TCREUR_Public/070329.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, March 29, 2007, Vol. 8, No. 63

                            Headlines


A U S T R I A

AUDIOSALES LLC: Wiener Neustadt Court Shuts Down Business
CREATIV ARENA: Claims Registration Period Ends April 30
DG BAUMANAGEMENT: Claims Registration Period Ends April 26
ESSL MONTAGE: Claims Registration Period Ends April 24
GERWALD LLC: Claims Registration Period Ends April 24

PITZ LLC: Claims Registration Period Ends April 24
SELENOGRAPHIE LLC: Claims Registration Period Ends April 24
SUN CLUB: Claims Registration Period Ends April 24


B E L G I U M

CHIQUITA BRANDS: Says Arms Shipments Press Reports Inaccurate
GOODYEAR TIRE: Moody's Rates US$1.5-Billion Loan at Ba1
GOODYEAR TIRE: Sale of Unit Prompts S&P's Positive Outlook


F R A N C E

HEXCEL CORP: Good Performance Cues S&P's Ratings' Upgrades
REALOGY CORP: Offering US$3.15-Mln Notes via Private Placement
REALOGY CORP: S&P Rates Proposed US$1.5 Bln Senior Notes at B-
RHODIA SA: Moody's May Lift Low-B Ratings After Review


G E R M A N Y

AVISPED LOGISTIK: Claims Registration Period Ends May 11
AWB RENT: Claims Registration Period Ends May 4
B & R WOHNUNGSBAUGESELLSCHAFT: Claims Registration Ends April 23
BUSINESS FASHION: Claims Registration Period Ends April 27
COLOR DESIGN: Claims Registration Period Ends May 4

DLC HANNOVER: Claims Registration Period Ends May 21
DOCEDUCATION SERVICE: Creditors' Meeting Slated for April 26
DOERNER DIENSTLEISTUNGS: Claims Registration Period Ends May 2
DUSCHKA SPIELWAREN: Creditors' Meeting Slated for April 23
ERNST HENSCHEL: Claims Registration Period Ends April 20

FINANZ-UND WIRTSCHAFTSBERATUNG: Claims Filing Due April 18
GIGA ELECTRONIC: Creditors' Meeting Slated for May 3
GLEICHMANN BAUGESELLSCHAFT: Claims Registration Ends May 20
GOWIK GMBH: Claims Registration Ends May 21
IASM AGENTUR: Creditors' Meeting Slated for May 2

INMEDITEC MEDIZINTECHNIK: Claims Registration Ends April 5
INNTECH GMBH: Claims Registration Period Ends April 23
IQ INTELLIGENTE: Claims Registration Period Ends April 10
LIFE MAXIMUM: Claims Registration Ends June 14
MALERBETRIEB STINDT: Claims Registration Ends April 30

MANA MANA: Claims Registration Ends May 23
METALLBAU FELBER: Creditors Must Register Claims by May 8
NA NA: Creditors Must Register Claims by April 20
PETRIK INTERNATIONALE: Creditors Must Register Claims by May 2
QPC ARTS: Claims Registration Period Ends April 30

R&M UMWELT: Claims Registration Period Ends July 3
RS BAUUNTERNEHMEN: Claims Registration Period Ends May 8
SADE GMBH: Claims Registration Period Ends April 30
SYSTEM AUSBAU: Claims Registration Period Ends May 2
THIEDER DIENSTLEISTUNGEN: Claims Registration Ends April 25

TRW AUTOMOTIVE: Gets Requisite Consents to Amend Note Indentures
TRW AUTOMOTIVE: Closes Senior Notes Offering
UDO M. KOSEL: Claims Registration Period Ends April 5


G R E E C E

EASTMAN KODAK: Ends Membership in Better Business Bureau


I T A L Y

INTERNATIONAL PAPER: To Form Joint Venture with Ilim Holding
POPOLARE DI INTRA: Posts EUR106.58 Million Net Loss for 2006


K A Z A K H S T A N

ASAR-ORDA LLP: Creditors Must File Claims by May 4
BESKAINAR LLP: Creditors' Claims Due May 4
DEBUT TRADE: Proof of Claim Deadline Slated for May 4
DEMEU LLP: Claims Registration Ends May 4
GERION LLP: Claims Filing Period Ends May 4

KPFG TRADE: Creditors Must File Claims by May 4
KIY LLP: Creditors' Claims Due May 4
RIFEISTROY LLP: Proof of Claim Deadline Slated for May 4
ROMA-NUR LLP: Claims Registration Ends May 4
TORE LLP: Claims Filing Period Ends May 4


K Y R G Y Z S T A N

OPTIC PLUS: Creditors Must File Claims by May 8
TITAN AIRWAYS: Claims Filing Period Ends May 11
YAN-MI: Creditors' Claims Due May 11


L U X E M B O U R G

DOV PHARMA: Closes Exchange Offer for 2.50% Convertible Notes
MAZEIKIU NAFTA: Completes Refurbishment of Visbreaking Unit


N E T H E R L A N D S

KENDLE INT'L: Posts US$4.7 Million Net Loss in Fourth Quarter
YUKOS FINANCE: In Talks with Slovakia Over Transpetrol Stake


P O R T U G A L

LEAR CORP: AREP Merger Solicitation Period Expires
LEAR CORP: Pzena Presents Objections to Lear-AREP Merger Deal


R U S S I A

BASH-OIL-PROM-STROY: Asset Sale Slated for April 10
BRYUKHOVETSKIY BOX: Creditors Must File Claims by April 10
ELITA LLC: Creditors Must File Claims by April 10
ELSHANSKOYE REPAIR: Creditors Must File Claims by May 10
ERMOLINSKIY MEAT: Creditors Must File Claims by May 10

GAZPROMBANK OAO: Places US$700-Mln Eurobonds at Floating Rate
IMPEXBANK JSC: Parent Begins Raiffeisenbank Austria Merger
IZ-PET-PLASTIC: Creditors Must File Claims by May 10
KOSTROMSKOYE ROAD: Creditors Must File Claims by April 10
LUKOIL OAO: Eyes US$250-Mln Credit Facility to Refinance Debts

MERCURY ESTATE: Moscow Bankruptcy Hearing Slated for July 10
POVOLZHSKAYA TRAING: Creditors Must File Claims by April 10
PRIVOLZHSK-RESOURSE CJSC: Creditors Must File Claims by April 10
SAKHLIN-COAL LLC: Creditors Must File Claims by April 10
SALAVATSKOYE BUILDING: Creditors Must File Claims by May 10

STALVEST CJSC: Creditors Must File Claims by April 10
TIMBER TRANSPORT: Creditors Must File Claims by May 10
TRUST-15 CJSC: Creditors Must File Claims by April 10
YUKOS OIL: Lots Eyed for Samaraneftegaz and Tomskneft Stakes
YUKOS OIL: Unit in Talks with Slovakia Over Transpetrol Stake


S L O V A K   R E P U B L I C

YUKOS FINANCE: In Talks with Slovakia Over Transpetrol Stake


S W E D E N

ARROW ELECTRONICS: Launching Share Repurchase Program in Q2 2007


S W I T Z E R L A N D

F + N MANAGEMENT: Aargau Court Starts Bankruptcy Proceedings
HELIOCOP + PRINT: Creditors' Liquidation Claims Due April 11
PAROLI BAUSOFTWARE: Creditors' Liquidation Claims Due April 15
TRITON BAUKONZEPT: Creditors' Liquidation Claims Due April 10
WERDBAU ZURICH: Creditors' Liquidation Claims Due April 10


T U R K E Y

BANKPOZITIF KREDI: Fitch Assigns BB IDR with Stable Outlook


U K R A I N E

AUTOMATIKA INDUSTRIAL: Creditors Must File Claims by April 1
DEBIKA-RUSH LTD: Creditors Must File Claims by April 1
DRUZHBA LLC: Creditors Must File Claims by April 1
E. C. 2001: Creditors Must File Claims by April 1
KAMIANETS LLC: Creditors Must File Claims by April 1

KIROVOGRAD REPAIR: Creditors Must File Claims by April 1
PETROLEUM CAPITAL: Claims Submission Period Ends April 1
PETROLEUM SERVICE: Creditors Must File Claims by April 1
RELIUS LLC: Creditors Must File Claims by April 1
SIGMA-41 LLC: Creditors Must File Claims by April 1

VINNICA BREAD: Claims Submission Period Ends April 1


U N I T E D   K I N G D O M

AUROM LTD: Appoints Jonathan Lord as Liquidator
AVIT SYSTEMS: Taps David G. Holmes to Liquidate Assets
BAYSWATER TUBES: Taps BDO Stoy to Administer Assets
BREEZE ENGINEERING: Creditors' Meeting Slated for April 19
BRIDGEWOOD CONSTRUCTION: Hires Ruth Duncan to Liquidate Assets

CABTIVATE: Mark Greenhalgh Offers to Sell Technology for GBP1
CAMTAG LTD: Creditors' Meeting Slated for April 5
COMMODITIES INC: Philip Weinberg Leads Liquidation Procedure
DANTI SOFT: Brings In Liquidator from Tomlinsons
EMI GROUP: Wins Court Ruling on Parallel Importing

FLYGHT TRAVEL: Creditors' Meeting Slated for April 4
FURNITURELAND LTD: Calls In Liquidators from Ernst & Young LLP
GOOD IDEAS: Creditors' Meeting Slated for April 12
GOURMET PUB: Taps Liquidators from Ernst & Young LLP
LANGTHORPE PROPERTIES: Claims Filing Period Ends June 19

MAILTECH LTD: Appoints Joint Administrators from Baker Tilly
OLIVA LTD: Creditors' Meeting Slated for April 18
OMEGA TILE: Creditors' Meeting Slated for April 13
PS PEOPLE: Joint Liquidators Take Over Operations
SMARTTECH CONSULTING: Creditors' Meeting Slated for April 5

STAFFLINK UK: Creditors' Meeting Slated for April 4
STAR NET: Creditors' Meeting Slated for April 12
SUPREME WINDOWS: Creditors' Meeting Slated for April 4
TOWER RECORDS: Files Disclosure Statement in Delaware
VISTEON CORP: Moody's Holds Corporate Family Rating at B3

* Upcoming Meetings, Conferences and Seminars


                            *********


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


AUDIOSALES LLC: Wiener Neustadt Court Shuts Down Business
---------------------------------------------------------
The Land Court of Wiener Neustadt entered March 1 an order
shutting down the business of LLC Audiosales (FN 218971t).

Court-appointed estate administrator Thomas Wanek 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. Thomas Wanek
         Hochstrasse 31
         2380 Perchtoldsdorf
         Austria
         Tel: 01/86 93 888
         Fax: 01/869166033
         E-mail: anwalt@aon.at

Headquartered in Gumpoldskirchen, Austria, the Debtor declared
bankruptcy on Feb. 20 (Bankr. Case No. 11 S 23/07d).


CREATIV ARENA: Claims Registration Period Ends April 30
-------------------------------------------------------
Creditors owed money by LLC Creativ Arena (fka Gasthaus
Nussbaumerhof) (FN 144247d) have until April 30 to file written
proofs of claim to court-appointed estate administrator
Harald Berger at:

         Dr. Harald Berger
         Kaigasse 11
         5020 Salzburg
         Austria
         Tel: 0662/824050
         Fax: 0662/824050-6
         E-mail: office@anwalt-berger.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:30 p.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 Hof bei Salzburg, Austria, the Debtor declared
bankruptcy on March 2 (Bankr. Case No. 23 S 6/07p).


DG BAUMANAGEMENT: Claims Registration Period Ends April 26
----------------------------------------------------------
Creditors owed money by LLC DG Baumanagement (FN 193225f) have
until April 26 to file written proofs of claim to court-
appointed estate administrator Viktor Igali-Igalffy at:

         Dr. Viktor Igali-Igalffy
         c/o Mag. Petra Diwok
         Landstrasser Hauptstrasse 34
         1030 Vienna
         Austria
         Tel: 713 80 57
         Fax: 713 07 76
         E-mail: vii@igali-igalffy.eu

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on May 10 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 2 (Bankr. Case No. 5 S 26/07v).  Petra Diwok represents
Dr. Igali-Igalffy in the bankruptcy proceedings.


ESSL MONTAGE: Claims Registration Period Ends April 24
------------------------------------------------------
Creditors owed money by LLC Essl Montage Service (FN 259362s)
have until April 24 to file written proofs of claim to court-
appointed estate administrator Thomas Zeitler at:

         Dr. Thomas Zeitler
         c/o Mag. Gerhard Nathschlager
         Eisenhandstrasse 15
         4020 Linz
         Austria
         Tel: 0732/775544-11
         Fax: 0732/775544-10
         E-mail: insolvenz@bzp.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 Linz
         Hall 522
         Fifth Floor
         Linz
         Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on March 2 (Bankr. Case No. 38 S 14/07y).  Gerhard Nathschlager
represents Dr. Zeitler in the bankruptcy proceedings.


GERWALD LLC: Claims Registration Period Ends April 24
-----------------------------------------------------
Creditors owed money by LLC Gerwald (FN 182624s) have until
April 24 to file written proofs of claim to court-appointed
estate administrator Thomas Steiner at:

         Mag. Thomas Steiner
         Weihburggasse 18
         1010 Vienna
         Austria
         Tel: 513 53 63
         Fax: 513 53 63 17
         E-mail: steiner.steiner@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on May 8 for the examination
of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 6 (Bankr. Case No. 4 S 30/07z).


PITZ LLC: Claims Registration Period Ends April 24
--------------------------------------------------
Creditors owed money by LLC Pitz (FN 56020h) have until April 24
to file written proofs of claim to court-appointed estate
administrator Katharina Widhalm-Budak at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:45 p.m. on May 8 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 2 (Bankr. Case No. 6 S 27/07y).  Hannelore Pitzal
represents Mag. Pitzal in the bankruptcy proceedings.


SELENOGRAPHIE LLC: Claims Registration Period Ends April 24
-----------------------------------------------------------
Creditors owed money by LLC Selenographie (FN 215052d) have
until April 24 to file written proofs of claim to court-
appointed estate administrator Katharina Widhalm-Budak at:

         Dr. Katharina Widhalm-Budak
         c/o Dr. Klemens Dallinger
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 10 37
         Fax: 513 10 37 22
         E-mail: widhalm-budak@anwaltsteam.at
                 dallinger@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:15 p.m. on May 8 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 23 (Bankr. Case No. 6 S 24/07g).  Klemens Dallinger
represents Dr. Widhalm-Budak in the bankruptcy proceedings.


SUN CLUB: Claims Registration Period Ends April 24
--------------------------------------------------
Creditors owed money by LLC Sun Club (FN 105203k) have until
April 24 to file written proofs of claim to court-appointed
estate administrator Bernhard Eder at:

         Dr. Bernhard Eder
         c/o Dr. Herbert Hochegger
         Brucknerstrasse 4
         1040 Vienna
         Austria
         Tel: 505 78 61
         Fax: 505 78 61 9
         E-mail: eder@rechtsanwaelte.co.at
                 office@hoch.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:00 p.m. on May 8 for the examination
of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 2 (Bankr. Case No. 6 S 28/07w).  Herbert Hochegger
represents Dr. Eder in the bankruptcy proceedings.


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


CHIQUITA BRANDS: Says Arms Shipments Press Reports Inaccurate
-------------------------------------------------------------
Chiquita Brands International Corporate Communications Director
Michael Mitchell told Fresh Plaza that reports about arms
deliveries in 2001 that implicated the firm and its workers were
inaccurate.

Chiquita Brands explained to Fresh Plaza that the 2001 incident
was fully investigated by the Colombian government and
international authorities, including the Organization of
American States, but no wrongdoing by Chiquita Brands or any of
its workers was found.  An employee of Chiquita's local unit,
Banadex, was held for a short time.  However, after the Office
of the Attorney General of Colombia's investigation, he was
released.  The Colombian government indicted four Colombian
customs officers as a result of its investigation.

Soon after learning of the incident, Chiquita Brands and Banadex
voluntarily decided to stop accepting cargo from third-party
ships at the Colombian facility, not waiting for any legal
authority's order.  Until Banadex was sold, the company accepted
import cargo only from ships owned or operated by Chiquita
Brands, the latter told Fresh Plaza.

Cincinnati, Ohio- based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 60 countries including Panama, Philippines, Australia,
Belgium, Germany, among others.  It also distributes and markets
fresh-cut fruit and other branded, value-added fruit products.

                        *     *     *

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

Standard & Poor's Ratings Services also lowered its ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc.,
including its corporate credit rating, from 'B+' to 'B'.


GOODYEAR TIRE: Moody's Rates US$1.5-Billion Loan at Ba1
-------------------------------------------------------
Moody's Investors Service affirmed Goodyear Tire & Rubber
Company's Corporate Family Rating of B1 but raised the outlook
to positive.

In addition, a Ba1 rating was assigned to Goodyear's new
US$1.5-billion first lien revolving credit facility and a Ba2
rating was assigned to the company's new US$1.2-billion second
lien term loan.

At the same time, a Ba1 rating was assigned to Goodyear Dunlop
Tyres Europe's new first lien credit facilities for EUR505-
million (approximately US$650 million).  The Speculative Grade
Liquidity rating of SGL-2 was also affirmed.  Amounts being
refinanced are identical to current facilities, relative
priorities are unchanged, but maturity profiles have been
extended under improved terms.  Accordingly, the composition of
the company's capital structure and the impact on respective
recovery expectations are essentially unchanged.

Goodyear is amending, restating and extending the maturity of
its US$1.5-billion first lien revolving credit facility.  The
facility will have maturity in April 2013 compared to the
current 2010.  The facility will continue as an asset backed
arrangement with first liens over the parent's and its
guaranteeing subsidiaries current assets, trademark and other
intangibles, shareholdings in subsidiaries (limited to 65% in
the case of certain first tier foreign subsidiaries) and certain
other assets.

Similarly, Goodyear is also amending and restating the terms of
its US$1.2-billion second lien term loan whose new maturity will
be April 2014 compared to the current April 2010.  The restated
facility will have an option to include a Luxembourg and/or a
Canadian subsidiary as borrowers under a Goodyear guarantee.
The term loan will continue with a second priority lien over the
collateral package pledged to the domestic revolving credit
facility and up-streamed North American subsidiary guarantees.

GDTE is also amending, restating and extending the maturities of
its bank credit facilities.  These currently consist of EUR350-
million of revolving credit facilities and a term loan to its
German subsidiary of EUR155-million (total EUR505 million or
approximately US$650 million).  The new facilities will consist
of a EUR350-million revolving credit facility available to GDTE
and several of its subsidiaries and a separate EUR155-million
revolving credit facility to a German subsidiary (total EUR505
million).  The facilities continue with their respective first
lien collateral packages and cross-guarantees as in the current
arrangements.  The new maturity will be April 2012.  An
unsecured guarantee from Goodyear will also remain in place.

The B1 Corporate Family Rating recognizes strong scores for
several factors in Moody's Automotive Supplier Methodology.
These include the company's substantial scale, global brands
with refreshed product offerings, leading market share,
diversified geographic markets, lengthened debt maturities and
continuing solid liquidity profile.  Scores for those
qualitative attributes would normally track to a higher
Corporate Family rating.  However, the B1 rating also considers
Goodyear's substantial leverage, low EBIT returns and weak
coverage ratios, which were affected by the recent strike in
North America as well as un-recouped raw material costs and weak
replacement tire demand in that region.

Scores from these factors counter qualitative strengths and
position the overall rating in the high B category.
Nonetheless, debt levels should crest during 2007 and leverage
measurements should begin to decline as savings are realized
from an improved cost structure, rationalized manufacturing
footprint, pricing actions, and ultimate recovery in unit demand
in the critical North American tire market.  The pending sale of
its Engineered Products business for US$1.475 billion could also
provide substantial capacity for the company's pension
contributions and potential contributions to a VEBA trust, which
would address union retirement health care liabilities.

"The change in outlook reflects several positive trends which
should develop over the intermediate term" said Ed Wiest, VP and
Senior Analyst at Moody's.  "Among these are resumption of
modest growth in replacement tire demand in select North
American markets, improved cost structure and operating
flexibility in the region following resolution of its labor
contract, and higher global utilization rates in its
manufacturing footprint over the next 12 months as
rationalization efforts are completed."

In addition, Goodyear should benefit from healthier margin
realization upon pricing actions, introduction of new tire
models, and moderation in raw material costs.  The company may
fund up to US$1 billion into a VEBA structure for its post
retirement obligations to hourly employees in the United States
in 2007.  Additionally, it is likely the peak in pension funding
requirements will occur in 2007 with significant declines
occurring in subsequent years. Accordingly, Moody's would expect
Goodyear's debt burden to be lower by the end of the coming
year.  Stronger coverage ratios and free cash flow metrics
should emerge in the second half of 2007.

The Speculative Grade Liquidity rating of SGL-2 liquidity
rating, designating good liquidity over the coming year,
reflects significant internal and external resources as well as
increased flexibility in financial covenants under the
refinanced bank obligations.  Although Goodyear will incur
meaningful working capital requirements as production levels
recover following the labor settlement in North America, and it
may need to fund up to US$1 billion into a VEBA for retirement
health care liabilities for its USW employees as well as US$700-
US$750 million of global pension contributions, the company
finished 2006 with roughly US$2.8 billion in un-restricted cash
pro forma for repayments under its domestic and GDTE's German
revolving credit facilities in early January.

The announcement of an agreement to sell its Engineered Products
business for US$1.475 billion may also add substantial liquidity
in the coming year.  Upon closing of the new facilities,
Goodyear would have roughly US$1 billion of unused and available
capacity under its domestic revolving credit facility
(approximately US$0.5 billion of letters of credit are issued
against the commitment) and the majority of the European
revolving credit facilities.  Going forward, Goodyear will have
improved covenant flexibility.

The Ba1 (LGD-1, 4%) rating assigned to the new first lien
revolving credit facility at Goodyear incorporates the benefits
of its first priority liens over substantial collateral as well
as the sizable amount of liabilities junior to its claims.  The
Ba2 (LGD-2, 20%) rating assigned to the new second lien term
loan results from its second priority claims against the
identical collateral package as well as the level of junior
capital beneath it.  The higher rating and improved recovery on
the second lien facility compared to the current second lien
term loan reflects a reassessment of its collateral position
which, in turn, yielded a lower modeled deficiency claim.  The
Ba1 (LGD-1, 4%) rating assigned to the European facilities of
GDTE recognizes the benefits of liens over substantially all
tangible and intangible assets in the borrowing and guaranteeing
group of GDTE entities.

Ratings assigned:

   * Goodyear Tire & Rubber Company

     -- US$1.5-billion first lien revolving credit facility,
        (LGD-1, 4%): Ba1;

     -- US$1.2-billion second lien term loan, (LGD-2, 20%): Ba2.

   * Goodyear Dunlop Tyres Europe B.V. and certain subsidiaries

     -- EUR505-million of first lien revolving credit
        facilities, (LGD-1, 4%): Ba1.

Ratings changed:

   * Goodyear Tire & Rubber Company

     -- Outlook, to positive from stable.

Ratings affirmed and applicable Loss Given Default Assessments:

   * Goodyear Tire & Rubber Company

     -- Corporate Family Rating, B1;

     -- Probability of Default, B1;

     -- third lien secured term loan, B2 with LGD assessment
        changed to (LGD-4, 59%) from (LGD-4, 63%);

     -- 11% senior secured notes, B2 with LGD assessment changed
        to (LGD-4, 59%) from (LGD-4, 63%);

     -- floating rate senior secured notes, B2 with LGD
        assessment changed to (LGD-4, 59%) from (LGD-4, 63%);

     -- 9% senior notes, B2 with LGD assessment changed to (LGD-
        4, 59%) from (LGD-4, 63%);

     -- 8-5/8 % senior unsecured notes due 2011, B2 with LGD
        assessment changed to (LGD-4, 59%) from (LGD-4, 63%);

     -- floating rate unsecured note due 2009, B2 with LGD
        assessment changed to (LGD-4, 59%) from (LGD-4, 63%);

     -- 6-3/8% senior notes, B3 (LGD-6, 94%);

     -- 7-6/7% senior notes, B3 (LGD-6, 94%);

     -- 7% senior notes, B3 (LGD-6, 94%);

     -- senior unsecured convertible notes, B3 (LGD-6, 94%); and

     -- Speculative Grade Liquidity rating, SGL-2.

The last rating action was on Jan. 10 at which time Goodyear and
GDTE ratings were affirmed and the outlook was changed to stable
from negative.  Upon closing of the new facilities, ratings on
Goodyear's existing first and second lien facilities will be
withdrawn as will the ratings on GDTE's existing bank credit
facilities.

Goodyear Tire & Rubber Company, based in Akron, OH, is one of
the world's largest tire companies with more than 90 facilities
in 28 countries around the world.  Products include tires,
engineered rubber products, and chemicals.  Revenues in 2006
were approximately US$20.3 billion.


GOODYEAR TIRE: Sale of Unit Prompts S&P's Positive Outlook
----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Goodyear Tire & Rubber Co. to positive from stable, reflecting
the company's report on March 23 that it has agreed to sell its
Engineered Products business for almost US$1.48 billion and
Standard & Poor's expectation that Goodyear will apply a
significant amount of the proceeds to repay debt.

Goodyear's financial profile will improve from debt reduction,
and a modest upgrade could occur if profitability and cash
generation in the company's North American tire business
strengthens.

In addition, Standard & Poor's affirmed its 'B+' long-term and
'B-2' short-term corporate credit ratings and other ratings on
Goodyear.  In 2007, Goodyear had around US$3 billion of cash,
adjusting year-end cash for the revolving credit borrowings
repaid in early January.

"The prospective benefits of the reduction in debt and debt-like
obligations are significant.  These debt reductions, combined
with improved performance in North American tire operations
could lead to an upgrade," said Standard & Poor's credit analyst
Robert Schulz.

"But, because of the need to recover from the strike impact, the
first part of 2007 will require the use of cash in North
American operations.  Still, Goodyear's credit profile is
expected to demonstrate improvement in 2007," Mr. Schulz
continued.

The outlook could be revised back to stable or to negative if
earnings and cash flow weaken because of soft demand, or if
improvements in North America reverse, notwithstanding recent
progress on financial obligations, including pension
liabilities.


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


HEXCEL CORP: Good Performance Cues S&P's Ratings' Upgrades
----------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings, including
the corporate credit to 'BB' from 'BB-', on aerospace supplier
Hexcel Corp.  The outlook is stable.  About $410 million of debt
is outstanding.

"The upgrade is based on improving credit protection measures,
with further gains expected, as Hexcel benefits from a generally
favorable industry environment, lower debt, and increasing
operating efficiency," said Standard & Poor's credit analyst
Roman Szuper.

The ratings on Stamford, Connecticut-based Hexcel reflect
participation in the cyclical and competitive commercial
aerospace industry and a somewhat aggressive, but improving,
financial profile.  The company is the world's largest
manufacturer of advanced structural materials, such as
lightweight, high-performance carbon fibers, structural fabrics,
and composite materials for the commercial aerospace, defense
and space, and industrial sectors.

Hexcel's largest market, commercial aerospace (52% of 2006
revenues), continues to recover, following a severe downturn in
the 2001-2003 period.  Deliveries of jetliners increased
considerably in 2006, with higher volumes planned for 2007 and
2008.  Although production delays of Airbus' A380 double-decker
aircraft will constrain segment growth in the near term,
revenues could still be up modestly in 2007 on higher build
rates of other airplanes.  Hexcel will not be providing the
composites for the primary structures for Boeing's new 787
aircraft, but other composite parts, such as those for secondary
structures, the interior, the engines, and nacelles for the 787
and other airplanes should provide significant revenues in the
long term.

Generally favorable conditions in core markets, lower debt
levels, and ongoing gains in operating efficiency should sustain
a financial profile appropriate for the rating in the
intermediate term.  An outlook revision to positive or negative
is not likely, at least in the near term, following this
upgrade.

Headquartered in Stamford, Connecticut, Hexcel Corporation --
http://www.hexcel.com/-- (NYSE/PCX: HXL) develops, manufactures
and markets lightweight, high-performance reinforcement
products, composite materials and composite structures for use
in commercial aerospace, space and defense, electronics, and
industrial applications.

The company has operations in Australia, Brazil, China, France
and Japan, among others.


REALOGY CORP: Offering US$3.15-Mln Notes via Private Placement
--------------------------------------------------------------
Realogy Corporation is planning to offer US$3.15 million
aggregate principal amount of 7-year senior notes, senior
floating rate notes, senior PIK toggle notes, and 8-year senior
subordinated notes in a private placement.

The company will use the proceeds to fund a portion of the its
pending merger with affiliates of Apollo Management L.P., to
refinance credit facility debts.  The notes will be guaranteed
by all subsidiaries of company that guarantees its new senior
secured credit facility.

                       Apollo Merger

As reported in the Troubled Company Reporter on Dec. 20, 2006,
the company has entered into a definitive agreement to be
acquired by an affiliate of Apollo in a transaction valued at
approximately US$9 billion, including the assumption or
repayment of approximately US$1.6 billion of net indebtedness
and legacy contingent and other liabilities of approximately
US$750 million.

Under the terms of the agreement, Realogy stockholders would
receive US$30.00 per share in cash at closing, representing a
premium of 18% over Friday's market closing price of US$25.50
and a premium of 26% over Realogy's average closing share price
since its spin-off from Cendant Corporation on Aug. 1, 2006.

                       Stockholders' Meeting

As reported in the Troubled Company Reporter on Feb. 1, 2007,
the company will hold a special meeting of stockholders on
March 30, 2007, 10:00 a.m., local time, at One Hilton Court,
Parsippany, New Jersey, to adopt the merger agreement providing
for the acquisition of the company by an affiliate of Apollo.

The company expects to complete the Merger on or about April 10,
2007.

                  About Apollo Management L.P.

Apollo, founded in 1990, is a recognized leader in private
equity, debt and capital markets investing.  Since its
inception, Apollo has successfully invested over US$16 billion
in companies representing a wide variety of industries, both in
the U.S. and internationally.  Apollo is currently investing its
sixth private equity fund, Apollo Investment Fund VI, L.P.,
which along with related co-investment entities, represents
approximately US$12 billion of committed capital.

                        About Realogy Corp.

Headquartered in Parsippany, N.J., Realogy Corporation (NYSE:
H)-- http://www.realogy.com/-- is real estate franchisor and a
member of the S&P 500.  The company has a diversified business
model that also includes real estate brokerage, relocation, and
title services.  Realogy's world-renowned brands and business
units include CENTURY 21(R), Coldwell Banker(R), Coldwell Banker
Commercial(R), ERA(R), Sotheby's International Realty(R), NRT
Incorporated, Cartus, and Title Resource Group.  Realogy has
more than 15,000 employees worldwide.  The company operates in
Australia, Brazil and France.


REALOGY CORP: S&P Rates Proposed US$1.5 Bln Senior Notes at B-
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' rating to
Parsippany, New Jersey-based Realogy Corp.'s proposed US$1.5
billion senior notes due 2014, US$750 million senior pay-in-kind
toggle notes due 2014, and US$900 million senior subordinated
notes due 2015.  These securities are expected to be sold
pursuant to Rule 144A of the Securities Act of 1933 with
registration rights.

Proceeds form the proposed notes, in addition to a previously
rated bank facility and owner's equity, will be used to help
fund the approximately US$8.5 billion leveraged buyout of the
company by Apollo Management L.P., which is expected to close
within the next few weeks.  The 'B-' rating on the proposed
notes is two notches below Realogy's expected post-LBO corporate
credit rating of 'B+' given the significant amount of priority
debt in the pro forma capital structure.

In addition, Standard & Poor's affirmed its loan and recovery
ratings on Realogy's senior secured credit facilities, following
the increase in the term commitment under the loan by
US$500 million.  The secured loan rating is 'BB' with a recovery
rating of '1', indicating the expectation for full recovery of
principal in the event of a payment default.

Although the amount of secured debt in the pro forma capital
structure has increased, the expected enterprise value available
at projected default continues to yield a recovery rate in
excess of 100% of principal.  However, any incremental increase
in excess of US$500 million could result in the secured loan
rating being lowered.

Concurrently, the 'BB+' corporate credit rating remains on
CreditWatch with negative implications, where it was placed on
Dec. 18, 2006.  As the rating agency previously stated, based on
its analysis of the proposed capital structure, if shareholders
approve the transaction by vote, the corporate credit rating
would be lowered to 'B+' and the rating outlook would be
negative.

Also, the 'BB+' rating on the company's existing US$1.2 billion
in senior notes remain on CreditWatch with negative
implications, where it was placed on Feb. 13, 2007.

Based on Standard & Poor's analysis, the rating agency has made
the determination that the rating on these notes will not be
lowered any further from the current 'BB+' rating until such a
time that it is clear they would remain a permanent piece
of the company's capital structure.

According to the existing bond indentures, Realogy will be
required to offer to purchase the notes at par, plus accrued and
unpaid interest, upon a change of control and a rating downgrade
to speculative grade.  While Standard & Poor's recognizes these
notes are currently trading above par, reducing holders'
incentive to put the bonds, the rating agency cannot, with great
confidence, predict the market direction during the next several
weeks to determine how holders will respond.  Therefore, the
continued three-notch rating differential between the senior
notes and the expected 'B+' corporate credit rating recognizes
the protection afforded to bondholders from this change-of-
control covenant.  If these notes were to remain outstanding,
the rating would be downgraded one notch to the level of the
company's bank facility, which is 'BB', as they will rank
equally and share in the same collateral package.

"The expected 'B+' corporate credit rating on Realogy after the
planned LBO reflects the company's highly leveraged capital
structure, weakened credit measures, and reduced cash flow
generating capability as a result of the LBO and associated
heavy interest burden," said Standard & Poor's credit analyst
Michael Scerbo.

"The rating also underscores Realogy's exposure to the
residential real estate industry, which is sensitive to economic
cycles, and its aggressive financial policy, as exhibited by its
pending buyout and the expectation that the company will remain
cquisitive within its brokerage operation, despite lower levels
of discretionary cash flow."

Realogy's near-term credit profile will be largely dictated by
the company's sizable financial leverage, with liquidity a key
factor in Standard & Poor's rating surveillance.  Nonetheless,
credit quality is supported by a satisfactory business risk
profile, as exhibited by Realogy's leading competitive position
in the residential real estate industry; its ownership of
several well known brands in the industry, including Century 21,
Coldwell Banker, and ERA, which target multiple price points;
its experienced management team; and the significant earnings
contribution from its franchise business, which tends to be more
reliable than brokerage ownership.

Standard & Poor's will look to resolve the CreditWatch listing
on the current 'BB+' corporate credit rating corporate credit
rating following the shareholder vote, which is expected to
occur on March 30.

Headquartered in Parsippany, N.J., Realogy Corporation (NYSE:
H)-- http://www.realogy.com/-- is real estate franchisor and a
member of the S&P 500.  The company has a diversified business
model that also includes real estate brokerage, relocation, and
title services.  Realogy's world-renowned brands and business
units include CENTURY 21(R), Coldwell Banker(R), Coldwell Banker
Commercial(R), ERA(R), Sotheby's International Realty(R), NRT
Incorporated, Cartus, and Title Resource Group.  Realogy has
more than 15,000 employees worldwide.  The company operates in
Australia, Brazil and France.


RHODIA SA: Moody's May Lift Low-B Ratings After Review
------------------------------------------------------
Moody's Investors Service has placed B1 corporate family rating
of Rhodia S.A. under review for possible upgrade following the
group's improvement in the overall profile and de-leveraging in
the past 12 months.

Rhodia's performance has demonstrated improved resilience in
2006, supported by continuous demand and ability of the Company
to transfer increases in raw material prices and improve its
margins.  In Moody's opinion this reflects the accomplished
reorganization of the portfolio and consolidation of the
position in selected core businesses, where Rhodia enjoys
sustainable long-term leadership and is likely to maintain its
pricing power.

The Company has substantially implemented a broad cost reduction
program that further supported the reported improvement in
margins and operating cash flow.  Moody's further notes Rhodia's
continued efforts to strengthen its balance sheet, refinance
high-cost legacy debt and deleverage.

As of the end of 2006, Rhodia reported EBITDA margin in excess
of 14% in line with its strongly performing European peers.
Following its disposals, the group reduced absolute level of
debt and substantially refinanced its high-cost legacy notes,
while extending maturity profile of its obligations.  At the end
of the year, Rhodia's Total debt/ EBITDA stood at x3.6 and at
x5.4 times on adjusted basis (primarily adjusted for pensions),
on the net adjusted basis the leverage stood at x4.7 at the end
of the year.  Rhodia's FCF remained marginally negative.

Moody's review for possible upgrade will focus on the assessment
of FCF generation capacity of the group going forward, Company's
development prospects for 2007-2008, as well as medium-term
operating and financial outlook for its key sectors and the
Company's strategy.

Moody's last upgraded Rhodia on Sept. 4, 2006, reflecting an
improvement in operating performance as well as the stability of
the company's liquidity.

The ratings were affected:

   -- Rhodia S.A. Corporate Family Rating: B1;
   -- Rhodia S.A. Senior Unsecured ratings: B2; and
   -- Rhodia S.A. Senior Subordinated ratings: B3.

Based in Paris, France, Rhodia S.A. is a diversified specialty
chemicals group that generated consolidated Revenues of EUR4.8
billion and reported EBITDA of EUR683 million in 2006.


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


AVISPED LOGISTIK: Claims Registration Period Ends May 11
--------------------------------------------------------
Creditors of AVISPED Logistik GmbH & Co. KG have until May 11 to
register their claims with court-appointed insolvency manager
Claudia Langholz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 6, at which time the insolvency
manager will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 contacted at:

         Claudia Langholz
         Muehlenkamp 59
         22303 Hamburg
         Germany
         Tel: 040/650390
         Fax: 040/65039199

The District Court of Lueneburg opened bankruptcy proceedings
against AVISPED Logistik GmbH & Co. KG on March 16.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         AVISPED Logistik GmbH & Co. KG
         Hittfelder Kirchweg 10
         21220 Seevetal
         Germany

         Attn: Karlheinz Thierbach, Manager
         Seidelstr. 27
         10117 Berlin
         Germany


AWB RENT: Claims Registration Period Ends May 4
-----------------------------------------------
Creditors of AWB Rent Service GmbH have until May 4 to register
their claims with court-appointed insolvency manager
Nils Freudenberg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 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:

         Dr. Nils Freudenberg
         Ulmenstrasse 14
         09112 Chemnitz
         Germany
         Tel: (0371) 38 22 60
         Fax: (0371) 38 22 623
         Web site: http://www.tiefenbacher.de/

The District Court of Chemnitz opened bankruptcy proceedings
against AWB Rent Service GmbH on March 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         AWB Rent Service GmbH
         Attn: Uwe Krumbholz, Manager
         Ahornstrasse 14
         09661 Chemnitz
         Germany


B & R WOHNUNGSBAUGESELLSCHAFT: Claims Registration Ends April 23
----------------------------------------------------------------
Creditors of B. & R. Wohnungsbaugesellschaft mbH have until
April 23 to register their claims with court-appointed
insolvency manager Christian Langhoff.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 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 Stralsund
         Hall A 421
         Fourth Floor
         House A
         Frankendamm 17
         Stralsund
         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:

         Christian Langhoff
         Carl-Heydemann-Ring 55
         18437 Stralsund
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against B. & R. Wohnungsbaugesellschaft mbH on March 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         B. & R. Wohnungsbaugesellschaft mbH
         Bergener Strasse 17c
         18574 Garz
         Germany


BUSINESS FASHION: Claims Registration Period Ends April 27
----------------------------------------------------------
Creditors of Business Fashion Service GmbH have until April 27
to register their claims with court-appointed insolvency manager
Reinhard Titz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 a.m. on May 31, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be contacted at:

         Reinhard Titz
         Speersort 4/6
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Business Fashion Service GmbH on March 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Business Fashion Service GmbH
         Attn: Patrik Tiedemann, Manager
         Modering 3
         22457 Hamburg
         Germany


COLOR DESIGN: Claims Registration Period Ends May 4
---------------------------------------------------
Creditors of COLOR design GmbH & Co. KG have until May 4 to
register their claims with court-appointed insolvency manager
Christian Schuetze.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.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 Cottbus
         Hall 210
         Gerichtsplatz 2
         Cottbus
         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:

         Christian Schuetze
         Lieberoser Strasse 7
         03046 Cottbus
         Germany

The District Court of Cottbus opened bankruptcy proceedings
against COLOR design GmbH & Co. KG on March 23.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         COLOR design GmbH & Co. KG
         Lichterfelder Strasse 97
         03238 Finsterwalde
         Germany


DLC HANNOVER: Claims Registration Period Ends May 21
----------------------------------------------------
Creditors of DLC Hannover GmbH & Co. KG have until May 21 to
register their claims with court-appointed insolvency manager
Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 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 Hannover
         Hall 226
         Second Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be contacted at:

         Dr. Rainer Eckert
         Arthur-Menge-Ufer 5
         30169 Hannover
         Germany
         Tel: 0511 626287-0
         Fax: 0511 626287-10

The District Court of Hannover opened bankruptcy proceedings
against DLC Hannover GmbH & Co. KG on March 21.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         DLC Hannover GmbH & Co. KG
         Attn: Herbert Wolters, Manager
         Fuhrberger Weg 10
         30900 Wedemark
         Germany


DOCEDUCATION SERVICE: Creditors' Meeting Slated for April 26
------------------------------------------------------------
The court-appointed insolvency manager for DocEducation Service
GmbH, 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 June 28, at the same venue.

Creditors have until May 15 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 DocEducation Service GmbH on March 22.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         DocEducation Service GmbH
         Schwachhauser Heerstr. 90
         28209 Bremen
         Germany


DOERNER DIENSTLEISTUNGS: Claims Registration Period Ends May 2
--------------------------------------------------------------
Creditors of Doerner Dienstleistungs- und Handelsgesellschaft
mbH have until May 2 to register their claims with court-
appointed insolvency manager Andreas Schenk.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 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:

         Andreas Schenk
         Franz-Mehring-Strasse 15
         08058 Zwickau
         Germany
         Tel: (0375) 211 857 0
         Fax: (0375) 211 857 28
         E-mail: zwickau@scharl-schenk-scheuffler.de

The District Court of Chemnitz opened bankruptcy proceedings
against Doerner Dienstleistungs- und Handelsgesellschaft mbH on
March 23.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Doerner Dienstleistungs- und Handelsgesellschaft mbH
         Attn: Friedebert Doerner, Manager
         Martin-Luther-Strasse 24
         08525 Plauen
         Germany


DUSCHKA SPIELWAREN: Creditors' Meeting Slated for April 23
----------------------------------------------------------
The court-appointed insolvency manager for Duschka Spielwaren,
Schreibwaren und Lederwaren GmbH, Dominica Wolff, will present
her first report on the Company's insolvency proceedings at a
creditors' meeting at 9:15 a.m. on April 23.

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

         The District Court of Saarbruecken
         Meeting Hall 24
         Second Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 8:45 a.m. on June 4, at the same venue.

Creditors have until May 9 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dominica Wolff
         Lilienthalstrasse 9
         66740 Saarlouis
         Germany
         Tel: (06831) 173 241
         Fax: (06831) 173 220

The District Court of Saarbruecken opened bankruptcy proceedings
against Duschka Spielwaren, Schreibwaren und Lederwaren GmbH on
March 22.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Duschka Spielwaren, Schreibwaren und Lederwaren GmbH
         Attn: Karl-Heinz Duschka, Manager
         Marktstrasse 10
         66822 Lebach
         Germany


ERNST HENSCHEL: Claims Registration Period Ends April 20
--------------------------------------------------------
Creditors of Ernst Henschel Dachdeckerei GmbH have until
April 20 to register their claims with court-appointed
insolvency manager Jens-Soeren Schroeder.

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

The meeting of creditors will be held at:

         The District Court of Kiel
         Hall 17
         Kiel
         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:

         Jens-Soeren Schroeder
         Raboisen 38
         20095 Hamburg
         Germany

The District Court of Kiel opened bankruptcy proceedings against
Ernst Henschel Dachdeckerei GmbH on March 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Ernst Henschel Dachdeckerei GmbH
         Speckenbeker Weg 130c
         24113 Kiel
         Germany


FINANZ-UND WIRTSCHAFTSBERATUNG: Claims Filing Due April 18
-----------------------------------------------------------
Creditors of Finanz- und Wirtschaftsberatung mbH have until
April 18 to register their claims with court-appointed
insolvency manager Thomas Illy.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 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 Wiesbaden
         E 36 A
         Third Floor
         Building E
         Moritzstrasse 5
         Hinterhaus
         65185 Wiesbaden
         Germany

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

The insolvency manager can be reached at:

         Thomas Illy
         Taunusanlage 17
         60325 Frankfurt/M.
         Germany
         Tel: 069/97 99 53-0
         Fax: 069/97 99 53-99

The District Court of Wiesbaden opened bankruptcy proceedings
against Finanz- und Wirtschaftsberatung mbH on March 20.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Finanz- und Wirtschaftsberatung mbH
         Mohnweg 5
         65201 Wiesbaden
         Germany


GIGA ELECTRONIC: Creditors' Meeting Slated for May 3
----------------------------------------------------
The court-appointed insolvency manager for Giga Electronic GmbH,
Dr. Bjoern Gehde, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 8:50 a.m. on
May 3.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:05 a.m. on July 5 at the same venue.

Creditors have until May 30 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Bjoern Gehde
         Goethestr. 85
         10623 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Giga Electronic GmbH on March 20.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Giga Electronic GmbH
         Prinzregentenstrasse 9
         10717 Berlin
         Germany


GLEICHMANN BAUGESELLSCHAFT: Claims Registration Ends May 20
-----------------------------------------------------------
Creditors of Gleichmann Baugesellschaft mbH have until May 20 to
register their claims with court-appointed insolvency manager
Volker Reinhardt.

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

The meeting of creditors will be held at:

         The District Court of Erfurt
         Hall 12
         Ru-dolfsstr. 46
         99092 Erfurt
         Germany

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

The insolvency manager can be reached at:

         Volker Reinhardt
         Windthorststr. 17
         99096 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against Gleichmann Baugesellschaft mbH on March 21.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Gleichmann Baugesellschaft mbH
         Hauptstrasse 33
         99310 Arnstadt
         Germany


GOWIK GMBH: Claims Registration Ends May 21
-------------------------------------------
Creditors of Gowik GmbH have until May 21 to register their
claims with court-appointed insolvency manager Sabine Feuerborn.

Creditors and other interested parties are encouraged to attend
the meeting at 9:32 a.m. on June 21, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Sabine Feuerborn
         Else-Lang-Str. 1
         50858 Cologne
         Germany

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

The Debtor can be reached at:

         Gowik GmbH
         Gleueler Str. 57
         50931 Cologne
         Germany


IASM AGENTUR: Creditors' Meeting Slated for May 2
-------------------------------------------------
The court-appointed insolvency manager for IASM Agentur fuer
Sport- & Marketing GmbH, Andrea Kornisch, will present her first
report on the Company's insolvency proceedings at a creditors'
meeting at 2:05 p.m. on May 2.

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

         The District Court of Saarbruecken
         Meeting Hall 24
         Second Floor
         Branch Office Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 1:45 p.m. on June 20 at the same venue.

Creditors have until May 23 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Andrea Kornisch
         Mathias-Iven-Strasse 10
         66117 Saarbruecken
         Germany
         Tel: 0681/954 120
         Fax: 0681/ 954 1222

The District Court of Saarbruecken opened bankruptcy proceedings
against IASM Agentur fuer Sport- & Marketing GmbH on March 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         IASM Agentur fuer Sport- & Marketing GmbH
         Attn: Ralf Neumann, Manager
         Hasenackerstr. 23
         66424 Homburg
         Germany


INMEDITEC MEDIZINTECHNIK: Claims Registration Ends April 5
----------------------------------------------------------
Creditors of INMEDITEC Medizintechnik GmbH have until April 5 to
register their claims with court-appointed insolvency manager
Heiko Fialski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on May 25, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 INMEDITEC Medizintechnik GmbH on March 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The insolvency manager can be reached at:

         Heiko Fialski
         Raboisen 38
         20095 Hamburg
         Germany

The Debtor can be reached at:

         INMEDITEC Medizintechnik GmbH
         Gasstrasse 12
         22761 Hamburg
         Germany

         Attn: Dirk Baumann, Manager
         Herrengraben 25
         20459 Hamburg
         Germany


INNTECH GMBH: Claims Registration Period Ends April 23
------------------------------------------------------
Creditors of InnTech GmbH have until April 23 to register their
claims with court-appointed insolvency manager Andreas Kienast.

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

The meeting of creditors will be held at:

         The District Court of Eutin
         Hall E
         First Stick
         Jungfernstieg 3
         23701 Eutin
         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 Eutin opened bankruptcy proceedings
against InnTech GmbH on March 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The insolvency manager can be reached at:

         Andreas Kienast
         Peterstrasse 14
         23701 Eutin
         Germany

The Debtor can be reached at:

         InnTech GmbH
         Attn: Frank Wuerzburg
         Roentgenstrasse 1
         23701 Eutin
         Germany


IQ INTELLIGENTE: Claims Registration Period Ends April 10
---------------------------------------------------------
Creditors of IQ Intelligente Loesungen fuer Industrie, Handel
und Gewerbe GmbH have until April 10 to register their claims
with court-appointed insolvency manager Dr. Dieter Kuehne.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Memmingen
         Meeting Hall 103
         Ground Floor
         Buxacher Strasse 6
         Memmingen
         Germany

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

The District Court of Memmingen opened bankruptcy proceedings
against IQ Intelligente Loesungen fuer Industrie, Handel und
Gewerbe GmbH on March 5.  Consequently, all pending proceedings
against the company have been automatically stayed.

The insolvency manager can be reached at:

         Dr. Dieter Kuehne
         Kuebler
         Konrad-Zuse-Platz 1
         81829 Munich
         Germany
         Tel: 089/99299-0
         Fax: 089/99299-299

The Debtor can be reached at:

         IQ Intelligente Loesungen fuer Industrie,
         Handel und Gewerbe GmbH
         Attn: Jolanta Reichert, Manager
         Hohmahdweg 5
         87719 Mindelheim
         Germany


LIFE MAXIMUM: Claims Registration Ends June 14
----------------------------------------------
Creditors of life maximum fitness GmbH have until June 14 to
register their claims with court-appointed insolvency manager
Dr. Thomas Dithmar.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on July 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 Erfurt
         Hall 15
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         Germany

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

The insolvency manager can be reached at:

         Dr. Thomas Dithmar
         Barbarossahof 3
         99092 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against life maximum fitness GmbH on March 19.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         life maximum fitness GmbH
         Attn: Claudia Muehlhaus, Manager
         Hirschlachufer 7
         99084 Erfurt
         Germany


MALERBETRIEB STINDT: Claims Registration Ends April 30
------------------------------------------------------
Creditors of Malerbetrieb Stindt und Flessner GmbH have until
April 30 to register their claims with court-appointed
insolvency manager Axel Gerbers.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Aurich
         Hall 115
         Schlossplatz 2
         26603 Aurich
         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:

         Axel Gerbers
         Soegestrasse 70
         28195 Bremen
         Germany
         Tel: 0421/178 99 80
         Fax: 0421/178 99 811

The District Court of Aurich opened bankruptcy proceedings
against Malerbetrieb Stindt und Flessner GmbH on March 16.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Malerbetrieb Stindt und Flessner GmbH
         Attn: Hans-Juergen Flessner, Manager
         Gewerbegelande 50
         26548 Norderney
         Germany


MANA MANA: Claims Registration Ends May 23
------------------------------------------
Creditors of mana mana GmbH have until May 23 to register their
claims with court-appointed insolvency manager Fabio Algari.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on July 4, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 reached at:

         Fabio Algari
         Oppenheimer Landstrasse 3, D
         60594 Frankfurt/Main
         Germany
         Tel: 069/6109160
         Fax: 069/61091616

The District Court of Frankfurt/Main opened bankruptcy
proceedings against mana mana GmbH on March 20.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         mana mana GmbH
         Heidelbergerstrasse 13
         60327 Frankfurt am Main

         Attn: Bas de Vries, Manager
         Kleine Hochstrasse 9
         60313 Frankfurt am Main
         Germany


METALLBAU FELBER: Creditors Must Register Claims by May 8
---------------------------------------------------------
Creditors of Metallbau Felber GmbH have until May 8 to register
their claims with court-appointed insolvency manager
Christoph Munz.

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

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 28
         Fuerstenstrasse 21
         Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Christoph Munz
         Gustav-Adolf-Strasse 6 b
         01219 Dresden
         Germany
         Tel: (0351) 49 906 29
         Fax: (0351) 46 906 88
         E-mail: dresden@munz-anwaelte.de

The District Court of Chemnitz opened bankruptcy proceedings
against Metallbau Felber GmbH on March 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Metallbau Felber GmbH
         Am Parkteich 4
         09618 Brand-Erbisdorf
         Germany


NA NA: Creditors Must Register Claims by April 20
-------------------------------------------------
Creditors of Na Na Warenhandelsagentur GmbH have until April 20
to register their claims with court-appointed insolvency manager
Uwe Kassing.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on May 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Uwe Kassing
         Pulverweg 1a
         21337 Lueneburg
         Germany
         Tel: 0 700 800 800 25
         Fax: 0 700 800 800 27

The District Court of Leuneburg opened bankruptcy proceedings
against Na Na Warenhandelsagentur GmbH on March 16.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Na Na Warenhandelsagentur GmbH
         Lauenburger Str. 39
         21354 Bleckede
         Germany

         Attn: Gerhard Narkus, Manager
         Kurt-Loewenstein-StraŠe 14
         21354 Bleckede
         Germany


PETRIK INTERNATIONALE: Creditors Must Register Claims by May 2
--------------------------------------------------------------
Creditors of Petrik Internationale Textil-Transporte GmbH & Co.
KG have until May 2 to register their claims with court-
appointed insolvency manager Joachim Walterscheid.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Joachim Walterscheid
         Am Kurpark 2
         32545 Bad Oeynhausen
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Petrik Internationale Textil-Transporte GmbH & Co. KG on
March 16.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Petrik Internationale Textil-Transporte GmbH & Co. KG
         Blankensteinstr. 29
         32257 Buende
         Germany


QPC ARTS: Claims Registration Period Ends April 30
--------------------------------------------------
Creditors of QPC Arts Cooporation GmbH have until April 30 to
register their claims with court-appointed insolvency manager
Michael Bremen.

Creditors and other interested parties are encouraged to attend
the meeting at 8:50 a.m. on May 22, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Michael Bremen
         Sternstr. 58
         40479 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against QPC Arts Cooporation GmbH on March 21.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         QPC Arts Cooporation GmbH
         Attn: Qu Ping, Manager
         Eichendorffstr. 8 a
         41564 Kaarst
         Germany


R&M UMWELT: Claims Registration Period Ends July 3
--------------------------------------------------
Creditors of R&M Umwelt GmbH have until July 3 to register their
claims with court-appointed insolvency manager Axel Roth.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Aug. 2, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Axel Roth
         Dittrichring 18-20
         04109 Leipzig
         Germany
         Tel: 0341/1493105
         Telefax: 0341/1493111

The District Court of Leipzig opened bankruptcy proceedings
against R&M Umwelt GmbH on March 22.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         R&M Umwelt GmbH
         Attn: Bernd Mueller, Manager
         Franz-Flemming-Strasse 5
         04179 Leipzig
         Germany


RS BAUUNTERNEHMEN: Claims Registration Period Ends May 8
--------------------------------------------------------
Creditors of RS Bauunternehmen GmbH have until May 8 to register
their claims with court-appointed insolvency manager
Markus M. Merbecks.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Chemnitz
         Hall 24
         Fuerstenstrasse 21-23
         Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Markus M. Merbecks
         Leipziger Strasse 58
         09113 Chemnitz
         Germany
         Tel: (0371) 444610
         Telefax: (0371) 4446111
         E-mail: merbecks@merbecks.de

The District Court of Chemnitz opened bankruptcy proceedings
against RS Bauunternehmen GmbH on March 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         RS Bauunternehmen GmbH
         Attn: Peter Ruda, Manager
         Bornaer Strasse 205
         09114 Chemnitz
         Germany


SADE GMBH: Claims Registration Period Ends April 30
---------------------------------------------------
Creditors of Sade GmbH have until April 30 to register their
claims with court-appointed insolvency manager
Michael Bohlander.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Michael Bohlander
         Heinrich-Lanz-Str. 23-27
         68165 Mannheim
         Germany
         Tel: 0621/ 40 17 10 0

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

The Debtor can be reached at:

         Sade GmbH
         Attn: Muervet Demirkol, Manager
         Kathe-Kollwitz-Ring 15
         76676 Graben-Neudorf
         Germany


SYSTEM AUSBAU: Claims Registration Period Ends May 2
----------------------------------------------------
Creditors of System Ausbau GmbH have until May 2 to register
their claims with court-appointed insolvency manager
Peter Depre.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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:

         Peter Depre
         O 4, 13-16
         68161 Mannheim
         Germany
         Tel: (06 21) 12 07 80

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

The Debtor can be reached at:

         System Ausbau GmbH
         Attn: Cihan Acemi, Manager
         Fontanestr. 7
         68794 Oberhausen-Rheinhausen
         Germany


THIEDER DIENSTLEISTUNGEN: Claims Registration Ends April 25
-----------------------------------------------------------
Creditors of Thieder Dienstleistungen GmbH have until April 25
to register their claims with court-appointed insolvency manager
Peter Steuerwald.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 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 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:

         Peter Steuerwald
         Bruchtorwall 6
         D 38100 Braunschweig
         Germany
         Tel: (05 31) 2 44 80 30
         Fax: (05 31) 2 44 80 80
         E-Mail: psteuerwald@hausherr-steuerwald.de

The District Court of Braunschweig opened bankruptcy proceedings
against Thieder Dienstleistungen GmbH on March 16.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Thieder Dienstleistungen GmbH
         Vor den Drohnen 4
         38302 Wolfenbuettel
         Germany

         Attn: Norbert Koch, Manager
         Kuhstrasse 11/12
         38100 Braunschweig
         Germany


TRW AUTOMOTIVE: Gets Requisite Consents to Amend Note Indentures
----------------------------------------------------------------
TRW Automotive Holdings Corp., through its subsidiary TRW
Automotive Inc., in connection with the previously announced
cash tender offers and consent solicitations for its
outstanding:

   -- US$825 million 9-3/8% Senior Notes due 2013,
   -- EUR130 million 10-1/8% Senior Notes due 2013,
   -- US$195 million 11% Senior Subordinated Notes due 2013, and
   -- EUR81 million 11-3/4% Senior Subordinated Notes due 2013,

has received the requisite consents to amend the indentures
governing each series of Notes.

As of 5:00 p.m., New York City time, on March 23, tenders and
consents had been received with respect to:

   -- approximately US$820.7 million aggregate principal amount,
      or 99.4% of the total outstanding, of the 9-3/8% Senior
      Notes;

   -- approximately EUR120.5 million aggregate principal amount,
      or 92.7% of the total outstanding, of the 10-1/8% Senior
      Notes;

   -- approximately US$189.2 million aggregate principal amount,
      or 97.0% of the total outstanding, of the 11% Senior
      Subordinated Notes; and

   -- approximately EUR78.9 million aggregate principal amount,
      or 97.1% of the total outstanding, of the 11-3/4% Senior
      Subordinated Notes.

The company has executed supplemental indentures with The Bank
of New York, as trustee, effectuating proposed amendments to the
indentures governing each series of Notes, all as described in
the Offer to Purchase and Consent Solicitation Statement dated
March 12.  The settlement for the early tender of such notes is
expected to occur on March 26.  The supplemental indentures will
become operative immediately before such early settlement of the
tender offers.

The tender offers will expire at midnight, New York City time,
on April 6, unless extended or earlier terminated.  Settlement
for all Notes tendered after the Consent Date, but on or prior
to the Expiration Date, is expected to be promptly following the
Expiration Date.

Lehman Brothers Inc., Lehman Brothers International (Europe),
Banc of America Securities LLC, Banc of America Securities
Limited, Deutsche Bank Securities Inc., Deutsche Bank AG, London
Branch, Goldman, Sachs & Co. and Merrill Lynch & Co. are each
acting as a Dealer Manager and Solicitation Agent for the tender
offers and the consent solicitations.  The Depositary is The
Bank of New York and the Information Agent is Global Bondholder
Services Corporation.

Requests for documentation should be directed to:

       Global Bondholder Services Corporation
       (866) 924-2200

       The Bank of New York
       101 Barclay Street - 7 East
       New York, NY 10286
       Attn: William Buckley
       Tel: (212) 815-5788
       Fax: (212) 298-1915

             -- or --

       The Bank of New York (Luxembourg) S.A.
       Aerogolf Center - 1A
       Hoehenhof, L-1736
       Senningerberg, Luxembourg
       Tel: +(352) 34 20 90 5637.

Questions regarding the tender offers and the consent
solicitations should be directed to Lehman Brothers at
(800) 438-3242 (toll-free) or (212) 528-7581 (collect).

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

                          *     *     *

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


TRW AUTOMOTIVE: Closes Senior Notes Offering
--------------------------------------------
TRW Automotive Holdings Corp., through its subsidiary TRW
Automotive Inc., has closed its offering of:

   -- US$500,000,000 in aggregate principal amount of its 7%
      Senior Notes due 2014;

   -- EUR275,000,000 in aggregate principal amount of its 6-3/8%
      Senior Notes due 2014; and

   -- US$600,000,000 in aggregate principal amount of its 7-1/4%
      Senior Notes due 2017.

The Company initiated the Notes offering on March 12, 2007.

The Notes were issued pursuant to a private placement and are
expected to be resold by the initial purchasers under Rule 144A
and Regulation S under the Securities Act of 1933, as amended.
The Notes have not been registered under the Securities Act and
may not be offered or sold in the United States absent
registration under the Securities Act or an applicable exemption
from the registration requirements of the Securities Act.

Upon closing, the net proceeds from the Notes offering were
primarily used to purchase any and all notes tendered on or
prior to 5:00 p.m., New York City time, on March 23, 2007, in
conjunction with the company's previously announced cash tender
offers and consent solicitations for its outstanding US$825
million 9-3/8% Senior Notes due 2013, EUR130 million 10-1/8%
Senior Notes due 2013, US$195 million 11% Senior Subordinated
notes due 2013 and EUR81 million 11-3/4% Senior Subordinated
Notes due 2013.

                   About TRW Automotive

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

                          *     *     *

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


UDO M. KOSEL: Claims Registration Period Ends April 5
-----------------------------------------------------
Creditors of Ingenieurbuero Dr.-Ing. Udo M. Kosel GmbH have
until April 5 to register their claims with court-appointed
insolvency manager Tim F. Gaetcke.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on May 8, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Celle
         Hall 014
         First Floor
         Muehlenstrasse 4
         29221 Celle
         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 Celle opened bankruptcy proceedings
against Ingenieurbuero Dr.-Ing. Udo M. Kosel GmbH on Feb. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Tim F. Gaetcke
         Hans-Boeckler-Allee 26
         30173 Hannover
         Germany
         Tel: 0511/360960
         Fax: 0511/3609696
         E-Mail: k.lange@wedlerundgaetcke.de

The Debtor can be reached at:

         Ingenieurbuero Dr.-Ing. Udo M. Kosel GmbH
         Hannnoversche Str. 6
         29221 Celle
         Germany

         Attn: Udo M. Kosel, Manager
         Rotenberg 10
         67697 Otterberg
         Germany


===========
G R E E C E
===========


EASTMAN KODAK: Ends Membership in Better Business Bureau
--------------------------------------------------------
Eastman Kodak Co. resigned from the Council of Better Business
Bureaus after a prolonged dispute over its handling of customer
complaints about defective digital cameras, product warranties
or other issues, the Associated Press reports, citing the
consumer advocacy group.

According to AP, the council, the umbrella organization for the
Better Business Bureau system begun in 1912, counted Kodak among
its founding members in 1971.

The source cited the council as saying that Kodak has long
refused to accept or respond to consumer complaints submitted by
the Upstate New York Better Business Bureau, prompting expulsion
proceedings in December by the council's board.

                      Full Year 2006 Results

For the year ended Dec. 31, 2006, the company incurred net loss
of US$601 million on net sales of US$13,274 million compared to
a net loss of US$1,261 million on net sales of US$14,268 million
for the year ended Dec. 31, 2005.

According to the company, the favorable year-over-year change
reflects greatly improved operational performance in the
company's consumer digital, graphic communications, and film and
photofinishing businesses.  It also reflects a year-over-year
decrease in restructuring charges, reduced SG&A expenses and
lower tax valuation allowances versus the prior year, the
company said.

The company's cash and cash equivalents decreased US$196 million
from US$1,665 million at Dec. 31, 2005, to US$1,469 million at
Dec. 31, 2006.  The decrease resulted primarily from US$947
million of net cash used in financing activities, US$225 million
of net cash used in investing activities, partially offset by
US$956 million of net cash provided by operating activities.

                 Moody's Continues Ratings Review

In February 2007, Moody's Investors Service said it is
continuing its review on Eastman Kodak's ratings for possible
downgrade including Corporate Family Rating at B1, Senior
Unsecured Rating at B2, and Senior Secured Credit Facilities at
Ba3.

The rating agency commented that its continuing review is
focused on not only the company's reported sale of the Kodak
Health Group, but also on the fundamental operating performance
of the company.

Moody's said the review for possible downgrade continues to
focus on the potential KHG sale consummation, the application of
KHG sale proceeds toward debt reduction as well as other uses,
Kodak's prospects to grow earnings and cash flow, including the
effects of non-recurring licensing arrangements, and the
company's management of restructuring and KHG separation costs.

Regarding Kodak's 2006 results, Moody's believes that the
company's revenue, earnings, and cash flow remain challenged
relative to cross industry peers rated B1.

                      About Eastman Kodak Co.

Headquartered in Rochester, New York, Eastman Kodak Company --
http://www.kodak.com/-- is a worldwide vendor of imaging
products and services.  The company is committed to a digitally
oriented growth strategy focused on four businesses: Digital &
Film Imaging Systems - providing consumers, professionals, and
cinematographers with digital and traditional products and
services; Health -- supplying the medical and dental professions
with traditional and digital imaging and information systems, IT
solutions, and services; Graphic Communications - providing
customers with a range of solutions for prepress, traditional
and digital printing, document scanning, and multi-vendor IT
services; and Display & Components - supplying original
equipment manufacturers with imaging sensors as well as
intellectual property and materials for the organic light-
emitting diode and LCD display industries.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China among others.

                        *     *     *

Moody's Investors Service placed Eastman Kodak Company's B1
Corporate Family Rating on review for a possible downgrade.
Moody's will continue to focus on the company's potential sale
of the Kodak Health Group as well as the fundamental operating
performance of the company.  Moody's commented that if the sale
of KHG was not pending, Moody's would expect to confirm the
company's B1 rating with a negative outlook.

The company intends to announce the outcome of the KHG strategic
review by calendar year end 2006.

Standard & Poor's Ratings Services placed its ratings on Eastman
Kodak Co. (B+/Watch Neg/--) on CreditWatch with negative
implications.  The Rochester, New York-based imaging company had
USUS$3.5 billion in debt as of June 30, 2006.


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


INTERNATIONAL PAPER: To Form Joint Venture with Ilim Holding
------------------------------------------------------------
International Paper and Ilim Holding have applied to the Russian
Federal Antimonopoly Service for approval of the acquisition of
rights that will allow the two companies to jointly make
decisions regarding the enterprises owned by Ilim Holding SA in
Russia.  The application was filed on March 26.

Obtaining FAS approval presents the next stage toward
establishing a joint venture between International Paper and
Ilim Pulp.  On Oct. 25, 2006, the two companies signed a letter
of intent to form the 50-50 joint venture.

International Paper purchasing a 50 percent interest in Ilim
Holding's stock would establish the joint venture.  The
companies intend to close the deal by the end of the second
quarter.

Ilim Holding operates the three largest Russian pulp-and-paper
mills in European Russia and Siberia, and owns a majority share
in St. Petersburg KPK in the Leningrad region.  Ilim is in the
process of consolidating ownership of the mills into a Russian
open joint-stock company, Ilim Group, a subsidiary of Ilim
Holding.  Ilim Group will be managed jointly by a board of
directors comprising representatives of Ilim Pulp and
International Paper.  The new company will be headquartered in
St. Petersburg.

The joint venture will focus on increasing output of value-added
products, such as office papers and packaging, as well as market
pulp, in which Ilim Pulp has a leading position in Russia and
China.  Ilim Pulp's existing wood products business will operate
independently of the joint venture, as will International
Paper's OAO Svetogorsk business.

The prospective partners are currently finalizing a long-term
joint investment program of approximately US$1.2 billion of
capital investments.  This unprecedented investment in the
Russian forest products industry would be used to upgrade
operating subsidiaries, increase production capacity by more
than 50 percent, and allow for new, value-added product
development.

Based in Stamford, Connecticut, International Paper Company
(NYSE: IP) -- http://www.internationalpaper.com/-- is in the
forest  products industry for more than 100 years.  The company
is currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the U.S., Europe, South America and Asia,
specifically Japan and China.  These businesses are complemented
by an extensive North American merchant distribution system.
International Paper is committed to environmental, economic and
social sustainability, and has a long-standing policy of using
no wood from endangered forests.

                           *     *     *

Moody's Investors Service assigned a Ba1 senior subordinate
rating and Ba2 Preferred Stock rating on International Paper
Company on Dec. 5, 2005.


POPOLARE DI INTRA: Posts EUR106.58 Million Net Loss for 2006
------------------------------------------------------------
The Board of Directors of Banca Popolare di Intra has approved
its financial results for the year ended Dec. 31, 2006, prepared
according to IAS/IFRS accounting and financial reporting
standards.

BPI posted EUR106.58 million in net loss for the full year 2006,
compared with EUR125.40 million in net loss in 2005.

The results were affected by the Fin.Part events, which, in
2006, caused net adjustments to loans and net allocations for
risks and charges to be entered in the accounts for about
EUR173 million and the reduction of interest-bearing volumes
owing to increased amounts being classified as bad debts; in
spite of the resulting loss, compared to the year 2005, there
has been an improvement.

As of Dec. 31, 2006, BPI had EUR3.95 billion in total assets,
EUR3.68 billion in total liabilities and EUR270 million in total
shareholder's equity.

The company's shareholders, during an extraordinary meeting on
March 24, approved the bank's transformation from a cooperative
bank into a limited liability company, giving Veneto Banca
control of the company after having successfully completed on
March 21 its binding offer to acquire a maximum 75% of BPI's
capital.

                  About Banca Popolare di Intra

Based in Verbania Intra, Italy, Banca Popolare di Intra --
http://www.bpintra.it/-- Intra is a small cooperative bank with
a strong local franchise in Piedmont and Lombardy.  The bank
operates through a network of 80 branches and employs around
1,100 staff.

                        *     *     *

In a TCR-Europe report on March 28, 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.

In a TCR-Europe report on March 20, Standard & Poor's Ratings
Services maintained its 'BB' long-term and 'B' short-term
counterparty credit ratings on Italy-based Banca Popolare di
Intra SCPA on CreditWatch with positive implications, where they
were placed on Sept. 29, 2006, on the proposed offer for Intra
by Veneto Banca SCPA.

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


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


ASAR-ORDA LLP: Creditors Must File Claims by May 4
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Asar-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
         Kazakstan


BESKAINAR LLP: Creditors' Claims Due May 4
------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Beskainar insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Talgar
         Almaty
         Kazakhstan
         Tel: 8 (274) 2-73-36
              8 701 321 43-31


DEBUT TRADE: Proof of Claim Deadline Slated for May 4
-----------------------------------------------------
LLP Debut Trade has declared insolvency.  Creditors have until
May 4 to submit written proofs of claim to:

         LLP Debut Trade
         Vysokovoltnaya Str. 106
         Karaganda
         Kazakhstan


DEMEU LLP: Claims Registration Ends May 4
-----------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region has declared LLP Demeu insolvent.

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan Region
         Office 409
         Dostyk-Drujba Ave. 215
         Uralsk
         West Kazakhstan Region
         Kazakhstan


GERION LLP: Claims Filing Period Ends May 4
-------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region has declared LLP Gerion insolvent.

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan Region
         Office 409
         Dostyk-Drujba ave. 215
         Uralsk
         West Kazakhstan Region
         Kazakhstan


KPFG TRADE: Creditors Must File Claims by May 4
-----------------------------------------------
LLP Kpfg Trade has declared insolvency.  Creditors have until
May 4 to submit written proofs of claim to:

         LLP Kpfg
         Dostyk ave. 248b
         Almaty
         Kazakhstan


KIY LLP: Creditors' Claims Due May 4
------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Kiy 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
         Kazakstan


RIFEISTROY LLP: Proof of Claim Deadline Slated for May 4
--------------------------------------------------------
LLP Rifeistroy has declared insolvency.  Creditors have until
May 4 to submit written proofs of claim to:

         LLP Rifeistroy
         Lenin Str. 49
         Ekibastuz
         Pavlodar
         Kazakshtan


ROMA-NUR LLP: Claims Registration Ends May 4
--------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Roma-Nur insolvent.
Creditors have until May 4 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Talgar
         Almaty
         Kazakhstan
         Tel: 8 (274) 2-73-36
              8 701 321 43-31


TORE LLP: Claims Filing Period Ends May 4
-----------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region has declared LLP Tore insolvent.

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

         LLP Tore
         Seifullin Str. 37
         Uralsk
         West Kazakhstan Region
         Kazakhstan


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


OPTIC PLUS: Creditors Must File Claims by May 8
-----------------------------------------------
LLC Optic Plus has declared insolvency.  Creditors have until
May 8 to submit written proofs of claim to:

         LLC Optic Plus
         Chkalov Str. 31
         Aravan
         Osh
         Kyrgyzstan


TITAN AIRWAYS: Claims Filing Period Ends May 11
-----------------------------------------------
LLC Titan Airways has declared insolvency.  Creditors have until
May 11 to submit written proofs of claim.

Inquiries can be addressed to (0-502) 55-67-98.


YAN-MI: Creditors' Claims Due May 11
------------------------------------
Joint Kyrgyz-Hungarian Enterprise Yan-Mi has declared
insolvency.  Creditors have until May 11 to submit written
proofs of claim to:

         Joint Kyrgyz-Hungarian Enterprise Yan-Mi
         Kulturnaya Str. 23
         Karasuu
         Osh
         Kyrygzstan


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


DOV PHARMA: Closes Exchange Offer for 2.50% Convertible Notes
-------------------------------------------------------------
DOV Pharmaceutical Inc. had accepted all of its 2.50%
Convertible Subordinated Debentures due 2025 that were tendered
in its exchange offer which expired on March 14 at 5:00 p.m.,
New York City time.

The Exchange Offer, as amended, was conditioned upon the valid
tender of at least 96.3% of the aggregate principal amount of
outstanding Debentures.  Through the expiration of the Exchange
Offer, DOV received tenders of and accepted for exchange
Debentures in the aggregate principal amount of US$67,473,000,
representing approximately 96.4% of the US$70 million in
aggregate principal amount of outstanding Debentures.

As a result of the closing of the Exchange Offer and in exchange
for the tendered Debentures, DOV delivered on March 15 to Wells
Fargo Bank N.A., the exchange agent for the Exchange Offer, an
aggregate cash payment of US$14.3 million and issued and
delivered an aggregate of 439,784 shares of Series C Convertible
Preferred Stock and an aggregate of 100,000 shares of Series D
Convertible Preferred Stock to the holders who tendered their
Debentures in the Exchange Offer.

The Series C and D Convertible Preferred Stock will be
convertible by the holders into shares of common stock following
stockholder approval and filing of an amendment to DOV's charter
increasing the number of shares of authorized common stock as
necessary to accommodate such conversion and the Series C
Convertible Preferred Stock also will automatically convert 30
days following the filing of the amendment to DOV's charter or
earlier in certain circumstances.  Generally, the Series C
Convertible Preferred Stock votes with the common stock as a
single class on an as-converted basis, and entitles the holders
of a majority of the Series C Convertible Preferred Stock to
initially appoint a majority of DOV's Board of Directors.

The Series D Convertible Preferred Stock has no voting rights
except as required by law, does not have any initial stated
liquidation preference, does not mandatorily convert into common
stock and restricts a holder's ability to convert if such holder
would beneficially own in excess of 9.9% of the Company's
capital stock entitled to vote generally.

The Debentures that were not tendered in this Exchange Offer
will remain outstanding pursuant to the original terms of the
Indenture governing the Debentures with a contractual interest
rate of 2.5% per annum and a maturity of 2025.

Additionally, DOV will issue to holders of its common stock
30,000,000 warrants to purchase additional shares of common
stock with an exercise price of approximately US$0.523 per
share.  Such warrants will be exercisable on and after
July 1 until Dec. 31, 2009, and will be issued to holders as of
a record date to be set by DOV's Board of Directors.

"We thank our investors and employees for their support and
patience throughout this restructuring," Barbara Duncan, Chief
Executive Officer of DOV, said.  "As a result of the successful
closing of the Exchange Offer, we will continue our focus on the
development of products emanating from our core areas of
research and early stage clinical programs and work to build
shareholder value."

                    About DOV Pharmaceutical

Somerset, New Jersey-based DOV Pharmaceutical Inc. (PS: DOVP.PK)
-- http://www.dovpharm.com/-- is a biopharmaceutical company
focused on the discovery, acquisition, and development of novel
drug candidates for central nervous system disorders.  The
company's product candidates address some of the largest
pharmaceutical markets in the world including depression, pain
and insomnia.  The company also operates a subsidiary in
Luxembourg.

At Sept. 30, 2006, the company's balance sheet showed
US$54.528 million in total assets and US$105.504 million in
total liabilities, resulting in a US$50.975 million
stockholders' deficit.  The company had a US$19.301 million
deficit at Dec. 31, 2005.


MAZEIKIU NAFTA: Completes Refurbishment of Visbreaking Unit
-----------------------------------------------------------
AB Mazeikiu Nafta completed the refurbishment of its Visbreaking
Unit, the second phase of the company's interim recovery plan.

The refurbished unit will enable the company to increase the
yields of light petroleum products from the levels of the yields
decreased after the fire in October 2006.

The fire in October 2006 damaged part of the equipment in the
Visbreaking Unit in addition to major damages to the Vacuum
Distillation Unit.  Mazeikiu repaired or replaced such equipment
and modified the operations process.

According to the company's spokesman, with the Visbreaking Unit
in operation, Mazeikiu Nafta is capable of increasing production
of light petroleum products mainly diesel fuel and gasoline.

Refurbishment of the Unit was completed in five months.
Mazeikiu Nafta and 10 Lithuanian and Polish companies performed
the repairs and refurbishment.

The Visbreaking Unit is used for recovering additional light
products from vacuum residue and reducing heavy fuel oil
production.  As part of this thermal process, certain portion of
vacuum residue cracks and forms gasoline diesel and
intermediates as small gasoline fraction.

Visbreaker products are separated by distillation and diverted
for further processing in combination with other feedstock to
improve the quality of the components.  Gases formed during the
process are recovered separately and after desulphurization are
used in the refining processes as fuel.

                         About Mazeikiu

Headquartered in Mazeikiai District, Lithuania, Mazeikiu Nafta
-- http://nafta.it/en/-- is an integrated downstream oil
company that comprises in one complex pipeline operations, oil
refining, marine terminal operations, and logistics of crude oil
and refined products.

                        *     *     *

As reported in the TCR-Europe on Dec. 19, 2006, Fitch Ratings
affirmed Mazeikiu Nafta AB's Issuer Default rating at B+ and
removed it from Rating Watch Positive.  A Positive Outlook was
assigned.  MN's Short-term rating is affirmed at B.

The rating action follows MN's ownership change as a result of
Polish oil refining and marketing company PKN Orlen S.A.'s
acquisition of the company.  PKN has taken operational control
over MN after the acquisition of a 53.7% stake in MN from Yukos
International U.K. B.V. for US$1.49 billion and a 30.66% stake
from the Lithuanian government for US$852 million.


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


KENDLE INT'L: Posts US$4.7 Million Net Loss in Fourth Quarter
-------------------------------------------------------------
Kendle International Inc. reported a net loss of US$4.7 million
on total revenues of US$118.1 million for the fourth quarter
ended Dec. 31, 2006, compared with net income of US$3.7 million
on total revenues of US$66.5 million for the same period in
2005.

Net service revenues for the fourth quarter of 2006 were
US$86.4 million, an increase of 64 percent over net service
revenues of US$52.8 million for the fourth quarter of 2005.
Reimbursable out-of-pocket revenues and expenses were US$31.7
million for the fourth quarter of 2006 compared to US$13.7
million in the same quarter a year ago.

Loss from operations for the fourth quarter of 2006 was
approximately US$1.8 million.  Excluding an US$8.2 million
impairment charge on a customer relationship asset as well as
charges for stock-based compensation expense, amortization of
acquired intangibles, state tax valuation allowances and
severance and other one-time expenses related to the August
acquisition of the Phase II-IV clinical services business of
Charles River Laboratories International Inc., proforma income
from operations was approximately US$9.5 million, or 10.9
percent of net service revenues, compared to income from
operations of approximately US$5.2 million in the fourth quarter
of 2005.  Excluding the accounts receivable allowance, proforma
income from operations in the fourth quarter of 2005 was
approximately US$6.9 million, or 13 percent of net service
revenues.

"Kendle ended 2006 with record strong backlog, positioning the
company for continued growth," said Candace Kendle, PharmD,
chairman and chief executive officer.  "Our focus in 2007 will
be to build on this momentum to deliver improved value to our
customers and shareholders through sustained growth in earnings,
revenue and operating margin.  We are projecting net service
revenues of US$400 to US$420 million, Earnings Per Share on a
GAAP basis of US$1.57 to US$1.77 and proforma Earnings Per
Share, before amortization of acquired intangibles, of US$1.75
to US$1.95 for 2007, representing growth in excess of 40 percent
over 2006."

Interest expense in the fourth quarter was approximately
US$4.4 million primarily related to debt incurred to finance the
Charles River Clinical Services acquisition, compared to
interest expense of US$80,000 in fourth quarter 2005.

Cash flow from operations for the quarter was a positive
US$462,000. Cash and marketable securities totaled US$22.3
million, including US$2.4 million of restricted cash.  Days
sales outstanding in accounts receivable were 46 and capital
expenditures for the fourth quarter of 2006 totaled US$2.7
million.

Kendle International Inc. reported net income of US$8.5 million
on total revenues of US$373.9 million for the year ended
Dec. 31, 2006, compared with net income of US$10.7 million on
total revenues of US$250.6 million for the year ended
Dec. 31, 2005.

Net service revenues for the year ended Dec. 31, 2006, were
US$283.5 million versus net service revenues of US$202 million
for the year ended Dec. 31, 2005.

Income from operations for the year ended Dec. 31, 2006, was
approximately US$20 million, or 7.1% of net service revenues,
compared to income from operations of approximately US$17.2
million, or 8.5 percent of net services revenues, in 2005.
Excluding the items discussed above, proforma income from
operations for 2006 was US$340 million or 12 percent of net
service revenues.  Excluding the accounts receivable allowance
in 2005, proforma income from operations for 2005 was US$18.9
million, or 9.4% of net service revenues.

Cash flow from operations for the year 2006 was US$17.6 million.
Capital expenditures for the year totaled US$8.8 million.

At Dec. 31, 2006, the company's balance sheet showed
US$455.1 million in total assets, US$315 million in total
liabilities, and US$140.1 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 31, 2006, are available for
free at http://researcharchives.com/t/s?1c10

                        About Kendle

Headquartered in Cincinnati, Ohio, Kendel International Inc.--
http://www.kendle.com-- is a clinical research organization
(CRO) that provides a range of Phase I-IV clinical development
services to the biopharmaceutical industry.  The company offers
clinical research services and information technology to
biopharmaceutical companies.  It delivers integrated clinical
research services, including clinical trial management, clinical
data management, statistical analysis, medical writing,
regulatory consulting and organizational meeting management and
publications services on a contract basis to the
biopharmaceutical industry.  The company operates in North
America, Europe, Asia Pacific, Latin America and Africa.  In
the Asia Pacific, Kendel maintains operations in Australia,
China, and India.  In Europe, Kendle maintains operations in
Belgium, France, Germany, Italy, Netherlands, Spain, and the
United Kingdom.

The Troubled Company Reporter - Asia Pacific reported that in
connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Healthcare Service and Distribution sectors,
the rating agency confirmed its B1 Corporate Family Rating for
Kendle International Inc.  Additionally, Moody's confirmed its
probability-of-default ratings and assigned loss-given-default
ratings on these loans facilities:

                                            Projected
                          POD      LGD      Loss-Given
   Debt Issue             Rating   Rating   Default
   ----------             -------  ------   ----------
   Sr. Sec. Revolver
   due 2011               B1       LGD3     31%

   Sr. Sec. Term
   Loan B due 2012        B1       LGD3     31%


YUKOS FINANCE: In Talks with Slovakia Over Transpetrol Stake
------------------------------------------------------------
Yukos Finance B.V., the Dutch unit of bankrupt OAO Yukos Oil
Co., is holding talks with Slovak Economy Minister Lubomir
Jahnatek over the oil firm's minority stake in Transpetrol a.s.,
Zuzana Vilikovska writes for The Slovak Spectator.

Mr. Jahnatek declined to give details of the talks, but said it
was constructive, Slovak Spectator relates.  The Economy
Minister, however, said the government did set a deadline for
the conclusion of the talks.

"It was a business meeting and no details will be published,
since the transactions have not been concluded yet," Martin
Parr, executive director of Yukos Finance, said.

In 2002, the Slovakian government sold a 49% stake in
Transpetrol to Yukos Finance for US$74 million.  Under terms of
the deal, Slovakia retains the right to block the sale of these
shares until April 2007.

As reported in the Troubled Company Reporter-Europe on March 20,
the Slovakian Economy Ministry, which holds a 51% stake in
Transpetrol, wants the commercial court to issue a preliminary
injunction extending Slovakia's veto power against the sale of
the minority stake until the time when these shares are lawfully
transferred to a new commercial entity.

                      About Transpetrol

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

                       About Yukos Oil

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

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

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

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

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

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


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


LEAR CORP: AREP Merger Solicitation Period Expires
--------------------------------------------------
Lear Corp. disclosed that the solicitation period under its
merger agreement with American Real Estate Partners L.P., an
affiliate of Carl C. Icahn, has expired, without the Company
having received an acquisition proposal from another party.

As permitted by the merger agreement, Lear will continue on-
going discussions with certain parties who had expressed an
interest in exploring a possible acquisition proposal prior to
the expiration of the solicitation period.  No assurance can be
given that such discussions will result in an alternative
acquisition proposal.

In addition, the Company was notified that the waiting period
under the Hart-Scott-Rodino Antitrust Improvement Act for the
review of the proposed merger with AREP has expired.

As reported in the Troubled Company Reporter-Europe on Feb. 13,
Lear and American Real have entered into an agreement for
Lear to be acquired by AREP, in a transaction valued at
approximately US$5.3 billion, including the assumption of debt.

                       Terms of the Agreement

Under the terms of the agreement, Lear shareholders would
receive US$36.00 per share in cash.  Closing is expected to
occur by the end of the second quarter of 2007.

Under the agreement, Lear may solicit alternative proposals from
third parties for a period of 45 days from the execution of the
agreement and intends to consider any such proposals with the
assistance of its independent advisors.  In addition, Lear may,
at any time, subject to the terms of the merger agreement,
respond to unsolicited proposals.  If Lear accepts a superior
proposal, a break-up fee would be payable to AREP.

In connection with the transaction, J.P. Morgan Securities Inc.
served as a financial advisor and Winston & Strawn, LLP served
as legal counsel to a Special Committee of Lear's Board of
Directors. Bank of America provided American Real Estate
Partners, L.P. with debt financing commitments for this
transaction.

The agreement is subject to the affirmative vote of the holders
of a majority of the outstanding shares of Lear common stock,
regulatory filings and approvals and other customary closing
conditions.  Upon the closing of the transaction, shares of Lear
common stock will no longer be listed on the New York Stock
Exchange or publicly-traded.

                   About American Real Estate

Headquartered in New York City, American Real Estate Partners,
LP (NYSE:ACP) -- http://www.arep.com/-- a master limited
partnership, is a diversified holding company engaged in a
variety of businesses.  The company's businesses currently
include gaming, oil and gas exploration and production, real
estate and home fashion.  The company is in the process of
divesting its Oil and Gas operating unit and their Atlantic City
gaming property.

The company owns a 99% limited partnership interest in American
Real Estate Holdings Limited Partnership.  Substantially all of
the assets and liabilities are owned by AREH and substantially
all of the company's operations are conducted through AREH and
its subsidiaries.  American Property Investors, Inc., or API,
owns a 1% general partnership interest in both the company and
AREH, representing an aggregate 1.99% general partnership
interest in the company and AREH.  API is owned and controlled
by Mr. Carl C. Icahn.

                         About Lear Corp.

Southfield, Mich.-based Lear Corp. (NYSE: LEA) --
http://www.lear.com/-- is a global supplier of automotive
interior systems and components.  Lear provides complete seat
systems, electronic products, electrical distribution systems,
and other interior products.

Lear also operates in Argentina, Austria, Belgium, Brazil,
Canada, China, Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, India, Italy, Japan, Mexico, Morocco,
Netherlands, Philippines, Poland, Portugal, Romania, Russia,
Singapore, Slovakia, South Africa, South Korea, Spain, Sweden,
Thailand, Tunisia, Turkey, and Venezuela.

                          *     *     *

In a TCR-Europe report on Feb. 13, Standard & Poor's Ratings
Services lowered its corporate credit rating on Southfield,
Mich.-based Lear Corp. to 'B' from 'B+ and placed its ratings on
CreditWatch with negative implications following Lear's
announcement that it had agreed to be acquired by Carl Icahn-
controlled American Real Estate Partners, L.P.

As reported in the Troubled Company Reporter-Europe on Feb. 8,
Moody's Investors Service placed the long-term ratings of Lear
Corporation, corporate family rating at B2, under review for
possible downgrade.  The company's speculative grade liquidity
rating of SGL-2 was affirmed.


LEAR CORP: Pzena Presents Objections to Lear-AREP Merger Deal
-------------------------------------------------------------
Pzena Investment Management LLC, a major shareholder in Lear
Corp., has made public a letter sent to shareholder advisory
firms outlining the investment firm's objections to Lear's deal
to be acquired by American Real Estate Partners L.P., Terry
Kosdrosky of The Wall Street Journal reports.

As reported in the TCR-Europe on Feb. 13, Lear and AREP, an
affiliate of Carl C. Icahn, entered into an agreement for Lear
to be acquired by AREP, in a transaction valued at approximately
US$5.3 billion, including the assumption of debt.  Under the
terms of the agreement, Lear shareholders would receive US$36.00
per share in cash.  Closing is expected to occur by the end of
the second quarter of 2007.

Under the terms of the agreement, Lear may solicit alternative
proposals from third parties for a period of 45 days from the
execution of the agreement and intends to consider any such
proposals with the assistance of its independent advisors.  In
addition, Lear may, at any time, subject to the terms of the
merger agreement, respond to unsolicited proposals.  If Lear
accepts a superior proposal, a break-up fee would be payable to
AREP.

According to WSJ, no other offer for the company has been
disclosed during the 45-day solicitation period for alternative
proposals.

                        Pzena's Objection

Pzena said in a letter filed with the U.S. Securities & Exchange
Commission and cited by WSJ that the US$36 per share offering
price by AREP "is far below the fair value of the company,"
compared to the investment firm's previous approximation that
the company is worth between US$55 and US$60 a share.

WSJ relates that the firm, which owns about a 10% stake in Lear,
is urging shareholders to vote against the Icahn proposal.

According to the report, Pzena further objected by stating that
the deal, as structured, not only undervalues Lear's future
earnings potential but includes management conflicts and
discourages other offers with high breakup fees.

The letter, WSJ notes, points out that Lear's top executives get
guaranteed contracts and bonuses, stock options immediately vest
and a portion of retirement benefits are paid early.

                Rating Agencies Warn Lower Ratings

Following Lear's announcement of its merger deal with AREP,
Standard & Poor's Ratings Services lowered its corporate credit
rating on the company to 'B' from 'B+' and placed its ratings on
CreditWatch with negative implications.

"The downgrade reflects our expectation that the transaction
will result in an increase in debt at Lear," said Standard &
Poor's credit analyst Robert Schulz.

Additionally, Moody's Investors Service placed Lear's corporate
family rating at B2, under review for possible downgrade.  The
company's speculative grade liquidity rating of SGL-2 was
affirmed.

Further, Fitch Ratings placed Lear's 'B' Issuer Default Rating
and 'B/RR4' Senior Unsecured Debt Rating on rating watch
negative.

                         Class Action Suit

Lear is facing six purported class actions filed by certain
shareholders seeking to block the merger deal.

Three of the lawsuits were filed in the Delaware Court of
Chancery and have since been consolidated into a single action.
Another three were filed in Michigan Circuit Court.

The class action complaints, which are substantially similar,
generally allege that the Agreement and Plan of Merger unfairly
limits the process of selling Lear and that certain members of
the company's board of directors have breached their fiduciary
duties in connection with the Merger Agreement and have acted
with conflicts of interest in approving the Merger Agreement.

The lawsuits seek to enjoin the merger, to invalidate the Merger
Agreement and to enjoin the operation of certain provisions of
the Merger Agreement, a declaration that certain members of the
company's Board of Directors breached their fiduciary duties in
approving the Merger Agreement and an award of unspecified
damages or rescission in the event that the proposed merger with
AREP is completed.

                           2006 Results

Lear's net loss for the year ended Dec. 31, 2006, decreased to
US$707.5 million from US$1,381.5 million in the year ended Dec.
31, 2005, reflecting loss on divestiture of the company's
interior business of US$636 million in 2006 and goodwill
impairment charges of US$1.0 billion in 2005.

Net sales for the year ended Dec. 31, 2006, increased by 4.4%,
or US$750 million, to US$17,838.9 million from US$17,089.2
million in 2005.  New business favorably impacted net sales by
US$1.9 billion.  The increase was partially offset by the impact
of unfavorable vehicle platform mix and lower industry
production volumes primarily in North America, which reduced net
sales by US$1.2 billion.

The company's balance sheet at Dec. 31, 2006, showed total
assets of US$7,850.5 million, total liabilities of US$7,248.5
million, and total stockholders' equity of US$602.0 million.
Lear's total stockholders' equity at Dec. 31, 2005, was
US$1,111.0 million.

                      About the Company

Southfield, Mich.-based Lear Corp. (NYSE: LEA) --
http://www.lear.com/-- is a global supplier of automotive
interior systems and components.  Lear provides complete seat
systems, electronic products, electrical distribution systems,
and other interior products.

Lear also operates in Argentina, Austria, Belgium, Brazil,
Canada, China, Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, India, Italy, Japan, Mexico, Morocco,
Netherlands, Philippines, Poland, Portugal, Romania, Russia,
Singapore, Slovakia, South Africa, South Korea, Spain, Sweden,
Thailand, Tunisia, Turkey, and Venezuela.

                          *     *     *

In a TCR-Europe report on Feb. 13, Standard & Poor's Ratings
Services lowered its corporate credit rating on Southfield,
Mich.-based Lear Corp. to 'B' from 'B+ and placed its ratings on
CreditWatch with negative implications following Lear's
announcement that it had agreed to be acquired by Carl Icahn-
controlled American Real Estate Partners, L.P.

As reported in the Troubled Company Reporter-Europe on Feb. 8,
Moody's Investors Service placed the long-term ratings of Lear
Corporation, corporate family rating at B2, under review for
possible downgrade.  The company's speculative grade liquidity
rating of SGL-2 was affirmed.


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


BASH-OIL-PROM-STROY: Asset Sale Slated for April 10
---------------------------------------------------
A. Kulyashov, the external insolvency manager and bidding
organizer for OJSC Bash-Oil-Prom-Story, will open a public
auction for the company's properties at 10:00 a.m. on April 10
at:

         OJSC Bash-Oil-Prom-Story
         Neftyanikov Str. 24
         Neftekamsk
         Bashkortostan
         Russia

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

Interested participants have until April 7 to deposit an amount
equivalent to five percent of the starting price to:

         OJSC Bash-Oil-Prom-Story
         Settlement Account 40702810606240100196
         Correspondent Account 3010181030000000000601
         BIK 048073601
         Neftekamskoye OSB 4624

Bidding documents must be submitted to:

         OJSC Bash-Oil-Prom-Story
         Neftyanikov Str. 24
         Neftekamsk
         Bashkortostan
         Russia

The Debtor can be reached at:

         OJSC Bash-Oil-Prom-Story
         Neftyanikov Str. 24
         Neftekamsk
         Bashkortostan
         Russia


BRYUKHOVETSKIY BOX: Creditors Must File Claims by April 10
----------------------------------------------------------
Creditors of CJSC Bryukhovetskiy Box Plane have until April 10
to submit proofs of claim to:

         V. Maksimov, Temporary Insolvency Manager
         Post User Box 58
         620076 Ekaterinburg
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A-32-23986/2006-27/2117-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Staroderevenkovskaya St.
         Krasnodar
         Russia

The Debtor can be reached at:

         CJSC Bryukhovetskiy Box Plane
         Promzona
         Bryukhovetskaya St.
         Bryukhovetskiy
         352750 Krasnodar
         Russia


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

         I. Palyutin, Temporary Insolvency Manager
         Post User Box 8447
         454084 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk will convene on Aug. 15 to
hear the company's  bankruptcy supervision procedure.  The case
is docketed under Case No. A76-31923/2006-36-287.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agricultural Company Elita
         Post User Box 73
         Argayash
         456880 Chelyabinsk
         Russia


ELSHANSKOYE REPAIR: Creditors Must File Claims by May 10
--------------------------------------------------------
Creditors of declared OJSC Elshanskoye Repair Technical
Enterprise have until May 10 to submit proofs of claim to:

         O. Fillipova, Insolvency Manager
         Belyavskaya Str. 8A
         460027 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-14215/2005-14GK.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Elshanskoye Repair Technical Enterprise
         Gontarenko Str. 50
         Sol-Iletsk
         461500 Orenburg
         Russia


ERMOLINSKIY MEAT: Creditors Must File Claims by May 10
------------------------------------------------------
Creditors of declared LLC Ermolinskiy Meat Factory have until
May 10 to submit proofs of claim to:

         S. Karandeeva, Insolvency Manager
         Post User Box 281
         107078 Moscow
         Russia

The Arbitration Court Kaluga commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A23-1034 06B-10-76.

The Arbitration Court of Kaluga is located at:

         Staryj Torg Square 4
         Kaluga
         Russia

The Debtor can be reached at:

         LLC Ermolinskiy Meat Factory
         Ermolino
         Borovskiy
         249026 Kaluga
         Russia


GAZPROMBANK OAO: Places US$700-Mln Eurobonds at Floating Rate
-------------------------------------------------------------
OAO Gazprombank has issued US$700-million of three-year notes at
90 basis points over LIBOR, according to published reports.

The Eurobond issue, managed by Dresdner Kleinwort and UBS
Investment Bank, will mature in 2010.

Gazprombank will use the proceeds of the issue to increase its
credit portfolio to include loans to chemical, petrochemical and
machine-building enterprises, food and electric power companies.

In a TCR-Europe report on Feb. 23, Gazprombank said it will
raise around US$3 billion on foreign markets and RUR10 billion
(US$377 million) on the local market this year.

The company will use the new funds to:

   -- expand its business;
   -- hike its market share; and
   -- boost the volume of corporate lending.

According to RIA Novosti, Russian banks are believed to be
heavily undercapitalized and in need of funds to compete with
Western rivals.

                       About Gazprombank

Headquartered in Moscow, Russian Federation, OAO Gazprombank --
http://www.gazprombank.ru/-- a subsidiary of OAO Gazprom,
offers services primarily to the gas industry.  It offers
syndicated loans, participation loans, factoring, lease
financing, cash and settlement services, money transfers and
credit cards.

                        *     *     *

As reported in the TCR-Europe on Dec. 4, 2006, Standard & Poor's
Ratings Services affirmed its 'BB+/B' long-and short-term
counterparty credit ratings and 'ruAA+' Russia national scale
rating on Gazprombank, following the upgrade of its 100% owner,
OAO Gazprom, to 'BBB' from 'BBB-.'

At the same time, the ratings on Gazprombank were removed from
CreditWatch, where they had been placed with positive
implications on Nov. 15, 2006, following a review of government
influence on Russian government-related entities (GREs),
including Gazprom.  The outlook is stable.

On Dec. 22, 2005, Moody's Investors Service upgraded
Gazprombank's Financial Strength Rating to D- from E+; the
bank's Baa2/Prime-2 long-term and short-term foreign currency
deposits ratings as well as its Baa1 long-term senior debt
rating remain unchanged.  Moody's said the outlook for the
ratings is stable.


IMPEXBANK JSC: Parent Begins Raiffeisenbank Austria Merger
----------------------------------------------------------
Raiffeisen International Bank-Holding AG, the sole shareholder
of Impexbank, formally decided to merge its Russian subsidiaries
Raiffeisenbank Austria and Impexbank.

The legal merger process will start immediately and the process
is expected to continue until the end of 2007.

"2006 marked the beginning of a new period in the development of
Raiffeisen in Russia with Raiffeisen International's purchase of
100 percent of the shares of Impexbank," Johann Jonach, Chairman
of the Managing Board of Raiffeisenbank Austria, said.  "We
spent 2006 actively preparing for the start of the legal merger,
which we plan to complete by the end of this year. One of our
major objectives is to continue to develop and consolidate our
position in Russia.  We strive to become the best private full-
service bank with representation on the national level. And on
top of that, superior customer service quality and further
expansion of banking products will remain our priority."

"The legal and actual integrations are equally important
processes for us, Impexbank CEO Pavel Lysenko emphasized.  "The
legal merger does not mean the full technological integration of
the banks, though many products and services will be available
for customers in all the branches of the combined bank."

Raiffeisen International Bank-Holding AG operates one of the
leading banking networks in CEE, with subsidiary banks and
leasing companies in 16 markets.  Approximately 12 million
customers are serviced through more than 2,800 business outlets.
In eight markets, the respective network bank is one of the
three largest local banks.

                         About Impexbank

Headquartered in Moscow, Russia, Impexbank JSC --
http://www.impexbank.ru/-- engages in retail banking and SME-
lending.  Impexbank is a participant of the State Deposit
Insurance System.

                          *     *     *

As of Mar. 28, Impexbank JSC carries an E+ Bank Financial
Strength Rating from Moody's.


IZ-PET-PLASTIC: 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:

         D. Natalkin, Insolvency Manager
         Apartment 43
         Building 5
         Y.Gagarina Pr. 26
         196135 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-32614/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Iz-Pet-Plastic
         Premise 9
         Obvodnogo Kanala Quay 217
         St. Petersburg
         Russia


KOSTROMSKOYE ROAD: Creditors Must File Claims by April 10
---------------------------------------------------------
Creditors of OJSC Kostromskoye Road Repair-Building Authority
have until April 10 to submit proofs of claim to:

         S. Ilyushechkin, Insolvency Manager
         Post User Box 17
         127106 Moscow
         Russia

The Arbitration Court of Kostroma commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A31-7081/2006-20.

The Debtor can be reached at:

         OJSC Kostromskoye Road Repair-Building Authority
         Kostromskaya Str. 101
         156012 Kostroma
         Russia


LUKOIL OAO: Eyes US$250-Mln Credit Facility to Refinance Debts
--------------------------------------------------------------
OAO Lukoil has instructed ABN Amro and Calyon Bank to arrange a
five-year US$250-million unsecured loan facility at 40 basis
points over LIBOR, RIA Novosti relates.

According to the report, Lukoil will use the credit facility to
repay the rest of a US$765-million syndicated loan facility
obtained in 2003 and secured on export receivables.

The company will also use the facility to restructure a part of
its debt by replacing a relatively expensive secured facility
with a less expensive unsecured loan.

                        About Lukoil

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

                         *     *     *

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


MERCURY ESTATE: Moscow Bankruptcy Hearing Slated for July 10
------------------------------------------------------------
The Arbitration Court of Moscow will convene at 10:30 a.m. on
July 10 to hear the bankruptcy supervision procedure on LLC
Mercury Estate.  The case is docketed under Case No. A40-5435/
07-101-6B.

The Temporary Insolvency Manager is:

         V. Kofnov
         Apartment 221
         Velozavodskaya Str. 9
         115280 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Mercury Estate
         Building 1
         Argunovskaya Str. 3
         129007 Moscow
         Russia


POVOLZHSKAYA TRAING: Creditors Must File Claims by April 10
-----------------------------------------------------------
Creditors of LLC Povolzhskaya Traing Company have until April 10
to submit proofs of claim to:

         S. Bozhenko, Temporary Insolvency Manager
         Krupskoy Str. 29
         Saransk
         430000 Mordoviya
         Russia

The Arbitration Court of Mordoviya commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A39264/07-10/12.

The Court is located at:

         The Arbitration Court of Mordoviya
         Kommunisticheskaya Str. 33
         Saransk
         Mordoviya Republic
         Russia

The Debtor can be reached at:

         LLC Povolzhskaya Traing Company
         Semashko 9a
         Saransk
         430000 Mordoviya
         Russia


PRIVOLZHSK-RESOURSE CJSC: Creditors Must File Claims by April 10
----------------------------------------------------------------
Creditors of CJSC Trading House Privolzhsk-Resourse have until
April 10 to submit proofs of claim to:

         E. Petrov, Insolvency Manager
         Post User Box 97
         Kazan
         420094 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-65-18937/2006-SG4-26.

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:

         CJSC Trading House Privolzhsk-Resourse
         Kazan
         Tatarstan
         Russia


SAKHLIN-COAL LLC: Creditors Must File Claims by April 10
--------------------------------------------------------
Creditors of LLC Trading House Sakhlin-Coal have until April 10
to submit proofs of claim to:

         L. Nepomnyashiy, Insolvency Manager
         Apartment 13
         Aleutskaya Str. 26
         690091 Vladivostok
         Russia

The Arbitration Court of Primorye commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A51-780/2007 26-8B.

The Debtor can be reached at:

         LLC Trading House Sakhlin-Coal
         Apartment 13
         Aleutskaya Str. 26
         Vladivostok
         690091 Primorye
         Russia


SALAVATSKOYE BUILDING: Creditors Must File Claims by May 10
-----------------------------------------------------------
Creditors of CJSC Salavatskoye Building and Assembly Authority
(TIN 0266022806) have until May 10 to submit proofs of claim to:

         R. Musin, Insolvency Manager
         Post User Box 252
         Salavat-16
         453266 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07-18819/06-G-PAV.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Salavatskoye Building and Assembly Authority
         Nurimanova Str. 6
         Salavat
         453256 Bashkortostan
         Russia


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

         V. Bychenkov, Insolvency Manager
         Prom.area of OJSC Phosphorite
         Kingisepp
         Leningrad
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-48977/06.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Stalvest
         Prom.area of OJSC Phosphorite
         Kingisepp
         Leningrad
         Russia


TIMBER TRANSPORT: Creditors Must File Claims by May 10
------------------------------------------------------
Creditors of LLC Timber Transport Company have until May 10 to
submit proofs of claim to:

         A. Kotelnikov, Insolvency Manager
         Office 35
         Mira Str. 45a
         614095 Perm
         Russia

The Arbitration Court of Perm commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A50-14587/2006.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         LLC Timber Transport Company
         Gagarina Str. 25
         Krasnovishersk
         Perm
         Russia


TRUST-15 CJSC: Creditors Must File Claims by April 10
-----------------------------------------------------
Creditors of CJSC Building and Mounting Trust-15 have until
April 10 to submit proofs of claim to:

         A. Kotelnikov, Temporary Insolvency Manager
         Office 35
         Mira Str. 45a
         614095 Perm
         Russia

The Arbitration Court of Perm will convene at 10:00 a.m. on June
20 to hear the company's bankruptcy supervision procedure.  The
case is docketed under Case No. A50-2027/2007-B.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         CJSC Building and Mounting Trust-15
         Sovetskaya Str. 104
         614000 Perm
         Russia


YUKOS OIL: Lots Eyed for Samaraneftegaz and Tomskneft Stakes
------------------------------------------------------------
The creditors committee of OAO Yukos Oil Co. will create new
auction lots to sell the bankrupt firm's stake in Samaraneftegaz
and Tomskneft, RosBusinessConsulting reports.

Nikolai Lashkevich, spokesman for Yukos bankruptcy receiver
Eduard Rebgun, said the committee will convene either on
March 30 or April 6 to discuss on the equity sale process, RBC
relates.

Mr. Lashkevich added that the committee will determine how the
lots will be formed and in what sequence they will be put up for
sale.  He added that the committee could also decide to sell the
stake separately, RBC continues.

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, on March 27 for a RUR195.5 billion
(US$7.47 billion) starting price.  Rosneft won in the first
round of auctions, outbidding TNK-BP Holding Ltd. with its
RUR197.84 million offer.

Meanwhile, Yukos' 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.

In a TCR-Europe report on March 28, Yukos's stakes in two banks
will also be auctioned off next month.  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.

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.


YUKOS OIL: Unit in Talks with Slovakia Over Transpetrol Stake
-------------------------------------------------------------
Yukos Finance B.V., the Dutch unit of bankrupt OAO Yukos Oil
Co., is holding talks with Slovak Economy Minister Lubomir
Jahnatek over the oil firm's minority stake in Transpetrol a.s.,
Zuzana Vilikovska writes for The Slovak Spectator.

Mr. Jahnatek declined to give details of the talks, but said it
was constructive, Slovak Spectator relates.  The Economy
Minister, however, said the government did set a deadline for
the conclusion of the talks.

"It was a business meeting and no details will be published,
since the transactions have not been concluded yet," Martin
Parr, executive director of Yukos Finance, said.

In 2002, the Slovakian government sold a 49% stake in
Transpetrol to Yukos Finance for US$74 million.  Under terms of
the deal, Slovakia retains the right to block the sale of these
shares until April 2007.

As reported in the Troubled Company Reporter-Europe on March 20,
the Slovakian Economy Ministry, which holds a 51% stake in
Transpetrol, wants the commercial court to issue a preliminary
injunction extending Slovakia's veto power against the sale of
the minority stake until the time when these shares are lawfully
transferred to a new commercial entity.

                      About Transpetrol

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

                         About Yukos Oil

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

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


YUKOS FINANCE: In Talks with Slovakia Over Transpetrol Stake
------------------------------------------------------------
Yukos Finance B.V., the Dutch unit of bankrupt OAO Yukos Oil
Co., is holding talks with Slovak Economy Minister Lubomir
Jahnatek over the oil firm's minority stake in Transpetrol a.s.,
Zuzana Vilikovska writes for The Slovak Spectator.

Mr. Jahnatek declined to give details of the talks, but said it
was constructive, Slovak Spectator relates.  The Economy
Minister, however, said the government did set a deadline for
the conclusion of the talks.

"It was a business meeting and no details will be published,
since the transactions have not been concluded yet," Martin
Parr, executive director of Yukos Finance, said.

In 2002, the Slovakian government sold a 49% stake in
Transpetrol to Yukos Finance for US$74 million.  Under terms of
the deal, Slovakia retains the right to block the sale of these
shares until April 2007.

As reported in the Troubled Company Reporter-Europe on March 20,
the Slovakian Economy Ministry, which holds a 51% stake in
Transpetrol, wants the commercial court to issue a preliminary
injunction extending Slovakia's veto power against the sale of
the minority stake until the time when these shares are lawfully
transferred to a new commercial entity.

                      About Transpetrol

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

                       About Yukos Oil

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

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

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

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

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

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


===========
S W E D E N
===========


ARROW ELECTRONICS: Launching Share Repurchase Program in Q2 2007
----------------------------------------------------------------
Arrow Electronics Inc. will initiate share repurchases in the
second quarter under their previously announced buyback program.

In 2006, the company announced the approval by its board of
directors of a program to repurchase up to US$100 million of
common stock.  The company has entered into a Rule 10b5-1 plan
to facilitate repurchases under the program.

The share repurchase program was authorized for the purpose of
replenishing some of the shares of common stock issued upon the
exercise of stock options.  The objective of the program is to
minimize earnings per share dilution caused by the issuance of
such shares.  As such, the company expects to finance the
repurchases with cash received from the exercise of options in
the previous quarter.

                     About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics --
http://www.arrow.com/-- provides products, services and
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

In Europe, the company operates in France, Spain, Portugal,
Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, Norway,
Sweden, Italy, Germany, Austria, Switzerland, Belgium, the
Netherlands, and the U.K.

                          *     *     *

Arrow Electronics carries Fitch's 'BB+' issuer default rating.
The Company's senior unsecured notes and senior unsecured bank
credit facility also carry Fitch's 'BB+' rating.   The rating
outlook is positive.


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


F + N MANAGEMENT: Aargau Court Starts Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC F + N Management on March 2.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Brugg
         5201 Brugg AG
         Switzerland

The Debtor can be reached at:

         LLC F + N Management
         Luzernerstrasse 19
         6042 Dietwil
         Muri AG
         Switzerland


HELIOCOP + PRINT: Creditors' Liquidation Claims Due April 11
------------------------------------------------------------
Creditors of JSC HelioCop + Print have until April 11 to submit
their claims to:

         Oberdorfstrasse 64
         8600 Dubendorf
         Uster ZH
         Switzerland

The Debtor can be reached at:

         JSC HelioCop + Print
         Dubendorf
         Uster ZH
         Switzerland


PAROLI BAUSOFTWARE: Creditors' Liquidation Claims Due April 15
--------------------------------------------------------------
Creditors of LLC Paroli Bausoftware have until April 15 to
submit their claims to:

         JSC Gartl
         Fliederweg 73
         3661 Uetendorf
         Thun BE
         Switzerland

The Debtor can be reached at:

         LLC Paroli Bausoftware
         Uetendorf
         Thun BE
         Switzerland


TRITON BAUKONZEPT: Creditors' Liquidation Claims Due April 10
-------------------------------------------------------------
Creditors of JSC Triton Baukonzept have until April 10 to submit
their claims to:

         Dr. iur. Hans Georg Hinderling
         Liquidator
         Elisabethenanlage 7
         4002 Basel BS
         Switzerland

The Debtor can be reached at:

         JSC Triton Baukonzept
         Allschwil
         Arlesheim BL
         Switzerland


WERDBAU ZURICH: Creditors' Liquidation Claims Due April 10
----------------------------------------------------------
Creditors of JSC Werdbau Zurich have until April 10 to submit
their claims to:

         UNIA
         Liquidator
         Weltpoststrasse 20
         3000 Bern 15
         Switzerland

The Debtor can be reached at:

         JSC Werdbau Zurich
         Zurich
         Switzerland


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


BANKPOZITIF KREDI: Fitch Assigns BB IDR with Stable Outlook
-----------------------------------------------------------
Fitch Ratings assigned Turkey-based Bankpozitif Kredi ve
Kalkinma Bankasi A.S. foreign currency Issuer Default Rating
'BB', local currency IDR 'BB+', Short-term foreign and local
currency 'B', National Long-term rating 'AA', Support '3' and
Individual 'D'.

The Outlooks for the foreign and local currency IDRs are
Positive and the Outlook for the National rating is Stable.

Bankpozitif's IDRs, Short-term and Support ratings are driven by
the support of its majority shareholder Israel's Bank Hapoalim.
Bank Hapoalim has a high propensity to provide support to the
bank should the need arise.  However, its ability to do so could
be constrained by Turkey's 'BB' Country Ceiling, resulting in a
moderate probability of support.

The Individual rating indicates Bankpozitif's rapid growth plans
given its limited track record, concentrated loan portfolio and
its small size.  These factors are counterbalanced by the bank's
sound asset quality, strong capitalization and renewed strategic
focus with its recent acquisition by Bank Hapoalim.

Bankpozitif is non-deposit taking bank providing boutique
corporate lending and is aiming to establish a niche in retail
lending services targeting affluent customers.  In December
2006, Bank Hapoalim acquired 57.55% of Bankpozitif's shares from
C Group that has financial services investments in Turkey, the
Netherlands and the CIS.  Bank Hapoalim currently holds 57.55%
of Bankpozitif and the remainder of the shares belongs to one of
the C Group companies and C Faktoring A.S.  Following the
acquisition, Bankpozitif set up an integrated management
structure and launched a growth strategy.  As of end-2006, the
bank had assets of TRY480.5 million and equity of
TRY235.7 million.


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


AUTOMATIKA INDUSTRIAL: Creditors Must File Claims by April 1
------------------------------------------------------------
Creditors of LLC Automatika Industrial Service (code EDRPOU
32860149) have until April 1 to submit written proofs of claim
to:

         Rostislav Talan, Liquidator
         a/b 158
         49000 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company on Feb. 22 after finding it
insolvent.  The case is docketed as B 24/70-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Automatika Industrial Service
         Dzerzhynsky Str. 1/3
         49044 Dnipropetrovsk
         Ukraine


DEBIKA-RUSH LTD: Creditors Must File Claims by April 1
------------------------------------------------------
Creditors of LLC Debika-Rush Ltd. (code EDRPOU 34364811) have
until April 1 to submit written proofs of claim to:

         Igor Morozov, Liquidator
         a/b 2734
         49044 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company on Feb. 22 after finding it
insolvent.  The case is docketed as B 24/69-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Debika-Rush Ltd.
         Zaporozhye Highway 68
         49000 Dnipropetrovsk
         Ukraine


DRUZHBA LLC: Creditors Must File Claims by April 1
--------------------------------------------------
Creditors of Agricultural LLC Druzhba (code EDRPOU 05525977)
have until April 1 to submit written proofs of claim to:

         State Tax Inspection in Drabov District, Liquidator
         Lenin Str. 83-a
         Drabov
         19800 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 14/4178.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Druzhba
         Boykovschina Lenin Str. 66
         Boykovschina
         Drabov District
         19853 Cherkassy
         Ukraine


E. C. 2001: Creditors Must File Claims by April 1
-------------------------------------------------
Creditors of LLC E. C. 2001 (code EDRPOU 31332897) have until
April 1 to submit written proofs of claim to:

         State Tax Inspection in Drabov District, Liquidator
         Lenin Str. 83-a
         Drabov
         19800 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         LLC E. C. 2001
         Gastello Boulevard 3
         18022 Cherkassy
         Ukraine


KAMIANETS LLC: Creditors Must File Claims by April 1
----------------------------------------------------
Creditors of LLC Building Company Kamianets (code EDRPOU
01353835) have until April 1 to submit written proofs of claim
to:
         Mariya Golovataya, Liquidator
         Kushelev Str. 2
         Dovzhok
         Kamianets-Podolsky District
         Hmelnitskiy
         Ukraine

The Economic Court of Hmelnitskiy commenced bankruptcy
proceedings against the company on Feb. 1 after finding it
insolvent.  The case is docketed as 2/114-B.

The Court is located at:

         The Economic Court of Hmelnitskiy
         Nezalezhnosti Square 1
         29000 Hmelnitskiy
         Ukraine

The Debtor can be reached at:

         LLC Building Company Kamianets
         Dukes Koriatovichi Str. 37a
         Kamianets-Podolsky
         Hmelnitskiy
         Ukraine


KIROVOGRAD REPAIR: Creditors Must File Claims by April 1
--------------------------------------------------------
Creditors of CJSC Kirovograd Repair Building (code EDRPOU
03331045) have until April 1 to submit written proofs of claim
to:

         Valentina Shepotinnik, Liquidator
         Dzerzhynsky Str. 64
         Kirovograd
         Ukraine

The Economic Court of Kirovograd commenced bankruptcy
proceedings against the company on Feb. 2 after finding it
insolvent.  The case is docketed as 11/28.

The Court is located at:

         The Economic Court of Kirovograd
         Lunacharski Str. 29
         25006 Kirovograd
         Ukraine

The Debtor can be reached at:

         CJSC Kirovograd Repair Building
         Lenin Str. 64
         25006 Kirovograd
         Ukraine


PETROLEUM CAPITAL: Claims Submission Period Ends April 1
--------------------------------------------------------
Creditors of LLC Petroleum Capital (code EDRPOU 33347753) have
until April 1 to submit written proofs of claim to:

         Svetlana Klimenko, Temporary Insolvency Manager
         P.O. Box 42
         03035 Kiev
         Ukraine

The Economic Court of Kiev has commenced bankruptcy supervision
procedure on the company on Jan. 29.  The case is docketed as
15/55-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Petroleum Capital
         Mezhevaya Str. 19-b
         04123 Kiev
         Ukraine


PETROLEUM SERVICE: Creditors Must File Claims by April 1
--------------------------------------------------------
Creditors of CJSC Firm Agricultural Petroleum Service (code
EDRPOU 23105291) have until April 1 to submit written proofs of
claim to:

         Vinnicaal Sector of Bankruptcy, Liquidator
         Hmelnickiy highway Str. 7
         Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company on Feb. 6 after finding it insolvent.  The
case is docketed as 10/225-06.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Firm Agricultural Petroleum Service
         Teatralnaya Str. 51
         Vinnica
         Ukraine


RELIUS LLC: Creditors Must File Claims by April 1
-------------------------------------------------
Creditors of LLC Relius (code EDRPOU 33935749) have until
April 1 to submit written proofs of claim to:

         Sergey Benediuk, Liquidator
         P.O. Box 157
         03110 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  on Feb. 28.
The case is docketed as 23/60-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Relius
         Zabolotny Str. 4
         03187 Kiev
         Ukraine


SIGMA-41 LLC: Creditors Must File Claims by April 1
---------------------------------------------------
Creditors of LLC Sigma-41 (code EDRPOU 33999949) have until
April 1 to submit written proofs of claim to:

         Aleksey Gorelov, Liquidator
         P.O. Box 64
         03126 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Feb. 20 after finding it insolvent.  The
case is docketed as 15/31-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Sigma-41
         Koltsov Boulevard 12
         03194 Kiev
         Ukraine


VINNICA BREAD: Claims Submission Period Ends April 1
----------------------------------------------------
Creditors of OJSC Vinnica Bread Product (code EDRPOU 00953361)
have until April 1 to submit written proofs of claim to:

         Lina Demets, Temporary Insolvency Manager
         P.O. Box 5894
         21016 Vinnica
         Ukraine

The Economic Court of Vinnica commenced the bankruptcy
supervision procedure on the company.  The case is docketed as
10/173-06.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Vinnica Bread Product
         Kotsiubinsky Str. 33
         Kalinovka
         Vinnica
         Ukraine


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


AUROM LTD: Appoints Jonathan Lord as Liquidator
-----------------------------------------------
Jonathan Lord of Bridgestones was appointed liquidator of Aurom
Ltd. on March 13 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Aurom Ltd.
         Hanover Street
         Bromsgrove
         Worcestershire
         B61 7JH
         England
         Tel: 01527 908 046
         Fax: 01527 908 030


AVIT SYSTEMS: Taps David G. Holmes to Liquidate Assets
------------------------------------------------------
David G. Holmes of Harris & Harris Solicitors was appointed
liquidator of Avit Systems Ltd. on March 20 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Avit Systems Ltd.
         Roundhay
         Tweentown
         Cheddar
         Somerset
         BS27 3HY
         England
         Tel: 01934 740 422


BAYSWATER TUBES: Taps BDO Stoy to Administer Assets
---------------------------------------------------
Simon Edward, Jex Girling and Graham David Randall of BDO Stoy
Hayward LLP were appointed joint administrators of Bayswater
Tube & Sections Ltd. (Company Number 00434951) on March 16.

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:

         Bayswater Tubes & Sections Ltd.
         The Tube Mills
         Heol Y Geifr Pencoed
         Bridgend
         Mid Glamorgan
         CF35 6UG
         Wales
         Tel: 01656 860 581
         Fax: 01656 860 906


BREEZE ENGINEERING: Creditors' Meeting Slated for April 19
----------------------------------------------------------
Creditors of Breeze Engineering Services Ltd. will meet at
11:00 a.m. on April 19 at:

         Unity Business Services LLP
         Unity House
         Clive Street
         Bolton
         BL1 1ET
         England

Creditors who want to vote at the meeting have until noon on
April 18 to submit their proxy forms together with written
proofs of claim at the said address.

Christopher Benjamin Barrett of Unity Business Services LLP will
furnish creditors with information concerning the company's
affairs free of charge as they may reasonably require.


BRIDGEWOOD CONSTRUCTION: Hires Ruth Duncan to Liquidate Assets
--------------------------------------------------------------
Ruth Duncan of Atherton Bailey was appointed liquidator of
Bridgewood Construction Ltd. (formerly Homeforum Ltd.) on March
20 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Bridgewood Construction Ltd.
         Red Hill
         Wateringbury
         Maidstone
         Kent
         ME18 5NN
         England
         Tel: 01622 816 812
         Fax: 01622 816 813


CABTIVATE: Mark Greenhalgh Offers to Sell Technology for GBP1
-------------------------------------------------------------
Cabtivate founder Mark Greenhalgh volunteered to sell the
technology behind the business for GBP1 to help investors regain
lost money, Evening News Edinburg reports.

Mr. Greenhalgh disclosed that he would sell off the intellectual
property rights to the software if the prospective buyer will
run the company based on the existing system set up in taxis in
Edinburgh, Glaslow and Bristol, Evening News relates.

According to Mr. Greenhalgh, if the person who takes on the
liquidated company will buy the intellectual property rights for
the software, the firm could start trading again and the 200
drivers across the U.K. who invested on the scheme could start
to make money again.

                         About Cabtivate

Headquarters in Edinburgh, Scotland, Cabtivate --
http://www.cabtivate.com/-- is a taxi advertising company that
installs 15-inch television screens in taxicabs and then sells
advertising on them.  The company collects an installation cost
of GBP3,500-plus VAT but pays the drivers an income of GBP192 a
month.

The company has racked up debts of almost GBP1 million,
including a GBP100,000 investment from Scottish Enterprise's
Business Growth Fund.  On Jan. 22, its directors filed a
petition for the company's liquidation.  The company has since
then been forced to cease trading.


CAMTAG LTD: Creditors' Meeting Slated for April 5
-------------------------------------------------
Creditors of Camtag Ltd. will meet at 11:00 a.m. on April 5 at:

         67 Butts Green Road
         Hornchurch
         Essex
         RM11 2JS
         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 the company's registered
office at:

         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         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 the company's registered office.


COMMODITIES INC: Philip Weinberg Leads Liquidation Procedure
------------------------------------------------------------
Philip Weinberg of Marks Bloom was appointed liquidator of
Commodities Inc. Ltd. on March 19 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Commodities Inc. Ltd.
         19 Grafton Close
         Worcester Park
         Surrey
         KT4 7JY
         England
         Tel: 020 8330 1265
         Fax: 020 8330 6223


DANTI SOFT: Brings In Liquidator from Tomlinsons
------------------------------------------------
Alan H. Tomlinson of Tomlinsons was appointed liquidator of
Danti Soft Furnishings Ltd. on March 19 for the creditors'
voluntary winding-up procedure.

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

The company can be reached at:

         Danti Soft Furnishings Ltd.
         Weir Street
         Blackburn
         Lancashire
         BB2 2AN
         England
         Tel: 01254 680 376


EMI GROUP: Wins Court Ruling on Parallel Importing
--------------------------------------------------
The High Court in England ruled in favor of six music companies,
including EMI Group Plc and Sony Corp., indicating that CD-WOW
violated the companies' copyrights by practicing parallel
importing, Bloomberg News reports.

According to the report, CD-WOW does its business by purchasing
compact discs from Hong Kong and marketing them into the U.K. at
a cheaper price.

In his judgment of the case, Hon. Edward Evans-Lombe disclosed
that CD-WOW has no tenable grounds of defense to the group's
claim, Bloomberg relates.  In addition, CD-WOW would have to pay
damages for violating the companies' copyright.

Sony and other claimants filed a lawsuit against CD-WOW in 2002,
following CD-WOW's importing of CDs and DVDs from Asia to
Europe.

                            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.


FLYGHT TRAVEL: Creditors' Meeting Slated for April 4
----------------------------------------------------
Creditors of Flyght Travel Ltd. will meet at 11:30 a.m. on
April 4 at:

         Stonham.Co
         1 Market Avenue
         Chichester
         West Sussex
         PO19 1JU
         England

Creditors who want to vote at the meeting have until noon on
April 3 to submit their proxy forms together with particulars of
their claims or of any security at the said address.

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on April 2.


FURNITURELAND LTD: Calls In Liquidators from Ernst & Young LLP
--------------------------------------------------------------
Alan Michael Hudson and Margaret Elizabeth Mills of Ernst &
Young LLP were appointed joint liquidators of Furnitureland Ltd.
(formerly Finaware Ltd.) on March 16 for the creditors'
voluntary winding-up proceeding.

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.

The company can be reached at:

         Furnitureland Holdings Ltd.
         Yeoman House 57-63
         Croydon Road
         Bromley
         London
         SE20 7TP
         England
         Fax: 020 8768 7130


GOOD IDEAS: Creditors' Meeting Slated for April 12
--------------------------------------------------
Creditors of Good Ideas (Design) Ltd. will meet at 11:15 a.m. on
April 12 at:

         Marks Bloom
         60-62 Old London Road
         Kingston upon Thames
         Surrey
         KT2 6QZ
         England

Creditors who want to vote at the meeting have until noon on
April 11 to submit their proxy forms together with particulars
of their claims or of any security at the said address.

Andrew John Whelan of Marks Bloom will furnish creditors with
information concerning the company's affairs free of charge as
they may reasonably require before the day of the meeting.


GOURMET PUB: Taps Liquidators from Ernst & Young LLP
----------------------------------------------------
Roy Bailey and Angela Swarbrick of Ernst & Young LLP were
appointed joint liquidators of The Gourmet Pub Co. Ltd.
(formerly Arches Services Ltd.) on March 20 for the creditors'
voluntary winding-up procedure.

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.


LANGTHORPE PROPERTIES: Claims Filing Period Ends June 19
--------------------------------------------------------
Creditors of Langthorpe Properties Ltd. have until June 19 to
send their names and addresses and particulars of their debts or
claims and the names and addresses of the solicitors (if any)
to:

         D. Bailey and Alan J. Roberts,
         Joint Liquidators
         Begbies Traynor
         Elliot House
         151 Deansgate
         Manchester
         M3 3BP
         England

D. Bailey and Alan J. Roberts 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.


MAILTECH LTD: Appoints Joint Administrators from Baker Tilly
------------------------------------------------------------
Adrian David Allen and Philip Edward Pierce of Baker Tilly were
appointed joint administrators of Mailtech (U.K.) Ltd. (Company
Number 03272802) on March 5.

Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing
and other services for mid-cap and smaller publicly listed
companies and private companies, particularly those expanding
into new foreign markets.  Services include business and
financial planning, tax-related services, corporate finance,
litigation support, turnaround services, and technology
consulting.

The company can be reached at:

         Mailtech (U.K.) Ltd.
         25 Harvester Way
         Peterborough
         Cambridgeshire
         PE1 5UT
         England
         Tel: 01733 311 345
         Fax: 01733 311 346


OLIVA LTD: Creditors' Meeting Slated for April 18
-------------------------------------------------
Creditors of Oliva Ltd. (t/a Best Coffee Shop & Diner) will meet
at 3:00 p.m. on April 18 at:

         Kallis & Co.
         1148 High Road
         Whetstone
         London N20 0RA
         England

Creditors who want to vote at the meeting have until noon on
April 17 to submit their proxy forms together with particulars
of their claims or of any security to Kikis Kallis at the said
address.

Kikis Kallis will furnish creditors with information concerning
the company's affairs free of charge as they may reasonably
require.


OMEGA TILE: Creditors' Meeting Slated for April 13
--------------------------------------------------
Creditors of Omega Tile Ltd. will meet at 10:30 a.m. on April 13
at:

         Old Rectory Hotel
         Ipsley Lane
         Ipsley
         Redditch
         B98 0AP
         England

Creditors who want to vote at the meeting have until noon on
April 12 to submit their proxy forms together with particulars
of their claims or of any security at:

         HKM LLP
         The Old Mill
         9 Soar Lane
         Leicester
         LE3 5DE
         England
         Fax: 0116 242 5201

A list of names and addresses of the company's creditors will be
available for inspection on April 11 at HKM LLP.

HKM LLP -- http://www.hkm.co.uk/-- is an independent and
regulated firm of accountants, business and taxation advisors
and insolvency specialists.  In July 2004, HKM Harlow Khandhia
Mistry changed its business status to become a limited liability
partnership and is now known as HKM LLP.


PS PEOPLE: Joint Liquidators Take Over Operations
-------------------------------------------------
Andrew Philip Wood and John Russell of The P&A Partnership were
appointed joint liquidators of PS People Specialists Ltd. on
March 20 for the creditors' voluntary winding-up proceeding.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.

The company can be reached at:

         PS People Specialists Ltd.
         4 Chapel Walk
         Chapel Street
         Alfreton
         Derbyshire
         DE55 7BJ
         England
         Tel: 01773 520 999


SMARTTECH CONSULTING: Creditors' Meeting Slated for April 5
-----------------------------------------------------------
Creditors of Smarttech Consulting Services Ltd. will meet at
2:00 p.m. on April 5 at:

         Express by Holiday Inn
         Junction 15 M40
         Stratford Road
         Warwick
         CV34 6TW
         England

Jonathan Lord of Bridgestones will furnish creditors with
information concerning the company's affairs free of charge as
they may reasonably require before the day on which the meeting
is held.


STAFFLINK UK: Creditors' Meeting Slated for April 4
---------------------------------------------------
Creditors of Stafflink U.K. Ltd. will meet at 11:00 a.m. on
April 4 at:

         Langley Group PLC
         Langley House
         Park Road
         East Finchley
         London
         N2 8EX
         England

Creditors who want to vote at the meeting have until noon on
April 3 to submit their proxy forms together with particulars of
their claims or of any security at the said address.

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on April 2.


STAR NET: Creditors' Meeting Slated for April 12
------------------------------------------------
Creditors of Star Net Telecom Construction Services Ltd. will
meet at 11:30 a.m. on April 12 at:

         Begbies Traynor
         Elliot House
         151 Deansgate
         Manchester
         M3 3BP
         England

Creditors who want to vote at the meeting have until noon on
April 11 to submit their proxy forms together with a statement
of their claim at the said address.

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

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


SUPREME WINDOWS: Creditors' Meeting Slated for April 4
------------------------------------------------------
Creditors of Supreme Windows and Conservatories (Retail) Ltd.
will meet at noon on April 4 at the offices of:

         Poppleton & Appleby
         32 High Street
         Manchester
         M4 1QD
         England

Stephen Lord and Stephen James Wainwright of Poppleton & Appleby
will furnish creditors with information concerning the company's
affairs free of charge as they may reasonably require.


TOWER RECORDS: Files Disclosure Statement in Delaware
-----------------------------------------------------
MTS Inc. dba Tower Records and its debtor-affiliates filed with
the U.S. Bankruptcy Court for the District of Delaware a
disclosure statement describing their Chapter 11 Plan of
Liquidation, Bill Rochelle of Bloomberg News reports.

According to Mr. Rochelle, the disclosure statement said
unsecured claims of trade suppliers will total US$73.5 million,
in addition to other unsecured claims expected to range from
US$95 million to US$115 million.

The Debtors estimated that assets available for distribution
to trade suppliers and other unsecured creditors will range from
US$3 million to US$26 million, Mr. Rochelle relates.

The Court is set to consider the adequacy of the disclosure
statement on May 3.

                            Asset Sale

The Debtors auctioned their intellectual property assets this
month.

The IP Assets -- which include the Debtors' website business,
including Tower.com, trademarks, and international licenses --
were part of the Debtors' Court-approved auction in October
2006, but were never sold due to the inability of the Debtors to
close sale transactions.

On Sept. 6, 2006, the Debtors obtained Court approval for the
sale of substantially all of their assets.  The Debtors' assets
were auctioned in October 2006 in accordance with a consortium
of bids made by multiple parties.

Included in the consortium of bids was the successful bid of
Norton LLC for, among other things, the Debtors' website
business.

According to the Debtors, the sale of the website business did
not push through because of some business, technical and
operational issues that became apparent in the course of the
negotiations.

The Debtors' inventory and fixed assets were sold to Great
American Group for US$104 million.

                          CIT Obligation

At the commencement of their chapter 11 cases, the Debtors'
capital structure included approximately US$80 million in first
priority secured debt owed to CIT Group/Business Credit Inc. as
well as more than US$70 million of second priority secured debt
asserted by secured trade vendors.  In addition, the Debtors
estimate that they face at least another US$50 million in
unsecured claims.

Proceeds from the October Auction Sale were used to pay in full
the first priority secured debt the Debtors owe CIT.

                        About Tower Records

Headquartered in West Sacramento, California, MTS Inc., dba
Tower Records -- http://www.towerrecords.com/-- is a retailer
of music in the U.S., with nearly 100 company-owned music, book,
and video stores.  The company has stores in the United Kingdom,
the Philippines and Colombia.

The company and its affiliates previously filed for chapter 11
protection on Feb. 9, 2004 (Bankr. D. Del. Lead Case No. 04-
10394).  The Court confirmed the Debtors' plan on March 15,
2004.

The company and seven of its affiliates filed their second
voluntary chapter 11 petition on Aug. 20, 2006 (Bankr. D. Del.
Case Nos. 06-10886 through 06-10893).  Richards, Layton &
Finger, P.A. and O'Melveny & Myers LLP represent the Debtors.
The Official Committee of Unsecured Creditors is represented by
McGuirewoods LLP and Cozen O'Connor.  When the Debtors filed for
protection from their creditors, they estimated assets and debts
of more than US$100 million.


VISTEON CORP: Moody's Holds Corporate Family Rating at B3
---------------------------------------------------------
Moody's Investors Service affirmed Visteon Corporation's
Corporate Family Rating of B3, term loan rating of Ba3 and
Speculative Grade Liquidity rating of SGL-3, but changed the
ratings outlook to negative from stable.

At the same time, the rating agency affirmed the company's
Corporate Family Rating of B3 and left the Speculative Grade
Liquidity rating unchanged at SGL-3.

The actions flow from Visteon's increase in the size of its term
loan facility by up to US$500-million.  Proceeds from the
incremental loan may be used in part to lower utilization of its
European securitization and factoring facilities, with the
balance used to increase its cash and marketable security
position as well as retained as balance sheet cash.

While the resultant improved liquidity will serve to limit the
probability of default in the near term, the additional funding
elevates the company's leverage and fixed charges at a time when
the North American automotive industry faces significant
challenges and follows guidance from the company that it will
not achieve positive free cash flow until 2009.  Coverage ratios
will remain weak for a more protracted period until cumulative
savings from its restructuring initiatives contribute to
improved earnings and cash flows.  Although Visteon will have
sufficient resources to accomplish this transformation, and
favorable trends in customer and geographic diversification will
continue, it remains vulnerable to adverse developments at its
largest customer, Ford Motor Company.

The new US$500 million tranche of the term loan will take the
total facility to US$1,500 million.  The new tranche will have a
final maturity in December 2013 compared to the existing
US$1,000 million, which matures in June 2013.  The term loans
are guaranteed by material domestic subsidiaries and have a
first lien against Visteon's shareholdings in certain
subsidiaries and against intercompany debt primarily owed by
foreign subsidiaries.

In addition, collateral includes a second lien against certain
U.S. accounts receivable, inventory and property, plant and
equipment which are subject to a first lien held by revolving
credit facility lenders.  A restructuring of Visteon's legal
organizational structure will facilitate the pledge of
incremental international subsidiary shareholdings.

Significantly, the collateral pool will be supplemented by the
addition of the bulk of Visteon's shareholding in Halla Climate
Control of South Korea.  Visteon owns 70% of Halla; shares
pledged will represent a 65% interest in the company.
Initially, the proceeds will be retained as cash but could
accommodate reduced utilization of Visteon's European
securitization facility (US$76 million at Dec. 31, 2006) and the
expiration of its European factoring facilities (US$81 million
sold at the end of the year).  Net funds retained from the
financing will add to the roughly US$1 billion of cash held by
Visteon at the end of the fourth quarter.

The additional cash, combined with existing internal and
external resources, are expected to cover Visteon's cash flow
deficits over the next two years, thereby minimizing a need for
future external funding.  The company's principal bank
facilities do not have financial maintenance covenants until
certain minimal defined liquidity thresholds are pierced.
Visteon should have ample resources to preserve its liquidity
above those defined levels.

As such, the transaction serves to reduce the probability of
default.  However, the financing will raise Visteon's
debt/EBITDA leverage, which approximated 6.1x at the end of
2006, and will add to interest expense.  EBIT/interest coverage
was roughly 0.5x in 2006 and is expected to remain at or under
1x over the intermediate term.  Moody's would expect Visteon's
quantitative metrics to remain weak until 2009 and are
positioned in the lower range for the rating category.

The B3 Corporate Family rating emphasizes recognizes these
weaker metrics and the lengthier time frame required for the
company's restructuring program to produce material improvements
in free cash flow generation and coverage ratios.  In part, the
company's financial and operating challenge result from
meaningful reductions in market share and build-rates by its
largest customer, Ford, as well as prevailing industry
conditions affecting most auto makers and suppliers.

While Visteon continues with an improved customer mix and book
of new business awards, as well as a sound strategy and
sufficient resources to facilitate its transformation, its
debt/EBITDA will remain elevated and interest coverage will be
less than 1x for a protracted period.  Positive free cash flow
is not expected until 2009.

Visteon's overall performance for rating factors contained in
Moody's Auto Supplier Methodology map to an indicated rating of
B1.  This mapping reflects the company's very weak credit
metrics, which are more consistent with the Caa rating level,
balanced against substantial scale, global footprint, improving
customer and geographic diversification and stability provided
by its liquidity and debt maturity profile which are reflective
of a Ba level.

Notwithstanding Visteon's mapping to the B1 rating level under
the Auto Methodology, the assigned B3 Corporate Family rating
recognizes the considerable operational and financial risk that
the company faces as a result of the ongoing challenges
confronting Ford, and protracted time frame of the company's
turn around program.  Over time, ongoing restructuring actions
should better position its fixed and variable cost structure to
achieve higher margins.  But, current industry conditions are
not very accommodative and make this more challenging to achieve
in the near term.

The negative outlook incorporates current views on the company's
prospective leverage, coverage ratios and lack of free cash flow
generation.  It also considers ongoing exposure to a challenging
automotive environment in North America and the potential which
any adverse industry developments may have to cause further
deterioration in the company's metrics.  However, additional
funds from the US$500 million term loan do enhance Visteon's
liquidity and serve to limit near term default risks.  Resources
in the Ford funded escrow account continue to be available to
finance ongoing restructuring actions, which, over a longer
period of time, could permit stronger results to emerge.

Visteon's Speculative Grade Liquidity Rating is SGL-3 and
represents adequate liquidity over the next 12 months.  This is
based upon significant cash balances, availability under its
external financing commitments, an extended debt maturity
profile, and minimal constraints from financial covenants under
its bank credit facilities.  Although balance sheet cash will
increase as a result of the financing, the increase is
substantially offset by expectations of negative free cash flow
in both 2007 and 2008.  The rating also reflects a limited scope
to develop incremental alternative liquidity arrangements given
the extent of assets pledged.

The Ba3, LGD2, 17% rating on the secured term loan, three
notches above the Corporate Family Rating, reflects the benefits
of its collateral package as well as the effective subordination
of approximately US$1 billion of unsecured notes which are at
the parent level and lack up-streamed guarantees from domestic
subsidiaries.  The junior position in the capital structure
results in a Caa2, LGD6, 92% rating for the notes.

Ratings affirmed:

   * Visteon Corporation

      -- Corporate Family Rating, B3

      -- Probability of default, B3

      -- Secured bank term loan (increased to US$1.5-billion
         from US$1-billion), Ba3

      -- Unsecured notes, Caa2

      -- Shelf filings for unsecured, subordinated, and
         preferred, Caa2, Caa2, and Caa2 respectively

      -- Speculative Grade Liquidity rating, SGL-3

   * Visteon Capital Trust I

      -- Shelf filing trust preferred, Caa2

Ratings changed:

   * Visteon Corporation

      -- Outlook, to negative from stable

LGD Assessments revised:

   * Visteon Corporation

      -- Secured bank term loan, LGD-2, 17% from LGD-2, 24%

      -- Unsecured notes, LGD-6, 92% from LGD-6, 91%

      -- Shelf filing unsecured, LGD-6, 92% from LGD-6, 91%

      -- Shelf filings, subordinated and preferred, LGD-6, 97%
         from LGD-6, 96%

   * Visteon Capital Trust I

      -- Shelf filing trust preferred, LGD-6, 97% from LGD-6,
         96%

The last rating action was on Nov. 22, 2006, at which time the
Corporate Family Rating was lowered to B3 from B2 and the
outlook was changed to stable.  Visteon's US$350-million
revolving credit facility is not rated.

Visteon Corporation, headquartered in Van Buren Township,
Michigan, is a global tier 1 automotive supplier focused on
climate control systems, electronic/lighting products and
interiors.  Annual product revenues were approximately
US$10.9 billion in 2006.  The company has operations in
26 countries.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
March 29-31, 2007
   AMERICAN LAW INSTITUTE - AMERICAN BAR ASSOCIATION
      Chapter 11 Business Reorganizations
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

March 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Rising to the (Counter) Top of the Market
         Solera, Minneapolis
            Contact: http://www.turnaround.org/

March 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      10th Annual April Fools' Networking Cocktail Reception
         University Club, New York, New York
            Contact: 646-932-5532 or http://www.turnaround.org/

March 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Zinifex/Pasminco - What a ride?
         Ferriers, Melbourne, Australia
            Contact: http://www.turnaround.org/

April 5, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Case Study "When Everything Goes Wrong"
         University of Florida, Gainesville, Florida
            Contact: http://www.turnaround.org/

April 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Pal's Cabin, West Orange, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, District of Columbia
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 12, 2007
   BEARD AUDIO CONFERENCES
      Second Lien Financings and Intercreditor Agreements
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

April 12, 2007
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
      CONFEDERATION
         IWIRC 4th Spring Luncheon and Founders Awards
            Washington, District of Columbia
               Contact: http://www.iwirc.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon University Club
         Jacksonville, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

April 12, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - East
         JW Marriott, Washington, District of Columbia
            Contact: http://www.abiworld.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Fundamentals of Turnaround Management
         Melbourne, Australia
            Contact: http://www.turnaround.org/

April 13, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Completing the Turnaround
         Melbourne, Australia
            Contact: http://www.turnaround.org/

April 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Association for Corporate Growth Arizona Chapter Meeting
         Biltmore Hotel, Phoenix, Arizona
            Contact: http://www.turnaround.org/

April 17, 2007
   BEARD AUDIO CONFERENCES
      Real Estate Bankruptcy
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

April 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Association for Corporate Growth Arizona Chapter Meeting
         Biltmore Hotel, Phoenix, Arizona
            Contact: http://www.turnaround.org/

April 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Breakfast with Association for Corporate Growth
         Woodbridge Hilton, Iselin, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Personnel Issues in Bankruptcy
         University Club, Portland, Oregon
            Contact: http://www.turnaround.org/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Program on Fraud and Forensic Investigations
         Athletic Club, Denver, Colorado
            Contact: http://www.turnaround.org/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Fundamentals of Turnaround Management
         Brisbane, Australia
            Contact: http://www.turnaround.org/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Personnel Issues in Bankruptcy
         University Club, Portland, Oregon
            Contact: http://www.turnaround.org/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast: Program on Fraud and Forensic Investigations
         Athletic Club, Denver, Colorado
            Contact: http://www.turnaround.org/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Tyson's Corner Marriott, Vienna, Virginia
            Contact: 215-657-5551 or http://www.turnaround.org/

April 19-20, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Eighth Annual Conference on Healthcare Transactions
         Successful Strategies for Mergers, Acquisitions,
            Divestitures, and Restructurings
               The Millennium Knickerbocker Hotel - Chicago
                  Contact: 800-726-2524;
                     http://renaissanceamerican.com/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Wine Tasting Social
         TBA, Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Operational Turnaround Management
         Renaissance Hotel, Syracuse, New York
            Contact: http://www.turnaround.org/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Fraud and Forensic Investigation
         Athletic Club, Denver, Colorado
            Contact: http://www.turnaround.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Completing the Turnaround
         Brisbane, Australia
            Contact: http://www.turnaround.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      The Nuts & Bolts of Buying and Selling
         Distressed Companies
            University Club, Chicago, Illinois
               Contact: http://www.turnaround.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, Georgia
            Contact: 678-795-8103 or http://www.turnaround.org/

April 24, 2007
   BEARD AUDIO CONFERENCES
      Hospitals in Crisis: The Insolvency Crisis Plaguing
         Hospitals Across the U.S.
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

April 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "Why Prospects Become Clients"
         Mark Fitzgerald, President of Sales Training Institute
            Inc
               Centre Club, Tampa, Florida
                  Contact: http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Jacksonville Zoo Turnaround
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual Credit & Bankruptcy Symposium Golf/Spa Outing
         Fox Hopyard Golf Club, East Haddam, Connecticut
            Contact: 203-265-2048 or http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spa Outing
         Mohegan Sun, Uncasville, Connecticut
            Contact: 203-265-2048 or http://www.turnaround.org/

April 26-27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual Credit & Bankruptcy Symposium
         Mohegan Sun, Uncasville, Connecticut
            Contact: http://www.turnaround.org/

April 26-28, 2007
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Philadelphia, Pennsylvania
            Contact: http://www.ali-aba.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting - Working Effectively with
         the Media to Create Publicity for Your Business
            Contact: http://www.turnaround.org/

April 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      13 Week CF Program
         Washington University, St. Louis, Missouri
            Contact: http://www.turnaround.org/

April 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Equity Sponsor Panel Breakfast
         Westin Buckhead, Atlanta, Georgia
            Contact: http://www.turnaround.org/

April 29 - May 1, 2007
   INTERNATIONAL BAR ASSOCIATION
      International Insolvency Conference
         Zurich, Switzerland
            Contact: http://www.ibanet.org/

May 1, 2007
TURNAROUND MANAGEMENT ASSOCIATION
   Networking Organization of Women Visit King Tut Exhibit
      Franklin Institute, Philadelphia, Pennsylvania
         Contact: 215-657-5551 or www.turnaround.org/

May 2-4, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Association for Corporate Growth Arizona Chapter Meeting
         Washington University, Arizona
            Contact: http://www.turnaround.org/

May 4, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - NYC
         Alexander Hamilton U.S. Custom House, SDNY
            New York, New York
               Contact: http://www.abiworld.org/

May 7, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      9th Annual New York City Bankruptcy Conference
         Millennium Broadway Hotel & Conference Center
            New York, New York
               Contact: http://www.abiworld.org/

May 14-16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual TMA Regional Conference - Texas
         Hyatt Regency Resort & Spa
            Lost Pines, Texas
               Contact: http://www.turnaround.org/

May 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Restructuring Workshop
         Cable Center, Denver, Colorado
            Contact: http://www.turnaround.org/

May 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Restructuring Workshop
         Cable Center, Denver, Colorado
            Contact: http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Marriott North, Fort Lauderdale, Florida
            Contact: http://www.turnaround.org/

May 17-18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      6th Annual Great Lakes Regional Conference
         Renaissance Quail Hollow Resort, Painesville, Ohio
            Contact: http://www.turnaround.org/

May 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Enterprise Valuation / Sale of the Distressed Business
         Athletic Club, Seattle, Washington
            Contact: http://www.turnaround.org/

May 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Women's Networking Lunch
         TBD, Arizona
            Contact: 623-581-3597 or www.turnaround.org/

May 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      13 Week CF Program
         Kansas City, Missouri
            Contact: http://www.turnaround.org/

May 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      LI-TMA Annual Golf Outing
         TBD, Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

May 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Hedge Funds
         Standard Club, Chicago, Illinois
            Contact: http://www.turnaround.org/

May 23, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Calaloo Caf,, Morristown, New Jersey
            Contact: 908-575-7333 or www.turnaround.org/

May 24-25, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Fourth Annual Conference on Distressed Investing Europe
         Maximizing Profits in the European Distressed Debt
            Market
               Le Meridien Piccadilly Hotel - London, UK
                  Contact: 800-726-2524;
                     http://renaissanceamerican.com/

May 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona and RMA Joint Meeting
         Hotel Valley Ho, Scottsdale, Arizona
            Contact: http://www.turnaround.org/

May 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon - Bankruptcy Judges Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

May 30-31, 2007
   FINANCIAL RESEARCH ASSOCIATES
      Distressed Debt
         Harvard Club, New York, New York
            Contact: http://www.frallc.com/

May 31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Wine Tasting and Casino Night
         Mayfair Farms, West Orange, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

May 31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Speaker Series
         E&Y Tower, Calgary, Alberta
            Contact: http://www.turnaround.org/

May 31 - June 1, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      2nd Annual TMA Southeast Regional Conference
         Marriott Resort at Grande Dunes
            Myrtle Beach, South Carolina
               Contact: http://www.turnaround.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
        JW Marriott Spa and Resort, Las Vegas, Nevada
            Contact: http://http://www.airacira.org/

June 6-8, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      5th Annual Mid-Atlantic Regional Symposium
         Borgata Hotel Casino & Spa
            Atlantic City, New Jersey
               Contact: http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 7-8, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Mealey's Asbestos Bankruptcy Conference
         Intercontinental Hotel, Chicago, Illinois
            Contact: http://www.turnaround.org/

June 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Association for Corporate Growth Arizona Chapter Meeting
         Biltmore Hotel, Phoenix, Arizona
            Contact: http://www.turnaround.org/

June 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Economic Update at the 1/2 Year Mark
         University Club, Portland, Oregon
            Contact: http://www.turnaround.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Clarion Hotel, Princeton, New Jersey
            Contact: 908-575-7333 or www.turnaround.org/

June 21-22, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Tenth Annual Conference on Corporate Reorganizations
         Successful Strategies for Restructuring Troubled
            Companies
               The Millennium Knickerbocker Hotel - Chicago
                  Contact: 800-726-2524;
                     http://renaissanceamerican.com/

June 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, Wyoming
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org/

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, Rhode Island
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Young Professionals Billiards Night
         TBD, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

July 13, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, Illinois
            Contact: http://www.turnaround.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

July 25-28, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      12th Annual Southeast Bankruptcy Workshop
         The Sanctuary, Kiawah Island, South Carolina
            Contact: http://www.abiworld.org/

July 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Contact: http://www.turnaround.org/

July 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Golf Outing
         Raritan Valley Country Club, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

July 31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Enterprise Florida: Improving Florida's
         Business Climate and Helping Florida Companies
            Market Overseas
               Citrus Club, Orlando, Florida
                  Contact: http://www.turnaround.org/

Aug. 3, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Women's Spa Event
         Short Hills Hilton, Livingston, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 10, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, Illinois
            Contact: http://www.turnaround.org/

Aug. 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, Maryland
               Contact: http://www.abiworld.org/

Aug. 23-26, 2007
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Drake Hotel, Chicago, Illinois
            Contact: http://www.nabt.com/

Aug. 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Fishing Trip
         Point Pleasant, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 28, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Healthcare Panel
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/

Aug. 29-30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      3rd Annual Northeast Regional Conference
         Gideon Putnam Resort and Spa, Saratoga Springs,
            New York
               Contact: http://www.turnaround.org/

Sept. 6-7, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Complex Financial Restructuring Program
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.turnaround.org/

Sept. 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
            Las Vegas, Nevada
               Contact: http://www.abiworld.org/

Sept. 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, Illinois
            Contact: http://www.turnaround.org/

Sept. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Buying and Selling Troubled Companies
         Marriott North, Fort Lauderdale, Florida
            Contact: http://www.turnaround.org/

Sept. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Sept. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Retail Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

Sept. 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Educational & Networking Reception
         TBD, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Sept. 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Contact: http://www.turnaround.org/

Sept. 27-30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      8th Annual Cross Border Business
         Restructuring & Turnaround Conference
            Contact: http://www.turnaround.org/

Oct. 2, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         TBD, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Oct. 9-10, 2007
   IWIRC
      Orlando, Florida
         IWIRC Annual Fall Conference
            Contact: http://www.iwirc.org/

Oct. 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      81st Annual National Conference of Bankruptcy Judges
         Contact: http://www.ncbj.org/

Oct. 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place
            Boston, Massachussets
               Contact: 312-578-6900; http://www.turnaround.org/

Oct. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Capital Markets Case Study
         Contact: http://www.turnaround.org/

Oct. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Contact: http://www.turnaround.org/

Oct. 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Crisis Communications With Employees,Vendors and Media
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/

Nov. 1, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         TBD, Hackensack, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Nov. 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner
         South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Nov. 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Portland Holiday Party
         University Club, Portland, Oregon
            Contact: 206-223-5495 or http://www.turnaround.org/

Nov. 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Mixer
         TBA, Vancouver
            Contact: 206-223-5495 or www.turnaround.org/

Nov. 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Real Estate Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

Nov. 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Speaker
        TBD, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Nov. 29, 2007
   TMA Arizona Chapter Meeting
      TURNAROUND MANAGEMENT ASSOCIATION
         Contact: http://www.turnaround.org/

Dec. 6, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Seattle Holiday Party
         Athletic Club, Seattle, Washington
            Contact: 206-223-5495 or http://www.turnaround.org/

Dec. 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Jan. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, Florida

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, District of Columbia
            Contact: http://www.abiworld.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, Michigan
            Contact: http://www.abiworld.org/

July 10-13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      16th Annual Northeast Bankruptcy Conference
         Ocean Edge Resort
            Brewster, Massachussets
               Contact: http://www.turnaround.org/

July 31 - Aug. 2, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      4th Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, Maryland
               Contact: http://www.abiworld.org/

Aug. 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, Florida
            Contact: http://www.abiworld.org/

Sept. 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

Oct. 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott New Orleans, Louisiana
            Contact: 312-578-6900; http://www.turnaround.org/

Dec. 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               Contact: http://www.abiworld.org/

May 7-10, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      27th Annual Spring Meeting
         Gaylord National Resort & Convention Center
            National Harbor, Maryland
               Contact: http://www.abiworld.org/

Sept. 10-12, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      17th Annual Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nevada
            Contact: http://www.abiworld.org/

Oct. 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

June 21-24, 2009
   INSOL
      8th International World Congress
         TBA
            Contact: http://www.insol.org/

Oct. 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

BEARD AUDIO CONFERENCES
   BAPCPA One Year On: Lessons Learned and Outlook
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Calpine's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changes to Cross-Border Insolvencies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Dana's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Deepening Insolvency - Widening Controversy: Current Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Claims Trading
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Market Opportunities
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Real Estate under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Equitable Subordination and Recharacterization
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   High-Yield Opportunities in Distressed Investing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Homestead Exemptions under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Real Estate Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Reverse Mergers-the New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *