TCREUR_Public/070328.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, March 28, 2007, Vol. 8, No. 62

                            Headlines


A U S T R I A

AURA KACHELOEFEN: Wiener Neustadt Court Orders Business Closure
CHRISTINA TINTEANU: Salzburg Court Orders Business Shutdown
DIE PROFIS: Claims Registration Period Ends April 23
HACKL TRANSPORTE: Claims Registration Period Ends April 25
K & K LLC: Claims Registration Period Ends April 23

ON THE AGE: Vienna Court Orders Business Shutdown
ROOTS NEW: Claims Registration Period Ends April 30
SPEDITION KRAUTGARTNER: Claims Registration Period Ends April 30


B E L G I U M

GENERAL MOTORS: Awards Stock Grants to Executives
GENERAL MOTORS: Annual Stockholders' Meeting Scheduled on June 5
GOODYEAR TIRE: Sells Unit to Carlyle Group for US$1.475 Billion
SOLUTIA INC: Saflex Unit Opens New Manufacturing Line in Belgium


G E R M A N Y

BAD KOMFORT: Claims Registration Period Ends May 16
BEEKEN FLEISCHWAREN: Claims Registration Period Ends May 15
CRONE BIKES: Creditors' Meeting Slated for April 19
DAIMLERCHRYSLER AG: General Motors Will Not Bid for Chrysler
DAIMLERCHRYSLER: Delays Filing First Quarter Report to May 15

DEIKO GESELLSCHAFT: Creditors' Meeting Slated for April 26
ECKHARD HENN: Claims Registration Period Ends May 9
GOOS GMBH: Claims Registration Period Ends May 10
GROHNER HANDELSGESELLSCHAFT: Creditors' Meeting Set for April 26
HERTWIG & FRANGOULIS: Claims Registration Period Ends May 18

HYDRA GMBH: Claims Registration Period Ends April 24
KMR UMWELT: Creditors Must Register Claims by May 4
MALERMEISTER KARL: Creditors' Meeting Slated for June 5
MDPRINT MEDIENCENTER: Claims Registration Ends April 30
MEGA COM: Claims Registration Ends May 8

MEMO METALLBAU: Claims Registration Period Ends April 10
MR. CLEAN: Claims Registration Ends May 8
MTS-MOEBEL TRANSPORT: Claims Registration Period Ends April 16
MUELLER HANDELS: Claims Registration Ends May 4
NATURSTAMMHAUS HERMESKEIL: Creditors' Meeting Set for April 17

NITROIL EUROPE: Claims Registration Period Ends April 20
OST-LEAS DEUTSCHLAND: Creditors Must Register Claims by May 16
RAUMDESIGN SCHLEISIEK: Creditors Must Register Claims by May 15
REINDL FAHRSERVICE: Creditors Must Register Claims by May 23
REINE STEINE: Creditors Must Register Claims by May 21

REITZIG GMBH: Creditors Must Register Claims by April 18
S.R.V. GMBH: Claims Registration Period Ends May 26
SARAY GROSSHANDEL: Claims Registration Period Ends April 25
STEFFENS DER: Claims Registration Period Ends May 10
TEPPICH CENTER: Claims Registration Period Ends May 2

TERRA VERDE: Claims Registration Period Ends May 10
TUEREN STUDIO: Claims Registration Period Ends April 19
TUSSEX BUEYUEKYILMAZ: Claims Registration Period Ends May 15
WALTER THEILEN: Claims Registration Period Ends May 8


H U N G A R Y

AES CORPORATION: Gets Waivers from Majority of Lenders


I R E L A N D

EUROMAX VI: S&P Rates EUR3 Million Class F Notes at BB


I T A L Y

FIAT SPA: CEO Sergio Marchionne Warns Cutback on Production
POPOLARE ITALIANA: Reduced Profit Spurs Firm to Cancel Dividend
POPOLARE DI INTRA: Fitch Lifts Ratings to D with Stable Outlook
VENETO BANCA: Fitch Affirms BB Support Ratings on Intra Control


K A Z A K H S T A N

AK-BARYS-TRADE LLP: Creditors Must File Claims by May 8
DRUJBA-KI LLP: Creditors' Claims Due May 4
MARHABAT & K: Proof of Claim Deadline Slated for May 4
MARINE LINE: Claims Registration Ends May 4
NEFTEBAZA LLP: Claims Filing Period Ends May 4

ORAL TELEVISION: Creditors Must File Claims by May 4
OTAN-ORDA LLP: Creditors' Claims Due May 4
SKIF LTD: Proof of Claim Deadline Slated for May 4
STROYLAND PV: Claims Registration Ends May 4
VITA CLINIC: Claims Filing Period Ends May 2


K Y R G Y Z S T A N

AKTAN TRADERS: Claims Filing Period Ends May 8
CENTURY LLC: Creditors Must File Claims by May 8
IMPEKS-OSH LLC: Claims Registration Ends May 8
KYRGYZKOMUR CORP: Final Creditors' Meeting Slated for April 2
RAMZDEN-TRANS LLC: Creditors' Claims Due May 8


N E T H E R L A N D S

PANGAEA ABS: Fitch Rates EUR5-Million Class F Notes at BB-
X5 RETAIL: Postpones RUR25-Billion Callable Bond Issue


R U S S I A

ALDAN-GOLD-WOOD: Creditors Must File Claims by May 10
CORAL LLC: Creditors Must File Claims by April 10
EAST-URAL-OIL: Asset Bidding Deadline Slated for April 5
GAZPROM NEFT: In Talks to Upgrade North Korean Seung-ri Refinery
GREVI LLC: Creditors Must File Claims by May 10

IMPULSE CJSC: Creditors Must File Claims by April 10
KARASEVSKIY POTTERY: Creditors Must File Claims by May 10
KARSUNSKIY OJSC: Creditors Must File Claims by April 10
KUBAN-ECO LLC: Court Names E. Leyliyan as Insolvency Manager
LENINOGORSKIY INSTRUMENT: Bankruptcy Hearing Slated for June 5

LIPETSKCOMBANK: S&P Puts C Short-Term Counterparty Credit Rating
PARANGINSKIY AGRO-SNAB: Creditors Must File Claims by April 10
PERVOMAYSKAYA LLC: Creditors Must File Claims by April 10
PROJECT-INVEST LLC: Moscow Bankruptcy Hearing Slated for June 5
ROSNEFT OIL: Buys Own Stake for RUR197.84 Bln in Yukos Auction

ROSNEFT OIL: Inks Delivery Deal with Unipec; May Eye Yukos Unit
RYZDVYANENSKIY COMBINE: Creditors Must File Claims by May 10
SEVERSTAL OAO: Vorkutaugol Unit Names New Director General
STEKLYANSKOYE CJSC: Creditors Must File Claims by April 10
TNK-BP HOLDING: Rosneft Outbids Firm in Yukos' Share Auction

VESTA OJSC: Creditors Must File Claims by May 10
VIMPEL-COMMUNICATIONS: Armenian Govt. Re-Offers Armentel Stake
X5 RETAIL: Postpones RUR25-Billion Callable Bond Issue
YUKOS OIL: Rosneft Wins Auction to Repurchase 9.44 Percent Stake
YUKOS OIL: Rosneft Oil May Bid for Yukos Transservis Unit

YUKOS OIL: Auctioning Two Bank Stakes Next Month


S L O V A K   R E P U B L I C

DRUKOS AS: Creditors' Meeting Set for March 30


S P A I N

AFINSA BIENES: Former Chairman Plans to Sue Spanish Government


S W I T Z E R L A N D

ARTVERTISING JSC: Creditors' Liquidation Claims Due April 10
BUHOLZER HOLZBAU: Creditors' Liquidation Claims Due April 10
COLONIE DU CHALET: Creditors' Liquidation Claims Due April 10
CONTINENTAL TRUST: Creditors' Liquidation Claims Due April 11
IMMOBILIEN GRUNAU: Creditors' Liquidation Claims Due April 10

ISMAG JSC: Creditors' Liquidation Claims Due April 10
KOLUMBUS REISEN: Creditors' Liquidation Claims Due April 10
MSC MANAGEMENT: Creditors' Liquidation Claims Due April 6
ROTWAND IMMO: Creditors' Liquidation Claims Due April 10
TBBH INVESTMENTS: Creditors' Liquidation Claims Due April 10


U K R A I N E

CHUGUEV AGRARIAN: Creditors Must Register Claims by March 31
DWELLING COMPLEX: Bar Date for Submission of Claims Set March 31
FEMIDA CJSC: Creditors Must File Proofs of Claim by March 31
GNIEVAN BEARING: Creditors Must File Proofs of Claim by March 31
KRYM SALT: Creditors Must File Proofs of Claim by March 31

MECHANICAL COLUMN 49: Creditors Must File Claims by March 31
METAL CHEMISTRY: Claims Filing Bar Date Set March 31
SEMENOV SHOE: Creditors Must File Proofs of Claim by March 31
TIMUR LLC: Creditors Must File Proofs of Claim by March 31


U N I T E D   K I N G D O M

ABSOLUTE @ 72: Creditors' Meeting Slated for April 3
ACTIONJACK LTD: Manchester Court Winds Up Business
AEROBOX PLC: Board Fails to Secure Rescue Financing
ANGLIAN FLEXIBLE: Names Peter Anthony Johnson Liquidator
BLOOMFIELD DENTAL: Creditors' Meeting Slated for April 3

BOOM PROPERTY: Appoints Liquidator from Findlay James
COLLINS & AIKMAN: Former CEO Charged with Securities Fraud
COLLINS & AIKMAN: Inks Non-Prosecution Agreement with DOJ
CORUS GROUP: Confirms Issuance of Ordinary Shares & Bonds
DEARLE & HENDERSON: Brings In Ernst & Young as Administrators

DENBUR FOODS: Hires Liquidator from Begbies Traynor
DOLE FOOD: Posts US$89 Million Net Loss in Full Year 2006
DUCT VENT: Creditors' Meeting Slated for April 11
EAVE PROJECTS: Creditors' Meeting Slated for April 12
ELECTRACOM UK: Creditors' Meeting Slated for April 10

ELLIS HILL: Appoints KPMG to Administer Assets
EMI GROUP: Reaches Napster Suit Agreement with Bertelsmann AG
FLYING FOX: Taps Liqudator from Bishop Fleming
GLOBALSTORM LTD: Brings In Begbies Traynor as Administrators
HAMILTON FORBES: Manchester Court Closes Down Business

HOMECHARM WINDOWS: Joint Liquidators Take Over Operations
HOTELOC PLC: S&P Keeps Junk Ratings on Class E Notes
JOHN KING: Claims Filing Period Ends June 16
KP RENEWABLES: Seeks Relisting of Shares on AIM
MANOR BUILDERS: Creditors' Meeting Slated for April 5

MOTT CENTRE: Creditors' Meeting Slated for April 10
PENTOY LTD: M. T. Coyne Leads Liquidation Procedure
PJP LTD: Taps BDO Stoy as Joint Administrators
PRICE CHAMBERLAIN: Manchester Court Closes Down Business
PULS CDO: S&P Rates EUR7.2 Million Class E Notes at BB

R D PUTNAM: Claims Filing Period Ends April 9
REFCO INC: Administrators Want Protocol on 140 Related Claims
RIVELIN INSTALLATIONS: Creditors' Meeting Slated for April 3
SCOTTISH RE: Preferred Shareholders to Get US$0.4531 Dividend
SCREEN 4 HEALTH: Taps Joint Administrators from Tenon Recovery

SKYEPHARMA PLC: Completes Disposal of Injectable Business
SOLUTIA INC: Saflex Unit Opens New Manufacturing Line in Belgium
TOREX RETAIL: May Break Banking Pacts Due to Low Profit Levels
TPACK LTD: Brings In Liquidator from Daly & Co.
UNIVERSAL: Manchester Court Winds Up Business

WATERGATE INNS: Creditors Confirm Liquidator's Appointment

* FTI Consulting Promotes 17 Employees to Senior Level Positions

                            *********

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


AURA KACHELOEFEN: Wiener Neustadt Court Orders Business Closure
---------------------------------------------
The Land Court of Wiener Neustadt entered Feb. 26 an order
closing the business of LLC Aura Kacheloefen (FN 148477z).

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

The estate administrator can be reached at:

         Mag. Petra Klingenschmid
         Wassergasse 20
         2500 Baden
         Austria
         Tel: 02252/252 991
         Fax: 02252/252991-25
         E-mail: office@aurednik.at  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 14 (Bankr. Case No. 11 S 17/07x).


CHRISTINA TINTEANU: Salzburg Court Orders Business Shutdown
-----------------------------------------------------------
The Land Court of Salzburg entered Feb. 26 an order shutting
down the business of KEG Christina Tinteanu (FN 248971i).

Court-appointed estate administrator Christian Adam 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. Christian Adam
         Sigmund Haffner-Gasse 3
         5020 Salzburg
         Austria
         Tel: 0662-841222-0
         Fax: 0662-841222-6
         E-mail: info@ra-adam.at    

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on Feb. 22 (Bankr. Case No. 44 S 10/07f).


DIE PROFIS: Claims Registration Period Ends April 23
----------------------------------------------------
Creditors owed money by KEG Die PRofis Kress & Team (FN 471v)
have until April 23 to file written proofs of claim to court-
appointed estate administrator Peter Sommerer at:

         Dr. Peter Sommerer
         Nottendorfer Gasse 11
         1030 Vienna
         Austria
         Tel: 503 17 90
         Fax: 503 17 90 444
         E-mail: peter.sommerer@at.pwcglobal.com  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on May 7 for the examination
of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 27 (Bankr. Case No. 3 S 31/07i).  


HACKL TRANSPORTE: Claims Registration Period Ends April 25
----------------------------------------------------------
Creditors owed money by LLC Hackl Transporte & Spedition (FN
40624t) have until April 25 to file written proofs of claim to
court-appointed estate administrator Axel Reckenzaun at:

         Dr. Axel Reckenzaun
         Annenstr. 10/I
         8020 Graz
         Austria
         Tel: 0316/713353
         Fax: 0316/71335330
         E-mail: office@boehm-reckenzaun.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on May 8 for the examination
of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 205
         Hall K
         Second Floor
         Graz
         Austria

Headquartered in Wundschuh, Austria, the Debtor declared
bankruptcy on Feb. 28 (Bankr. Case No. 26 S 11/07y).  


K & K LLC: Claims Registration Period Ends April 23
---------------------------------------------------
Creditors owed money by LLC K & K (FN 254661b) have until
April 23 to file written proofs of claim to court-appointed
estate administrator Erwin Senoner at:

         Dr. Erwin Senoner
         c/o Dr. Georg Freimueller
         Alser Strasse 21
         1080 Vienna
         Austria
         Tel: 406 05 51
         Fax: 406 96 01
         E-mail: kanzlei@jus.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on May 7 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 28 (Bankr. Case No. 3 S 32/07m).  Georg Freimueller
represents Dr. Senoner in the bankruptcy proceedings.


ON THE AGE: Vienna Court Orders Business Shutdown
-------------------------------------------------
The Trade Court of Vienna entered Feb. 27 an order closing the
business of LLC on the age (FN 270562k).

Court-appointed estate administrator Johannes Leon 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. Johannes Leon
         Reichsratsstrasse 5
         1010 Vienna
         Austria
         Tel: 402 15 54
         Fax: 402 15 54 54
         E-mail: office@leonlaw.at  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 23 (Bankr. Case No. 6 S 25/07d).


ROOTS NEW: Claims Registration Period Ends April 30
---------------------------------------------------
Creditors owed money by LLC Roots New Energy Drink (FN 255266t)
have until April 30 to file written proofs of claim to court-
appointed estate administrator Wolfgang Strasser at:

         Dr. Wolfgang Strasser
         Hauptplatz 11
         4300 St. Valentin
         Austria
         Tel: 07435/52437
         Fax: 5243721
         E-mail: ra-strasserwolf@rechtsanwaelte.co.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:30 p.m. on May 15 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Steyr
         Hall 7
         Second Floor
         Steyr
         Austria

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on Feb. 26 (Bankr. Case No. 14 S 5/07v).  


SPEDITION KRAUTGARTNER: Claims Registration Period Ends April 30
----------------------------------------------------------------
Creditors owed money by KG Spedition Krautgartner (FN 267463d)
have until April 30 to file written proofs of claim to court-
appointed estate administrator Alexander Hacker at:

         Dr. Alexander Hacker
         Mirabellplatz 6
         Second Floor
         5020 Salzburg
         Austria
         Tel: 0662-881367
         Fax: 0662-881367-22
         E-mail: fussenegger.partner@eunet.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on May 10 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Salzburg
         Room 221
         Second Floor
         Salzburg
         Austria

Headquartered in Anthering, Austria, the Debtor declared
bankruptcy on Feb. 26 (Bankr. Case No. 23 S 11/07y).  


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


GENERAL MOTORS: Awards Stock Grants to Executives
-------------------------------------------------
General Motors Corporation is giving bonuses in the form of
stock to Chairman and Chief Executive Rick Wagoner and other top
executives, the Wall Street Journal reports.

Filings with the U.S. Securities and Exchange Commission show
that Mr. Wagoner received restricted stock valued at US$2.8
million and 500,000 options.  A total of 18 executives also
disclosed equity grants in separate filings, the WSJ relates.

The move, according to WSJ, could cause difficulties in the
company's efforts to get additional concessions from its biggest
U.S. labor union.

Citing company spokeswoman Renee Rashid-Merem, WSJ relates that
GM's board makes a decision annually on granting stock-based
compensation.  Executive compensation had undergone scrutiny in
recent years due to the company's sinking financial position.

WSJ further relates that these executives also receive stock
grants:

    * Vice Chairman Bob Lutz with 60,000 restricted stock units
      valued at US$1.8 million and 250,000 options,

    * Chief Financial Officer Frederick Henderson with 60,000
      restricted stock units valued at US$1.8 million and
      250,000 options;

    * North American Chief Troy Clarke with 45,000 restricted
      stock units valued at US$1.32 million and 50,000 options;
      and

    * Europe Chief Carl-Peter Forster with 40,000 restricted
      stock units valued at US$1.17 million and 40,000 options.

The value of the restricted stock units was calculated based on
the closing price of US$29.35 as of March 20, 2007.  Restricted
stock units vest in equal installments every year over five
years, while their option awards vest annually in three equal
installments over three years while the options have an exercise
price of US$29.11 each, and expire in 2017, WSJ reports.

                    About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the     
world's largest automaker and has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 284,000
people around the world.  It has manufacturing operations in
33 countries including Belgium, France, Germany, India, Mexico,
and its vehicles are sold in 200 countries.  GM sells cars and
trucks under these brands: Buick, Cadillac, Chevrolet, GMC, GM
Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, and
Vauxhall.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 15, 2006,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with negative implications, where
they were placed March 29, 2006.  S&P said the outlook is
negative.

As reported in the Troubled Company Reporter on Nov. 14, 2006,
Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
US$1.5 billion secured term loan of General Motors Corp.

As reported in the Troubled Company Reporter on Nov. 14, 2006,
Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
US$1.5 billion secured term loan of General Motors Corp.


GENERAL MOTORS: Annual Stockholders' Meeting Scheduled on June 5
----------------------------------------------------------------
General Motors Corporation will hold its annual meeting of
stockholders at 9:00 a.m., on June 5 at the Hotel du Pont, 11th
and Market Streets in Wilmington, Delaware.

At the meeting, stockholders will be asked to vote on:

    * The election of directors for the next year;

    * The ratification of the selection of independent public
      accountants for the next year;

    * The approval of the 2007 Annual Incentive Plan;

    * The approval of the 2007 Long-Term Incentive Plan; and

    * Ten stockholder proposals, if they are properly presented
      at the meeting.

Holders of GM Common Stock at the close of business on April 9
will be entitled to vote at the meeting.

A full-text copy of the definitive proxy statement for the
annual meeting is available for free at:

               http://ResearchArchives.com/t/s?1c1f

                    About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the     
world's largest automaker and has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 284,000
people around the world.  It has manufacturing operations in
33 countries including Belgium, France, Germany, India, Mexico,
and its vehicles are sold in 200 countries.  GM sells cars and
trucks under these brands: Buick, Cadillac, Chevrolet, GMC, GM
Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, and
Vauxhall.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 15, 2006,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with negative implications, where
they were placed March 29, 2006.  S&P said the outlook is
negative.

As reported in the Troubled Company Reporter on Nov. 14, 2006,
Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
US$1.5 billion secured term loan of General Motors Corp.

As reported in the Troubled Company Reporter on Nov. 14, 2006,
Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
US$1.5 billion secured term loan of General Motors Corp.


GOODYEAR TIRE: Sells Unit to Carlyle Group for US$1.475 Billion
---------------------------------------------------------------
The Goodyear Tire & Rubber Company has agreed to sell
substantially all of its Engineered Products business to EPD,
Inc., an entity sponsored by Carlyle Partners IV, L.P., for
US$1.475 billion, subject to certain post-closing adjustments.

The transaction is subject to customary closing conditions,
including the receipt of regulatory approvals as well as EPD's
completion of a labor agreement with the United Steelworkers
union.

As part of the transaction, Goodyear has agreed to a trademark
licensing agreement with EPD to use the Goodyear brand and
certain other trademarks in connection with the Engineered
Products business.

Goodyear expects to record a gain on the sale, the amount of
which has not yet been finalized.

"This transaction reinforces our focus on our core consumer and
commercial tire businesses and on improving our balance sheet,"
said Robert J. Keegan, Goodyear chairman and chief executive
officer.  "We anticipate using the proceeds for purposes
including reducing debt, addressing legacy obligations and
supporting growth in our tire businesses."  Specific plans
regarding debt reduction and investments will be announced at a
later date.

"Engineered Products is a successful business with outstanding
associates who have made important contributions to Goodyear.  
We thank them for these contributions," Mr. Keegan added.

"I'm confident the resources and business philosophy of Carlyle
will support Engineered Products' growth and continued success
going forward."

Timothy R. Toppen, president, Goodyear Engineered Products, said
the transaction will not interfere with its daily operations or
on meeting customer needs.

"The cornerstone of our operating philosophy stays intact - we
want to help our customers grow their businesses for the long-
term," Mr. Toppen said.

                     About The Carlyle Group

The Carlyle Group is one of the world's largest private equity
firms with US$54.5 billion under management, investments in more
than 185 companies and 750 employees in 16 countries.  In the
aggregate, Carlyle portfolio companies have more than US$68
billion in revenue and employ more than 200,000 people around
the world.

               About Goodyear Engineered Products

Goodyear Engineered Products operates 32 facilities in 12
countries and has approximately 6,500 associates.  It
manufactures and markets engineered rubber products for
industrial, military, consumer and transportation original
equipment end-users.  The product portfolio of the business
includes hose, conveyor belts, power transmission products,
rubber track, molded products and air springs.  In 2006,
Engineered Products had sales of approximately US$1.5 billion.

             About The Goodyear Tire & Rubber Company

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

                            *     *     *

As reported in the Troubled Company Reporter on March 15, 2007,
Fitch Ratings affirmed ratings for The Goodyear Tire & Rubber
Company and revised the Rating Outlook to Stable from Negative.
The ratings affirmed are: Issuer Default Rating at 'B';
US$1.5 billion first lien credit facility at 'BB/RR1'; US$1.2
billion second lien term loan at 'BB/RR1'; US$300 million third
lien term loan at 'B/RR4'; US$650 million third lien senior
secured notes at 'B/RR4'; and Senior unsecured debt at
'CCC+/RR6'.


SOLUTIA INC: Saflex Unit Opens New Manufacturing Line in Belgium
----------------------------------------------------------------
The Saflex(r) unit of Solutia Inc. broke ground Monday,
March 26, for a new manufacturing line at its plant in Ghent,
Belgium.  This project marks another major step in Solutia's
global investment program for its Saflex(r) PVB interlayers.

"For 80 years, Solutia and its corporate predecessors have
driven innovation in glass interlayers," Luc De Temmerman,
president of Solutia's Performance Products Division, said.   
"As demand from our customers continues to grow, we are making
significant investments in each world region to ensure capacity
is in place to meet the demand.  This project is a key part of
our growth strategy for the Saflex business, allowing us to
continue our commitment of providing the highest degree of
responsiveness, quality and innovation to our customers on every
continent."

The new Ghent manufacturing line will produce 3.2-meter-wide
rolls of Saflex PVB interlayers.  These specific interlayers are
used primarily to make laminated glass for the growing European
architectural market.  The new line also will provide Saflex
with greater flexibility in how it operates its plants
worldwide.

"The third Saflex manufacturing line at Ghent is an important
step forward in our strategy to optimize our production on a
global scale," Dirk Duquet, vice president of manufacturing
excellence for Saflex, said.  "Along with our 2006 acquisition
of the plant in Puebla, Mexico, and the new plant under
construction in Suzhou, China, the expansion at Ghent will help
us achieve the highest quality and lowest cost production for
our customers in every world area."

The new manufacturing line is being constructed at the Saflex
Ghent plant, leveraging existing infrastructure and the plant's
40-plus years of experience in manufacturing Saflex products.  
In addition, the new line will employ the latest technology,
enabling the production process to be highly automated.

"Our customers recognize the Ghent plant as a trusted supplier
of the world's premier PVB interlayers," Mr. Duquet added, "and
this expansion will enable us to very efficiently take that
tradition of quality to an even greater scale."

The Saflex Ghent plant employs 300 people and began operation in
1961.  The plant maintains ISO 14001 registration for its
environmental management systems, OSHAS 18001 registration for
its occupational safety and health management systems, as well
as several registrations for its quality management systems,
including QS 9000, ISO 9001 and TS 16949.  

Saflex manufactures PVB interlayers at Ghent, Belgium; Puebla,
Mexico; San Jose Dos Campos, Brazil; Springfield, Mass., USA;
and Trenton, Mich., USA.  It also operates a PVB finishing and
distribution center in Singapore.  A new plant for Saflex PVB
interlayers in Suzhou, China, will begin production later this
year.  With 80 years of experience in developing glass
interlayers, Saflex is the world's largest producer and seller
of PVB interlayers, and is known as the global leader in PVB
innovation, quality and reliability.  When laminated between
layers of glass, PVB interlayers greatly enhance the performance
characteristics of glass, providing benefits such as security,
solar protection, sound attenuation and safety.  Laminated glass
made with Saflex PVB is used extensively in both the automotive
and architectural markets.

                      About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its  
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications.  The company filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.  
Solutia is represented by Richard M. Cieri, Esq., at Kirkland &
Ellis.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and
Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.


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


BAD KOMFORT: Claims Registration Period Ends May 16
---------------------------------------------------
Creditors of Bad Komfort GmbH have until May 16 to register
their claims with court-appointed insolvency manager
Adolf Sirrenberg.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on June 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be contacted at:

         Adolf Sirrenberg
         Landgraf-Philipp-Strasse 9
         60431 Frankfurt (Main)
         Germany

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against Bad Komfort GmbH on March 15.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Bad Komfort GmbH
         Privatstrasse 1
         65795 Hattersheim
         Germany

         Attn: Francesco Maria Varvara, Manager
         Wallgraben 7
         61476 Kronberg
         Germany


BEEKEN FLEISCHWAREN: Claims Registration Period Ends May 15
-----------------------------------------------------------
Creditors of Beeken Fleischwaren GmbH have until May 15 to
register their claims with court-appointed insolvency manager
Bernhard Schuering.

Creditors and other interested parties are encouraged to attend
the meeting at 3:00 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 Oldenburg
         Meeting hall
         Second Floor
         Elisabethstrasse 6
         26135 Oldenburg
         Germany

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

The insolvency manager can be contacted at:

         Bernhard Schuering
         Eichenstrasse 77 a
         26131 Oldenburg
         Germany
         Tel: 0441 3618450
         Fax: 0441 36184520

The District Court of Oldenburg opened bankruptcy proceedings
against Beeken Fleischwaren GmbH on March 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Beeken Fleischwaren GmbH
         Feldweg 28
         26689 Apen-Augustfehn
         Germany

         Attn: Rolf Beeken, Manager
         Feldweg 30
         26689 Apen-Augustfehn
         Germany


CRONE BIKES: Creditors' Meeting Slated for April 19
---------------------------------------------------
The court-appointed insolvency manager for Crone Bikes GmbH,
Haro Helms, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:15 a.m. on
April 19.

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

         The District Court of Bremen
         Hall 115
         Ostertorstr. 25-31
         28195 Bremen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on June 14, at the same venue.

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

The insolvency manager can be reached at:

         Haro Helms
         Schillerstr. 10
         28195 Bremen
         Germany
         Tel: 0421/337790
         Fax: 0421/3377933
         E-mail: helms@dr-stankewitz.de  
         Web site: http://www.dr-stankewitz.de/  

The District Court of Bremen opened bankruptcy proceedings
against Crone Bikes GmbH on March 21.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Crone Bikes GmbH
         Dortmunder Str. 8
         28199 Bremen
         Germany

         Attn: Peer Crone, Manager
         Felde 1
         27211 Bassum
         Germany


DAIMLERCHRYSLER AG: General Motors Will Not Bid for Chrysler
------------------------------------------------------------
General Motors Corp. will not join in the first round of bidding
for DaimlerChrysler AG's Chrysler Group because it had no need
for extra capacity, Reuters reports citing the New York Times as
its source.

Meanwhile, a report from Bear Stearns & Co. said GM's
acquisition of Chrysler would probably face difficulty in
gaining approval from antitrust authorities since it would give
the combined company a high market share in light trucks, The
Wall Street Journal reports.

Bear Stearns' report said that the new entity could overcome
antitrust concerns in passenger cars but could face problems in
pick up trucks, sports-utility vehicles and minivans, WSJ notes.

According to figures from Autodata Corp. in a report carried by
WSJ, market share for pickup truck sales show:

Carmaker         Pickup Truck Sales Shares
      --------         -------------------------
      GM                      38.2%
      Chrysler                16.4%
      Ford Motor Co.          36.5%
      Toyota Motor Corp.       5.6%
      Nissan Motor Co.         3.3%

Bear Stearns also said it believes an acquisition of Chrysler
"could do more harm than good for GM's ongoing turnaround."  The
report noted a combination of GM and Chrysler would increase
GM's exposure to the highly competitive U.S. market, WSJ adds.

                       About DaimlerChrysler

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

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

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

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

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


DAIMLERCHRYSLER: Delays Filing First Quarter Report to May 15
-------------------------------------------------------------
DaimlerChrysler AG will not publish its interim report on the
first quarter of 2007 on April 26, 2007, as was originally
planned, but on May 15, 2007.  

The change of date has been caused solely by delays with the
preparation of the financial statements for the year 2006 and
with the parallel work for the International Financial Reporting
Standards financial statements, which have also had an impact on
the timeframe for the quarterly financial statements.

DaimlerChrysler previously disclosed that it will change over
its accounting and financial reporting from U.S. generally
accepted accounting principles to International Financial
Reporting Standards, in the 2007 financial year.

For comparative reasons, this also necessitates the preparation
of retroactive IFRS financial statements for the year 2006.

The change of schedule was caused by delays with the preparation
of the financial statements for the year 2006 according to U.S.
GAAP and IFRS in the first two months of this year.

It was not possible to compensate for these delays in the
following weeks.

As a first step, DaimlerChrysler intends to publish its
consolidated financial statements for the year 2006 according to
IFRS on April 26, 2007.

The interim report on the first quarter of 2007 is to follow on
May 15, 2007.

                       About DaimlerChrysler

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

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

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

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

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


DEIKO GESELLSCHAFT: Creditors' Meeting Slated for April 26
----------------------------------------------------------
The court-appointed insolvency manager for Deiko Gesellschaft
fuer Anlageberatung und Vermoegensverwaltung mbH, Rolf Nacke,
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 10:45 a.m. on April 26.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on Sept. 13, at the same venue.

Creditors have until June 20 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Rolf Nacke
         Gross-Berliner Damm 73 c
         12487 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Deiko Gesellschaft fuer Anlageberatung und
Vermoegensverwaltung mbH on March 14.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Deiko Gesellschaft fuer Anlageberatung und
         Vermoegensverwaltung mbH
         Karl-Marx-Str. 256
         12057 Berlin
         Germany


ECKHARD HENN: Claims Registration Period Ends May 9
---------------------------------------------------
Creditors of Eckhard Henn GmbH have until May 9 to register
their claims with court-appointed insolvency manager
Klaus-Werner Bonow.

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 Wilhelmshaven
         Hall 109
         Old Building
         Marktstrasse 15
         26382 Wilhelmshaven
         Germany

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

The insolvency manager can be contacted at:

         Klaus-Werner Bonow
         Alter Markt 10
         D 26441 Jever
         Germany
         Tel: 04461/2046
         Fax: 04461/72220
         E-mail: KlausBonow@t-online.de

The District Court of Wilhelmshaven opened bankruptcy
proceedings against Eckhard Henn GmbH on March 14.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Eckhard Henn GmbH
         Attn: Eckhard Henn, Manager
         Wittmunder Strasse 20
         26441 Jever
         Germany


GOOS GMBH: Claims Registration Period Ends May 10
-------------------------------------------------
Creditors of Goos GmbH have until May 10 to register their
claims with court-appointed insolvency manager Oliver Liersch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on June 7, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Gifhorn
         Hall 118
         Schlossgarten 4
         38518 Gifhorn
         Germany

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

The insolvency manager can be contacted at:

         Dr. Oliver Liersch
         Schultze & Braun Rechtsanwaltsgesellschaft mbH
         Karl-Wiechert-Allee 1 c
         30625 Hannover
         Germany
         Tel: 0511/554706-0
         Fax: 0511/554706-99
         E-mail: OLiersch@schubra.de

The District Court of Gifhorn opened bankruptcy proceedings
against Goos GmbH on March 19.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Goos GmbH
         Attn: Richard Goos, Manager
         Goerlitzer Str. 20
         31226 Peine
         Germany


GROHNER HANDELSGESELLSCHAFT: Creditors' Meeting Set for April 26
----------------------------------------------------------------
The court-appointed insolvency manager for Grohner
Handelsgesellschaft mbH, Frank-Michael Rhode, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 9:30 a.m. on April 26.

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

         The District Court of Bremen
         Hall 115
         Ostertorstr. 25-31
         28195 Bremen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:30 a.m. on July 26, at the same venue.

Creditors have until June 12 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Frank-Michael Rhode
         Graf-Moltke-Str. 62
         28211 Bremen
         Germany
         Tel: 0421/3485212/213
         Fax: 0421/341078
         E-mail: info@rhode.de
         Web site: http://www.rhode.de/  

The District Court of Bremen opened bankruptcy proceedings
against Grohner Handelsgesellschaft mbH on March 21.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Grohner Handelsgesellschaft mbH
         Friedrichsdorfer Str. 52
         28759 Bremen
         Germany

         Attn: Filiz Sivrel, Manager
         Grohner Kamp 2
         28759 Bremen
         Germany


HERTWIG & FRANGOULIS: Claims Registration Period Ends May 18
------------------------------------------------------------
Creditors of Hertwig & Frangoulis Derivative Tradinggesellschaft
mbH have until May 18 to register their claims with court-
appointed insolvency manager Rolf G. Pohlmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be contacted at:

         Rolf G. Pohlmann
         Richard-Strauss-Str. 69
         81677 Munich
         Germany

The District Court of Munich opened bankruptcy proceedings
against Hertwig & Frangoulis Derivative Tradinggesellschaft mbH
on March 14.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Hertwig & Frangoulis Derivative Tradinggesellschaft mbH
         Kolpingring 4
         82041 Oberhaching
         Germany

         Attn: Joachim Lorenz, Manager
         Gabriel-von-Seidl-Str. 59
         82031 Gruenwald
         Germany


HYDRA GMBH: Claims Registration Period Ends April 24
----------------------------------------------------
Creditors of Hydra GmbH have until April 24 to register their
claims with court-appointed insolvency manager Markus Merbecks.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Chemnitz
         Hall 24
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany

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

The insolvency manager can be contacted at:

         Markus M. Merbecks
         Leipziger Strasse 58
         09113 Chemnitz
         Germany
         Tel: (0371) 444610
         Fax: (0371) 4446111

The District Court of Chemnitz opened bankruptcy proceedings
against Hydra GmbH on March 19.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Hydra GmbH
         Schulstrasse 38
         0912125 Chemnitz
         Germany

         Attn: Eberhard Krifter, Manager
         Bahnweg 23
         A-4060 Leonding
         Germany


KMR UMWELT: Creditors Must Register Claims by May 4
---------------------------------------------------
Creditors of KMR Umwelt GmbH have until May 4 to register their
claims with court-appointed insolvency manager
Friedrich Irschlinger.

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

The meeting of creditors will be held at:

         The District Court of Neustadt a. d. Wstr.
         C 9
         Seitengebaude
         Robert-Stolz-Str. 20
         67433 Neustadt a. d. Wstr.
         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:

         Friedrich Irschlinger
         L 9, 11, D
         68161 Mannheim
         Germany
         Tel: 0621/12796-0
         Fax: 0621/1279611

The District Court of Neustadt a. d. Wstr. opened bankruptcy
proceedings against KMR Umwelt GmbH on March 16.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         KMR Umwelt GmbH
         Attn: Manuela Renfer-Stutz, Manager
         Schwetzinger Strasse 33
         67157 Wachenheim
         Germany


MALERMEISTER KARL: Creditors' Meeting Slated for June 5
-------------------------------------------------------
Creditors of Malermeister Karl Lang GmbH have until June 5 to
register their claims with court-appointed insolvency manager
Winther, Petzoldt, Barth und v. Einem.

The Court will verify the claims set out in the insolvency
manager's report at 10:00 a.m. on July 19 at:

         The District Court of Bremen
         Hall 115
         Ostertorstr. 25-31
         28195 Bremen
         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 District Court of Bremen opened bankruptcy proceedings
against Malermeister Karl Lang GmbH on Feb. 28.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The insolvency manager can be reached at:

         Winther, Petzoldt, Barth und v. Einem
         Domsheide 3
         28195 Bremen
         Germany
         Tel: 0421/2440090
         Fax: 0421/24400929
         E-Mail: dr.peters@dr-peters.org

The Debtor can be reached at:

         Malermeister Karl Lang GmbH
         Attn: Karl Lang, Manager
         Essener Str. 40
         28199 Bremen
         Germany


MDPRINT MEDIENCENTER: Claims Registration Ends April 30
-------------------------------------------------------
Creditors of MDprint Mediencenter GmbH have until April 30 to
register their claims with court-appointed insolvency manager
Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 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 Charlottenburg
         Second Stock Hall 218
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Ruediger Wienberg
         Giesebrechtstr. 1
         10629 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against MDprint Mediencenter GmbH on March 16.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MDprint Mediencenter GmbH
         Ernst-Augustin-Str. 12
         12489 Berlin
         Germany


MEGA COM: Claims Registration Ends May 8
----------------------------------------
Creditors of MEGA COM Handels-GmbH have until May 8 to register
their claims with court-appointed insolvency manager Hans-Peter
Lehner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 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 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:

         Hans-Peter Lehner
         Ditthornstr. 5
         93055 Regensburg
         Germany
         Tel: 0941/640820-0
         Fax: 0941/640820-10

The District Court of Regensburg opened bankruptcy proceedings
against MEGA COM Handels-GmbH on March 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         MEGA COM Handels-GmbH
         Von Kleist Str. 35
         93138 Lappersdorf
         Germany


MEMO METALLBAU: Claims Registration Period Ends April 10
--------------------------------------------------------
Creditors of MeMo Metallbau und Montageleistungen GmbH have
until April 10 to register their claims with court-appointed
insolvency manager Henning Schorisch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 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 Dessau
         Hall 123
         Willy-Lohmann-Str. 33
         Dessau
         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 District Court of Dessau opened bankruptcy proceedings
against MeMo Metallbau und Montageleistungen GmbH on March 2.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Henning Schorisch
         Leipziger Strasse 70
         06108 Halle
         Germany
         Tel: 0345/678780
         Fax: 0345/6787810

The Debtor can be reached at:

         MeMo Metallbau und Montageleistungen GmbH
         Markt 16
         06385 Aken
         Germany

         Attn: Peter Weckerle, Manager
         genannt Stolze
         Hermann-Loens-Strasse 36
         06385 Aken
         Germany


MR. CLEAN: Claims Registration Ends May 8
-----------------------------------------
Creditors of Mr. Clean GmbH have until May 8 to register their
claims with court-appointed insolvency manager Michael Woelte.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on May 24, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Michael Woelte
         Schuetzenbahn 60
         45127 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against Mr. Clean GmbH on March 20.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Mr. Clean GmbH
         Strickerstr. 30
         45329 Essen
         Germany

         Attn: Richard Winter, Manager
         Morsehofstr. 13
         45138 Essen
         Germany


MTS-MOEBEL TRANSPORT: Claims Registration Period Ends April 16
--------------------------------------------------------------
Creditors of MTS-Moebel Transport Service GmbH have until
April 16 to register their claims with court-appointed
insolvency manager Dr. Michael Jaffe.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on May 24, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Munich opened bankruptcy proceedings
against MTS-Moebel Transport Service GmbH on Feb. 28.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

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

The Debtor can be reached at:

         MTS-Moebel Transport Service GmbH
         Rappenweg 140
         81829 Munich
         Germany


MUELLER HANDELS: Claims Registration Ends May 4
-----------------------------------------------
Creditors of Mueller Handels Gesellschaft mbH have until May 4
to register their claims with court-appointed insolvency manager
Hanns Poellmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.m. on May 30, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Gera
         Room 310
         Rudolf-Diener-Str. 1
         Gera
         Germany

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

The insolvency manager can be reached at:

         Hanns Poellmann
         Blankenburger Str. 3
         07318 Saalfeld
         Germany

The District Court of Gera opened bankruptcy proceedings against
Mueller Handels Gesellschaft mbH on March 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Mueller Handels Gesellschaft mbH
         Attn: Sibylle Mueller, Manager
         Markt 3-5
         07318 Saalfeld
         Germany


NATURSTAMMHAUS HERMESKEIL: Creditors' Meeting Set for April 17
--------------------------------------------------------------
The court-appointed insolvency manager for Naturstammhaus
Hermeskeil GmbH, Joerg A. Wunderlich, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:00 a.m. on April 17.

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

         The District Court of Trier
         Hall 63
         Justizstrasse 2,4,6
         54290 Trier
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 2:30 p.m. on May 15 at the same venue.

Creditors have until April 12 to register their claims with the
court-appointed insolvency manager.

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

The insolvency manager can be reached at:

         Joerg A. Wunderlich
         Bahnhofsplatz 8
         54292 Trier
         Germany

The Debtor can be reached at:

         Naturstammhaus Hermeskeil GmbH
         Industriegebiet Grafenwald
         54411 Hermeskeil
         Germany

         Attn: Andreas Kaspar Jost, Manager
         In der Mess 9
         66620 Nonnweiler-Kastel
         Germany


NITROIL EUROPE: Claims Registration Period Ends April 20
--------------------------------------------------------
Creditors of Nitroil Europe Handels GmbH have until April 20 to
register their claims with court-appointed insolvency manager
Michael W. Scholz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on May 21, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Hamburg opened bankruptcy proceedings
against Nitroil Europe Handels GmbH on March 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The insolvency manager can be reached at:

         Michael W. Scholz
         Welckerstrasse 8
         20354 Hamburg
         Germany

The Debtor can be reached at:

         Nitroil Europe Handels GmbH
         Liebigstrasse 2- 20
         22113 Hamburg
         Germany

         Attn: Werner Klockemann, Manager
         Zuckerkamp 3
         21244 Buchholz
         Germany


OST-LEAS DEUTSCHLAND: Creditors Must Register Claims by May 16
--------------------------------------------------------------
Creditors of Ost-Leas Deutschland Beteiligungsgesellschaft mbH
have until May 16 to register their claims with court-appointed
insolvency manager Henning Samisch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 6, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Henning Samisch
         Muehlenkamp 59
         D 22303 Hamburg
         Germany
         Tel: 040650390
         Fax: 04065039199

The District Court of Lueneburg opened bankruptcy proceedings
against Ost-Leas Deutschland Beteiligungsgesellschaft mbH on
March 14.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Ost-Leas Deutschland Beteiligungsgesellschaft mbH
         Hittfelder Kirchweg 10
         21220 Seevetal
         Germany

         Attn: Carmen Hornbostel, Manager
         Fachenfelder Weg 125 D
         21220 Seevetal
         Germany


RAUMDESIGN SCHLEISIEK: Creditors Must Register Claims by May 15
---------------------------------------------------------------
Creditors of Raumdesign Schleisiek Handelsgesellschaft mbH have
until May 15 to register their claims with court-appointed
insolvency manager Erich Hoelzemann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Erich Hoelzemann
         Goethestrasse 2
         59065 Hamm
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against Raumdesign Schleisiek Handelsgesellschaft mbH on March
19.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Raumdesign Schleisiek Handelsgesellschaft mbH
         Hesslingsweg 5
         44309 Dortmund
         Germany


REINDL FAHRSERVICE: Creditors Must Register Claims by May 23
------------------------------------------------------------
Creditors of Reindl Fahrservice GmbH have until May 23 to
register their claims with court-appointed insolvency manager
Stephan Mitlehner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         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:

         Stephan Mitlehner
         Walter-Benjamin-Platz 6
         10629 Berlin
         Germany

The District Court of Postdam opened bankruptcy proceedings
against Reindl Fahrservice GmbH on March 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Reindl Fahrservice GmbH
         Schulzendorfer Strasse 28
         15806 Zossen OT Glienick
         Germany


REINE STEINE: Creditors Must Register Claims by May 21
------------------------------------------------------
Creditors of Reine Steine GmbH have until May 21 to register
their claims with court-appointed insolvency manager
Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 11, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 13 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:

         Sebastian Henneke
         Adenauerallee 36
         46399 Bocholt
         Germany
         Tel: 0 2871/2354877
         Fax: +4928712354879

The District Court of Muenster opened bankruptcy proceedings
against Reine Steine GmbH on March 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Reine Steine GmbH
         Hamalandstrauee 87a
         46399 Bocholt
         Germany

         Attn: Hermann Sturm, Manager
         Werderstrauee 21
         46397 Bocholt
         Germany


REITZIG GMBH: Creditors Must Register Claims by April 18
--------------------------------------------------------
Creditors of Reitzig GmbH Zoologischer Grosshandel have until
April 18 to register their claims with court-appointed
insolvency manager Falk Eppert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on May 23, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Falk Eppert
         Vietmannsdorfer Str. 23
         17268 Templin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against Reitzig GmbH Zoologischer Grosshandel on
March 21.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Reitzig GmbH Zoologischer Grosshandel
         Hauptstrasse 62
         16348 Wandlitz OT Schoenwalde
         Germany


S.R.V. GMBH: Claims Registration Period Ends May 26
---------------------------------------------------
Creditors of S.R.V. GmbH have until May 26 to register their
claims with court-appointed insolvency manager Eberhard Stock.

Creditors and other interested parties are encouraged to attend
the meeting at 10:06 a.m. on June 1, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Krefeld
         Meeting Room H 131
         First Floor         
         Nordwall 131
         47798 Krefeld
         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 Stock
         Wilhelmshofallee 75
         47800 KrefeldDer
         Germany

The District Court of Krefeld opened bankruptcy proceedings
against S.R.V. GmbH on March 20.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         S.R.V. GmbH
         Attn: Hans Schillings, Manager
         Christenfeld 14
         41379 Brueggen
         Germany


SARAY GROSSHANDEL: Claims Registration Period Ends April 25
-----------------------------------------------------------
Creditors of Saray Grosshandel GmbH have until April 25 to
register their claims with court-appointed insolvency manager
Frank Kreuznacht.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on May 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court 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:

         Dr. Frank Kreuznacht
         Wolbecker Windmuehle 15 a
         48167 Muenster
         Germany
         Tel: 02506/821-0
         Fax: +492506821100

The District Court of Muenster opened bankruptcy proceedings
against Saray Grosshandel GmbH on March 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Saray Grosshandel GmbH
         Eulerstrasse 15
         48155 Muenster
         Germany

         Attn: Franco Cosentino, Manager
         Bahnhofstrasse 93
         59759 Arnsberg
         Germany


STEFFENS DER: Claims Registration Period Ends May 10
----------------------------------------------------
Creditors of Steffens Der Kuechenprofi GmbH have until May 10 to
register their claims with court-appointed insolvency manager
Ingmar Jarchow.

Creditors and other interested parties are encouraged to attend
the meeting at 11:05 a.m. on June 7, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Ingmar Jarchow
         Heuberg 1
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Steffens Der Kuechenprofi GmbH on March 20.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Steffens Der Kuechenprofi GmbH
         Attn: Wolfgang Johannsen, Manager
         Kuehnstrasse 71 A
         22045 Hamburg
         Germany


TEPPICH CENTER: Claims Registration Period Ends May 2
-----------------------------------------------------
Creditors of Teppich Center Harburg GmbH have until May 2 to
register their claims with court-appointed insolvency manager
Joern Weitzmann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on June 7, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Joern Weitzmann
         Arnold-Heise-Strasse 9
         20249 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Teppich Center Harburg GmbH on March 20.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Teppich Center Harburg GmbH
         Attn: Friedrich Koenig, Manager
         Grossmoorring 2, 21079 Hamburg
         Germany


TERRA VERDE: Claims Registration Period Ends May 10
---------------------------------------------------
Creditors of Terra Verde Braunschweiger Gesellschaft fur Garten-
und Landschaftsbau mbH have until May 10 to register their
claims with court-appointed insolvency manager Kaufmann Joachim
Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting at 12:00 p.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 Braunschweig
         E 01
         Martinikirche 8
         38100 Braunschweig
         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:

         Kaufmann Joachim Schmitz
         Immengarten 2
         D 38104 Braunschweig
         Germany
         Tel: (05 31) 23 64 60
         Fax: (05 31) 2 36 46 99

The District Court of Braunschweig opened bankruptcy proceedings
against Terra Verde Braunschweiger Gesellschaft fur Garten- und
Landschaftsbau mbH on March 14.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Terra Verde Braunschweiger Gesellschaft fur
         Garten- und Landschaftsbau mbH
         Attn: Thomas Stefan Hilscher
         Hamburger Strasse 273 a
         38114 Braunschweig
         Germany


TUEREN STUDIO: Claims Registration Period Ends April 19
-------------------------------------------------------
Creditors of Tueren Studio GmbH have until April 19 to register
their claims with court-appointed insolvency manager
Wilhelm Wessel.

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 Luebeck
         Hall E3
         Am Burgfeld 7
         23568 Luebeck
         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. Wilhelm Wessel
         Roeckstr. 1
         23568 Luebeck
         Germany

The District Court of Luebeck opened bankruptcy proceedings
against Tueren Studio GmbH on March 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Tueren Studio GmbH
         Attn: Joerg Schmiedeke, Manager
         Grosse Burgstr. 39
         23552 Luebeck
         Germany


TUSSEX BUEYUEKYILMAZ: Claims Registration Period Ends May 15
------------------------------------------------------------
Creditors of USSEX Bueyuekyilmaz GmbH have until May 15 to
register their claims with court-appointed insolvency manager
Harald Kroth.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         Germany
   
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Harald Kroth
         Eisenbahnstr. 19-23
         77855 Achern
         Germany
         Tel: (07 8 41) 70 80

The District Court of Karlsruhe opened bankruptcy proceedings
against USSEX Bueyuekyilmaz GmbH on March 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         TUSSEX Bueyuekyilmaz GmbH
         Attn: Naim Bueyuekyilmaz, Manager
         Weinweg 43
         76137 Karlsruhe
         Germany


WALTER THEILEN: Claims Registration Period Ends May 8
-----------------------------------------------------
Creditors of Walter Theilen Maschinenbau GmbH have until May 8
to register their claims with court-appointed insolvency manager
Dr. Joerg Behrends.

Creditors and other interested parties are encouraged to attend
the meeting at 3:30 p.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 Nebenstelle
         Hall 2
         Second Floor
         Elisabethstrasse 6
         26135 Oldenburg
         Germany
   
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Joerg Behrends
         Scheideweg 161
         26127 Oldenburg
         Germany
         Tel: 0441 - 3616220
         Fax: 0441 - 36162229

The District Court of Nebenstelle opened bankruptcy proceedings
against Walter Theilen Maschinenbau GmbH on March 20.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Walter Theilen Maschinenbau GmbH
         Werrastrasse 11
         26135 Oldenburg
         Germany

         Attn: Walter Theilen, Manager
         Eichenstrasse 36
         26131 Oldenburg
         Germany


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


AES CORPORATION: Gets Waivers from Majority of Lenders
------------------------------------------------------
AES Corporation obtained the necessary votes from a majority of
its lenders under both the senior bank facility and the senior
unsecured credit facility, to waive the respective events of
default.  Waivers have been executed with respect to each credit
facility.

Because the company has obtained these waivers, the company now
has access to the credit available under its senior bank
facility and senior unsecured credit facility.

                  Restatements and Default

As previously reported in the Troubled Company Reporter, the
company said that it was restating its previously reported
financial statements due to errors discovered by its management.  
As a result, it has delayed the filing of its Form 10-K for the
year ending Dec. 31, 2006.  The company further disclosed that
as a result of the restatement, it was in default under its
senior bank credit facility.

A full-text copy of Amendment No. 10 and Waiver No. 6 dated as
of March 22, 2007 to Third Amended and Restated Credit and
Reimbursement Agreement is available for free at:

               http://ResearchArchives.com/t/s?1c2d

A full-text copy of Waiver No. 2 dated as of March 22, 2007 to
the Credit Agreement among The AES Corporation as Borrower, the
Banks listed therein, and Merrill Lynch Capital Corporation as
Administrative Agent, is available for free at:

               http://ResearchArchives.com/t/s?1c2e

                   About AES Corporation

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

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


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


EUROMAX VI: S&P Rates EUR3 Million Class F Notes at BB
------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the floating-rate notes to be issued by
Euromax VI ABS Ltd., a special purpose entity.
  
The transaction is a refinancing of Euromax MBS S.A., the first
of the Euromax series, and Euromax II MBS S.A., both managed by
Collineo Asset Management GmbH.
  
Euromax VI is a securitization of a portfolio of CMBS, RMBS, and
CDO assets managed by Collineo.
  
The collateral manager has extensive experience with European
ABS, and currently has 12 cash flow CDOs under management.
  
                          Ratings List
  
EUROMAX VI ABS Ltd.
   EUR430 Million Floating-Rate Notes
  
                          Prelim.        Prelim. Amount
           Class          rating           (Mln. EUR)
           -----          ------         --------------
           X              AAA                 5
           A              AAA               333
           B              AA                 37
           C              A                  16
           D              BBB                16
           E              BB                  3
           Subordinated   NR                 20


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


FIAT SPA: CEO Sergio Marchionne Warns Cutback on Production
-----------------------------------------------------------
Fiat S.p.A. CEO Sergio Marchionne cautioned a possible reduction
on auto production in Europe resulting from the European
Commission's plan to cap carbon-dioxide emission from cars,
Budapest Business Journal reports.

According to BBJ, the 27-nation European Union's regulatory arm
commission is processing a legislation that would reduce carbon-
dioxide discharges from cars in Europe to an average of 120
grams a kilometer in 2012.  The commission also wants engine
emissions to be reduced to 130 grams and an extra 10-gram cut to
come from improvements in car parts and fuels.  

"The timelines that have been imposed and the size of the
reduction are not technologically feasible," Mr. Marchionne, who
is also president of the European Automobile Manufacturers
Association, was quoted by BBJ as saying. "It is not doable at
Fiat, it is not doable as a whole for the European car industry.
We'll have to curtail production," he added.

The proposal will need the support of EU governments and the
European Parliament.  The process of approval could last until
2009 or longer.

"The industry does need lead time," Mr. Marchionne said.  "This
is not a grocery store.  Cars being sold in 2012 are being
worked on now," he added.

Ratings agency Standard & Poor's stated that European carmakers'
profits may be seriously undermined by the cost of the planned
EU legislation.  A limit on engine carbon-dioxide emissions of
130 grams a kilometer in 2012 may cost EUR600 to EUR3,000 per
vehicle compared with average profit margin of less than EUR500
per unit, BBJ relates.

According to Mr. Marchionne, the commission plan would be the
most expensive way of cutting carbon-dioxide emissions from cars
because it directs the burden mainly on the auto industry.

                        About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,  
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                        *     *     *

Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Italian industrial group Fiat S.p.A.
to 'BB' from 'BB-'.  At the same time, Standard & Poor's
affirmed its 'B' short-term rating on Fiat.  S&P said the
outlook is stable.

Fitch Ratings changed Fiat S.p.A.'s Outlook to Positive from
Stable.  Its Issuer Default rating and senior unsecured rating
are affirmed at BB-.  The Short-term rating is affirmed at B.
Around EUR6 billion of debt is affected by this rating action.

The Troubled Company Reporter - Asia Pacific reported that
Moody's Investors Service changed the outlook on Fiat SpA's Ba3
Corporate Family Rating to positive from stable and affirmed the
long-term senior unsecured ratings as well as the short-term
non-Prime rating.


POPOLARE ITALIANA: Reduced Profit Spurs Firm to Cancel Dividend
---------------------------------------------------------------
The Board of Directors of Banca Popolare Italiana will not pay
its promised ordinary dividend after a series of extraordinary
items wiped out around EUR200 million in profits for 2006, AFX
News reports citing Italian daily MF.

The board will exclude the dividend payout from the company's
annual results, which it will review and approve today,
March 28, MF says.  

In a TCR-Europe report on Mar. 26, BPI's board of directors said
it will write off EUR104 million of the EUR448-million loan
availed to Dutch foundation Stichting Bakery Finance following a
survey by Tamburi & Associati on its financial exposure to Kamps
and Harry's, AFX News says.  BPI used Stitching as vehicle to
acquire Kamps and Harry's.

BPI, however, will confirm the extraordinary dividend announced
in relation to its merger with Banco Popolare di Verona e
Novara.

In October 2006, the Board of Directors of BPI accepted an
EUR8.2-billion takeover offer from larger rival BPVN.  BPI and
BPVN will form a holding company that will launch a share swap
to stakeholders of the groups:

   -- 0.43 share for every BPI share, and
   -- a share for every BPVN share.

Aside from the share swap, BPI would distribute an extraordinary
dividend of EUR2 per share, for a total cash of EUR1.5 billion,
to existing shareholders.  The share-and-cash offer values BPI
at EUR12 per share, based on BPVN's share price of EUR22.81 on
Oct. 13.  

                  About Banca Popolare Italiana

Headquartered in Lodi, Italy, Banca Popolare Italiana --
http://www.bancapopolareitaliana.it/-- attracts deposits and   
offers commercial banking services.  The Bank offers securities
brokerage, asset management, mortgage loans, insurance, lease
financing and treasury services and manages mutual funds.  
Through a subsidiary, Banca Popolare Italiana offers merchant
banking services and medium- and long-term lending.

                        *     *     *

As of Feb. 23, BPI carries Moody's Investors Service's D
financial strength rating, Ba2 junior subordinated debt rating,
and Ba2 preferred stock and Tier III debt ratings.

At the same time, BPI also carries Fitch's C financial strength
rating, BB+ junior subordinated debt rating, and BB+ preferred
stock rating.


POPOLARE DI INTRA: Fitch Lifts Ratings to D with Stable Outlook
---------------------------------------------------------------
Fitch Ratings upgraded Banca Popolare di Intra's IDR to 'BBB+'
from 'BB', Short-term rating to 'F2' from 'B', Individual rating
to 'D/E' from 'E' and Support rating to '2' from '3'.  
Simultaneously it has removed Intra's IDR, Short-term,
Individual and Support ratings from Rating Watch Positive and
assigned the bank's IDR a Stable Outlook.  

The current Support Rating Floor for Intra is 'BB' based on
sovereign support.  It will be revised when Fitch publishes its
Support Rating Floors based on institutional support in due
course.

The rating action follows the decision of Intra's extraordinary
shareholders meeting on March 24 to transform the bank from a
cooperative bank into a limited liability company, which gives
VB control of Intra after having successful completed on
March 21, its binding offer to acquire a maximum 75% of Intra's
capital.

The upgrade of Intra's IDR and Support rating reflects the new
ownership structure and strategic role within the Veneto Banca's
group.  The upgrade of Intra's Individual rating reflects its
capital ratios having been restored above the regulatory minimum
requirements at end-2006.  However, capital remains tight with a
Tier 1 capital ratio of 6.4%, given the high level of impaired
loans.  Intra's asset quality remains a problem.  Although at
end-2006 loan impairment allowance was adequate at 70%, the
bank's net impaired loans represented a still very high 111% of
its equity.  However, the bank should return to profitability in
2007.

Intra is a small cooperative bank based in Piedmont in northern
Italy.  It provides retail banking services and is closely
linked to the local economy.  It also owns Banca Popolare di
Monza e della Brianza, a two-branch bank.


VENETO BANCA: Fitch Affirms BB Support Ratings on Intra Control
---------------------------------------------------------------
Fitch Ratings downgraded Italy-based Veneto Banca's Individual
rating to 'C' from 'B/C'.  At the same time, it has affirmed the
bank's Issuer Default rating at 'A-', Short-term rating at 'F2',
and Support rating at '3'.  Simultaneously it has removed VB's
IDR from Rating Watch Negative and assigned it a Stable Outlook.  
VB's Support Rating Floor has been also affirmed at 'BB'.  

The downgrade of VB's Individual rating reflects execution and
integration risks arising from the acquisition of an entity that
is nearly half of its size in terms of total assets and from the
severe problems Intra has suffered in the recent past, weakening
VB's individual profile.  However, Fitch expects VB to act
quickly to integrate Intra into its group, and VB should have
sufficient managerial expertise and resources to handle such an
acquisition successfully.  

Because of the goodwill generated by the acquisition and Intra's
low capitalization, VB post-acquisition regulatory Tier 1
capital ratio tightens to around 7% from 8.5% at end-2005.  End-
2006 pro-forma asset quality ratios are weak with gross impaired
loans representing a high 8.2% of gross loans, despite the
adequate loan impairment allowances of the new group.  At end-
2006, net impaired loans accounted for a high 26% of eligible
capital.  The group is expected to return to profitability in
2007 with an estimated operating return on average equity of
around 11% at year-end.

VB is a co-operative bank based in the Province of Treviso in
the region of the Veneto.  Its client base mainly comprises
small and micro-enterprises and private individuals.  By means
of its federal structure, VB is also active in Veneto with Banca
del Garda, in Lombardy with Banca di Bergamo, and in the
southern regions of Puglia and Basilicata with Banca Meridiana.
It has had a foothold in Romania since 2000 through its Italy-
based subsidiary Banca Italo-Romena and has recently acquired
two small local banks based in Moldavia and Croatia. The VB
group also includes some specialized product companies.


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


AK-BARYS-TRADE LLP: Creditors Must File Claims by May 8
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Ak-Barys-Trade insolvent.

Creditors have until May 8 to submit written proofs of claim to:

         LLP Ak-Barys-Trade
         Altynsarin Str. 31
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


DRUJBA-KI LLP: Creditors' Claims Due May 4
------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Drujba-Ki insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Fourth Floor
         Gogol Str. 177a
         Kostanai
         Kazakstan


MARHABAT & K: Proof of Claim Deadline Slated for May 4
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Marhabat & K insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Jahaev Str. 71
         Kyzylorda
         Kazakshtan


MARINE LINE: Claims Registration Ends May 4
-------------------------------------------
LLP Kazakh Marine Line has declared insolvency.  Creditors have
until May 4 to submit written proofs of claim to:

         LLP Kazakh Marine Line
         Petroleum Storage Depot
         Industrial Zone
         Aktau
         Mangistau
         Kazakshtan


NEFTEBAZA LLP: Claims Filing Period Ends May 4
----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Jitikarinskaya Petroleum Storage Depot Neftebaza
insolvent.

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

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


ORAL TELEVISION: Creditors Must File Claims by May 4
----------------------------------------------------
LLP Oral Television has declared insolvency.  Creditors have
until May 4 to submit written proofs of claim to:

         LLP Oral Television
         Karagandinskaya Str. 1
         Uralsk
         West Kazakhstan Region
         Kazakstan


OTAN-ORDA LLP: Creditors' Claims Due May 4
------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Otan-Orda insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Jahaev Str. 71
         Kyzylorda
         Kazakshtan


SKIF LTD: Proof of Claim Deadline Slated for May 4
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Skif Ltd insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Fourth Floor
         Gogol Str. 177a
         Kostanai
         Kazakstan


STROYLAND PV: Claims Registration Ends May 4
--------------------------------------------
LLP Stroyland Pv has declared insolvency.  Creditors have until
May 4 to submit written proofs of claim to:

         LLP Stroyland Pv
         Tovarnaya Str. 25a
         140000 Pavlodar
         Kazakhstan


VITA CLINIC: Claims Filing Period Ends May 2
--------------------------------------------
LLP Vita Clinic has declared insolvency.  Creditors have until
May 2 to submit written proofs of claim to:

         LLP Vita Clinic
         Imanov Str. 28
         Almaty District
         Astana
         Kazakhstan


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


AKTAN TRADERS: Claims Filing Period Ends May 8
----------------------------------------------
LLC Aktan Traders has declared insolvency.  Creditors have until
May 8 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 28-22-78.


CENTURY LLC: Creditors Must File Claims by May 8
------------------------------------------------
LLC Century has declared insolvency.  Creditors have until May 8
to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 62-00-19.


IMPEKS-OSH LLC: Claims Registration Ends May 8
----------------------------------------------
LLC Impeks-Osh has declared insolvency.  Creditors have until
May 8 to submit written proofs of claim to:

         LLC Impeks-Osh
         Supanaliev Str. 4/2
         Osh
         Kyrgyzstan


KYRGYZKOMUR CORP: Final Creditors' Meeting Slated for April 2
-------------------------------------------------------------
The temporary insolvency manager of OJSC Corporation Kyrgyzkomur
will hold a final creditors' meeting at 10:00 a.m. on April 2
at:

         Room 141
         Chui Ave. 106
         Bishkek
         Kyrgyzstan

Agenda:

   -- confirmation of final temporary insolvency manager's
      report and ending of the bankruptcy proceedings of        
      OJSC Corporation Kyrgyzkomur;

   -- confirmation of bankruptcy proceedings expenses;

   -- discarding of tangible assets and accounts receivable;

   -- transmission of accounts receivable, military and police
      uniforms to the creditors on acts of execution; and

   -- others.

Proxies must have authorization to vote.  

Inquiries can be addressed to (+996 312) 62-52-42.


RAMZDEN-TRANS LLC: Creditors' Claims Due May 8
----------------------------------------------
LLC Ramzden-Trans has declared insolvency.  Creditors have until
May 8 to submit written proofs of claim.

Inquiries can be addressed to (0-543) 91-90-04.


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


PANGAEA ABS: Fitch Rates EUR5-Million Class F Notes at BB-
----------------------------------------------------------
Fitch assigned Pangaea ABS 2007-1 B.V's issue of EUR309.2
million floating-rate notes final ratings due 2096.  The
transaction is a securitization of structured finance assets
including primarily mortgage-backed securities and
collateralised debt obligations.

   -- EUR220 million Class A floating-rate notes: 'AAA'

   -- EUR16 million Class B floating-rate notes: 'AAA'

   -- EUR18 million Class C floating-rate notes: 'AA'

   -- EUR22 million Class D deferrable floating-rate notes: 'A'

   -- EUR16 million Class E deferrable floating-rate notes:
      'BBB-'

   -- EUR5 million Class F deferrable floating-rate notes: 'BB-'

   -- EUR12.2 million subordinated notes: not rated

   -- EUR5 million Class S1 combination notes: 'A'

The ratings of the Class A, B and C 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 D, E and F notes, which can defer interest, the ratings
address the ultimate payment of principal and interest,
including deferred interest, at maturity.  The rating of the
Class S1 combination note addresses the ultimate receipt of the
rated balance from funds received on their components by the
legal final maturity date according to conditions of the notes.

The ratings are based on the quality and diversity of the
portfolio of assets, which are selected by the collateral
manager, Investec Principal Finance, 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.  Investec will
actively manage the collateral over a six-year reinvestment
period.

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 totals 26.7% and is
provided by the B notes, the C notes, the D notes, the E notes,
the F notes and the unrated subordinated notes.  Some of the
EUR12.2 million proceeds from the subordinated notes are used to
pay certain initial expenses of the issuer rather than to
purchase collateral and therefore are not be available for
subordination.

Pangaea ABS 2007-1 B.V. is a limited liability company
incorporated under the laws of the Netherlands.  At the closing
date, the issuer has purchased around 62% of the target
portfolio; the remainder will be purchased over a six-month
ramp-up period.


X5 RETAIL: Postpones RUR25-Billion Callable Bond Issue
------------------------------------------------------
X5 Retail Group N.V. has decided to postpone the first tranche
of its RUR25-billion Callable Bonds originally planned in three
tranches during 2007 and early 2008 to refinance the Group's
existing debt and fund its store expansion.

"We intended to use the net proceeds of the first tranche
(RUR9 billion) planned for March-April 2007 to improve our debt
structure taking advantage of favorable market conditions by
converting our foreign currency loans into the Ruble zone and
extending our debt maturity," Vitaliy Podolskiy, Group CFO ,
commented.  "However, while market conditions are improving
after recent global market correction, current volatility of the
market makes this operation unattractive at this stage.  There
will be no implications of this decision on our operations nor
investment plans.'

The company will disclose the date of the Ruble bonds issue in
due course depending on market conditions and corporate funding
requirements.

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


ALDAN-GOLD-WOOD: Creditors Must File Claims by May 10
-----------------------------------------------------
Creditors of CJSC Aldan-Gold-Wood (TIN 1402011999) have until
May 10 to submit proofs of claim to:

         V. Utilenkov, Insolvency Manager
         125009 Moscow
         Russia
         Tel: (985) 774-70-81

The Arbitration Court Sakha commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A58-4844/2005.

The Debtor can be reached at:

         CJSC Aldan-Gold-Wood
         Stroitelnaya Str. 14
         Nizhniy Kuranakh
         Aldanskiy Ulus
         678940 Sakha
         Russia


CORAL LLC: Creditors Must File Claims by April 10
-------------------------------------------------
Creditors of LLC Coral have until April 10 to submit proofs of
claim to:

         I. Yas'ko, Temporary Insolvency Manager
         Post User Box 5973
         350007 Krasnodar
         Russia

The Arbitration Court of Krasnodar will convene on April 23 to
hear the company's bankruptcy supervision procedure.  The case
is docketed under Case No. A-32-24366/2006-27/2265-B.

The Court is located at:

         The Arbitration Court of Krasnodar  
         Staroderevenkovskaya St.
         Krasnodar  
         Russia

The Debtor can be reached at:

         LLC Coral
         Promyshlennaya Str. 3
         Zhuravskiy
         Sherbinovskiy
         353163 Krasnodar
         Russia


EAST-URAL-OIL: Asset Bidding Deadline Slated for April 5
--------------------------------------------------------
N. Ershov, the external insolvency manager and bidding organizer
for CJSC East-Ural-Oil, will open a public auction for the
company's properties at 2:00 p.m. on April 10 at:

         CJSC East-Ural-Oil
         Zelenaya Str. 2
         Prigorodnyj
         460507 Orenburg
         Russia

The company has set a RUR1.05 million starting price for the
auctioned assets.

Interested participants have until April 5 to deposit an amount
of RUR52,500 to:

         CJSC East-Ural-Oil
         Settlement Account 40702810700110000021
         Correspondent Account 3010181070000000000828
         TIN 5610052739
         KPP 563801001
         OGRN 1025602723475
         BIK 045354828
         OJSC VKB (Orenburgskiy)
         Russia

Bidding documents must be submitted to:

         N. Ershov
         Zelenaya Str. 2
         Prigorodnyj
         460507 Orenburg
         Russia
         Tel: (846) 279-53-78

The Debtor can be reached at:

         CJSC East-Ural-Oil
         Zelenaya Str. 2
         Prigorodnyj
         460507 Orenburg
         Russia


GAZPROM NEFT: In Talks to Upgrade North Korean Seung-ri Refinery
----------------------------------------------------------------
OAO Gazprom Neft is holding talks with the North Korean
government to upgrade the country's Seung-ri refinery, Bloomberg
News reports citing minutes of the meeting between North Korean
Foreign Trade Minister Rim Kyong Man and Russian government
representative Konstantin Pulikovsky.

Natalya Vyalkina, Gazprom Neft spokeswoman, confirmed to
Bloomberg News that the company is eyeing projects in North
Korea.  The company plans to tap into North Korea's growing need
for energy, as the country receives international pressure to
end its nuclear program.  North Korean lost access to cheap oil
in 1991 when former ally Soviet Union collapsed.

                        About Gazprom Neft

Headquartered in Moscow, Russia, OAO Gazprom Neft --
http://www.gazprom-neft.ru/-- explores, produces, refines,  
markets, produces and sells petroleum products.  The Company
holds oilfield exploration and development licenses in the
Yamal-Nenets and Khanti-Mansiisk autonomous regions, as well as
in the Omsk and Tomsk regions, and in Chukotka.  The Company'
smain oil processing center is the Omsk Refinery.

                        *     *     *

As reported in the TCR-Europe on Nov. 20, 2006, Standard &
Poor's Ratings Services placed its 'BB+' corporate credit rating
and 'ruAA+' national scale rating on Russia-based oil company
JSC Gazprom Neft on CreditWatch with positive implications.


GREVI LLC: Creditors Must File Claims by May 10
-----------------------------------------------
Creditors of LLC Grevi have until May 10 to submit proofs of
claim to:

         A. Zadunayskiy, Insolvency Manager
         Proletarskaya Str. 73V
         Olkhovka
         Olkhovskiyr
         403650 Saratov
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A57-668B/06-31.

The Court is located at:
         
         The Arbitration Court of Saratov  
         Babushkin Vvoz 1
         Saratov  
         Russia

The Debtor can be reached at:

         LLC Grevi
         Privokzalnaya Str. 73
         Balakovo, Saratov
         Russia


IMPULSE CJSC: Creditors Must File Claims by April 10
----------------------------------------------------
Creditors of CJSC Impulse (TIN 5204003087) have until April 10
to submit proofs of claim to:

         L. Margaryan, Temporary Insolvency Manager
         Post User Box 115
         Gorkogo Square
         603000 Nizhniy Novgorod
         Russia

The Arbitration Court of Nizhniy Novgorod commenced bankruptcy
supervision procedure on the company.  The case is under Case
No. A43-719/2007 33-8.

The Court is located at:

         The Arbitration Court of Nizhniy Novgorod
         Kremlin 9
         603082 Nizhniy Novgorod
         Russia

The Debtor can be reached at:

         CJSC Impulse
         Fabrichnaya Str. 7
         B. Murashkino
         606360 Nizhniy Novgorod
         Russia


KARASEVSKIY POTTERY: Creditors Must File Claims by May 10
---------------------------------------------------------
Creditors of CJSC Karasevskiy Pottery have until May 10 to
submit proofs of claim to:

         V. Kofnov, Insolvency Manager
         Lesnoy
         Kolomenskiy
         140451 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A41-K2-15664/06.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Karasevskiy Pottery
         Lesnoy
         Kolomenskiy
         140451 Moscow
         Russia


KARSUNSKIY OJSC: Creditors Must File Claims by April 10
-------------------------------------------------------
Creditors of OJSC Food Combine Karsunskiy have until April 10 to
submit proofs of claim to:

         V. Bogdanov, Insolvency Manager
         50 Let VLKSM Pr. 7
         432034 Ulyanovsk
         Russia

The Arbitration Court of Ulyanovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A72-9365/06-26/51-B.

The Debtor can be reached at:

         OJSC Food Combine Karsunskiy
         Stepana Razina Str. 87
         Karsun
         433210 Ulyanovsk
         Russia


KUBAN-ECO LLC: Court Names E. Leyliyan as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Krasnodar appointed Mr. E. Leyliyan as
Insolvency Manager for LLC Kuban-Eco.  He can be reached at:

         E. Leyliyan
         Office 2
         Kubano-Naberezhnaya Str. 100
         350063 Krasnodar
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-17514/2006-1/1051-B.

The Court is located at:

         The Arbitration Court of Krasnodar  
         Staroderevenkovskaya St.
         Krasnodar  
         Russia

The Debtor can be reached at:

         LLC Kuban-Eco
         Zakharova Str. 1
         350007 Krasnodar
         Russia


LENINOGORSKIY INSTRUMENT: Bankruptcy Hearing Slated for June 5
--------------------------------------------------------------
The Arbitration Court of Tatarstan will convene on June 5 to
hear the bankruptcy supervision procedure on OJSC Leninogorskiy
Instrument Factory (TIN 1649008773).  The case is docketed under
Case No. A65-18695/2006-SG4-27.

The Temporary Insolvency Manager is:

         I. Satdykov
         Post User Box 553
         Kazan
         420104 Tatarstan
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Leninogorskiy Instrument Factory
         Chaykovskogo Str. 30
         Leninogorsk
         Tatarstan
         Russia


LIPETSKCOMBANK: S&P Puts C Short-Term Counterparty Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
and 'C' short-term counterparty credit and 'ruBBB+' Russia
national scale ratings to Russian LipetskComBank.  The outlook
is stable.

"The ratings are constrained by LipetskComBank's low
capitalization, high related-party exposure in funding, high
single-name concentration in lending, fairly narrow geographic
business base, and under-developed risk management, as well as
the high economic and industry risks prevalent for banks
operating in Russia," said Standard & Poor's credit analyst
Elena Romanova.

These negative factors are somewhat mitigated by
LipetskComBank's strengthening franchise and growth in its home
region, business and financial support from its majority
shareholder, and a stable management team.

With total assets of Russian RUR13 billion at Dec. 31, 2006,
LipetskComBank is considered a midsize bank in Russia, and is
headquartered in the central Russian town of Lipetsk.

"We believe that LipetskComBank will improve its franchise and
market position in the Lipetsk Oblast, which should enable the
bank to sustain adequate business growth, and improve its
structural weaknesses," added Ms. Romanova.

A material increase in profitable independent customers,
accompanied by decreasing related-party exposure in funding, a
reduction in loan concentration, and improved capitalization,
could lead to an upgrade. A negative rating action might follow
if the bank's capitalization materially declines, or its
financial results weaken significantly.  A deterioration in
support and business flows from NLMK, or a decline in Russia's
economy, could also have a negative impact on the bank's
creditworthiness.


PARANGINSKIY AGRO-SNAB: Creditors Must File Claims by April 10
--------------------------------------------------------------
Creditors of OJSC Paranginskiy Agro-Snab have until April 10 to
submit proofs of claim to:

         F. Gabdullin, Temporary Insolvency Manager
         Post User Box 141
         Sovetskaya Str. 140
         Yoshkar-Ola
         424000 Mariy El
         Russia

The Arbitration Court of Mariy El will convene at 10:00 a.m. on
June 21 to hear the company's bankruptcy supervision procedure.  
The Case is docketed under Case No. A-38-154-11/35-2007.

The Debtor can be reached at:

         OJSC Paranginskiy Agro-Snab
         Mira Str. 2a
         Paranga
         Paranginskiy
         425570 Mariy El
         Russia


PERVOMAYSKAYA LLC: Creditors Must File Claims by April 10
---------------------------------------------------------
Creditors of LLC Agricultural Company Pervomayskaya have until
April 10 to submit proofs of claim to:

         V. Glukhovtsev, Insolvency Manager
         Office 203
         Dovatora Str. 12
         398024 Lipetsk
         Russia

The Arbitration Court of Lipetsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A36-34/2007.

The Court is located at:

         The Arbitration Court of Lipetsk  
         Skorokhodova Str. 2
         398019 Lipetsk  
         Russia

The Debtor can be reached at:

         LLC Agricultural Company Pervomayskaya
         Panino, Lipetsk
         Russia


PROJECT-INVEST LLC: Moscow Bankruptcy Hearing Slated for June 5
---------------------------------------------------------------
The Arbitration Court of Moscow will convene at 2:00 p.m. on
June 5 to hear the bankruptcy supervision procedure on LLC
Project-Invest.  The case is docketed under Case No.
A41-K2-3043/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Project-Invest
         Transportnaya Str. 1
         Lyubertsy
         140004 Moscow
         Russia


ROSNEFT OIL: Buys Own Stake for RUR197.84 Bln in Yukos Auction
--------------------------------------------------------------
OAO Rosneft Oil Co., through its RN-Razvitiye, won the auction
for OAO Yukos Oil Co.'s 9.44% stake in the company, outbidding
TNK-BP Holding Ltd., various reports say.

Rosneft offered RUR197.84 billion to acquire the first lot,
which includes the stake and 12 promissory notes worth RUR3.56
billion in unit Yuganskneftegaz, RIA Novosti reports.  Rosneft
acquired the lot at 10 percent less than the market price.

TNK-BP, meanwhile, said it could not offer more than Rosneft
had.

"We're disappointed, but we took it to where we were comfortable
paying," Peter Henshaw, TNK-BP's spokesman, told Reuters.  "We
had a limit and Rosneft went a lot beyond it."

Eduard Rebgun, Yukos' bankruptcy receiver, tagged a RUR195.5-
billion starting price to the first lot, putting in a RUR260-
million bid increment for it.

"We are satisfied with the auction results," said Nikolai
Lashkevich, press secretary for Yukos insolvency manager Eduard
Rebgun, said.

Mr. Lashkevich said the proceeds from the auction would be used
to satisfy a substantial part of over RUR700 billion claims
against the bankrupt oil company.

Viktor Gerashchenko, chairman of the Yukos' board of directors
criticized the results of the first auction.  

"The buyer of these shares should understand what the market
price is," Mr. Gerashchenko told RIA Novsoti.  "But if you pay
less, then you are at risk of being criticized by the company's
majority and minority shareholders."

                           Share Plans

Rosneft, meanwhile, said it plans to use the acquired shares to
acquire oil, natural gas and refining assets in Russia and
abroad, Bloomberg News relates.  The company will also resell
the shares in the market to expand its shareholder base.

                        About Yukos Oil

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

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

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

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

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

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

                          About TNK-BP

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

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

                          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 Mar. 23, 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.

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.


ROSNEFT OIL: Inks Delivery Deal with Unipec; May Eye Yukos Unit
---------------------------------------------------------------
OAO Rosneft Oil Co. and China International United Petroleum &
Chemicals Co. Ltd., the trading unit of China Petroleum &
Chemical Corp., have signed an oil delivery contract to China,
Kommersant reports.

Under the contract, Rosneft will deliver three million tons of
oil annually through the Sino-Russo border of Naushki,
Kommersant relates.  Rosneft delivered via the Transbaikal-
Manchuria border crossing 8.9 million of the 10.3 million tons
of oil that China received from Russia in 2006.  

Russia agreed in 2004 to supply China around 15 million tons of
oil in 2006.  The deal, however, failed after OAO Yukos Oil Co.
ceased supplying oil to the Asian country in the autumn of 2006.

Kommersant suggests that the deal between Unipec and Rosneft
would spur the latter to bid for Yukos Transservis, the bankrupt
firm's profitable railway unit operating on the same line.  The
paper notes that Rosneft would face difficulties in shipping oil
through Naushki without Yukos Transservis, which handles 13% of
all Russian train oil shipment.

The paper said Eduard Rebgun, Yukos' bankruptcy receiver will
likely place Yukos Transservis on the auction block.  Rosneft
may have to shell around RUR8 billion to RUR10 billion to
acquire the unit, which posted EUR1 billion in net profit in
2006.  If Rosneft decides to bid for Yukos Transservis, it might
face Severstaltrans, which was reportedly interested in
acquiring it, Kommersant relates.

                        About Yukos Oil

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

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

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

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

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

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

                          About Rosneft

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

                         *     *     *

In a TCR-Europe report on Mar. 23, 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.

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.


RYZDVYANENSKIY COMBINE: Creditors Must File Claims by May 10
------------------------------------------------------------
Creditors of OJSC Ryzdvyanenskiy Combine of Grain Products have
until May 10 to submit proofs of claim to:

         V. Shvayko, Insolvency Manager
         Buynakskaya Str. 2/56
         344037 Rostov-na-Donu
         Russia

The Arbitration Court of Stavropol commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A63-4925/2006-S5.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Ryzdvyanenskiy Combine of Grain Products
         Vostochnaya Str. 1A
         Ryzdvyanyj
         Izobilnenskiy
         Stavropol
         Russia


SEVERSTAL OAO: Vorkutaugol Unit Names New Director General
----------------------------------------------------------
JSC Vorkutaugol, a coal-mining unit of OAO Severstal, has
appointed G. Zadavin as its new director general, Analytical
Information Agency reports.

Mr. Zadavin replaces A. Loginov, who will join MC Severstal
Resources, another Severstal unit.

Vorkutaugol operates five coalmines in Vorkutinsky, which
contains the largest coal reserves in Europe.  The unit mined
12.3 million tons of coal in 2006.  Severstal plans to inject
RUR4.9 billion into Vorkutaugol to hike coal production to 13.5
million tons this year.

Severstal acquired Vorkutaugol in 2003.

                        About Severstal

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

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

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

                        *     *     *

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

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

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

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


STEKLYANSKOYE CJSC: Creditors Must File Claims by April 10
----------------------------------------------------------
Creditors of CJSC Steklyanskoye have until April 10 to submit
proofs of claim to:

         A. Biryukov, Temporary Insolvency Manager
         Post User Box 2004
         Central Post Office
         650000 Kemerovo
         Russia

The Arbitration Court of Novosibirsk will convene at 10:30 a.m.
on June 20 to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A45-16533/06-
29/329.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Steklyanskoye
         Steklyanskoye
         Kupinskiy, Novosibirsk
         Russia


TNK-BP HOLDING: Rosneft Outbids Firm in Yukos' Share Auction
------------------------------------------------------------
OAO Rosneft Oil Co., through its RN-Razvitiye, won the auction
for OAO Yukos Oil Co.'s 9.44% stake in the company, outbidding
TNK-BP Holding Ltd., various reports say.

Rosneft offered RUR197.84 billion to acquire the first lot,
which includes the stake and 12 promissory notes worth RUR3.56
billion in unit Yuganskneftegaz, RIA Novosti reports.  Rosneft
acquired the lot at 10 percent less than the market price.

TNK-BP, meanwhile, said it could not offer more than Rosneft
had.

"We're disappointed, but we took it to where we were comfortable
paying," Peter Henshaw, TNK-BP's spokesman, told Reuters.  "We
had a limit and Rosneft went a lot beyond it."

Eduard Rebgun, Yukos' bankruptcy receiver, tagged a RUR195.5-
billion starting price to the first lot, putting in a RUR260-
million bid increment for it.

"We are satisfied with the auction results," said Nikolai
Lashkevich, press secretary for Yukos insolvency manager Eduard
Rebgun, said.

Mr. Lashkevich said the proceeds from the auction would be used
to satisfy a substantial part of over RUR700 billion claims
against the bankrupt oil company.

Viktor Gerashchenko, chairman of the Yukos' board of directors
criticized the results of the first auction.  

"The buyer of these shares should understand what the market
price is," Mr. Gerashchenko told RIA Novsoti.  "But if you pay
less, then you are at risk of being criticized by the company's
majority and minority shareholders."

                           Share Plans

Rosneft, meanwhile, said it plans to use the acquired shares to
acquire oil, natural gas and refining assets in Russia and
abroad, Bloomberg News relates.  The company will also resell
the shares in the market to expand its shareholder base.

                         About Rosneft

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

                         About Yukos Oil

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

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

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

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

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

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

                          About TNK-BP

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

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

                          *     *     *

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

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

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


VESTA OJSC: Creditors Must File Claims by May 10
------------------------------------------------
Creditors of OJSC Vesta have until May 10 to submit proofs of
claim to:

         I. Konygin, Insolvency Manager
         Admiralskogo Str. 51-3
         Pyatigorsk
         357538 Stavropol
         Russia

The Arbitration Court of Stavropol commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A63-233/05-S5.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Vesta
         Gagarina Str. 1
         Ipatovo
         Stavropol
         Russia


VIMPEL-COMMUNICATIONS: Armenian Govt. Re-Offers Armentel Stake
--------------------------------------------------------------
The Armenian government is selling its 10% stake in CJSC Armenia
Telephone Co. for EUR38 million to OJSC Vimpel-Communications,
RIA Novosti reports.

A government spokesman told RIA Novosti that the price is one-
ninth of the amount VimpelCom paid to acquire 90% of Armentel in
November 2006.  In mid-November 2006, VimpelCom concluded a deal
to acquire Hellenic Telecommunications Organization's 90% stake
in Armentel for EUR341.9 million, including the assumption of
EUR40 million in debts.

The Armenian government had offered its stake to VimpelCom in
November 2006, but conditioned the sale on the company
discarding further expansion plans in the country.

In a TCR-Europe report on Dec. 12, 2006, Vladimir Ryabokon,
VimpelCom's Vice President and Corporate Development Chief, said
the company is interested in a 100% stake in Armentel, adding
that the issue is being discussed.

                         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.


X5 RETAIL: Postpones RUR25-Billion Callable Bond Issue
------------------------------------------------------
X5 Retail Group N.V. has decided to postpone the first tranche
of its RUR25-billion Callable Bonds originally planned in three
tranches during 2007 and early 2008 to refinance the Group's
existing debt and fund its store expansion.

"We intended to use the net proceeds of the first tranche
(RUR9 billion) planned for March-April 2007 to improve our debt
structure taking advantage of favorable market conditions by
converting our foreign currency loans into the Ruble zone and
extending our debt maturity," Vitaliy Podolskiy, Group CFO,
commented.  "However, while market conditions are improving
after recent global market correction, current volatility of the
market makes this operation unattractive at this stage.  There
will be no implications of this decision on our operations nor
investment plans."

The company will disclose the date of the Ruble bonds issue in
due course depending on market conditions and corporate funding
requirements.

                        About X5 Retail

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

                          *     *     *

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

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


YUKOS OIL: Rosneft Wins Auction to Repurchase 9.44 Percent Stake
----------------------------------------------------------------
OAO Rosneft Oil Co., through its RN-Razvitiye, won the auction
for OAO Yukos Oil Co.'s 9.44% stake in the company, outbidding
TNK-BP Holding Ltd., various reports say.

Rosneft offered RUR197.84 billion to acquire the first lot,
which includes the stake and 12 promissory notes worth RUR3.56
billion in unit Yuganskneftegaz, RIA Novosti reports.  Rosneft
acquired the lot at 10 percent less than the market price.

TNK-BP, meanwhile, said it could not offer more than Rosneft
had.

"We're disappointed, but we took it to where we were comfortable
paying," Peter Henshaw, TNK-BP's spokesman, told Reuters.  "We
had a limit and Rosneft went a lot beyond it."

Eduard Rebgun, Yukos' bankruptcy receiver, tagged a RUR195.5-
billion starting price to the first lot, putting in a RUR260-
million bid increment for it.

"We are satisfied with the auction results," said Nikolai
Lashkevich, press secretary for Yukos insolvency manager Eduard
Rebgun, said.

Mr. Lashkevich said the proceeds from the auction would be used
to satisfy a substantial part of over RUR700 billion claims
against the bankrupt oil company.

Viktor Gerashchenko, chairman of the Yukos' board of directors
criticized the results of the first auction.  

"The buyer of these shares should understand what the market
price is," Mr. Gerashchenko told RIA Novsoti.  "But if you pay
less, then you are at risk of being criticized by the company's
majority and minority shareholders."

                           Share Plans

Rosneft, meanwhile, said it plans to use the acquired shares to
acquire oil, natural gas and refining assets in Russia and
abroad, Bloomberg News relates.  The company will also resell
the shares in the market to expand its shareholder base.

                         About Rosneft

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

                          About TNK-BP

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

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

                         About Yukos Oil

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

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

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

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

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

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


YUKOS OIL: Rosneft Oil May Bid for Yukos Transservis Unit
---------------------------------------------------------
OAO Rosneft Oil Co. may bid for OAO Yukos Oil Co.'s Transservis
unit after signing an oil delivery contract with China
International United Petroleum & Chemicals Co. Ltd., the trading
unit of China Petroleum & Chemical Corp., Kommersant reports.

Under the contract, Rosneft will deliver three million tons of
oil annually through the Sino-Russo border of Naushki,
Kommersant relates.  Rosneft delivered via the Transbaikal-
Manchuria border crossing 8.9 million of the 10.3 million tons
of oil that China received from Russia in 2006.  

Russia agreed in 2004 to supply China around 15 million tons of
oil in 2006.  The deal, however, failed after OAO Yukos Oil Co.
ceased supplying oil to the Asian country in the autumn of 2006.

The paper notes that Rosneft would face difficulties in shipping
oil through Naushki without Yukos Transservis, which handles 13%
of all Russian train oil shipment.

The paper said Eduard Rebgun, Yukos' bankruptcy receiver will
likely place Yukos Transservis on the auction block.  Rosneft
may have to shell around RUR8 billion to RUR10 billion to
acquire the unit, which posted EUR1 billion in net profit in
2006.  If Rosneft decides to bid for Yukos Transservis, it might
face Severstaltrans, which was reportedly interested in
acquiring it, Kommersant relates.

                          About Rosneft

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

                        About Yukos Oil

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

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

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

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

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

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


YUKOS OIL: Auctioning Two Bank Stakes Next Month
------------------------------------------------
The Russian Federal Property Fund said OAO Yukos Oil Co.'s
stakes in two banks will be auctioned off next month, AFX News
Limited states.

According to the report, the assets to be sold will include:

   -- a 7.69 percent stake in VTB Bank Deutschland to be
      auctioned on April 25 for a EUR6.7 million (US$8.9
      million) starting price; and

   -- a 1.998 percent stake in Khanty-Mansiisk Bank to be
      auctioned on April 26 for a EUR4.7 million (US$6.3
      million) starting price.

As widely reported, Yukos auctioned off its first set of assets,
which include its 9.44 percent stake in state-owned Rosneft Oil
and promissory notes issued by Yuganskneftegaz, Yukos' former
main production unit, yesterday for a RUR195.5 billion (US$7.47
billion) starting price.

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

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

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

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

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

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

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

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

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

                        About Yukos Oil

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

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

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

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

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

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


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


DRUKOS AS: Creditors' Meeting Set for March 30
----------------------------------------------
The Regional Court of Banska Bystrica has scheduled a creditors'
meeting for Drukos a.s. on March 30, at the court's premises,
Zuzana Vilikovska writes for The Slovak Spectator.

The official receiver will present his report on the bankrupt
company's assets and its bankruptcy proceedings, as well as the
status on the sale, claims, and claims recovery.  


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


AFINSA BIENES: Former Chairman Plans to Sue Spanish Government
--------------------------------------------------------------
Juan Antonio Cano Cuevas, the former chairperson of Afinsa
Bienes, and Francisco Briones, his counterpart in Forum
Filatelico, have threatened to take the Spanish government to
court for damages amid what they say are "premeditated"
investigations launched against them, Expansion reports.

Messrs. Cano and Briones, who are being scrutinized for fraud,
money laundering, and other charges, claim that the two
companies had never been insolvent in spite of more than EUR4.5
billion in losses discovered during the administrative
receivership process, Expansion states.

On March 15, the TCR-Europe reported that Spanish authorities
under the supervision of the Spanish High Court closed Afinsa's
offices, suspended its operations, and began a probe on May 9,
2006, into potentially illegal activities allegedly committed by
Afinsa Bienes and certain of its officers and directors.

These supposed activities include money laundering, fraud, tax
evasion, and criminal insolvency.  It has been alleged that
Afinsa Bienes had been engaged in a massive Ponzi scheme built
on worthless stamps, with Afinsa Bienes' assets siphoned off in
bogus transactions.

                      About Afinsa Bienes

Headquartered in Madrid, Spain, Afinsa Bienes Tangibles SA --
http://www.afinsa.es/eng/-- is a wholesaler and retailer of  
stamps, coins, art works and other collectables.

Thomas L. Kent, Esq., Anthony Princi, Esq., and Jennifer A. Mo,
Esq., at Paul, Hastings, Janofsky & Walker LLP represent the
Debtor.  When the petitioners filed the chapter 15 petition,
they estimated more than US$100 million in assets and over
US$100 million in debts.

On May 11, 2006, a claim for the declaration Afinsa Bienes'
bankruptcy was presented to Mercantile Court No. 6 in Madrid,
Spain.  Subsequently, on July 14, 2006, the Spanish Court
declared Afinsa Bienes insolvent and appointed the Foreign
Representatives to oversee the Debtor's operations.


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


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

         Roland Knecht
         Liquidator
         Chrummbachliweg 4b
         8805 Richterswil
         Horgen ZH
         Switzerland

The Debtor can be reached at:

         JSC Artvertising
         Hirzel
         Horgen ZH
         Switzerland


BUHOLZER HOLZBAU: Creditors' Liquidation Claims Due April 10
------------------------------------------------------------
Creditors of JSC Buholzer Holzbau have until April 10 to submit
their claims to:

         Marcel Huber
         Liquidator
         JSC Botrag
         P.O. Box 173
         6274 Eschenbach LU
         Switzerland

The Debtor can be reached at:

         JSC Buholzer Holzbau
         Eschenbach LU
         Switzerland


COLONIE DU CHALET: Creditors' Liquidation Claims Due April 10
-------------------------------------------------------------
Creditors of JSC Colonie du Chalet have until April 10 to submit
their claims to:

         UNIA
         Liquidator
         Weltpoststrasse 20
         3000 Bern 15
         Switzerland

The Debtor can be reached at:

         JSC Colonie du Chalet
         Tramelan
         Courtelary BE
         Switzerland


CONTINENTAL TRUST: Creditors' Liquidation Claims Due April 11
-------------------------------------------------------------
Creditors of JSC Continental Trust have until April 11 to submit
their claims to:

         LLC Kromag Verwaltungs
         Liquidator
         Chamerstrasse 172
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Continental Trust
         Zug
         Switzerland


IMMOBILIEN GRUNAU: Creditors' Liquidation Claims Due April 10
-------------------------------------------------------------
Creditors of JSC Immobilien Grunau Gerlafingen have until
April 10 to submit their claims to:

         UNIA
         Liquidator
         Weltpoststrasse 20
         3000 Bern 15
         Switzerland

The Debtor can be reached at:

         JSC Immobilien Grunau Gerlafingen
         Gerlafingen
         Wasseramt SO
         Switzerland


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

         UNIA
         Liquidator
         Weltpoststrasse 20
         3000 Bern 15
         Switzerland

The Debtor can be reached at:

         JSC Ismag
         Rorschach SG
         Switzerland


KOLUMBUS REISEN: Creditors' Liquidation Claims Due April 10
-----------------------------------------------------------
Creditors of JSC Kolumbus Reisen have until April 10 to submit
their claims to:

         JSC Reise-Treuhand
         Liquidator
         Etzelstrasse 42
         8038 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Kolumbus Reisen
         Greifensee
         Uster ZH
         Switzerland


MSC MANAGEMENT: Creditors' Liquidation Claims Due April 6
---------------------------------------------------------
Creditors of LLC MSC Management Support & Consulting have until
April 6 to submit their claims to:

         Bernhard Loffel
         Liquidator
         Rebenweg 7
         3225 Muntschemier
         Erlach BE
         Switzerland

The Debtor can be reached at:

         LLC MSC Management Support & Consulting
         Muntschemier
         Erlach BE
         Switzerland


ROTWAND IMMO: Creditors' Liquidation Claims Due April 10
--------------------------------------------------------
Creditors of JSC Rotwand Immo have until April 10 to submit
their claims to:

         UNIA
         Liquidator
         Weltpoststrasse 20
         3000 Bern 15
         Switzerland

The Debtor can be reached at:

         JSC Rotwand Immo
         Zurich
         Switzerland


TBBH INVESTMENTS: Creditors' Liquidation Claims Due April 10
------------------------------------------------------------
Creditors of JSC TBBH Investments (Europe) have until April 10
to submit their claims to:

         Marco Blarer
         Liquidator
         JSC BTI Treuhand & Consulting
         Seeblick 1
         6330 Cham ZG
         Switzerland

The Debtor can be reached at:

         JSC TBBH Investments (Europe)
         Cham ZG
         Switzerland


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


CHUGUEV AGRARIAN: Creditors Must Register Claims by March 31
------------------------------------------------------------
Creditors of OJSC Chuguev Agrarian Technical Service (code
EDRPOU 00907510) have until March 31 to submit written proofs of
claims to:

         I. Bulyzhyn, Liquidator
         August 23 Str. 73
         61018 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on Feb. 20 after finding it insolvent.  The
case is docketed under Case No. B-39/118-05.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Chuguev Agrarian Technical Service
         Rostov Str. 7
         Korobochkino
         Chuguev District
         63540 Kharkov
         Ukraine


DWELLING COMPLEX: Bar Date for Submission of Claims Set March 31
----------------------------------------------------------------
Creditors of LLC Dwelling Complex (code EDRPOU 16329363) have
until March 31 to submit written proofs of claim to:

         Alexander Tamashov, Temporary Insolvency Manager
         Nekrasov Str. 43
         Evpatoriya
         97412 AR Krym
         Ukraine

The Economic Court of AR Krym commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2-6/2348-2007.

The Court is located at:

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

The Debtor can be reached at:

         LLC Dwelling Complex
         Gagarin Str. 14-A
         Simferopol
         95026 AR Krym
         Ukraine


FEMIDA CJSC: Creditors Must File Proofs of Claim by March 31
------------------------------------------------------------
Creditors of CJSC Femida have until March 31 to submit written
proofs of claims to:

         Dmitry Antonenko, Liquidator
         Zernovaya Str. 55-v
         61124 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on Feb. 9 after finding it insolvent.  The
case is docketed under Case No. B-31/22-07

The Court is located at:

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

The Debtor can be reached at:

         CJSC Femida
         Dinamichny Lane 6
         61052 Kharkov
         Ukraine


GNIEVAN BEARING: Creditors Must File Proofs of Claim by March 31
----------------------------------------------------------------
Creditors of OJSC Gnievan Bearing Plant (code EDRPOU 32192639)
have until March 31 to submit written proofs of claim to:

         N. Vozniakevich, Liquidator
         Hmelnickiy Highway Str. 2a
         Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/217-06.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Gnievan Bearing Plant
         Lenin Str. 43
         Gnievan
         Tyvrovka District
         23310 Vinnica
         Ukraine


KRYM SALT: Creditors Must File Proofs of Claim by March 31
----------------------------------------------------------
Creditors of LLC Krym Salt Company (code EDRPOU 31481349) have
until March 31 to submit written proofs of claim to:

         K. Kubalov, Liquidator
         Micro Koriavko 20
         Armiansk
         96012 AR Krym
         Ukraine

The Economic Court of AR Krym commenced bankruptcy proceedings
against the company on Jan. 30 after finding it insolvent.  The
case is docketed under Case No. 2-6/11124-2006.

The Court is located at:

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

The Debtor can be reached at:

         LLC Krym Salt Company
         micro10
         Krasnoperekopsk
         AR Krym
         Ukraine


MECHANICAL COLUMN 49: Creditors Must File Claims by March 31
------------------------------------------------------------
Creditors of OJSC Specialized Mechanical Column 49 have until
March 31 to submit written proofs of claim to:

         Vladimir Derbin, Liquidator
         Spero Str. 6
         Simferopol
         96006 AR Krym
         Ukraine

The Economic Court of AR Krym commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2-3/385/1-2006.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Specialized Mechanical Column 49
         Kubanskaya Str. 23-a
         Simferopol
         95000 AR Krym
         Ukraine


METAL CHEMISTRY: Claims Filing Bar Date Set March 31
----------------------------------------------------
Creditors of LLC Metal Chemistry Complex (code EDRPOU 31229552)
have until March 31 to submit written proofs of claim to:

         Valery Strelnikov, Temporary insolvency manager
         Krasnoarmeyskaya Str. 97/103
         58013 Chernovcy
         Ukraine

The Economic Court of Chernovcy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/8/B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Metal Chemistry Complex
         Golovnaya Str. 246
         58021 Chernovcy
         Ukraine


SEMENOV SHOE: Creditors Must File Proofs of Claim by March 31
-------------------------------------------------------------
Creditors of CJSC Semenov Shoe Plant (code EDRPOU 00308382) have
until March 31 to submit written proofs of claim to:

         Jury Ushach, Liquidator
         Pobeda Avenue 189, 93
         14027 Chernigov
         Ukraine

The Economic Court of Chernigov commenced bankruptcy proceedings
against the company on Jan. 23 after finding it insolvent.  The
case is docketed under Case No. 4/324-b/61.

The Court is located at:

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

The Debtor can be reached at:

         CJSC Semenov Shoe Plant
         Krasnaya Ploschad Str. 20
         Semenovka
         Chernigov
         Ukraine


TIMUR LLC: Creditors Must File Proofs of Claim by March 31
----------------------------------------------------------
Creditors of LLC Firm Timur (code EDRPOU 24345092) have until
March 31 to submit written proofs of claims to:

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

The Debtor can be reached at:

         LLC Firm Timur
         Shevchenko Str. 235
         Kharkov
         Ukraine



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


ABSOLUTE @ 72: Creditors' Meeting Slated for April 3
----------------------------------------------------
Creditors of Absolute @ 72 Ltd. will meet at 10:15 a.m. on
April 3 at:
  
         XL Business Solutions
         1st Floor
         2-4 Market Street
         Cleckheaton  
         BD19 5AJ
         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.
  
The proxy forms and statement may be posted or sent by fax to
01274 870606.

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.


ACTIONJACK LTD: Manchester Court Winds Up Business
--------------------------------------------------
The High Court in Manchester wound up Actionjack Ltd., t/a
English Land Partnerships, following an investigation by the
Companies Investigation Branch of the Insolvency Service.

From August 2005 to July 2006, Actionjack carried out a
telesales campaign recruiting private individuals to a scheme in
which parcels of land were purchased for investment purposes.
ELP is described in promotional literature as a land bank
business aimed at identifying and securing prime undeveloped
land before planning consent is granted.  The land is then
divided into smaller plots and sold to private individuals with
a view to planning permission for the whole site being obtained.
Investors were recruited on the basis that the value of a site
may increase tenfold if planning permission was obtained.

CIB's investigation found that the company had been offering
investment advice to the public despite Actionjack and its sales
staff having had no previous experience or qualifications to
advise members of the public on purchasing land as an
investment.

Furthermore, the promotional literature issued by Actionjack on
behalf of ELP suggested that even if planning permission is not
granted, there is some security in that title in the land passes
to the purchaser and can be sold.  

This impression was given by claims such as:

   -- "When you purchase land through ELP, you have the security
      of your own title deeds issued directly by HM Land
      Registry.  These give you legal freehold ownership of your
      plot or plots, which you can sell whenever, and to
      whoever, you wish.  Alternatively, ownership can be passed
      from generation to generation;" and

   -- "As the owner of the land with your name on the title
      deeds you have complete freedom of choice over how long
      you hold on to your asset for.  Should you need access to
      your capital, you are free to sell your land at any time.  
      Because land is in limited supply there is always demand."

However, investors were unaware that 50% of their original
"investment" was paid to Actionjack in commission and that,
depending on ELP's mark-up, the true value of the land might be
a fraction of what the investor had paid for it.

CIB also alleged that Actionjack had taken part in the promotion
of an unauthorized Collective Investment Scheme because
individuals were investing in a plot of land in anticipation of
planning permission being obtained on the site as a whole
resulting in the value of their plot increasing.  While
individuals own their own plot separately to other investors,
any application for planning permission would be made
collectively on behalf of the individual plot holders by either
ELP or another unidentified body using the pooled resources of
the investors.  Investors do not therefore have day-to-day
control over the planning process.

CIB have warned individuals to be wary of anyone cold calling
and asking potential clients to "invest" in land-banking
schemes.

The petition to wind-up the company in the public interest was
presented on Jan. 23 under the provisions of s124A of the
Insolvency Act 1986 following investigations carried out under
section 447 of the Companies Act 1985 by the Companies
Investigation Branch of the Insolvency Service.  The winding-up
order was made on March 5.


AEROBOX PLC: Board Fails to Secure Rescue Financing
---------------------------------------------------
The directors of Aerobox plc have been unable to secure rescue
financing or find an appropriate company willing to effect a
reverse takeover by allowing Aerobox to purchase it.  A major
issue remains the viability of the U.S. subsidiary company
AeroBox Composite Structures LLC.

ACS is now protected under the provisions of Chapter 11 of the
U.S. Bankruptcy Code where the intention is for the Court to
oversee the disposal of ACS sometime in the future.  The Board
considers that there is very little prospect of any return to
Aerobox from a subsequent sale of ACS, although this will only
be known with certainty following the sale of ACS, which may
take up to a year.

Aerobox has minimal funds and substantial creditors that cannot
be paid.  In an effort to make it attractive to any possible
reverse target, discussions have been taking place for the
private purchase of these debts so that ARX can be viewed as a
solvent entity, which currently it is not.  The Board will
advise shareholders on the outcome of those discussions and the
convening of any shareholder meeting in regard to any company
reorganization.  Following the sale of ACS the Board will know
whether there are any funds that flow to ARX and will notify
shareholders of the position at that time.  The likely outcome
if no business can be attracted to the ARX "shell" is that the
Company will be wound up.

                        AIM Listing

Under the AIM rules, if a suspension of share trading prevails
for six months then trading on AIM is automatically cancelled.  
As trading in the Company's shares has been suspended since
Sept. 15, 2006, the Company's listing on AIM was cancelled at
the close of trading on March 15.  Only if the Board can find a
suitable business to acquire or can suitably refinance the
Company could they consider restoring an AIM listing.

Trading on AIM for the Company's Ordinary Shares of 1 pence each
fully paid (3-265-442) (GB0032654427) have been cancelled                                  
from 7:00 a.m. on March 16 pursuant to AIM Rule 41.

                      About the Company

Headquartered in London, United Kingdom, Aerobox Plc --
http://www.aeroboxPlc.com/-- acts as a holding company and has  
traded on the AIM market of the London Stock Exchange.  It has
one 100% owned subsidiary-Aerobox Composite Structures LLC (fka
Aerospace Composite Structures LLC) that was formed in September
1998 in Albuquerque, New Mexico, USA, to exploit composites
technology and was acquired by Aerobox Plc in March 2003.

As previously reported in the TCR-Europe, ACS filed a chapter 11
petition in the U.S. Bankruptcy Court for the District of New
Mexico on Jan. 23.

Under the terms of the petition, ACS is being funded by its
previously secured lender Laurus Master Fund.


ANGLIAN FLEXIBLE: Names Peter Anthony Johnson Liquidator
--------------------------------------------------------
Peter Anthony Johnson of Johnson Holmes & Co. was appointed
liquidator of Anglian Flexible Coatings Ltd. on March 5 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Anglian Flexible Coatings Ltd.
         Unit 6 Snetterton Business Park
         Chalk Lane
         Snetterton
         Norwich
         Norfolk
         NR16 2JZ  
         England
         Tel: 01953 888 922
         Fax: 01953 888 082


BLOOMFIELD DENTAL: Creditors' Meeting Slated for April 3
--------------------------------------------------------
Creditors Bloomfield Dental Laboratories Ltd. will meet at
11:30 a.m. on April 3 at:
  
         Blades Insolvency Services
         Charlotte House
         19B Market Place
         Bingham
         Nottingham  
         NG13 8AP
         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 on March 30.


BOOM PROPERTY: Appoints Liquidator from Findlay James
-----------------------------------------------------
Alisdair J. Findlay of Findlay James was appointed liquidator of
Boom Property Group Ltd. on March 13 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Boom Property Group Ltd.
         Springfield House
         Water Lane
         Wilmslow
         Cheshire
         SK9 5BG
         England
         Tel: 01625 549 050


COLLINS & AIKMAN: Former CEO Charged with Securities Fraud
----------------------------------------------------------
An indictment was unsealed revealing charges against David A.
Stockman, the former President and CEO of Collins and Aikman
Corp., and seven other former members of C&A's management,
U.S. Attorney Michael J. Garcia for the Southern District of New
York, and Ron Walker, Inspector-in-Charge of the New York
Division of the U.S. Postal Inspection Service, disclosed on
March 26.

The indictment unsealed in federal court in Manhattan charges
Stockman with conspiracy, securities fraud, bank fraud, wire
fraud, and obstruction of an agency proceeding, in connection
with his participation, from December 2001 through May 2005, in
a scheme to conceal from investors and lenders the truth about
C&A's declining operating performance and financial results.

The indictment also charges:

    * former C&A Chief Financial Officer J. Michael Stepp;
    * former Controller David R. Cosgrove; and
    * former Director of Purchasing Paul C. Barnaba.

Four felony information, filed on March 26 and last week, charge
other C&A executives with related crimes.

Mr. Garcia also announced a non-prosecution agreement between
his Office and Collins & Aikman Corp.

                  Summary of the Fraudulent Scheme

The indictment alleges that starting in December 2001, Stockman,
Stepp and others knew that C&A's true operating performance and
financial results were not meeting internal and external
expectations.  Rather than reveal C&A's true condition, which
might trigger default on the financial covenants governing C&A's
credit facilities and impede C&A's ability to raise additional
capital in the debt markets, Messrs. Stockman, Cosgrove, Stepp,
Barnaba and others joined in a scheme to defraud C&A's
investors, banks and creditors by manipulating C&A's reported
earnings.

From December 2001 through 2004, Stockman, Stepp, Cosgrove,
Barnaba, and their co-conspirators schemed to misrepresent C&A's
true operating performance and financial results by causing
C&A's reported figures for EBITDA, operating income, and other
financial metrics to be falsely and fraudulently inflated
through the systematic premature recognition of cost reductions
based on supplier rebates.

According to the indictment, to further the scheme and conceal
the fraud, Stockman, Stepp, Cosgrove, Barnaba, and their co-
conspirators caused C&A to file financial statements with the
U.S. Securities & Exchange Commission that presented a
misleading picture of C&A's operating performance and financial
results, including quarterly and annual reports that
misrepresented C&A's expenses, operating income, and earnings
per share.

At the end of 2004 and the beginning of 2005, C&A's true
operating results substantially deteriorated, causing an
unprecedented liquidity crisis.  The indictment charges that
Stockman directed a scheme to further defraud C&A's creditors
by, among other things, misrepresenting to General Electric
Capital Corp. the nature of C&A's portfolio of accounts
receivable, against which GECC was permitting C&A to borrow over
a US$100 million dollars on a daily basis.  Also in the
beginning of 2005, as C&A's improper rebate accounting practices
came under scrutiny from its auditors, Stockman directed a
scheme to further defraud C&A's investors and creditors by
making numerous false statements to the public and to C&A's
creditors concerning:

   (a) C&A's current liquidity situation,

   (b) C&A's forecasted EBITDA for the first quarter of 2005,
       and

   (c) the scope of the improper rebate recognition practices
       that C&A's outside auditors and Audit Committee were
       beginning to examine.

In early April 2005, Stockman repeated many of these false
assurances to Credit Suisse First Boston, in order to secure
US$75 million in additional financing.  These additional funds,
however, were not sufficient to meet C&A's needs and were
depleted by late April 2005, according to the indictment.

In May 2005, the Board of Directors discovered that C&A had run
out of cash and had, at Stockman's direction, misled C&A's
investors about C&A's true operating performance.  When the
truth about C&A's operations and finances was revealed, C&A went
into bankruptcy, its common stock became nearly worthless, and
the value of its bonds plummeted, resulting in hundreds of
millions of dollars in investor and creditor losses.

                             Charges

The eight-count indictment charges Stockman, Stepp, Cosgrove,
and Barnaba each with one count of conspiracy to commit
securities fraud, make false filings with the SEC, falsify books
and records of C&A, commit wire fraud, commit bank fraud, and
obstruct justice, and with three counts of securities fraud.
Stockman alone is charged with two counts of bank fraud (arising
from fraud on GECC and JP Morgan Chase) and one count of wire
fraud.  Stockman and Stepp together are charged with obstruction
of an agency proceeding.

The conspiracy charge carries a maximum sentence of five years
in prison and a fine of the greater of US$250,000, or twice the
gross gain or loss resulting from the offense.  Each of the
securities fraud counts carries a maximum sentence of 20 years
in prison and a fine of the greater of US$5 million, or twice
the gross gain or loss resulting from the offense.  Each of the
bank fraud counts carries a maximum sentence of 30 years in
prison and a fine of the greater of US$1 million, or twice the
gross gain or loss resulting from the offense.  

The wire fraud count carries a maximum sentence of 20 years in
prison and a fine of the greater of US$250,000, or twice the
gross gain or loss resulting from the offense.  Finally, the
obstruction of an agency proceeding count carries a maximum
sentence of five years in prison and a fine of the greater of
US$250,000, or twice the gross gain or loss resulting from the
offense.

              Non-Prosecution Agreement With C&A

In light of C&A's cooperation with the government's
investigation and the current financial situation of C&A, among
other factors, the government has entered into a non-prosecution
agreement with C&A.  C&A will continue to cooperate with the
government as a condition of that agreement.

U.S. Attorney Garcia, a member of the President's Corporate
Fraud Task Force, praised the efforts of the USPIS and thanked
the SEC for its assistance in the investigation.

Assistant U.S. Attorney Helen V. Cantwell is in charge of the
prosecution.

The charges contained in the indictment are merely accusations,
and the defendants are presumed innocent unless and until proven
guilty.

                    About Collins & Aikman

Headquartered in Troy, Michigan, Collins & Aikman Corporation
(CKCRQ.PK) -- 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 around 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.  The
hearing to consider confirmation of the Plan is scheduled on
April 19, 2007.


COLLINS & AIKMAN: Inks Non-Prosecution Agreement with DOJ
---------------------------------------------------------
Collins & Aikman Corp. confirmed that it had reached a non-
prosecution agreement with the United States Attorney for the
Southern District of New York in connection with that office's
investigation into matters investigated by the company's Audit
Committee and certain other conduct undertaken by executives and
employees who were in place at the company on or before May 1,
2005.  

The non-prosecution agreement removes the threat of an
indictment of Collins & Aikman by the United States government
for any such conduct.

                          SEC Settlement

The company also confirmed it had reached a settlement with the
U.S. Securities and Exchange Commission.  Under the settlement
approved by the SEC, the company agreed, without admitting or
denying any wrongdoing, to be enjoined from future violations of
the securities laws.  The SEC did not impose civil monetary
penalties against Collins & Aikman, noting the significant
remedial steps and extensive cooperation provided by the
company.  The SEC settlement was effectuated by the SEC
commencing and simultaneously settling a lawsuit alleging
violations of federal securities laws.  The lawsuit and
settlement relate to matters that were the subject of an Audit
Committee investigation of, among other things, the company's
accounting for certain supplier rebates and the company's
forecasts for the first quarter 2005, as well as the company's
accounts receivable securitization facility.

"Since their inception, we have cooperated fully with the
government's investigations and will continue to do so.  We are
pleased to put the Department of Justice and SEC investigations
behind us and consider this a significant milestone as we focus
on completing our restructuring activities," said John Boken,
Collins & Aikman's Chief Restructuring Officer.

                     About Collins & Aikman

Headquartered in Troy, Michigan, Collins & Aikman Corporation
(CKCRQ.PK) -- 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 around 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.  The
hearing to consider confirmation of the Plan is scheduled on
April 19, 2007.


CORUS GROUP: Confirms Issuance of Ordinary Shares & Bonds
---------------------------------------------------------
In accordance with Rule 2.10 of the City Code on Takeovers and
Mergers, Corus Group plc confirms that, as at March 26, it had
the following relevant securities in issue (including any
ordinary shares represented by American Depositary Shares but
excluding any ordinary shares held in treasury):

   -- 946,267,435 ordinary shares of 50p each under
      ISIN code GB00B127GF29.

   -- 4.625% convertible subordinated bonds due 2007 amounting
      to NLG 334,249,000 convertible into 19,313,499 ordinary  
      shares of Corus Group plc.

The ISIN code for these securities is NL0000183184.

Each American Depositary Share of Corus Group Plc represents two
ordinary shares of the company.

                       About Corus Group

Corus Group plc, fka British Steel, was formed when the U.K.
privatized its major steelworks in 1988.  It then changed its
name to Corus Group after acquiring most of Dutch rival
Koninklijke Hoogovens.  Corus makes coated and uncoated strip
products, sections and plates, wire rod, engineering steels, and
semi-finished carbon steel products.   It also manufactures
primary aluminum products.  Customers include companies in the
automotive, construction, engineering, and household-product
manufacturing industries.

Corus turns over GBP10 billion annually and employs 47,300 in
over 40 countries and sales offices and service centers
worldwide, including Indonesia and the Philippines.

As reported in the TCR-Europe, Tata Steel won an auction for  
Corus over Companhia Siderurgica Nacional after offering  
investors 608 pence per share in cash, or GBP5.7 billion  
(US$11.3 billion).

                          *     *     *

As reported in the TRubled Company Reporter - Asia Pacific on
Feb. 2, 2007, Standard & Poor's Ratings Services kept its 'BB'/
long-term corporate credit rating on U.K.-based steelmaker Corus
Group PLC on CreditWatch with developing implications, after the
completion of the auction process, during which India-based
steel manufacturer Tata Steel Ltd. offered the highest bid of
608 pence per share.

This values the company at GBP5.75 billion, up from the 455
pence per share of the initial bid.

At the same time, the 'BB+' long-term debt rating on Corus'
EUR700 million senior secured bank loan and the 'BB-' unsecured
debt ratings on Corus remain on CreditWatch with developing
implications.  The 'B' short-term corporate credit rating
remains on CreditWatch with positive implications.

All ratings were placed on CreditWatch on Oct. 18, 2006,
following the disclosure of an initial bid by Tata Steel.

On Feb 2, 2007, Fitch Ratings said that Corus Group Plc's Issuer
Default 'BB-' and Short-term 'B' ratings remain on Rating Watch
Negative following a recommended bid, valued at GBP6.2 billion,
from India-based Tata Steel Ltd. in the wake of an auction
process conducted by the U.K. Takeover Panel on Jan. 30-31,  
2007.  The RWN also applies to the 'B+' ratings on CS's EUR800  
million 7.5% senior notes and Corus Finance Plc's GBP200m 6.75%  
guaranteed bonds.

At the same time, Moody's Investors Service placed Corus Group
plc's Ba2 Corporate Family and other ratings under review.


DEARLE & HENDERSON: Brings In Ernst & Young as Administrators
-------------------------------------------------------------
Roy Bailey and Angela Swarbrick of Ernst & Young LLP were
appointed March 8, joint administrators of:

   -- Dearle & Henderson Energy Ltd. (Company Number 03940461);

   -- Dearle & Henderson Ltd. (Company Number 02681659);

   -- Dearle & Henderson Group Ltd. (Company Number 04221789);

   -- Dearle & Henderson Technologies Ltd. (Company Number
      05427196); and

   -- Dearle & Henderson Total Sourcing Ltd.

Ernst & Young -- http://www.ey.com/-- provides broad array of  
services relating to audit and risk-related services, tax, and
transactions across all industries-from emerging growth
companies to global powerhouses-deal with a broad range of
business issues.  

Headquartered in London, England, Dearle & Henderson --
http://www.dearle-henderson.co.uk/-- is a multi-disciplinary  
consultancy company offering an integrated portfolio of
professional services across construction, property and the
built environment.


DENBUR FOODS: Hires Liquidator from Begbies Traynor
---------------------------------------------------
Louise Donna Baxter of Begbies Traynor was appointed liquidator
of Denbur Foods Ltd. on March 19 for the creditors' voluntary
winding-up procedure.

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

The company can be reached at:

         Denbur Foods Ltd.
         Unit 5
         Fletchers Way
         Forest Town
         Mansfield
         Nottinghamshire
         NG19 0FN
         England
         Tel: 01623 627 714
         Fax: 01623 627 716


DOLE FOOD: Posts US$89 Million Net Loss in Full Year 2006
---------------------------------------------------------
Dole Food Company, Inc. incurred a net loss of US$88.98 million
on net revenues of US$6.17 billion for the year ended Dec. 30,
2006, as compared with a net income of US$44.09 million on net
revenues of US$5.82 million for the comparable period ended
Dec. 31, 2005.

Higher revenues were reported in the company's fresh fruit and
packaged foods operating segments.  The company earned operating
income of US$85.61 million in 2006, as compared with US$224.59
million earned in 2005.

Higher commodity costs, primarily fuel and tinplate, continued
to adversely impact operations.  Throughout 2006 and 2005, the
company has experienced significant cost increases in many of
the commodities it uses in production, including containerboard,
tinplate, resin and other agricultural chemicals.

For the year ended Dec. 30, 2006, the company recorded a charge
of US$29 million which consisted of US$6.4 million of
restructuring costs and US$22.6 million of non-cash impairment
charges related to the write-off of certain assets.  The company
also currently estimates that an additional US$0.8 million of
land clearing costs and employee severance will be incurred and
paid by the end of 2007.

As of Dec. 30, 2006, the company had total assets of US$4.6
billion, total liabilities of US$4.24 billion, minority
interests of US$25.33 million, resulting to total shareholders'
equity totaling US$335.21 million.

The company had retained deficit totaling US$59.68 million as of
Dec. 30, 2006, as compared with retained earnings totaling
US$192.99 million as of Dec. 31, 2005.

As of Dec. 30, 2006, the company increased its cash and cash
equivalents to US$92.41 million, from US$48.81 million as of
Dec. 31, 2005.  Cash provided by operating activities was
US$15.92 million, cash used in investing activities was
US$117 million, and cash provided by financing activities was
US$142.83 million.

                 Borrowings and Credit Facilities

At Dec. 30, 2006, the company had total outstanding long-term
borrowings of US$2.4 billion, consisting primarily of US$1.11
billion of unsecured senior notes and debentures due 2009
through 2013 and US$1.13 billion of secured debt, consisting of
revolving credit and term loan facilities and capital lease
obligations.

As of Dec. 30, 2006, the term loan facilities consisted of
US$223.3 million of Term Loan B and US$744.4 million of Term
Loan C.  The term loan facilities bear interest at LIBOR plus a
margin ranging from 1.75% to 2%, dependent upon the company's
senior secured leverage ratio.  The weighted average variable
interest rates at Dec. 30, 2006 for Term Loan B and Term Loan C
were LIBOR plus 2%, or 7.5%.

The company entered into a new asset based revolving credit
facility of US$350 million.  As of Dec. 30, 2006, the ABL
revolver-borrowing base was US$294.8 million and the amount
outstanding under the ABL revolver was US$167.6 million.  The
ABL revolver bears interest at LIBOR plus a margin ranging from
1.25% to 1.75%, dependent upon the company's historical
borrowing availability under this facility.  The company had
about US$109.2 million available for borrowings as of Dec. 30,
2006.  In addition, the company had about US$82.4 million of
letters of credit and bank guarantees outstanding under its pre-
funded letter of credit facility as of Dec. 30, 2006.

At Dec. 30, 2006, included in the company's capital lease
obligations is US$85.6 million of vessel financings related to
two vessel leases denominated in British pound sterling.  The
interest rates on these leases are based on LIBOR plus a spread.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1c23

                        Fresh-cut Flowers

Fresh-cut flowers revenues in 2006 decreased to US$160.07
million from US$171.25 million in 2005.  The decrease was
primarily due to lower sales volumes during the second half of
the year associated with changes in the customer base related to
the implementation of the third quarter restructuring plan,
partially offset by higher overall pricing and additional sales
generated from the Valentine's Day holiday.

During the third quarter of 2006, the company initiated a plan
to restructure its fresh-cut flowers business in order to
implement changes that will create efficiencies, improve
performance and better align supply with demand.  In connection
with this initiative, the company expects to incur total costs
of about US$29.8 million.

                          About Dole Food

Headquartered in Westlake Village, California, Dole Food
Company, Inc. -- http://www.dole.com/-- is a producer and  
marketer of fresh fruit, fresh vegetables and fresh-cut flowers,
and markets a line of packaged foods.  The company has four
primary operating segments.  The fresh fruit segment produces
and markets fresh fruit to wholesale, retail and institutional
customers worldwide.  The fresh vegetables segment contains
operating segments that produce and market commodity vegetables
and ready-to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia.  The packaged foods segment contains several operating
segments that produce and market packaged foods, including
fruit, juices and snack foods.  Dole's fresh-cut flowers segment
sources, imports and markets fresh-cut flowers, grown mainly in
Colombia and Ecuador, primarily to wholesale florists and
supermarkets in the U.S.

                           *     *     *

As reported in the Troubled Company Reporter on Jan. 31, 2007,
Moody's Investors Service downgraded Dole Food Company Inc.'s
corporate family rating to B2 from B1; probability of default
rating to B2 from B1; senior secured bank credit facilities to
Ba3 from Ba2; senior unsecured notes to Caa1 from B3; and
various shelf registrations to (P)Caa1 from (P)B3.  Moody's said
the outlook is stable.

On Dec. 11, Standard & Poor's Ratings Services lowered its
ratings on Dole Food Co. Inc. and Dole Holding Co. LLC,
including its corporate credit rating, to 'B' from 'B+'.


DUCT VENT: Creditors' Meeting Slated for April 11
-------------------------------------------------
Creditors of Duct Vent Services Ltd. will meet at 10:30 a.m. on
April 11 at:
  
         The Freemasons Hall
         36 Bridge Street
         Manchester  
         M3 3BT
         England
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on April 9 a the offices of:

         Tomlinsons
         St. John's Court  
         72 Gartside Street
         Manchester  
         M3 3EL
         England

Tomlinsons -- http://www.tomlinsons.co.uk/-- specializes in all  
types of business recovery and insolvency procedures, as well as
offering advice to companies and individuals who believe they
may be heading towards, or are already in, financial difficulty.


EAVE PROJECTS: Creditors' Meeting Slated for April 12
-----------------------------------------------------
Creditors of Eave Projects Ltd. will meet at 3:30 p.m. on
April 12 at:

         Maidment Judd
         Verulam House
         110 Luton Road  
         Harpenden
         Hertfordshire  
         AL5 3BL
         England

Secured creditors who want to vote at the meeting have until
noon on April 11 to submit their proxy forms together with
particulars of their security at the said address.
  
A list of names and addresses of the company's creditors will
be available for inspection free of charge on April 10.


ELECTRACOM UK: Creditors' Meeting Slated for April 10
-----------------------------------------------------
Creditors of Electracom U.K. Ltd. will meet at 12:30 p.m. on
April 10 at:
  
         Express by Holiday Inn
         London Royal Docks  
         Docklands    
         Silvertown Way
         Silvertown
         London  
         E16 1EA
         England
  
Jonathan Lord of Bridgestones will furnish creditors with
information concerning the company's affairs free of charge as
they may reasonably require.


ELLIS HILL: Appoints KPMG to Administer Assets
----------------------------------------------
Paul Andrew Flint and Richard Dixon Fleming of KPMG LLP were
appointed joint administrators of Ellis Hill Ltd. (Company
Number 03692089) on March 8.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,  
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.  

The company can be reached at:

         Ellis Hill Ltd.
         843-845 Leeds Road  
         Huddersfield  
         West Yorkshire  
         HD2 1WA  
         England
         Tel: 01484 451 338  
         Fax: 01484 451 340


EMI GROUP: Reaches Napster Suit Agreement with Bertelsmann AG
-------------------------------------------------------------
Bertelsmann AG settled a copyright-infringement suit filed by
EMI Group PLC for an undisclosed amount, reports say.

According to the Financial Times, EMI CEO Eric Nicoli said he
was pleased by the settlement but declined to state its terms.  
Bertelsmann did not admit any liability as part of the
settlement.

EMI, Vivendi's Universal Music Group and a group of music
publishers filed a copyright-infringement suit against
Bertelsmann in 2003 in relation to Bertelsmann's support for
Napster.

According to FT, the lawsuit centered on Bertelsmann's loans,
amounting to US$50 million and US$10 million, to Napster.  EMI
and others alleged that the loans were investment in a company
that violated their copyrighted material.

Bertelsmann argued that the loans were to help Napster become
legitimate.

"We can now put this matter behind us and continue to pursue the
development of new legitimate digital-music business models,"
Mr. Nicoli was quoted by The Wall Street Journal as saying.

                            About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent  
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

                        *     *     *

As reported in the TCR-Europe on March 1, Standard & Poor's
Ratings Services placed its ratings on Warner Music Group Corp.,
including the 'BB-' corporate credit rating, on CreditWatch with
negative implications, following the company's statement that it
is exploring a possible merger agreement with EMI Group PLC (BB-
/Watch Neg/B), which EMI management has confirmed.

According to a TCR-Europe report on Jan. 17, Moody's Investors
Service downgraded EMI Group Plc's Corporate Family and senior
debt ratings to Ba3 from Ba2.  All ratings remain under review
for possible further downgrade.


FLYING FOX: Taps Liqudator from Bishop Fleming
----------------------------------------------
J. A. O'Sullivan of Bishop Fleming was appointed liquidator of
Flying Fox Telecom Ltd. on March 19 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Flying Fox Telecom Ltd.
         Jennings Road
         Penryn
         Cornwall
         TR10 9LY
         England
         Tel: 01326 377 234
         Fax: 01326 377 780


GLOBALSTORM LTD: Brings In Begbies Traynor as Administrators
------------------------------------------------------------
Simon Robert Haskew and Kenneth Stephen Chalk of Begbies Traynor
were appointed joint administrators of Globalstorm Ltd. (t/a
Arrow Tyre Services) (Company Number 05031366) on March 15.

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

The company can be reached at:

         Globalstorm Ltd.
         Porte Marsh Road  
         Calne  
         Wiltshire  
         SN11 9BW  
         England
         Tel: 01249 815 539  
         Fax: 01249 821 544


HAMILTON FORBES: Manchester Court Closes Down Business
------------------------------------------------------
The High Court in Manchester wound up Hamilton Forbes Ltd. and
Price Chamberlain Ltd. in the public interest following an
investigation by Companies Investigation Branch of the
Insolvency Service.

Hamilton Forbes and Price Chamberlain, traded from Burscough
Lancashire, were set up to continue the business of charity
publisher Barrington House Publishing Corp. Ltd., which itself
was wound up in October 2005.

Investigators found that both Hamilton Forbes and Price
Chamberlain sold advertising space in wall planners to small
businesses who were contacted by way of cold calling, by many of
the same staff, from the same premises, using the same methods
and for the same charities as Barrington House.

The Managing Director Jeannette Walker, a former credit
controller of Barrington House was unable to answer many of the
questions put to her by investigators and was reliant on
consultant and self-employed accountant Lisa Colford, the former
company secretary of Barrington House.  Ms. Colford along with
other consultants of Hamilton Forbes and Price Chamberlain,
Peter Lyon, a sales motivator, and Lorraine Wells were all the
main benefactors of Barrington House and continued to benefit
from Hamilton Forbes, each earning more than Ms. Walker.

Ms. Walker, received a salary of GBP30,000 per annum.  Donna
Tomlinson, the company secretary received a salary of GBP26,000
per annum.  Ms. Colford was paid GBP45,666 on the production of
invoices for her services and she also received a car allowance,
latterly of GBP731.93 per month.  Mr. Lyon, was paid payments on
account totaling GBP100,927 for which no invoices were produced.  
He is also recorded as having made unsecured loans totaling
GBP351,905 to Hamilton Forbes.  Ms. Wells was paid payments on
account totaling GBP68,034 for which no invoices were produced.  
Paul Lyon, a self-employed sales manager (and brother of Peter
Lyon) was paid GBP51,757 for which no invoices were produced.

As in Barrington House, those placing advertisements were misled
as to the amounts going to charity.  Initially the companies
failed to comply with Section 60 of the Charities Act 1992 and
inform advertisers of the proportion of their fees which would
be given to charity.  Even though they latterly sent out
statements, these were inaccurate.  Advertisers were told that
from Hamilton Forbes 15 pence in every pound would be given to
The Children's Research Fund and 10 pence in every pound to the
International League for Protection of Horses.  However in
reality less that 5 pence in every pound went to these
charities. Advertisers for Price Chamberlain were told 25 pence
in every pound would go to the charity Kids in Need and Distress
(KIND) but in reality it was 8 pence.

Advertisers were also misled as to the planned distribution of
the wall planners with telesales staff stating figures ranging
from 100's to 100,000 or "all hospitals."  In reality
investigators found that the maximum distribution for any one
wall planner was just 87 with the average closer to 67.

The accounting records of both companies were at best inaccurate
and at worst misleading with many repostings, undocumented loans
and consultants paid on account without any invoices to account
for the payments.  Both companies appeared to be insolvent owing
VAT and PAYE of over GBP250,000.

Turnover for the 11 month trading period to July 2006 for
Hamilton Forbes was GBP2,227,416 of which GBP103,877 was paid to
charity.  Turnover for Price Chamberlain for the same period was
GBP774,226 of which GBP63,360 was paid to charity.

The petitions were presented under s124A of the Insolvency Act
1986 on Jan. 24.  The Official Receiver was appointed as
provisional liquidator of each company on Jan. 29 and the
winding up orders were made on March 13.


HOMECHARM WINDOWS: Joint Liquidators Take Over Operations
---------------------------------------------------------
Lisa Hogg and Claire Foster of Wilson Field were appointed joint
liquidators of Homecharm Windows (2000) Ltd. on March 15 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Homecharm Windows 2000 Ltd.
         31 Fawler Mead
         Bracknell
         Berkshire
         RG129YW
         England
         Tel: 0800 169 2181


HOTELOC PLC: S&P Keeps Junk Ratings on Class E Notes
----------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch with
negative implications and raised its ratings on the class A, B,
C, and D notes issued by HOTELoC PLC to 'AAA'.  These notes were
placed CreditWatch negative on Sept. 22, 2006.  The ratings on
the class E notes are unchanged.
  
The rating actions follow the sale of the remaining 28 hotels
and borrower share capital that secured the single loan backing
the notes.  Standard & Poor's understands that the sale proceeds
available to repay the loan will be around GBP386 million.  This
cash will be placed on deposit until the next interest payment
date, and therefore will be repaid to noteholders at the legal
final maturity date in May 2007.  

This cash collateralization of the class A, B, C, and D notes is
considered sufficient over the remaining period to support the
raising of the ratings on these classes.  The sale proceeds will
however be insufficient to fully repay the class E1, E2, and E3
notes at legal maturity.  Therefore, these notes remain on
CreditWatch with negative implications in expectation of the
ratings being lowered to 'D' at that time.     
  
                          Ratings List

HOTELoC PLC
   GBP514.000 Million Commercial Mortgage-Backed Floating-Rate
   Notes And US$26.557
   Million Mortgage-Backed Floating-Rate Notes
  
                               Rating
           Class      To                   From
           -----      --                   ----
Ratings Raised
  
           A          AAA                  AA/Watch Neg
           B          AAA                  AA/Watch Neg
           C          AAA                  BBB/Watch Neg
           D          AAA                  B/Watch Neg
  
Ratings Remaining On CreditWatch With Negative Implications
  
           E1         CC/Watch Neg         
           E2         CC/Watch Neg         
           E3         CC/Watch Neg         


JOHN KING: Claims Filing Period Ends June 16
--------------------------------------------
Creditors of John King Pools Ltd. have until June 16 to send
their names and addresses and particulars of their debts or
claims and the names and addresses of their solicitors (if any)
to:  

         Richard A. B. Saville and Peter A. Blair
         Joint Liquidators  
         Begbies Traynor
         Regency House
         21 The Ropewalk
         Nottingham  
         NG1 5DU  
         England

Richard A. B. Saville and Peter A. Blair of Begbies Traynor were
appointed joint liquidators of the company on March 16.

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



KP RENEWABLES: Seeks Relisting of Shares on AIM
-----------------------------------------------
KP Renewables PLC disclosed that proposals, which will enable
the Company to relist its shares on the AIM Market have been
finalized for approval by shareholders.

The Company obtained a quotation on AIM on July 29, 2005, with a
strategy to establish a leading position in the United Kingdom
renewable energy sector by developing, building or acquiring a
portfolio of renewable energy projects in conjunction with small
to mid-sized renewable energy generators.  During the period to
May 2006, the Company made good progress in identifying suitable
opportunities for development and investment, and entered into a
number of significant development agreements.  However, since
May 2006, the development program has been restricted as a
result of a shortage of funds; this shortage can be attributed
indirectly to the illness and subsequent untimely death of the
Company's Chief Executive and Founder, Dr. James Richard
Watkins, who was leading the fund raising efforts.

The Board had been hopeful that it would be able to generate
value from its existing portfolio of projects but, in view of
the financial position of the Company, there were insufficient
resources to devote to these projects to bring them to fruition.
Indeed, the financial position of the Company was such that, on
Sept. 21, 2006, the Board requested that the Company's Existing
Ordinary Shares be suspended from trading on AIM pending a
decision on refinancing.

Since the suspension, the Board has continued to seek to realize
value for Creditors and Shareholders and has taken forward the
proposed sale of small wind farm projects.  Negotiations are
continuing for their sale; however, there can be no certainty as
to the outcome at this stage.  They have considered a number of
other proposals to refinance the Company in its present form but
none have proceeded beyond early stage discussions.

As a consequence, the Board, with the active assistance of its
advisers, has conducted a review of all the available options
and concluded that the Proposals represent the only route to
provide some residual value for Creditors and Shareholders.  The
Proposals will provide the Company with sufficient new working
capital to enable it to announce its Interim Results and to meet
its expected future obligations and to review its portfolio of
projects and, where possible, resuscitate them.  Following
approval of the Proposals and the proposed Refinancing, the
Directors will be in a position to announce the interim results
for the financial period to June 30, 2006, and it is expected
that the suspension of the Company's shares from trading on AIM
will be lifted.

The Directors believe the Proposals will be a first step towards
providing an opportunity to achieve future value for
Shareholders.  An Extraordinary General Meeting of Shareholders
has been called, to be held at 11:00 a.m., on April 10, 2006, to
seek approval, inter alia, for an increase in and reorganization
of the Company's share capital, for the disapplication of
statutory pre-emption rights to enable the Proposals to be
implemented and for these steps to be approved in order to
address the serious loss of capital that the Company has
suffered.

If the Proposals are approved, the Company will continue to
operate in the renewable energy sector and the immediate
priority of the Board will be to attempt to crystallize value
from some of the existing projects in a cost effective manner
for the benefit of Creditors and Shareholders.  However, the
Directors recognize that the business will initially be limited
in scale and that it may be in shareholders best interests for
consideration to be given either to a significant further fund
raising to support investment in a sizable project in the
renewable energy field or to the acquisition of another
business.  In the latter event, this would almost certainly be
considered to be a reverse takeover under the AIM Rules and
would be subject to further approval by shareholders.

                       Board Changes

In preparation for the Proposals and the EGM, David Lloyd-Jacob,
Stephen Drummond and Paul Goodrow have resigned as directors of
the Company, while David Lindley and John Bryant will remain as
directors.  Peter Redmond and Richard Armstrong have agreed to
join the Board, subject to the approval and implementation of
the Proposals.

Peter Redmond, 60, has over 20 years' experience in corporate
finance and small cap fundraising and is a particular specialist
in the reconstruction and recapitalization of microcap
companies, including Bizzbuild plc (now Optimisa
plc), Weatherly International plc and Future Internet
Technologies plc and assisting them to acquire new businesses.
He is the CEO of the corporate finance house, Merchant House
Group Plc, and is a director of AIM-quoted Weatherly
International plc, Bella Media plc and Fortfield Investments
plc.

Richard Armstrong, 59, is an associate with Fiske plc, the AIM
quoted stockbrokers.  He is a former equity analyst with
extensive experience in reconstructing and raising capital for
turnaround situations especially in the quoted microcap sector,
including Bizzbuild plc (now Optimisa plc), Weatherly
International plc and Future Internet Technologies plc He is a
director of AIM quoted Fortfield Investments plc.

                    Serious Loss of Capital

As a consequence of the financial position of the Company its
net assets are less than half the amount of its called up share
capital.  As a result, under s142 of the Act, the Company is
required to convene an EGM in order to discuss the Company's
financial position.  The Directors consider that the Proposals
address this issue.

                          The Proposals

The Placing

The Company has raised at least GBP150,000, which provides
sufficient funds to address its immediate priorities and
responsibilities to the Creditors through a conditional placing
of New Consolidated Ordinary Shares at the Placing Price.
The Directors anticipate receiving additional commitments to
provide funds for development prior to the EGM to be held on
April 10 and Shareholders will be informed of the final amount
of the Placing in due course.

Immediately upon the passing of the Resolutions at the EGM the
Directors intend to exercise their authority to allot the
necessary number of New Consolidated Ordinary Shares for the
purposes of the CVA and the Placing.  The Placing is conditional
upon the lifting of the suspension of the trading on AIM of the
Company's Existing Ordinary Shares and admission of the New
Consolidated Ordinary Shares to trading to AIM.

Company Voluntary Arrangement

Unsecured creditors are to be offered either a payment of 4
pence in the GBP to be paid in cash or, at the option of
individual creditors, a cash payment of 2 pence in the GBP plus
an allotment of new ordinary shares to the equivalent value of 2
pence in the GBP at the issue price.  Those creditors who choose
the cash and share option will be entitled to annual dividends
to be paid by the Supervisor of the CVA which will represent 60%
of the net proceeds generated from existing projects over the
first three years following the commencement of the CVA.

Meetings of Creditors and Shareholders have been convened under
the provisions of the Insolvency Act 1986 for 10:00 a.m. and
10:15 a.m., respectively, on April 10, immediately prior to the
EGM.  The Proposals, and hence the Resolutions to be proposed at
the EGM, are dependent upon the resolutions proposed at the
Creditors' and Shareholders' meetings in relation to the CVA
being passed.  In the event that such resolutions are not passed
the Chairman will open, but then adjourn the EGM and take the
necessary steps, which will lead to the appointment of a
liquidator.

Capital Reorganization

The price at which the Company is able to raise additional
capital is less than the current nominal value of its Existing
Ordinary Shares.  However, the Act prevents a company from
issuing shares at a discount to the nominal value.
Accordingly, it will be necessary to reorganize the share
capital of the Company to allow the Placing to take place at the
proposed Placing Price.

Resolutions will be proposed at the EGM to inter alia:

   (a) sub-divide each of the issued Existing Ordinary Shares
       into one New Sub-divided Ordinary Share of 0.05p and one
       Deferred Share of 0.95p.  The New Sub-divided Ordinary
       Shares created will have all the rights of the Existing
       Ordinary Shares.  The Deferred Shares will have very
       limited rights which effectively render them economically
       valueless with no voting rights, although they continue
       to represent a proportion of the Company's permanent
       capital until such time as they are cancelled by a
       subsequent resolution of the holders of the Company's
       ordinary shares;

   (b) the New Sub-divided Ordinary Shares of 0.05p each will be
       consolidated into New Consolidated Ordinary Shares of 1p
       each on the basis that every 20 New Ordinary Shares will
       be consolidated into one New Consolidated Ordinary Share.
       This will have no significant effect on Shareholders but
       will reduce the large number of New Consolidated Ordinary
       Shares that would otherwise be in issue; and

   (c) subject to the resolutions concerning the Sub-division
       and Consolidation being passed, adopt new articles of
       association of the Company which will contain, inter
       alia, the rights and restrictions attaching to the
       Deferred Shares.

Increase in share capital, authority to allot and disapplication
of pre-emption rights

In addition to those resolutions described above, the following
resolutions will be put to Shareholders at the EGM:

   (a) that the authorized share capital of the Company be
       increased from the existing GBP1,000,000 to GBP6,000,000;

   (b) that the Directors be granted authority to issue and
       allot a maximum of 553,410,338 New Consolidated Ordinary
       Shares under section 80 of the Act;

   (c) that the Directors be granted authority to allot a
       maximum of 553,410,338 New Consolidated Ordinary Shares
       without the application of section 89 of the Companies
       Act 1985 which represents approximately 92% of the total
       increased issued and unissued ordinary share capital of
       the Company assuming the Proposals are implemented; and

   (d) the Directors seek the Shareholders' approval of their
       course of action to address the serious loss of capital
       in the Company by the recapitalization of the Company
       under the Proposals.

The Shareholders should note that the Directors are asking for
the authority to issue a substantial number of shares on a non
pre-emptive basis.  The Board has considered the Company's
position carefully and after consultation with the proposed new
directors it is considered appropriate that such authority
should be sought now in order that the Company is able to raise
additional capital without the need to incur the expense and
delay of seeking further shareholder approval.  However, in the
event of a reverse takeover, shareholder approval would be
required.

Conditions of the Proposals

The Company has already received commitments from Shareholders
to vote in favor of the Resolutions amounting to 76.75% of the
Existing Ordinary Shares.  The Proposals, including the Placing,
are conditional only upon the Creditors and Shareholders
approving the CVA, the lifting of the suspension of the trading
of the Company's Existing Ordinary Shares on AIM and admission
of the New Consolidated Ordinary Shares to trading to AIM.

Change of Adviser

Libertas Capital Corporate Finance has been appointed the
Company's Nominated Adviser, in addition to its existing role as
broker, with immediate effect.

Headquartered in Brentford, England, KP Renewables PLC --
http://www.kprenewables.com/-- is a holding company whose  
subsidiary, KP Renewables (Operations) Ltd., has entered into a
number of framework power purchase agreements (to provide
renewable energy) with major suppliers of electricity in the
United Kingdom.  The Company focuses on developing a technology
independent portfolio of renewable energy projects, either on
its own or in conjunction with third-party co-developers.


MANOR BUILDERS: Creditors' Meeting Slated for April 5
-----------------------------------------------------
Creditors of Manor Builders (Yeovil) Ltd. will meet at 11:30
a.m. on April 5 at:
  
         Exeter Court Hotel
         Kennford
         Exeter  
         EX6 7UX  
         England

Creditors who want to vote at the meeting have until noon on
April 4 to submit their proxy forms together with particulars of
their claims or of any security at:

         Balliol House
         Southernhay Gardens
         Exeter  
         EX1 1NP
         England
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on April 3 at:

         Balliol House
         Southernhay Gardens
         Exeter  
         EX1 1NP
         England


MOTT CENTRE: Creditors' Meeting Slated for April 10
---------------------------------------------------
Creditors of The Mott Centre Ltd. will meet at 11:15 a.m. on
April 10 at:
  
         Phillips & Co.
         21-23 Station Road
         Gerrards Cross Buckinghamshire  
         SL9 8ES
         England

Creditors who want to vote at the meeting have until noon on
April 8 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 on April 6.


PENTOY LTD: M. T. Coyne Leads Liquidation Procedure
---------------------------------------------------
M. T. Coyne of Poppleton & Appleby was appointed liquidator of
Pentoy Ltd. on March 15 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Pentoy Ltd.
         Old Garage
         Shuckburgh Road
         Priors Marston
         Southam
         Warwickshire
         CV477RS
         England
         Tel: 01327 261 631
         Fax: 01327 261 040


PJP LTD: Taps BDO Stoy as Joint Administrators
----------------------------------------------
Andrew Howard Beckingham and Dermot Brendon Coakley of BDO Stoy
Hayward LLP were appointed joint administrators of PJP
(Southern) Ltd. (Company Number 04177528) on March 19.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business  
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

The company can be reached at:

         PJP (Southern) Ltd.
         Allington Lane  
         Fair Oak  
         Eastleigh  
         Hampshire  
         SO50 7DD
         England  
         Tel: 023 8060 1150
         Fax: 023 8069 5284


PRICE CHAMBERLAIN: Manchester Court Closes Down Business
--------------------------------------------------------
The High Court in Manchester wound up Hamilton Forbes Ltd. and
Price Chamberlain Ltd. in the public interest following an
investigation by Companies Investigation Branch of the
Insolvency Service.

Hamilton Forbes and Price Chamberlain, traded from Burscough
Lancashire, and were set up to continue the business of charity
publisher Barrington House Publishing Corp. Ltd., which itself
was wound up in October 2005.

Investigators found that both Hamilton Forbes and Price
Chamberlain sold advertising space in wall planners to small
businesses who were contacted by way of cold calling, by many of
the same staff, from the same premises, using the same methods
and for the same charities as Barrington House.

The Managing Director Jeannette Walker, a former credit
controller of Barrington House was unable to answer many of the
questions put to her by investigators and was reliant on
consultant and self-employed accountant Lisa Colford, the former
company secretary of Barrington House.  Ms. Colford along with
other consultants of Hamilton Forbes and Price Chamberlain,
Peter Lyon, a sales motivator, and Lorraine Wells were all the
main benefactors of Barrington House and continued to benefit
from Hamilton Forbes, each earning more than Ms. Walker.

Ms. Walker, received a salary of GBP30,000 per annum.  Donna
Tomlinson, the company secretary received a salary of GBP26,000
per annum.  Ms. Colford was paid GBP45,666 on the production of
invoices for her services and she also received a car allowance,
latterly of GBP731.93 per month.  Mr. Lyon, was paid payments on
account totaling GBP100,927 for which no invoices were produced.  
He is also recorded as having made unsecured loans totaling
GBP351,905 to Hamilton Forbes.  Ms. Wells was paid payments on
account totaling GBP68,034 for which no invoices were produced.  
Paul Lyon, a self-employed sales manager (and brother of Peter
Lyon) was paid GBP51,757 for which no invoices were produced.

As in Barrington House, those placing advertisements were misled
as to the amounts going to charity.  Initially the companies
failed to comply with Section 60 of the Charities Act 1992 and
inform advertisers of the proportion of their fees which would
be given to charity.  Even though they latterly sent out
statements, these were inaccurate.  Advertisers were told that
from Hamilton Forbes 15p in every pound would be given to The
Children's Research Fund and 10p in every pound to the
International League for Protection of Horses.  However in
reality less that 5p in every pound went to these charities.
Advertisers for Price Chamberlain were told 25p in every opound
would go to the charity Kids in Need and Distress (KIND) but in
reality it was 8p.

Advertisers were also misled as to the planned distribution of
the wall planners with telesales staff stating figures ranging
from 100's to 100,000 or "all hospitals."  In reality
investigators found that the maximum distribution for any one
wall planner was just 87 with the average closer to 67.

The accounting records of both companies were at best inaccurate
and at worst misleading with many repostings, undocumented loans
and consultants paid on account without any invoices to account
for the payments.  Both companies appeared to be insolvent owing
VAT and PAYE of over GBP250,000.

Turnover for the 11 month trading period to July 2006 for
Hamilton Forbes was GBP2,227,416 of which GBP103,877 was paid to
charity.  Turnover for Price Chamberlain for the same period was
GBP774,226 of which GBP63,360 was paid to charity.

The petitions were presented under s124A of the Insolvency Act
1986 on Jan. 24.  The Official Receiver was appointed as
provisional liquidator of each company on Jan. 29 and the
winding up orders were made on March 13.


PULS CDO: S&P Rates EUR7.2 Million Class E Notes at BB
------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the senior and subordinated deferrable
floating-rate notes series 2007-1 to be issued by PULS CDO 2007-
1 Ltd., a special purpose entity.
  
The transaction is backed by a portfolio of senior unsecured and
subordinated bonds issued by German, Austrian, and Swiss SMEs.
   
The portfolio manager will be Capital Securities Group AG.  The
reference portfolio is expected to be reasonably diversified by
sector and region.
  
The transaction will benefit from sound eligibility criteria,
robust portfolio profile tests, and a thorough selection
process.

                           Ratings List
  
PULS CDO 2007-1 Ltd.
   EUR300 Million Senior And Subordinated Deferrable Floating-
   Rate Notes Series
   2007-1
  
                           Prelim.        Prelim. Amount
            Class          rating           (Mln. EUR)
            -----          ------            --------
            A              AAA                 194.4
            B              AA                   22.2
            C              A                    28.5
            D              BBB                  16.8
            E              BB                    7.2
            Subnotes       NR                   30.9


R D PUTNAM: Claims Filing Period Ends April 9
---------------------------------------------
Creditors of R D Putnam (High Wycombe) Ltd. have until April 9
to send their names and addresses with particulars of their
debts or claims, to:

         Stephen Harfitt
         Liquidator
         Haines Watts BRI
         Abbey House
         18-24 Stoke Road
         Slough
         Berkshire  
         SL1 5AG
         England

Stephen Harfitt of Haines Watts BRI was appointed liquidator of
the company on March 9.

Haines Watts -- http://www.hwca.com/-- provides services that  
include taxation, business advisory, corporate finance,
corporate recovery & insolvency and budget summary.


REFCO INC: Administrators Want Protocol on 140 Related Claims
-------------------------------------------------------------
RJM LLC, the duly appointed administrator of Refco Inc.'s
Chapter 11 case, and Marc S. Kirschner, the duly appointed
administrator and Chapter 11 Trustee of Refco Capital Markets,
Ltd.'s estate, ask the U.S. Bankruptcy Court for the Southern
District of New York to treat approximately 140 claims as
Related Claims in accordance with the Plan.

The Plan Administrators assumed the rights, powers, and duties
of the Reorganized Debtors and RCM upon the Plan Effective Date.

Under the Reorganized Debtors' chapter 11 Plan, a creditor is
entitled to recover on its claim from its primary debtor
obligor.  

Other claims arising from the same facts, transactions or
occurrences giving rise to the creditor's claim are deemed
"Related Claims" and are subordinated under the Plan.  The
claimholders are not entitled to a distribution on account of
those claims unless and until all Allowed General Unsecured
Claims against the applicable Reorganized Debtor or RCM, have
been paid
in full.

After reviewing the Reorganized Debtors' books and records, the
Plan Administrators have identified around 140 Related Claims,
with underlying claims asserted against each claimant's
primary obligor.

The Related Claims include:

                                Primary            Related
  Claimant                Case No. Claim No.  Case No. Claim No.
  --------                -------- ---------  -------- ---------  
  Alternative Investments    018      9198     262       9172
  Fund Ltd.

  Banesco Holding CA         018     10125     023      10546
  
  Fimex International        018      5750     029       9288
  Limited
  
  IDS Managed Fund LLC       018      9352     261      14417
  
  Lebo Capital               018     12289     262      12261
  Management LLC
  
  NBK Investment Ltd.       018     10221     262      10194
  
  Nikko Futures Fund         018     10015     020      10017
  
  Reserve Invest             018     11392     006      11391
  (Cyprus) Limited      
  
  Rietumu Banka              018     11383     027      11380
  
  RPM Risk & Portfolio       018      9568     007       9561
  Management AB
  
  TAU 28 Fund Ltd.           018      9420     023       9404

A complete list of the Related Claims is available at no charge
at http://ResearchArchives.com/t/s?1bc1   

Mark W. Deveno, Esq., at Bingham McCutchen LLP, in New York,
asserts that proper treatment of the Related Claims is necessary
to ensure that distributions are properly calculated within the
terms of the Plan.

                        About Refco Inc.

Headquartered in New York, New York, Refco Inc. --
http://www.refco.com/-- is a diversified financial services  
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore.  In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products.  Refco is one of the largest global
clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on
Dec. 26, 2007. (Refco Bankruptcy News, Issue No. 59; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/  
or 215/945-7000).


RIVELIN INSTALLATIONS: Creditors' Meeting Slated for April 3
------------------------------------------------------------
Creditors of Rivelin Installations Ltd. will meet at noon on
April 3 at:
  
         King Street House
         90-92 King Street
         Maidstone  
         ME14 1BH
         England

Secured creditors who want to vote must submit particulars of
their security at the registered office of the company at:

         47-49 Green Lane
         Northwood
         Middlesex  
         HA6 3AE
         England

Ashok Kumar Bhardwaj will furnish creditors with information
concerning the company's affairs free of charge as they may
reasonably require.


SCOTTISH RE: Preferred Shareholders to Get US$0.4531 Dividend
-------------------------------------------------------------
The Board of Directors of Scottish Re Group Ltd. declared a cash
dividend of US$0.4531 per Perpetual Preferred Share outstanding
to be paid on April 16, 2007, to Perpetual Preferred Share
shareholders of record as of the close of business on March 30,
2007.

                  About Scottish Re Group

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a  
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland,
Singapore, the United Kingdom and the United States.  Its
flagship operating subsidiaries include Scottish Annuity & Life
Insurance Company (Cayman) Ltd. and Scottish Re (US), Inc.
Scottish Re Capital Markets, Inc., a member of Scottish Re Group
Ltd., is a registered broker dealer that specializes in
securitization of life insurance assets and liabilities.

                        *    *    *

In a TCR-Europe report on Mar. 7, Standard & Poor's Ratings
Services said that its ratings on Scottish Re Group Ltd.
(B/Watch Dev/--) and affiliated operating companies remain on
CreditWatch with developing implications following the
announcement by the company that the shareholders have approved
the transaction by which MassMutual Capital Partners LLC and
affiliates of Cerberus Capital Management L.P. would provide an
equity infusion of US$600 million in a transaction to close in
the second quarter of 2007.

As reported in the TCR-Europe on Feb. 26, Fitch Ratings has
downgraded Scottish Re Group Ltd.'s (NYSE:SCT) ratings:

  Scottish Re Group Ltd.:

   -- Issuer Default Rating to 'B+' from 'BB';

   -- Preferred Stock to 'B-' from 'B+'; and

   -- 'RR6' Recovery Rating Assigned.

  Operating subsidiaries:

   -- Insurer Financial Strength to 'BB+' from 'BBB'.

Fitch said all ratings remain on Rating Watch Evolving.

In a TCR-Europe report on Nov. 29, 2006, Moody's Investors
Service disclosed that it continues to review the ratings of
Scottish Re Group Ltd. with direction uncertain following the
announcement by the company that it has entered into an
agreement to sell a majority stake to MassMutual Capital
Partners LLC, a member of the MassMutual Financial Group and
Cerberus Capital Management, L.P., a private investment firm.

Moody's said the continuing review affects the debt rating of
Scottish Re (senior unsecured at Ba3), as well as the Baa3
insurance financial strength ratings of the company's core
insurance subsidiaries, Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (U.S.), Inc.  The
uncertain direction of the review indicates the possibility that
Scottish Re's ratings could be upgraded, downgraded, or
confirmed depending on future developments at Scottish Re.

These ratings continue on review with direction uncertain:

   Scottish Re Group Limited

   -- senior unsecured debt of Ba3;

   -- senior unsecured shelf of (P)Ba3; subordinate shelf of
      (P)B1;

   -- junior subordinate shelf of (P)B1;

   -- preferred stock of B2; and

   -- preferred stock shelf of (P)B2.

   Scottish Holdings Statutory Trust II

   -- preferred stock shelf of (P)B1

   Scottish Holdings Statutory Trust III

   -- preferred stock shelf of (P)B1

   Scottish Annuity & Life Insurance Co (Cayman) Ltd.

   -- insurance financial strength of Baa3

   Premium Asset Trust Series 2004-4

   -- senior secured debt of Baa3 (based on IFS of SALIC)

   Scottish Re (U.S.), Inc.

   -- insurance financial strength of Baa3

   Stingray Pass-Through Certificates

   -- senior secured debt of Baa3 (based on IFS rating of SALIC)

On Sept. 5, 2006, Moody's changed the direction of review for
Scottish Re's ratings to uncertain from possible downgrade.


SCREEN 4 HEALTH: Taps Joint Administrators from Tenon Recovery
--------------------------------------------------------------
Carl Stuart Jackson and Nigel Ian Fox of Tenon Recovery were
appointed joint administrators of Screen 4 Health Plc (Company
Number 5135654), Health Screening (U.K.) Ltd. (Company Number
5135654) and U.K. Health Screening Ltd. (Company Number 3790420)
on March 16.

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

Headquartered in Taunton, England, Screen 4 Health Plc, Health
Screening (U.K.) Ltd., and U.K. Health Screening Ltd. --
http://www.screen4health.com/-- concentrate solely on allergy  
care, and offer a unique program of food intolerance and
sensitivity testing.


SKYEPHARMA PLC: Completes Disposal of Injectable Business
---------------------------------------------------------
SkyePharma PLC has completed the Paul Capital Refinancing and
the disposal of its Injectable business.  As such, the Placing
of the new ordinary shares is no longer conditional and will
raise GBP14.8 million (net of costs).  

This completes the major financial restructuring disclosed on
Jan. 9.  SkyePharma is now able to focus on organic growth of
its business by completing the development of its unique
combination product Flutiform(TM) (fluticasone/formoterol
inhalation treatment for asthma), which is in phase III
development, as well as seeking additional opportunities to
leverage the Group's proven range of skills and technologies in
developing oral and inhalation products.

"The completion of the disposal has removed the cash burn
attributable to the Injectable Business and has significantly
strengthened the Company's balance sheet and cash flows,"
Frank Condella, SkyePharma's Chief Executive, said.  "With the
restructuring phase now successfully completed, we can focus
fully on the development of SkyePharma's existing oral and
inhalation product pipeline, and seek further new opportunities
to exploit our unique capabilities in the rapidly growing drug
delivery market."

Headquartered in London, SkyePharma PLC (Nasdaq: SKYE; LSE: SKP)
-- http://www.skyepharma.com/-- develops pharmaceutical  
products benefiting from world-leading drug delivery
technologies that provide easier-to-use and more effective drug
formulations.  There are now 12 approved products incorporating
SkyePharma's technologies in the areas of oral, injectable,
inhaled, and topical delivery supported by advanced
solubilisation capabilities.

                      Going Concern Doubt

As reported in the TRubled Company Reporter on Aug. 1, 2006,
PricewaterhouseCoopers LLP in London raised substantial doubt
about Skyepharma PLC's ability to continue as a going concern
after auditing the company's financial statements for the year
ended Dec. 31, 2005.  The auditing firm pointed to the
uncertainty as to when Skyepharma's certain strategic
initiatives may be concluded and their effect on the company's
working capital requirements.


SOLUTIA INC: Saflex Unit Opens New Manufacturing Line in Belgium
----------------------------------------------------------------
The Saflex(r) unit of Solutia Inc. broke ground Monday,
March 26, for a new manufacturing line at its plant in Ghent,
Belgium.  This project marks another major step in Solutia's
global investment program for its Saflex(r) PVB interlayers.

"For 80 years, Solutia and its corporate predecessors have
driven innovation in glass interlayers," Luc De Temmerman,
president of Solutia's Performance Products Division, said.   
"As demand from our customers continues to grow, we are making
significant investments in each world region to ensure capacity
is in place to meet the demand.  This project is a key part of
our growth strategy for the Saflex business, allowing us to
continue our commitment of providing the highest degree of
responsiveness, quality and innovation to our customers on every
continent."

The new Ghent manufacturing line will produce 3.2-meter-wide
rolls of Saflex PVB interlayers.  These specific interlayers are
used primarily to make laminated glass for the growing European
architectural market.  The new line also will provide Saflex
with greater flexibility in how it operates its plants
worldwide.

"The third Saflex manufacturing line at Ghent is an important
step forward in our strategy to optimize our production on a
global scale," Dirk Duquet, vice president of manufacturing
excellence for Saflex, said.  "Along with our 2006 acquisition
of the plant in Puebla, Mexico, and the new plant under
construction in Suzhou, China, the expansion at Ghent will help
us achieve the highest quality and lowest cost production for
our customers in every world area."

The new manufacturing line is being constructed at the Saflex
Ghent plant, leveraging existing infrastructure and the plant's
40-plus years of experience in manufacturing Saflex products.  
In addition, the new line will employ the latest technology,
enabling the production process to be highly automated.

"Our customers recognize the Ghent plant as a trusted supplier
of the world's premier PVB interlayers," Mr. Duquet added, "and
this expansion will enable us to very efficiently take that
tradition of quality to an even greater scale."

The Saflex Ghent plant employs 300 people and began operation in
1961.  The plant maintains ISO 14001 registration for its
environmental management systems, OSHAS 18001 registration for
its occupational safety and health management systems, as well
as several registrations for its quality management systems,
including QS 9000, ISO 9001 and TS 16949.  

Saflex manufactures PVB interlayers at Ghent, Belgium; Puebla,
Mexico; San Jose Dos Campos, Brazil; Springfield, Mass., USA;
and Trenton, Mich., USA.  It also operates a PVB finishing and
distribution center in Singapore.  A new plant for Saflex PVB
interlayers in Suzhou, China, will begin production later this
year.  With 80 years of experience in developing glass
interlayers, Saflex is the world's largest producer and seller
of PVB interlayers, and is known as the global leader in PVB
innovation, quality and reliability.  When laminated between
layers of glass, PVB interlayers greatly enhance the performance
characteristics of glass, providing benefits such as security,
solar protection, sound attenuation and safety.  Laminated glass
made with Saflex PVB is used extensively in both the automotive
and architectural markets.

                      About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its  
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications.  The company filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.  
Solutia is represented by Richard M. Cieri, Esq., at Kirkland &
Ellis.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and
Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.


TOREX RETAIL: May Break Banking Pacts Due to Low Profit Levels
--------------------------------------------------------------
Torex Retail Plc may break its banking covenants due to less
than expected profit levels as the company is expected to
publish full-year operating profits of GBP23 million, less than
half the forecast of GBP53 million, the Accountancy Age reveals.

According to the report, Deloitte compiled the figures after
Torex's management hired the firm in an advisory capacity.  
Deloitte is said to have made the statement for KPMG, which is
reviewing the Royal Bank of Scotland, Torex's main lender, David
Jetuah of Accountancy Age states.

Despite its financial woes, the company recently posted on its
Web site that its lenders have agreed to provide the requested
additional short-term working capital facility of GBP15 million.

                       Accounting Probe

Meanwhile, the Serious Fraud Office has escalated its
investigation of the software group, conducting further raids
together with City of London Police at two homes in
Gloucestershire and Warwickshire, and one office in Banbury, the
Accountancy Age relates.

The AIM has also suspended Torex from trading due to alleged
accounting irregularities in the wake of the investigation and
raids, which were also made in January, the release states.

Torex Chairman Chris Moore has resigned from the board,
effective immediately, while CEO Neil Mitchell also quit his
post, though he will stay on as board member, Accountancy Age
reports.

                     About Torex Retail Plc

Headquartered in Banbury, Oxfordshire, in the United Kingdom,
Torex Retail Plc -- http://www.torexretail.com/-- is a leading  
global retail systems solutions provider.  The company's
solution set spans all facets of the retail systems business,
from leading edge electronic point of sale software; to back
office software; to sophisticated performance and productivity
systems; to loss prevention and basket analysis solutions.

The company is currently being investigated by the Serious Fraud
Office for alleged accounting irregularities and has also been
suspended from trading by the AIM for the same reason.  It is
also expected to default on its financial obligations, after
accruing less than desirable profits in 2006.


TPACK LTD: Brings In Liquidator from Daly & Co.
-----------------------------------------------
Philip Malachy Daly of Daly & Co. was appointed liquidator of
Tpack Ltd. on March 13 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Tpack Ltd.
         Unit 2
         Industry Road
         Carlton
         Barnsley
         South Yorkshire
         S71 3PQ
         England
         Tel: 01226 722 822
         Fax: 01226 722 822


UNIVERSAL: Manchester Court Winds Up Business
---------------------------------------------
The High Court in Manchester wound up Universal following an
investigation by the Companies Investigation Branch of the
Insolvency Service.

CIB's investigation found that Universal acted as a sales agent
for new and off-plan properties in Bulgaria and Dubai earning
commissions from developers of between 1% and 2% of the agreed
sale price.  The company received income in excess of GBP560,000
including GBP478,000 loaned to the company by 23 individuals.
However, the Secretary of State alleged that due to inadequate
accounting records, CIB was unable to properly investigate
purported property investments and loans by the company in India
and Saudi Arabia.

Additionally, the enquiry was unable to determine the nature of
payments made by Universal and establish whether such payments
were bona fide and for the benefit of the company.  This
included GBP102,000 drawn from the company's bank account in
cash.

The petition to wind-up the company in the public interest was
presented on Sept. 28, 2006, under the provisions of s124A of
the Insolvency Act 1986 following investigations carried out
under section 447 of the Companies Act 1985 by the Companies
Investigation Branch of the Insolvency Service.   The Winding-up
Order was made on March 5.


WATERGATE INNS: Creditors Confirm Liquidator's Appointment
----------------------------------------------------------
Creditors of Watergate Inns Ltd. confirmed on March 6 the
appointment of Martin Williamson of DSi Services as the
company's liquidator.

The company can be reached at:

         Watergate Inns Ltd.
         Ironmaster House
         37 Wyle Cop
         Shrewsbury
         Shopshire
         SY1 1XF    
         England
         Tel: 01743 271 071
         Fax: 01743 340 300


* FTI Consulting Promotes 17 Employees to Senior Level Positions
----------------------------------------------------------------
FTI Consulting Inc. disclosed the promotion of 17 employees to
senior managing director and senior vice president positions-the
two highest levels of distinction among FTI client service
professionals.  A senior level promotion demonstrates exemplary
leadership in client service, business development and team
development.

"I want to congratulate these individuals on their achievements
with FTI which has led to these well-earned advancements. Each
of the 17 individuals promoted today are recognized as leaders
not only by their peers and clients, but by our executive
management team," Executive Vice President and Chief Operating
Officer, Dominic DiNapoli, said. "We look forward to their
ongoing contributions as we continue to build our Company."

Promotions include:

* William Adams
   Technology, Washington, D.C.

   William Adams specializes in litigation discovery, database
   creation and management, and courtroom presentation
   technologies.  He is adept at finding the most efficient use
   of litigation technology across the spectrum of client
   requirements with particular depth and experience in the
   application of electronic discovery and knowledge management
   solutions.  Mr. Adams holds a J.D. from George Mason School
   of Law & Economics and a B.A. in Political Science from
   Northwestern University.

* Felicia Battista
   Forensic and Litigation Consulting, Washington, D.C.

   Felicia Battista provides expert consulting services to
   clients in matters of accounting, financial reporting,   
   financial restatements, corporate governance and SEC
   disclosure requirements.  She has more than 25 years of
   accounting experience.  She began her career in public
   accounting and has held accounting and legal positions in the
   private sector and the U.S. Securities and Exchange
   Commission.  Ms. Battista holds a B.B.A with a concentration
   in accounting from the George Washington University and a
   J.D. degree from the Columbus School of Law at the Catholic
   University of America in Washington, D.C.

* Joseph Cavicchi
   Economic Consulting, Cambridge, MA

   Joe Cavicchi provides wholesale and retail electricity market
   regulatory economic analyses in connection with the
   restructuring of the U.S. electricity industry.  He advises
   clients on a variety of Federal Energy Regulatory Commission
   and state regulatory proceedings related to the new markets
   and the contractual arrangements that have emerged to support
   the electricity industry.  Mr. Cavicchi holds an S.M. in
   technology policy from M.I.T., an M.S. in environmental
   engineering from Tufts University and a B.S. in mechanical
   engineering from the University of Connecticut.

* Cuong Do
   Technology, Washington, D.C.

   Cuong Do joined FTI Consulting in 2002 and has been a key
   contributor in helping to establish and grow FTI's eDiscovery
   products and services in this rapidly expanding market
   sector. He has also been able to attract a pool of dedicated
   and talented people to support FTI's continued growth.  He
   has particular experience and expertise in document
   management, database development, application development,
   data analysis and native file processing.  Mr. Do has over 14
   years of experience consulting in accounting and financial
   services.  He holds a B.S. in Accounting and Finance from
   Virginia Tech and is a Microsoft Certified Database
   Administrator and a Microsoft Certified IT Professional.

* Timothy J. Dragelin
   Corporate Finance, Charlotte, NC

   Timothy Dragelin has provided financial advisory services to
   debtors and creditors through in-court and out-of-court
   reorganizations in a number of industries for more than 17
   years.  These matters have included bankruptcy planning and
   management, turnaround consultation, interim management,
   lender advisory, buy-side due diligence, sell-side mandates,
   valuation, process improvement, forensic investigations and
   litigation advisory.  Mr. Dragelin holds a B.B.A. in
   accounting from the College of William and Mary in Virginia.  
   He is a published author and frequent speaker on accounting
   and financial topics.

* Adrian Frankum
   Corporate Finance, New York, NY

   Adrian Frankum specializes in providing restructuring
   services to companies in large, complex reorganizations.  
   With over 14 years of restructuring and finance experience,
   he has provided corporate recovery and litigation support
   services to both companies and creditors in a wide range of
   industries, including manufacturing, telecommunications,
   automotive and restaurants. Mr. Frankum holds an M.B.A. from
   the Stern School of Management at NYU and is a certified
   public accountant (CPA).

* Bryan Harston
   Forensic and Litigation Consulting, Dallas, TX

   Bryan Harston provides strategic trial consulting, courtroom
   graphics, and presentation consulting services to attorneys
   and their clients in Federal and state jurisdictions
   nationwide.  He has developed trial presentations in
   virtually every major litigation area, with special emphasis
   on patent infringement, environmental remediation, product
   liability, computers/electronics, public utilities and
   energy, mining, and manufacturing.  A registered patent
   attorney, Mr. Harston earned his J.D. cum laude, as well as
   undergraduate and graduate degrees in Geology and Geophysics,
   from the University of Oklahoma.

* Richard J. Haynes
   Forensic and Litigation Consulting, Washington, D.C.

   Richard Haynes has over 19 years of consulting and auditing
   experience including more than four years in the Enforcement
   Division of the U.S. Securities and Exchange Commission.  His
   experience includes fraud investigation, forensic accounting
   and damages analysis.  His experience includes matters
   involving fraud investigations, accounting and reporting
   issues, breach of contract, government contracts, regulated
   industry, class action lawsuits, antitrust and other
   litigation matters.  Mr. Haynes holds a B.A. degree in
   accounting from George Washington University. He is a CPA and
   CFE.

* Barbara Horvath
   Corporate Finance, Washington, D.C.

   Barbara Horvath is a member of the Transaction Advisory
   Services group within FTI Corporate Finance.  She has worked
   on due diligence and post- acquisition projects for private
   equity and strategic investors in a variety of industries,
   including manufacturing, automotive, aerospace and defense,
   government and construction contracting, distribution,
   software and technology. She has provided post-merger
   integration assistance and assisted with carve-out and stand-
   alone issues at the semiconductor equipment division of an
   international manufacturing company, an oil and natural gas
   industry services company, and a major automotive parts
   supplier.  Ms. Horvath has a B.S.B.A. with a concentration in
   accounting from Duquesne University. She is a CPA.

* Michael A. Keable
   FTI Lexecon, Chicago, IL

   Michael Keable specializes in securities markets, damages,
   corporate finance and financial statement analysis.  He has
   consulted on and directed numerous studies analyzing a broad
   range of issues in financial economics, including price
   movements of many types of securities, accounting
   restatements, market efficiency, insider trading and
   calculation of damages. These studies have involved a wide
   variety of industries, including healthcare, technology and
   banking.  Mr. Keable received an M.B.A with a concentration
   in finance from the University of Chicago Graduate School of
   Business.

* Shelly Irvine
   Forensic and Litigation Consulting, San Francisco, CA

   Shelly Irvine has over 12 years of experience consulting with
   clients and counsel regarding intellectual property matters
   in a wide range of industries.  Ms. Irvine's exclusive focus
   is on assisting clients and counsel with the damages aspects
   of their intellectual property disputes, as well as
   consulting with clients who have intellectual asset
   management needs.  She holds an M.B.A. degree from the    
   University of California, Berkeley, Walter Haas School of
   Business and a B.S. degree in Economics from Santa Clara
   University.

* Jamey Johnson
   Forensic and Litigation Consulting, Washington, D.C.

   Jamey Johnson leads FTI's Trial Technology Consulting
   practice in FTI's Washington, D.C. and Atlanta offices and is
   responsible for managing, staffing and coordinating trial
   technology consulting services for the Mid-Atlantic and
   Southeast regions. Mr. Johnson has worked in multiple
   jurisdictions on behalf of numerous Am Law 100 firms and
   Fortune 500 companies.  Most notably, he served for more than
   a year as lead technology consultant to the major tobacco
   companies in United States of America v. Philip Morris USA,
   et al. Mr. Johnson holds a J.D., with honors, from the
   University of Baltimore School of Law, where he was Casenotes
   Editor of the Law Review.

* Travis Johnson
   Technology, Denver, CO and Melbourne, Australia

   Travis Johnson has over 10 years experience in database
   architecture, particularly in the design, implementation, and
   administration of databases and data warehouses.  He has
   significant experience in Windows and database programming
   languages.  Mr. Johnson is a member of the FTI's Ringtail
   software development team.  FTI Ringtail, a software product
   developed by FTI, enhances and streamlines document-intensive
   processes and offers support throughout the litigation
   document lifecycle.

* Kevin Kuby
   Corporate Finance, Chicago, IL

   Kevin Kuby has eight years of experience in restructuring,
   bankruptcy proceedings, troubled company consulting,
   financial analyses and due diligence.  His experience
   includes developing business plans and restructuring
   strategies, contingency planning, liquidity forecasting
   development and analysis, liquidation analysis, valuation,
   implementing operational improvement strategies for companies
   inside and outside of bankruptcy, optimizing operating
   assets, and providing litigation support services and
   investigating fraudulent transactions and preference
   payments.  Mr. Kuby holds an M.B.A. with an emphasis in
   finance and accounting from the University of Chicago and a
   B.A. in economics from the University of Illinois at
   Champaign- Urbana.  He is a CIRA and CTP.

* Chris LeWand
   Corporate Finance, Denver, CO

   Chris LeWand is an industry specialist and part of FTI's
   Communications and Media practice group.  He specializes in
   providing strategic and financial planning, process
   improvement, integration planning and execution, cost
   allocation studies, troubled company evaluation and
   restructurings, interim management services, mergers and
   acquisitions advisory, valuation and dispute advisory
   assistance.  He holds an M.B.A. with honors from Texas A&M
   University and a B.S. in finance with honors from Villanova
   University.  He is a CPA, CIRA and chartered financial
   analyst.

* Patrick Strong
   Technology, Denver, CO

   Patrick Strong leads the global technical sales team for the
   Technology segment of FTI.  He has extensive consulting
   experience in the electronic discovery process, in particular
   online review platforms, litigation database structure and
   design, search technology and work flow development.  He has
   worked on hundreds of cases involving patent infringement,
   antitrust, securities litigation and large-scale product
   liability suits. Mr. Strong holds an M.B.A. from the Kellogg
   School of Management at Northwestern University and a B.A. in
   History from Denison University.

* Daniel Ventricelli
   Forensic and Litigation Consulting, New York, NY

   Dan Ventricelli has over 20 years of professional experience.  
   He specializes in accounting and financial investigations
   involving SEC enforcement and reporting issues, books and
   records reconstruction, fraudulent conveyances, schemes to
   divert assets and tracing the flow of funds.  Dan has
   provided consulting services in matters involving allegations
   of fraud, mismanagement, and breach of fiduciary duties,
   owner/managing agent disputes, purchase price disputes,
   breach of contract, lost profits, intellectual property
   infringement, and accountant liability.  Mr. Ventricelli
   graduated with honors from St. John's University in 1984 with
   a B.S. in accounting and with a J.D. degree in 1987 from its
   School of Law. Dan is a CPA and CFE.

                        About FTI Consulting

FTI Consulting Inc. (NYSE:FCN) -- http://www.fticonsulting.com/
-- provides problem-solving consulting and technology services
to major corporations, financial institutions and law firms when
confronting critical issues that shape their future and the
future of their clients, such as financial and operational
improvement, major litigation, complex investigations, mergers
and acquisitions and regulatory issues.  FTI's total workforce
of more than 1,400 employees includes numerous PhDs, MBAs, CPAs,
CIRAs and CFEs, who are committed to delivering the highest
level of service to clients.  FTI Consulting has offices in the
United States, the United Kingdom, Australia, China, Hong Kong,
Japan, and Singapore.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 19, 2006,
Standard & Poor's Ratings Services assigned its 'B+' rating to
FTI Consulting Inc.'s US$215 million senior notes due 2016.

At the same time, Standard & Poor's affirmed the corporate
credit rating of FTI at 'BB-' and revised the outlook to
positive from stable, based on strong earnings performance and
talent retention.

As reported in the Troubled Company Reporter on Sept. 18, 2006
Moody's Investors Service assigned a Ba2 rating to FTI
Consulting, Inc.'s proposed US$215 million of senior unsecured
notes and lowered the ratings on its US$150 million senior
subordinated convertible notes to B1 from Ba3.  Moody's affirmed
the Ba2 corporate family rating and the Ba2 rating on FTI's
existing senior unsecured notes.  Moody's said the rating
outlook remains stable.

                           *********

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 tRubled 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

TRubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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