.38 billion.  The
company also registered a 30.7% rise in operating profit to
US$2.13 billion.

Leonid Melamed, MTS president, told RIA Novosti that the company
will pay US$576 million in dividends.  He noted that MTS has a
policy of paying dividends equivalent to half of its U.S. GAAP
net profit

Mr. Melamed attributed the hike in net profit to its American
Depositary Receipt repurchase program, which started in August
2006.  The president said the program is aimed at:

   -- gaining profit from buying MTS shares at low prices and
      then reselling them;

   -- using the ADRs for merger and takeover deals; and

   -- using the ADRs for borrowing operations.

The repurchase program sets a 10% limit on all issued MTS shares
and assigns the company's Mobile TeleSystems Bermuda Ltd. unit
to repurchase the ADRs.  Mr. Melamed told RIA Novosti that in
2006, MTS had bought 2,232,200 of its ADRs worth US$109.9
million.

                        About MTS

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

                        *     *     *

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

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


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

         V. Golovach, Temporary Insolvency Manager
         Post User Box 2/2
         Salekhard
         629003 Yamalo-Nenetskiy
         Russia

The Arbitration Court of Yamalo-Nenetskiy commenced bankruptcy
supervision procedure on the company.  The hearing in the Court
will convene at 9:00 a.m.  The case is docketed under Case No.
A81-4939/2006.

The Court is located at:

         The Arbitration Court of Yamalo-Nenetskiy
         Chubynina Str. 37A
         Salekhard
         Yamalo-Nenetskiy Autonomous  
         Russia

The Debtor can be reached at:

         OJSC Nadezhda
         Respubliki Str. 9
         Salekhard
         629008 Yamalo-Nenetskiy
         Russia


PECHOR-MOR-OIL: Creditors Must File Claims by April 3
-----------------------------------------------------
Creditors of OJSC Pechor-Mor-Oil (TIN 8300120060) have until
April 3 to submit proofs of claim to:

         A. Gorelov, Temporary Insolvency Manager
         Naberezhnaya Str. 11
         Kolskiy
         184366 Murmansk
         Russia

The Arbitration Court of Murmansk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A42-8296/2006.

The Court is located at:

         The Arbitration Court of Murmansk  
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         OJSC Pechor-Mor-Oil
         Office 302
         K. Marksa Str. 19
         Murmansk
         Russia


PULSE LLC: Creditors Must File Claims by April 3
------------------------------------------------
Creditors of LLC Pulse have until April 3 to submit proofs of
claim to:

         N. Zakharov, Temporary Insolvency Manager
         Post User Box 109
         390044 Ryazan
         Russia

The Arbitration Court of Ryazan commenced bankruptcy supervision
procedure on the company.  The hearing in the Court will convene
at 12:30 p.m. on May 29.  The case is docketed under Case No.
A54-5221/2006-S20.

The Court is located at:

         The Arbitration Court of Ryazan
         Pochtovaya Str. 43/44
         Ryazan  
         Russia

The Debtor can be reached at:

         LLC Pulse
         50 Let Oktyabrya Str. 1
         Sapozhok
         391940 Ryazan
         Russia


ROSNEFT OIL: Board Approves US$22-Billion Loan for Yukos Bid
------------------------------------------------------------
The Board of Directors of OAO Rosneft Oil Co. has approved major
transactions in connection with the Company signing a loan for
up to US$13 billion and providing a guarantee for RN-Razvitiye,
which is signing a loan for up to US$9 billion.

Rosneft indirectly holds 100% of the capital in RN-Razvitiye
through subsidiaries.

The loans for US$13 billion and US$9 billion were arranged by
ABN AMRO, Barclays, BNP Paribas, Calyon, Citibank, Goldman
Sachs, J.P. Morgan Chase and Morgan Stanley and have final
maturities of up to 12 and up to 18 months respectively.  The
interest rates on both loans are LIBOR +0.25%-0.5%, depending on
the final redemption date. Both the size and the terms of the
loans are unprecedented for a borrower on the Russian market.

Rosneft has secured the loans in order to finance potential
acquisitions of core assets in the Russian Federation and
abroad, including YUKOS' assets to be sold at upcoming auctions.  
The loans are fully compliant with Rosneft's existing
liabilities and will not result in the violation of any
previously agreed covenants.  Following any acquisitions,
Rosneft intends to repay, extend or refinance the loans via
longer-term instruments, which, together with anticipated pro
forma cash flows, will enable Rosneft to further improve its
credit profile.

RN-Razvitiye has already requested approval from Russia's
Federal Anti-Monopoly Service for Rosneft to acquire 1 billion
ordinary Rosneft's shares, owned by Yukos, to be sold as part of
the bankruptcy proceedings.

                        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.


ROSNEFT: Fitch's BB+ Rating Incorporates Planned US22-Bln Loan
--------------------------------------------------------------
Fitch Ratings notes that Rosneft's plans to borrow US$22 billion
from a group of eight banks in two credit arrangements of US$13
billion maturing in 12 months and US$9 billion maturing in 18
months is currently incorporated into the company's local and
foreign currency Issuer Default ratings of 'BB+' Rating Watch
Positive.

While the total borrowing size seems large upon initial
examination, Fitch expects the overall impact on Rosneft's
financial profile and credit ratios to be minimal after
incorporating cash flow from potentially acquired downstream
assets, receipt of US$10 billion as a creditor to
Yuganskneftegaz, and possible re-sale of a 9.4% stake in the
company that will be auctioned off under bankruptcy proceedings
starting March 27.  Any share re-sale could be used to settle
the US$9bn loan while receipt of the above noted US$10 billion
as a creditor to Yuganskneftegaz could be used to partially
offset the US$13 billion loan.  Depending on the degree to which
funds are utilized, Fitch expects the company's credit ratios to
stay the same or improve.

In December 2006, Fitch placed Rosneft on Rating Watch Positive
on expectations that the company will further enhance both its
downstream integration and upstream oil and gas production in
2007.  The agency views that acquiring downstream assets will
benefit Rosneft's business profile by making it more fully
integrated and allow it to compete more effectively with
similarly structured peers whose downstream presence in the
Russian Federation is currently larger.

In addition, Fitch expects the company to favorably resolve
issues concerning its relatively high debt levels, which will
positively influence its leverage and coverage ratios during the
course of the year.


SARAEVSKIY BUTTER: Court Names M. Kuvshinova to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Ryazan appointed Ms. M. Kuvshinova as
Insolvency Manager for OJSC Saraevskiy Butter Factory.  She can
be reached at:

         M. Kuvshinova
         Rakhmaninova Str. 1
         Penza
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A54-5316/2006.

The Court is located at:

         The Arbitration Court of Ryazan
         Pochtovaya Str. 43/44
         Ryazan  
         Russia

The Debtor can be reached at:

         M. Kuvshinova
         Rakhmaninova Str. 1
         Penza
         Russia


SEV-ZAP-MILK-AGRO: Creditors Must File Claims by April 3
--------------------------------------------------------
Creditors of LLC Sev-Zap-Milk-Agro have until April 3 to submit
proofs of claim to:

         F. Sarvarov, Temporary Insolvency Manager
         Post User Box 204
         197372 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy supervision procedure on LLC Sev-Zap-Milk-Agro.  The
case is docketed under Case No. A56-32810/2006.

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:

         LLC Sev-Zap-Milk-Agro
         Vyborgskaya Quay 43
         194044 St. Petersburg
         Russia


SOUTHERN TELECOMMUNICATIONS: Court Postpones Tax Claim Hearing
--------------------------------------------------------------
The Moscow Arbitration Court has suspended the hearing of a case
regarding the claim of Southern Telecommunications Co. PJSC
(UTK) against the decision of tax bodies.

On March 5, the court commenced the hearing of the case related
to UTK's claim contesting the Decision of Russia's Inter-
regional Tax Inspectorate No. 7 regarding a back-tax claim it
issued to the company.

As a result, the court postponed the hearing of the case until
the Court decisions on two similar cases came into force, as
those decisions were of a prejudicial character for the case.  
Besides, the Moscow Arbitration Court wanted the judicial
practice regarding such cases to be uniform.

                       About the Company

Headquartered in Krasnodar, Russia, Southern Telecommunications
Co. PJSC -- http://www.stcompany.ru/-- provides local, long-  
distance, and cellular telephone, paging and telegraph services.

                        *     *     *

As of March 7, UTK carries these ratings:

Moody's

   -- Issuer: Caa1
   -- Long-Term Corporate Family: B3
   -- Outlook: Stable

Standard & Poor's

   -- Long-Term Foreign Issuer Credit: B-
   -- Long-Term Local Issuer Credit: B-
   -- Outlook: Stable


TORG-FINANCE-STROY++: Creditors Must File Claims by April 3
-----------------------------------------------------------
Creditors of CJSC Torg-Finance-Stroy++ have until April 3 to
submit proofs of claim to:

         I. Nikitina, Insolvency Manager
         Mira Pr. 101V
         179085 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The hearing in
the Court will convene on June 20.  The case is docketed under
Case No. A40-33239/06-123-433B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Torg-Finance-Stroy++
         Building 1
         Krasnyj Kazanets Str. 19
         111395 Moscow
         Russia


VIMPEL-COMMUNICATIONS: Alfa Group Raises Stake to 42.4%
-------------------------------------------------------
Alfa Group, through its Altimo Telecoms investment vehicle, has
increased its stake in OJSC Vimpel-Communications to 42.4%,
Bloomberg News reports.

Alfa hiked its stake by acquiring 4.92 million Vimpelcom
American Depositary Receipts on March 20, Bloomberg News
relates.  The firm earlier paid US$618 million for 6.76 million
Vimpelcom ADRs between March 15 and March 20.

The acquisition was part of Alfa's strategy to outdo fellow
shareholder Telenor ASA, which holds a 26.6% stake, in taking
control of the company, Bloomberg News adds.  Both Alfa and
Telenor applied with the Russian Federal Anti-Monopoly Service
to get a controlling stake in Vimpelcom.  Both firms are
fighting a legal battle over Vimpelcom's expansion in Ukraine,
where they also own telecommunication assets.

Anna Ivanova-Galitsina, a spokeswoman for Telenor, told
Bloomberg News that Alfa will not get additional rights from the
increased holdings.  Alfa, however, may nominate an additional
board member if its stake in Vimpelcom exceeds 44%.

                         About VimpelCom

Headquartered in Moscow, Russia, OJSC Vimpel-Communications
(NYSE: VIP) -- http://www.vimpelcom.com/-- provides mobile   
telecommunications services in Russia and Kazakhstan with newly
acquired operations in Ukraine, Tajikistan and Uzbekistan.  The
Company operates under the 'Beeline' brand in Russia and
Kazakhstan.  In addition, VimpelCom is continuing to use 'K-
mobile' and 'EXCESS' brands in Kazakhstan.  The group wholly
owns Mobitel in Georgia.

                        *     *     *

As reported in the TCR-Europe on Oct. 12, 2006, Standard &
Poor's Ratings Services raised its long-term corporate credit
rating on Russia-based mobile telecommunications operator
Vimpel-Communications (JSC) to 'BB+' from 'BB', reflecting the
company's continuing strong performance.  S&P said the outlook
is stable.


YUKOS OIL: Court Voids PwC Audit Contract; Firm Set to Appeal
-------------------------------------------------------------
The Moscow Arbitration Court invalidated Tuesday a contract
between OAO Yukos Oil Co. and the Russian branch of UK-based
PricewaterhouseCoopers, in relation to the firm's auditing of
Yukos' financials in 2002-2004, published reports say.  

PwC was also ordered to pay RUR16.8 million (US$645 million) to
the state, which includes a US$145 million repayment from PwC on
the cost of the contract.

PwC said it intends to appeal the case to the Supreme
Arbitration Court after losing three appeals in civil courts.

"We regret this decision by the court," PwC said in a statement.  
"We believe the claim has no legal merits and is based on a
fundamental misunderstanding of the role and functions of the
auditor."

The Federal Tax Service of Russia had accused PwC of covering up
Yukos's alleged illegal financial schemes and compiling two
different audits -- one for internal use and another for
shareholders.

The auditing firm has denied the allegation that it had
concealed tax evasion activities by Yukos in its audit.  The
firm, however, confirmed that it had produced two reports for
Yukos but said this was normal professional practice, The Moscow
Times relates.

"Russian law is a pretty complex animal," Ronald Nash, head of
research at Renaissance Capital, told the paper.  "The question
is how the law is being interpreted in this case by the parties
involved."

                        Back-Tax Claim

Representatives of the Russian Ministry of Internal Affairs and
Prosecutor General's Office seized documents from PwC's Moscow
office on March 9 relating to a separate tax-evasion probe
against the auditing firm.  The authorities had accused PwC of
evading up to RUR243 million (US$9.3 million) in taxes in 2002
on its manager's orders.

However, PwC claimed that the Internal Affairs Ministry took
into their possession paper files and electronic records not
limited to the period of 2002, and which in the view of PwC,
goes well beyond the scope of the tax claim.

"PwC strongly objects to the seizure of such information and has
engaged legal counsel to ensure that applicable laws pertaining
to the release of seized documents are respected and that all
documents unrelated to the cases in question are promptly
returned to PwC," the firm said.  "PwC strongly denies any
wrongdoing in either the 2002 tax case or in relation to its
audits, and continues to work to resolve both matters."

According to RIA Novosti, Russian tax regulators suspected PwC's
Moscow branch of under-reporting profit tax on sums it allegedly
paid to PricewaterhouseCoopers Resources B.V.  The offshore
company was supposed to provide financial consultations to
clients in Russia, but the Moscow branch provided these services
instead, RIA relates.

                           About PwC

PricewaterhouseCoopers -- http://www.pwc.com/-- is the leading  
professional services organization in the world, ranking first
or second in every market it operates.  It has established
offices in Moscow, St. Petersburg, Yuzhno-Sakhalinsk and
Togliatti.  

                        About Yukos Oil

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

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

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

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

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

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


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


DELPHI CORP: Eyes Plant Shutdown for Bankrupt Spanish Unit
----------------------------------------------------------
Delphi Corporation intends to shut down a chassis and steering
products manufacturing facility in Cadiz, Spain, with the loss
of about 1,600 workers.

Since the company disclosed the closure, workers and their
families have rallied in protest almost everyday, receiving
extensive media coverage in Spain, Reuters reports.

In a regulatory filing with the U.S. Securities and Exchange
Commission, Thomas S. Timko, chief accounting officer and
controller of Delphi Corp., explains that the Cadiz Facility
Closure is consistent with:

   -- Delphi's overall transformation plan and decisions to
      close or sell facilities manufacturing non-core products;
      and

   -- Delphi's efforts to optimize its manufacturing footprint
      in order to lower its overall cost structure.

The Cadiz Facility is the primary asset of Delphi's indirect
wholly owned Spanish subsidiary Delphi Automotive Systems
Espana, S.L.  Mr. Timko notes that Delphi previously recorded
long-lived asset impairments for the Facility in the fourth
quarter of 2005 but does not expect to incur significant future
impairments.

Mr. Timko relates that Delphi could incur costs for the Closure
based upon the outcome of its negotiations with the unions
representing the Cadiz Facility Employees.  Delphi estimates its
costs to be around US$70,000,000 although the exact amount
cannot be ascertained pending the resolution of DAS Espana's
recent bankruptcy filing.

                      Concurso Filing

DAS Espana filed a petition for Concurso, or bankruptcy, under
Spanish law, on March 20, with the approval of Delphi's Board of
Directors.

Delphi has informed the Spanish Court and the Cadiz Facility
Employees that it would voluntarily provide funds sufficient to
satisfy the separation allowance to which the Employees are
entitled under applicable Spanish law, Mr. Timko says.

Delphi cautions that its ability to commit to fund any
severance-related payments and other closure charges in excess
of the legally required minimum, depending on the amount, may be
subject to the approval of the Bankruptcy Court.

                    About Delphi Corporation

Troy, Mich.-based Delphi Corporation (OTC: DPHIQ) --
http://www.delphi.com/-- is the single largest global supplier  
of vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
Company's technology and products are present in more than 75
million vehicles on the road worldwide.  The Company filed for
chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case
No. 05-44481).  John Wm. Butler Jr., Esq., John K. Lyons, Esq.,
and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, represent the Debtors in their restructuring efforts.  
Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A.
Broude, Esq., at Latham & Watkins LLP, represents the Official
Committee of Unsecured Creditors.  As of Aug. 31, 2005, the
Debtors' balance sheet showed US$17,098,734,530 in total assets
and US$22,166,280,476 in total debts.  

The Debtors' exclusive plan-filing period expires on July 31,
2007.


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


AGTEN JSC: Creditors' Liquidation Claims Due April 10
-----------------------------------------------------
Creditors of JSC Agten have until April 10 to submit their
claims to:

         Klaus Agten
         Liquidator
         3993 Grengiols
         Raron VS
         Switzerland

The Debtor can be reached at:

         JSC Agten
         Grengiols
         Raron VS
         Switzerland


CS CONSULTING: Claims Registration Period Ends April 3
------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against JSC CS Consulting Partner on Jan. 29, 2006.

Creditors have until April 3 to file their written proofs of
claim.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Oberentfelden
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         JSC CS Consulting Partner
         Frikartstrasse 2
         4800 Zofingen AG
         Switzerland


EISBALL CONSULTING: Claims Registration Period Ends April 3
-----------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC Eisball Consulting on Feb. 21, 2006.

Creditors have until April 3 to file their written proofs of
claim.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Oberentfelden
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         LLC Eisball Consulting
         Alter Salzhofweg 12
         5034 Suhr
         Aarau AG
         Switzerland


HOTEL BAREN: Waldenburg Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Waldenburg commenced bankruptcy
proceedings against JSC Hotel Baren Langenbruck on Feb. 12.

The Bankruptcy Service of Waldenburg can be reached at:

         Bankruptcy Service of Waldenburg
         4437 Waldenburg BL
         Switzerland

The Debtor can be reached at:

         JSC Hotel Baren Langenbruck
         Hauptstrasse 10
         4438 Langenbruck
         Waldenburg BL
         Switzerland


INTER ATLANTIK: Creditors' Liquidation Claims Due March 31
----------------------------------------------------------
Creditors of JSC Inter Atlantik Immobilien have until March 31
to submit their claims to:

         JSC Saxer Treuhand AG
         Liquidator
         Zurcherstrasse 23
         P.O. Box: 2118
         5402 Baden AG
         Switzerland

The Debtor can be reached at:

         JSC Inter Atlantik Immobilien
         Baden AG
         Switzerland


NETWAY SOLUTIONS: Claims Registration Period Ends April 2
---------------------------------------------------------
The Bankruptcy Court of Binningen commenced bankruptcy
proceedings against JSC Netway Solutions on Feb. 22, 2006.

Creditors have until April 2 to file their written proofs of
claim.

The Bankruptcy Service of Binningen can be reached at:

         Bankruptcy Service of Binningen
         4102 Binningen
         Arlesheim BL
         Switzerland

The Debtor can be reached at:

         JSC Netway Solutions
         Kagenstrasse 17
         4153 Reinach BL
         Switzerland


PETER RYTZ: Creditors' Liquidation Claims Due April 10
------------------------------------------------------
Creditors of LLC Peter Rytz have until April 10 to submit their
claims to:

         Gletscherstrasse 10
         8008 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Peter Rytz
         Zurich
         Switzerland


TRYDEX JSC: Creditors' Liquidation Claims Due April 2
-----------------------------------------------------
Creditors of JSC Trydex have until April 2 to submit their
claims to:

         ABT Treuhandgesellschaft Andreas Baumann & Co.
         Liquidator
         Alte Steinhauserstrasse 1
         6330 Cham ZG
         Switzerland

The Debtor can be reached at:

         JSC Trydex
         Cham ZG
         Switzerland


TSUFA JSC: Creditors' Liquidation Claims Due April 5
----------------------------------------------------
Creditors of JSC Tsufa have until April 5 to submit their claims
to:

         Francis Perrenoud
         Liquidator
         JSC RD Tevision - und Treuhand
         Ringstrasse 9
         4123 Allschwil
         Arlesheim BL
         Switzerland

The Debtor can be reached at:

         JSC Tsufa
         Allschwil
         Arlesheim BL
         Switzerland


XMM EXECUTIVE: Creditors' Liquidation Claims Due April 10
---------------------------------------------------------
Creditors of LLC XMM executive management + marketing have until
April 10 to submit their claims to:

         Heinz Nievergelt
         Liquidator
         Bergstrasse 28
         8810 Horgen
         Switzerland

The Debtor can be reached at:

         LLC XMM executive management + marketing
         Zug
         Switzerland


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


ADAMPOL BREAD: Bar Date for Submission of Claims Set March 25
-------------------------------------------------------------
The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
5/3/165-B.

Creditors of CJSC Adampol Bread Combine (code EDRPOU 32430583)
have until March 25 to submit written proofs of claim to:

         Andrew Nadtonok, Temporary Insolvency Manager
         Zubrovskaya Str. 25-a
         79066 Lvov
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         CJSC Adampol Bread Combine
         Pirogov Str. 115
         21037 Vinnica
         Ukraine


ADGEZIV LLC: Creditors Must File Proofs of Claim by March 25
------------------------------------------------------------
Creditors of LLC Science-Engineering Center Adgeziv (code EDRPOU
01497391) have until March 25 to submit written proofs of claim
to:

         A. Migulev, Liquidator
         Livarnaya Str. 13
         49000 Dniepropetrovsk
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 43/321.

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 Science-Engineering Center Adgeziv
         Sosiura Str. 5
         02090 Kiev
         Ukraine


AFT LTD: Bar Date for Submission of Claims Set March 24
-------------------------------------------------------
Creditors of LLC AFT Ltd. (code EDRPOU 32228853) have until
March 24 to submit written proofs of claim to:

         Viacheslav Drumiretsky, Temporary Insolvency Manager
         Morehodnaya Str. 14, of. 209
         54010 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
2/18/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC AFT Ltd.
         Lenin Avenue 71
         54017 Nikolaev
         Ukraine


AMBASSADOR INTERNATIONAL: Creditors Must File Claims by March 25
----------------------------------------------------------------
Creditors of LLC Ambassador International Ukraine (code EDRPOU
25410868) have until March 25 to submit written proofs of claim
to:

         State Tax Inspection in Solomenka District
         Liquidator
         Smilianskaya Str. 6
         03151 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/869-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Ambassador International Ukraine
         Transheynaya Str. 1
         03069 Kiev
         Ukraine


AZOVSERVICE LLC: Creditors Must File Proofs of Claim by March 25
----------------------------------------------------------------
Creditors of LLC Azovservice (code EDRPOU 31508281) have until
March 25 to submit written proofs of claim to:

         Natalie Martynenko, Liquidator
         Mayakovsky Avenue 12
         69035 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 25/42/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Azovservice
         Tiulenin Str. 23
         69001 Zaporozhje
         Ukraine


BALANOVKA AGRICULTURAL: Creditors Must File Claims by March 24
--------------------------------------------------------------
Creditors of LLC Balanovka Agricultural Firm (code EDRPOU
03733594) have until March 24 to submit written proofs of claim
to:

         Sergey Boyko, Liquidator
         Kozytsky Str. 46
         21050 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/7-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Balanovka Agricultural Firm
         Lenin Str. 2
         Balanovka
         Bershadsky District
         24413 Vinnica
         Ukraine


CREDIT DNEPR: Moody's Puts B3 Rating to Senior Unsecured Debt
-------------------------------------------------------------
Moody's Investors Service assigned a B3 long-term senior
unsecured debt rating as well as a Baa3.ua national scale rating
to the UAH-denominated bonds to be issued by Credit-Dnepr Bank,
which will represent a senior unsecured claim on the bank.

The planned issue size is UAH100 million (approximately US$20
million) with a maturity of three years.  The outlook on the B3
global scale rating is stable, while the bank's NSR carries no
specific outlook.  

According to Moody's, the B3 global scale local currency rating
reflects global default and loss expectation and is not
constrained by any foreign currency transfer risk, while the
Baa3.ua national scale rating reflects the standing of the
bank's credit quality relative to its domestic peers.

Moody's B3 rating for the bonds is based on Credit Dnepr Bank's
fundamental credit quality and factors in its ability to fulfill
its long-term obligations, including those associated with the
put option that the bondholders will, according to the terms of
the issue, be able to exercise in order to sell the bonds back
to the bank on the first and second anniversaries of the issue.
Moody's notes that if the bank's credit quality were to
deteriorate at these times, exercise of the put options might
exert additional pressure on its financial condition.

Moody's also notes that although part of the issue in the amount
of UAH30 million will be covered by the corporate guarantee of
the bank's related party, lack of information on the credit
standing of the related-party company does not allow the
guarantee to be factored into the bond's ratings.

The bank's obligations under the bonds will rank at least pari
passu in right of payment with all other unsecured and
unsubordinated obligations, except as otherwise provided by
mandatory provisions of applicable law.  Moody's notes that
Ukraine 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.

Headquartered in Dnepropetrovsk, Ukraine, Credit Dnepr Bank
reported total assets of UAH1.4 billion (US$285.8 million) under
IFRS as of Dec. 31, 2006 and net income of UAH64.4 million
(US$12.7 million).


DIKOM-AUDIT LLC: Creditors Must File Proofs of Claim by March 25
----------------------------------------------------------------
Creditors of LLC Audit Firm Dikom-Audit (code EDRPOU 20348722)
have until March 25 to submit written proofs of claim to:

         Tamara Zhevneva, Liquidator
         Koval Str. 84, ap. 46
         Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 27/115B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Audit Firm Dikom-Audit
         Ilyich Avenue 89
         83003 Donetsk
         Ukraine


DIVO LLC: Creditors Must File Proofs of Claim by March 25
---------------------------------------------------------
Creditors of LLC Divo (code EDRPOU 30301412) have until March 25
to submit written proofs of claim to:

         State Tax Inspection in Solomenka District, Liquidator
         Smilianskaya Str. 6
         03151 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/733-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Divo
         Vozduhoflotsky Avenue 52
         03151 Kiev
         Ukraine


DNIPROMLYN OJSC: Court Appoints Y. Arkina as Bankruptcy Trustee
---------------------------------------------------------------
The Economic Court of Dnipropetrovsk has initiated bankruptcy
proceedings on OJSC Dnipromlyn this month and appointed
arbitration manager Yelizaveta Arkina as bankruptcy trustee,
Interfax reports.

Commencement of the bankruptcy case was published on March 15
and creditors' claims will be accepted within a month from the
date when the publication was made, Interfax states.

According to the release, the State Commission for Securities
and the Stock Market disclosed that the major stockholders of
Dnipromlyn were Prydniprovska Agrarian Group Ltd. (23.4%),
Zolodar private enterprise (20.6%), OJSC YUM PLUS (22%), and
Science and Production Company Ltd. (22%) as of May 2006.

                        About Dnipromlyn

Headquartered in Dnipropetrovsk, Ukraine, OJSC Dnipromlyn was a
large grain processing enterprise that produced flour and bread
and was considered to be one of the country's major businesses.


MABUD LTD: Creditors Must File Proofs of Claim by March 25
----------------------------------------------------------
Creditors of LLC Mabud Ltd. (code EDRPOU 20023820) have until
March 25 to submit written proofs of claim to:

         State Tax Inspection in Solomenka District
         Liquidator
         Smilianskaya Str. 6
         03151 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/617-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Mabud Ltd.
         Vinnica Str. 14/39
         03151 Kiev
         Ukraine


OLENA MARKANTONI: Creditors Must File Claims by March 25
--------------------------------------------------------
Creditors of LLC Olena Markantoni (code EDRPOU 32978027) have
until March 25 to submit written proofs of claim to:

         State Tax Inspection in Solomenka District
         Liquidator
         Smilianskaya Str. 6
         03151 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/11-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Olena Markantoni
         Solomenskaya Str. 20
         03110 Kiev
         Ukraine


POKROVA LLC: Creditors Must File Proofs of Claim by March 25
------------------------------------------------------------
Creditors of LLC Pokrova (code EDRPOU 31849805) have until
March 25 to submit written proofs of claim to:

         A. Malevany
         Liquidator
         Kharkov Str. 122
         40012 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 8/379-06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Pokrova
         Krasnopolye District Pokrovka, Sovetskaya str.
         42437 Sumy
         Ukraine


PROMZONA LLC: Creditors Must File Proofs of Claim by March 25
-------------------------------------------------------------
Creditors of LLC Promzona (code EDRPOU 30785222) have until
March 25 to submit written proofs of claim to:

         State Tax Inspection in Solomenka District
         Liquidator
         Smilianskaya Str. 6
         03151 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/11-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Promzona
         People's Volunteer Corps Str. 1
         03151 Kiev
         Ukraine


REGIONAL AGRICULTURAL: Creditors Must File Claims by March 25
-------------------------------------------------------------
Creditors of OJSC Regional Agricultural Technical Service (code
EDRPOU 00953220) have until March 25 to submit written proofs of
claim to:

         Mogilev-Podolsky Regional State Tax Inspection
         Temporary Insolvency Manager
         Karmeliuk Str. 7/54
         Mogilev-Podolsky
         24000 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
10/197-06.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Regional Agricultural Technical Service
         Lesnaya Str. 6-b
         Vendichany
         Mogilev-Podolsky District
         24032 Vinnica
         Ukraine


TECHNOLOGY LLC: Creditors Must File Proofs of Claim by March 25
---------------------------------------------------------------
Creditors of LLC Technology (code EDRPOU 30746120) have until
March 25 to submit written proofs of claim to:

         Leonid Talan
         Liquidator
         a/b 158
         49000 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 24/203-06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Technology
         Plehanov Str. 7a
         49006 Dnipropetrovsk
         Ukraine


TIREX LLC: Creditors Must File Proofs of Claim by March 25
----------------------------------------------------------
Creditors of LLC Tirex (code EDRPOU 31114874) have until
March 25 to submit written proofs of claim to:

         State Tax Inspection in Solomenka District
         Liquidator
         Smilianskaya Str. 6
         03151 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/52-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Tirex
         Metalistov Str. 17
         03057 Kiev
         Ukraine


TRUCK LLC: Creditors Must File Proofs of Claim by March 25
----------------------------------------------------------
Creditors of LLC Truck (code EDRPOU 31085943) have until
March 25 to submit written proofs of claim to:

         State Tax Inspection in Solomenka District
         Liquidator
         Smilianskaya Str. 6
         03151 Kiev
         Ukraine

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 Truck
         Mishyn Str. 25
         03151 Kiev
         Ukraine


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


ADVANCED MARKETING: Baker & Taylor Completes Asset Purchase
-----------------------------------------------------------
Baker & Taylor, Inc. has completed the acquisition of the
wholesale operations of Advanced Marketing Services Inc.

Advanced Marketing has been in proceedings under Chapter 11 of
the Bankruptcy Code since Dec. 29, 2006.  The U.S. Bankruptcy
Court in Wilmington, Delaware, approved the transaction on March
9.

Baker & Taylor's acquisition includes Advanced Marketing assets
through which it distributes bestsellers, children's books,
culinary titles, reference works, and other books to membership
warehouse clubs.  Baker & Taylor also acquired Advanced
Marketing's wholesale distribution operations in the United
Kingdom and in Mexico.

Baker & Taylor said it would operate the warehouse club business
under a new brand, Baker & Taylor Marketing Services, and resume
full shipping operations to the warehouse clubs on March 19.

Richard Willis, Baker & Taylor's chairman and chief executive
officer, observes that Advanced Marketing had been the dominant
wholesale book club distributor for over 20 years.

"The Advanced Marketing acquisition is a perfect fit with Baker
& Taylor and gives us a formidable presence in this industry,"
Mr. Willis noted.

"At Baker & Taylor," Mr. Willis said, "we have built the world's
largest book wholesaler by focusing on the needs of our
customers.  Advanced Marketing's employees have shown the same
dedication and passion for their customers, and we are pleased
to be able to give them the opportunity to continue to grow
their business."

Baker & Taylor, founded in 1828, is based in Charlotte, North
Carolina.  Advanced Marketing's headquarters is in San Diego,
California.  Baker & Taylor Marketing Services will continue to
keep its primary office in San Diego and operate warehouses in
Indianapolis, Indiana and Sacramento, California.

                     About Baker & Taylor

Baker & Taylor is a portfolio company of Castle Harlan Partners
IV, L.P., an investment fund organized and managed by Castle
Harlan, Inc., a private equity firm based in New York.  Castle
Harlan acquired Baker & Taylor last summer.

Castle Harlan, founded in 1987, invests in controlling interests
in the buyout and development of middle-market companies in
North America and Europe.  Its team of 20 investment
professionals has completed 48 acquisitions since its inception
with a total value in excess of US$9 billion.  The firm traces
its roots to the start of the institutionalized private-equity
business in the late 1960s.

Castle Harlan's current portfolio companies, which employ more
than 42,000 people, include Ames True Temper, a leading
manufacturer of lawn and garden tools and accessories;
RathGibson, a leader in the manufacture of stainless steel and
high alloy precision-welded tubing, and Perkins & Marie
Callender's, Inc., which operates and franchises 618 family
restaurants in the United States and Canada.

                   About Advanced Marketing

Based in San Diego, California, Advanced Marketing Services,
Inc. -- http://www.advmkt.com/-- provides customized  
merchandising, wholesaling, distribution and publishing
services, currently primarily to the book industry.  The company
has operations in the U.S., Mexico, the United Kingdom and
Australia and employs approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.  
When the Debtors filed for protection from their creditors, they
listed estimated assets and debts of more than US$100 million.  
The Debtors' exclusive period to file a chapter 11 plan expires
on Apr. 28, 2007.


ADVANCED MARKETING: C. Smith Succeeds G. Rautenstrauch as CEO
-------------------------------------------------------------
Advanced Marketing Services Inc. has appointed Curtis R. Smith,
the company's executive vice president and chief financial
officer, to succeed former CEO Gary M. Rautenstrauch following
the latter's March 21 resignation, the San Diego Business
Journal reports.

Advanced Marketing has been in proceedings under Chapter 11 of
the Bankruptcy Code since Dec. 29, 2006.  The U.S. Bankruptcy
Court in Wilmington, Delaware, approved the transaction on
March 9.

Mr. Smith will supervise the final winding-down of the Company's
business operations following the completion of the sale of
majority of its assets to B&T.  Mr. Rautenstrauch will remain as
a member of the company's Board of Directors.

Mr. Rautenstrauch worked for 22 years at Baker & Taylor,
including a stint as chief executive officer of B&T, the Journal
relates.

According to the report, the former CEO is entitled to get a
bonus of up to 70 percent of his salary.  U.S. securities
filings disclosed that his base salary was $450,000, which pegs
his bonus at $315,000.

                   About Advanced Marketing

Based in San Diego, California, Advanced Marketing Services,
Inc. -- http://www.advmkt.com/-- provides customized  
merchandising, wholesaling, distribution and publishing
services, currently primarily to the book industry.  The company
has operations in the U.S., Mexico, the United Kingdom and
Australia and employs approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.  
When the Debtors filed for protection from their creditors, they
listed estimated assets and debts of more than US$100 million.  
The Debtors' exclusive period to file a chapter 11 plan expires
on Apr. 28, 2007.


ALLERTON DEVELOPMENTS: Names M. S. E. Solomons Liquidator
---------------------------------------------------------
M. S. E. Solomons of SPW Poppleton & Appleby was appointed
liquidator of Allerton Developments Ltd. on March 5 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Allerton Developments Ltd.
         Ballitore
         Cranes Lane
         Lathom
         Ormskirk
         Lancashire
         L40 5UJ
         England
         Tel: 01695 580 392


ANGLO NATIONWIDE: Appoints Chris Williams to Liquidate Assets
-------------------------------------------------------------
Chris Williams of McTear Williams & Wood was appointed
liquidator of Anglo Nationwide Carriers Ltd. on March 13 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Anglo Nationwide Carriers Ltd.
         Scope House High Street
         Bordon
         Hampshire
         GU350AY
         England
         Tel: 01782 563 322
         Fax: 01376 341 708


ANOUSHKA G: Creditors' Meeting Slated for March 28
--------------------------------------------------
Creditors of Anoushka G Retail Ltd. will meet at 12:30 p.m. on
March 28 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 27 to submit their proxy forms together with particulars
of their claims or of any security at the said address.
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on March 26.


BOX OFFICE: Brings In M. S. E. Solomons to Liquidate Assets
-----------------------------------------------------------
M. S. E. Solomons was appointed liquidator of The Box Office
Packaging Ltd. on March 7 for the creditors' voluntary winding-
up proceeding.

The company can be reached at:

         The Box Office Packaging Ltd.
         Cinder Tump
         Pennywell Lane
         Littledean
         Cinderford
         Gloucestershire
         GL143JX
         England
         Tel: 01594 541 296


BRITISH AIRWAYS: Calls on UK to Sanction US Under Aviation Pact
---------------------------------------------------------------
British Airways plc has called on the U.K. government to stand
by its right of automatic termination of traffic rights granted
in the new air treaty endorsed March 22 between the European
Union and US if America drags its feet on negotiating further
liberalization.

Access to Heathrow for US airlines is at the heart of the new
aviation pact signed by European Union Transport Ministers
Thursday in Brussels.

British Airways chief executive Willie Walsh said, "The EU is
naive to believe the US will deliver on the next stage of
liberalization without sanctions so we are pleased the U.K.
government has recognized this and demanded an automatic
termination clause.  However, the five-month delay before
implementation is unnecessary.

"With the EU having given away their most valuable negotiating
asset - Heathrow - the U.K. government must stand by its pledge
to withdraw traffic rights if the US does not deliver further
liberalization by 2010.  Nothing short of an Open Aviation Area
by 2010 will be acceptable and we want talks on the second stage
to achieve this to start immediately.

"This means delivering a true Open Aviation Area under which
airlines from both sides would have free access to each others'
market without restrictions and where it will be possible for a
US airline to be 100% owned by investors from the EU and vice
versa.  

"A genuine liberalization such as this would deliver huge
benefits for customers.

"It is disappointing that the EU has missed the opportunity to
achieve these long-term gains for customers.  Instead, this deal
will deliver short-term gains for the subsidized American
aviation industry.

"So far the US has made no meaningful concessions.  American
carriers can now fly into Heathrow, Europe and beyond while
their own backyard remains a no go area for EU carriers and
foreign ownership of their airlines remains unchanged.

"We will hold the Government to its word to fight for Britain's
interests if America doesn't play ball.  Though this is a poor
agreement for Britain and Europe, we are ready to exploit the
new opportunities this agreement gives us for our customers and
our business.  Our priority will be to move the Gatwick services
to Heathrow that have most connecting traffic, such as the
Houston route which serves the oil markets and give our
customers the best possible connections."

As previously reported in the TCR-Europe on March 6, BA is
opposing the "open skies" deal as it may lose its protected
flight status at Heathrow airport and face intense competition,
according to published 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.


BROTHER 2 BROTHER: Creditors' Meeting Slated for March 29
---------------------------------------------------------
Creditors of Brother 2 Brother Ltd. will meet at 10:15 a.m. on
March 29 at:
  
         The P&A Partnership
         93 Queen Street
         Sheffield  
         S1 1WF
         England

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

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing  
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors, and business advisors.


BUDGET CLEANING: Taps Robert Day to Liquidate Assets
----------------------------------------------------
Robert Day of Robert Day and Co. Ltd. was appointed liquidator
of Budget Cleaning Ltd. on March 14 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Budget Cleaning Ltd.
         Peartree Cottage
         Cottered    
         Buntingford
         Hertfordshire
         SG9 9PU
         England
         Tel: 01763 281 567


CANNOCK GATES: Calls In Administrators from Ernst & Young LLP
-------------------------------------------------------------
Ian Best and Chris Marsden of Ernst & Young LLP were appointed
joint administrators to Cannock Gates U.K. Ltd.

"Originally established in 1983, the company has built a strong
reputation for the quality of its handmade products and has a
significant customer base across the country making it an
attractive acquisition target," Mr. Best said.

"We are seeking to trade the businesses with a view to finding a
buyer, and early indications show that there is interest from
several parties.

"We aim to keep an open dialogue with customers who have orders
with the company and we will be contacting them over the next
few days to keep them fully up to date.

"In the meantime, if customers have any immediate queries they
should call 0870 754 1813 for further information," Mr. Best
continued."

Headquartered in Cannock, England, Cannock Gates U.K. Ltd.
http://www.thegardenfactory.co.uk/-- manufactures a range of  
wrought iron and solid wooden gates.  Cannock also sells its
products direct to consumers via a factory shop, through its
mail order catalogue and its web site.  The company employs over
100 people at its two sites.


CHERRYPRINT LTD: Brings In Liquidators from Baker Tilly
-------------------------------------------------------
Phillip Edward Pierce and Adrian David Allen of Baker Tilly were
appointed joint liquidators of Cherryprint Ltd. on March 6 for
the creditors' voluntary winding-up procedure.

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.

The joint liquidators can be reached at:

         Phillip Edward Pierce and Adrian David Allen
         Baker Tilly
         2 Whitehall Quay
         Leeds  
         LS1 4HG
         England


CIRCLE STUDIO: Creditors Confirm Voluntary Liquidation
------------------------------------------------------
Creditors of Circle Studio Ltd. confirmed on March 9 the
company's resolutions for voluntary liquidation and the
appointment of Allan Cooper and Christopher Michael White
of The P&A Partnership as liquidators.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing  
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.

The company can be reached at:

         Circle Studio Ltd.
         York House
         Stephensons Way
         Wyvern Business Park
         Chaddesden
         Derby    
         Derbyshire
         DE216LY
         England
         Tel: 01332 545 040
         Fax: 01332 545 041


CLAREMONT KNIGHT: M. Chamberlain Leads Liquidation Procedure
------------------------------------------------------------
M. Chamberlain was appointed liquidator of Claremont Knight Ltd.
on March 14 for the creditors' voluntary winding-up procedure.

The company can be reached a t:

         Claremont Knight Ltd.
         Northgate
         Baildon
         Shipley    
         West Yorkshire
         BD176JX
         England
         Tel: 0870 746 6100


COLLINS & AIKMAN: Court Okays Alan Miller as Special Counsel
------------------------------------------------------------
The Honorable Steven W. Rhodes of the U.S. Bankruptcy Court for
the Eastern District of Michigan gave Collins & Aikman Corp. and
its debtor-affiliates authority to employ Alan B. Miller, Esq.,
as their special counsel.

Judge Rhodes also approves Mr. Miller's Engagement Letter and
for him to begin the investigation and preparation of certain
causes of action for the benefit of the Litigation Trust in
advance of the Effective Date of the Plan.

The Debtors' First Amended Joint Plan provides for the
establishment of a litigation trust and the appointment of a
litigation trust administrator to pursue claims on behalf of the
Litigation Trust beneficiaries.

The Litigation Trust Administrator's duties include the
investigation and commencement of the causes of action contained
in the Litigation Trust agreement that are intended to preserve
and protect the assets of Litigation Trust.  The Causes of
Action include those arising under Chapter 5 of the Bankruptcy
Code that are not released under the Plan or Court-approved
settlements.

The agent for the Debtors' senior, secured prepetition lenders,
in consultation with the Unofficial Steering Committee for the
Debtors' senior, secured prepetition lenders, and the Official
Committee of Unsecured Creditors, has advised the Debtors that
Alan B. Miller has been selected to serve as the Litigation
Trust Administrator.  The United States Trustee for Region 9 has
consented to the employment of Mr. Miller.

The Debtors wish to retain Alan Miller as special counsel to
begin the investigation and preparation of certain causes of
action for the benefit of the Litigation Trust in advance of the
effective date of the Plan.

Pursuant to the engagement letter between Mr. Miller and the
Debtors, the duties of Mr. Miller as special counsel to the
Debtors will include:

     * perform the same duties and assume the same
       responsibilities prior to the effective date of the Plan
       that the Litigation Trust Administrator will perform and
       assume upon and after the Effective Date to preserve the
       Litigation Trust Assets; and

     * identify and retain counsel and other professionals for
       the Debtors and the Litigation Trust who will investigate
       and prepare to commence the Litigation Trust Claims
       against third parties as contemplated by the Plan.

Mr. Miller retired as a senior partner at Weil, Gotshal & Manges
LLP, but maintains the title of "senior counsel" at the firm and
has specialized in business reorganizations for over 40 years.
He has been involved in several Chapter 11 reorganizations, out-
of-court restructurings, secured financings and investments for
troubled companies, including the purchase of TWA by American
Airlines, Rockefeller Center Properties, Mcorp and Thermadyne
Corp., Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New
York, informed the Court.

Mr. Miller is also a member of the board of directors of
Meridian Automotive Systems, Inc., and of the Senior Advisory
Board of Chanin Capital Partners, Inc., an affiliate of Duff &
Phelps, Inc.

According to the Engagement Letter, Mr. Miller's engagement will
start immediately and expire according to the Plan.  He will be
paid an annual retainer of US$75,000 plus 3% of the net amounts
of recoveries by the Litigation Trust to or for the account of
the beneficiaries.  Additionally, Mr. Miller will be paid US$425
per hour for services related to the resolution of the
Litigation Trust Claims.  Reasonable expenses will be
reimbursed.

Mr. Miller is not aware of any connection with any of the
potentially adverse parties in the Debtors' Chapter 11 cases.

Mr. Miller stated that he does not hold or represent any adverse
interest to the Debtors' estates and attests that he is a
disinterested person, as the term is defined in Section 101(14)
of the Bankruptcy Code, as modified by Section 1107(b).

Mr. Schrock told the Court that it is essential that Mr. Miller
begin the work to prepare the Causes of Action now due to the
time-sensitive nature of several Causes of Action, the upcoming
confirmation hearing, and to ensure maximum value for the
Debtors' estates and the beneficiaries of the Litigation Trust.

As Mr. Miller is not allowed to begin the investigation and
preparation necessary to commence the actions before the Plan's
effective date, he may not be able to institute all necessary
actions to preserve and protect the Litigation Trust Assets
before the expiration of the statute of limitations, which may
be on May 17, 2007, absent substantial estate resources being
expended in the interim, Mr. Schrock said.

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).


DANA CORP: Sells Bristol Plant Assets to Dana Canada for US$1.9M
----------------------------------------------------------------
Dana Corp. and its debtor-affiliates notify the U.S. Bankruptcy
Court for the Southern District of New York that they will
transfer certain production equipment and associated assets from
their plant in Bristol, Virginia, to a facility in Magog,
Quebec, owned by non-debtor affiliate Dana Canada Corporation.

In October 2005, the Debtors stated that the Bristol Plant will
be closed and its operations will be transferred to other
facilities to reduce overall production costs.  Since 2005, the
Debtors have transferred certain of the Assets to their plant in
Mexico.

The Debtors have also determined that ownership of the Assets
should also be transferred to Dana Canada.  The Debtors believe
this is appropriate since Dana Canada owns and operates the
Magog Plant and there currently is no plan to return the Assets
to the United States, Corinne Ball, Esq., at Jones Day, in New
York, relates.

To set an appropriate sale price for the Assets, the Debtors and
Dana Canada obtained a third-party appraisal of the Assets from
AT Operations, Inc., doing business as GoIndustry.  GoIndustry
valued the Bristol Assets at US$1,936,863.

The Debtors then sold the Assets for the appraised asset value
and executed a bill of sale with Dana Canada.

Two entities hold liens or have other interests in the Assets:

   (a) Citicorp North America, Inc., as Administrative Agent
       under that the Senior Secured Superpriority DIP Credit
       Agreement, dated March 3, 2006; and

   (b) Citicorp USA, Inc., as Administrative Agent under a
       Security Agreement, dated November 18, 2005.

Each Lienholder either has consented to the Magog Transfer or
the Lienholder's lien or interest can be extinguished, has been
waived or is capable of monetary satisfaction, according to Ms.
Ball.

No executory contracts are to be assumed and assigned in
connection with the Magog Transfer.

                          About Dana Corp.

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs  
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries.  Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually.  Dana has facilities in China, Argentina and
Italy.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.  
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors' exclusive period to file a plan expires on Sept. 3,
2007.  They have until Nov. 2, 2007, to solicit acceptances of
that plan.  (Dana Corporation Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DANA CORP: Discloses Non-Union Retirees Pact With Retiree Panel
---------------------------------------------------------------
Dana Corp. and its debtor-affiliates and the Official Committee
of Non-Union Retirees have reached an agreement regarding the
non-pension retiree benefits for non-union retirees, Michael L.
DeBacker, Dana Corporation's vice president, general counsel and
secretary, disclosed in a regulatory filing with the Securities
and Exchange Commission.

The Non-Union Retirees Agreement provides that:

   (a) the Debtors will assist the Retirees Committee in
       establishing a tax-exempt Voluntary Employees'
       Beneficiary Association trust for the non-union retirees;
       and

   (b) the Debtors will fund the VEBA Trust through an initial
       contribution of $25,000,000 to be made during the
       bankruptcy proceedings and an additional contribution of
       $53,000,000 to be made on or after their emergence from
       bankruptcy.

In exchange, the Debtors will be released from obligations for
post-retirement health and welfare benefits for the non-union
retirees.

According to Mr. DeBacker, the U.S. Bankruptcy Court for the
Southern District of New York has authorized the Debtors'
request to eliminate their RetireeFlex and other post-retirement
welfare benefits for all active salaried and hourly non-union
workers in the United States effective April 1, 2007.

Details of the Non-Union Retirees Agreement have not yet been
filed with the Court as of March 14, 2007.  

                          About Dana Corp.

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs  
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries.  Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually.  Dana has facilities in China, Argentina and
Italy.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.  
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors' exclusive period to file a plan expires on Sept. 3,
2007.  They have until Nov. 2, 2007, to solicit acceptances of
that plan.  (Dana Corporation Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DANA CORP: Reaches Pact With IAMAW to Resolve Union's Claims
------------------------------------------------------------
Dana Corp. disclosed in a regulatory filing with the Securities
and Exchange Commission that it has reached a settlement with
the International Association of Machinists and Aerospace
Workers union.

The IAMAW represents 215 hourly employees at Dana's sealing
products plant in Robinson, Ill.  

The salient terms of the IAMAW Settlement are:

   (a) Dana Corp. will pay $2,250,000 to IAMAW resolve all of
       the union's claims for non-pension retiree benefits with
       respect to retirees and active employees it represents.

   (b) Dana Corp. will not terminate the non-pension retiree
       benefits before July 1, 2007.

   (c) A new three-year collective bargaining agreement will
       cover the Robinson plant.

Michael L. DeBacker, Dana Corp.'s vice president, general
counsel and secretary, says the company are moving forward with
its efforts to modify or reject the CBAs and retiree welfare
benefits provided to the International Union, United Automobile,
Aerospace and Agricultural Implement Workers of America; and the
United Steelworkers, and is seeking to negotiate consensual
agreements with these unions.

                          About Dana Corp.

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs  
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries.  Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually.  Dana has facilities in China, Argentina and
Italy.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.  
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors' exclusive period to file a plan expires on Sept. 3,
2007.  They have until Nov. 2, 2007, to solicit acceptances of
that plan.  (Dana Corporation Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


ECO-BAT TECH: Moody's Lifts Rating to Ba3 on Strong Performance
---------------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating
of Eco-Bat Technologies Limited to Ba3 from B1 following a
review of the underlying positive operational performance trends
as reflected in the positive outlook assigned in December 2006.

This rating action takes into account the proposed EUR600-
million senior pay-in-kind note issuance at EB Holdings, which
owns 86.5% of Eco-Bat Technologies Ltd, the proceeds of which
will be used to refinance Holdco's existing PIK notes, to pay a
dividend to Holdco's shareholder and to pay fees and expenses.
Moody's has concurrently affirmed the B1 rating on the EUR235-
million 10.125% senior notes due 2013 at Eco-Bat Finance PLC.
The outlook on all ratings has been changed to Stable.

The upgrade to Eco-Bat's Corporate Family Rating is driven by
its sound credit metrics, with stronger performance largely
driven by cyclically high lead prices combined with the
retention of substantial free cash flow during this period of
strong operational performance and the expectation that the
company will not be distributing in the future this cash through
distributions.  The trading performance of the company and its
financial flexibility are expected to continue to improve
following the trend to higher lead prices.  Improvements in
financial results are also attributable to higher tonnage sold
and cost reductions.

The proposed PIK notes will be issued outside of the perimeter
of Eco-Bat's Corporate Family Rating with the proceeds being
used to refinance existing PIK notes, pay a dividend to Holdco's
shareholder and pay fees and expenses.  Moody's therefore notes
that the impact of the PIK notes on the existing creditors
within the rated group will be limited given the ring fencing
characteristics established under the existing senior notes
indenture and given the fact that the claim of the new PIK notes
on the Eco-Bat restricted group as reflected in our Corporate
Family Rating is solely by virtue of its potential rights to
shareholder distributions by the group.

Another consideration by the agency is the fact that the new
notes will be extending the maturity profile of the existing PIK
notes by modifying the call date where under the new PIK notes
this will now no longer fall prior to the first call date on the
2013 notes.  These changes contribute to reducing the risk that
the new PIK notes are redeemed ahead of the senior notes thereby
reducing the pressure potentially placed by the new PIK notes in
the future on Eco-Bat's corporate family rating and group.

A further consideration in Moody's assessment is also the fact
that Eco-Bat has no formal obligation to upstream dividends to
EB Holdings.  Nevertheless, if maximum allowable permitted
payments of around GBP35 million and then around half of future
net profit thereafter were to be distributed, Moody's estimates
that changes to credit metrics and Eco-Bat's credit profile
would still see the Corporate Family Rating falling within the
Ba3 rating category, assuming the continued positive operating
performance largely driven by high lead prices was to continue.

The one notch differential between the Corporate Family Rating
and the 2013 notes arises predominantly due to an increase in
potential priority debt that would rank ahead of the notes.  
This results from the January 2007 refinancing of various senior
secured credit facilities with a larger pan-European borrowing
base facility.  While the new senior credit facilities remain
largely unused, Moody's calculates that on a fully drawn basis
senior secured debt ranking ahead of the 2013 notes would now
represent around approximately 1/3 of total debt.

The B1 rating on the 2013 notes also reflects the application of
Moody's Loss Given Default methodology, which is being
implemented for speculative grade issuers in Europe, the Middle
East and Africa beginning March 19, 2007.  As a result of this
methodology, Moody's has assigned a Probability of Default
rating of Ba3 to the corporate family, and an LGD4 and 65% LGD
rate to the 2013 notes.

The Stable outlook reflects Moody's view of the company's future
credit risk profile given current cyclically high lead prices.
Ratings will be constrained by continued lead price volatility
and cyclicality.

Affected ratings are:

   -- Corporate family rating at Eco-Bat Technologies Limited
      upgraded to Ba3.

   -- A probability of default rating of Ba3 has also been
      assigned to Eco-Bat Technologies Limited.

   -- Rating on EUR 235 million 10.125% senior notes due 2013 at
      Eco-Bat Finance PLC affirmed at B1.  An LGD4 and 65% LGD
      rate has been assigned.

   -- Outlook changed to Stable.

Headquartered in Matlock, UK, Eco-Bat Technologies Limited is a
privately held company and is the world's largest producer of
lead.  The company produces around 90% of total lead output from
secondary lead smelting, primarily the recycling of spent
automotive and industrial lead-acid batteries.  The company
generated GBP731 million in revenues for the last 12 months
ending Sept. 30, 2006.


ECO-BAT TECHNOLOGIES: S&P Affirms B+ Ratings on Loan Refinancing
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on U.K.-
based lead recycling group Eco-Bat Technologies Ltd. to negative
from stable.  This follows the announcement by intermediate
parent holding company EB Holdings Inc. that it intends to issue
a EUR600 million payment-in-kind loan due 2017 to refinance
existing PIK notes of EUR250 million and to fund a distribution
to shareholders.

At the same time, Standard & Poor's affirmed its 'B+' long-term
corporate credit rating on Eco-Bat.  The 'B' senior unsecured
debt rating on the EUR235 million 10.125% bonds due 2013 issued
by related entity Eco-Bat Finance PLC and guaranteed by Eco-Bat
was also affirmed.

At the company's request, Standard & Poor's has withdrawn its
'B+' long-term corporate credit rating on EB Holdings and the
'B-' senior unsecured debt rating on EB Holdings' existing
EUR250 million 10% callable PIK notes due 2015. The proposed
EUR600 million PIK loan due 2017 will be unrated.  

"Although there is no cash flow impact on Eco-Bat in the short
term, the outlook revision reflects Standard & Poor's concern
that the proposed PIK loan will increase the group's
vulnerability to a potentially weaker financial profile," said
Standard & Poor's credit analyst Alex Herbert.

Standard and Poor's recognize that the proposed issuance is a
shareholder driven, rather than management driven, event.
Nevertheless, the proposed PIK loan represents sizable
additional debt that might need to be refinanced or repaid in
future by Eco-Bat.  For the purpose of our financial ratios,
Standard & Poor's treats the proposed loan as debt.  Interest
will not be paid in cash but will accrue over time.

"A downgrade could occur if the lead market were to soften over
the next couple of years, at a time when interest on the PIK
loan will be accruing," Mr. Herbert added. "A continued
aggressive financial policy could also act as a downgrade
trigger."


HOUSE OF AMBER: Creditors' Meeting Slated for April 3
-----------------------------------------------------
Creditors of House of Amber Ltd. will meet at 11:30 a.m. on
April 3 at:
  
         Levy & Partners
         86-88 South Ealing Road
         London  
         W5 4QB
         England

Creditors who want to vote at the meeting have until noon on
April 2 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 30.


INMARSAT PLC: Moody's Changes Rating Outlook to Negative
--------------------------------------------------------
Moody's changed the rating outlook for Inmarsat Plc (CFR at Ba2)
and its rated subsidiaries to negative (from stable).

The outlook change follows the announcement that Inmarsat's
subsidiary Inmarsat Finance III Limited has agreed in the first
instance to provide a loan of up to US$250 million to CIP UK
Holdings Limited to fund the acquisition by CIP UK's subsidiary
CIP Canada Investment Inc of the entire issued share capital of
Stratos Global Corporation through a Canadian trust created by
CIP Canada.

Stratos Global is Inmarsat's most important distributor.  
Subject to closing of the acquisition, Inmarsat Finance III will
be granted an option (exercise price is US$0.75 to 1 million) to
acquire CIP UK and with that ownership of Stratos Global.  The
option can not be exercised prior to April 2009.  While Moody's
believes that the transaction makes good strategic sense, it
will also considerably increase Inmarsat's leverage (Debt/EBITDA
as measured by Moody's to ~ 3.7 from ~ 3.0 on a 2006 pro forma
basis).  The rating action is taken on the assumption that there
will be no material changes to the transaction as currently
contemplated.

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:

   * Inmarsat Plc

     -- Probability of default rating: Ba2. CFR is unchanged at
        Ba2.

   * Inmarsat Finance Plc

     -- 7.625 % senior notes due 2012 : LGD 4, 61%. Issue rating
        unchanged at Ba3.

   * Inmarsat Finance Plc II

     -- 10.375% discount notes due 2012 : LGD 5, 86% Issue
        rating unchanged at B1.

Moody's added that a negative outlook also reflects
uncertainties regarding the amount of the initial loan that will
be made available by Inmarsat Finance III to CIP UK Holdings.  
In addition to the loan required for the acquisition of Stratos
Global's equity, Inmarsat Finance III has also received bank
commitments to provide further funding to CIP UK Holdings/CIP
Canada to accommodate a change of control put by either the
holders of Stratos Global's bonds or its bank debt.  Inmarsat
currently believes that this is unlikely.  In addition, the
transaction precludes Inmarsat from exercising any management
control over Stratos Global before 2009 when its call option to
acquire the asset can be exercised.  Inmarsat's existing
Commercial Framework Agreement with its distributors that runs
to March 2009 does not allow for the acquisition of distributors
by Inmarsat.  

In the meantime Inmarsat will have to rely on the services of
Communications Investment Partners, parent company of CIP UK and
a professional service company with a focus on the satellite
services sector and in particular Stratos Global's management to
safeguard its potential investment.  The acquisition of Stratos
Global is still subject to amongst other things regulatory and
shareholder approval and closing is not expected before the
third quarter of 2007.  Finally Moody's notes that the
announcement of the transaction occurs at a time where Inmarsat
is still at a relatively early stage in the execution of
important projects such as the roll-out of its broadband global
area network and the launch of handheld satellite services and
the launch of its third (and last) Imarsat-4 satellite is slated
for early 2008.

The transaction makes sense from a strategic perspective as it
creates the option for beneficial changes in Inmarsat's
distribution model given Stratos Global's position as Inmarsat's
most important distributor with amongst other things a
significant volume discount entitlement.  Exercising the option
should also help Inmarsat to optimize its position with regard
to the 2009 renegotiation of the Commercial Framework Agreement.
While the transaction will restrict Inmarsat's position to that
of a provider of finance to CIP UK Holdings prior to exercising
its option, Moody's would expect the loan agreement to be
structured in a way such that any leakage of value from the
Stratos Global ownership away from CIP and CIP Canada will not
be possible.

Moody's noted that if debt (as measured by Moody's DEBT/EBITDA
ratio) were to increase visibly from the level of ~ 3.7x that
would be reached pro forma for the CIP loan downward pressure on
the Ba2 CFR rating would be likely.  Conversely, continued
successful execution on the company's main strategic initiatives
(BGAN, handhelds, satellite launch) together with relative
indebtedness improving once the initial CIP loan has been made
should help to stabilize the outlook.  The rating agency added
that if the CIP loan is extended as envisaged there could be
positive implications under Moody's LGD methodology for the
ratings of the senior notes at Inmarsat Finance and the discount
notes at Inmarsat Finance II as a result of the introduction of
junior ranking debt to the capital structure of the Inmarsat
group.  The likely increase of overall leverage from the
addition of the lower ranking debt is reflected in the corporate
family rating and the negative outlook.

Inmarsat's 2006 results showed solid overall underlying revenue
growth of 4.4 %, helped by a strong fourth quarter (+6.4%) and
driven by a strong performance in maritime services (+6.6%) and
aeronautical services (+35.2% from a still relatively small
base).  Maritime revenues was driven by data services while the
company's efforts to stem the erosion of maritime voice services
showed some success with voice revenues falling by just 1%.
Measurable progress in the deployment of BGAN helped land data
services to return to good growth in the second half of the year
after a slight decline in the first half and the launch of
Inmarsat's own handheld satellite services in the second half of
2006 showed some promise in halting the significant decline in
land voice services due to strong competition from other
operators such as Globalstar and Iridium.  

Overall revenue from land services was down by 4.7%.  Capacity
leases to third parties were little changed from 2005.  Due to
successful cost control EBITDA grew by 5% to US$331.7 million
(+7.1% excluding one-off termination cost).  Capex at US$114.4
million was considerably lower than previous guidance of US$175
million and allowed for the generation of US$63 million in free
cash flow after dividends US$98.2 million. However, due to the
ongoing accretion of the company's 10.375% discount notes,
reported year-end gross debt (including deferred satellite
payments was little changed at US$922.4 million relative to 2005
(US$919.5 million).

Inmarsat Plc, a provider of global mobile satellite
communications services, is based in London, England.


J P MEDIA: Hires Liquidator from Griffin & King
-----------------------------------------------
Timothy Frank Corfield of Griffin & King was appointed
liquidator of J P Media Ltd. on March 14 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         J P Media Ltd.
         Hilton Lane
         Essington    
         Wolverhampton
         West Midlands
         WV11 2BQ
         England    
         Tel: 0845 345 2004
         Fax: 0845 345 2006


JTM DESIGN: Liquidator Invites Creditors to Submit Claims
---------------------------------------------------------
Creditors of JTM Design and Build Ltd. are invited to prove
their debts and submit their claims in writing to:

         Paul Charlton
         Joint Liquidator    
         Mazars LLP
         Mazars House
         Gelderd Road
         Gildersome
         Leeds  
         LS27 7JN

Robert Adamson and Paul Charlton of Mazars LLP were appointed
joint liquidators of the company on March 6.

Mazars -- http://www.mazars.com/-- provides in audit,  
accounting, tax, and advisory services.


KYE LTD: Joint Liquidators Take Over Operations
-----------------------------------------------
Charles William Anthony Escott and Gerald Clifford Smith of RSM
Robson Rhodes LLP were appointed joint liquidators of Kye Ltd.
on March 12 for the creditors' voluntary winding-up proceeding.

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

The company can be reached at:

         Kye Ltd.
         Riverside Road
         Gorleston
         Great Yarmouth
         Norfolk
         England
         NR316PX
         Fax: 01502 514 081


LEEDS WHOLESALE: Creditors Confirm Liquidator's Appointment
-----------------------------------------------------------
Creditors of Leeds Wholesale Flowers Ltd. confirmed on March 8
the appointment of M. P. Halligan of MPH Recovery as the
company's liquidator.

The company can be reached at:

         Leeds Wholesale Flowers Ltd.
         Unit 1 Devro Court
         Knowsthorpe Way
         Leeds    
         West Yorkshire
         LS9 0SW
         England
         Tel: 0113 248 2772


MANSARD MORTGAGES: Fitch Rates GBP6.875-Mln Class B2 Notes at BB
----------------------------------------------------------------
Fitch Ratings assigned Mansard Mortgages 2007-1 PLC's
GBP250 million mortgage-backed floating-rate notes due in 2049
expected ratings:

   -- GBP82.5 million Class A1 notes: 'AAA'
   -- GBP97.5 million Class A2 notes: 'AAA'
   -- GBP36.25 million Class M1 notes: 'AA'
   -- GBP14.375 million Class M2 notes: 'A'
   -- GBP12.5 million Class B1 notes: 'BBB'
   -- GBP6.875 million Class B2 notes: 'BB'

The collateral underlying the notes in this transaction consists
solely of Rooftop Mortgage Limited originations.  RML is owned
by The Bear Stearns Companies Inc. and Crown Asset Management
Limited, at 80% and 20%, respectively.

The expected ratings are based on the quality of the collateral,
available credit enhancement, the underwriting criteria of
Rooftop Mortgages and the sound legal structure of the
transaction.  The 28.80% credit enhancement for the Class A
notes is provided by the subordination of the Class M1, Class
M2, Class B1, Class B2 notes, excess spread and a reserve fund
with an initial balance of 0.8% and a target balance of 0.8% of
the total outstanding note balance as of closing.  There is also
a liquidity facility available to meet income deficiencies,
including interest shortfalls on the Class A notes.  However, it
will not be available to fund any periodic principal
deficiencies.

This issuance marks RML's fourth foray into the UK non-
conforming market, although some of its loans also previously
formed part of the collateral for the Bluestone Securities plc
transaction, which closed in December 2004.


PRIORY FINANCE: Taps Liquidators from Taylor Rowlands
-----------------------------------------------------
J. Harvey Madden and Peter W. Gray of Taylor Rowlands were
appointed joint liquidators of Priory Finance (U.K.) Ltd. on
March 15 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Priory Finance (U.K.) Ltd.
         2 Chaloner Street
         Guisborough
         Cleveland
         TS146QD
         England
         Tel: 0870 241 0363


RIDGEWOOD TEXTILES: Creditors' Meeting Slated for April 4
---------------------------------------------------------
Creditors of Ridgewood Textiles Ltd. will meet at 2:30 p.m. on
April 4 at:

         Park Inn Harrow
         Southern Way
         Harlow
         Essex  
         CM18 7BA
         England

Michael Ioannou of Gregory Michaels & Co. will furnish creditors
with information concerning the company's affairs free of charge
as they may reasonably require.

The insolvency practitioner can be reached at:

         Michael Ioannou
         Gregory Michaels & Co.  
         6 Southwick Mews  
         Paddington
         London
         W2 1JG
         England


SCHEFENACKER PLC: Enters Second Phase of Restructuring
------------------------------------------------------
Schefenacker plc enters into the second phase of its
restructuring with the presentation of a proposal for a company
voluntary arrangement.  

The company's bondholders will be asked to vote for a debt-to-
equity-swap at a creditors' meeting on March 30.  This will
determine the company's survival as an important automotive
supply player.

With the support of the company's main customers, senior
creditors and the shareholder management could present a
proposal to restructure the company's unsustainable debt levels
and to recapitalize the business.  On the operational side,
since its appointment on Dec. 11, 2006, the current management
has completed the separation of the lighting business and is in
advanced stages of negotiations for a sale of this division.  
The management has also ensured a controlled wind-down of the
loss-making US lighting operations.

"Following the appointment of an extended executive management
team in early February and the announcement of our restructuring
proposal we are beginning to see momentum in our order intake,"
Stephen J. Taylor, acting Chief Executive of Schefenacker, said.
"It is now crucial that we get the support of the bondholders
for this proposal.  It is the best and only solution available
for the company to survive in its entirety and for the
bondholders to participate in its development."

                      Terms of the Plan

Under the terms of the proposal, the company will receive EUR35
million fresh money from senior creditors and EUR20 million from
Dr. Alfred R. Schefenacker.  Additionally, senior creditors will
have a substantial reduction of cash interest payment on their
debt and Dr. Schefenacker will give up over EUR100 million in
shareholder loans and his control of the company.

The new equity structure of the company will look as follows:
69.6% senior lenders, 25.4% Dr. Schefenacker, 5% bondholders.

In an analysis presented with the proposal, Schefenacker
presents a financial outlook for 2007 based on the mirror
division only of around EUR77 million EBITDA and EUR805 million
sales if the proposed financial restructuring is successful.

If bondholders reject the proposal Schefenacker will undergo an
enforcement of security by its senior lenders in a controlled
manner, absent which there would be a break-up of the group and
substantial job losses.  The company anticipates that if the
bondholders reject the company voluntary arrangement proposal
they will receive nothing at all in respect of their bonds.

                       About Schefenacker

Headquartered in Hampshire, United Kingdom, Schefenacker Plc
(fka Schefenacker AG) -- http://www.schefenacker.com/--  
develops, produces and supplies rear vision systems, lighting
systems and sound systems to the world's automotive
manufacturers.  The company employs 7,900 people and operates 27
sites in Australia, China, France, Hungary, India, Japan, Korea,
Mexico, Romania, Slovenia, Spain, the United Kingdom, and the
U.S.A.

                          *     *     *

As reported in the TCR-Europe on Feb. 15, Moody's Investors
Service downgraded the Corporate Family Rating of Schefenacker
AG to Ca from Caa2, the rating on the company's senior
subordinated notes to C from Ca and the rating for the
senior secured facility from Caa1 to Caa2.  Moody's said the
outlook has been changed to stable.  

In December 2006, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on German automotive parts
supplier Schefenacker AG to 'SD' (selective default) from 'CCC'.

At the same time, the rating was removed from CreditWatch, where
it had been placed with negative implications on Sept. 12, 2006,
following the company's announcement that it had appointed
financial-restructuring experts.

S&P said the 'C' long-term debt rating on the Schefenacker's
EUR200-million subordinated notes maturing in 2014 remains on
CreditWatch with negative implications.


SCHEFENACKER PLC: Succeeds Schefenacker AG's Assets & Debts
-----------------------------------------------------------
Schefenacker PLC disclosed its succession to all of the assets,
liabilities and obligations of Schefenacker AG.

Pursuant to consents received from a majority of the holders of
its EUR200-million 9-1/2% Senior Subordinated Notes due 2014,
Schefenacker AG and certain of its subsidiaries guaranteeing the
Notes executed a Third Supplemental Indenture dated Dec. 15,
2006 to the indenture dated Feb. 11, 2004 in order to facilitate
a consensual restructuring.

In accordance with the Indenture, Schefenacker PLC confirms that
on March 9, 2007, it succeeded to all of Schefenacker AG's
obligations in a Fourth Supplemental Indenture dated
Feb. 9, 2007.  In addition, each of the subsidiary guarantors of
the Notes has confirmed their respective guarantees in the
Fourth Supplemental Indenture.

                    About Schefenacker

Headquartered in Hampshire, United Kingdom, Schefenacker Plc
(fka Schefenacker AG) -- http://www.schefenacker.com/--  
develops, produces and supplies rear vision systems, lighting
systems and sound systems to the world's automotive
manufacturers.  The company employs 7,900 people and operates 27
sites in Australia, China, France, Hungary, India, Japan, Korea,
Mexico, Romania, Slovenia, Spain, the United Kingdom, and the
U.S.A.

                          *     *     *

As reported in the TCR-Europe on Feb. 15, Moody's Investors
Service downgraded the Corporate Family Rating of Schefenacker
AG to Ca from Caa2, the rating on the company's senior
subordinated notes to C from Ca and the rating for the
senior secured facility from Caa1 to Caa2.  Moody's said the
outlook has been changed to stable.  

In December 2006, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on German automotive parts
supplier Schefenacker AG to 'SD' (selective default) from 'CCC'.

At the same time, the rating was removed from CreditWatch, where
it had been placed with negative implications on Sept. 12, 2006,
following the company's announcement that it had appointed
financial-restructuring experts.

S&P said the 'C' long-term debt rating on the Schefenacker's
EUR200-million subordinated notes maturing in 2014 remains on
CreditWatch with negative implications.


SEC REALISATIONS: Appoints Liquidators from Grant Thornton
----------------------------------------------------------
Martin Ellis and Andrew Hosking of Grant Thornton U.K. LLP were
appointed joint liquidators of SEC Realisations Ltd. (formerly
Sira Environmental Certification Ltd.) on March 6 for the
creditors' voluntary winding-up proceeding.

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

The company can be reached at:

         SEC Realisations Ltd.
         Rake Lane
         Eccleston
         Chester
         Cheshire
         CH4 9JN
         England
         Tel: 01244 670 900
         Fax: 01244 681 330


SOUTHERN PACIFIC: Fitch Affirms BB Ratings on Class E Notes
-----------------------------------------------------------
Fitch Ratings affirmed all tranches of Southern Pacific
Securities 05-2 Plc following a reserve fund draw on the March
2007 interest payment date.  

The transaction is backed by loans originated by UK non-
conforming lender Southern Pacific Mortgage Limited.  

The rating affirmations are:

   -- Class A2c and A2c DAC: 'AAA'
   -- Class B1a: 'AA'
   -- Class B1c: 'AA'
   -- Class C1a: 'A'
   -- Class C1c: 'A'
   -- Class D1a: 'BBB'
   -- Class E1c: 'BB'
   -- Class E2c: 'BB'

Rising arrears, repossessions and losses in the underlying
portfolio, as well as a step-up in the detachable A coupon rate,
have led to the first drawings being made on the deal's
allocated reserve fund.  The amount drawn is GBP294,397 out of a
total reserve of GBP2.55 million, representing 11.54% of
available first loss.

Fitch has remodeled the outstanding mortgage portfolio backing
SPS 05-2, using its default and cash flow models.  Its analysis
shows that credit enhancement remains sufficient to support the
ratings of all tranches at their current levels.  While the
ratings have been affirmed, Fitch notes there remains potential
for future reserve fund drawings when the DAC increases during
the next six quarters and when further losses are realized.

In affirming the ratings, the agency notes that loans in arrears
of more than three months currently account for 23.62% of the
portfolio, compared to the average 11.24% seen in Fitch's non-
conforming index for deals at 18 months seasoning.  Transactions
with this degree of seasoning would ordinarily have shown some
stabilization of three month plus arrears at this point, which
is not the case in this instance.

Fitch noted at the time of its rating action in September 2006,
that SPS 05-2 was experiencing a faster rise in arrears levels
than had been seen in previous SPML deals.

Additionally, there has been a substantial increase in the
number of sold repossessed cases.  Capstone report that 99
properties were sold in the three months to March 2007, compared
with 43 properties in the quarter to December 2006.  As arrears
cases are now exiting the portfolio through repossession and
sale, Fitch has conducted further analysis on these cases, in
particular where a loss has crystallized.

With respect to losses, higher loss severities have been
experienced on the second charge loans.  The Weighted Average
Loss Severity on the second charge loans is reported as being
49.50%, compared with a significantly lower 7.63% for the first
charge loans.  However, higher loss severities are expected
given that second-charge mortgages tend to be higher LTV and
also rank junior to the first charge holder in terms of the
distribution of enforcement proceeds from collateral upon which
they are secured.  The overall SPS 05-2 loss severity for
repossessed cases is 11.11%.  Average loss severities remain
below loss severity assumptions for the lowest rated note
category of 'BB'.

With high arrears levels, the increase in cumulative losses and
further step-ups in the DAC rate, there has been a negative
impact on the available revenue funds and thus the excess spread
position.  The reserve fund draw coincided with an increase in
the DAC rate to 2.70% from 2.20%.  The DAC rate steps up again
next quarter to 2.75%.  However, 20.27% of the portfolio
reverted to the full standard variable rate between September
2006 and March 2007.  These reversions should boost the degree
of excess spread for the coming quarter, which should compensate
for the further DAC step-up.  Nevertheless, these interest rate
reversions could also cause a payment shock to affected
borrowers. Consequently this could result in increased arrears
due to further stretched mortgage affordability.

Fitch notes as well that, for the first year, the differential
between the discounted and the stabilized margin was
collateralized.  This has now expired, with no cash collateral
being posted to make up the differential between the stabilized
rate and the current rate.  Accordingly, the extent of available
excess spread during the remaining teaser rate period remains
somewhat restricted.

Since August 2005 all notes have benefited from an accumulation
in credit enhancement that provides extra protection to the
lower-rated tranches.  Additionally, the reserve fund was fully
funded at the time of the draw.  However, the reserve fund draw
has had a negative impact on the Class E1c notes, and credit
enhancement has decreased marginally to 0.69% from 0.70%.
Given increases in arrears, repossessions and loss severities,
the agency will continue to monitor the transaction closely,
particularly with respect to signs of stabilization of the
arrears position.  In addition, if losses continue to trend
upwards, there remains the potential for a further draw on the
reserve fund.

Fitch has the same concern regarding Southern Pacific Securities
05-3 plc.  Arrears are also trending much higher than the non-
conforming index, at 19.34% of the outstanding balance at the
December 2006 IPD, only marginally lower than SPS 05-2, with the
deal only 15 months seasoned.  Similar to SPS 05-2, the DAC
steps up in the fifth quarter.  If arrears continue to increase
at the current pace and losses start to crystallize with
similarly high loss severities, it remains the possibility that
there will not be sufficient available revenue to prevent a
drawing on the reserve fund.


TRIPOS INC: Dec. 31 Balance Sheet Upside-Down by US$5.4 Million
---------------------------------------------------------------
Tripos Inc. reported a net loss of US$4.9 million on revenues of
US$27.4 million for the year ended Dec. 31, 2006, compared with
a net loss of US$4.5 million on revenues of US$28.0 million for
the year ended Dec. 31, 2005.

The company posted an operating loss of US$4.6 million for the
fiscal year ending Dec. 31, 2006, compared with an operating
loss of US$3.1 million in 2005.

Net loss allocable to common shareholders was US$35.0 million,
or US$3.42 per basic share, compared with a net loss of US$4.3
million, or US$0.42 per basic share, in 2005.

At Dec. 31, 2006, the company's balance sheet showed US$35.4
million in total assets and US$36.9 million in total
liabilities, resulting in a US$5.4 million total stockholders'
deficit.

Tripos has called a special meeting of shareholders to approve
the proposed sale of its Discovery Informatics business to
Vector Capital.  As shareholder approval is required for the
sale, Generally Accepted Accounting Principles (GAAP) requires
that Tripos continue to report the Discovery Informatics results
as continuing operations until shareholder approval is obtained.

During the fourth quarter of 2006, the company determined to
hold the Discovery Research business for sale and accordingly,
GAAP requires that the Discovery Research business be reported
as discontinued operations for both the current and prior year
periods.

                        Impairment Charges

The fourth-quarter financial results included a non-cash
impairment charge in the amount of US$15 million to adjust the
carrying value of assets in the Discovery Research business to
the projected proceeds from a contemplated sale of the operating
segment.  This charge approximates the difference between the
value of the Discovery Research business and the company's best
estimate of the anticipated net sale price to be received for
that business.

In the third quarter of 2006, Tripos recorded an impairment
charge of US$3.6 million that approximated the loss to be
incurred on the sale of excess property, buildings, and
equipment at its chemistry facility in Bude, England.

                     Restructuring Charges

The company incurred a restructuring charge in the fourth
quarter of US$471,000 for the elimination of 22 positions at the
Tripos Discovery Research facility.  The number of jobs
eliminated in the Discovery Research business in 2006 was 112
with an associated charge of US$1.6 million.

Tripos also eliminated nine positions from the Discovery
Informatics and administrative groups, incurring a charge of
US$120,000 in the first quarter of 2006.  

A restructuring charge of US$861,000 was recorded in the fourth
quarter of 2005 at Tripos Discovery Research related to a
temporary building that was idled in anticipation of the job
reductions at its chemistry facility.   

                      Operating Activities

In the Discovery Informatics division a charge of US$650,000 was
taken to reflect the additional costs to complete the
informatics service contract with Wyeth Pharmaceuticals.  This
project has experienced delays and cost overruns that now are
anticipated to result in the project being completed at cost.  
The adjustment in the fourth quarter eliminates the cumulative
gross profit from the project and was a prime contributor for
the business unit's quarterly operating loss.

Tripos incurred operating losses of US$3.9 million at the Tripos
Discovery Research Ltd. chemistry facility in the fourth quarter
due primarily to costs and overhead exceeding the level of
revenue achieved, and recording the obligation to repay a
portion of a grant previously received to fund the expansion of
its chemistry facilities.  When operating results are combined
with the restructuring and impairment charges, this segment had
losses of US$19.4 million in the quarter.

The fourth quarter marks the anniversary of the completion of
the four-year US$90 million chemical compound project for Pfizer
Inc.  The inability to replace this source of revenue in the
face of competition from India and China is the principal cause
of the deterioration in the operating results in the Discovery
Research Division.

In addition, costs related to the strategic alternatives process
- including proxy costs, investment-banking fees of US$250,000
along with legal and professional fees of nearly US$550,000 -
amounted to approximately US$800,000 in the fourth quarter.

For the full year, the Discovery Research unit was severely
impacted by its inability to replace the large Pfizer contract.  
Excluding the restructuring charges and the impairment charges,
this unit generated losses of US$9.7 million.  When including
the restructuring and impairment charges, the loss for the year
was US$29.9 million from the Discovery Research business.

In spite of repeated efforts to streamline the organization,
Tripos was not able to generate sufficient revenues or cut fixed
facility, equipment, and overhead costs quickly enough to keep
pace with the loss of business that went offshore to less
expensive locales.

The Discovery Informatics unit generated losses of US$2 million
for the year that were primarily driven by the incremental costs
incurred and expected to be incurred to deliver the next-
generation laboratory informatics project for Wyeth.

The company had incurred costs in excess of US$1 million during
2006 related to the strategic alternatives process, including
legal, professional, and investment banking fees.  Tripos
continues to believe that the costs of being a pubic company in
the current regulatory environment are not justified by current
revenue and near-term growth opportunities.

"We are extremely disappointed with the 2006 operating results.
New business that had been anticipated and cultivated in the
Discovery Research area did not develop as forecasted," said Dr.
John P. McAlister, president and chief executive officer of
Tripos.

"Throughout this year, we have dealt with the rapid realignment
of the market for outsourced discovery research services to the
low-cost venues in Asia and Eastern Europe.  As a result, we
have continued to take steps to streamline the Discovery
Research organization as revenue expectations have changed while
we have sought to build a project pipeline with existing
customers and attract new business.

"Throughout the year, but particularly in the fourth quarter,
efforts to effect a successful negotiation and sale of our
operating units added increased burden to the organization's
management.  These efforts required that the company maintain
operations at certain levels in order to be able to offer
operating enterprises to potential buyers."

                Liquidity and Capital Resources

Due to the company's financial performance in 2006, Tripos was
unable to comply with a financial covenant under its credit
facility with LaSalle Bank N.A.

The company requested a waiver of the covenant violation and an
extension of the credit facility past its maturity date of
Jan. 1.  LaSalle Bank advised Tripos that it would waive the
covenant violation and extend the maturity date until Feb. 28.

Tripos and LaSalle completed an amendment to the loan agreements
in December 2006.  On Feb. 27, LaSalle Bank granted a further
extension of the company's credit facility until March 21.

During the discussions with LaSalle Bank that led to the
extension through March 21, LaSalle reiterated that it does not
intend to further extend the maturity date of the credit
facility if the stockholders do not approve the Asset Sale.

The company's ability to operate as a going concern and fund its
operating and capital needs if stockholders do not approve the
Asset Sale is dependent upon the company's ability to obtain
capital in an amount sufficient to repay LaSalle and provide
sufficient working capital for the company.

The company does not have a commitment for alternative
financing.  If new financing is available, it would likely be on
terms that are materially adverse to the company and its
stockholders.

If new capital is not available and stockholders have not
approved the Asset Sale, the company would attempt to
renegotiate the current terms of the LaSalle facility with the
lender.

If stockholders have not approved the Asset Sale and the company
can neither obtain alternative financing nor renegotiate the
current facility with LaSalle, the company may determine that it
should pursue a restructuring of the company's debt and other
interests under applicable law.

                        About Tripos Inc.

Headquartered in St. Louis, Missouri, Tripos Inc. --
http://www.tripos.com/-- combines leading-edge technology and  
innovative science to deliver consistently superior chemistry-
research products and services for the biotechnology,
pharmaceutical and other life science industries.

Within Tripos' Discovery Informatics business, the company
provides software products and consulting services to develop,
manage, analyze and share critical drug discovery information.

Within Tripos' Discovery Research business, Tripos' medicinal
chemists and research scientists partner directly with clients
in their research initiatives, leveraging state-of-the-art
information technologies and research facilities.


TRIPOS INC: Shareholders Vote to Sell Unit & Liquidate Company
--------------------------------------------------------------
Tripos Inc. disclosed that its proposals to sell the assets of
its Discovery Informatics business to Vector Capital and to
adopt a plan of dissolution and liquidation of the company
following completion of that sale were each approved by the
required stockholder vote on March 16.

Liquidation of the company will occur following resolution of
all corporate debts and obligations, and will commence
approximately six months from now.

                      About Vector Capital

Based in San Francisco, California, Vector Capital --
http://www.vectorcapital.com/-- is a private equity boutique  
specializing in buyouts, spinouts, and recapitalizations of
established technology businesses.

                        About Tripos Inc.

Headquartered in St. Louis, Missouri, Tripos Inc. --
http://www.tripos.com/-- combines leading-edge technology and  
innovative science to deliver consistently superior chemistry-
research products and services for the biotechnology,
pharmaceutical and other life science industries.

Within Tripos' Discovery Informatics business, the company
provides software products and consulting services to develop,
manage, analyze and share critical drug discovery information.

Within Tripos' Discovery Research business, Tripos' medicinal
chemists and research scientists partner directly with clients
in their research initiatives, leveraging state-of-the-art
information technologies and research facilities.

At Dec. 31, 2006, the company's balance sheet showed US$35.4
million in total assets and US$36.9 million in total
liabilities, resulting in a US$5.4 million total stockholders'
deficit.


TRIPOS INC: Completes US$26.2-Mln Sale of Discovery Informatics
---------------------------------------------------------------
Tripos Inc. has completed the sale of the assets of its
Discovery Informatics business to affiliates of Vector Capital
and received a final purchase price of US$26.2 million for the
unit.

This represented an increased purchase price of approximately
US$575,000 due to improved working capital of the business since
the signing of the asset purchase agreement in November 2006.

Tripos used a portion of the proceeds to retire existing debt
with LaSalle Bank and Horizon Technology Finance.

Liquidation of the company will occur following resolution of
all remaining corporate debts and obligations, and will commence
approximately six months from now.

Efforts to sell Tripos' Discovery Research business are
continuing, although no assurance can be given that a
transaction for this division can be completed on satisfactory
terms.

                      About Vector Capital

Based in San Francisco, California, Vector Capital --
http://www.vectorcapital.com/-- is a private equity boutique  
specializing in buyouts, spinouts, and recapitalizations of
established technology businesses.

                        About Tripos Inc.

Headquartered in St. Louis, Missouri, Tripos Inc. --
http://www.tripos.com/-- combines leading-edge technology and  
innovative science to deliver consistently superior chemistry-
research products and services for the biotechnology,
pharmaceutical and other life science industries.

Within Tripos' Discovery Informatics business, the company
provides software products and consulting services to develop,
manage, analyze and share critical drug discovery information.

Within Tripos' Discovery Research business, Tripos' medicinal
chemists and research scientists partner directly with clients
in their research initiatives, leveraging state-of-the-art
information technologies and research facilities.

At Dec. 31, 2006, the company's balance sheet showed US$35.4
million in total assets and US$36.9 million in total
liabilities, resulting in a US$5.4 million total stockholders'
deficit.


VIRGIN MEDIA: S&P Affirms BB- Ratings on Planned Loan Payments
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' senior
secured debt rating and '1' recovery rating on Virgin Media
Investment Holdings Ltd.'s GBP4.98 billion senior secured
facilities.  

The '1' recovery rating reflects the rating agency's
expectations of full recovery of principal in the event of a
payment default.

The affirmation follows VMIH's proposed GBP890 million drawings
under tranches B5 and B6 to prepay the outstanding tranche A and
A1 debt due for repayment from 2007 until 2009.  The quantum of
VMIH's total senior secured debt will, therefore, only
incrementally increase.  The proposed increase will be provided
on similar terms to the existing B tranches.  This refinancing
and repayment deferral removes the near-term pressure of Virgin
Media's debt amortization profile.  Total tranche A
amortizations of GBP1,582 million remain in 2009 and 2010
combined.

Virgin Media Inc., formerly NTL Inc., the U.K.-based
telecommunications provider, is the ultimate parent of VMIH. At
Dec. 31, 2006, Virgin Media reported total debt of GBP6,159
million.

The '1' recovery rating on the GBP890 million tranches B5 and B6
reflects the adequate numerical coverage and comprehensive
first-ranking security package of the senior secured A and B
tranches and GBP100 million revolving credit facility debt.  
Consequently, the 'BB-' loan rating is one notch above the
corporate credit rating on Virgin Media.

Standard & Poor's notes that as a result of the deferred
repayment profile and increased senior debt at the assumed point
of default in our recovery analysis, recovery prospects could be
weaker for VMIH's GBP300 million tranche C junior-lien facility,
rated 'B+' with a recovery rating of '2'.

Virgin Media is also seeking the modest relaxation of some
financial and other covenants of the senior facilities
agreement.  These include facilitating equity dividend payments
and asset securitizations.  If sufficiently material, the latter
could have recovery rating implications for the senior and
junior lien tranches.


* BOOK REVIEW: American Express: The People Who Built the Great
               Financial Empire
---------------------------------------------------------------
Author:     Peter Z. Grossman
Publisher:  Beard Books
Hardcover:  420 pages
List Price: US$34.95

Own your personal copy at
http://amazon.com/exec/obidos/ASIN/1587982838/internetbankrupt  

American Express: The People Who Built the Great Financial
Empire by Peter Z. Grossman is the inside story of how a major
corporation prevailed to reach worldwide success.

This fascinating book reveals the inside story of one of the
best-known and most influential corporations in the world.  It
is not just the history of a company, but of a business.

The American Express Company is a consummate example of
corporate success and endurance.  

The book will prove informative for all interested in the world
of business, and it will reinforce the notion that fact can be
more engrossing than fiction.

  
                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *