TCREUR_Public/070404.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, March 30, 2007, Vol. 8, No. 64

                            Headlines


A U S T R I A

AVES LLC: Claims Registration Period Ends April 24
CLASSICO WORLDWIDE: Klagenfurt Court Orders Business Shutdown
HELMUT MANTSCH: Claims Registration Period Ends April 23
INTERIA LLC: Claims Registration Period Ends April 23
ZIMMEREI SPORN: Creditors' Meeting Slated for April 11


B U L G A R I A

NOVA PLAMA: Auctioning Assets on April 18


C Z E C H   R E P U B L I C

MASONITE CORP: Moody's Affirms B2 Corporate Family Rating


D E N M A R K

BLOCKBUSTER INC: Good Performance Cues S&P's Ratings' Upgrade


F R A N C E

EUROTUNNEL GROUP: Meets Requirements to Exit Safeguard Process


G E R M A N Y

ALBERT STAVENOW: Claims Registration Period Ends May 23
ALLES DICHT: Creditors' Meeting Slated for June 15
AUTOHAUS STAVENOW: Claims Registration Period Ends May 23
AVISPED VERWALTUNGS: Claims Registration Period Ends May 16
BAUSANIERUNG BADERWELT: Claims Registration Period Ends May 15

BENQ CORP: Snubs Mobile Unit's EUR500-Mln Creditors' Claim
BLAKQORI MALEREIBETRIEB: Creditors' Meeting Slated for May 8
BLAUBAUM-STAHLARMIERUNGS: Claims Registration Period Ends June 1
BOTEC GMBH: Claims Registration Period Ends May 21
BREEZE FINANCE: Moody's Rates EUR85-Mln Class B Notes at Ba1

DACHKLEMPNERBETRIEB DEICH: Creditors' Meeting Set for April 26
DADDY'S KAFFEE: Claims Registration Period Ends May 30
DUERR AG: Confirms Earnings Improvement Forecast for 2007
GENIUS BAU: Claims Registration Period Ends April 20
GOING LASIK: Claims Registration Period Ends May 18

H&M RECYCLING: Claims Registration Period Ends May 4
HEINRICH PRUESSING: Claims Registration Period Ends May 21
HOBBY & TOYS: Claims Registration Period Ends June 1
HOGESS MASCHINENBAU: Creditors Must Register Claims by May 14
HOLZKONSTRUKTIONSBAU PIPREK: Claims Filing Period Ends April 20

HONNEFER VERLAGSGESELLSCHAFT: Claims Filing Period Ends April 13
HORST SPORKENBACH: Creditors Must Register Claims by May 11
SCHOENBERG + PARTNER: Claims Registration Period Ends May 16
SGL CARBON: Moody's Reviews Low-B Ratings for Upgrade
SILVERTEC GMBH: Claims Registration Period Ends May 15

SPIEL-PLANET GMBH: Creditors' Meeting Slated for April 30
TERRAVALOR: Claims Registration Period Ends May 23
TRANSPORT U. LOGISTIK: Claims Registration Ends May 15
WEIER SYSTEME: Claims Registration Period Ends May 8


I R E L A N D

AFFILIATED COMPUTER: Unit Inks Settlement with N.C. Health Dept.
AFFILIATED COMPUTER: Moody's Affirms Ba2 Corporate Family Rating


I T A L Y

POPOLARE ITALIANA: Posts EUR39.9 Million Net Loss for 2006
TRW AUTOMOTIVE: Earns US$176 Million for Full Year 2006


K A Z A K H S T A N

ANASTASIA LLP: Creditors Must File Claims by May 4
BEREKE-SERVICE LLP: Creditors' Claims Due May 4
COMPANY REM: Proof of Claim Deadline Slated for May 4
INTER-COMPLEX LLP: Claims Registration Ends May 11
INVESTTECHNOPLUS CJSC: Claims Filing Period Ends May 11

KASPY KURYLYS: Claims Registration Period Ends May 11
METALL-INTERIER LLP: Creditors Must File Claims by May 4
SPECIAL ENGINEERING: Creditors' Claims Due May 11


K Y R G Y Z S T A N

BAISAL-PARTNERS LLC: Claims Filing Period Ends May 16
SUMMER GOLD: Creditors Must File Claims by May 11


N E T H E R L A N D S

AZOVSTAL CAPITAL: Moody's May Lower B3 Rating After Review


P O L A N D

GDYNIA SHIPYARD: Unlikely to Finish Privatization by June
SZCZECIN SHIPYARD: Unlikely to Complete Privatization by June


R U S S I A

BANK OF MOSCOW: Fitch Affirms IDR at B- with Positive Outlook
CARGO-TRANS CJSC: Creditors Must File Claims by April 17
CHEMICAL PRODUCT: Creditors Must File Claims by April 17
CRYSTAL LLC:  Creditors Must File Claims by April 17
ECO-KHIM CJSC: Creditors Must File Claims by April 17

FORTUNA CASINO: Creditors Must File Claims by April 17
GAZPROM NEFT: Gazprom Confirms Plans to Buy Yukos' 20% Stake
INDUSTRIAL ENERGY: Creditors Must File Claims by April 17
NORTH-WEST CJSC: Creditors Must File Claims by April 17
NOVOLIPETSK STEEL: Inks GO Steel Supply with Tebian Electric

OIL TECHNOLOGIES: Creditors Must File Claims by April 17
ORION CJSC: Creditors Must File Claims by April 17
POLYMER-STROY-MATERIALS: Creditors Must File Claims by April 17
RUZAEVSKIY COMBINE: Asset Bidding Deadline Slated for April 12
SBERBANK ROSSII: Raises RUR230.2 Billion from Public Share Sale

SHELEKHOVSKIY BAKERY: Creditors Must File Claims by April 17
SITRONICS JSC: Inks Supply Deal with China National Machinery
SUAL GROUP: Completes Merger with RUSAL & Glencore Int'l
SUAL INT'L: S&P's BB- Ratings Still on Watch After Merger
TANTAL-S LLC: Creditors Must File Claims by April 17

TNK-BP HOLDING: Mulls Bidding for Yukos' Other Assets
TRANSATLANTIC PETERSBURG: Creditors Must File Claims by April 17
TSIVILSKIY BACON: Court Starts Bankruptcy Supervision Procedure
VIMPEL-COMMUNICATIONS: Annual General Meeting Slated for June 29
VNESHTORGBANK JSC: Gains US$500-Mln Credit Line for Sino Exports

VNESHTORGBANK JSC: Inks Credit Line Deal with Export-Import Bank
YUKOS OIL: Gazprom Confirms Plans to Buy Gazprom Neft Stake
YUKOS OIL: Russo-Italian Consortium Eyes Gazprom Neft Stake
YUKOS OIL: TNK-BP Holding Mulls Bidding for Co.'s Other Assets

* S&P Hikes Leningbrad Oblast's Ratings to BB on Economic Growth


S P A I N

TOWER AUTOMOTIVE: Selling Assets to Cerberus Capital


S W I T Z E R L A N D

CREACOM MARKETING: Creditors' Liquidation Claims Due April 11
DELOITTE HOLDING: Creditors' Liquidation Claims Due April 30
MULTING HOLDING: Creditors' Liquidation Claims Due April 11
OKTACARE LLC: Creditors' Liquidation Claims Due April 11
REPGERGASSE 26: Creditors' Liquidation Claims Due April 11


U K R A I N E

AZOVSTAL CAPITAL: Moody's May Lower B3 Rating After Review
DAMIYA OJSC: Claims Submission Period Ends April 2
DELIVERY INDUSTRIAL: Creditors Must File Claims by April 6
GROD-N LLC: Creditors Must File Claims by April 6
KIRNASOVKA LLC: Creditors Must File Claims by April 2

LIUBOTIN GARDEN: Creditors Must File Claims by April 2
MISSURI LLC: Creditors Must File Claims by April 5
NOVOKRYMSKOE LLC: Claims Submission Period Ends April 5
POULTRY FACTORY: Creditors Must File Claims by April 6
RODINA LLC: Claims Submission Period Ends April 2

STIROL JSC: Rise in Gas Prices Cues Fitch's Junk Ratings
SUMY TIRE: Claims Submission Period Ends April 2
TRIUMF AND K: Creditors Must File Claims by April 5
VASILEVKA LLC: Creditors Must File Claims by April 2


U N I T E D   K I N G D O M

ARROW ELECTRONICS: Moody's Puts Ba2 Rating on Preferred Stock
B2B COMMUNICATIONS: Creditors' Meeting Slated for April 5
BRYANT AND TUCKER: Creditors' Meeting Slated for April 12
BRYANT JACKSON: Creditors' Meeting Slated for April 5
BULLOUGH LTD: Brings In Liquidators from Deloitte & Touche

CONTRACT TECHNICAL: Claims Filing Period Ends May 19
ECOFLO LTD: Creditors' Meeting Slated for April 4
EUROTUNNEL GROUP: Meets Requirements to Exit Safeguard Process
FINEFORM EUROPE: Creditors' Meeting Slated for April 12
FRYMANS FEED: Claims Filing Period Ends April 16

GETTY IMAGES: New Debt Cues S&P to Retain Developing Watch
GOODYEAR TIRE: S&P Rates EUR350-Million Revolving Loan at BB-
H.J. COOPER: Names Roderick Graham Butcher Liquidator
HEATING DIRECT: Taps Joint Administrators from Ernst & Young
HUNTSMAN CORP: Moody's Lifts Rating to Ba3 on Debt Reduction

ISLEWORTH COACHES: Claims Filing Period Ends May 1
ISOFT GROUP: Fires Steven Graham as Director
J A SALISBURY: Names Liquidator to Wind Up Business
JMN BUILDING: Creditors' Meeting Slated for April 13
KENSINGTON MORTGAGE: Moody's Puts Ba2 Rating to Class B2 Notes

KILLARNEY SPRINGS: Names Administrator from Smith & Williamson
LEA VALLEY: Creditors' Meeting Slated for April 26
LONDON TUBE: Names Keith Barry Stout Liquidator
MAXFIELDS JEWELLERS: Joint Liquidators Take Over Operations
MJD CONSTRUCTION: Appoints Liquidator from Tomlinsons

NATIONWIDE KITCHENS: Calls In Liquidators from BWC
PHELPS DODGE: Moody's Lifts Rating on US$566.7 Mln Notes to Ba2
RELISYS DIGITAL: Brings In Begbies Traynor as Administrators
SIMPSON EVANS: Creditors' Meeting Slated for April 13
SOLUTIA INC: Wants to Acquire Akzo Nobel's 50% Flexsys Stake

SOLUTIA INC: Proposes Bidding Procedure for Dequest Sale
SPLASH OFFICE: Hires Liquidator from Tomlinsons
STAGEIT BY PREMIER: Hires Terry Christopher Evans as Liquidator
SUPREMA TILE: Creditors' Meeting Slated for April 5
SWALLOW HOTEL: Paddy Crerar Buys Name from Administrators

TUBE ENGINEERING: Claims Filing Period Ends April 27
WHITE STRIPE: Creditors' Meeting Slated for April 11

* Grant Thornton Names Paul McCourt as Senior Manager

* BOOK REVIEW: Admiralty and Maritime Law


                            *********


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


AVES LLC: Claims Registration Period Ends April 24
--------------------------------------------------
Creditors owed money by LLC Aves (FN 246711k) have until
April 24 to file written proofs of claim to court-appointed
estate administrator Peter Sommerer at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:45 p.m. on May 8 for the examination
of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 7 (Bankr. Case No. 6 S 15/07h).


CLASSICO WORLDWIDE: Klagenfurt Court Orders Business Shutdown
-------------------------------------------------------------
The Land Court of Klagenfurt entered March 7 an order shutting
down the business of LLC Classico Worldwide (FN 240506k).

Court-appointed estate administrator Karl Safron 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. Karl Safron
         Alter Platz 24/I
         Second Floor
         9020 Klagenfurt
         Austria
         Tel: 0463/915 999
         Fax: 0463/915999 99
         E-mail: kanzlei@anwalt.safron.at

Headquartered in Karnten, Austria, the Debtor declared
bankruptcy on March 6 (Bankr. Case No. 41 S 17/07h).


HELMUT MANTSCH: Claims Registration Period Ends April 23
--------------------------------------------------------
Creditors owed money by LLC Helmut Mantsch (FN 124377h) have
until April 23 to file written proofs of claim to court-
appointed estate administrator Thomas Steiner at:

         Mag. Thomas Steiner
         c/o Dr. Renate Steiner
         Weihburggasse 18-20/50
         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 10:45 a.m. on May 7 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 6 (Bankr. Case No. 3 S 35/07b).  Renate Steiner
represents Mag. Thomas Steiner in the bankruptcy proceedings.


INTERIA LLC: Claims Registration Period Ends April 23
-----------------------------------------------------
Creditors owed money by LLC interia (FN 258603z) have until
April 23 to file written proofs of claim to court-appointed
estate administrator Dietmar Endmayr at:

         Dr. Dietmar Endmayr
         Vogelweiderstrasse 9
         4600 Wels
         Austria
         Tel: 07242/26651
         Fax: 07242/26651-19
         E-mail: office@endmayr-jaegersberger.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:00 p.m. on May 3 for the examination
of claims.

The meeting of creditors will be held at:

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

Headquartered in Gallspach, Austria, the Debtor declared
bankruptcy on March 6 (Bankr. Case No. 20 S 31/07w).


ZIMMEREI SPORN: Creditors' Meeting Slated for April 11
------------------------------------------------------
Creditors owed money by LLC Zimmerei Sporn (FN 55921m) are
encouraged to attend the first creditors' meeting at 9:45 a.m.
on April 11.

The creditors' meeting will be held at:

         The Land Court of Salzburg
         Hall 256
         Second Floor
         Salzburg
         Austria

The Court will also examine the claims at 8:30 a.m. on May 11 at
the same venue.

Creditors have until April 27 to file written proofs of claim to
court-appointed estate administrator Gernot Franz Herzog at:

         Dr. Gernot Franz Herzog
         Haunspergstr. 33
         5020 Salzburg
         Austria
         Tel: 0062-8700460
         Fax: 0662-878462
         E-mail: office@hauserherzog.com

Headquartered in Hallein, Austria, the Debtor declared
bankruptcy on March 7 (Case No. 44 S 12/07z).


===============
B U L G A R I A
===============


NOVA PLAMA: Auctioning Assets on April 18
-----------------------------------------
The production site of Nova Plama JSC will be sold through an
auction on April 18 at a starting price of BGN59 million,
Dnevnik a.m. says.

According to the report, the successful bidder will also acquire
all on-site buildings, equipment, machinery and transportation
vehicles.

As previously reported in the TCR-Europe, the district court in
Pleven opened a bankruptcy proceeding against Nova Plama in July
2005.

The proceeding is the second in seven years after the Bulgarian
oil company failed to implement its rehabilitation plan approved
by creditors in 1999.  The first proceeding was initiated by
State Fund for Reconstruction and Development.  The rehab plan
extended Plama's repayment of a BGN251.5 million debt until
2031, but in 2003 it must repay creditors BGN30 million.

Creditors in the second proceedings claim Plama did not
implement this plan.  Jorset Holding and DZI Bank, which are
collectively owed more than BGN8 million, asked the court to
appoint receivers and order the sale of Plama's assets to pay
its debt.

The company claims the rehab plan was not implemented because it
failed to resume operations promptly.  Court records show
Plama's buyer following its first bankruptcy called "Plama
Consortium" had several demands on the government as conditions
for reviving operations, among them, legislative amendments
concerning the so-called hollow profit.

In January 2006, Yorset Holding and DZI Bank filed separate
insolvency petitions against Nova Plama.

Yorset failed to have Nova Plama declared insolvent, after the
Supreme Cassation Court stayed the proceedings against
the oil refinery.  The Court said Yorset does not own enough
credit percentage to ask for an insolvency ruling.  Court
records show that Yorset and DZI Bank own 14.83% and 7.9%
respectively of Nova Plama's BGL241 million debt.

Nova Plama is Bulgaria's No.2 oil refinery with annual
processing capacity of 1,200,000 metric tons of crude oil.
Until 1996, the refinery was the main supplier of base oils,
finished oils and special products for all local and most East-
European consumers.  The refinery is located near the town of
Pleven, approximately 160 km Northeast of Sofia and nearly 30 km
South from the Danube River.


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


MASONITE CORP: Moody's Affirms B2 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service affirmed Masonite Corporation's B2
corporate family rating, as well as affirmed the company's Ba3
rating on its senior secured credit facilities.

Masonite's outlook has been changed to negative from stable.
Masonite's ratings consider the company's recent loss of
business from Home Depot, the company's largest customer, high
leverage, and low free cash flow generation relative to debt
levels.  The ratings benefit from Masonite's market position as
leading producer of doors in North America.

These ratings have been affirmed for Masonite Corporation:

   -- Corporate family rating, affirmed at B2;

   -- Probability of default rating, affirmed at B2;

   -- US$1,172-million Gtd. Sr. Sec. Term Loan due 2013,
      affirmed at Ba3 (LGD3, 32%);

   -- US$350-million Gtd. Sr. Sec. Revolver due 2011, rated Ba3
      (LGD3, 32%); and

   -- Speculative grade liquidity rating, affirmed at SGL-3.

Masonite's negative outlook incorporates the company's recent
announcement of the loss of 50% of Home Depot volume, while
balancing the benefits of its revenue mix.  The majority of the
company's sales came from repair and remodeling.

The ratings could come under pressure if free cash flow to debt
was projected to fall to below 2% over a 12 month basis, if
Debt/EBITDA was to increase to over seven times, if the company
violates its covenants, or if additional business is lost from
key customers.  Further loss of business due to price increases
implemented or further weakening market conditions would also
pressure the rating downward.

The ratings could improve if free cash flow to debt was to
increase to above 8% on a projected 12 month basis and if debt
to EBITDA fell below four times and was expected to improve
further.

Headquartered in Ontario, Canada, Masonite manufactures doors
and door components with over 80 facilities in 18 countries in
North America, Europe, Latin America, Asia and Africa.  Revenues
for fiscal year 2006 were around US$2.5 billion.


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


BLOCKBUSTER INC: Good Performance Cues S&P's Ratings' Upgrade
-------------------------------------------------------------
Standard & Poor's Ratings Services raised the ratings on
Dallas-based Blockbuster Inc. to 'B' from 'B-'.  This action
reflects the improved operating performance and improved credit
protection metrics for the company.

At the same time, Standard & Poor's raised the recovery rating
on the bank facility to '3' from '5', indicating the expectation
for meaningful recovery of principal in the event of payment
default. Standard & Poor's affirmed the stable outlook.

The ratings reflect its participation in the declining video
rental industry, extremely competitive home entertainment
market, operational challenges as the company diversifies its
distribution channels, dependence on decisions made by the movie
studios, and highly leveraged capital structure.

"Cash flow protection measures have strengthened and are
adequate for the rating category," said Standard & Poor's credit
analyst David Kuntz, "but Blockbuster will be challenged to
increase movie rental sales, given the industry's weak
fundamentals and strong competition."


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


EUROTUNNEL GROUP: Meets Requirements to Exit Safeguard Process
--------------------------------------------------------------
Eurotunnel Group disclosed that the principal elements required
to save the company were in placed since the Paris Commercial
Court approved its safeguard plan on Jan. 15.

The company told shareholders that:

   -- the new credit agreements have been signed;

   -- the registration document which describes, in 334 pages,
      the details of the reorganization, has been registered by
      the French market authority (Autorite des Marches
      Financiers/AMF), with number i.07-021;

   -- the offer itself was filed on March 23 by Eurotunnel's
      presenting banks Lazard Freres, Natixis and Lehman
      Brothers; and

   -- although the chosen Registrar of GET SA is BNP Paribas
      Securities Services, the company will offer a facility for
      the U.K. shareholders to hold their GET SA shares in the
      form of Crest Depository Interests through the existing
      Eurotunnel U.K. Registrar, Computershare Investor Services
      Plc.

After an 11-month suspension, Eurotunnel shares resumed trading
on March 27.  On its first day, the London-listed shares rose
20% to 30 pence while Paris fell 6.8% to 41 eurocents, BBC News
relates.  According to Chairman and CEO Jacques Gounon, it is
possible that the share price will take some time to settle.

The next and last step is the offer for one Eurotunnel SA/PLC
unit of one share and one warrant to subscribe for a share in
GET SA.  The minimum acceptance level was set at 60%.

If the market authorities approve the draft offer on April 3,
the offer will be launched on April 10.  Shareholders will have
five weeks, until May 15 to tender their units.

If the offer envisaged by the Paris Commercial Court fails,
Eurotunnel will go into liquidation, considering the negative
equity of GBP1.3 billion.

                        About Eurotunnel

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a
fleet of 25 shuttle trains, which carry cars, coaches and
trucks.  It manages the infrastructure of the Channel Tunnel and
receives toll revenues from train operating companies whose
trains pass through the Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

Eurotunnel Group files reports in the U.S. Securities and
Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK)
and Eurotunnel SA (ETTFF.PK).

Eurotunnel obtained Aug. 2 an order placing the channel operator
under the protection of the Court pursuant to the new safeguard
legislation (Procedure de sauvegarde).  At end of 2006, the
group's creditors and bondholder approved a plan to decrease its
GBP6.2 billion debt to GBP2.84 billion.

On Jan. 15, the Court approved Eurotunnel's safeguard plan,
backed by the court-appointed representatives to the company and
to the creditors.

At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25
billion in total assets, GBP6.56 billion in total liabilities
and GBP1.32 billion in shareholders' deficit.


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


ALBERT STAVENOW: Claims Registration Period Ends May 23
-------------------------------------------------------
Creditors of Albert Stavenow GmbH & Co. KG have until May 23 to
register their claims with court-appointed insolvency manager
Peter Steuerwald.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Goslar
         II/D
         Second Floor
         Haus II
         Kaiserbleek 8
         38640 Goslar
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on July 11 at the same venue.

The insolvency manager can be contacted at:

         Peter Steuerwald
         Bruchtorwall 6
         38100 Braunschweig
         Germany
         Tel: 0531/24480-30
         Fax: 0531/24480-80

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

The Debtor can be contacted at:

         Albert Stavenow GmbH & Co. KG
         Attn: Dr. Lutz Wunderlich amd Josef Schmidt, Managers
         Schleeke 100
         38644 Goslar
         Germany


ALLES DICHT: Creditors' Meeting Slated for June 15
--------------------------------------------------
Creditors of Alles dicht ! Dachdecker GmbH
Dachdeckermeisterbetrieb have until June 15 to register their
claims with court-appointed insolvency manager Wolf-R. von der
Fecht.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on June 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Krefeld
         Meeting Hall H 131
         First Floor
         Nordwall 131
         47798 Krefeld
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:01 a.m. on Aug. 8 at the same venue.

The insolvency manager can be contacted at:

         Dr. Wolf-R. von der Fecht
         Rheinort 1
         40213 Duesseldorf
         Germany
         Tel: 0211 13940
         Fax: +4902111394251

The District Court of Krefeld opened bankruptcy proceedings
against Alles dicht ! Dachdecker GmbH Dachdeckermeisterbetrieb
on March 16.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Alles dicht ! Dachdecker GmbH Dachdeckermeisterbetrieb
         Jakob-Kaiser-Str.4
         47877 Willich
         Germany

         Attn: Otto August Wilhelm Wassmann, Manager
         Berliner Str. 7
         37199 Wulften am Harz
         Germany


AUTOHAUS STAVENOW: Claims Registration Period Ends May 23
---------------------------------------------------------
Creditors of Autohaus Stavenow GmbH have until May 23 to
register their claims with court-appointed insolvency manager
Peter Steuerwald.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Goslar
         II/D
         Second Floor
         Haus II
         Kaiserbleek 8
         38640 Goslar
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on July 11, at the same venue.

The insolvency manager can be contacted at:

         Peter Steuerwald
         Bruchtorwall 6
         38100 Braunschweig
         Germany
         Tel: 0531/24480-30
         Fax: 0531/24480-80

The District Court of Goslar opened bankruptcy proceedings
against Autohaus Stavenow GmbH on March 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Autohaus Stavenow GmbH
         Attn: Lutz Wunderlich and Josef Schmidt, Managers
         Schleeke 100
         38644 Goslar
         Germany


AVISPED VERWALTUNGS: Claims Registration Period Ends May 16
-----------------------------------------------------------
Creditors of AVISPED Verwaltungs- und Beteiligungsgesellschaft
mbH have until May 16 to register their claims with court-
appointed insolvency manager Henning Samisch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on June 6, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Lueneburg
         Hall 302
         Ochsenmarket 3
         21335 Lueneburg
         Germany

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

The insolvency manager can be contacted at:

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

The District Court of Lueneburg opened bankruptcy proceedings
against AVISPED Verwaltungs- und Beteiligungsgesellschaft mbH on
March 16.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         AVISPED Verwaltungs- und Beteiligungsgesellschaft mbH
         Attn: Karlheinz Thierbach, Manager
         Segdelstrasse 27
         10117 Berlin
         Germany


BAUSANIERUNG BADERWELT: Claims Registration Period Ends May 15
--------------------------------------------------------------
Creditors of BauSanierung Baderwelt GmbH have until May 15 to
register their claims with court-appointed insolvency manager
Joachim M. E. Voigt-Salus.

Creditors and other interested parties are encouraged to attend
the meeting at 2:10 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 Dessau
         Hall 123
         Willy-Lohmann-Str. 33
         Dessau
         Germany

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

The insolvency manager can be contacted at:

         Joachim M. E. Voigt-Salus
         Jacobstrasse 25
         04105 Leipzig
         Germany
         Tel: 0341/702520
         Fax: 0341/7025244

The District Court of Dessau opened bankruptcy proceedings
against BauSanierung Baderwelt GmbH on March 26.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         BauSanierung Baderwelt GmbH
         Semmelweisstrasse 11a
         06749 Bitterfeld
         Germany

         Attn: Rainer Mauss, Manager
         Anhaltstr. 60
         06749 Bitterfeld
         Germany


BENQ CORP: Snubs Mobile Unit's EUR500-Mln Creditors' Claim
----------------------------------------------------------
BenQ Corp. will not heed the EUR500 million claims sought by the
insolvency administrator of the company's German unit, BenQ
Mobile GmbH & Co, as there is no legal basis to it, various
reports say.

BenQ Corp. has denied allegations that it received assets
allegedly transferred by BenQ Mobile before the German unit
filed for insolvency in September 2006.

As reported by the Troubled Company Reporter-Europe on March 26,
Martin Prager, the insolvency manager for BenQ Mobile, was
seeking to recover EUR382 million from the company's Taipei
headquarters and EUR122 million from a Shanghai subsidiary.

In an e-mailed statement to Bloomberg News, BenQ stressed that
it "does not believe there is a legal basis" for claims made by
the unit's insolvency manager.

At the same time, contrary to reports, BenQ reiterated, "it has
received no document from the insolvency administrator of BenQ
Mobile explaining any legal ground for a claim of EUR500
million," XFN Asia says.

In addition, Mike Clendenin, writing for the EE Times, quoted
the parent company's defense on its move to transfer assets "as
actually outstanding payment for goods sold and shipped to the
unit from BenQ Corp and its affiliates."  BenQ added that, in
fact, there was still account receivables of approximately
US$216 million by the German unit at the time of the
insolvency," the Times notes.

BenQ also said that it reserves all rights to hold the
insolvency administrator responsible if the administrator makes
any incorrect statement without legal ground, which could be
damaging to the company's goodwill and interest, Bloomberg says.

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

BenQ Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency
in Germany on Sept. 29, 2006, after BenQ Corp.'s board decided
to discontinue capital injection into the mobile unit in order
to stem unsustainable losses.  The collapse follows a year after
Siemens sold the company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.

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

                        *     *     *

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

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

The ratings reflect BenQ's:

   * continuing operating losses from its handset operations;

   * high leverage; and

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


BLAKQORI MALEREIBETRIEB: Creditors' Meeting Slated for May 8
------------------------------------------------------------
The court-appointed insolvency manager for BLAKQORI
Malereibetrieb GmbH, Joachim Heitsch, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:15 a.m. on May 8.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:15 a.m. on Aug. 28, at the same venue.

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

The insolvency manager can be reached at:

         Dr. Joachim Heitsch
         Berliner Str. 117
         10713 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against BLAKQORI Malereibetrieb GmbH on March 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BLAKQORI Malereibetrieb GmbH
         Buergerstrasse 55
         12347 Berlin
         Germany


BLAUBAUM-STAHLARMIERUNGS: Claims Registration Period Ends June 1
----------------------------------------------------------------
Creditors of Blaubaum-Stahlarmierungs-GmbH have until June 1 to
register their claims with court-appointed insolvency manager
Alexander Naraschewski.

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

The meeting of creditors will be held at:

         The District Court of Wilhelmshaven
         Hall 109
         Old Building
         Marktstrasse 15
         26382 Wilhelmshaven
         Germany

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

The insolvency manager can be contacted at:

         Dr. Alexander Naraschewski
         Adalbertstr. 2
         26382 Wilhelmshaven
         Germany
         Tel: 04421/507090
         Fax: 04421/507099
         E-mail: info@naraschewski.de

The District Court of Wilhelmshaven opened bankruptcy
proceedings against Blaubaum-Stahlarmierungs-GmbH on March 20.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Blaubaum-Stahlarmierungs-GmbH
         Attn: Nicole Moritz and Thomas Blaubaum, Managers
         Moerte 34
         26316 Varel
         Germany


BOTEC GMBH: Claims Registration Period Ends May 21
--------------------------------------------------
Creditors of BOTEC GmbH have until May 21 to register their
claims with court-appointed insolvency manager
Hans-Peter Valentiner.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 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 Gifhorn
         Hall 114
         Schlossgarten 4
         38518 Gifhorn
         Germany

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

The insolvency manager can be contacted at:

         Hans-Peter Valentiner
         Bahnhofstrasse 30 A
         29221 Celle
         Germany

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

The Debtor can be contacted at:

         BOTEC GmbH
         Praklastr. 1
         31311 Uetze
         Germany

         Attn: Wolfgang Boecker, Manager
         Muehlenkanal 8
         29342 Wienhausen
         Germany


BREEZE FINANCE: Moody's Rates EUR85-Mln Class B Notes at Ba1
------------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
two classes of notes issued by Breeze Finance S.A:

   -- EUR280-million [ ] percent Class A Guaranteed Secured Bond
      due 2027: Aaa; and

   -- EUR85-million [ ] percent Class B Secured Bonds due 2027:
      Ba1.

The ratings on the Class A Bonds reflect a financial guarantee
issued by MBIA U.K. Insurance Ltd.  Moody's has assessed the
underlying credit quality of the Class A Bonds as a Baa2 risk.
This transaction is the financing of a pool of wind-farms based
in Germany (90%) and France (10%).  These wind-farms have been
developed by nine independent operators and are using turbines
from five different manufacturers.

Around 80% of the wind farms are operational, the rest should be
commissioned in the next 12 months.  Although these wind-farms
operate independently, their cash-flows are shared in order to
repay the Bonds.  The structure relies on two Issuer Borrower
Loan Agreements granted to a German and a French Borrower, which
are secured on the various accounts and agreements.  Moody's
notes that a missed payment on the Class B Bonds would not
trigger an event of default and an enforcement of the security.

According to Moody's, the ratings take account of these factors:

   (1) the supportive and stable legal framework both in Germany
       and in France that guarantees feed-in electricity
       tariffs,

   (2) the cross-collateralization of the cash-flows between the
       various wind-farms,

   (3) the diversification in terms of turbine manufacturer and
       developers of the different wind-farm projects,

   (4) the resilience of the structure to downside scenarios in
       terms of wind resource when relying on the results of the
       wind survey.

The underlying rating of the Class A as well as the rating of
the Class B Bonds reflect the wind variability risk combined
with the risk of constructing, maintaining and operating these
assets.  In order to assess the wind resource risk, Moody's
reviewed the technical advisers reports and applied various
confidence intervals to wind outputs.  In order to assess the
risk of constructing and operating the turbines in the long
term, Moody's reviewed the mitigants within the structure such
as business interruption and breakdown insurance policies and
applied various stresses to the availability of the turbines.
Moody's notes that none of the operators are rated, and that
there is no back-up servicer appointed at closing.

Regarding the servicing risk in this transaction, Moody's takes
comfort from the number of operators involved in this
transaction.  Each one of them should be able to take on the
additional servicing and maintenance resulting from a potential
insolvency of one servicer.  Moody's also takes comfort from the
growing size of the wind sector in Europe, which should
guarantee, to a level of comfort consistent with the ratings on
the Notes, that spare parts suppliers and maintenance providers
will be available in the long term.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes.  In Moody's opinion, the
structure allows for timely payment of interest and principal
with respect to the Class A Bonds by the legal final maturity.
Moody's ratings address only the credit risks associated with
the transaction.  Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.


DACHKLEMPNERBETRIEB DEICH: Creditors' Meeting Set for April 26
--------------------------------------------------------------
The court-appointed insolvency manager for Dachklempnerbetrieb
Deich GmbH, Knut Rebholz, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:55 a.m. on April 26.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on Aug. 23 at the same venue.

Creditors have until June 22 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Knut Rebholz
         Cicerostr. 22
         10709 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Dachklempnerbetrieb Deich GmbH on March 21.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Dachklempnerbetrieb Deich GmbH
         Goeckestr. 3
         13055 Berlin
         Germany


DADDY'S KAFFEE: Claims Registration Period Ends May 30
------------------------------------------------------
Creditors of Daddy's Kaffee GmbH - Spezialitatenroesterei have
until May 30 to register their claims with court-appointed
insolvency manager Stephan Ries.

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

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 14
         Ground 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 contacted at:

         Stephan Ries
         Wall 28
         42103 Wuppertal
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Daddy's Kaffee GmbH - Spezialitatenroesterei on
March 16.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Daddy's Kaffee GmbH - Spezialitatenroesterei
         Waidmarktstrasse 4
         42499 Hueckeswagen
         Germany


DUERR AG: Confirms Earnings Improvement Forecast for 2007
---------------------------------------------------------
Duerr AG's board of management presented the annual financial
statement for 2006 adopted by the supervisory board.  Duerr
achieved its target in fiscal year 2006 with an improvement in
earnings.

The company confirmed its expectation of a further significant
earnings improvement in 2007.  CEO Ralf Dieter held out the
prospect of a dividend payment for fiscal year 2007.

"We will continue to press ahead with resolve on the path of
sustainable earnings improvement in 2007," Mr. Dieter commented.
"The Group-wide FOCUS program is being transformed into a
continuous improvement process.  We want to grow on our own
steam and will be taking advantage of the opportunities
available to us in the growth markets, in service business and
with new customers.  A focus will be on new products and
developments in the area of energy-saving and resource-
conserving systems that take account of environmental aspects."

The company completed the capacity adjustments undertaken in
connection with the FOCUS program.  As announced, a total of 811
jobs have been cut within the Group, 479 of which were in 2006.

The focus was on Europe and America.  New jobs are being created
in the growth markets.  The number of employees in Asia
increased by 21% to 601 at Dec. 31, 2006, compared with the 495
employees for the same period in 2005.

"For 2007 we expect a substantial earnings improvement, which
will enable us to pay a dividend," Mr. Dieter disclosed.

The company posted EUR7.5 million in net income on EUR1.36
billion in net revenues for 2006, compared with EUR4.3 million
in net profit on EUR1.4 billion in net sales for 2005.

At Dec. 31, 2006, the company shows EUR1.04 billion in total
assets, EUR794.4 million in total liabilities and EUR245.7
million in shareholders' equity.

A full-text copy of Duerr AG's annual financial statement is
available at no charge at http://ResearchArchives.com/t/s?1c68

                          About Duerr

Headquartered in Stuttgart, Germany, Duerr AG --
http://www.durr.com/en-- supplies products, systems, and
services for automobile manufacturing.   Its range of products
and services covers important stages of vehicle production.   As
a systems supplier, Duerr plans and builds complete paint shops
and final assembly facilities.   It also delivers cleaning and
filtration systems for the manufacture of engine and
transmission components as well as balancing systems.

                          *     *     *

As of Feb. 20, Duerr AG carries these ratings:

Moody's:

   -- Long-term Corporate Family: B2
   -- Senior Subordinated Debt: Caa1
   -- Outlook: Negative

Standard & Poor's

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


GENIUS BAU: Claims Registration Period Ends April 20
----------------------------------------------------
Creditors of Genius Bau GmbH have until April 20 to register
their claims with court-appointed insolvency manager
Peter Lameyer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on May 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 Leer
         Woerde 5
         26789 Leer
         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 Lameyer
         Bremer Str. 76
         26789 Leer
         Germany
         Tel: 0491/15255
         Fax: 0491/15222

The District Court of Leer opened bankruptcy proceedings against
Genius Bau GmbH on March 22.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Genius Bau GmbH
         Niekampsweg 2
         26670 Uplengen
         Germany


GOING LASIK: Claims Registration Period Ends May 18
---------------------------------------------------
Creditors of Going Lasik LLK Augenlaserzentrum GmbH have until
May 18 to register their claims with court-appointed insolvency
manager Jan H. Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on June 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Jan H. Wilhelm
         Albert-Einstein-Ring 11/15
         22761 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Going Lasik LLK Augenlaserzentrum GmbH on March 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Going Lasik LLK Augenlaserzentrum GmbH
         Admiralitatstr. 4
         20459 Hamburg
         Germany


H&M RECYCLING: Claims Registration Period Ends May 4
----------------------------------------------------
Creditors of H&M Recycling GmbH have until May 4 to register
their claims with court-appointed insolvency manager
Florian Stapper.

Creditors and other interested parties are encouraged to attend
the meeting at 2:45 p.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 Leipzig
         Hall 145
         Ground Floor
         Enforcement Court
         Bernhard Goering Road 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Dr. Florian Stapper
         Karl-Heine-Strasse 16
         04229 Leipzig
         Germany
         Tel: 0341/984110
         Fax: 0341/9841111
         E-mail: leipzig@stapper-korn.de

The District Court of Leipzig opened bankruptcy proceedings
against H&M Recycling GmbH on March 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         H&M Recycling GmbH
         Attn: Kathrin Mogilka, Manager
         Hauptstrasse 32
         04519 Rackwitz
         Germany


HEINRICH PRUESSING: Claims Registration Period Ends May 21
----------------------------------------------------------
Creditors of Heinrich Pruessing, Nachfolger, Stahl- und
Metallbau-GmbH have until May 21 to register their claims with
court-appointed insolvency manager Robert Schiller.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on June 28, 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 Marburg/Lahn
         Hall 159
         District Court Building
         Universitatsstrasse 48
         35037 Marburg/Lahn
         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:

         Robert Schiller
         Fach 63
         Schulstrasse 9
         35083 Wetter
         Germany
         Tel: 06423/9400-15
         Fax: 06423/940024

The District Court of Marburg/Lahn opened bankruptcy proceedings
against Heinrich Pruessing, Nachfolger, Stahl- und Metallbau-
GmbH on March 21.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Heinrich Pruessing, Nachfolger, Stahl- und
         Metallbau-GmbH
         Attn: Hans Pruessing, Manager
         Schornhofstrasse 8
         34626 Neukirchen
         Germany


HOBBY & TOYS: Claims Registration Period Ends June 1
----------------------------------------------------
Creditors of Hobby & Toys GmbH have until June 1 to register
their claims with court-appointed insolvency manager
Walter Broehan.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Eutin
         Hall E
         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 insolvency manager can be reached at:

         Walter Broehan
         Mhlenstrasse 56
         23552 Luebeck
         Germany

The District Court of Eutin opened bankruptcy proceedings
against Hobby & Toys GmbH on March 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Hobby & Toys GmbH
         Attn: Diana Petzold, Manager
         Schulweg 2 K
         23617 Stockelsdorf
         Germany


HOGESS MASCHINENBAU: Creditors Must Register Claims by May 14
-------------------------------------------------------------
Creditors of hogess Maschinenbau GmbH have until May 14 to
register their claims with court-appointed insolvency manager
Volkhard Frenzel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 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 Dessau
         Hall 123
         Willy-Lohmann-Str. 33
         Dessau
         Germany

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

The insolvency manager can be reached at:

         Dr. Volkhard Frenzel
         Magdeburger Strasse 23
         06112 Halle
         Germany
         Tel: 0345/2311111
         Fax: 0345/2311199

The District Court of Dessau opened bankruptcy proceedings
against hogess Maschinenbau GmbH on March 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         hogess Maschinenbau GmbH
         Ratswall 8
         06749 Bitterfeld
         Germany


HOLZKONSTRUKTIONSBAU PIPREK: Claims Filing Period Ends April 20
---------------------------------------------------------------
Creditors of Holzkonstruktionsbau Piprek GmbH have until April
20 to register their claims with court-appointed insolvency
manager Thomas Steger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 21, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall S 2.22
         Second Stock
         William-Strasse 21
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Thomas Steger
         Koelnstrasse 135
         53757 Sankt Augustin
         Germany
         Tel: 02241/90600
         Fax: 02241/21048

The District Court of Bonn opened bankruptcy proceedings against
Holzkonstruktionsbau Piprek GmbH on March 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Holzkonstruktionsbau Piprek GmbH
         Mottmannstr. 5c
         53842 Troisdorf
         Germany


HONNEFER VERLAGSGESELLSCHAFT: Claims Filing Period Ends April 13
----------------------------------------------------------------
Creditors of Honnefer Verlagsgesellschaft mbH have until April
13 to register their claims with court-appointed insolvency
manager Christian Frystatzki.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall S 2.22
         Second Stock
         William-Strasse 21
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Christian Frystatzki
         Sankt Augustiner Strasse 94 a
         53225 Bonn
         Germany
         Tel: 0228/ 40 09 40
         Fax: 40 09 479

The District Court of Bonn opened bankruptcy proceedings against
Honnefer Verlagsgesellschaft mbH on March 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Honnefer Verlagsgesellschaft mbH
         Hauptstrasse 38f
         53604 Bad Honnef
         Germany


HORST SPORKENBACH: Creditors Must Register Claims by May 11
-----------------------------------------------------------
Creditors of Horst Sporkenbach & Co. GmbH have until May 11 to
register their claims with court-appointed insolvency manager
Lucas F. Floether.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Magdeburg
         Hall D
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg
         Germany

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

The insolvency manager can be reached at:

         Lucas F. Floether
         Halberstadter Str. 55
         39112 Magdeburg
         Germany
         Tel: 0391/5556840
         Fax: 0391/5556849
         E-mail: magdeburg@feigl.biz

The District Court of Magdeburg opened bankruptcy proceedings
against Horst Sporkenbach & Co. GmbH on March 22.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Horst Sporkenbach & Co. GmbH
         Saalestr. 43-44
         39126 Magdeburg
         Germany

         Attn: Horst Sporkenbach, Manager
         Bruno-Wille-Str. 2
         39108 Magdeburg
         Germany


SCHOENBERG + PARTNER: Claims Registration Period Ends May 16
------------------------------------------------------------
Creditors of Schoenberg + Partner GmbH have until May 16 to
register their claims with court-appointed insolvency manager
Knut Thomas Hofheinz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on June 7, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hameln
         Hall 106
         Zehnthof 1
         31785 Hameln
         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:

         Knut Thomas Hofheinz
         Am Markte 13
         30159 Hannover
         Germany
         Tel: 0511-357721-0
         Fax: 0511-357721-40
         E-mail: hannover@hofheinz-mittendorff.de

The District Court of Hameln opened bankruptcy proceedings
against Schoenberg + Partner GmbH on March 22.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Schoenberg + Partner GmbH
         Berliner Strasse 1-3
         30952 Ronnenberg-Empelde
         Germany

         Attn: Rolf Schoenberg
         Auf der Gast 30 E
         26316 Varel
         Germany


SGL CARBON: Moody's Reviews Low-B Ratings for Upgrade
-----------------------------------------------------
Moody's Investors Service placed all ratings of SGL Carbon AG on
review for upgrade following improvement in the Company's
performance, substantial repayment of the remaining European
Union fines and significant deleveraging in the last 12 months.

SGL performance in 2006 continued to improve supported by strong
volumes and robust pricing environment in all key divisions,
while strong operating cash flow generation was primarily
supported by enduring demand for graphite electrodes.  EBITDA
and EBIT margins continued to improve to 16.1% and 11.6%
respectively.  Taking into account good revenues visibility, the
performance outlook for 2007 is expected to remain sound.

Strong cash flow generation, as well as the rights issue in
early 2006, allowed SGL to repay the bulk of the EU fines in
2006 and cash-provision the remaining fine, while continuing to
invest in its operations.  The Company applied operating cash
flow and divestment proceeds to reduce debt, which declined to
x2.8 on adjusted Total Debt/EBITDA basis.

At the end of the year, SGL reported EUR103 million in cash on
its balance sheet.  The Group also has access to the undrawn
EUR42-million revolver.

The review will concentrate on the assessment of medium-term
strategy and financial profile of the Company, evaluation of its
development plans, including expansion in Asia, as well as
medium-term operating environment.  At this time it is envisaged
that any upgrade would be limited to one notch.

These ratings are effected:

   -- Ba3 Corporate Family Rating of SGL Carbon AG;

   -- Ba3 rating on senior secured credit facilities at SGL
      Carbon AG and certain of its subsidiaries; and

   -- B2 rating on EUR270-million in senior notes due 2012 at
      SGL Carbon Luxembourg S.A.

Registered in Germany, SGL Carbon is one of the leading
international manufacturers of carbon and graphite-based
products.  For the 12 months ended Dec. 31, 2006, SGL Carbon
reported revenues of EUR1,1 billion and EBITDA of
EUR192 million.


SILVERTEC GMBH: Claims Registration Period Ends May 15
------------------------------------------------------
Creditors of SilverTEC GmbH have until May 15 to register their
claims with court-appointed insolvency manager Stefan von der
Ahe.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on June 8, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leer
         Hall 101
         Worde 5
         26789 Leer
         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:

         Stefan von der Ahe
         Dr.-Warsing-Str. 205
         26802 Moormerland
         Germany
         Tel: 04954/9570-0
         Fax: 04954/9570-60

The District Court of Leer opened bankruptcy proceedings against
SilverTEC GmbH on March 26.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         SilverTEC GmbH
         Hahnstrasse 14
         26842 Ostrhauderfehn
         Germany

         Attn: Mario Mackenthum, Manager
         Hahnstrasse 14
         26842 Ostrhauderfehn
         Germany


SPIEL-PLANET GMBH: Creditors' Meeting Slated for April 30
---------------------------------------------------------
The court-appointed insolvency manager for Spiel-Planet GmbH,
Jens Lieser, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:35 a.m. on
April 30.

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

         The District Court of Montabaur
         Hall 106
         First Stock
         Bahnhofstrasse 47
         56410 Montabaur, Germany

The Court will also verify the claims set out in the insolvency
manager's report at 8:58 a.m. on Aug. 20 at the same venue.

Creditors have until June 22 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Jens Lieser
         Josef-Goerres-Platz 5
         56068 Koblenz
         Germany
         Tel: 0261-304790
         Fax: 0261-9114729


The District Court of Montabaur opened bankruptcy proceedings
against Spiel-Planet GmbH on March 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Spiel-Planet GmbH
         Attn: Marco Voss, Manager
         Am Schorrberg 5
         56470 Bad Marienberg


TERRAVALOR: Claims Registration Period Ends May 23
--------------------------------------------------
Creditors of Terravalor Grundstuecksverwaltungsgesellschaft mbH
have until May 23 to register their claims with court-appointed
insolvency manager Klaus-Werner Bonow.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on 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 Wilhelmshaven
         Hall 109
         Old Building
         Market Route 15-17
         26382 Wilhelmshaven
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Wilhelmshaven opened bankruptcy
proceedings against Terravalor
Grundstuecksverwaltungsgesellschaft mbH on march 21.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Terravalor
         Grundstuecksverwaltungsgesellschaft mbH
         Freiligrathstrasse 210
         26386 Wilhelmshaven
         Germany

         Attn: Robert Baar
         Oelhafendamm 24 A
         26384 Wilhelmshaven
         Germany


TRANSPORT U. LOGISTIK: Claims Registration Ends May 15
------------------------------------------------------
Creditors of Transport u. Logistik GmbH have until May 15 to
register their claims with court-appointed insolvency manager
Herbert Feigl.

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 Halle-Saalkreis
         Hall 1.043
         Justizzentrum
         Thueringer Str. 16
         06112 Halle
         Germany

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

The insolvency manager can be reached at:

         Herbert Feigl
         Hansering 1
         D 06108 Halle
         Germany
         Tel: 0345/212220
         Fax: 0345/2122222

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against Transport u. Logistik GmbH on March 15.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Transport u. Logistik GmbH
         Brachwitzer Str. 2
         06198 Salzmuende
         Germany


WEIER SYSTEME: Claims Registration Period Ends May 8
----------------------------------------------------
Creditors of Weier Systeme GmbH have until May 8 to register
their claims with court-appointed insolvency manager Ute Jacob.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Eutin
         Hall A
         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 insolvency manager can be reached at:

         Ute Jacob
         Lorentzendamm 19
         24103 Kiel
         Germany

The District Court of Eutin opened bankruptcy proceedings
against Weier Systeme GmbH on March 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

`        Weier Systeme GmbH
         Otto-Hahn-Strasse 7
         23701 Eutin
         Germany


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


AFFILIATED COMPUTER: Unit Inks Settlement with N.C. Health Dept.
----------------------------------------------------------------
Affiliated Computer Services Inc. reported that its
subsidiaries, ACS State Healthcare LLC, and the North Carolina
Department of Health and Human Services, have settled the
pending litigation related to the North Carolina Medicaid
Management Information System contract.

The settlement provides that DHHS withdraw its June 6, 2006,
plan to terminate the NCMMIS contract.

ACS State Healthcare has agreed, as part of the settlement, to
license DHHS certain products in connection with contract.

DHHS will pay ACS State Healthcare US$10.5 million in
installment basis beginning March 31, 2007, until June 30, 2008.
Under the new contract, ACS State Healthcare will render service
to DHHS, and will be paid based on achieving certain levels of
cost savings.

                      About Affiliated Computer

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


AFFILIATED COMPUTER: Moody's Affirms Ba2 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service confirmed Affiliated Computer
Services' Ba2 corporate family rating and assigned a stable
rating outlook, following the company's conclusion of an
internal investigation into its options granting practices and
restoration to current U.S. Securities and Exchange Commission
financial reporting.

This rating confirmation concludes a review for possible
downgrade initiated on Oct. 2, 2006, which was prompted by the
company's internal options granting investigation and a related
delay in filing its SEC financial statements.

ACS' Ba2 rating is supported by the company's size and
profitability as measured by its pretax income of US$450 million
and net profit returns on assets adjusted for pensions and
leases of about 4% for LTM December 2006.

In addition, the company's business profile, as measured
collectively by its geographic, business line, and client
diversity, is estimated by Moody's to be greater than certain of
its I/T services peers.  The rating is constrained by
management's aggressive growth goal to achieve US$10 billion
total revenues for 2010, the company's sluggish internal/organic
revenue growth rate, declining commercial operating margins, a
legal overhang related to prior improper stock options granting
practices, and sizable capital expenditures as a percentage of
EBITDA.

Moody's believes the company's financial leverage and interest
coverage as measured by debt to EBITDA and free cash flow to
debt, respectively, may deteriorate as the company pursues
further acquisitions and possibly conducts further share
repurchases.  However, the Ba2 rating assumes that the company's
leverage will not exceed 7.2x and that its EBIT to interest
ratio will not decline to less than 2x.

The stable outlook reflects the company's relatively steady
internal revenue growth and healthy operating margins, which are
supported by its competitively positioned and well diversified
BPO business portfolio.  The company's equity value as well as
new business award signings has been negatively affected by the
stock option backdating investigations and late financial
statement filings.  The stable outlook assumes that the
company's market value and asset book value will converge and
that its new business awards will improve over the next twelve
months.

The ratings could experience upward pressure if the company is
able to exhibit continued internal revenue growth, consistent
client retention rates, growth of new business signings, and
operating margin stability and if its ratio of debt to EBITDA
less capital expenditures were to remain below 5.5x.

The rating could experience downward pressure if internal
revenues and new business signings were to decline or debt to
EBITDA less capital expenditures were to increase to over 7.2x,
possibly due to realized material legal exposure related to
shareholder activity along with acquisition spending and share
repurchases.

Ratings confirmed include:

   -- Ba2 Corporate Family Rating;

   -- US$500-million Senior Secured Notes due 2010 and 2015,
      Ba2;

   -- US$3800-million Senior Secured Term Loan facility due
      2013, Ba2; and

   -- US$1000-million Senior Secured Revolving Credit Facility,
      Ba2.

Headquartered in Dallas, Texas, Affiliated Computer Services,
with US$5.5 billion LTM December 2006 revenues, is a leading
provider of business process outsourcing and I/T outsourcing to
commercial clients as well as state and local governments.


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


POPOLARE ITALIANA: Posts EUR39.9 Million Net Loss for 2006
----------------------------------------------------------
Banca Popolare Italiana Scrl released its financial results for
the full year 2006.

BPI posted EUR39.9 million in net losses on EUR1.50 billion in
net revenues for 2006, compared with EUR743.8 million in net
losses on EUR1.28 billion in net revenues for 2005.

The company had forecasted a EUR200-million net profit for 2006,
but took losses after a series of extraordinary items.  In a
TCR-Europe report on Mar. 26, BPI's board of directors said it
will write off EUR104 million of the EUR448-million loan availed
to Dutch foundation Stichting Bakery Finance following a survey
by Tamburi & Associati on its financial exposure to Kamps and
Harry's, AFX News says.  BPI used Stitching as vehicle to
acquire Kamps and Harry's.

In a TCR-Europe report on Mar. 28, BPI's board canceled a
promised ordinary dividend.  The board excluded the dividend
payout from the company's annual results.  BPI, however, will
confirm the extraordinary dividend announced in relation to its
merger with Banco Popolare di Verona e Novara.

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

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

Aside from the share swap, BPI would distribute an extraordinary
dividend of EUR2 per share, for a total cash of EUR1.5 billion,
to existing shareholders.  The share-and-cash offer values BPI
at EUR12 per share, based on BPVN's share price of EUR22.81 on
Oct. 13, 2006.

                 About Banca Popolare Italiana

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

                        *     *     *

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

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


TRW AUTOMOTIVE: Earns US$176 Million for Full Year 2006
--------------------------------------------------------
TRW Automotive Holdings Corp. reported fourth-quarter and year-
end 2006 financial results for the period ended Dec. 31, 2006.

Full year net earnings in 2006 were US$176 million, which
compares to US$204 million in the 2005 period.  For full-year
2006, the company reported sales of US$13.1 billion, an increase
of US$501 million, as compared with prior period sales of
US$12.6 billion.

The current year benefited from incremental sales related to the
acquisition of Dalphimetal.  Additionally, sales benefited from
increased safety product sales and foreign currency translation,
partially offset by a decline in North American customer vehicle
production and price reductions provided to customers.

Net earnings in 2006 and 2005 were impacted by certain non-
recurring items, including 2006 expenses of US$57 million, or
US$40 million after-tax, related to the Lucas bond tender
transaction.    The 2005 results included net income of US$28
million comprised of a one-time tax gain of US$17 million
stemming from a tax law change in Poland and the litigation
reserve adjustment of US$18 million, offset partially by debt
retirement expenses of US$7 million.  Net earnings excluding
these items from both periods were US$216 million in 2006, which
compares to US$176 million in 2005.

As of Dec. 31, 2006, the company had US$11.1 billion in total
assets, US$8.6 billion in total liabilities, and US$109 million
in minority interests, resulting to US$2.4 billion in total
stockholders' equity.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1c4b

                       Fourth Quarter 2006

The company reported fourth-quarter 2006 sales of US$3.3
billion, an increase of US$136 million over the prior year
period.  The 2006 quarter benefited from the positive effect of
foreign currency translation, incremental sales related to the
acquisition of Dalphimetal in October 2005, and growth from
safety products and modules.  These positives were partially
offset by historically low customer vehicle production volumes
in North America and price reductions provided to customers.

The company reported fourth-quarter 2006 net earnings of
US$33 million, which compares to US$59 million in the 2005
period.  Fourth quarter 2006 net earnings excluding the US$17
million tax benefit discussed previously were US$16 million.  In
comparison, net earnings for the 2005 period excluding the one-
time litigation reserve adjustment of US$18 million were US$41
million.

"Despite facing significant second half operating challenges, we
are pleased to report solid 2006 financial results that exceeded
the business objectives we set at the beginning of the year,"
said John Plant, president and chief executive officer.

"The company performed well in a difficult business environment,
especially in North America where sustained pressures from
domestic OEM market share losses and commodity inflation have
taken a heavy toll on the industry.  Our steady financial
performance over the past few years can be attributed to the
strength of our safety portfolio, together with industry leading
diversification and extensive cost reduction actions.
Additionally, we are making considerable investments to enhance
our technology and our global presence in the marketplace, with
the ultimate goal of growing the company profitably and
competitively over the long term," Mr. Plant, continued.

                  Cash Flow and Capital Structure

Net cash provided by operating activities during the fourth
quarter and full year was US$397 million and US$649 million,
respectively.  In the comparable 2005 period, the company's cash
flow from operating activities was US$380 million in the fourth
quarter and US$502 million for the full year.

Fourth quarter capital expenditures were US$195 million compared
to US$222 million in 2005.  For the year 2006, capital
expenditures were US$529 million, which compares to US$503
million in the previous year.

On Nov. 10, 2006, the company repurchased Northrop Grumman
Corporation's remaining ownership position of 9.7 million shares
of TRW's common stock.  Separately, on the same day, TRW sold
6.7 million of its common stock through a public offering.
Proceeds generated from the offering were used to fund a portion
of the Northrop Grumman stock repurchase.  The net cash impact
to the company as a result of the stock transactions, which
resulted in a 3 million decline in shares outstanding, was US$56
million.

As of Dec. 31, 2006, the company had US$3 billion of debt and
US$589 million of cash and marketable securities, resulting in
net debt of US$2.4 billion.  The year-end 2006 net debt level
decreased US$117 million, as compared with the year-end 2005
level, which represents solid progress considering 2006 cash
outflows related to the Lucas bond tender transaction premiums
of US$57 million and US$56 million related to the November 2006
stock transactions.

                       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 about
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,
electronics, engine components, fastening systems and
aftermarket replacement parts and services.

                          *     *     *

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


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


ANASTASIA LLP: Creditors Must File Claims by May 4
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Anastasia insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (3162) 25-79-32


BEREKE-SERVICE LLP: Creditors' Claims Due May 4
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Bereke-Service insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Third Floor
         Abai Str. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (31222) 32-90-02


COMPANY REM: Proof of Claim Deadline Slated for May 4
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Company Rem insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (3162) 25-79-32


INTER-COMPLEX LLP: Claims Registration Ends May 11
--------------------------------------------------
LLP Inter-Complex has declared insolvency.  Creditors have until
May 11 to submit written proofs of claim to:

         LLP Inter-Complex
         Aiteke bi Str. 2
         Shymkent
         South Kazakhstan Region
         Kazakhstan


INVESTTECHNOPLUS CJSC: Claims Filing Period Ends May 11
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared CJSC Investtechnoplus insolvent.

Creditors have until May 11 to submit written proofs of claim
to:

         CJSC Investtechnoplus
         P.O. Box 72
         Main Post Office
         050000 Almaty
         Kazakhstan
         Tel: 8 777 241 79-98


KASPY KURYLYS: Claims Registration Period Ends May 11
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Kaspy Kurylys Atyrau insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Third Floor
         Abai Str. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (31222) 32-90-02


METALL-INTERIER LLP: Creditors Must File Claims by May 4
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region has declared LLP Metall-Interier insolvent.

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

         LLP Metall-Interier
         Seifullin Str. 37
         Uralsk
         West Kazakhstan Region
         Kazakhstan


SPECIAL ENGINEERING: Creditors' Claims Due May 11
-------------------------------------------------
LLP Special Engineering Service has declared insolvency.
Creditors have until May 11 to submit written proofs of claim
to:

         LLP Special Engineering Service
         Verhnyaya Str. 40-6
         Uralsk
         West Kazakhstan Region
         Kazakshtan
         Ten: 8 (3112) 53-81-42


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


BAISAL-PARTNERS LLC: Claims Filing Period Ends May 16
-----------------------------------------------------
LLC Baisal-Partners has declared insolvency.  Creditors have
until May 16 to submit written proofs of claim to:

         LLC Baisal-Partners
         Bokonbaev Str. 133/1
         Bishkek
         Kyrgyzstan


SUMMER GOLD: Creditors Must File Claims by May 11
-------------------------------------------------
The Representation of LLC Summer Gold has declared insolvency.
Creditors have until May 11 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 66-50-91.


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


AZOVSTAL CAPITAL: Moody's May Lower B3 Rating After Review
----------------------------------------------------------
Moody's Investors Service Inc placed on review for possible
downgrade the B3 rating for the senior unsecured loan
participation notes due 2011 issued by Azovstal Capital B.V., a
Dutch special purpose vehicle.

The notes are issued for the sole purpose of financing Azovstal
Capital B.V.'s 100% sub-participation in a loan extended by
Moscow Narodny Bank Ltd. to Azovstal Iron and Steel Works. The
corporate family rating of Azovstal was affirmed at B2.  The
rating review was prompted by the absence of reduction in
secured indebtedness, which continues to represent 47% of gross
debt.

When initially rating the notes one notch below the corporate
family rating in February 2006, Moody's expected structural and
contractual subordination to reduce below 20% of total debt.  In
fact, with secured debt currently at around 47% there continues
to be a sizeable amount of debt ranking ahead of the senior
notes.

The rating review will primarily focus on the company's
financial and funding strategy, but will also assess the current
operating performance and cash flow prospects of the company.

Azovstal, located in Mariupol on the shore of Azov Sea, is
Ukraine's third-largest steel producer with an annual production
capacity of 6.5 million metric tons.  The company reported sales
of around UAH12.92 trillion (around US$2.48 billion) in 2005.
Azovstal is majority-owned by Ukrainian metals and mining
conglomerate System Capital Management.


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


GDYNIA SHIPYARD: Unlikely to Finish Privatization by June
---------------------------------------------------------
Poland's Deputy Treasury Minister Slawomir Urbaniak acknowledged
that the privatization of the Szczecin and Gdynia shipyards by
the cabinet would not be finished by June, Polish News Bulletin
reports.

According to the report, the European Union may decide that the
sector restructuring and public aid procedure for the shipyards
were fruitless.

"We may have to return PLN2 billion, which means that the
shipyard would go bankrupt," Deputy Economy Minister Pawel
Poncyliusz was quoted by Polish News as saying.

At the same time, cabinet representatives believed that the
delay would not influence the European Union's decision
negatively.  The European Commission required the reduction of
the shipyard's capacity.

"We've suggested reducing the capacity to 650,000 compensated
gross tons but the Commission stated that Polish shipyards would
not be able to use even such capacities," Mr. Poncyliusz told
Polish News.

The shipyards will try to convince the commission that the
companies will be unprofitable following reduction.


SZCZECIN SHIPYARD: Unlikely to Complete Privatization by June
-------------------------------------------------------------
Poland's Deputy Treasury Minister Slawomir Urbaniak acknowledged
that the privatization of the Szczecin and Gdynia shipyards by
the cabinet would not be finished by June, Polish News Bulletin
reports.

According to the report, the European Union may decide that the
sector restructuring and public aid procedure for the shipyards
were fruitless.

"We may have to return PLN2 billion, which means that the
shipyard would go bankrupt," Deputy Economy Minister Pawel
Poncyliusz was quoted by Polish News as saying.

At the same time, cabinet representatives believed that the
delay would not influence the European Union's decision
negatively.  The European Commission required the reduction of
the shipyard's capacity.

"We've suggested reducing the capacity to 650,000 compensated
gross tons but the Commission stated that Polish shipyards would
not be able to use even such capacities," Mr. Poncyliusz told
Polish News.

The shipyards will try to convince the commission that the
companies will be unprofitable following reduction.


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


BANK OF MOSCOW: Fitch Affirms IDR at B- with Positive Outlook
-------------------------------------------------------------
Fitch Ratings affirmed Russia-based Credit Bank of Moscow's
ratings at Issuer Default 'B-', Short-term 'B', Individual 'D',
Support '5' and National Long-term 'BB+'.  The Outlooks on the
Issuer Default and National Long-term ratings remain Positive.

"Stable or improving profitability ratios on the back of
franchise expansion, continued moderate loan impairment and
adequate capitalization levels could lead to a rating upgrade,"
Vladimir Markelov, Associate Director of Fitch's Financial
Institutions team in Moscow, said.  "If the bank's profitability
worsens or asset quality deteriorates substantially, the
Outlooks could be revised to Stable."

The ratings reflect the bank's reduced core profitability and
risks resulting from rapid asset growth as well as certain
weaknesses in the Russian operating environment.  However, they
also take into account the bank's good asset and earnings
quality and the considerable progress made in funding
diversification.

Loan impairment is very low following modest write-offs in 2006,
and exposure to higher return/higher risk sectors is modest.
Quality of earnings is also strong with fees and commissions
making up about one third of operating revenue and the share of
volatile trading gains being negligible.  The bank has made
significant progress in diversifying and lengthening the
maturity of its funding base. Capitalization is currently
adequate with the Tier I ratio at end-2006 equal to 15.7%,
although rather thin loan impairment reserves mean that should
asset quality deteriorate, equity would be hit.

CBOM's management is focusing on business development and
franchise growth rather than current profitability.  In 2006,
the bank opened 2 branches and 21 mini-offices in the
Moscow/Moscow region to support its expansion.  This on the back
of narrowing margins resulted in reduced profitability ratios.

In total assets, CBOM was ranked the 57th-largest Russian bank
at end-2006.  Its core business lies in providing banking
services to medium-sized trading companies and also retail
customers in Moscow and the Moscow region.  It is owned by Roman
Avdeev.


CARGO-TRANS CJSC: Creditors Must File Claims by April 17
--------------------------------------------------------
Creditors of CJSC Cargo-Trans have until April 17 to submit
proofs of claim to:

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

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-31575/2006.

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 Cargo-Trans
         Gagarina Pr. 2
         St. Petersburg
         Russia


CHEMICAL PRODUCT: Creditors Must File Claims by April 17
--------------------------------------------------------
Creditors of CJSC Chemical Product have until April 17 to submit
proofs of claim to:

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

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-32564/2006.

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 Chemical Product
         Gagarina Pr. 1
         St. Petersburg
         Russia


CRYSTAL LLC:  Creditors Must File Claims by April 17
----------------------------------------------------
Creditors of LLC Crystal have until April 17 to submit proofs of
claim to:

         N. Popov, Insolvency Manager
         Post User Box 366
         Ops-100
         170100 Tver
         Russia

The Arbitration Court St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-36597/2006.

The Court is located at:

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

The Debtor can be reached at:

         LLC Crystal
         Zheleznovodskaya, 17/5
         St. Petersburg
         Russia


ECO-KHIM CJSC: Creditors Must File Claims by April 17
-----------------------------------------------------
Creditors of CJSC Eco-Khim have until April 17 to submit proofs
of claim to:

         R. Musin, Insolvency Manager
         Post User Box 19
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-31562/2006.

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 Eco-Khim
         Kostyushko 62
         St. Petersburg
         Russia


FORTUNA CASINO: Creditors Must File Claims by April 17
------------------------------------------------------
Creditors of CJSC Fortuna Casino St. Petersburg have until
April 17 to submit proofs of claim to:

         A. Trifonov, Insolvency Manager
         Post User Box 383
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-26926/2006.

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 Fortuna Casino St-Petersburg
         Letter A
         Na.r.Moyki 48
         St. Petersburg
         Russia



GAZPROM NEFT: Gazprom Confirms Plans to Buy Yukos' 20% Stake
------------------------------------------------------------
OAO Gazprom has confirmed plans to acquire OAO Yukos Oil Co.'s
20% stake in Gazprom Neft, Interfax News reports.

Eduard Rebgun, Yukos's bankruptcy receiver, will solicit higher
and better offers through an auction on April 4.  These assets
will be sold as one lot:

   -- 20% stake in Gazprom Neft
   -- 100% stake in Arcticgaz,
   -- 100% stake in Urengoil Inc, and
   -- 19 more Yukos assets.

The lot has starting price of RUR144,776,328,088.

Gazprom included Gazprom Neft stake as one of its planned
acquisitions for 2007, Interfax News cites the firm's corporate
magazine.  Gazprom had allotted around RUR99.6 billion in its
2007 budget to acquire the shares.

Gazprom's board has approved a strategy for the development of
the oil business to 2020, in which Gazprom Neft will play a
vital role, Interfax News further cites the magazine.  Gazprom,
citing international consultants, estimated Gazprom Neft's value
to reach US$40 billion in 2020, subsequently increasing the oil
firm's value by around US$30 billion.

                       About Gazprom

Headquartered in Moscow, Russia, OAO Gazprom (RTS: GAZP; MICEX:
GAZP; LSE: OGZD) -- http://www.gazprom.ru/eng-- produces 94% of
the country's natural gas, controls 25% of the world's reserves,
and is also the world's largest gas producer.  It focuses on gas
exploration, processing, transport, and marketing.

                     About Yukos Oil

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

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

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

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

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

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

                      About Gazprom Neft

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

                          *     *     *

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


INDUSTRIAL ENERGY: Creditors Must File Claims by April 17
---------------------------------------------------------
Creditors of CJSC Industrial Energy have until April 17 to
submit proofs of claim to:

         E. Smirnov, Temporary Insolvency Manager
         Post User Box 617
         603000 Nizhniy Novgorod
         Russia

The Arbitration Court of Nizhniy Novgorod will convene at 2:10
p.m. on June 5 to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A43-35545/
2006, 36-1119.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Industrial Energy
         Proviantskaya Str. 6
         Nizhniy Novgorod
         Russia


NORTH-WEST CJSC: Creditors Must File Claims by April 17
-------------------------------------------------------
Creditors of CJSC Source of Raw Materials North-West have until
April 17 to submit proofs of claim to:

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

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-31581/2006.

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 Source of Raw Materials North-West
         Premise 3-N
         Letter A
         Moskovskoye Shosse, 6
         St. Petersburg
         Russia


NOVOLIPETSK STEEL: Inks GO Steel Supply with Tebian Electric
------------------------------------------------------------
Novolipetsk Steel has signed a long-term supply agreement with
Tebian Electric Apparatus Stock Co. Ltd. to supply grain-
oriented (GO) electrical steel to China.

The agreement will ensure a stable supply of GO steel produced
by NLMK Group companies to China.  NLMK will supply 94,000
tonnes of grain-oriented steel to TBEA during the period 2007-
2011.  The agreement has a total value of US$460 million.  The
parties have nominated "Russteel" trading company to act as a
commercial agent for shipments under the agreement.

The agreement is of strategic value to both parties.  NLMK will
increase its supply of high value-added products to Chinese
consumers while TBEA will develop its competitive advantages in
the domestic and global electrical products market.

The parties have agreed to conduct regular monitoring of the
efficiency of TBEA finished electrical products.  The parties
will also exchange information about major trends and
developments in the transformer manufacturing industry in China
as well as other countries.  This approach will enable NLMK to
obtain essential information to continue to improve GO steel
quality.

"This agreement is an important step in developing NLMK's
relations with fast-growing Chinese producers," Alexei Lapshin,
President of NLMK, said.  "Securing a stable GO steel supply to
China will allow NLMK to increase the production of high value-
added products along with ongoing quality improvements and gain
a strong position in the growing Chinese market."

"NLMK and TBEA hold leading market positions," Yu Jun, General
Director of TBEA, said.  "This agreement is a result of the
unique match of interest between our two companies.  I strongly
believe that that strategic relations between TBEA, the largest
Chinese producer of transformers, and NLMK, one of the world's
leading GO steel producers, are mutually beneficial not only for
our companies but also for the development of trade relations
between China and Russia."

According to the agreement, the first GO steel supply contacts
should be signed in the first half of 2007.

                       About Novolipetsk

Headquartered in Lipetsk, Russia, Novolipetsk Steel OJSC --
http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot-
rolled steel, and a variety of value-added steel products, such
as cold-rolled sheet, electrical steel and other specialty flat
products.  The group also operates in Denmark.

The group entered the Danish steel market in the first quarter
of 2006 by acquiring a 100% stake at DanSteel A/S.

                        *     *     *

In a TCR-Europe report on Jan. 17, Fitch Ratings assigned OJSC
Novolipetsk Steel an Issuer Default BB+ rating, a Short-term B
rating and a National Long-term AA rating.  Fitch said The
Outlooks on the Issuer Default and National Long-term ratings
are Stable.

In December 2006, Moody's Investor's Service upgraded the
corporate family rating for Novolipetsk Steel from Ba2 to Ba1.
Moody's said the outlook for the rating is stable.  The Moody's
Interfax Rating Agency has upgraded the national scale rating
for NLMK from Aa2.ru to Aa1.ru.

At the same time, Standard & Poor's Ratings Services said that
its ratings and outlook on Russian steelmaker OJSC Novolipetsk
Steel (NLMK;BB+/Stable/--; Russia national scale 'ruAA+') are
unchanged by the announcement of NLMK's acquisition of a 50%
share in a joint venture with Duferco Group for US$850 million


OIL TECHNOLOGIES: Creditors Must File Claims by April 17
--------------------------------------------------------
Creditors of CJSC Oil Technologies have until April 17 to submit
proofs of claim to:

         A. Trifonov, Insolvency Manager
         Post User Box 383
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-30502/2006.

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 Oil Technologies
         Letter B
         Sedova 57
         St. Petersburg
         Russia


ORION CJSC: Creditors Must File Claims by April 17
--------------------------------------------------
Creditors of CJSC Orion have until April 17 to submit proofs of
claim to:

         N. Chistyukhin, Temporary Insolvency Manager
         Post User Box 98
         308036 Belgorod-36
         Russia

The Arbitration Court of Kursk will convene at 10:20 a.m. on
June 6 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A35-8632/06 g.

The Court is located at:

         The Arbitration Court of Kursk
         K. Marksa Str. 25
         305004 Kursk
         Russia

The Debtor can be reached at:

         CJSC Orion
         Stroitelnaya Str. 1
         Gorshechnoye
         305800 Kursk
         Russia


POLYMER-STROY-MATERIALS: Creditors Must File Claims by April 17
---------------------------------------------------------------
Creditors of OJSC St. Petersburgfactory Polymer-Stroy-Materials
have until April 17 to submit proofs of claim to:

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

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-28031/2006.

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:

         OJSC St. Petersburgfactory Polymer-Stroy-Materials
         Irinovskiy Pr. 1
         St. Petersburg
         Russia


RUZAEVSKIY COMBINE: Asset Bidding Deadline Slated for April 12
--------------------------------------------------------------
LLC Stolichnyj Proekt, the bidding organizer for OJSC Ruzaevskiy
Combine Stroy-Ceramics, will open a public auction for the
company's properties at 11:00 a.m. on April 17 at:

         OJSC Ruzaevskiy Combine Stroy-Ceramics
         Stanislavskogo Str. 1
         Ruzaevka
         Mordoviya
         Russia

Interested participants have until April 12 to deposit an amount
equivalent to 10% of the starting price to:

         OJSC Ruzaevskiy Combine Stroy-Ceramics
         Settlement Account 40702810504600140910
         Correspondent Account 3010181010000000000754
         TIN 1324025430
         KPP 132401001
         BIK 048952754
         OJSC Bank Vozrozhdeniye
         Saransk
         Russia

Bidding documents must be submitted to:

         LLC Stolichnyj Proekt, Bidding Organizer
         Aleksandrovskoye Shosse 14
         Saransk
         430000 Mordoviya
         Russia

The Debtor can be reached at:

         OJSC Ruzaevskiy Combine Stroy-Ceramics
         Stroitelnaya Str. 1
         Saransk
         430000 Mordoviya
         Russia


SBERBANK ROSSII: Raises RUR230.2 Billion from Public Share Sale
----------------------------------------------------------------
OAO Sberbank Rossii raised around RUR230.2 billion from its
recently concluded initial public offering held from Feb. 22 to
March 24, RIA Novosti reports.

The amount represents 2,587,000 shares sold at RUR89,000 each,
RIA Novosti reports citing the bank's supervisory board.  The
company received payment for 95% of the total submitted bids.
The company placed around 73.9% of the share offering.

In a TCR-Europe report on Mar. 2, Sberbank Rossii CEO Andrei
Kazmin disclosed that a large number of the 49,197 applications
submitted -- including 262 requests from non-residents -- during
the placement for its secondary offering of 3.5 million shares
came from Russia.

Sberbank's current shareholders exercised their pre-emptive
rights to acquire 1,643,489 shares at RUR146.3 billion,
representing 99% of their submitted bids or 46.96% of the new
share offering.

                       About Sberbank

Headquartered in Moscow, OAO Sberbank Rossii --
http://www.sbrf.ru/eng/-- provides a full range of banking
services, including commercial, investment, merchant, mortgage,
and retail banking, and a complete range of travel, lending, and
credit services.  The Bank operates through 17 territorial
banks, 921 divisions, and 19,390 subdivisions across Russia.

                        *     *     *

As of Feb. 1, 2006, Sberbank carries Moody's Investors Service's
D financial strength rating with stable outlook.

At the same time, the bank also carries Fitch's C Individual
Rating.


SHELEKHOVSKIY BAKERY: Creditors Must File Claims by April 17
------------------------------------------------------------
Creditors of LLC Shelekhovskiy Bakery (TIN 3821003918, OGRN
1023802254431) have until April 17 to submit proofs of claim to:

         I. Kozlov, Temporary Insolvency Manager
         Office 7
         K. Libknekhta Str. 153
         664047 Irkutsk
         Russia

The Arbitration Court of Irkutsk will convene at 10:00 a.m. on
June 18 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A19-27084/06-38.

The Court is located at:

         The Arbitration Court of Irkutsk
         Room 303
         Gagarina Avenue 70
         664025 Irkutsk
         Russia

The Debtor can be reached at:

         LLC Shelekhovskiy Bakery
         Kultukskiy Trakt, 23
         Shelekhov
         Irkutsk
         Russia


SITRONICS JSC: Inks Supply Deal with China National Machinery
-------------------------------------------------------------
Gennady Krasnikov, head of Sitronics Microelectronic Solutions
business division and General Director of Mikron, and He
Guozhong, vice president of China National Machinery Import &
Export Corp., signed a US$75 million contract for supplies of
microelectronic products to China for a term of five years.

The signing ceremony took place at Chinese National Exhibition
opened in Moscow.  Russian President Vladimir Putin and the
President of the People's Republic of China Hu Jintao attended
the Exhibition opening ceremony.

The contract between the companies was signed in the framework
of the intergovernmental agreement between Russia and China on
discharge of the state debt of former USSR to China.  According
to the contract, companies-members of SITRONICS Microelectronic
Solutions business division will supply their products to China
National Machinery Import & Export Corp for repayment of this
debt.  Russian Ministry of Economic Development and Trade of the
Russian Federation will remit funds for accomplished works to
JSC Sitronics on the basis of acceptance report of Chinese
Ministry of Commerce.

"China is the largest world purchaser of microelectronic
products," Mr. Krasnikov said.  "Enterprises of our business
division are supplying electronic components to its market for
more than 15 years.  China accounted for 40% of all export
supplies in 2006.  It is logical that exactly Sitronics became
the party to the intergovernmental agreement on repayment of the
state debt of former USSR to China."

                         About Sitronics

Headquartered in Moscow, Russia, JSC Sitronics --
http://www.sitronics.com/-- provides telecommunications
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.  The company also operates in
Russia, CIS countries, Eastern Europe, Middle East, Africa and
North America.

                          *     *     *

Fitch Ratings assigned Sitronics JSC a Long-term IDR rating of
B- with a Stable Outlook and an expected rating of B- to
Sitronics' guaranteed up to US$200 million bond with a maturity
of three years.  The assignment of the final bond rating is
contingent on receipt of final documents conforming to
information already received.


SUAL GROUP: Completes Merger with RUSAL & Glencore Int'l
--------------------------------------------------------
Siberian-Urals Aluminium Company, Russky Alyuminiyum and
Glencore International AG have formally merged into United
Company RusAl, RIA Novosti reports.

RusAl chief executive Alexander Bulygin will head the firm as
director general while former SUAL chairman Viktor Vekselberg
will sit as chairman, RIA Novosti relates.  The new firm will
have a 12-member board: six from RusAl, two from Sual, one from
Glencore and three independent directors.  The firm will name
the third independent director on July 1.

"By using the global scale of the business and the financial
power of the united company, its access to hydro-resources and
technological solutions, we will prepare for a new development
stage of creating an international energy and metals
corporation," Mr. Bulygin was quoted by RIA Novosti as saying.

"We will concentrate on further development of our corporate
management system, which will allow the united company to meet
the highest standards in relations with clients, business
partners, and investors," Mr. Vekselberg told RIA Novosti.

The three firms agreed on Oct. 9, 2006, to merge their assets to
form United Company RusAl, with RusAl holding a 66% stake, Sual
22% and Glencore 12%.  The combined company would have a total
production capacity of 4 million tons of aluminum and 11 million
tons of alumina.  The merged company will hold 12.5% of the
global primary aluminum market and 16% of the worldwide alumina
market, RIA Novosti relates.

The merged company will operate in 17 countries and employ more
than 110,000 people.

The Federal Anti-Monopoly Service, the European Commission and
anti-monopoly authorities in Ukraine, Montenegro and Turkey had
already approved the merger.

As reported in the TCR-Europe on Nov 15, 2006, the United
Company Rusal will include these RUSAL assets:

   -- Bratsk Aluminium Smelter,
   -- Krasnoyarsk Aluminium Smelter,
   -- Novokuznetsk Aluminium Smelter,
   -- Sayanogorsk Aluminium Smelters,
   -- Achinsk Alumina Plant,
   -- Nikolaev Alumina Refinery,
   -- Boksitogorsk Alumina Refinery,
   -- Friguia Alumina Plant (Guinea),
   -- Compagnie des Bauxites de Kindia (Guinea),
   -- Bauxite Company of Guyana,
   -- a stake in the Queensland Alumina Refinery (Australia),
   -- Armenal Alumina Refinery,
   -- Sayanal Alumina Refinery, and
   -- a cathode plant in China.

SUAL Group will contribute:

   -- Irkutsk Aluminium Smelter,
   -- Urals Aluminium Smelter,
   -- Kandalaksha Aluminium Smelter,
   -- Bogoslovsk Aluminium Smelter,
   -- Nadvoitsy Aluminium Smelter,
   -- Volgograd Aluminium Smelter,
   -- Volkhov Aluminium Smelter,
   -- Zaporozhye Aluminium Combine,
   -- Pikalevo Alumina Refinery,
   -- SUBR,
   -- Urals Foil,
   -- Silicon,
   -- SUAL-Silicon-Ural and
   -- SUAL-PM.

Glencore International AG will contribute:

   -- Aughinish in Ireland,
   -- Windalco and Alpart in Jamaica,
   -- Eurallumina in Italy, and
   -- Kubikenborg Aluminium Smelter in Sweden.

                        About Glencore

Headquartered in Baar, Switzerland, Glencore International AG --
http://www.glencore.com/-- engages in the smelting, refining,
mining, processing, purchasing, selling and marketing of metals
and minerals, energy products and agricultural products.
Energy products and commodities are marketed and coordinated
primarily in Glencore's headquarters in Baar, Switzerland and
through the offices of its subsidiaries in London, Stamford and
Singapore.

                         About RusAl

Headquartered in Moscow, Russia, Russky Alyuminiyum --
http://www.rusal.com/-- produces and smelts aluminium with
US$6.65 billion in revenues in 2005.  The group produced 2.714
million tons of primary aluminium in 2005.  RusAl employs about
50,000 people in nine Russian regions and thirteen countries.

                         About SUAL

Headquartered in Moscow, Russia, Siberian-Urals Aluminium
Company -- http://www.sual.com/-- produces and smelts aluminium
and ranks amongst the world's top ten producers.  It comprises
18 businesses that are located in nine Russian regions and in
Ukraine, Zaporozhya City, are involved in the production of
bauxite, alumina, primary aluminium, silicon, semi-finished and
finished aluminium products.  The Group's revenue for the year
ended Dec. 31, 2005, was US$2.7 billion.  It has 60,000
employees.

                        *     *     *

Standard & Poor's Ratings Services assigned its 'BB-'long-term
corporate credit rating to SUAL International Ltd. The outlook
is stable.  Standard & Poor's also assigned its 'ruAA-' Russian
national scale rating to SUAL.

At the same time, Moody's Investors Service, assigned 'Ba3'
corporate family rating to SUAL International Ltd. Outlook is
stable.


SUAL INT'L: S&P's BB- Ratings Still on Watch After Merger
---------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB-' long-term
corporate credit rating and 'ruAA-' Russia national scale rating
on Russian vertically integrated aluminum company Sual
International Ltd. remains on CreditWatch with positive
implications on news of the completion of the company's
combination with Russia's largest aluminum company, RUSAL, and
with the assets of Switzerland-based trading company Glencore
International AG.

The ratings were placed on CreditWatch on Oct. 9, 2006,
following the combination announcement.

The new entity, United Company RUSAL, will be the world's
largest aluminum company.  Under the terms of the transaction
RUSAL's shareholders will own 66% of the new group, Sual's
shareholders 22%, and Glencore's 12%.

"The CreditWatch placement continues to reflect the possibility
of an upgrade, as the combined group's business profile is
significantly stronger than that of any of its three units on a
stand-alone basis," said Standard & Poor's credit analyst Elena
Anankina.

"An upgrade of Sual will, however, depend on United Company
RUSAL's strategy, financial policy, and financial risk profile;
the degree of Sual's integration and the relative status of its
creditors within the new entity; and the new entity's governance
practices and efforts to improve transparency," Ms. Anankina
added.

Resolution of the CreditWatch status will require more clarity
about these financial, governance, and strategy factors.

If the new entity has substantial leverage, this may limit the
rating upside potential for Sual. We believe the combined group
may have ambitious growth plans and will need to focus on how to
reconcile these plans with initial debt levels. At year-end
2005, Sual's adjusted debt was US$759 million.


TANTAL-S LLC: Creditors Must File Claims by April 17
----------------------------------------------------
Creditors of LLC Tantal-S have until April 17 to submit proofs
of claim to:

         Y. Petrov, Temporary Insolvency Manager
         50 Let Oktyabrya Str. 110A
         410040 Saratov
         Russia

The Arbitration Court of Saratov commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A57-15310/06-32.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         LLC Tantal-S
         Saratov
         Russia


TNK-BP HOLDING: Mulls Bidding for Yukos' Other Assets
-----------------------------------------------------
TNK-BP Holding Ltd. considers participating in upcoming auctions
for the assets of bankrupt oil company OAO Yukos Oil Co., Steve
Hawkes writes for The Times Online.

A TNK-BP spokesman told The Times that it might bid for Yukos'
other assets after failing to grab the bankrupt's 9.44% stake in
OAO Rosneft Oil Co.  He said that TNK-BP might bid for Yukos'
two production units and five refineries.  TNK-BP, however,
ruled out bidding for Yukos' 20% stake in Gazprom Neft.

In a TCR-Europe report on Mar. 28, Rosneft unit RN-Razvitiye won
the stake in an auction, outbidding TNK-BP Holding Ltd.  Rosneft
offered RUR197.84 billion to acquire the first lot, which
includes the stake and 12 promissory notes worth RUR3.56 billion
in unit Yuganskneftegaz.

TNK-BP defended the outcome of the auction, saying it could not
offer more than Rosneft had, The Times relates.  Analysts had
claimed that TNK-BP, seeking favor from Russian president
Vladimir Putin, participated the auction only to legitimized the
process, as the sale cannot proceed without two rival bidders.

The Times suggests that TNK-BP is under intense pressure to sell
a stake in its Kovytka gas field to state-owned OAO Gazprom.
Lord Browne of Madingley and Tony Hayward, owners of TNK-BP,
will reportedly sell half of their Kovytka field stake to
Gazprom at the end of the year.

                         About Yukos Oil

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

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

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

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

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

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

                          About TNK-BP

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

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

                          *     *     *

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

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

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


TRANSATLANTIC PETERSBURG: Creditors Must File Claims by April 17
----------------------------------------------------------------
Creditors of CJSC Transatlantic Petersburg have until April 17
to submit proofs of claim to:

         A. Trifonov, Insolvency Manager
         Post User Box 383
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-26906/2006.

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 Transatlantic Petersburg
         Apartment 35
         Grazhdanskaya 2/4
         St. Petersburg
         Russia


TSIVILSKIY BACON: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Chuvashiya commenced bankruptcy
supervision procedure on OJSC Tsivilskiy Bacon.  The case is
docketed under Case No. A79-1001/2007.

The Temporary Insolvency Manager is:

         Y. Golnev
         Prosvesheniya Str. 19
         Tsivilsk
         429900 Chuvashiya
         Russia

The Debtor can be reached at:

         OJSC Tsivilskiy Bacon
         Taushkasy
         Tsivilskiy
         Chuvashiya
         Russia


VIMPEL-COMMUNICATIONS: Annual General Meeting Slated for June 29
----------------------------------------------------------------
The Board of Directors of OJSC Vimpel-Communications set the
date for the Company's 2007 Annual General Meeting of
Shareholders for June 29, 2007.

The record date for the Company's shareholders entitled to
participate in the Shareholders Meeting has been set for May 14,
2007.

The Board also recommended that the Shareholders Meeting approve
annual dividends of RUR166.88 per ordinary share of VimpelCom
stock for the 2006 fiscal year, amounting to a total of RUR8.6
billion, to be payable within 60 days of the approval at the
Shareholders Meeting.  The record date for the Company's
shareholders entitled to receive dividends for 2006 has been set
for May 14, 2007.

The approval of the shareholders owning more than 50% of the
voting shares represented at the Shareholders Meeting is
required for the payment of dividends by VimpelCom.  If the
requisite majority at the Shareholders Meeting approves the
dividends, VimpelCom will, in accordance with Russian tax
legislation, withhold a tax of up to 30% on the dividend amount
when payable.  The exact amount of the withholding will vary
depending on the recipient's legal status and jurisdiction.

                         About VimpelCom

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

                        *     *     *

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


VNESHTORGBANK JSC: Gains US$500-Mln Credit Line for Sino Exports
----------------------------------------------------------------
JSC Vneshtorgbank and China Development Bank on March 26 signed
a loan agreement under which a credit line worth US$500 million
will be extended to VTB to finance Russian export to China for
an eight-year period.

The agreement was signed by Andrei Kostin, Chairman and CEO of
VTB, and Wang Yi, Vice Governor of China Development Bank.

The agreements achieved will contribute to further cooperation
between VTB and financial institutions of China, they will also
help build on bilateral relationship between China and Russia,
strengthen VTB competitiveness in foreign trade operations and
long-term fund raising for the Russian economy.

                       About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

As of Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

                        *     *     *

Following the upgrade of the Russian sovereign foreign and local
currency IDRs to BBB+ from BBB, Fitch Ratings affirmed
Vneshtorgbank's Individual rating at C/D and Support at 2.


VNESHTORGBANK JSC: Inks Credit Line Deal with Export-Import Bank
----------------------------------------------------------------
Vneshtorgbank JSC and Export-Import Bank of China on March 26
signed a loan agreement under which a credit line worth US$500
million will be extended to VTB to finance Chinese import to
Russia, under the coverage of the Chinese export insurance
agency SINOSURE, for a 10-year term.

The agreement was signed at the opening ceremony of the Year of
China in Russia in the presence of the Russian President
Vladimir Putin and President of the People's Republic of China
Hu Jintao by Andrei Kostin, Chairman and CEO of VTB, and Li
Rougu, Chairman and President of Export-import bank of China.

The agreements achieved will contribute to further cooperation
between VTB and financial institutions of China, they will also
help build on bilateral relationship between China and Russia,
strengthen VTB competitiveness in foreign trade operations and
long-term fund raising for the Russian economy.

                       About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

As of Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

                        *     *     *

Following the upgrade of the Russian sovereign foreign and local
currency IDRs to BBB+ from BBB, Fitch Ratings affirmed
Vneshtorgbank's Individual rating at C/D and Support at 2.


YUKOS OIL: Gazprom Confirms Plans to Buy Gazprom Neft Stake
-----------------------------------------------------------
OAO Gazprom has confirmed plans to acquire OAO Yukos Oil Co.'s
20% stake in Gazprom Neft, Interfax News reports.

Eduard Rebgun, Yukos's bankruptcy receiver, will sell through an
auction on April 4 these assets as one lot:

   -- 20% stake in Gazprom Neft
   -- 100% stake in Arcticgaz,
   -- 100% stake in Urengoil Inc, and
   -- 19 more Yukos assets.

The lot has starting price of RUR144,776,328,088.

Gazprom included Gazprom Neft stake as one of its planned
acquisitions for 2007, Interfax News cites the firm's corporate
magazine.  Gazprom had allotted around RUR99.6 billion in its
2007 budget to acquire the shares.

Gazprom's board has approved a strategy for the development of
the oil business to 2020, in which Gazprom Neft will play a
vital role, Interfax News further cites the magazine.  Gazprom,
citing international consultants, estimated Gazprom Neft's value
to reach US$40 billion in 2020, subsequently increasing the oil
firm's value by around US$30 billion.

                          About Gazprom

Headquartered in Moscow, Russia, OAO Gazprom (RTS: GAZP; MICEX:
GAZP; LSE: OGZD) -- http://www.gazprom.ru/eng-- produces 94% of
the country's natural gas, controls 25% of the world's reserves,
and is also the world's largest gas producer.  It focuses on gas
exploration, processing, transport, and marketing.

                        About Gazprom Neft

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

                         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: Russo-Italian Consortium Eyes Gazprom Neft Stake
-----------------------------------------------------------
Italian energy firms Eni S.p.A. and Enel S.p.A., and Russian
firm ESN have formed a consortium to participate in the April 4
auction for OAO Yukos Oil Co.'s 20%-stake in Gazprom Neft,
Vedomosti reports.

Energogaz, a joint company 49% owned by Eni and Enel and 51%
controlled by ESN, has paid a EUR827-million deposit to join the
auction, Vedomosti says.

Eduard Rebgun, Yukos's bankruptcy receiver, will sell through an
auction these assets as one lot:

   -- 20% stake in Gazprom Neft
   -- 100% stake in Arcticgaz,
   -- 100% stake in Urengoil Inc, and
   -- 19 more Yukos assets.

The lot has starting price of RUR144,776,328,088.

In a TCR-Europe report on Mar. 16, Energogaz and OAO Gazprom has
inked a deal under which the consortium will acquire the lot and
sell them to the gas firm at a later date.

The consortium will likely face OAO Novatek on the April 4
auction, Vedomosti said.

As reported in the TCR-Europe on Mar. 28, OAO Rosneft Oil Co.,
through its RN-Razvitiye, won the auction for Yukos' 9.44% stake
in the company, outbidding TNK-BP Holding Ltd.

Rosneft offered RUR197.84 billion to acquire the first lot,
which includes the stake and 12 promissory notes worth RUR3.56
billion in unit Yuganskneftegaz.

                         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: TNK-BP Holding Mulls Bidding for Co.'s Other Assets
--------------------------------------------------------------
TNK-BP Holding Ltd. considers participating in upcoming auctions
for the assets of bankrupt oil company OAO Yukos Oil Co., Steve
Hawkes writes for The Times Online.

A TNK-BP spokesman told The Times that it might bid for Yukos'
other assets after failing to grab the bankrupt's 9.44% stake in
OAO Rosneft Oil Co.  He said that TNK-BP might bid for Yukos'
two production units and five refineries.  TNK-BP, however,
ruled out bidding for Yukos' 20% stake in Gazprom Neft.

In a TCR-Europe report on Mar. 28, Rosneft unit RN-Razvitiye won
the stake in an auction, outbidding TNK-BP Holding Ltd.  Rosneft
offered RUR197.84 billion to acquire the first lot, which
includes the stake and 12 promissory notes worth RUR3.56 billion
in unit Yuganskneftegaz.

TNK-BP defended the outcome of the auction, saying it could not
offer more than Rosneft had, The Times relates.  Analysts had
claimed that TNK-BP, seeking favor from Russian president
Vladimir Putin, participated the auction only to legitimized the
process, as the sale cannot proceed without two rival bidders.

The Times suggests that TNK-BP is under intense pressure to sell
a stake in its Kovytka gas field to state-owned OAO Gazprom.
Lord Browne of Madingley and Tony Hayward, owners of TNK-BP,
will reportedly sell half of their Kovytka field stake to
Gazprom at the end of the year.

                          About TNK-BP

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

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

                         About Yukos Oil

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

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

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

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

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

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


* S&P Hikes Leningbrad Oblast's Ratings to BB on Economic Growth
----------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB-' from 'B+' its
issuer credit rating on Leningrad Oblast, located in the
northwest of the Russian Federation.  At the same time, the
Russia national scale rating was raised to 'ruAA-' from 'ruA+'.
The outlook is stable.

"The upgrade is driven by the oblast's improved budgetary
performance and solid economic growth," said Standard & Poor's
credit analyst Pavel Kochanov.

The ratings reflect Leningrad Oblast's good economy and fiscal
policies, which have resulted in an improved operating balance
and a moderate debt burden.  The ratings are constrained,
however, by the oblast's low revenue and expenditure
flexibility, evolving intergovernmental relations, and the need
to expand and upgrade public sector infrastructure.

Total tax-supported debt as a percentage of total revenues fell
slightly to 15.8%, and direct debt dropped to 8%, from 20% one
year earlier, following the redemption of all outstanding bank
loans.

"We believe the oblast's rapidly growing economy will support a
positive operating balance and capital expenditures without
materially weakening the debt position," added Mr. Kochanov.
"Total tax-supported debt is likely to stay below 30% of total
revenues."

Future positive rating actions will depend on the oblast's
management ability to maintain a stable financial performance
and further improve it under growing operating-expenditure
pressure.  A negative rating action could occur if the oblast's
budgetary performance deteriorates, resulting in an operating
deficit, although this is not expected in the next two to three
years.


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


TOWER AUTOMOTIVE: Selling Assets to Cerberus Capital
----------------------------------------------------
Tower Automotive Inc. has filed a restructuring term sheet with
the U.S. Bankruptcy Court for the Southern District of New York
to sell substantially all of its assets through a Chapter 11
Plan to funds and accounts to be designated by Cerberus Capital
Management L.P.

The proposed transaction, among other things, provides for
payment in full of obligations under Tower's Debtor-in-
Possession credit facility and second lien loan facility,
assumption of the company's pensions, and certain recovery for
unsecured creditors.  Tower's Unsecured Creditors Committee
supports the transaction and has signed the term sheet.

"We have accomplished a tremendous amount during the last few
years to revitalize Tower so the company can strongly compete in
today's global automotive marketplace," Kathleen Ligocki,
President and Chief Executive Officer, said.  "During its
reorganization process, Tower diversified its customer
portfolio, sold non-core businesses, consolidated the North
American manufacturing footprint and negotiated settlements with
all 10 U.S.-based labor unions to drive the profitability needed
to attract new investment to the company.

"The recapitalization of the company is the last major milestone
in our restructuring process.  We are excited to have the
support of an investor like Cerberus Capital Management, L.P., a
group dedicated to investing in the automotive sector for the
long term."

The term sheet anticipates Tower will file a Chapter 11 Plan by
April 20, 2007.  It also specifies a marketing process under
which qualified parties may submit competing bids by June 15,
2007.  If competing bids are received, the company proposes to
conduct an auction on June 21, 2007, to determine the highest
and best bid.  The company would then ask the Bankruptcy Court
to confirm Tower's Plan and approve a transaction on June 22,
2007, with a closing to occur by July 31, 2007.

Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.  Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components.  The company has operations in Korea, Spain and
Brazil.

The Company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.  The Debtors' exclusive plan-filing deadline is extended
to March 21, 2007, pending a hearing on that date.


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


CREACOM MARKETING: Creditors' Liquidation Claims Due April 11
-------------------------------------------------------------
Creditors of JSC Creacom Marketing & Kommunikation have until
April 11 to submit their claims to:

         Verena Huber, Liquidator
         JSC Creacom Marketing & Kommunikation
         Wilfriedstr. 12
         8032 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Creacom Marketing & Kommunikation
         Wilfriedstr. 12
         8032 Zurich
         Switzerland


DELOITTE HOLDING: Creditors' Liquidation Claims Due April 30
------------------------------------------------------------
Creditors of JSC Deloitte Holding have until April 30 to submit
their claims to:

         JSC Deloitte
         Klausstr. 4
         8008 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Deloitte Holding
         Glarus
         Switzerland


MULTING HOLDING: Creditors' Liquidation Claims Due April 11
-----------------------------------------------------------
Creditors of JSC Multing Holding have until April 11 to submit
their claims to:

         JSC Finova Partners
         Pilatusstrasse 38
         Postfach 5050
         6002 Luzern
         Switzerland

The Debtor can be reached at:

         JSC Multing Holding
         Luzern
         Switzerland


OKTACARE LLC: Creditors' Liquidation Claims Due April 11
--------------------------------------------------------
Creditors of LLC Oktacare have until April 11 to submit their
claims to:

         Kirchgasse 50
         8706 Meilen
         Zurich
         Switzerland

The Debtor can be reached at:

         LLC Oktacare
         Meilen
         Zurich
         Switzerland


REPGERGASSE 26: Creditors' Liquidation Claims Due April 11
----------------------------------------------------------
Creditors of JSC Repfergasse 26 have until April 11 to submit
their claims to:

         Matthias Oeschger
         Frontwagplatz 22
         8200 Schaffhausen
         Switzerland

The Debtor can be reached at:

         JSC Repfergasse 26
         8200 Schaffhausen
         Switzerland


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


AZOVSTAL CAPITAL: Moody's May Lower B3 Rating After Review
----------------------------------------------------------
Moody's Investors Service, Inc placed on review for possible
downgrade the B3 rating for the senior unsecured loan
participation notes due 2011 issued by Azovstal Capital B.V., a
Dutch special purpose vehicle.

The notes are issued for the sole purpose of financing Azovstal
Capital B.V.'s 100% sub-participation in a loan extended by
Moscow Narodny Bank Ltd. to Azovstal Iron and Steel Works. The
corporate family rating of Azovstal was affirmed at B2.  The
rating review was prompted by the absence of reduction in
secured indebtedness, which continues to represent 47% of gross
debt.

When initially rating the notes one notch below the corporate
family rating in February 2006, Moody's expected structural and
contractual subordination to reduce below 20% of total debt.  In
fact, with secured debt currently at around 47% there continues
to be a sizeable amount of debt ranking ahead of the senior
notes.

The rating review will primarily focus on the company's
financial and funding strategy, but will also assess the current
operating performance and cash flow prospects of the company.

Azovstal, located in Mariupol on the shore of Azov Sea, is
Ukraine's third-largest steel producer with an annual production
capacity of 6.5 million metric tons.  The company reported sales
of around UAH12.92 trillion (around US$2.48 billion) in 2005.
Azovstal is majority-owned by Ukrainian metals and mining
conglomerate System Capital Management.


DAMIYA OJSC: Claims Submission Period Ends April 2
--------------------------------------------------
Creditors of OJSC Damiya (code EDRPOU 03569551) have until
April 2 to submit written proofs of claim to:

         Shafagat Nabiev, Temporary Insolvency Manager
         Galan Str. 8
         Krivoy Rog
         50031 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on the company on Feb. 15.  The case is
docketed as B 29/24-07.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Damiya
         Bolnichnaya Str. 78
         Sofievka
         53100 Dnipropetrovsk
         Ukraine


DELIVERY INDUSTRIAL: Creditors Must File Claims by April 6
----------------------------------------------------------
Creditors of LLC Delivery Industrial Resource (code EDRPOU
33573478) have until April 6 to submit written proofs of claim
to:

         Larisa Timofeeva, Liquidator
         P.O. Box 179
         54017 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company on Feb. 28 after finding it insolvent.  The
case is docketed as 5/82/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Delivery Industrial Resource
         Inzhenernaya Str. 13
         Nikolaev
         Ukraine


GROD-N LLC: Creditors Must File Claims by April 6
-------------------------------------------------
Creditors of LLC Grod-N (code EDRPOU 34318896) have until
April 6 to submit written proofs of claim to:

         Larisa Timofeeva, Liquidator
         P.O. Box 179
         54017 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company on Feb. 27 after finding it insolvent.  The
case is docketed as 5/70/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Grod-N
         Buznik Str. 5
         Nikolaev
         Ukraine


KIRNASOVKA LLC: Creditors Must File Claims by April 2
-----------------------------------------------------
Creditors of Agricultural LLC Kirnasovka (code EDRPOU 03734464)
have until April 2 to submit written proofs of claim to:

         Theal Branch on Bankruptcy in Tulchin, Liquidator
         Lenin Str. 51
         Tulchin
         23600 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 10/180-06.

The Court is located at:

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

The Debtor can be reached at:

         Agricultural LLC Kirnasovka
         Kolhoznaya Str. 25
         Kirnasovka
         Tulchin District
         23652 Vinnica
         Ukraine


LIUBOTIN GARDEN: Creditors Must File Claims by April 2
------------------------------------------------------
Creditors of OJSC Liubotin Garden (code EDRPOU 00412412) have
until April 2 to submit their proofs of claims to

         Ivan Panasiuk, Liquidator
         Shliah Str. 154
         Poltavsky
         61098 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on Feb. 7 after finding it insolvent.  The
case is docketed as B-39/105-04.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Liubotin Garden
         Kurortnaya Str. 1
         Liubotin
         62433 Kharkov
         Ukraine


MISSURI LLC: Creditors Must File Claims by April 5
--------------------------------------------------
Creditors of LLC Missuri (code EDRPOU 30836566) have until
April 5 to submit written proofs of claim to:

         State Tax Inspection of Vinnica, Liquidator
         30 Years of Victory Str. 21
         Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company on Feb. 8 after finding it insolvent.  The
case is docketed as 10/3-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Missuri
         Tsimlianskaya Str. 2
         Vinnica
         Ukraine


NOVOKRYMSKOE LLC: Claims Submission Period Ends April 5
-------------------------------------------------------
Creditors of Agricultural LLC Novokrymskoe (code EDRPOU
03759990) have until April 5 to submit written proofs of claim
to:

         Vasily Kuhta, Temporary Insolvency Manager
         P.O. Box 2745
         Simferopol
         95048 AR Krym
         Ukraine

The Economic Court of AR Krym commenced bankruptcy supervision
procedure on the company.  The case is docketed as 2-6/1134-
2007.

The Court is located at:

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

The Debtor can be reached at:

         Agricultural LLC Novokrymskoe
         Druzhba Str. 7
         Novokrymskoe
         Dzhankoy District
         96133 AR Krym
         Ukraine


POULTRY FACTORY: Creditors Must File Claims by April 6
------------------------------------------------------
The Economic Court of Vinnica commenced bankruptcy proceedings
against the company on Feb. 26 after finding it insolvent.  The
case is docketed as 10/27-07.

Creditors of LLC Poultry Factory (code EDRPOU 32276781) have
until April 6 to submit written proofs of claim to:

         Vitaly Bolhovitin, Liquidator
         Hmelnitskiy Highway 2A
         21000 Vinnica
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Poultry Factory
         Obrevsky Str. 1
         Stepanovka
         Vinnica
         Ukraine


RODINA LLC: Claims Submission Period Ends April 2
-------------------------------------------------
Creditors of Agricultural LLC Rodina have until April 2 to
submit written proofs of claim to:

         Vasily Kuhta, Temporary Insolvency Manager
         P.O. Box 2745
         Simferopol
         95048 AR Krym
         Ukraine

The Economic Court of AR Krym commenced bankruptcy supervision
procedure on Agricultural LLC Rodina (code EDRPOU 30899483) on
Feb. 15.  The case is docketed as 2-3/1138-2007.

The Court is located at:

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

The Debtor can be reached at:

         Agricultural LLC Rodina
         Privetnoe, Trudovaya Str. 13
         Kirov District
         97341 AR Krym
         Ukraine


STIROL JSC: Rise in Gas Prices Cues Fitch's Junk Ratings
--------------------------------------------------------
Fitch Ratings downgraded Ukrainian chemical company JSC Stirol's
Issuer Default Rating to 'CCC' from 'B-' and removed it from
Rating Watch Negative.  A Stable Outlook is assigned.  The
Short-term rating is affirmed at 'B' and removed from RWN.

At the same time, Fitch has downgraded the US$125 million notes
issued by UkrChem Capital B.V. to 'CCC+' from 'B-' and resolved
the RWN.  The RWN was first put in place in July 2006 before
Stirol's IDR and notes were downgraded to 'B-' from 'B' in
August 2006 and kept on RWN.

The downgrade reflects several concerns, relating firstly to the
fundamental business of Stirol, in particular the rise in gas
prices and the significant impact this has had on the company's
profitability to date.  There is also a lack of clarity
regarding Stirol's strategy and capital expenditure plans while
Fitch has reservations about the company's corporate governance
standards.  In addition, the downgrade reflects Stirol's limited
compliance with its financial documentations in the light of its
covenant breaches as well as difficult negotiations with its
bondholders to reach an agreement to waive the covenant
breaches.

The one-notch differential between the IDR and the notes is due
to the company being current on its interest payments under the
notes, combined with a significant liquidity position.  This
liquidity is also reflected in the affirmation of the Short-term
'B' rating.  Based on the unaudited accounts as of first half
2006, Stirol had liquidity amounting to UAH1.19 billion on its
balance sheet.  However, if Stirol embarks on significant
capital expenditure, its liquidity could deteriorate quickly.
Unless such capital expenditure projects provide fast
incremental operating cash flows, both the issue and Short-term
ratings may be downgraded.


SUMY TIRE: Claims Submission Period Ends April 2
------------------------------------------------
Creditors of OJSC Sumy Tire Processing (code EDRPOU 31162645)
have until April 2 to submit written proofs of claim to:

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

The Economic Court of Sumy commenced bankruptcy supervision
procedure on the company on Jan. 24.  The case is docketed as
6/6-07.

The Debtor can be reached at:

         OJSC Sumy Tire Processing
         Prigranichnaya Str. 47
         40007 Sumy
         Ukraine


TRIUMF AND K: Creditors Must File Claims by April 5
---------------------------------------------------
Creditors of LLC Triumf and K (code EDRPOU 31743487) have until
April 5 to submit written proofs of claim to:

         State Tax Inspection of Vinnica, Liquidator
         30 Years of Victory Str. 21
         Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 5/442-06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Triumf and K
         Dachnaya Str. 6/77
         Vinnica
         Ukraine


VASILEVKA LLC: Creditors Must File Claims by April 2
----------------------------------------------------
Creditors of Vasilevka Agricultural LLC (code EDRPOU 30806713)
have until April 2 to submit written proofs of claim to:

         Theal Branch on Bankruptcy in Tulchin, Liquidator
         Lenin Str. 51
         Tulchin
         23600 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 5/441-06.

The Court is located at:

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

The Debtor can be reached at:

         Vasilevka Agricultural LLC
         Vasilevka
         Tulchin
         23665 Vinnica
         Ukraine


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


ARROW ELECTRONICS: Moody's Puts Ba2 Rating on Preferred Stock
-------------------------------------------------------------
Moody's Investors Service affirmed the Baa3 senior long-term
debt rating of Arrow Electronics Inc. and revised the outlook to
positive from stable.

"The positive outlook reflects our expectation that Arrow's
operating performance will continue to benefit from the secular
outsourcing trend underway in the semiconductor space, favorable
product mix, an expanded line card from recent acquisitions and
increasing geographic diversity that collectively support
operating margins above 4%," according to Moody's Vice President
& Senior Analyst Gregory Fraser, CFA.

"The positive outlook also considers realized operating
efficiency improvements that have resulted in sustained
operating margin and ROA expansion, improved credit protection
measures, higher gross cash flow levels and an enhanced business
model that has the propensity to deliver operating margin
stability and consistent levels of positive free cash flow
especially during periods of industry weakness," Fraser added.

Standard & Poor's expects Arrow to continue to maintain focused
on balance sheet de-leveraging via free cash flow generation
targeted towards debt reduction and/or higher operating cash
flow.

The outlook revision also recognizes the company's improved
operating leverage and enhanced market position as the leading
distributor of enterprise product solutions for both IBM and
Hewlett-Packard following the planned acquisition of the
Agilysys KeyLink Systems Group.  It is Moody's understanding
that the

US$485 million KeyLink acquisition will be funded through a
combination of debt and cash.  Although debt will increase, the
purchase is not expected to materially weaken Arrow's credit
protection measures and internal liquidity given the additive
cash flow from KeyLink.  The positive outlook considers the
company's de-leveraging track record and reflects Moody's
expectations that free cash flow will be used to reduce debt
incurred for the KeyLink acquisition with leverage migrating to
a range of 1.6x to 2.2x.

Affirmed:

   -- Senior unsecured debt at Baa3
   -- senior unsecured stock at Baa3
   -- senior subordinated stock at Ba1
   -- senior preferred stock at Ba2

Arrow Electronics Inc., headquartered in Melville, New York, is
one of the world's largest distributors of electronic components
and computer products to industrial and commercial customers.
Revenues and EBITDA for the twelve months ended Dec. 31, 2006,
were US$13.6 billion and US$720 million, respectively.


B2B COMMUNICATIONS: Creditors' Meeting Slated for April 5
---------------------------------------------------------
Creditors of B2B Communications Ltd. will meet at 11:00 a.m. on
April 5 at:

         Vantis
         The White Cottage
         19 West Street
         Epsom
         Surrey
         KT18 7BS
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on April 4 at:

         P. N. Wastel
         Joint Administrator
         Vantis Business Recovery
         Torrington House
         47 Holywell Hill
         St. Albans
         Hertfordshire
         AL1 1HD
         England
         Tel: 01727 811111
         Fax: 01727 810057

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,
business and tax advisory services in the United Kingdom.


BRYANT AND TUCKER: Creditors' Meeting Slated for April 12
---------------------------------------------------------
Creditors of Bryant and Tucker Ltd. will meet at 10:30 a.m. on
April 12 at:

         New Guild House
         45 Great Charles Street
         Birmingham
         B3 2LX
         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.

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.


BRYANT JACKSON: Creditors' Meeting Slated for April 5
-----------------------------------------------------
Creditors of Bryant Jackson Communications Ltd. will meet at
11:15 a.m. on April 5 at:

         Vantis
         The White Cottage
         19 West Street
         Epsom
         Surrey
         KT18 7BS
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on April 4 at:

         P. N. Wastel
         Joint Administrator
         Vantis Business Recovery
         Torrington House
         47 Holywell Hill
         St. Albans
         Hertfordshire
         AL1 1HD
         England
         Tel: 01727 811111
         Fax: 01727 810057

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,
business and tax advisory services in the United Kingdom.


BULLOUGH LTD: Brings In Liquidators from Deloitte & Touche
----------------------------------------------------------
Neville Barry Kahn, Nicholas, James Dargan and IanBrown of
Deloitte & Touche LLP were appointed joint liquidators of
Bullough Ltd. on March 16 for the creditors' voluntary winding-
up procedure.

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.


CONTRACT TECHNICAL: Claims Filing Period Ends May 19
----------------------------------------------------
Creditors of Contract Technical Services Ltd. (formerly Dean
Offshore Services Ltd.) have until May 19 to send their full
names, addresses and descriptions, full particulars of their
debts or claims, and the names and addresses of their solicitors
(if any), to:

         David Elliott
         Liquidator
         Moore Stephens LLP
         Victory House
         Admiralty Place
         Chatham Maritime
         Kent
         ME4 4QU
         England

David Elliott of Moore Stephens LLP was appointed liquidator of
the company on March 19.

Moore Stephens -- http://www.moorestephens.co.uk/-- offers
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its U.K. network comprises over
1,400 partners and staff.


ECOFLO LTD: Creditors' Meeting Slated for April 4
-------------------------------------------------
Creditors of Ecoflo Ltd. (Company Number 04721502) will meet at
11:00 a.m. on April 4 at:

         The Exeter Court Hotel
         A38
         Kennford
         Exeter
         Devon
         EX6 7UX
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on April 3 at:

         I. E. Walker
         Joint Administrator
         Begbies Traynor
         Balliol House
         Southernhay Gardens
         Exeter
         Devon
         EX1 1NP
         England

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


EUROTUNNEL GROUP: Meets Requirements to Exit Safeguard Process
--------------------------------------------------------------
Eurotunnel Group disclosed that the principal elements required
to save the company were in placed since the Paris Commercial
Court approved its safeguard plan on Jan. 15.

The company told shareholders that:

   -- the new credit agreements have been signed;

   -- the registration document which describes, in 334 pages,
      the details of the reorganization, has been registered by
      the French market authority (Autorite des Marches
      Financiers/AMF), with number i.07-021;

   -- the offer itself was filed on March 23 by Eurotunnel's
      presenting banks Lazard Freres, Natixis and Lehman
      Brothers; and

   -- although the chosen Registrar of GET SA is BNP Paribas
      Securities Services, the company will offer a facility for
      the U.K. shareholders to hold their GET SA shares in the
      form of Crest Depository Interests through the existing
      Eurotunnel U.K. Registrar, Computershare Investor Services
      Plc.

After an 11-month suspension, Eurotunnel shares resumed trading
on March 27.  On its first day, the London-listed shares rose
20% to 30 pence while Paris fell 6.8% to 41 eurocents, BBC News
relates.  According to Chairman and CEO Jacques Gounon, it is
possible that the share price will take some time to settle.

The next and last step is the offer for one Eurotunnel SA/PLC
unit of one share and one warrant to subscribe for a share in
GET SA.  The minimum acceptance level was set at 60%.

If the market authorities approve the draft offer on April 3,
the offer will be launched on April 10.  Shareholders will have
five weeks, until May 15 to tender their units.

If the offer envisaged by the Paris Commercial Court fails,
Eurotunnel will go into liquidation, considering the negative
equity of GBP1.3 billion.

                        About Eurotunnel

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a
fleet of 25 shuttle trains, which carry cars, coaches and
trucks.  It manages the infrastructure of the Channel Tunnel and
receives toll revenues from train operating companies whose
trains pass through the Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

Eurotunnel Group files reports in the U.S. Securities and
Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK)
and Eurotunnel SA (ETTFF.PK).

Eurotunnel obtained Aug. 2 an order placing the channel operator
under the protection of the Court pursuant to the new safeguard
legislation (Procedure de sauvegarde).  At end of 2006, the
group's creditors and bondholder approved a plan to decrease its
GBP6.2 billion debt to GBP2.84 billion.

On Jan. 15, the Court approved Eurotunnel's safeguard plan,
backed by the court-appointed representatives to the company and
to the creditors.

At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25
billion in total assets, GBP6.56 billion in total liabilities
and GBP1.32 billion in shareholders' deficit.


FINEFORM EUROPE: Creditors' Meeting Slated for April 12
-------------------------------------------------------
Creditors of Fineform Europe Ltd. will meet at 1:15 p.m. on
April 12 at:

         Jurys Inn
         1 Charlotte Place
         Southampton
         SO14 0TB
         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 registered office of
the company at:

         5 Barnfield Crescent
         Exeter
         Devon EX1 1RF
         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 10 at the registered of the company.


FRYMANS FEED: Claims Filing Period Ends April 16
------------------------------------------------
Creditors of Graham P. Petersen of Benedict Mackenzie LLP have
until April 16 to send in their names, their addreáses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their solicitors (if any), to:

         Graham P. Petersen
         Liquidator
         Benedict Mackenzie LLP
         5-6 The Courtyard
         East Park
         Crawley
         West Sussex
         RH10 6AG
         England

Graham P. Petersen of Benedict Mackenzie LLP was appointed
liquidator of the company on March 12 by resolutions of members.


GETTY IMAGES: New Debt Cues S&P to Retain Developing Watch
----------------------------------------------------------
Standard & Poor's Ratings Services reported that the ratings on
Getty Images Inc., including the 'B+' corporate credit rating,
remain on CreditWatch with developing implications, following
the company's report that it had obtained a US$350 million
revolving credit facility.

The ratings were placed on CreditWatch on Dec. 4, 2006, after
the company reported that it had received notices from
bondholders that its delayed third-quarter SEC Form 10-Q filing
constituted an event of default.  Developing implications
indicate the possibility of upward or downward movement in the
ratings.

Getty could use borrowings under the facility to acquire
MediaVast Inc. or to fund its convertible bond obligation should
these bonds be accelerated.

Separately, the cure period for the company to resolve its
alleged event of default with its bondholders has passed; the
company's bondholders may demand immediate payment of the
principal and any accrued interest of the convertible notes at
any time.  The new facility gives Standard & Poor's Ratings
Services some comfort that bank lenders are willing to support
the company's growth plans and provide the company with
additional liquidity despite the delayed filing.

"We will monitor the situation closely," said Standard & Poor's
credit analyst Tulip Lim.

"If the filing is delayed further, we could lower the rating
again.  If the company becomes current with its required
quarterly and annual filings, we will reassess the company for
an upgrade."


GOODYEAR TIRE: S&P Rates EUR350-Million Revolving Loan at BB-
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned various ratings to
Goodyear Tire & Rubber Co.'s proposed bank financings.  At the
same time, S&P assigned a recovery rating to the existing
US$650 million senior secured notes.  S&P will withdraw the
ratings on the existing bank facilities that are being
refinanced upon closing of the new facilities.

The corporate credit rating on Goodyear is B+/Positive/B-2.  The
ratings on the Akron, Ohio-based company reflect its aggressive
financial risk profile, characterized by low earnings in North
America, a leveraged capital structure, and significant, albeit
declining, underfunded employee benefit liabilities.  These
factors more than offset the company's business strengths,
including its position as one of the three largest global tire
manufacturers, its good geographic diversity, its strong
distribution, and its well-recognized brand name.

                          Ratings List

Goodyear Tire & Rubber Co.
   Corp. credit rating                          B+/Positive/B-2

                        Ratings Assigned

Goodyear Tire & Rubber Co.
   US$1.5 billion asset-backed rev.
   credit facility                                BB
   Recovery rating                                1
   US$1.2 billion second-lien term loan           B+
   Recovery rating                                2
   US$650 million senior secured notes
   recovery rating                                5

Goodyear Dunlop Tires Europe B.V.
   EUR350 million revolving credit facility       BB-
   Recovery rating                                1

Goodyear Dunlop Tires Germany GmbH
   EUR155 million revolving credit facility       BB-
   Recovery rating                                1


H.J. COOPER: Names Roderick Graham Butcher Liquidator
-----------------------------------------------------
Roderick Graham Butcher of Butcher Woods was appointed
liquidator of H.J. Cooper (Timber) Ltd. on March 20 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         H.J. Cooper (Timber) Ltd.
         Unit 19
         Thornleigh Trading Estate
         Dudley
         West Midlands
         DY2 8UB
         England
         Tel: 01384 254 591


HEATING DIRECT: Taps Joint Administrators from Ernst & Young
------------------------------------------------------------
Angela Swarbrick and Roy Bailey of Ernst & Young LLP were
appointed joint administrators of Heating Direct Ltd. (Company
Number 04112064) on March 15.

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

Headquartered in London, England, Heating Direct Ltd. is engaged
in gas audit and inspection services.


HUNTSMAN CORP: Moody's Lifts Rating to Ba3 on Debt Reduction
------------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating
for Huntsman Corporation and Huntsman International LLC, a
subsidiary of Huntsman, to Ba3 from B1, and upgraded other
ratings as appropriate.

The ratings on recently redeemed debt have been withdrawn.  The
outlook for Huntsman's ratings was moved to stable from
developing.

Summary of the ratings activity:

Upgrades:

   * Huntsman Corporation

     -- Corporate Family Rating, Upgraded to Ba3 from B1

   * Huntsman International LLC

     -- Corporate Family Rating, Upgraded to Ba3 from B1

     -- Senior Secured Bank Credit Facility, Upgraded to Ba1
        from Ba3, LGD2, 21%

     -- Senior Subordinated Regular Bond/Debenture, Upgraded to
        B2 from B3, LGD5, 89%

   * Huntsman LLC

     -- Senior Secured Regular Bond/Debenture, Upgraded to Ba1
        from Ba3, LGD2, 21%

     -- Senior Unsecured Regular Bond/Debenture, Upgraded to Ba3
        from B2, LGD4, 57%

Outlook Actions:

   * Huntsman Corporation

     -- Outlook, Changed To Stable From Developing

   * Huntsman International LLC

     -- Outlook, Changed To Stable From Developing

   * Huntsman LLC

     -- Outlook, Changed To Stable From Developing

Withdrawals:

   * Huntsman International LLC

     -- Senior Subordinated Regular Bond/Debenture, Withdrawn,
        previously rated B3

     -- Senior Unsecured Regular Bond/Debenture, Withdrawn,
        previously rated B2

The upgrade of Huntsman's CFR reflects the actions taken by the
company over the last 24 months to materially reduce debt and
thereby improve credit metrics.  Debt has been reduced using
cash proceeds generated by an IPO, asset sales and cash from
operations.  Asset sales have been directed at reducing
Huntsman's exposure to pure commodity businesses and increasing
its exposure to less volatile, differentiated chemical
businesses.  Management has also simplified the corporate
structure over the last three years such that all debt is now
issued out of HI, Huntsman's primary operating subsidiary.  In
addition to absolute debt reduction, lower interest expense has
improved credit metrics.

The ratings take into account Huntsman's strong competitive
position in key businesses and significant competitive barriers,
including process know-how and requirements for world scale
production capabilities.  Management's publicly stated leverage
target of net debt/adjusted EBITDA of ~2.5 also represents a
departure from historic levels.  The ratings are nevertheless
tempered by its leverage (3.7 times at the end of 2006 using
Moody's metrics) at this point in the chemical cycle, exposure
to rising prices in some feed stocks, and weakness in certain
end markets, notably automotive and housing.

In addition management's new financial philosophy is still
relatively short lived.  A concern for Moody's is the adherence
to the new financial policies in the event that equity returns
are less robust than anticipated.  Moody's notes that lackluster
equity performance was a key factor in management's decision to
transform the company.  Since announcing the transformation
plan, in February 2006, management has successfully sold its
commodity businesses and kept its differentiated businesses.

As of Dec. 31, 2006, Huntsman's leverage remains elevated with
roughly US$3.6 billion of balance sheet debt. However, debt to
EBITDA has declined significantly over the past two years and is
currently at three times, down from five times at the end of
2004; retained cash flow to total debt is 22% and free cash flow
to total debt is 9%.

When utilizing Moody's Standard Adjustments, which also include
the capitalization of pension obligations (US$487 million),
securitizations (US$220 million) and operating leases (US$313
million), debt rises to almost US$4.4 billion, debt to EBITDA is
3.7 times, retained cash flow to total debt is 18.6% and free
cash flow to total debt is 7.1%. Credit metrics are expected to
show further improvement in 2007 if only from the proceeds from
already announced asset sales, which are anticipated to reduce
debt by roughly US$700 million.

The stable outlook reflects Moody's expectation that Huntsman's
businesses will remain strong for much of 2007 and into 2008,
providing good liquidity and the opportunity to reduce debt
further using free cash flow and cash.  These actions may
improve the company's credit profile and raise its metrics over
the cycle.  If, over the next 12-24 months, the company
continues to follow its newly defined financial policies and
does not re-lever its balance sheet either through consolidating
acquisitions or through participation in other shareholder
enhancing events the company's outlook or ratings could be
positively affected.

The notching of the senior secured credit facilities at Ba1, two
levels above the CFR, reflects the combination of anticipated
debt reduction at the secured level along with the benefit of a
substantial cushion of subordinated debt.  For rating purposes
Moody's assumed that the bulk of the debt to be paid down was at
the bank term debt level although management has yet to
designate a specific plan for the use of asset sale proceeds
other than the proceeds will be used to reduce debt.

Huntsman Corporation is a global manufacturer of differentiated
and commodity chemical products.  Huntsman's products are used
in a wide range of applications, including those in the
adhesives, aerospace, automotive, construction products, durable
and non-durable consumer products, electronics, medical,
packaging, paints and coatings, power generation, refining and
synthetic fiber industries.  Huntsman had revenues of US$10.6
billion for fiscal year 2006.


ISLEWORTH COACHES: Claims Filing Period Ends May 1
--------------------------------------------------
Creditors of Isleworth Coaches Ltd. have until May 1 to prove
their debts by sending written statements of the amounts they
claim to be due to them by the company to:

         Stephen Cork and Joanne Milner
         Joint Liquidators
         Smith & Williamson Ltd.
         Prospect House
         2 Athenaeum Road
         London
         N20 9YU
         England

Stephen Robert Cork and Joanne Elizabeth Milner of Smith &
Williamson Ltd. were appointed joint liquidators of the company
on March 15.

Smith & Williamson -- http://www.smith.williamson.co.uk/--  
provides investment management, financial advisory and
accountancy services to private clients, professional practices,
mid to large corporates and non-profit organizations.


ISOFT GROUP: Fires Steven Graham as Director
--------------------------------------------
ISoft Group PLC dismissed suspended commercial director Steve
Graham as director effective immediately, AFX News Ltd. reports.

The company disclosed that along with his dismissal, Mr. Graham
also ceased to be its employee.

The board of iSoft suspended Mr. Graham on Aug. 8, following an
initial investigation into possible accounting irregularities in
the financial years ended April 30, 2004, and 2005.

                           About iSOFT

Headquartered in Manchester, United Kingdom, iSOFT Group plc
-- http://www.isoftplc.com/-- supplies advanced medical
software applications for the healthcare sector.  Its products
are used by more than 8,000 organizations in 27 countries for
managing patient information and driving improvements in
healthcare services.  In international markets, the group has a
strong presence in the Asia-Pacific, including Singapore and
India.

                          *     *     *

In June 2006, the Group disclosed of a change in accounting
policy, as a consequence of which it became necessary to review
revenue recognition in prior years, in order to re-state some
prior year revenues.  Arising out of that review, a number of
possible accounting irregularities came to light in which it
appears that some revenues reported in 2003/04 and 2004/05 may
have been recognized earlier than they should have been.

On July 20, 2006, the Group engaged its auditors, Deloitte &
Touche LLP, to conduct a formal initial investigation into these
possible irregularities.  In August 2006, it was confirmed that
there were indeed matters that needed further investigation and
the company handed over relevant documents to the Financial
Services Authority, which is now conducting further
investigations.

The Group is working closely and co-operatively with the FSA in
order to complete these investigations as quickly as possible.
At the current time it would be inappropriate to comment on the
likely outcome.

On Oct. 25, 2006, the Accountancy Investigation and Discipline
Board (AIDB) disclosed that it would conduct its own
investigation.  The AIDB investigation is a review of the
conduct of those members of accountancy bodies that are
regulated by the AIDB who were executive or non-executive
directors of iSOFT during the relevant periods, and RSM Robson
Rhodes LLP, iSOFT's auditor for the financial years ended
April 30 2003, 2004 and 2005.

All current executive directors of iSOFT who are members of
those accountancy bodies were appointed after the dates under
investigation, as was the non-executive director who is
currently chairman of the audit committee.  The initial
investigation into possible accounting irregularities --
conducted by the Group's current auditors, Deloitte & Touche
LLP, in July and August 2006 -- did not uncover evidence that
any of the current non-executive directors had any knowledge of
the irregularities.

On the basis of information that has come to light so far, the
Group does not believe that these matters will have any impact
on the current or future financial position of iSOFT.

                        Going Concern Doubt

At Oct. 31, 2006, the company's board of directors recognized
that there are material uncertainties that may cast significant
doubt on the Group's ability to continue as a going concern.


J A SALISBURY: Names Liquidator to Wind Up Business
---------------------------------------------------
Simon James Bonney of BN Jackson Norton was appointed liquidator
of J A Salisbury Ltd. on March 13 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         J A Salisbury Ltd.
         The Smithy
         Whitton
         Ludlow
         Shropshire
         SY8 3DB
         England
         Tel: 01584 891 715
         Fax: 01584 891 714


JMN BUILDING: Creditors' Meeting Slated for April 13
----------------------------------------------------
Creditors of JMN Building & Maintenance Services Ltd. will meet
at 2:00 p.m. on April 13 at:

         Granite Buildings
         6 Stanley Street
         Liverpool
         L1 6AF
         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 the said address.

         Leigh & Co.
         Brentmead House
         Britannia Road
         London
         N12 9RU
         England

Martin Henry Linton of Leigh & Co. will furnish creditors with
information concerning the company's affairs free of charge as
they may reasonably require.


KENSINGTON MORTGAGE: Moody's Puts Ba2 Rating to Class B2 Notes
--------------------------------------------------------------
Moody's Investors Service assigned definitive credit ratings to
these classes of Notes to be issued by Kensington Mortgage
Securities plc, Series 2007-1:

   -- Class A1a, due June 2022: Aaa;
   -- Class A1a Detachable Coupons, due September 2011: Aaa;
   -- Class A1b, due June 2022: Aaa;
   -- Class A1b Detachable Coupons, due September 2011: Aaa;
   -- Class A1c, due June 2022: Aaa;
   -- Class A1c Detachable Coupons, due September 2011: Aaa;
   -- Class A2, due June 2040: Aaa;
   -- Class A2 Detachable Coupons, due September 2011: Aaa;
   -- Class A3a, due June 2040: Aaa;
   -- Class A3a Detachable Coupons, due September 2011: Aaa;
   -- Class A3b, due June 2040: Aaa;
   -- Class A3b Detachable Coupons, due September 2011: Aaa;
   -- Class A3c, due June 2040: Aaa;
   -- Class A3c Detachable Coupons, due September 2011: Aaa;
   -- Class M1a, due June 2040: Aa3;
   -- Class M1b, due June 2040: Aa3;
   -- Class M2b, due June 2040: A2;
   -- Class B1a, due June 2040: Baa2;
   -- Class B1b, due June 2040: Baa2; and
   -- Class B2, due June 2040: Ba2.

The ratings are based, inter alia, on the sterling equivalent
split of the Notes being as follows (in percentage of the total
Notes issuance excluding the Class C Notes):

   -- Class A1 30%
   -- Class A2 13%
   -- Class A3 42%
   -- Class M1 6%
   -- Class M2 4%
   -- Class B1 3.1%
   -- Class B2 1.9%

Investors in the Class A Detachable Coupons do not receive any
payments of principal, and will be paid interest at a rate of
0.60% p.a. for a period of 18 quarters, calculated on the
outstanding balance of the Class A1, A2, A3 Notes, respectively.

Moody's previously assigned provisional ratings on the notes on
1st March 2007.  The Issuer, Kensington Mortgage Securities plc,
is a special purpose vehicle incorporated in England and Wales,
which is ultimately owned by a charitable trust.  The Issuer is
a multi-issuance vehicle and this transaction represents the
first series to be issued under its MTN style program.

The assets supporting the Notes are subprime and non-conforming
first- and second-lien residential mortgage loans originated by
entities trading under the name of Kensington Mortgage Company
Ltd., Money Partners Ltd. and Money Partners Loans Ltd. and
secured on residential properties in England, Wales and
Scotland.  Homeloan Management Ltd. will be responsible for the
day-to-day servicing of the loans, while Western Mortgage
Services will act as standby servicer.

The ratings of the Notes are based upon an analysis of the
characteristics of the mortgage pool backing the Notes, the
protection the Notes receive from credit enhancement against
defaults and arrears in the mortgage pool, and the legal and
structural integrity of the transaction.  The credit enhancement
available in the deal is provided in the form of excess spread,
a discount margin reserve, reserve fund (initially 1% of
original note balance, building to 1.5%), and subordination of
the Class M1, M2, B1 and B2 Notes.  Subject to certain
conditions being met, the reserve fund may amortize down to a
floor of 0.75% of the original note balance.

To hedge against the risk of rising interest rates during the
fixed rate periods for the fixed-rate loans in the pool, the
Issuer will enter into a swap for the principal balance of these
loans. To hedge against possible mismatch between Note LIBOR and
LIBOR payable on the loans, the issuer will enter into a basis
swap agreement.  The Issuer will also enter into cross currency
swaps to hedge against interest rate and foreign exchange risk
on the Notes.

The ratings address the expected loss posed to investors by the
legal final maturity.  In Moody's opinion, the structure allows
for timely payment of interest and ultimate payment of principal
at par on or before the rated final legal maturity date.
Moody's ratings address only the credit risks associated with
the transaction.  Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.


KILLARNEY SPRINGS: Names Administrator from Smith & Williamson
--------------------------------------------------------------
Iain John Allan of Smith & Williamson and Simon Ian Kirkhope of
Solomon Hare LLP were appointed joint administrators of
Killarney Springs Family Leisure Park Ltd. (Company Number
05034727) on March 20.

Smith & Williamson -- http://www.smith.williamson.co.uk/--  
provides investment management, financial advisory and
accountancy services to private clients, professional practices,
mid to large corporates and non-profit organizations.

The company can be reached at:

         Killarney Springs Family Leisure Park Ltd.
         Killarney Springs
         Youlstone
         Bude
         Cornwall
         EX23 9PX
         England
         Tel: 01288 331 475


LEA VALLEY: Creditors' Meeting Slated for April 26
--------------------------------------------------
Creditors of Lea Valley Motors Ltd. will meet at 2:30 p.m. on
April 26 at:

         1 Kings Avenue
         Winchmore Hill
         London
         N21 3NA
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge on April 25.


LONDON TUBE: Names Keith Barry Stout Liquidator
-----------------------------------------------
Keith Barry Stout was appointed liquidator of The London Tube
Co. Ltd. on March 20 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         The London Tube Co. Ltd.
         Crabtree Manorway North
         Belvedere
         Kent
         DA17 6LJ
         England
         Tel: 020 8310 1000
         Fax: 020 8311 3844


MAXFIELDS JEWELLERS: Joint Liquidators Take Over Operations
-----------------------------------------------------------
David Leighton Cockshott and Paul Andrew Whitwam of BWC Business
Solutions were appointed joint liquidators of Maxfields
(Jewellers) Ltd. on March 21 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Maxfields (Jewellers) Ltd.
         Unit 8
         Carlton Lanes Shopping Centre
         Castleford
         West Yorkshire
         WF10 1AD
         England
         Tel: 01977 603 648


MJD CONSTRUCTION: Appoints Liquidator from Tomlinsons
-----------------------------------------------------
Alan H. Tomlinson of Tomlinsons was appointed liquidator of MJD
Construction Ltd. on March 20 for the creditors' voluntary
winding-up proceeding.

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:

         MJD Construction Ltd.
         510 Darwen Road
         Bromley Cross
         Bolton
         Lancashire
         BL7 9DX
         England
         Tel: 01204 690 746
         Fax: 01204 592 008


NATIONWIDE KITCHENS: Calls In Liquidators from BWC
--------------------------------------------------
David L. Cockshott and Gary E. Blackburn of BWC Business
Solutions were appointed joint liquidators of Nationwide
Kitchens Ltd. on March 16 for the creditors' voluntary winding-
up procedure.

The company can be reached at:

         Nationwide Kitchens Ltd.
         Dewsbury Road
         Ossett
         West Yorkshire
         WF5 9HU
         England
         Tel: 01924 272 000
         Fax: 01924 277 700


PHELPS DODGE: Moody's Lifts Rating on US$566.7 Mln Notes to Ba2
---------------------------------------------------------------
Moody's Investors Service upgraded Freeport-McMoRan Copper &
Gold Inc.'s corporate family rating to Ba2 from Ba3 and
undertook a number of related rating actions:

   * upgraded to Baa2 from Baa3 the senior secured rating on
     Freeport's US$500-million secured revolver;

   * upgraded to Baa3 from Ba2 the senior secured ratings on
     each of Freeport's US$1-billion secured revolver, US$2.5-
     billion secured Term Loan A, US$7.5 billion secured Term
     Loan B, and each of Freeport's existing 6.875%, 10.125% and
     7.20% senior secured notes; and

   * upgraded to Ba3 from B2 Freeport's US$6-billion senior
     unsecured notes.

Moody's also upgraded to Ba2 from B1 the ratings on Phelps
Dodge's secured Cyprus Amax notes and on Phelps Dodge's other
existing notes.

The rating actions are based on Freeport's pending issuance of
around US$2.5-billion of common equity and US$2.5-billion of
mandatorily convertible preferred stock and a potential
overallotment, the proceeds of which will be used to reduce Term
Loans A and B.  In considering Freeport's capital structure,
Moody's treats the mandatorily convertible preferreds as equity.
The ratings reflect the overall probability of default of
Freeport, to which Moody's assigns a PDR of Ba2.  The rating
outlooks for Freeport, Phelps Dodge and Cyprus Amax are stable.

The Ba2 corporate family rating reflects Freeport's high debt
level of around US$13 billion and what Moody's believes will be
a protracted time frame for debt reduction in the face of
softening metals prices and continued high cost challenges.  The
rating also considers the high concentration in copper and
resultant variability in earnings and cash flow, significant
capital expenditures, and a high level of reliance on the
Grasberg mine in Indonesia.  The rating also reflects the
cultural challenges inherent in the acquisition of the larger
Phelps Dodge by Freeport, and the execution and political risk
of Phelps Dodge's development project in the Congo.  The Ba2
rating favorably considers the company's leading positions in
copper and molybdenum, a significant amount of gold production,
the low cost, long-life reserves at PT-FI, and improved
operating and political diversity.

These are the rating actions:

   * Freeport-McMoRan Copper & Gold Inc.

      -- Corporate Family Rating, to Ba2 from Ba3;

      -- Probability of Default Rating; to Ba2 from Ba3;

      -- US$0.5-billion Senior Secured Revolving Credit
         facility, to Baa2, LGD1, 2% from Baa3;

      -- US$1-billion Senior Secured Revolving Credit
         Facility, to Baa3, LGD2, 22% from Ba2;

      -- US$2.5-billion Senior Secured Term Loan A, to Baa3,
         LGD2, 22%, from Ba2;

      -- US$7.5-billion Senior Secured Term Loan B, to Baa3,
         LGD2, 22%, from Ba2;

      -- US$340-million 6.875% Senior Secured Notes due 2014, to
         Baa3, LGD2, 22%, from Ba2;

      -- US$272-million 10.125% Senior Secured Notes due 2010,
         to Baa3, LGD2, 22%, from Ba2;

      -- US$0.2-million 7.20% Senior Secured Notes due 2026, to
         Baa3, LGD2, 22%, from Ba2; and

      -- Senior Unsecured Notes: to Ba3, LGD5, 83%, from B2.

   * Cyprus Amax Minerals Company

      -- US$60.1-million 7.375% Senior Notes due 2007, to Ba2,
         LGD3, 48%, from B1.

   * Phelps Dodge Corporation

      -- US$107.9-million 8.75% Senior Notes due 2011, to Ba2,
         LGD3, 48%, from B1;

      -- US$115-million 7.125% Senior Notes due 2027, to Ba2,
         LGD3, 48%, from B1;

      -- US$150-million 6.125% Senior Notes due 2034, to Ba2,
         LGD3, 48%, from B1; and

      -- US$193.8-million 9.50% Senior Notes due 2031, to Ba2,
         LGD3, 48%, from B1.

Moody's last rating action on Freeport was to affirm its Ba3
corporate family rating in February 2007 in connection with
Freeport's acquisition of Phelps Dodge.

Freeport-McMoRan Copper & Gold Inc. is a Phoenix based producer
of copper, gold and molybdenum and had revenue in 2006 of
US$5.8 billion.


RELISYS DIGITAL: Brings In Begbies Traynor as Administrators
------------------------------------------------------------
Simon Robert Thomas and David Paul Hudson of Begbies Traynor
(South) LLP were appointed joint administrators of Relisys
Digital Ltd. (Company Number 03324410) on March 21.

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

The company can be reached at:

         Relisys Digital Ltd.
         Synergy House
         Guildhall Close
         Manchester Science Park
         Manchester
         Lancashire
         M15 6SY
         England
         Tel: 0161 232 6014


SIMPSON EVANS: Creditors' Meeting Slated for April 13
-----------------------------------------------------
Creditors of Simpson Evans Ltd. will meet at 3:00 p.m. on
April 13 at:

         Stones & Co.
         63 Walter Road
         Swansea
         SA1 4PT
         Wales

Secured creditors who want to vote must submit before the
meeting particulars of their security at the said address.

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


SOLUTIA INC: Wants to Acquire Akzo Nobel's 50% Flexsys Stake
------------------------------------------------------------
Solutia Inc. seeks authority from the U.S. Bankruptcy Court for
the Southern District of New York to acquire Akzo Nobel N.V.'s
interest in Flexsys pursuant to the terms of a transaction
agreement, and provide Flexsys with a subordinated intercompany
loan up to US$150 million for the acquisition of Akzo Nobel's
interest in Flexsys.

Solutia and Akzo Nobel have been partners in Flexsys, a
successful rubber chemicals business with 13 manufacturing
facilities worldwide, with around 1,000 employees, and
annual revenues in fiscal year 2006 of about US$600 million.

Flexsys was formed in 1995 as a 50/50 joint venture between Akzo
Nobel and Monsanto Company.  Solutia was created in 1997 by
Pharmacia Corp., then known as Monsanto, pursuant to a spin-off
transaction.  In connection with the spin-off, Solutia received
Pharmacia's interest in Flexsys.  Flexsys is not a debtor in the
Debtors' Chapter 11 cases.

Flexsys is headquartered in Brussels, Belgium, and is comprised
of three primary legal entities:

   (a) Flexsys Holding B.V.,
   (b) Flexsys America LP, and
   (c) Flexsys Rubber Chemicals Ltd.

By late 2005, Akzo Nobel had decided to exit the rubber
chemicals business to focus on its other chemicals and coating
businesses, and asked Solutia if it would consent to a sale of
Akzo Nobel's 50% interest in Flexsys.

Solutia relates that following a year-long process resulting in
three binding bids, it concluded that it would not be in the
estates' best interest to sell Solutia's stake in Flexsys at the
prices and on the terms and conditions set forth in the bids
submitted.

Solutia management, with input from its operational consultants,
CRA International, formerly Charles River Associates, undertook
a strategic review options with respect to Flexsys on the summer
of 2006.

As a result of the review, Solutia's Board of Directors
determined that the best course of action would be to seek to
purchase Akzo Nobel's 50% in Flexsys on favorable terms.

                       Proposed Transaction

On Feb. 27, 2007, after several months of arm's-length
negotiations, Solutia and Akzo Nobel reached an agreement on the
terms of Solutia's proposed acquisition of the remaining 50%
interest in Flexsys.

Under the terms of the Transaction Agreement, the Flexsys
entities will repurchase Akzo Nobel's interests in Flexsys for
US$212.5 million subject to certain deductions and adjustments.

Upon the closing of the proposed transaction, the Flexsys
Entities will become wholly owned subsidiaries of Solutia.
However, they will remain separate and distinct legal entities
from Solutia and its affiliated subsidiary debtors.  Akzo Nobel
will continue to be responsible for certain legacy environmental
liabilities.

To provide Flexsys with sufficient funds for its general
corporate and other working capital needs, the Flexsys Entities
have negotiated a commitment from KBC Bank N.V. and Citigroup
Global Markets Ltd. for US$200 million.  The credit facility
will be secured solely with the assets of the Flexsys Entities
and will not result in any additional obligations on Solutia or
any of its Debtor-subsidiaries.

As previously reported, Solutia has amended its debtor-in-
possession financing facility to provide up to US$150,000,000 as
an intercompany loan to the Flexsys Entities, to finance the
proposed transaction.

The intercompany loan will be subordinate to the financing
obtained directly by the Flexsys Entities; have an initial term
of six years; be non-amortizing; and will be provided on
customary market rates and terms for debt of this kind.  No
interest will be paid to Solutia on account of the subordinated
intercompany loan until Solutia emerges from Chapter 11 and
certain other conditions have been satisfied.

The subordinated intercompany loan will be subject to an
intercreditor agreement among Solutia, KBC Bank, and Citigroup.

Under the Transaction Agreement, Akzo Nobel and its affiliates
will agree to a five-year, worldwide non-compete in the Field of
Agreement, subject to limited exceptions.  The Akzo Nobel
entities will not solicit or hire any employees of the Flexsys
Entities for three years after closing, subject to customary
exceptions.

The Akzo Nobel Entities will reimburse Flexsys for 50% of the
cost of the "disentanglement transactions," which refers to
certain transactions designed to separate the operations of the
Flexsys Entities from the Akzo Nobel Entities, incurred after
the Closing or incurred but not paid as of immediately before
Closing.

To the extent the Akzo Nobel Entities will continue providing
services to the Flexsys Entities at certain sites after the
Closing, the parties will enter into services agreements before
Closing that will have substantially similar terms as the
operating agreements that govern the services before the
Closing.  The services will generally be provided on the same
economic terms as they are provided under the current operating
agreements.

The Transaction Agreement also contains customary covenants
regarding access to books and records; efforts to obtain
financing; cooperation regarding certain material litigation;
cooperation regarding intellectual property transfer; tax
matters; and termination of certain affiliate arrangements.

A summary of proposed transaction terms is available for free
at:

               http://researcharchives.com/t/s?1c5f

James M. Sullivan, senior vice president and chief financial
officer of Solutia, states that as a condition to the proposed
transaction to acquire the rights to manufacture and market
certain Flexsys products in Asia, the Flexsys Entities, along
with their Japanese affiliate Flexsys KK, will enter into an
equity purchase agreement and an asset purchase agreement,
pursuant to which the Kashima Buyers will purchase all of Akzo
Nobel's Crystex(R) business in Japan from affiliates of Akzo
Nobel.

Under the Kashima Purchase Agreements, the Kashima Buyers will
acquire all of the outstanding shares of Crystex Japan K.K.,
which are owned by Akzo Nobel K.K.; and all of the assets owned
by Akzo Nobel Kashima K.K. that relate to its Crystex business
and to assume the liabilities related to the assets.  Neither
Solutia nor any of its Debtor-affiliates will participate in the
Kashima Transactions.

Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York,
states that the structure of the lending transaction provides
tax and financing benefits to Solutia, including allowing the
repayment of the intercompany financing without triggering a
United States taxable income inclusion.

Mr. Henes asserts that Solutia's acquisition of Akzo Nobel's 50%
stake in Flexsys and the provision of a subordinated
intercompany loan to Flexsys is in the best interest of
Solutia's estates, its stakeholders, and all other parties-in-
interest because:

   (a) Solutia has the opportunity to create additional value
       for its estates as the sole owner of Flexsys.

       Solutia is acquiring Akzo Nobel's interest in Flexsys at
       an attractive price when compared to the acquisition
       prices for comparable specialty chemical companies.  Like
       Solutia, Flexsys is a global specialty chemicals business
       that specializes in the "know how" of manufacturing
       market-leading products, Mr. Henes says.

       Solutia continues to experience improved financial
       performance during the Chapter 11 cases as a result of
       implementing new business strategies, disposing of
       underperforming assets and shutting down unprofitable
       businesses, Mr. Henes notes.  Solutia believes that the
       implementation of many of the same strategies similarly
       would improve Flexsys' businesses to the benefit of all
       of Solutia's stakeholders.

   (b) The proposed transaction allows Solutia to retain and
       possibly enhance the value of its existing interest in
       Flexsys.

       Solutia believes that the proposed transaction would
       resolve the divergent business interests of Solutia and
       Akzo Nobel and present significant opportunities for
       Flexsys to be more profitable and competitive in the
       future.  Under the status quo, Solutia believes
       substantial value would remain trapped in a joint venture
       that lacks one dedicated owner or a viable exit strategy,
       thereby eroding the value of Solutia's existing
       investment in Flexsys.

   (c) The proposed transaction will be accretive to Solutia's
       earnings and cash flow, and will enhance Solutia's credit
       metrics by decreasing Solutia's debt-to-EBITDAR ratio.

   (d) The acquisition will diversify Solutia's cash flows.

Solutia should be authorized to enter into the Proposed
Transaction, including implementation of certain organizational
changes in connection with the acquisition, because Solutia has
demonstrated that good business reasons support acquiring Akzo
Nobel's interests in Flexsys, Mr. Henes tells the Court.

Solutia believes that the Proposed Transaction presents the
optimal way for Akzo Nobel to exit the Flexsys joint venture,
while at the same time allowing Solutia to maximize value for
its interest in Flexsys.

                     Organizational Changes

In connection with Solutia's acquisition of Flexsys, James R.
Voss, Solutia's senior vice president of Business Operations,
has been named president of Flexsys and senior vice president of
Solutia.  He will assume general management responsibilities for
the Flexsys business.

Robert T. DeBolt, Solutia's vice president of Strategy, has been
named senior vice president of Business Operations for Solutia.
He will retain responsibility for the corporate strategy
function and will assume responsibility for four additional
corporate functions -- environmental, safety & health; human
resources; procurement; and information technology.

Solutia will enter into new employment agreements with Messrs.
Voss and DeBolt.

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  The
company and 15 debtor-affiliates filed for chapter 11 protection
on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  When the
Debtors filed for protection from their creditors, they listed
US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn
& Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims and
noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq.,
and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.
(Solutia Bankruptcy News, Issue No. 82; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).

In February 2007, the Honorable Prudence Carter Beatty entered a
bridge order extending the Debtors' exclusive period to file a
plan until April 30, 2007.


SOLUTIA INC: Proposes Bidding Procedure for Dequest Sale
--------------------------------------------------------
Solutia Inc. and its debtor-affiliates filed with the U.S.
Bankruptcy Court for the Southern District of New York their
proposed bidding procedure for the sale of their water treatment
phosphonates business.

The Debtors have significantly enhanced their businesses by
continuing to groom their asset portfolio, developing new robust
business strategies, and making selective strategic investments,
M. Natasha Labovitz, Esq., at Kirkland & Ellis LLP, in New York,
relates.

Solutia continued to analyze its businesses and has determined
that Dequest(R), its water treatment phosphonates business, is a
non-core asset that should be divested.

Dequest operates within Solutia's specialty products and
services business segment and is a leader in the production and
sale of phosphonates and phosphonates-based specialty additives
that enhance water quality for industrial and domestic use.

Solutia has marketed the Dequest business to chemical industry
players with a strategic advantage in one or more of the major
raw materials used in the business.  Thermphos Trading GmbH, a
Swiss corporation, emerged with a very attractive bid for the
business.  After several months of intensive negotiations, on
March 11, 2007, Thermphos and Solutia entered into a purchase
agreement.

Solutia believes that it is appropriate to further market-test
the purchase price and other terms of the proposed Thermphos
transaction by holding an auction, with Thermphos as a "stalking
horse" bidder, whose Purchase Agreement will set a bidding floor
to ensure Solutia will receive the best offer in the Auction.

Due to the fact that Solutia has a definitive, binding agreement
with Thermphos to purchase the Dequest business at a very
attractive price, conducting a full, public auction process now
no longer poses as much risk of erosion of vendor, customer and
employee confidence in Dequest that existed before Solutia
entered into the Purchase Agreement, Ms. Labovitz tells the
Court.

Any risk to Solutia of having a public auction at this stage is
outweighed by the significant potential upside if a higher
purchase price is obtained through the auction process,
Ms. Labovitz says.

                        Purchase Agreement

Thermphos has agreed to purchase the business free and clear of
liens, encumbrances, claims and other interests, for
US$67,000,000, subject to certain adjustments based on an agreed
upon working capital and inventory value as of the closing date,
subject to better offers in an auction process to be conducted
in accordance with the proposed bidding procedures.

The Debtors propose to sell assets that are used exclusively in
the Dequest business, including fixed assets; inventory;
contracts; intellectual property; permits; books and records;
credits; prepaid expenses; security deposits; all prepayments or
deposits in respect of orders or product to be shipped after the
closing date; technology; and a number of Microsoft licenses
equal to the number of employees of Solutia and its affiliates,
who will be transferred to the buyer or accept the buyer's offer
of employment pursuant to the Purchase Agreement and actually
commence active employment with the buyer or its affiliate on or
after the closing date.

To the fullest extent permitted by the Court, the Transferred
Assets are to be transferred free and clear of any charge,
claim, mortgage, lien, option, pledge, security interest, lease,
levy, right of first refusal, right of first offer, restriction
on voting or transfer or encumbrances, other than permitted
encumbrances and assumed liabilities.

The excluded assets include:

    -- all cash and cash equivalents of the Solutia and its
       affiliates;

    -- the land;

    -- originals of books and records, records of internal
       corporate proceedings, tax records, work papers, and
       books and records of Solutia and its affiliates they are
       required by law to retain, provided that copies are made
       available to the purchaser;

    -- all rights in the names and marks;

    -- all of the bank accounts; and

    -- any insurance policies and rights, claims or cause of
       action.

Among the liabilities the purchaser will assume are:

     * taxes arising from or with respect to the Transferred
       Assets or the operation of the Dequest business occurring
       after the closing date;

     * all liabilities under the business contracts and the
       business permits that accrue or are to be performed on or
       after the closing date, other than any liability
       resulting from a breach before closing; and

     * all buyer environmental liabilities.

Solutia will assign to Thermphos the certain contracts, and it
will assume all obligations required to be performed subsequent
to the closing.  Solutia will pay the cure costs as and when
finally determined by Court order.

The Purchase Agreement may be terminated by mutual written
consent; if the non-terminating party is in breach of the
representations, warranties or covenants of the party and the
breach would give rise to a failure of a condition precedent
that cannot be cured within 15 days of written notice; if the
closing will not have occurred by 120 days after the execution
of the Purchase Agreement; and if any government authority has
enjoined or otherwise prohibited the sale by final, non-
appealable order.

Thermphos may terminate the Purchase Agreement if the bidding
procedures order have not been entered and become a final order
on or before May 3, 2007; and the sale order have not been
entered and become a final order on or before June 17, 2007.

Solutia has agreed to pay, pursuant to separate agreements, five
key Dequest employees each a closing bonus aggregating
US$231,298, to further Solutia's interest in obtaining the
highest possible sales value for the Dequest business and to
maintain the value of the business for and ensure the orderly
transition of the business to Thermphos.

A copy of the Purchase Agreement is available for free at:

               http://researcharchives.com/t/s?1c61


                         Sale Procedure

To participate in the bidding process and to receive non-public
information concerning the Transferred Assets, each entity must
deliver to Solutia's counsel and counsel for the Official
Committee of Unsecured Creditors on or before the proposed bid
deadline of April 30, 2007:

    -- an executed non-binding indication of interest;

    -- an executed confidentiality agreement in form and
       substance containing terms no less favorable to Solutia
       than the terms of confidentiality agreement entered into
       with Thermphos; and

    -- written evidence, including audited financial statements
       or other form of financial disclosure, of the potential
       bidder's financial ability to complete the contemplated
       transactions, the adequacy of which Solutia and its
       advisors will determine in their sole discretion.

A bid is a Qualified Bid if, among others, it:

   (a) is equal or exceed the sum of

        (i) the purchase price,

       (ii) the minimum overbid increment that is 3% of the
            purchase price,

      (iii) a break-up fee payable to Thermphos that is  3% of
            the base purchase price, and

       (iv) up to US$1 million for reimbursement of actual and
            reasonable documented out-of-pocket costs and
            expenses incurred by Thermphos in connection with
            negotiating and preparing for the Sale;

   (b) provides payment of the Break-Up Fee and Expense
       Reimbursement; and

   (c) is accompanied by a deposit of 10% of the cash purchase
       price specified in the Bid.

If more than one Qualified Bid is received, Solutia will conduct
an auction on May 2, 2007, at 10:00 a.m., Eastern Time, at the
offices of Kirkland & Ellis LLP, at 153 East 53rd Street, New
York.

On May 1, Solutia will provide each Qualified Bidder a written
notice of the auction, a copy of the Qualified Bid that Solutia
and the Creditors Committee believe constitutes the best offer
and with which it intends to commence the auction.

If no Qualified Bid is received by the Bid Deadline, Thermphos'
bid will be deemed the best offer and an auction will not be
conducted.

At the close of the auction, Solutia, in its sole discretion and
after consultation with the Creditors Committee, will identify
the best bidder.  The auction will not close unless and until
Qualified Bidders, who were not chosen as the successful bidder,
have been given a reasonable opportunity to submit an overbid at
the auction to the then existing Overbid, if any, and the
Successful Bidder has submitted a fully executed purchase
agreement memorializing the terms of the Successful Bid.

After announcing the Successful Bidder and alternate bidder,
Solutia will declare the auction closed.

An Alternate Bidder will be required to keep the alternate bid
open, binding and irrevocable until the closing of the Sale.  If
for any reason, the Successful Bidder fails to consummate the
purchase of the Transferred Assets within the time permitted in
the Purchase Agreement, the Alternate Bidder with the second
highest or otherwise best bid for the Transferred Assets will
automatically be deemed to have submitted the best bid, and
Solutia will be authorized, but not required, after consultation
with the Creditors Committee, to consummate the Sale with the
Alternate Bidder without further Court order.

If Solutia sells any or all of the Transferred Assets to a
Successful Bidder other than Thermphos, Solutia will pay the
Break-Up Fee and the Expenses Reimbursement to Thermphos upon
the closing of the Sale.  Thermphos will have an allowed claim
for an administrative expense in the Debtors' Chapter 11 cases
in an amount equal to the sum of the Break-Up Fee and the
Expense Reimbursement.

Solutia asks that a Sale hearing be held on May 4, 2007.  At the
Sale Hearing, if no other Qualified Bid is received, Solutia
will seek entry of the Sale order authorizing and approving the
sale of the Transferred Assets to Thermphos, or if a Qualified
Bid is identified as the Successful Bid, to the Successful
Bidder.

                         Bid Protections

Under the Purchase Agreement, Solutia has agreed to pay
Thermphos a Break-Up Fee that is 3% of the base purchase price
and an Expense Reimbursement of Thermphos' actual, reasonable
and documented out-of-pocket costs and expenses up to
US$1,000,000.

Thermphos has repeatedly informed Solutia that it was reluctant
to become a stalking horse bidder and expose its bid to
additional market-testing in an auction process, Ms. Labovitz
relates.  Accordingly, the Bid Protections were material
inducements for, and conditions of, Thermphos' agreement to
enter into the Purchase Agreement, she adds.

             Assumption and Assignment of Contracts

The Purchase Agreement requires Solutia to assume and assign
certain contracts, which may include curing any defaults under
them to the extent required by Section 365 of the Bankruptcy
Code.  Solutia believes it is appropriate to establish a process
by which Solutia and the counterparties to the Assumed Contracts
can establish the amount of cure costs, if any, and for the
counterparties to assert any objections they may have to the
assumption and assignment of the Assumed Contracts.

Solutia will file and serve a cure notice to the Bidding
Procedures order to each non-Debtor counterparty to an Assumed
Contract no later than April 16, 2007.  The Cure Notice will
include a schedule of the cure costs associated with each
Assumed Contract.

Counterparties will have 10 days from the service of the Cure
Notice to object to the proposed assumption and assignment of
the applicable Assumed Contract and the proposed cure cost.

If there are no objections, the Assumed Contract will be assumed
by Solutia and assigned to Thermphos or the Successful Bidder,
subject to the occurrence of the closing date of the Sale.

If the objection to the cure cost cannot be resolved
consensually before the Sale Hearing, Solutia, in consultation
with Thermphos, will determine whether to:

    -- request approval of the assignment of the Assumed
       Contract, provided that the disputed portion of the cure
       cost will be held in escrow pending resolution of the
       dispute; and

    -- withdraw the request that the Court approve assumption
       and assignment of the Assumed Contract.

If parties are unable to resolve the disputed cure cost in
connection with the Assumed Contract, a hearing will be held at
a date and time determined by the Court.

If there is no objection to a cure cost, Solutia will pay each
Assumed Contract Counterparty the cure costs on the later of the
closing date and the actual date of assignment of the Assumed
Contract.

Solutia asks the Court to approve the Bidding Procedures;
Assumption and Assignment Procedures; form and manner of the
sale notice; and schedule a Sale Hearing to approve a Sale of
the Dequest business to Thermphos.

Solutia also seeks the Court's authority, at the Sale Hearing,
to sell the Transferred Assets free and clear of liens,
encumbrances, claims and other interests, on substantially the
terms and conditions set forth in the Purchase Agreement; and
assume and assign the Assumed Contracts.

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  The
company and 15 debtor-affiliates filed for chapter 11 protection
on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  When the
Debtors filed for protection from their creditors, they listed
US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn
& Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims and
noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq.,
and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.
(Solutia Bankruptcy News, Issue No. 82; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).

In February 2007, the Honorable Prudence Carter Beatty entered a
bridge order extending the Debtors' exclusive period to file a
plan until April 30, 2007.


SPLASH OFFICE: Hires Liquidator from Tomlinsons
-----------------------------------------------
Alan H. Tomlinson of Tomlinsons was appointed liquidator of
Splash Office Services 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:

         Splash Office Services Ltd.
         Unit 44
         Cariocca Business Park
         Hellidon Close
         Ardwick
         Manchester
         Lancashire
         M12 4AH
         England
         Tel: 0870 411 8811


STAGEIT BY PREMIER: Hires Terry Christopher Evans as Liquidator
---------------------------------------------------------------
Terry Christopher Evans of Rogers Evans was appointed liquidator
of Stageit By Premier Ltd. on March 16 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Stageit By Premier Ltd.
         Solent Business Centre
         343 Millbrook Road West
         Southampton
         Hampshire
         SO15 0HW
         England
         Fax: 023 8070 4073


SUPREMA TILE: Creditors' Meeting Slated for April 5
---------------------------------------------------
Creditors of Suprema Tile Design Ltd. will meet at 4:00 p.m. on
April 5 at the offices of:

         Valentine & Co.
         4 Dancastle Court
         14 Arcadia Avenue
         London
         N3 2HS
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge on April 3.


SWALLOW HOTEL: Paddy Crerar Buys Name from Administrators
---------------------------------------------------------
Edinburgh-based hotelier Paddy Crerar acquired the Swallow Hotel
name from its administrators, The Scotsman reports.

According to the report, Mr. Crerar intends to use the brand for
the 26 Swallow properties he bought following the collapse of
the London and Edinburgh Swallow Group Ltd. in September 2006.

As previously reported in the TCR-Europe, London and Edinburgh
Swallow Group struggled in the face of increasing heavy losses.
The directors of the group have considered various avenues and
concluded that a restructuring through an insolvency process
provided the best option for the business.

Roy Bailey, Alan Bloom and Angela Swarbrick at Ernst & Young LLP
were appointed joint administrators of the group.

Mr. Crerar also restructured and expanded the board of Crerar
Hotels.  He will remain chief executive, responsible for hotel
acquisition and disposal, development of management contracts
and management of the property portfolio, The Scotsman relates.

"Circumstances have accelerated planned changes in our overall
strategy, Mr. Crerar was quoted by Breaking Travel News as
saying.   "In the last six months we have grown at a faster pace
than originally planned.  As our strategy has accelerated we
have brought in structure changes that were to be phased in
alongside the intended, but slower, pace of growth. "

"With a strengthened senior team we are now focusing on growing
the estate through two channels - owned and operated hotels
under the Crerar Hotel banner, and joint ventures and management
contracts, particularly related to private investor funds, under
the Swallow Hotel banner," Mr. Crerar continued.

"The hotel market remains a difficult place to acquire decent
assets at return rates that make economic sense but there are
clear signs that the market is settling, which our company will
be well placed to take advantage of," he concluded.

Mr. Crerar owns seven hotels under the Crerar Hotel brand.

                     About Swallow Hotels

Swallow Hotels Limited -- http://www.swallow-hotels.com/-- is
one of the largest privately owned hotel and pub groups in the
U.K.  On Sept. 14, 2006, the company went into receivership and
appointed A. Swarbrick, R. Bailey, and A.R. Bloom as joint
administrators of the company.  The affairs, business, and
property of the company are being managed by the joint
administrators, who act as agents of the company only and
without personal liability.  The company owned 671 sites across
the U.K., employing 7,300 staff.  The portfolio included around
70 hotels and 120 tenanted and managed pubs across Scotland,
many of them acquired in the past two years.  Around 600 have
been sold since.


TUBE ENGINEERING: Claims Filing Period Ends April 27
----------------------------------------------------
Creditors of Tube Engineering (Bristol) Ltd. have until April 27
to send in their full names, addresses and descriptions, full
particulars of their debts or claims and the names and addresses
of their solicitors, if any, to:

         Graham Lindsay Down
         Liquidator
         BN Jackson Norton
         14 Orchard Street
         Bristol
         BS1 5EH
         England


WHITE STRIPE: Creditors' Meeting Slated for April 11
----------------------------------------------------
Creditors of White Stripe Barcode Solutions Ltd. will meet at
11:00 a.m. on April 11 at:

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

Creditors who want to vote at the meeting have until noon on
April 10 to submit their proxy forms together with particulars
of their claims or of any security at the said address.

A list of names and addresses of the company's creditors will be
available for inspection free of charge on April 9.


* Grant Thornton Names Paul McCourt as Senior Manager
-----------------------------------------------------
Grant Thornton U.K. LLP disclosed of Paul McCourt's appointment
as senior manager to its audit team in Glaslow, Scotland,
Scotsman reports.

Mr. McCourt worked with PricewaterhouseCoopers for nine years
before joining Grant Thornton.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--  
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.


* BOOK REVIEW: Admiralty and Maritime Law
-----------------------------------------
Author:     Robert Force, A.N. Yiannopoulos, and Martin Davies
Publisher:  Beard Books
Paperback:  752 pages
List Price: US$149.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587982900/internetbankru
pt

The book Admiralty and Maritime Law is written by Robert Force,
A.N.Yiannopoulos, and Martin Davies.

This two-volume casebook on Admiralty and Maritime law is a
thorough and comprehensive work by experts at the Tulane
Maritime Law Center.

It is replete with case law, statutes, textual notes, questions
and analysis on every aspect of this area of the law.

Robert Force, Niels F. Johnsen Professor of Maritime Law and
Director Emeritus, Maritime Law Center BS, 1955, LLB, 1958,
Temple University; LLM, 1960, New York University

Professor Force clerked for state and federal judges in
Pennsylvania, practiced law in Philadelphia, and taught law at
Indiana University before coming to Tulane in 1968.

He teaches courses in admiralty and criminal law.  Professor
Force was named special master to the United States District
Court for the Eastern District of Louisiana for a major case
involving conditions in the Orleans Parish Prison.

His current research activities are largely in the area of
admiralty and maritime law, but he has co-authored the Louisiana
Code of Evidence as well as numerous articles on maritime law.

Professor Force and his colleagues, Professor Yiannopoulos and
Professor Davies, have co-authored two course books used in
Admiralty I and II.

Professor Force is currently revising two well-known admiralty
texts, Norris on The Law of Seamen I and Norris on The Law of
Maritime Personal Injuries.

Professor Force is director of the Maritime Law Center and holds
the only endowed chair in maritime law in the United States.  He
was Acting Dean from 1977 through 1978.

In 2001, Professor Force was honored by the Seamen's Church
Institute as a maritime law legend and received its
Distinguished Maritime Law Award.

In 2002, he was honored by the President of Panama, who
designated him a member of the Order de Vasco Nunez de Balboa.
In addition, Force has authored well over 30 books on admiralty
as well as criminal law and countless other essays and teaching
materials.


                           *********

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 * * *