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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Wednesday, April 4, 2007, Vol. 8, No. 67

                            Headlines


A U S T R I A

H.M. WAIGLEIN: Estate Administrator Declares Insufficient Assets
JUTTA VARGA: Estate Administrator Declares Insufficient Assets
KOELBLINGER LLC: Claims Registration Period Ends May 15


B E L G I U M

TELENET GROUP: Moody's Assigns Loss-Given-Default Rating


D E N M A R K

SAS AB: Moody's Assigns Loss-Given-Default Rating
TDC A/S: Moody's Assigns Loss-Given-Default Rating
TDC A/S: Proposed Loan Amendments Cue S&P to Keep Low-B Ratings


F I N L A N D

COMVERSE TECH: Extends Tender Offer Expiration Date to April 6


F R A N C E

DELPHI CORP: Goldman Sachs Buys 1.6 Mln Shares of Common Stock
DELPHI CORP: Delphi Automotive Can Enter Into Valeo/Metcalf Pact
EUROTUNNEL GROUP: Court Moves Meeting Deadlines to June 15
EUROTUNNEL GROUP: Plans to Axe Shareholders' Free Travel Perks
EUTEX AG: Faces Liquidation After Shareholders Block Capital Cut

KAUFMAN & BROAD: S&P Keeps BB+ Ratings on Watch Negative
LBC HOLDINGS: Moody's Assigns Loss-Given-Default Rating
TEREOS UNION: S&P Puts BB-/3 Ratings to EUR400-Mln Sr. Notes


G E R M A N Y

ALLGEMEINE HYPOTHEKENBANK: Names New Corealcredit Munich Head
ARCHIDEUS HAUSBAU: Claims Registration Period Ends May 11
AREAL MANAGEMENT: Claims Registration Period Ends June 4
AUTOHAUS LESSER: Claims Registration Period Ends April 23
BENQ CORP: Selling 1.3% Stake in AU Optronics for NT$4.5 Billion

C.H. STEINBACH: Claims Registration Period Ends April 30
CBS COMPAKT: Claims Registration Period Ends May 11
COGNIS GMBH: Moody's Assigns Loss-Given-Default Rating
DIEMER GMBH: Claims Registration Period Ends May 2
FRESENIUS MEDICAL: Moody's Assigns Loss-Given-Default Rating

FUERTER GMBH: Claims Registration Period Ends April 23
GROHE AG: Moody's Assigns Loss-Given-Default Rating
HAAS & CO: Creditors' Meeting Slated for May 11
JENOPTIK AG: Moody's Assigns Loss-Given-Default Rating
KLOECKNER-PENTAPLAST: Moody's Assigns Loss-Given-Default Rating

MEBAU VERWALTUNGSGESELLSCHAFT: Claims Registration Ends May 11
MEERMAGEN GMBH: Claims Registration Ends April 30
MK - LOGISTIK: Claims Registration Ends May 11
PHF EDV: Creditors Must Register Claims by April 13
POLSTERMOEBEL DESIGN: Creditors Must Register Claims by April 24

RHEMATEL VERWALTUNGSGESELLSCHAFT: Creditors' Claims Due May 23
SCHLOESSER GMBH: Claims Registration Period Ends May 9
STEIN TRANS: Claims Registration Period Ends May 11
STRA-ROH GMBH: Claims Registration Period Ends May 15
STUMMER HAUSTECHNIK: Claims Registration Period Ends May 4

TECTUM HOLZHAUSER: Claims Registration Ends May 4
TIPTEL AG: Board Files for Insolvency at Duesseldorf Court
UNITY MEDIA: Moody's Assigns Loss-Given-Default Rating
VEKTOR INDUSTRIE: Claims Registration Period Ends May 21
VERROPLAN ENTWICKLUNGS: Claims Registration Period Ends May 1

VISTEON CORP: S&P Lifts Rating on US$1-Bln Facility to B+ from B


G R E E C E

NAVIOS MARITIME: Moody's Assigns Loss-Given-Default Rating
NEW RECLAMATION: Moody's Assigns Loss-Given-Default Rating


H U N G A R Y

ARMSTRONG WORLD: Court Approves Armstrong Holdings Settlement
ARMSTRONG WORLD: Equity Firms May Bid for AWI, Report Says


I R E L A N D

ELAN CORP: Faces Consolidated Securities Fraud Suit in New York
ELAN CORP: To Unveil First Quarter 2007 Results on April 24


I T A L Y

IT HOLDING: Moody's Assigns Loss-Given-Default Rating
WIND TELECOMUNICAZIONI: Moody's Places Loss-Given-Default Rating


K Y R G Y Z S T A N

INTERNATIONAL PETROLEUM: Claims Filing Period Ends May 18
STUDIO PROFESSIONAL: Creditors Must File Claims by May 18


L U X E M B O U R G

ABSOLUT FINANCE: Fitch Rates US$175 Million Eurobond Issue at B
EVRAZ GROUP: Moody's Assigns Loss-Given-Default Rating
NOMA LUXEMBOURG: Moody's Assigns Loss-Given-Default Rating


N E T H E R L A N D S

HERMES XIII: Fitch Rates EUR36.4 Million Class E Notes at BB
IFCO SYSTEMS: Moody's Assigns Loss-Given-Default Rating
IMPRESS HOLDINGS: Moody's Assigns Loss-Given-Default Rating
MAXEDA B.V.: Moody's Assigns Loss-Given-Default Rating
NIELSEN COMPANY: Moody's Assigns Loss-Given-Default Rating

UPC BROADBAND: Moody's Lifts Rating to Ba3 on Debt Structure


N O R W A Y

SAS AB: Moody's Assigns Loss-Given-Default Rating


P O L A N D

MARS: Polish Court Upholds Valuation Decision


R U S S I A

ABSOLUT BANK: Fitch Rates Finance Unit's US$175-Mln Issue at B
GAZPROM NEFT: Italian Firms Brace for Today's Yukos Auction
GAZPROM NEFT: Six Firms Commence Melee for Yukos Oil's 20% Stake
GAZPROM NEFT: Moody's Assigns Loss-Given-Default Rating
LUKOIL OAO: Inks Cooperation Deal with Russian Foreign Ministry

NIZHNEKAMSKNEFTEKHIM: Moody's Assigns Loss-Given-Default Rating
PENZENSKIY FACTORY: External Court Starts Bankruptcy Procedure
PESTOVSKIY WOOD: Creditors Must File Claims by May 17
RADAR CJSC: Orel Bankruptcy Hearing Slated for June 20
RENAISSANCE CAPITAL: Fitch Rates Upcoming Loan Issue at B-/RR4

ROSNEFT OIL: Unit to Bid for Yukos Oil's 20% Gazprom Neft Stake
SEVERSTAL OAO: Earns US$1.2 Billion for Full Year 2006
SEVERSTAL OAO: Lucchini Accepts EUR215-Million Offer for Unit
TNK-BP HOLDING: BP's Owners Express Dismay Over Failed Yukos Bid
TVP INCORPORATED: Creditors Must File Claims by April 17

TYRGETUJ CJSC: Creditors Must File Claims by May 17
USPENSKOYE LLC: Creditors Must File Claims by April 17
VERESHAGINSKIY MEAT: Creditors Must File Claims by May 17
WIMM-BILL-DANN: Moody's Assigns Loss-Given-Default Rating
YUKOS OIL: Six Firms Eye Gazprom Neft Stake in Today's Auction

YUKOS OIL: Italian Firms Brace for Today's Auction
YUKOS OIL: PwC Seeks to Extend Audit License in Russia

* S&P Affirms Bratsk City's B Ratings with Positive Outlook


S P A I N

CIRSA BUSINESS: Moody's Assigns Loss-Given-Default Rating
SANTANDER HIPOTECARIO: Moody's Junks EUR22.4-Mln Series F Notes
TOWER AUTOMOTIVE: Defendants Object to Avoidance Action Protocol
TOWER AUTOMOTIVE: Brand Wants Stay Modified to Serve Subpoena


S W E D E N

SAS AB: Moody's Assigns Loss-Given-Default Rating


S W I T Z E R L A N D

BFS FAHRSCHULE: Creditors' Liquidation Claims Due April 30
GATE GOURMET BORROWER: Moody's Assigns Loss-Given-Default Rating
ITKD-INGENIEURGESELLSCHAFT: Liquidation Claims Due April 30
PIRI PICTURES: Creditors' Liquidation Claims Due April 16
PPO MEDIENSERVICE: Lucerne Court Starts Bankruptcy Proceedings

RESTAURANT BRAUI: Lucerne Court Starts Bankruptcy Proceedings


U K R A I N E

ALEX-AGRO CJSC: Claims Submission Period Ends April 15
DONBASS EARTH: Creditors Must File Claims by April 16
EASTSERVICE LLC: Creditors Must File Claims by April 15
FRUIT AND VEGETABLE: Claims Submission Period Ends April 15
INOPT-04 LLC: Creditors Must File Claims by April 15

KRASNY PARTIZAN: Creditors Must File Claims by April 15
MAMAY LLC: Creditors Must File Claims by April 16
MELIORATOR CJSC: Creditors Must File Claims by April 15
REINFORCED CONCRETE: Creditors Must File Claims by April 16
SUNRISE COLORS: Creditors Must File Claims by April 15

TECHNICAL AGRICULTURAL: Creditors Must File Claims by April 15
TERNY TRIBAL: Creditors Must File Claims by April 15
UKRSOTSBANK OJSC: S&P Affirms B Ratings with Positive Outlook


U N I T E D   K I N G D O M

ADVANCED MARKETING: PGW Files Schedule of Assets and Liabilities
ADVANCED MARKETING: PGI Files Schedule of Assets and Liabilities
COLLINS & AIKMAN: Gets Court OK on Williamston Asset Sale Deal
COLLINS & AIKMAN: Adrian Plant Set to Close on May 18
DOURIS UK: Appoints Joint Administrators from Deloitte & Touche

EMI GROUP: Launches DRM-Free Downloads on Entire Repertoire
EUROMONEY INSTITUTIONAL: Sells Atalink Unit to Ten Alps
EUROTUNNEL GROUP: Court Moves Meeting Deadlines to June 15
EUROTUNNEL GROUP: Plans to Axe Shareholders' Free Travel Perks
INEOS GROUP: Moody's Assigns Loss-Given-Default Rating

LUCITE INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating
MANSARD MORTGAGES: Fitch Rates GBP6.875-Mln Class B2 Notes at BB
PIPE HOLDINGS: Moody's Assigns Loss-Given-Default Rating
PORTRAIT CORP: Bankruptcy Court Approves Disclosure Statement
PORTRAIT CORP: Exclusive Filing Period Extended Until April 10

SOLUTIA INC: FMC to Pay US$22.5 Million Under Settlement Pact
VIRGIN MEDIA: Moody's Assigns Loss-Given-Default Rating
WATERFORD WEDGWOOD: Moody's Assigns Loss-Given-Default Rating

                            *********

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


H.M. WAIGLEIN: Estate Administrator Declares Insufficient Assets
----------------------------------------------------------------
Mag. Stefan Jahns, the court-appointed estate administrator for
LLC H.M. Waiglein & Langer (FN 135392g), declared March 9 that
the Debtor's property is insufficient to cover creditors' claim.

The Trade Court of Vienna is yet to rule on the property
manager's claim.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 20 (Bankr. Case No. 5 S 7/07z).  Christof Stapf
represents Mag. Jahns in the bankruptcy proceedings.

The estate administrator can be reached at:

         Mag. Stefan Jahns
         c/o Dr. Christof Stapf
         Esslinggasse 9
         1010 Vienna
         Austria
         Tel: 536 50-0
         Fax: 536 50-14
         E-mail: officewien@aaa-law.at


JUTTA VARGA: Estate Administrator Declares Insufficient Assets
--------------------------------------------------------------
Dr. Ute Toifl, the court-appointed estate administrator for
LLC Jutta Varga (FN 152297t), declared March 9 that the Debtor's
property is insufficient to cover creditors' claim.

The Trade Court of Vienna is yet to rule on the property
manager's claim.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 1 (Bankr. Case No. 28 S 23/07x).

The estate administrator can be reached at:

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


KOELBLINGER LLC: Claims Registration Period Ends May 15
-------------------------------------------------------
Creditors owed money by LLC Koelblinger (FN 109543v) have until
May 15 to file written proofs of claim to court-appointed estate
administrator Gerhard Haslbauer at:

         Dr. Gerhard Haslbauer
         Hauptplatz 7
         4663 Laakirchen
         Austria
         Tel: 07613/5588
         Fax: 07613/5588-15
         E-mail: rechtsanwalt@haslbauer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on May 24 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Laakirchen, Austria, the Debtor declared
bankruptcy on March 8 (Bankr. Case No. 20 S 33/07i).


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


TELENET GROUP: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its B1 Corporate Family Rating for
Telenet Group Holding N.V.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: Telenet Group Holding N.V.

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   11.5% Senior Unsecured
   Regular Bond/
   Debenture Due 2014       Caa1     B3       LGD6    93%

* Issuer: Telenet Communications N.V.

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   9% Senior Secured
   Regular Bond/
   Debenture Due 2013       B2       B3       LGD5    77%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
alphanumeric scale.  They express Moody's opinion of the
likelihood that any entity within a corporate family will
default on any of its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Mechelen, Belgium, Telenet Group Holding N.V.
-- http://www.telenet.be/-- provides residential customers with
telephony, Internet, and cable TV services.  The group also
provides Corporate LAN Interconnect and Integrated WAN Services
for large enterprises.  The group has operations all over
Europe.


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


SAS AB: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its B1 Corporate Family Rating for
SAS AB.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: SAS Denmark-Norway-Sweden
                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   EUR1-billion
   Sr. Unsecured
   Medium-Term
   Note Program             B2       B1       LGD3    48%

   1% Senior Unsecured
   Regular Bond/
   Debenture Due 2007       B2       B1       LGD3    48%

   1.305% Sr. Unsecured
   Regular Bond/
   Debenture Due 2008       B2       B1       LGD3    48%

   1.12% Sr. Unsecured
   Regular Bond/
   Debenture Due 2007       B2       B1       LGD3    48%

   CZK750-million
   Sr. Unsecured
   Regular Bond/
   Debenture Due 2008       B2       B1       LGD3    48%

   EUR500-million
   6% Senior Unsecured
   Regular Bond/
   Debenture Due 2008       B2       B1       LGD3    48%

   CHF200-Million 2.375%
   Sub. Regular Bond/
   Debenture                B3       B3       LGD6    96%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Stockholm, Sweden, SAS AB --
http://www.sasgroup.net/-- is the parent company of the SAS
Group, which engages in the provision of air transport and
related services.  The governments of Sweden, Denmark and Norway
own 50% of the company.


TDC A/S: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its Ba3 Corporate Family Rating for
TDC A/S.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: TDC A/S

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   US$6-billion
   Sr. Unsecured
   Medium-Term
   Note Program             Ba3      B1       LGD5    81%

   DEM500-billion 5%
   Sr. Unsecured            Ba3      B1       LGD5    81%
   Regular Bond/
   Debenture Due 2008

   JPY3-billion 1.28%
   Sr. Unsecured
   Regular Bond/
   Debenture Due 2008       Ba3      B1       LGD5    81%

   EUR350-million 5.625%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2009       Ba3      B1       LGD5    81%

   EUR750-million 6.5%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2012       Ba3      B1       LGD5    81%

   Senior Secured Bank
   Credit Facility          Ba2      Ba2      LGD3    34%

* Issuer: Nordic Telephone Company Holdings ApS

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   Sr. Unsecured Floating
   Rate Notes 2016          B2       B2       LGD6    92%

   8.875%/8.25% Senior
   Unsecured Regular Bond/
   Debenture Due 2016       B2       B2       LGD6    92%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
alphanumeric scale.  They express Moody's opinion of the
likelihood that any entity within a corporate family will
default on any of its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Copenhagen, Denmark, TDC A/S --
http://www.tdc.dk/-- through its subsidiaries and affiliates,
provides communication solutions in Europe.  It provides
communication services in Denmark and Switzerland, and has a
significant presence in selected Northern and Central European
telecommunication markets.  It operates through five business
lines.

                        *     *     *

As reported in the TCR-Europe on Jan. 25, Fitch Ratings says it
does not expect the intended sale by TDC A/S of its Lithuanian
and Latvian mobile subsidiary Bite to affect TDC's Issuer
Default rating of 'BB-' or the ratings of TDC and NTC Holdings.


TDC A/S: Proposed Loan Amendments Cue S&P to Keep Low-B Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed all its ratings on
Danish telecoms operator TDC A/S and its parent company Nordic
Telephone Co. Holding ApS, including the 'BB-/B' corporate
credit ratings on TDC.  The outlook is stable.

This follows the group's proposed request for amendments and
repricing of its senior facilities, which, if accepted, would
reduce the group's interest payments.   The proposed amendments
would also relax mandatory debt prepayments from the proceeds of
asset disposals and from excess cash flows, and would increase
the possibility of paying dividends out of TDC or repaying
subordinated debt at NTCH.

"The affirmation reflects our expectation that the company has
sufficient flexibility and instruments at hand to manage the
tight debt-amortization schedule starting in the fiscal year
2008, including material free operating cash flow generation,
available cash on hand, and significant undrawn credit lines,"
said Standard & poor's credit analyst Matthias Raab.
Notwithstanding, the group's leverage is still very high and
FOCF generation could suffer somewhat if proposed changes in
Danish tax law resulted in higher tax payments.

TDC derives strength from its position as the leading operator
in the highly competitive Danish telecoms market and second
operator in Switzerland.  Its operating performance is sound,
and it has significant disposable non-core assets, which should
provide financial flexibility and deleveraging potential.

Total debt at Dec. 31, 2006, amounted to DKK91.5 billion,
including preferred equity certificates of DKK14.3 billion,
which Standard & Poor's views as a long-duration, deeply
subordinated debt instrument, and DKK15.2 billion debt at TDC's
parent company NTCH.  This translates into an adjusted debt to
EBITDA ratio of 6.8x, which is high for the rating.

"The stable outlook on TDC and NTCH reflects our expectation
that TDC will be able to defend its satisfactory core Danish
fixed-line and mobile market positions against tough
competitive, regulatory, and technological pressures," said Mr.
Raab.  "It is critical that the group maintains healthy levels
of free cash flow generation and strong liquidity balances to be
able to comfortably service debt amortizations and a possible
increase in taxes."  S&P also expects TDC to run a conservative
financial policy and continue reducing leverage.


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


COMVERSE TECH: Extends Tender Offer Expiration Date to April 6
--------------------------------------------------------------
Comverse Technology Inc. will extend until April 6 the
expiration date of its cash tender offer for all of its
outstanding Zero Yield Puttable Securities Due May 15, 2023, and
New Zero Yield Puttable Securities due May 15, 2023, commenced
in satisfaction of its obligations under the indentures
governing the ZYPS.

The tender offer will now expire at 5:00 p.m. New York City time
on Friday, April 6 unless extended.  Tenders of ZYPS must be
made prior to the extended expiration time of the offer to
purchase and may be withdrawn at any time prior to that time.
Holders of ZYPS who tendered their ZYPS prior to the date of
this release are not required to submit a new Letter of
Transmittal to tender their ZYPS.  To date, US$9,000 principal
amount of Old ZYPS and US$34,000 principal amount of New ZYPS
have been tendered and deposited in the tender offer.

On March 2, the company commenced a cash tender offer for all of
its outstanding ZYPS, upon the terms and conditions set forth in
the Offer to Purchase and related Letter of Transmittal.  The
delisting of the company's common stock from The NASDAQ Global
Market was a Designated Event under the Indentures governing the
ZYPS, and in order to satisfy its obligations under the
Indentures, the company is offering to purchase all of its
outstanding ZYPS at a purchase price of US$1,000 in cash for
each US$1,000 principal amount of ZYPS tendered.  The Offer was
originally scheduled to expire at 5:00 p.m., New York City time,
on March 30.

In connection with the tender offer, the company filed with the
Securities and Exchange Commission a Tender Offer Statement.

The company retained D.F. King & Co., Inc. as the Information
Agent for the tender offer.  Questions regarding the tender
offer and requests for documents in connection with the tender
offer may be directed to:

   -- D.F. King & Co., Inc.
      Tel:(800) 829-6551 (toll free); or

   -- For banks and brokers
      Tel: (212) 269-5550 (call collect).

                     About Comverse Technology

Comverse Technology, Inc. (NASDAQ: CMVT) --
http://www.comverse.com/-- provides software and systems that
enable network-based multimedia enhanced communication and
billing services.  Over 450 communication and content service
providers in more than 120 countries use Comverse products to
generate  revenues, strengthen customer loyalty and improve
operational efficiency.

Comverse has offices all over the world, including Australia,
Finland, Greece, Indonesia, Malaysia, and the Philippines.

                           *     *     *

Standard & Poor's Ratings Services held its ratings on Comverse
Technology Inc. on CreditWatch with negative implications, where
they were placed on March 15, 2006, on the disclosure that the
board of directors at Comverse had created a special committee
to review matters relating to the company's stock option grants
and the likely need to restate prior-period financial results.

Standard & Poor's placed its corporate credit and senior
unsecured debt ratings on Comverse Technology on CreditWatch
with negative implications.  The company has S&P's 'BB-'
corporate credit and senior unsecured debt ratings.


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


DELPHI CORP: Goldman Sachs Buys 1.6 Mln Shares of Common Stock
--------------------------------------------------------------
The Goldman Sachs Group Inc., and Goldman, Sachs & Co. disclose
in a regulatory filing with the U.S. Securities and Exchange
Commission that they purchased 1,600,000 shares of Delphi Corp.
common stock on March 21:

                    Shares        Price        Shares Held
     Date          Acquired     per Share   After Acquisition
     ----          --------     ---------   -----------------
     03/21/07         5,000     US$2.90         18,377,057
     03/21/07        20,000        2.89         18,397,057
     03/21/07       334,600        2.88         18,731,657
     03/21/07        75,000        2.87         18,806,657
     03/21/07       275,000        2.86         19,081,657
     03/21/07       115,400        2.85         19,197,057
     03/21/07        25,000        2.83         19,222,057
     03/21/07       150,000        2.77         19,372,057

Goldman Sach's purchase of Delphi common stock is in connection
with an Additional Investor Agreement it entered into with
affiliates of Appaloosa Management L.P., Harbinger Capital
Partners Master Fund I Ltd., and Cerberus Capital Management
L.P.; UBS Securities LLC; and other third-party investors.

Goldman Sach is headquartered in New York.

                      About Delphi Corporation

Troy, Mich.-based Delphi Corporation (OTC: DPHIQ) --
http://www.delphi.com/-- is the single largest global supplier
of vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
Company's technology and products are present in more than 75
million vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil, and France.

The Company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Aug. 31, 2005, the Debtors' balance sheet showed
US$17,098,734,530 in total assets and US$22,166,280,476 in total
debts.

The Debtors' exclusive plan-filing period expires on July 31,
2007. (Delphi Corporation Bankruptcy News, Issue No. 63;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DELPHI CORP: Delphi Automotive Can Enter Into Valeo/Metcalf Pact
----------------------------------------------------------------
The Hon. Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York authorizes, but does not direct,
Delphi Automotive Systems LLC, to effectuate the Valeo/Metcalf
Transaction and enter into the Purchase Agreement, the Lease,
the Assignment Agreement, the Sublease, and the Escrow Agreement
with the Metcalf Family Trust and Valeo Electrical Systems Inc.

In addition, the Court authorizes the Debtors to reject the
Downers Grove Lease effective Nov. 30.  In the alternative, the
Debtors may reject the Downers Grove Lease effective as of
October 31, upon 10 days' prior written notice to the lessor of
the premises, the Court rules.

The Court also approves the Shelby Lease Amendment between the
Debtors and Milwaukee Investment Company.

As reported in the Troubled Company Reporter on March 13,
the Purchase Agreement, Assignment Agreement, Lease, Sublease,
and Escrow Agreement were negotiated at arm's-length and in good
faith, John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate,
Meagher & Flom LLP, in Chicago says avers.

Moreover, the Debtors' entry into the Transaction will generate
US$123 million worth of net savings over 10 years, with a one-
time capital spending and expenses of around US$41 million over
two years.

The Debtors also sought the Court's permission to reject two of
their property leases in connection with their entry into and
consummation of the Transaction.

                      About Delphi Corporation

Troy, Mich.-based Delphi Corporation (OTC: DPHIQ) --
http://www.delphi.com/-- is the single largest global supplier
of vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
Company's technology and products are present in more than 75
million vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil, and France.

The Company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Aug. 31, 2005, the Debtors' balance sheet showed
US$17,098,734,530 in total assets and US$22,166,280,476
in total debts.

The Debtors' exclusive plan-filing period expires on July 31,
2007. (Delphi Corporation Bankruptcy News, Issue No. 63;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/
or 215/945-7000).


EUROTUNNEL GROUP: Court Moves Meeting Deadlines to June 15
----------------------------------------------------------
The Paris Commercial Court postponed, until June 15, the
deadline within which Eurotunnel Group may call for its general
meetings to approve the 2005 and 2006 reports and accounts.

Eurotunnel stressed that the going concern of both Eurotunnel
PLC and Eurotunnel S.A. depends directly on the implementation
of the safeguard plan and in particular on the recapitalization
operations of these companies.

These operations can only be implemented if the Exchange Tender
Offer is successful, hence the postponement of the calling of
the general meetings.

                        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).

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.

                     Safeguard Protection

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 the end of 2006, the
group's creditors and bondholders 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.


EUROTUNNEL GROUP: Plans to Axe Shareholders' Free Travel Perks
--------------------------------------------------------------
Eurotunnel Group planned on cutting the unlimited free travel
for its 4,065 founding shareholders, prompting investors to
organize an action group to launch a legal proceeding against
the move, the Daily Mail states.

According to the report, shareholders who bought 1,500 shares at
350 pence each when Eurotunnel floated in 1987 have enjoyed
travel perks since then.  The three types of perks shareholders
received were:

   -- free travel for investors in 1986;

   -- a set number of free trips for 1990 boarders; and

   -- a 30% discount on up to six one-way crossings per
      year for the class of 1996.

The Daily Mail adds that the company will offer one Groupe
Eurotunnel SA share plus one warrant for each Eurotunnel share
to its 500,000 shareholders.  Emphasizing equitable distribution
among investors, Groupe Eurotunnel says it is offering 30%
discounts on up to six one-way crossings per year to all
shareholders.

The action group believed it has contractual rights and not a
perk.

"We shouldered the risk, lost our investment, and now we are
getting the same treatment as someone who bought shares a month
ago," John Webley an action group member told Daily Mail.

                        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).

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.

                     Safeguard Protection

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 the end of 2006, the
group's creditors and bondholders 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.


EUTEX AG: Faces Liquidation After Shareholders Block Capital Cut
----------------------------------------------------------------
Eutex AG is looking at imminent liquidation after shareholders
opposed the capital cut endorsed by the company's management,
The Financial Times reports citing Frankfurter Allgemeine
Zeitung as its source.

The company filed an insolvency petition at a Duesseldorf court
on Jan. 10.  On March 1, the District Court of Wuppertal
commenced bankruptcy proceedings and appointed Dr. Joerg Nerlich
as insolvency administrator for Eutex.

According to the report, Dr. Nerlich is presently conducting
negotiations with potential buyers of the company's assets.

                         About Eutex AG

Headquartered in Erkrath, Germany, Eutex AG --
http://www.eutex.com/-- is a wholesaler of telephone airtime
minutes that enables service providers and network operators to
buy, sell, trade, and transfer telephone airtime minutes in 215
countries to more than 1,100 different destinations.

Eutex's customers are mainly based in Western Europe and the
United States, but the Company intends to expand into Asia,
Russia, the Middle East, and Africa in the future.


KAUFMAN & BROAD: S&P Keeps BB+ Ratings on Watch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services said its 'BB+' long-term
corporate credit rating on Kaufman & Broad S.A., one of the
largest residential property developers in France, remains on
CreditWatch with negative implications where it was originally
placed on Oct. 26, 2006, following the watch placement of the
parent KB Home.  U.S.-based KB Home owns 49.0% of KBSA's
capital, and has 67.5% of voting rights.

"The ratings on KBSA are constrained by the group's narrow
business focus and the property development industry's above-
average risk profile--including high fragmentation, volume and
price cyclicality combined with an inherently speculative
element, and heavy working-capital needs," said Standard &
Poor's credit analyst Izabela Listowska. These negative factors
are offset by KBSA's strong regional positions in the domestic
new housing market, prudent risk policies, a long cycle-tested
track record, and an intermediate financial profile.  KBSA's
increasing geographic coverage in structurally growing areas in
southern France is also a positive factor.

Although KB Home controls KBSA, their support is not
incorporated into the ratings.  KBSA's unadjusted gross debt was
EUR226 million at Feb. 28, 2007.

KBSA has demonstrated consistent revenue and earnings growth
over the past few years, and an ongoing prudent operating
strategy, which is reflected in solid credit measures.  In the
fiscal year ended Nov. 30, 2006, KBSA recorded revenues of
EUR1,283 million and operating income of EUR164 million,
representing growth of 22% and 28%, respectively.  This trend
continued in the first quarter of fiscal 2007 ended Feb. 28,
albeit at a slower pace, with revenues and EBIT representing
growth of 10% and 12%, respectively.

In fiscal 2006, adjusted debt to EBITDA and adjusted debt to
capital were 1.1x and 41%, respectively.  KBSA's strong balance
sheet gives it a cushion to tackle the expected slowdown in
demand and potentially longer commercialization lead times.

"Standard & Poor's will resolve the CreditWatch status after
examining events related to the U.S. Securities & Exchange
Commission's investigation into KB Home's internal stock options
practices, as well as KB Home's operating and financial
performance in light of the challenging U.S. housing market,"
said Ms. Listowska.


LBC HOLDINGS: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its B1 Corporate Family Rating for
Impress Holdings B.V.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: LBC Luxembourg Holdings S.C.A.

                            Old POD  New POD  LGD      Projected
   Debt Issue               Rating   Rating   Rating   LGD
   ----------               -------  -------  ------   ---------
   11% Senior Subordinated
   Regular Bond/Debenture
   Due 2014                 Caa1     B3       LGD5     73%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Paris, France, LBC Holdings LLC --
http://www.lbc-net.com/-- operates 12 storage terminals in
Europe and the U.S.A.  LBC specializes in the storage of
petrochemical products with the majority of its operations in
the petrochemical ports of Antwerp, Rotterdam, Le Havre,
Marseille and Houston.  LBC is a global leader in the
petrochemical storage field.


TEREOS UNION: S&P Puts BB-/3 Ratings to EUR400-Mln Sr. Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
corporate credit rating to France-based Tereos Union de
Cooperatives Agricoles a Capital Variable, the second-largest
sugar producer in the European Union in terms of production
quota.  The outlook is stable.

At the same time, Tereos' EUR400-million senior secured bond
notes, proposed through its wholly owned subsidiary Tereos
Europe S.A., were assigned a 'BB-' rating, with a recovery
rating of '3', indicating our expectation of meaningful recovery
of principal in the event of a payment default.

All ratings are subject to satisfactory final bond documentation
and the successful completion of the proposed financing.

"The corporate credit rating reflects Tereos' aggressive
financial profile in light of its ongoing diversification and
transformation process, requiring substantial capital
expenditure," said Standard & Poor's credit analyst Michael
Seewald.

The rating is also constrained by the increasingly volatile
market conditions for the global sugar industry, and increasing
margin pressure in the generally protected European sugar
market, caused by the current revision of the sugar regime by
the European Commission.  The rating is supported by the group's
satisfactory business risk profile, owing to: Its position as
the second-largest sugar processor of the EU; its proven track
record of operating efficiency and diversification; and its
ongoing support by its cooperative shareholders, evidenced
through repeated capital contributions in the past.

Tereos' aggressive financial profile results from its
diversification strategy, leading to increased capital
expenditure and ongoing external growth that cannot be financed
through operating cash flows alone.  The group's adjusted funds
from operations were about 19% at fiscal year-end 2006,
representing a strong improvement from 12% the previous year.

"The stable outlook reflects our expectation that despite
ongoing debt-funded expansion and potential acquisitions, Tereos
is likely to sustain an adjusted FFO to debt level of about
15%," said Mr. Seewald.  "While deteriorating earnings prospects
in the European sugar market should be balanced through Tereos'
increasingly diversified business profile, we also expect the
group's shareholders to continue to provide support for ongoing
investments and potential acquisitions."


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


ALLGEMEINE HYPOTHEKENBANK: Names New Corealcredit Munich Head
-------------------------------------------------------------
Allgemeine HypothekenBank Rheinboden AG has appointed Eugen
Ackermann as Managing Director of the Corealcredit Sales Office
in Munich with effect from April 1, 2007.

He is responsible for the region of Southern Germany and reports
directly to Dr. Claus Nolting, Chairman of the Management Board
of AHBR.

Mr. Ackermann has been engaged in the commercial real estate
financing business for more than 20 years.  In his previous
position at Aareal Bank he was General Manager with market
responsibility for Southern Germany.  For an interim period he
was also in charge of the Berlin /Brandenburg area.  In a
preceding position he was representative of WestLB in Munich.

"With Eugen Ackermann's recruitment we have gained a truly real
estate professional, who will reinforce our sales team by his
professional competence and his long-time experience," Dr.
Nolting said.

                        About the Company

Headquartered in Frankfurt, Germany, Allgemeine Hypothekenbank
Rheinboden AG -- http://www.ahbr.de/-- finances residential and
commercial real estate projects locally.  The group is also
engaged in commercial lending abroad.  It has assets of more
than EUR80 billion.  It is owned directly and indirectly --
through BHW -- by the trade union private equity holding group
BGAG.  BGAG has provided it EUR1.2 billion in financing, and
guaranteed it under a EUR1.2 billion risk protection scheme.  It
recently sold the company to U.S. investment group Lone Star for
EUR400 million.

                          *     *     *

In a TCR-Europe report on April 2, Standard & Poor's Ratings
Services lowered its long-term counterparty credit rating on
Germany-based Allgemeine HypothekenBank Rheinboden AG to 'BB-'
from 'BB', following a review of the bank's progress in
implementing its new business model.

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

As of Feb. 15, AHBR's Foreign Currency Long-Term Debt; Local
Currency Long-Term Debt; Long-Term Bank Deposits; and Senior
Unsecured Debt, carry Moody's Ba3 rating.  AHBR's Subordinated
debt carry Moody's B1 rating.

AHBR's Subordinated Debt also carries Fitch's BB+ rating.


ARCHIDEUS HAUSBAU: Claims Registration Period Ends May 11
---------------------------------------------------------
Creditors of Archideus Hausbau GmbH have until May 11 to
register their claims with court-appointed insolvency manager
Barbara Fahlke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 14, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Osnabrueck
         Hall N 301
         Kollegienwall 10
         49074 Osnabrueck
         Germany

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

The insolvency manager can be contacted at:

         Barbara Fahlke
         Neubrueckenstrasse 35/37
         48143 Muenster
         Germany
         Tel: 0251/4842316
         Fax: 0251/4843614

The District Court of Osnabrueck opened bankruptcy proceedings
against Archideus Hausbau GmbH on March 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Archideus Hausbau GmbH
         Brunnenstr. 22
         49124 Georgsmarienhuette
         Germany

         Attn: Brigitte Riesenbeck, Manager
         Stieneckers 47
         49549 Ladbergen
         Germany


AREAL MANAGEMENT: Claims Registration Period Ends June 4
--------------------------------------------------------
Creditors of AREAL Management GmbH have until June 4 to register
their claims with court-appointed insolvency manager
Klaus E. Breithaupt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 3, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be contacted at:

         Klaus E. Breithaupt
         Baierbrunner Str. 25
         81379 Munich
         Germany
         Tel: 089/45 22 77-0
         Fax: 089/45 22 77-29

The District Court of Munich opened bankruptcy proceedings
against AREAL Management GmbH on March 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         AREAL Management GmbH
         Riedlstr. 20 e
         82216 Maisach
         Germany


AUTOHAUS LESSER: Claims Registration Period Ends April 23
---------------------------------------------------------
Creditors of Autohaus Lesser GmbH & Co. KG have until April 23
to register their claims with court-appointed insolvency manager
Hans-Peter Lehner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on May 3, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Deggendorf
         Meeting Hall 3
         E 29
         Amanstrasse 17
         94469 Deggendorf
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:10 a.m. on June 14, at the same venue.

The insolvency manager can be contacted at:

         Dr. Hans-Peter Lehner
         Ditthornstrasse 5
         93055 Regensburg
         Germany
         Tel: 0941/6408200
         Fax: 0941/64082010

The District Court of Deggendorf opened bankruptcy proceedings
against Autohaus Lesser GmbH & Co. KG on March 29.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Autohaus Lesser GmbH & Co. KG
         Graflinger Strasse 228
         94469 Deggendorf
         Germany


BENQ CORP: Selling 1.3% Stake in AU Optronics for NT$4.5 Billion
----------------------------------------------------------------
BenQ Corp. disclosed in a filing with the Taiwan Stock Exchange
that it plans to sell 100 million shares it owned, representing
about 1.3% in AU Optronics Corp.'s equity, The China Post
reports.

According to BenQ, it expects to gain NT$4.5 billion from the
sale to be conducted in a block trade.  Proceeds, The Taipei
Times notes, will be used to increase the company's cash flow.

The report relates that after the sale, BenQ will cut its
shareholding in AU Optronics to 8.2% from 9.7%.

AFX News Limited says that BenQ currently owns 638.03 million
shares in AU Optronics.

The company did not present a timetable as to when to proceed
with the offer.

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.


C.H. STEINBACH: Claims Registration Period Ends April 30
--------------------------------------------------------
Creditors of C.H. Steinbach GmbH & Co. KG have until April 30 to
register their claims with court-appointed insolvency manager
Johannes Walbroel.

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 Hagen
         Hall 259
         Second Floor
         Heinitzstrasse 42/44
         58097 Hagen
         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:

         Johannes Walbroel
         Rathausplatz 21-23
         58507 Luedenscheid
         Germany

The District Court of Hagen opened bankruptcy proceedings
against C.H. Steinbach GmbH & Co. KG on March 28.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         C.H. Steinbach GmbH & Co. KG
         Alter Bahnhof 10
         58553 Halver
         Germany

         Attn: Peter Hendrik Steinbach, Manager
         Hermelingweg 21
         58553 Halver


CBS COMPAKT: Claims Registration Period Ends May 11
---------------------------------------------------
Creditors of CBS Compakt-Bau-Service GmbH have until May 11 to
register their claims with court-appointed insolvency manager
Christian Schuetze.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.m. on June 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cottbus
         Hall 210
         First Floor
         Gerichtsplatz 2
         03046 Cottbus
         Germany

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

The insolvency manager can be contacted at:

         Christian Schuetze
         Lieberoser Str. 7
         03046 Cottbus
         Germany

The District Court of Cottbus opened bankruptcy proceedings
against CBS Compakt-Bau-Service GmbH on March 28.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         CBS Compakt-Bau-Service GmbH
         Attn: Frank Sack and Henry-Carsten Hampel, Managers
         Lichterfelder Str. 97
         03238 Finsterwalde
         Germany


COGNIS GMBH: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its B1 Corporate Family Rating for
Cognis GmbH.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: Cognis GmbH

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   -------
   9.5% Senior Secured
   Regular Bond/Debenture
   Due 2014                  B3       B3      LGD5      86%


* Issuer: Cognis Deutschland GmbH & Co. KG

                            Old POD  New POD  LGD     Loss Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  -------
   Senior Secured
   Bank Credit Facility       B1       Ba2     LGD2     24%

   Senior Secured
   Regular Bond/Debenture
   Due 2013                   B2       B2      LGD4     64%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Monheim am Rhein, Germany, Cognis GmbH --
http://www.de.cognis.com/-- supplies innovative specialty
chemicals and nutritional ingredients, with a particular focus
on the areas of wellness and sustainability.  The company
employs about 8,000 people, and it operates production sites and
service centers in 30 countries including including Malaysia,
Australia, Brazil, and France.


DIEMER GMBH: Claims Registration Period Ends May 2
--------------------------------------------------
Creditors of Diemer GmbH have until May 2 to register their
claims with court-appointed insolvency manager Christoph Wienen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Ludwigshafen/Rhein
         Meeting Hall 13
         Wittelsbachstr. 10
         67061 Ludwigshafen/Rhein
         Germany

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

The insolvency manager can be contacted at:

         Christoph Wienen
         Maudacher Strasse 162
         67065 Ludwigshafen
         Germany

The District Court of Ludwigshafen/Rhein opened bankruptcy
proceedings against Diemer GmbH on March 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Diemer GmbH
         Industriestrasse 58
         67063 Ludwigshafen
         Germany

         Attn: Heike Werdan, Manager
         Schriesheimer Fussweg 17
         68256 Ladenburg
         Germany


FRESENIUS MEDICAL: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its Ba2 Corporate Family Rating for
Fresenius Medical Care AG & KGaA.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: Fresenius Medical Care AG & KGaA

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   -------
   Senior Unsecured
   Bank Credit Facility    Ba2      Ba1     LGD3       32%

* Issuer: Fresenius Medical Care Capital Trust II

                           Old POD  New POD  LGD     Loss Given
   Debt Issue              Rating   Rating   Rating  Default
   ----------              -------  -------  ------  -------
   US$450-million
   Preferred Stock
   Due 2008                B1       B1      LGD6     92%

* Issuer: Fresenius Medical Care Capital Trust III

                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  -------
   DEM300-million
   Preferred Stock
   Due 2008                  B1       B1      LGD6      92%


* Issuer: Fresenius Medical Care Capital Trust IV

                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  -------

   US$225-million
   Preferred Stock
   Due 2011                 B1       B1     LGD6      92%

* Issuer: Fresenius Medical Care Capital Trust V

                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  -------
   EUR300-million
   Preferred Stock
   Due 2011                 B1       B1      LGD6      92%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

                        About Fresenius

Headquartered in Bad Homburg, Germany, Fresenius Medical Care AG
-- http://www.fmc-ag.com/-- provides products and services for
individuals undergoing dialysis because of chronic kidney
failure, a condition that affects more than 1,300,000
individuals worldwide.  Through its network of around 1,645
dialysis clinics in North America, Europe, Latin America, Asia-
Pacific and Africa, Fresenius Medical Care provides dialysis
treatment to around 128,200 patients around the globe.
Fresenius AG holds around 37% of Fresenius Medical Care AG & Co.
KgaA's capital.


FUERTER GMBH: Claims Registration Period Ends April 23
------------------------------------------------------
Creditors of Fuerter GmbH have until April 23 to register their
claims with court-appointed insolvency manager
Hans-Peter Lehner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 3, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Deggendorf
         Meeting Hall 3
         E 29
         Amanstrasse 17
         94469 Deggendorf
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:05 a.m. on June 14, at the same venue.

The insolvency manager can be contacted at:

         Dr. Hans-Peter Lehner
         Ditthornstrasse 5
         93055 Regensburg
         Germany
         Tel: 0941/6408200
         Fax: 0941/64082010

The District Court of Deggendorf opened bankruptcy proceedings
against Fuerter GmbH on March 29.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Fuerter GmbH
         Graflinger Strasse 228
         94469 Deggendorf
         Germany


GROHE AG: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its B2 Corporate Family Rating for
Grohe AG.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: Grohe Beteiligungs GmbH

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   EUR200 million
   11.5% Subordinate
   Regular Bond/Debenture
   Due 2010                 Caa2     Caa1     LGD6     97%


* Issuer: Grohe Holding GmbH

                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   Senior Secured Bank
   Credit Facility          B1       Ba2      LGD1     4%

   8.625% Senior
   Unsecured Regular
   Bond/Debenture
   Due 2014                 Caa1     B3       LGD5     74%

   Senior Secured
   Regular Bond/Debenture
   Due 2014                 B2       B2       LGD3     49%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Hemer, Germany, Grohe AG --
http://www.grohe.com/-- manufactures and supplies sanitary
technology systems.  For the year ended Sept. 30, 2006, Grohe
generated EUR911 million in revenues and EUR165 million in
EBITDA.  In 2004 the company as acquired by its two current
shareholders, TPG Partners and DLJ Merchant Banking Funds, which
retain equal shareholdings.


HAAS & CO: Creditors' Meeting Slated for May 11
-----------------------------------------------
The court-appointed insolvency manager for Haas & Co.
Baumanagement GmbH, Dr. Joachim Heitsch, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 11:40 a.m. on May 11.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on Aug. 17 at the same venue.

Creditors have until June 21 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 Haas & Co. Baumanagement GmbH on March 21.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Haas & Co. Baumanagement GmbH
         Bayreuther Str. 35
         10789 Berlin
         Germany


JENOPTIK AG: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its B1 Corporate Family Rating for
Impress Holdings B.V.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: Jenoptik AG

                            Old POD  New POD  LGD      Projected
   Debt Issue               Rating   Rating   Rating   LGD
   ----------               -------  -------  ------   ---------
   7.875% Senior Unsecured
   Regular Bond/Debenture
   Due 2010                 B1       Ba3      LGD3      39%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Jena, Germany, Jenoptik AG --
http://www.jenoptik.com/-- produces and markets components,
systems and facilities for the medical, electronics,
telecommunications and semiconductor manufacturing industries.
The Company manufactures clean room for electronics producers,
diode lasers, infrared cameras and high-resolution lenses.


KLOECKNER-PENTAPLAST: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its B1 Corporate Family Rating for
Kloeckner-Pentaplast S.A.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: Kloeckner-Pentaplast S.A.

                            Old POD  New POD  LGD      Projected
   Debt Issue               Rating   Rating   Rating   LGD
   ----------               -------  -------  ------   ---------
   EUR633-million
   Senior Secured
   Bank Credit Facility     Ba3      Ba2      LGD3     34%

   EUR180-million 9.375%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2012       B2      B2        LGD5     89%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Heiligenroth, Germany, Kloeckner-Pentaplast
S.A. -- http://www.kpfilms.com/-- produces films for
pharmaceutical, medical device, food, electronics, and general-
purpose thermoform packaging, as well as printing and specialty
applications.  Founded in 1965 in Montabaur, Germany, Kloeckner
Pentaplast has grown from its initial facility to current
production operations in 12 countries.


MEBAU VERWALTUNGSGESELLSCHAFT: Claims Registration Ends May 11
--------------------------------------------------------------
Creditors of MEBAU Verwaltungsgesellschaft mbH have until May 11
to register their claims with court-appointed insolvency manager
Dirk Decker.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on June 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor
         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:

         Dirk Decker
         Speersort 4-6
         20095 Hamburg
         Germamy

The District Court of Hamburg opened bankruptcy proceedings
against MEBAU Verwaltungsgesellschaft mbH on March 28.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MEBAU Verwaltungsgesellschaft mbH
         Attn: Mandy Just, Manager
         Thedestr. 2
         22767 Hamburg
         Germany


MEERMAGEN GMBH: Claims Registration Ends April 30
-------------------------------------------------
The court-appointed insolvency manager for Meermagen GmbH, Rolf
Rattunde, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 11:15 a.m. on
April 30.

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 10:30 a.m. on Aug. 27 at the same venue.

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

The insolvency manager can be reached at:

         Rolf Rattunde
         Kurfuerstendamm 212
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Meermagen GmbH on June 30.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Meermagen GmbH
         Degner Str. 96
         13053 Berlin
         Germany


MK - LOGISTIK: Claims Registration Ends May 11
----------------------------------------------
Creditors of MK - Logistik GmbH have until May 11 to register
their claims with court-appointed insolvency manager
Reinhard Urbanczyk.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Fuerth
         Room 216
         Second Floor
         Office Building
         Baumenstrasse 28
         Fuerth
         Germany

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

The insolvency manager can be reached at:

         Reinhard Urbanczyk
         Leipziger Platz 21
         90491 Nuremberg
         Germany
         Tel: 0911/88180260
         Fax: 0911/88180266

The District Court of Fuerth opened bankruptcy proceedings
against MK - Logistik GmbH on March 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         MK - Logistik GmbH
         Meisenweg 11
         90768 Fuerth
         Germany


PHF EDV: Creditors Must Register Claims by April 13
---------------------------------------------------
Creditors of PHF EDV Service GmbH have until April 13 to
register their claims with court-appointed insolvency manager
Stephan Kallenberg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on May 9, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bingen am Rhein
         Hall 9
         Mainzer Strasse 52
         55411 Bingen am Rhein
         Germany

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

The insolvency manager can be reached at:

         Stephan Kallenberg
         Neutorstr. 9
         55116 Mainz
         Tel: 06131/14674-0
         Fax: 06131/14674-20
         Germany

The District Court of Bingen am Rhein opened bankruptcy
proceedings against PHF EDV Service GmbH on March 29.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         PHF EDV Service GmbH
         St.-Urban-Str. 6
         55411 Bingen am Rhein
         Germany


POLSTERMOEBEL DESIGN: Creditors Must Register Claims by April 24
----------------------------------------------------------------
Creditors of Polstermoebel Design Vertriebs GmbH & Co. KG have
until April 24 to register their claims with court-appointed
insolvency manager Thomas Linse.

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

The meeting of creditors will be held at:

         The District Court of Coburg
         Meeting Hall K
         First Stock
         Coburg
         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 Linse
         Rosenauer Str. 22
         96450 Coburg
         Germany
         Tel: 09561/80340
         Fax: 09561/803434

The District Court of Coburg opened bankruptcy proceedings
against Polstermoebel Design Vertriebs GmbH & Co. KG on
March 29.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Polstermoebel Design Vertriebs GmbH & Co. KG
         Werkstr. 1
         96279 Weidhausen
         Germany


RHEMATEL VERWALTUNGSGESELLSCHAFT: Creditors' Claims Due May 23
--------------------------------------------------------------
Creditors of Rhematel Verwaltungsgesellschaft mbH have until
May 23 to register their claims with court-appointed insolvency
manager Thomas Lanio.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 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 Offenbach am Main
         Hall 162N
         First Floor
         Kaiserstrasse
         63065 Offenbach am Main
         Germany

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

The insolvency manager can be reached at:

         Thomas Lanio
         Waldstrasse 45
         D 63065 Offenbach am Main
         Germany
         Tel: 069 / 8007490
         Fax: 069 / 80074990

The District Court of Offenbach am Main opened bankruptcy
proceedings against Rhematel Verwaltungsgesellschaft mbH on
March 29.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Rhematel Verwaltungsgesellschaft mbH
         Theodor-Heuss-Ring 56
         63128 Dietzenbach
         Germany


SCHLOESSER GMBH: Claims Registration Period Ends May 9
------------------------------------------------------
Creditors of Schloesser GmbH have until May 9 to register their
claims with court-appointed insolvency manager Klaus Siemon.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 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 Moenchengladbach
         Meeting Room A 14
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach
         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 Siemon
         Homberger Strasse 12
         40474 Duesseldorf
         Germany
         Tel: 0211/479970
         Fax: +492114799750

The District Court of Moenchengladbach opened bankruptcy
proceedings against Schloesser GmbH on March 28.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Schloesser GmbH
         Attn: D. Schloesser, Manager
         Bockerter Strasse 33
         41748 Viersen
         Germany


STEIN TRANS: Claims Registration Period Ends May 11
---------------------------------------------------
Creditors of Stein Trans GmbH have until May 11 to register
their claims with court-appointed insolvency manager
Helmut Irmen.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         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:

         Helmut Irmen
         An der Windmuehle 80
         52399 Merzenich
         Germany
         Tel: 02421/30830
         Fax: 02421/308320

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

The Debtor can be reached at:

         Stein Trans GmbH
         Attn: Karin Stein, Manager
         Thomasstrasse 24
         52353 Dueren
         Germany


STRA-ROH GMBH: Claims Registration Period Ends May 15
-----------------------------------------------------
Creditors of STRA-ROH GmbH have until May 15 to register their
claims with court-appointed insolvency manager Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:20 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 reached at:

         Dr. Stephan Thiemann
         Schorlemmerstrasse 2
         04155 Leipzig
         Germany
         Tel: 0341/4903650
         Fax: 0341/4903699

The District Court of Dessau opened bankruptcy proceedings
against STRA-ROH GmbH on March 29.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         STRA-ROH GmbH
         Attn: Frank Ritter, Manager
         Feldstr. 5
         06388 Baasdorf
         Germany


STUMMER HAUSTECHNIK: Claims Registration Period Ends May 4
----------------------------------------------------------
Creditors of STUMMER Haustechnik Leipzig GmbH have until May 4
to register their claims with court-appointed insolvency manager
Dr. Juergen Wallner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 6, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 145
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Dr. Juergen Wallner
         Karl-Heine-Strasse 25b
         04229 Leipzig
         Germany
         Tel: 0341-2534760
         Fax: 0341-2534761


The District Court of Leipzig opened bankruptcy proceedings
against STUMMER Haustechnik Leipzig GmbH on March 29.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         STUMMER Haustechnik Leipzig GmbH
         Attn: Sascha Stummer, Manager
         Leopoldstr. 9
         04277 Leipzig
         Germany


TECTUM HOLZHAUSER: Claims Registration Ends May 4
-------------------------------------------------
Creditors of tectum Holzhauser GmbH have until May 4 to register
their claims with court-appointed insolvency manager
Susanne Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on June 4, at which time the insolvency
manager will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Neubrandenburg
         Hall 1
         Fr.-Engels-Ring 15-18
         Neubrandenburg
         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:

         Susanne Mueller
         Vietmannsdorfer Str. 23
         17268 Templin
         Germany

The District Court of Neubrandenburg opened bankruptcy
proceedings against tectum Holzhauser GmbH on March 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         tectum Holzhauser GmbH
         Muehlenfeld 17
         17139 Malchin
         Germany


TIPTEL AG: Board Files for Insolvency at Duesseldorf Court
----------------------------------------------------------
TIPTEL AG's management board has filed an application for
insolvency at a Duesseldorf court due to a potential inability
to pay mounting debt, the company said in a statement posted on
its Web site.

Concurrently, the general managers of its subsidiary, DFG mbH,
also asked a Duesseldorf court to declare the unit bankrupt due
to over-indebtedness.

According to the statement, TIPTEL's supervisory board dismissed
Werner Materna, the sole member of the company's management
board, after he bowed out of his position due to health reasons.

                         About TIPTEL AG

Headquartered in Ratingen, Germany, TIPTEL AG --
http://www.tiptel.de/-- is a high-technology company working in
the field of telecommunication.  TIPTEL has 263 employees who
develop and produce feature and cordless phones, answering
machines, callmanager and voicemail-systems, telephone systems,
and VoIP solutions.


UNITY MEDIA: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its B3 Corporate Family Rating for
Unity Media GmbH.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: Unity Media GmbH

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   10.375% Sr. Unsecured
   Regular Bond/
   Debenture Due 2015       Caa2     Caa2     LGD5    89%

   8.75% Senior Unsecured
   Regular Bond/
   Debenture Due 2015       Caa2     Caa2     LGD5    89%

   10.125% Sr. Unsecured
   Regular Bond/
   Debenture Due 2015       Caa2     Caa2     LGD5    89%


* Issuer: iesy Hessen GmbH & Co. KG

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   Sr. Sec. Regular Bond/
   Debenture Due 2013       B3       B2       LGD3    42%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
alphanumeric scale.  They express Moody's opinion of the
likelihood that any entity within a corporate family will
default on any of its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Cologne, Germany, Unity Media --
http://www.unitymedia.de/-- owns the Hessian cable network
operator iesy and the North Rhine-Westphalia cable network
operator ish.  The two companies are the largest providers of
cable television in their respective states.  In addition to
analogue cable services, ish and iesy also offer digital
television, high speed Internet and telephony.

On Sept. 30, 2005, Unity Media had approximately 5.2 million
basic cable customers, 101,100 digital TV customers, 30,300
high-speed Internet customers, and 11,500 telephone lines.


VEKTOR INDUSTRIE: Claims Registration Period Ends May 21
--------------------------------------------------------
Creditors of Vektor Industrie GmbH have until May 21 to register
their claims with court-appointed insolvency manager Manuel Ast.

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

The meeting of creditors will be held at:

         The District Court of Fuerth
         Room 3
         Ground Floor
         Office Building
         Baumenstrasse 32
         Fuerth
         Germany

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

The insolvency manager can be reached at:

         Manuel Ast
         Archivstr. 3
         90408 Nuernberg
         Germany
         Tel: 0911/5978122
         Fax: 0911/5978144-0

The District Court of Fuerth opened bankruptcy proceedings
against Vektor Industrie GmbH on March 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Vektor Industrie GmbH
         Schillerstr. 35
         90547 Stein
         Germany


VERROPLAN ENTWICKLUNGS: Claims Registration Period Ends May 1
-------------------------------------------------------------
Creditors of Verroplan Entwicklungs GmbH have until May 1 to
register their claims with court-appointed insolvency manager
Dr. Bettina E. Breitenbuecher.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 12, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Bettina E. Breitenbuecher
         Neckargartacher Str. 90
         74080 Heilbronn
         Germany
         Tel: 07131/ 913440

The District Court of Karlsruhe opened bankruptcy proceedings
against Verroplan Entwicklungs GmbH on March 28.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Verroplan Entwicklungs GmbH
         Attn: Hans Peter Beyle, Manager
         Neuwiesenstr. 46
         75015 Bretten
         Germany


VISTEON CORP: S&P Lifts Rating on US$1-Bln Facility to B+ from B
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' rating and
'1' recovery rating to auto supplier Visteon Corp.'s proposed
US$500-million new senior secured term loan tranche, which would
increase the size of the company's total term loan facilities to
US$1.5 billion from US$1 billion.

At the same time, Standard & Poor's raised its bank loan and
recovery ratings on Visteon's existing US$1-billion term loan
facility, reflecting the proposed addition of new collateral
that would support the existing and new tranches.  The bank loan
rating on the existing term loan facility is raised to 'B+' from
'B,' while the recovery rating is raised to '1' from '2.'

The 'B+' bank loan ratings on both term loan tranches are one
notch higher than the corporate credit rating on Visteon.  These
ratings and the '1' recovery ratings indicate the expectation of
full recovery of principal in the event of a payment default.

Visteon is seeking amendments to its credit agreements that
would allow for the US$500-million in additional term loan
borrowings, as well enable the company to include the stock of
majority owned Halla Climate Control in the collateral
supporting the term loans.  The existing term loan and the
proposed new tranche would have essentially the same terms and
conditions and share in the same collateral; however, the
maturities will differ slightly, with the existing term loan
maturing in June 2013 and the new tranche maturing in December
2013.

Proceeds from the new tranche would be used to support the
company's liquidity and financial flexibility amid difficult
conditions in the U.S. automotive supplier industry.  The
transaction will be completed in the second quarter of 2007.

The corporate credit rating on Visteon is B/Negative/B-3.

Ratings List:

   * Visteon Corp.

      -- Corporate credit rating, B/Negative/

Ratings Assigned:

      -- US$500-Million new senior secured term loan tranche at
         B+, Recovery rating: 1

Ratings Raised:

      -- US$1-Billion term loan facility raised to B+ from B,
         Recovery rating: 1


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


NAVIOS MARITIME: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its B1 Corporate Family Rating for
Navios Maritime Holdings Inc.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   Senior Unsecured
   Regular Bond/
   Debenture Due 2014       B2        B3      LGD5     80%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Garden City, NY, Navios Maritime Holdings Inc.
-- http://www.navios.com/-- specializes in the worldwide
carriage, trading, storing, and other related logistics of
international dry bulk cargo transportation.  The company also
owns and operates a port/storage facility in Uruguay and has in-
house technical ship management expertise.  It maintains offices
in Piraeus, Greece, South Norwalk, Connecticut and Montevideo,
Uruguay.


NEW RECLAMATION: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its Ba3 Corporate Family Rating for
The New Reclamation Gr (Proprietary) Ltd.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   8.125% Senior Secured
   Regular Bond/
   Debenture Due 2013       B1       Ba3      LGD3     49%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).


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


ARMSTRONG WORLD: Court Approves Armstrong Holdings Settlement
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has
approved Armstrong Holdings Inc.'s settlement with its former
subsidiary, Armstrong World Industries Inc.

Under the settlement, first disclosed on Feb. 27, Armstrong
Holdings will receive approximately US$22 million in cash, plus
98,697 shares of reorganized AWI common stock worth
approximately US$5 million based on the closing price on
March 30.  The company believes the proceeds will not be subject
to federal or state income taxes.

AWI will be entitled, for the periods during which it was
affiliated with Armstrong Holdings, to file on behalf of both
companies all federal and state income tax returns that are
required to be filed on a consolidated or combined basis, and to
make all related tax elections and receive all related tax
refunds.

Armstrong Holdings would realize a substantial tax loss from the
cancellation of the company's former stock ownership in AWI
pursuant to AWI's Chapter 11 Plan.  Because the settlement gives
AWI the authority to make all related tax elections for the
companies' consolidated or combined federal and state income tax
returns for 2006, including the choice among different carry
back and carry forward elections, Armstrong Holdings does not
know at this time what tax loss carry forward it might have
available for post-2006 tax years.

As reported in the Troubled Company Reporter on Aug. 25, 2006,
AWI's Chapter 11 Plan of Reorganization contemplated that
Armstrong Holdings would dissolve following AWI's emergence from
Chapter 11 reorganization on Oct. 2, 2006.  Since that date, the
company has conducted no business, and has no operations and no
employees.

The Armstrong Holdings Board of Directors plans to evaluate what
future action is in the best interests of the corporation,
including the issue of dissolution and an evaluation of its
assets, obligations and prospective tax position after giving
effect to the settlement.  If dissolution is authorized, it
would be submitted to shareholders for approval and, if
approved, a distribution to shareholders of the company's net
assets would be effected as soon as practicable thereafter.  The
dissolution process would involve a number of steps, such as
noticing any potential claimants, resolving any viable claims
and obtaining tax clearance from the Commonwealth of
Pennsylvania.

The AWI Plan of Reorganization provides that AWI will pay the
reasonable costs of Armstrong Holdings' dissolution, assuming
the Armstrong Holdings' Board and shareholders determine to
pursue that course.

Armstrong Holdings filed with the U.S. Securities and Exchange
Commission a partial Form 10-K report for 2006.  That report
does not include 2006 year-end financial statements, which are
being revised to reflect the impact of the settlement approved.
The company also filed SEC Form 12b-25 with the Commission with
respect to the additional time required to complete the 10-K
report with those financial statements.

                         About Armstrong

Based in Lancaster, Pa., Armstrong World Industries Inc. (NYSE:
AWI) -- http://www.armstrong.com/-- designs and manufactures
floors, ceilings and cabinets.  AWI operates 42 plants in
12 countries and employs approximately 14,200 people worldwide.

Armstrong World has operations in Australia, Brazil, Chile, Hong
Kong, Malaysia, Singapore, Taiwan, Philippines, Poland,
Portugal, Hungary, United Kingdom, among others.

The company and its affiliates filed for chapter 11 protection
on Dec. 6, 2000 (Bankr. Del. Case No. 00-04469).  Stephen
Karotkin, Esq., at Weil, Gotshal & Manges LLP, and Russell
C.Silberglied, Esq., at Richards, Layton & Finger, P.A.,
represent the Debtors in their restructuring efforts.  The
company and its affiliates tapped the Feinberg Group for
analysis, evaluation, and treatment of personal injury asbestos
claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written
confirmation order on Aug. 18, 2006.  The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.

                           *     *     *

As reported in the Troubled Company Reporter on March 13, 2007,
Standard & Poor's Ratings Service revised its outlook to
developing from stable for Armstrong World Industries Inc.

At the same time, Standard & Poor's affirmed the 'BB' corporate
credit and senior secured ratings for the Lancaster, Pa.-based
company.


ARMSTRONG WORLD: Equity Firms May Bid for AWI, Report Says
----------------------------------------------------------
Private equity firm Kohlberg Kravis Roberts & Co. is at the
forefront for the acquisition of Armstrong World Industries,
Inc. according to Insurance Newsnet, citing reports by
TheDeal.com.  KKR owns a 50% stake in Tarkett SA, a Nanterre,
France-based distributor of flooring products.

Other private equity firms, including the Blackstone Group,
Carlyle Group and Apollo Management Corp., are expected to bid
for AWI.

AWI is a producer of flooring products and ceiling systems for
use primarily in the construction of residential, commercial and
institutional buildings.  AWI owns and operates 43 manufacturing
plans in 12 countries, including 26 plants located throughout
the United States, where it sells kitchen and bathroom cabinets.
Through a joint venture with Worthington Industries Inc., AWI
also has an interest in seven additional plants in five
countries that produce suspension system products for its
ceiling systems.

AWI has previously announced that it is looking at a number of
strategic alternatives for its worldwide operations.  "That
often - but not always - means the sale of a company," said Meg
Graham, vice president of Corporate Communications, through e-
mail to The Macon Telegraph.  Other alternatives include a joint
venture or a merger.

AWI retained Lazard Freres & Co. LLC as its financial advisor
and Weil, Gotshal & Manges LLP as its legal advisor to assist in
the process and the evaluation of potential alternatives.  The
process is expected to take six to nine months.

There is a possibility that AWI may opt to sell its floor and
ceiling products division separately, wherein the odds of
strategic buyers prevailing is higher.  However, if AWI is to be
sold as a whole, a private equity firm is the most likely buyer,
Insurance Newsnet reported.

It would be easier for AWI to sell itself as a whole and let the
buyer sell off the parts, a Stifel Nicolaus & Co. Inc. analyst,
John Baugh, says.  "Ultimately it will be broken up."

The sale will have to go through the Asbestos Personal Injury
Trust, which owns 66% of AWI's outstanding common shares.
Stifel says the PI Trust is likely to favor selling the company
as a whole.

Stifel expects AWI to be valued at around US$3,280,000,000.

AWI reported operating income of US$67,400,000 on US$973,600,000
of net sales for the third quarter ended Sept. 30, 2006.  AWI
recorded net earnings of US$39,200,000 and basic net earnings
per share of common stock of US$.097 for the quarter.  AWI held
US$4,720,800,000 in assets, including US$520,600,000 in cash as
of Sept. 30, 2006.

                         About Armstrong

Based in Lancaster, Pennsylvania, Armstrong World Industries
Inc. -- http://www.armstrong.com/-- designs and manufactures
floors, ceilings and cabinets.  AWI operates 42 plants in 12
countries and employs approximately 14,200 people worldwide.

Armstrong World has operations in Australia, Brazil, Chile, Hong
Kong, Malaysia, Singapore, Taiwan, Philippines, Poland,
Portugal, Hungary, United Kingdom, among others.

The company and its affiliates filed for chapter 11 protection
on December 6, 2000 (Bankr. D. Del. Case No. 00-04469).
Stephen Karotkin, Esq., at Weil, Gotshal & Manges LLP, and
Russell C.Silberglied, Esq., at Richards, Layton & Finger, P.A.,
represented the Debtors in their restructuring efforts.  The
company and its affiliates tapped the Feinberg Group for
analysis, evaluation, and treatment of personal injury asbestos
claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written
confirmation order on Aug. 18, 2006.  The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.

(Armstrong Bankruptcy News, Issue No. 109; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                        *     *     *

As reported in the Troubled Company Reporter on March 13, 2007,
Standard & Poor's Ratings Service revised its outlook to
developing from stable for Armstrong World Industries Inc.  At
the same time, Standard & Poor's affirmed the 'BB' corporate
credit and senior secured ratings for the Lancaster,
Pennsylvania-based company.


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


ELAN CORP: Faces Consolidated Securities Fraud Suit in New York
---------------------------------------------------------------
Elan Corp. Plc and some of its officers and directors are
defendants in a consolidated securities fraud class action
pending in the U.S. District Court for the Southern District of
New York.

Initially, the company and its officers and directors were named
as defendants in putative class actions originally filed in the
U.S. District Courts for the District of Massachusetts (on
March 4 and 14, 2005) and the Southern District of New York (on
March 15 and 23, 2005).

The class action complaints allege claims under the federal
securities laws and state laws and, in the actions originally
filed in Massachusetts and New York, seek damages on behalf of a
class of shareholders who purchased the company's stock prior to
the announcement of the voluntary suspension of Tysabri on
Feb. 28, 2005.

The complaints allege that the company caused the release of
materially false or misleading information regarding Tysabri.
They also allege that class members were damaged when company
stock price fell after the company and Biogen Idec announced the
voluntary suspension of the commercialization and dosing of
Tysabri in response to reports of serious adverse events
involving clinical trial patients treated with Tysabri.

The complaints seek damages, reimbursement of costs and other
relief that the courts may deem just and proper.

On Aug. 4, 2005, the U.S. District Court for the Southern
District of New York issued an order consolidating the New York
actions.

On or about Aug. 29, 2005, the cases originally filed in
Massachusetts were transferred to the Southern District of New
York.

The company reported no development in the case at its Feb. 28
Form 10-K filing with the U.S. Securities and Exchange
Commission for the fiscal year ended Dec. 31, 2006.

                       About the Company

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.

                         *     *     *

As reported in the TCR-Europe on Nov. 13, 2006, Standard &
Poor's Ratings Services assigned its 'B' rating to Elan Finance
plc's proposed offering of US$500 million senior unsecured notes
due 2013, to be issued in a combination of fixed and floating-
rate notes.

Outstanding ratings on Elan (including the 'B' corporate credit
rating) and its related entities were affirmed.  The ratings
outlook is stable.

Also, Moody's Investors Service assigned a B3 rating to the
proposed new senior unsecured notes of Elan Finance plc
reflecting a guarantee from Elan Corporation plc and material
subsidiaries.  At the same time, Moody's affirmed Elan's
existing ratings (B3 Corporate Family Rating) and the stable
rating outlook.

The rating outlook is stable.

Rating assigned:

Elan Finance plc

    * B3 fixed rate senior notes due 2013 (guaranteed by
      Elan Corporation, plc and subsidiaries)

    * B3 floating rate senior notes due 2013 (guaranteed by
      Elan Corporation, plc and subsidiaries)

Ratings affirmed:

Elan Corporation, plc

    * B3 corporate family rating

Elan Finance plc

    * B3 fixed rate senior notes of US$850 million
      due 2011 (guaranteed by Elan Corporation, plc
      and subsidiaries)

    * B3 floating rate senior notes of US$300 million
      due 2011 (guaranteed by Elan Corporation, plc
      and subsidiaries)

Athena Neurosciences Finance, LLC

    * B3 senior notes of US$613 million due 2008 (guaranteed
      by Elan Corporation, plc and subsidiaries)

Moody's does not rate Elan's US$254 million convertible notes
due 2008.


ELAN CORP: To Unveil First Quarter 2007 Results on April 24
-----------------------------------------------------------
Elan Corp. Plc will report its first quarter 2007 financial
results on April 24, 2007, before U.S. and European financial
markets open.

The results announcement will be followed by a conference call
at 8:30 a.m. Eastern Time (ET), 1:30 p.m. British Summer Time
(BST) with the investment community to discuss Elan's first
quarter 2007 financial results.

Live audio of the conference call will be simultaneously
broadcast over the Internet and will be available to investors,
members of the news media and the general public.

Elan will hold its AGM at 10:00 a.m. BST on May 24, 2007, at:

         Four Seasons Hotel
         Ballsbridge
         Dublin 4
         Ireland

Elan announced that Dr Alan Gillespie will not seek re-election
as a Director at the AGM and will retire on that date.

                       About the Company

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.

                         *     *     *

As reported in the TCR-Europe on Nov. 13, 2006, Standard &
Poor's Ratings Services assigned its 'B' rating to Elan Finance
plc's proposed offering of US$500 million senior unsecured notes
due 2013, to be issued in a combination of fixed and floating-
rate notes.

Outstanding ratings on Elan (including the 'B' corporate credit
rating) and its related entities were affirmed.  The ratings
outlook is stable.

Also, Moody's Investors Service assigned a B3 rating to the
proposed new senior unsecured notes of Elan Finance plc
reflecting a guarantee from Elan Corporation plc and material
subsidiaries.  At the same time, Moody's affirmed Elan's
existing ratings (B3 Corporate Family Rating) and the stable
rating outlook.

The rating outlook is stable.

Rating assigned:

Elan Finance plc

    * B3 fixed rate senior notes due 2013 (guaranteed by
      Elan Corporation, plc and subsidiaries)

    * B3 floating rate senior notes due 2013 (guaranteed by
      Elan Corporation, plc and subsidiaries)

Ratings affirmed:

Elan Corporation, plc

    * B3 corporate family rating

Elan Finance plc

    * B3 fixed rate senior notes of US$850 million
      due 2011 (guaranteed by Elan Corporation, plc
      and subsidiaries)

    * B3 floating rate senior notes of US$300 million
      due 2011 (guaranteed by Elan Corporation, plc
      and subsidiaries)

Athena Neurosciences Finance, LLC

    * B3 senior notes of US$613 million due 2008 (guaranteed
      by Elan Corporation, plc and subsidiaries)

Moody's does not rate Elan's US$254 million convertible notes
due 2008.


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


IT HOLDING: Moody's Assigns Loss-Given-Default Rating
-----------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its B3 Corporate Family Rating for
IT Holding S.p.A.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: IT Holding Finance S.A.

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------

   9.875% Senior
   Unsecured Regular
   Bond/Debenture
   Due 2012                 Caa1     B3       LGD3     48%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Italy, IT Holding S.p.A. --
http://www.itholding.it/-- is one of the leading players in the
luxury goods sector, and controls a group of companies that
design, produce and distribute high-quality products under owned
brands -- Ferre, Malo, Exte -- as well as under license
agreements -- D&G, Versus, Versace Jeans Couture, Just Cavalli,
C'N'C Costume National.  Worldwide distributing network includes
29 directly operated stores, 111 other mono-brand stores and
over 4,000 highly selected department and specialty stores.  IT
Holding has over 1,700 employees.  It went public on November
1997 and its shares are traded on Milan Stock Exchange.


WIND TELECOMUNICAZIONI: Moody's Places Loss-Given-Default Rating
----------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its Ba3 Corporate Family Rating for
Wind Telecomunicazioni S.p.A.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: Wind Telecomunicazioni S.p.A.

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   Sr. Sec. Bank Credit
   Facility                Ba3      Ba2      LGD3     35%


* Issuer: Wind Acquisition Finance S.A.

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   10.75% Sr. Unsec.
   Regular Bond/
   Debenture Due 2015      B2       B2       LGD6     91%

   9.75% Sr. Unsec.
   Regular Bond/
   Debenture Due 2015      B2       B2       LGD6     91%

* Issuer: Wind Finance SL S.A.

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   Sr. Sec. Bank Credit
   Facility Due 2014        B1       B1       LGD5     80%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Rome, Italy, Wind Telecomunicazioni S.p.A. --
http://www.wind.it/-- operates of integrated fixed-mobile-
Internet communications services.  The company, classified as
the fastest start-up among telecom companies in Europe, actually
is the third Italian mobile operator, with a market share of
over 19%.


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


INTERNATIONAL PETROLEUM: Claims Filing Period Ends May 18
---------------------------------------------------------
LLC International Petroleum Group Ltd. has declared insolvency.
Creditors have until May 18 to submit written proofs of claim
to:

         LLC International Petroleum Group Ltd.
         Kievskaya Str. 107
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 22-11-85


STUDIO PROFESSIONAL: Creditors Must File Claims by May 18
---------------------------------------------------------
LLC Studio Professional has declared insolvency.  Creditors have
until May 18 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 57-50-55.


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


ABSOLUT FINANCE: Fitch Rates US$175 Million Eurobond Issue at B
---------------------------------------------------------------
Fitch Ratings assigned Absolut Finance S.A.'s recent
US$175 million 9.125% eurobond issue due March 2010 a final
Long-term 'B' rating and a final Recovery Rating 'RR4'.

The notes are to be used solely for financing a deposit with
Russia's Absolut Bank, which is rated Issuer Default 'B', Short-
term 'B', Individual 'D', Support '5' and National Long-term
'BBB'.  The Outlooks on both the IDR and the National Long-term
rating are Stable.

Fitch notes that covenants regarding the bank's capitalization
have been changed since the assignment of expected ratings to
the notes.  Absolut is now obliged to maintain total capital
ratio of at least 11% as calculated in accordance with the Basel
Committee's recommendations.

Absolut is 92.5%-controlled by five Moscow-based businessmen,
with the IFC holding a 7.5% stake.  It is a medium-sized Russian
bank.  Absolut's operations are still concentrated in Moscow,
although its expansion into the regions is underway.  Corporate
lending constitutes its core business, but the bank is also
building up its retail banking operations, including mortgages
and car loans.


EVRAZ GROUP: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its Ba3 Corporate Family Rating for
Evraz Group S.A.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: Evraz Group S.A.

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   -------

   8.25% Senior Unsecured
   Regular Bond/
   Debenture Due 2015      B2        B2      LGD5     88%

* Issuer: Evraz Securities S.A.

                           Old POD  New POD  LGD      Loss Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   -------

   10.875% Senior Unsecured
   Regular Bond/
   Debenture Due 2009      B1       Ba3      LGD3     47%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

                          About Evraz

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


NOMA LUXEMBOURG: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its Ba3 Corporate Family Rating for
NOMA Luxembourg S.A.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: NOMA Luxembourg S.A.

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   9.75% Sr. Unsecured
   Regular Bond/
   Debenture Due 2011       B1       B1       LGD4    60%

* Issuer: Sicpa Holding S.A.

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   Sr. Secured Bank
   Credit Facility
   Due 2009                 Ba2      Baa3     LGD1    6%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Lausanne, Switzerland, SICPA Holding S.A. --
http://www.sicpa.com/-- provides security inks for bank notes
and value documents and creates of security solutions and
integrated systems.

NOMA Luxembourg S.A. is the direct owner of SICPA Holding S.A.


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


HERMES XIII: Fitch Rates EUR36.4 Million Class E Notes at BB
------------------------------------------------------------
Fitch Ratings assigned final ratings to Holland Mortgage Backed
Series Hermes XIII's EUR2.8 billion mortgage-backed floating-
rate notes due 2039:

   -- EUR879.75 million senior Class A1 : 'AAA'
   -- EUR1.75 billion senior Class A2: 'AAA';
   -- EUR54.6 million mezzanine Class B: 'AA';
   -- EUR44.8 million mezzanine Class C: 'A';
   -- EUR32.2 million junior Class D: 'BBB+' and
   -- EUR36.4 million subordinated Class E: 'BB'.

Hermes XIII is a securitization of Dutch residential mortgages
originated by SNS Bank N.V., and its wholly owned subsidiary BLG
Hypotheekbank N.V.  The portfolio consists of first-ranking
fixed- and floating-rate mortgages secured over residential
properties located in the Netherlands.

The ratings are based on the quality of the collateral,
available credit enhancement and excess spread, a sound legal
structure, the underwriting and servicing of SNS, the liquidity
facility, the guaranteed investment contract in place and the
interest rate swap provided and guaranteed by SNS.  At closing,
credit enhancement provided by subordination is 6% for the Class
A notes, 4.05% for the Class B notes, 2.45% for the Class C
notes and 1.3% for the Class D notes.  Unlike other Hermes
transactions, the deal does not have a reserve fund; the credit
enhancement for each class of notes is provided by
subordination, as well as the 35bps excess spread paid under the
swap.


IFCO SYSTEMS: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its Ba3 Corporate Family Rating for
IFCO Systems N.V.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: IFCO Systems N.V.
                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   10.375% Senior Secured
   Regular Bond/Debenture
   Due 2010                 B1       Ba3      LGD3    47%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
alphanumeric scale.  They express Moody's opinion of the
likelihood that any entity within a corporate family will
default on any of its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in the Netherlands, IFCO Systems --
http://www.ifcosystems.com/-- is an international logistics
service provider with more than 150 locations worldwide.  In
Europe, IFCO SYSTEMS maintains operations in Denmark, France,
Germany, Greece, Italy, Norway, Spain, Switzerland, and the
United Kingdom.  The company operates a pool of more than 87
million Reusable Plastic Containers globally, which are used
primarily to transport fresh produce from producers to leading
grocery retailers.  In 2005, IFCO Systems generated revenues of
US$576 million.  Its balance sheet at Dec. 31, 2005, shows
US$243 million in assets and US$153 million in liabilities.
IFCO Systems is listed on the Frankfurt Stock Exchange in the
Prime Standard segment (IFE1).


IMPRESS HOLDINGS: Moody's Assigns Loss-Given-Default Rating
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its B1 Corporate Family Rating for
Impress Holdings B.V.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: Impress Holdings B.V.

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------

   Senior Secured Regular
   Bond/Debenture Due 2013  B1       Ba3      LGD3     38%

   9.25% Senior
   Subordinated Regular
   Bond/Debenture
   Due 2014                 B3       B3       LGD5     89%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Deventer, The Netherlands, Impress Holdings
B.V. -- http://www.impressgroup.com/-- is a leading player in
the European canning industry with a solid position in North
America's food canning market.


MAXEDA B.V.: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its B1 Corporate Family Rating for
Maxeda B.V.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: Victoria Acquisition III B.V.

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   7.875% Sr. Subordinated
   Regular Bond/
   Debenture Due 2014       B2       B3       LGD5    80%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
alphanumeric scale.  They express Moody's opinion of the
likelihood that any entity within a corporate family will
default on any of its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Amsterdam, Netherlands, Maxeda --
http://www.maxeda.com/NL/-- is the largest non-food retailer in
the Benelux area with leading positions in the department store,
DIY, apparel, and consumer electronics sectors.  The company
trades from 15 store fascias and around 1,800 outlets.

Most of the company's retail formats, such as Beijenkorf, Vroom
& Dreesman, Hema, Praxis, Brico, M&S Mode, or Hunkemoller, are
household names in the Netherlands and Belgium.  Maxeda employs
approximately 25,000 full-time staff.  The company changed its
name from Vendex KBB to Maxeda in 2006.


NIELSEN COMPANY: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its B2 Corporate Family Rating for
The Nielsen Company B.V.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: The Nielsen Company B.V.

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   EUR2-billion Multiple
   Seniority Medium-Term
   Note Program             Caa1     Caa1     LGD6    94%

   Senior Unsecured
   Regular Bond/
   Debenture Due 2010       Caa1     Caa1     LGD6    94%

   Senior Unsecured
   Regular Bond/
   Debenture Due 2012       Caa1     Caa1     LGD6    94%

   5.625% Sr. Unsecured
   Regular Bond/
   Debenture Due 2017       Caa1     Caa1     LGD6    94%

   2.5% Sr. Unsecured
   Regular Bond/
   Debenture Due 2011       Caa1     Caa1     LGD6    94%

   11.125% Sr. Unsecured
   Regular Bond/
   Debenture Due 2016       Caa1     Caa1     LGD6    94%

   EUR30-million 6.75%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2012       Caa1     Caa1     LGD6    94%

* Issuer: Nielsen Finance LLC

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   10% Sr. Unsecured
   Regular Bond/
   Debenture Due 2014       B3       Caa1      LGD5   78%

   9% Senior Unsecured
   Regular Bond/
   Debenture Due 2014       B3       Caa1      LGD5   78%

   Sr. Secured Bank
   Credit Facility          B1       Ba3       LGD3   32%

   12.5% Sr. Subordinated
   Regular Bond/
   Debenture Due 2016       Caa1     Caa1      LGD5   88%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in New York, New York, The Nielsen Company B.V. --
http://www.nielsen.com/-- is a Dutch publisher and provider of
media and entertainment information.  It has operations in over
100 countries.  In the United States and Europe, it delivers
news and vital information through trade publications, trade
shows and Web sites.


UPC BROADBAND: Moody's Lifts Rating to Ba3 on Debt Structure
------------------------------------------------------------
Moody's Investors Service upgraded the senior secured bank
facility granted to UPC Broadband Holding B.V., a subsidiary of
UPC Holding B.V. to Ba3 from B1.

The upgrade is driven by the impact of the presence of junior
debt in UPC's debt capital structure in conjunction with the
anticipated fold in into UPC's corporate and capital structure
of Cablecom Luxembourg S.C.A. and a contemplated fold in of VTR
Globalcom Inc. following the implementation of Moody's Loss
Given Default methodology in Europe, the Middle East and Africa.
Concurrently, Moody's has affirmed the B3 ratings on the
existing senior notes.

At the same time, Moody's assigned LGD assessments to the senior
secured facility and the senior notes.  The assessments assigned
are as follows:

   * UPC Broadband Holding B.V.

     -- EUR6.2-billion senior secured facility (pro-forma for
        Cablecom and VTR) LGD-3, 41%;

   * UPC Holding B.V.

     -- EUR300-million senior notes LGD-6 92%
     -- EUR500-million senior notes LGD-6 92%

UPC Holding B.V. is a pan-European cable provider.  In 2006, the
company generated EUR2.03-billion in revenue and EUR790-million
in reported operating cash flow.


===========
N O R W A Y
===========


SAS AB: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its B1 Corporate Family Rating for
SAS AB.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: SAS Denmark-Norway-Sweden
                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   EUR1-billion
   Sr. Unsecured
   Medium-Term
   Note Program             B2       B1       LGD3    48%

   1% Senior Unsecured
   Regular Bond/
   Debenture Due 2007       B2       B1       LGD3    48%

   1.305% Sr. Unsecured
   Regular Bond/
   Debenture Due 2008       B2       B1       LGD3    48%

   1.12% Sr. Unsecured
   Regular Bond/
   Debenture Due 2007       B2       B1       LGD3    48%

   CZK750-million
   Sr. Unsecured
   Regular Bond/
   Debenture Due 2008       B2       B1       LGD3    48%

   EUR500-million
   6% Senior Unsecured
   Regular Bond/
   Debenture Due 2008       B2       B1       LGD3    48%

   CHF200-Million 2.375%
   Sub. Regular Bond/
   Debenture                B3       B3       LGD6    96%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Stockholm, Sweden, SAS AB --
http://www.sasgroup.net/-- is the parent company of the SAS
Group, which engages in the provision of air transport and
related services.  The governments of Sweden, Denmark and Norway
own 50% of the company.


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


MARS: Polish Court Upholds Valuation Decision
---------------------------------------------
A Polish court upheld its previous ruling and rejected the
under-valuation complaint from the owners of bankrupt electronic
chain store Mars, Polish News Bulletin reports.

According to the report, the potential buyer will be able to
acquire the company's assets for PLN5.55 million, instead of the
PLN100 million demanded by company owners Zdzislaw and Irena
Kalamaga.

The court held a tender to establish the value of the company.
Legal firm Praski, Lipinski i Tyblewska won the tender, which
valued the company at PLN5.55 million.

The firm subsequently signed a letter of intent to sell the
acquired assets to Mix Electronics in October 2006.  The
Kalamagas believed that the bid undervalued the company in
comparison to the shares' value.

The transaction between Mix and Praski, Lipinski, will depend on
the debt collector's approval, Polish Business News relates.


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


ABSOLUT BANK: Fitch Rates Finance Unit's US$175-Mln Issue at B
--------------------------------------------------------------
Fitch Ratings assigned Absolut Finance S.A.'s recent
US$175 million 9.125% eurobond issue due March 2010 a final
Long-term 'B' rating and a final Recovery Rating 'RR4'.

The notes are to be used solely for financing a deposit with
Russia's Absolut Bank, which is rated Issuer Default 'B', Short-
term 'B', Individual 'D', Support '5' and National Long-term
'BBB'.  The Outlooks on both the IDR and the National Long-term
rating are Stable.

Fitch notes that covenants regarding the bank's capitalization
have been changed since the assignment of expected ratings to
the notes.  Absolut is now obliged to maintain total capital
ratio of at least 11% as calculated in accordance with the Basel
Committee's recommendations.

Absolut is 92.5%-controlled by five Moscow-based businessmen,
with the IFC holding a 7.5% stake.  It is a medium-sized Russian
bank.  Absolut's operations are still concentrated in Moscow,
although its expansion into the regions is underway.  Corporate
lending constitutes its core business, but the bank is also
building up its retail banking operations, including mortgages
and car loans.


GAZPROM NEFT: Italian Firms Brace for Today's Yukos Auction
-----------------------------------------------------------
Italy's Ambassador to the Russian Federation Vittorio Surdo has
confirmed that Italian energy firms Eni S.p.A. and Enel S.p.A.
will participate in today's auction for OAO Yukos Oil Co.'s 20%-
stake in OAO Gazprom Neft, RIA Novosti reports.

In a TCR-Europe report on March 30, Eni, Enel and Russian firm
ESN have formed a consortium for the auction.  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.

Eduard Rebgun, Yukos's bankruptcy receiver, will sell through an
auction these assets in 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 RUR144.8 billion.

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 in the auction.

Mr. Surdo expressed hope that the Italian firms win the auction.
He noted that the Russo-Italian economic relations have
"developed more than effectively in recent years," adding that
with EUR21 billion in turnover, Italy is currently Russia's
second or third largest trading partner.

Mr. Surdo said Enel also wants to invest up to EUR5 billion into
Russia's electricity generation systems.

"Speaking of investment in energy, we could become a major
investor in the next five to six years...  We have been given
access to deposits in Russia while Gazprom can now enter Italy's
market," Mr. Surdo told RIA Novosti.

Fulvio Conti, Enel's CEO, said acquiring Yukos' assets is part
of the firm's international expansion plan, especially in the
upstream gas sector, The Wall Street Journal reports.  He noted
that the firm is limited from growing locally by antitrust
rules.

                         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's
main 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.


GAZPROM NEFT: Six Firms Commence Melee for Yukos Oil's 20% Stake
----------------------------------------------------------------
At least six firms will participate in today's auction to
acquire OAO Yukos Oil Co.'s 20% stake in OAO Gazprom Neft, RIA
Novosti reports citing Russia's Federal Property Fund.

The auction, which carries a RUR144.8 billion starting price,
has grouped these assets under one lot:

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

Bidders for the lot include:

   -- Nefttradegroup,
   -- EniNeftegaz, a unit of Eni S.p.A.,
   -- Unitex,
   -- Group Invest,
   -- North-West Invest, and
   -- Trans Nafta.

Nefttradegroup, RIA Novosti says, is affiliated with Rosneft
while Unitex is reportedly bidding for OAO Gazprom.  Rosneft has
confirmed one of its units will participate in the auction.

As widely reported, Rosneft, through RN-Razvitiye, won the
auction for Yukos' 9.44% stake in the company, outbidding TNK-BP
Holding Ltd with its RUR197.84 billion offer.  Aside from the
stake, the first lot also includes 12 promissory notes worth
RUR3.56 billion in Yukos' former main production unit,
Yuganskneftegaz.

Analysts see tougher competition in the second auction, as firms
race to grab the remains of what was once Russia's largest oil
producer, which are set to be liquidated this year.

                        Auction Details

The next series of auctions for Yukos' assets will be held on:

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

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

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

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

In a TCR-Europe report on March 28, Yukos's stakes in two banks
will also be auctioned off this month.  The assets to be sold
will include:

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

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

As reported in the TCR-Europe on April 3, Yukos' creditors'
committee agreed to sell the company's oil assets in Eastern
Siberia under one lot for a starting price of at least RUR166
billion.

According to Interfax, the lot would consist of oil refineries,
including Achinsk Oil Refinery, oil production companies
(Tomskneft), energy service, research and development companies
and other assets.

The committee also approved the sale of certain assets in the
Kuban district and in the north Caucasus area under one lot, for
a starting price of at least RUR3.7 billion, Interfax relates.

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

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

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

                         About Yukos Oil

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

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

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

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

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

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

                       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's
main 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.


GAZPROM NEFT: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its Ba1 Corporate Family Rating for
Gazprom Neft JSC.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: Gazprom Neft JSC

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   US$500 million 10.75%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2009       Ba2      Ba1      LGD4     50%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

                        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's
main oil processing center is the Omsk Refinery.


LUKOIL OAO: Inks Cooperation Deal with Russian Foreign Ministry
---------------------------------------------------------------
Vagit Alekperov, President of OAO Lukoil, and Sergey Lavrov,
Russian Foreign Minister, have signed a Cooperation Agreement
between the Company and the Ministry.

Among other things, the parties agreed on cooperation in
protecting foreign economic and geopolitical interests of the
Russian Federation by developing partnership with international
organizations of the fuel and energy industry and foreign oil
and gas companies.

The Russian Ministry of Foreign Affairs, in pursue of the state
interests and the Russian foreign economic policy, is aiming at
supporting the Company's foreign economic activity, protecting
its legal interests abroad by diplomatic and internationally
legal means, assisting the Company in arranging meetings with
representatives of foreign state agencies and international
organizations.

Besides, the Russian Ministry of Foreign Affairs intends to
invite Lukoil experts to participate in international energy
negotiations and to engage them in elaboration of suggestions on
foreign fuel and energy policy.  The Ministry will also assist
the Company in reviewing foreign economic contracts and
agreements on hydrocarbon production, refining and transporting,
production of petroleum products, including projects on trans-
border environmental impact.

On its part, Lukoil will provide expert and advisory support to
state agencies on issues of developing cooperation with foreign
states and international fuel and energy organizations.  The
Company also takes up the responsibility to provide expert and
advisory support to the Russian Foreign Ministry regarding oil
and gas world markets and export of hydrocarbon materials,
petroleum and petro-chemistry products.

"While elaborating the Agreement, we recognized the ever-
increasing role of the fuel and energy sector on the way to
achieving sustainable economic and social development of the
Russian Federation and its influence on expanding the country's
foreign economic relations," Mr. Alekperov said.  "The Agreement
is also aimed at strengthening Russia's positions on the world
energy market and efficient protection of the Company's economic
interests as the largest producer of oil, petroleum products and
petrochemicals."

Lukoil became the first Russian non-government Company to sign
such an agreement with the Russian Ministry of Foreign Affairs.
The Agreement is valid until 2012.

                          About Lukoil

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

                          *     *     *

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


NIZHNEKAMSKNEFTEKHIM: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its B1 Corporate Family Rating for
OJSC Nizhnekamskneftekhim.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: NKNK Finance plc

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   Sr. Unsec. Regular
   Bond/Debenture          B2       B1       LGD4     56%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Russia-based, OJSC Nizhnekamskneftekhim -- http://www.nknk.ru/
-- produces monomers as feedstock to produce rubber, synthetic
rubber of general and specialty purpose and other petrochemical
products, such as ethylene oxide, propylene oxide, alpha-
olefins, polystyrene and surfactants.  The Company's production
complex comprises ten plants, ten divisions including Railway
Transport and Ethylene Pipeline Systems, and seven centers
including Research & Technology, and Design.


PENZENSKIY FACTORY: External Court Starts Bankruptcy Procedure
--------------------------------------------------------------
The Arbitration Court of Penza commenced external management
bankruptcy procedure on OJSC Penzenskiy Factory of Precision
Instruments.  The case is docketed under Case No. A49-32883/
2005-227b/10.

The External Insolvency Manager is:

         N. Dolgushev
         Okruzhnaya Str. 3
         440031 Penza
         Russia

The Court is located at:

         The Arbitration Court of Penza
         Belinskogo Str. 2
         440600 Penza
         Russia

The Debtor can be reached at:

         OJSC Penzenskiy Factory of Precision Instruments
         Okruzhnaya Str. 3
         440031 Penza
         Russia


PESTOVSKIY WOOD: Creditors Must File Claims by May 17
-----------------------------------------------------
Creditors of CJSC Pestovskiy Wood have until May 17 to submit
proofs of claim to:

         I. Sizov, Insolvency Manager
         Vokzalnaya Str. 1A
         180004 Pskov
         Russia

The Arbitration Court of Novgorod commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A44-845/2006-4.

The Court is located at:

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

The Debtor can be reached at:

         I. Sizov, Insolvency Manager
         Vokzalnaya Str. 1A
         180004 Pskov
         Russia


RADAR CJSC: Orel Bankruptcy Hearing Slated for June 20
------------------------------------------------------
The Arbitration Court of Orel will convene at 10:30 a.m. on
June 20 to hear the bankruptcy supervision procedure on CJSC
Radar.  The case is docketed under Case No. A48-564/07-20B.

The Temporary Insolvency Manager is:

         V. Stavtsev
         Office 31
         Gorkogo Str. 45
         302040 Orel
         Russia

The Court is located at:

         The Arbitration Court of Orel
         Gorkogo Str. 42
         302000 Orel
         Russia

The Debtor can be reached at:

         CJSC Radar
         Naugorskoye Shosse 5
         302020 Orel
         Russia


RENAISSANCE CAPITAL: Fitch Rates Upcoming Loan Issue at B-/RR4
--------------------------------------------------------------
Fitch Ratings assigned Ensorte Enterprises Ltd.'s upcoming issue
of limited recourse loan participation notes expected ratings of
Long-term 'B-' and Recovery 'RR4'.

The notes are to be used solely for financing a loan to CB
Renaissance Capital, which is guaranteed by Renaissance Capital
International Services Ltd. Bermuda.  CBRC is rated Issuer
Default 'B-', Short-term 'B', Support '5', Individual 'D/E' and
National Long-term 'BB'.  The Outlooks on the Issuer Default and
National Long-term ratings are Stable.  The final ratings are
contingent upon the receipt of final documentation conforming
materially to information already received.

Ensorte Enterprises Ltd., a Cyprus-domiciled limited company,
will only pay noteholders principal and interest received from
either CBRC or from the guarantor.  The issuer will charge
certain of its rights and interests under the loan agreement to
BNY Corporate Trustee Services Ltd. for the benefit of
noteholders under a trust deed.  The issuer's claims under the
loan agreement will rank at least equally with all other
unsecured and unsubordinated creditors of CBRC, save those
claims preferred by any bankruptcy, insolvency, liquidation or
similar laws of general application.  Under Russian law, the
claims of retail depositors rank above those of other senior
unsecured creditors.  At Sept. 30, 2006, retail deposits
accounted for 4% of CBRC's total liabilities, according to the
bank's management accounts drafted as per IFRS.

The loan agreement contains covenants restricting any
reorganizations and disposals by CBRC and its material
subsidiaries, lending to related parties to 10% of net assets
and a change of business.  It also contains a 'negative pledge'
clause, which allows for a creation of a lien on up to 30% of
total assets of the group.  Were such transactions to be
undertaken, Fitch comments that the nature and the extent of any
over-collateralization would be assessed by the agency for any
potential impact on unsecured creditors.  CBRC also commits to
maintaining a minimum total Basel I capital adequacy ratio of
12% and minimum net assets value of US$50 million as well as to
ensure at least a 100%-cover of non-performing loans by loan
loss reserves.  CBRC will also be required to prepay the loan
upon a change of shareholding event.

CBRC is a specialist consumer finance bank set up in 2003 and
has been fully operational since 2004.  The bank was the 106th-
largest bank in Russia by total assets at end-2006 and within
the top 30 consumer lenders at Sept. 30, 2006, with a network of
50 regional offices and 3,000 points-of-sale.  Renaissance
Holdings Management Ltd. owns CBRC indirectly; Steven Jennings,
the CEO of Renaissance Group, holds the largest individual stake
in RHML.


ROSNEFT OIL: Unit to Bid for Yukos Oil's 20% Gazprom Neft Stake
---------------------------------------------------------------
OAO Rosneft Oil Co., through its Nefttradegroup unit, will take
part in today's auction to acquire OAO Yukos Oil Co.'s 20% stake
in OAO Gazprom Neft, RIA Novosti reports.

Eduard Rebgun, Yukos' bankruptcy receiver, is selling these
assets in 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 RUR144.8 billion.

Rosneft faces five other bidders for the lot:

   -- EniNeftegaz, a unit of Eni S.p.A.,
   -- Unitex,
   -- Group Invest,
   -- North-West Invest, and
   -- Trans Nafta.

Unitex is reportedly bidding for OAO Gazprom, RIA Novosti
relates.

In a TCR-Europe report on Apr. 2, Rosneft said it plans to bid
for and acquire all production units of Yukos.

Vladimir Voyevoda, deputy head of Rosneft's information and
advertising department, told RIA Novosti that the company plans
to take part in eight more auctions for Yukos' assets.

As widely reported, Rosneft, through RN-Razvitiye, won the
auction for Yukos' 9.44% stake in the company, outbidding TNK-BP
Holding Ltd with its RUR197.84 billion offer.  Aside from the
stake, the first lot also includes 12 promissory notes worth
RUR3.56 billion in Yukos' former main production unit,
Yuganskneftegaz.

Rosneft Oil has borrowed around US$22 billion to finance its
acquisition of certain Yukos' assets.  Rosneft directly borrowed
US$13 billion from a group of bank comprised of ABN AMRO,
Barclays, BNP Paribas, Calyon, Citibank, Goldman Sachs, J.P.
Morgan Chase, and Morgan Stanley.  Rosneft also guaranteed a
US$9-billion loan for RN-Razvitiye, which was purposely created
to acquire Yukos' 9.44% stake in Rosneft.

Analysts see tougher competition in the second auction, as firms
race to grab the remains of what was once Russia's largest oil
producer, which are set to be liquidated this year.

                        Auction Details

The next series of auctions for Yukos' assets will be held on:

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

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

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

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

In a TCR-Europe report on March 28, Yukos's stakes in two banks
will also be auctioned off this month.  The assets to be sold
will include:

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

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

As reported in the TCR-Europe on April 3, Yukos' creditors'
committee agreed to sell the company's oil assets in Eastern
Siberia under one lot for a starting price of at least RUR166
billion.

According to Interfax, the lot would consist of oil refineries,
including Achinsk Oil Refinery, oil production companies
(Tomskneft), energy service, research and development companies
and other assets.

The committee also approved the sale of certain assets in the
Kuban district and in the north Caucasus area under one lot, for
a starting price of at least RUR3.7 billion, Interfax relates.

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

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

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

                         About Yukos Oil

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

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

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

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

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

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

                          About Rosneft

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

                          *     *     *

In a TCR-Europe report on Mar. 23, Fitch Ratings notes that
Rosneft's plans to borrow US$22 billion from a group of eight
banks in two credit arrangements of US$13 billion maturing in 12
months and US$9 billion maturing in 18 months is currently
incorporated into the company's local and foreign currency
Issuer Default ratings of 'BB+' Rating Watch Positive.

In a TCR-Europe report on Jan. 16, Standard & Poor's Ratings
Services raised its long-term corporate credit rating on Russian
OJSC Oil Company Rosneft to 'BB+' from 'BB' and removed it from
CreditWatch, where it had been placed with positive implications
on Nov. 15, 2006.  S&P said the outlook is developing.


SEVERSTAL OAO: Earns US$1.2 Billion for Full Year 2006
------------------------------------------------------
OAO Severstal released its financial results for the year ended
Dec. 31, 2006.

Severstal posted US$1.2 billion in net profit against
US$12.4 billion in sales for the full year 2006, compared with
US$1.7 billion in net profit against US$10.4 billion in sales
for the same period in 2005.

At Dec. 31, 1006, Severstal's balance sheet showed US$18.8
billion in total assets, US$7.1 billion in total liabilities and
US$11.7 billion in total shareholders' equity.

"Our 2006 results demonstrate Severstal's healthy fundamentals,
and our ability to rise to the challenges of operating in new
markets," Chris Clark, Non-Executive Chairman, commented.  "From
a financial and strategic perspective, we are now well placed to
drive further growth in 2007, delivering attractive returns to
our shareholders."

"2006 was a year of change and consolidation for Severstal,"
Alexei Mordashov, Severstal CEO, said.  "Our GDR listing on the
London stock exchange and the adoption of a new corporate
governance structure positions the company well with investors.
We also completed the consolidation of all of our steel and
mining interests during the year."

                        Dividend Payment

Severstal has followed its long-term dividend policy of paying
at least 25% of the net profit as a dividend.  US$194.5 million
was paid for the first nine months of 2006.  The final dividend
of RUR5 (US$0.19) per share has just been approved by the Board
and will be paid out after it has been approved by shareholders
at our AGM in Cherepovets in June."

                          2007 Outlook

"The changes and consolidation we have brought about in 2006
provide us with a very strong platform for growth," Mr.
Mordashov said.  "The outlook for Severstal is positive for 2007
supported by solid expectations for steel prices in all major
regions.  We will continue to drive value through strong organic
growth and a disciplined approach to M&A.  We are confident that
our results for the current year will be at least in line with
consensus market expectations."

                         About Severstal

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

                         *     *     *

As of Feb. 1, Severstal carries these ratings:

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

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

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


SEVERSTAL OAO: Lucchini Accepts EUR215-Million Offer for Unit
-------------------------------------------------------------
The Board of Directors of Lucchini S.p.A., a unit of OAO
Severstal, passed the resolution to accept the bidding offer
presented by SINPAR S.p.A., a firm owned by the Lucchini Family,
for its subsidiary Lucchini Sidermeccanica Spa.

The value of the binding offer accepted corresponds to the
valuation opinion researched by a reputable Italian Bank.

The value of acquisition based on the enterprise value of EUR215
million is payable within 30 days from the signature of the
purchase agreement subject to receipt any necessary antitrust
approvals which will be in April 2007.

CEO Giovanni Gillerio will execute this operation and withdraw
Lucchini SpA from a market sector, which is not linked with its
own core business and to concentrate the Group's strategy and
investment plan on the Plant at Piombino.

                       About Severstal

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

At Dec. 31, 1006, Severstal's balance sheet showed US$18.8
billion in total assets, US$7.1 billion in total liabilities and
US$11.7 billion in total shareholders' equity.

                        *     *     *

As of Feb. 1, Severstal carries these ratings:

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

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

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


TNK-BP HOLDING: BP's Owners Express Dismay Over Failed Yukos Bid
----------------------------------------------------------------
Some shareholders of BP Plc, the British owner of TNK-BP Holding
Ltd., expressed disappointment with the company's performance in
the March 27 auction for OAO Yukos Oil Co.'s 9.44% stake in OAO
Rosneft Oil Co., The Sunday Telegraph reports.

According to The Telegraph, at least two of BP's top 20
shareholders plan to raise the issue in the next few weeks, as
investors fear that the failed bid had tainted BP's reputation.
The Sunday Telegraph said TNK-BP abandoned its bid just 10
minutes into the auction.

"The expectation of TNK-BP was that it would export good
corporate governance," a shareholder commented to The Sunday
Telegraph.  "But if nobody in the investor community puts up
their hand and asks if this was the right thing to do, what
would happen?

"[The auction] was not BP's finest hour but I can see why they
did it," a top 10 BP shareholder told The Sunday Telegraph.
"Our view is that it is part of the realpolitik of getting
involved in Russia."

In a TCR-Europe report on Mar. 28, Rosneft, through RN-
Razvitiye, won the auction for Yukos' 9.44% stake in the
company, outbidding TNK-BP Holding Ltd. with its RUR197.84
billion offer.  Aside from the stake, the first lot also
includes 12 promissory notes worth RUR3.56 billion in Yukos'
former main production 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 legitimize 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.


TVP INCORPORATED: Creditors Must File Claims by April 17
--------------------------------------------------------
Creditors of CJSC TVP Incorporated 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. A56-48182/2006.

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 TVP Incorporated
         Apartment 246
         Yaroslava Gasheka Str. 2
         St. Petersburg
         Russia


TYRGETUJ CJSC: Creditors Must File Claims by May 17
---------------------------------------------------
Creditors of CJSC Tyrgetuj have until May 17 to submit proofs of
claim to:

         N. Sorokopud, Temporary Insolvency Manager
         Deputatskaya Str. 39-1
         664023 Irkutsk
         Russia
         Tel: 8(3953) 533-718

The Arbitration Court of Irkutsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A19-23855/06-37.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Tyrgetuj
         Tyrgetuj
         Alarskiy
         669469 UOBAO
         Russia


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

         A. Karmeev, Temporary Insolvency Manager
         Office 54
         Kulakova Str. 8/2
         440008 Penza
         Russia

The Arbitration Court of Penza will convene at 11:30 a.m on June
21 to hear the company's bankruptcy supervision procedure.  The
case is docketed under Case No. A49-637/2007-186/10.

The Court is located at:

         The Arbitration Court of Penza
         Belinskogo Str. 2
         440600 Penza
         Russia

The Debtor can be reached at:

         LLC Uspenskoye
         Uspenkoye
         Mokshanskiy
         Penza
         Russia


VERESHAGINSKIY MEAT: Creditors Must File Claims by May 17
---------------------------------------------------------
Creditors of OJSC Vereshaginskiy Meat Combine have until May 17
to submit proofs of claim to:

         A. Tunev, Insolvency Manager
         K. Marksa Str. 1-A
         Vereshagino
         617120 Perm
         Russia

The Arbitration Court of Perm commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A50-15391/2006-B.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         OJSC Vereshaginskiy Meat Combine
         Sadovaya Str. 2
         Vereshagino
         617120 Perm
         Russia


WIMM-BILL-DANN: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its B1 Corporate Family Rating for
Wimm-Bill-Dann Foods OJSC.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

Additionally, Moody's revised its ratings to B1 from B2 on the
company's US$150-million 8.5% Sr. Unsec. Regular Bond/Debenture
Due 2008.  Moody's assigned those debentures an LGD4 rating
suggesting lenders will experience a 53% loss in the event of a
default.

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Moscow, Russia, Wimm-Bill-Dann Foods OJSC --
http://www.wbd.com/-- manufactures dairy and juice products.
It distributes its products through a variety of channels,
including independent distributors and wholesalers, supermarket
chains, small- and medium-sized grocery stores, open-air markets
and restaurants.


YUKOS OIL: Six Firms Eye Gazprom Neft Stake in Today's Auction
--------------------------------------------------------------
At least six firms will participate in today's auction to
acquire OAO Yukos Oil Co.'s 20% stake in OAO Gazprom Neft, RIA
Novosti reports citing Russia's Federal Property Fund.

The auction, which carries a RUR144.8 billion starting price,
has grouped these assets under one lot:

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

Bidders for the lot include:

   -- Nefttradegroup,
   -- EniNeftegaz, a unit of Eni S.p.A.,
   -- Unitex,
   -- Group Invest,
   -- North-West Invest, and
   -- Trans Nafta.

Nefttradegroup, RIA Novosti says, is affiliated with Rosneft
while Unitex is reportedly bidding for OAO Gazprom.  Rosneft has
confirmed one of its units will participate in the auction.

As widely reported, Rosneft, through RN-Razvitiye, won the
auction for Yukos' 9.44% stake in the company, outbidding TNK-BP
Holding Ltd with its RUR197.84 billion offer.  Aside from the
stake, the first lot also includes 12 promissory notes worth
RUR3.56 billion in Yukos' former main production unit,
Yuganskneftegaz.

Analysts see tougher competition in the second auction, as firms
race to grab the remains of what was once Russia's largest oil
producer, which are set to be liquidated this year.

                        Auction Details

The next series of auctions for Yukos' assets will be held on:

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

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

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

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

In a TCR-Europe report on March 28, Yukos's stakes in two banks
will also be auctioned off this month.  The assets to be sold
will include:

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

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

As reported in the TCR-Europe on April 3, Yukos' creditors'
committee agreed to sell the company's oil assets in Eastern
Siberia under one lot for a starting price of at least RUR166
billion.

According to Interfax, the lot would consist of oil refineries,
including Achinsk Oil Refinery, oil production companies
(Tomskneft), energy service, research and development companies
and other assets.

The committee also approved the sale of certain assets in the
Kuban district and in the north Caucasus area under one lot, for
a starting price of at least RUR3.7 billion, Interfax relates.

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

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

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

                       About 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's
main 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: Italian Firms Brace for Today's Auction
--------------------------------------------------
Italy's Ambassador to the Russian Federation Vittorio Surdo has
confirmed that Italian energy firms Eni S.p.A. and Enel S.p.A.
will participate in today's auction for OAO Yukos Oil Co.'s 20%-
stake in OAO Gazprom Neft, RIA Novosti reports.

In a TCR-Europe report on March 30, Eni, Enel and Russian firm
ESN have formed a consortium for the auction.  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.

Eduard Rebgun, Yukos's bankruptcy receiver, will sell through an
auction these assets in 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 RUR144.8 billion.

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 in the auction.

Mr. Surdo expressed hope that the Italian firms win the auction.
He noted that the Russo-Italian economic relations have
"developed more than effectively in recent years," adding that
with EUR21 billion in turnover, Italy is currently Russia's
second or third largest trading partner.

Mr. Surdo said Enel also wants to invest up to EUR5 billion into
Russia's electricity generation systems.

"Speaking of investment in energy, we could become a major
investor in the next five to six years...  We have been given
access to deposits in Russia while Gazprom can now enter Italy's
market," Mr. Surdo told RIA Novosti.

Fulvio Conti, Enel's CEO, said acquiring Yukos' assets is part
of the firm's international expansion plan, especially in the
upstream gas sector, The Wall Street Journal reports.  He noted
that the firm is limited from growing locally by antitrust
rules.

                       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's
main 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: PwC Seeks to Extend Audit License in Russia
------------------------------------------------------
The Finance Ministry of Russia will decide on May 20 whether to
extend the license of PricewaterhouseCoopers' Russian branch
following allegations the firm helped OAO Yukos Oil Co. evade
taxes between 2002-2004, a report carried by the Kommersant
daily states.

PwC has denied speculations that its license to operate in
Russia is at risk, Victoria Thomson writes for The Scotsman.

"We maintain our position that PwC's audits were consistent with
the applicable professional standards and the applicable law,"
PwC said.  "We have no reason to believe that the application
for our license prolongation will be impacted, based on the
resolution of the court.

"We fully expect it to be renewed in accordance with existing
procedure and legislation."

PwC sought the extension on March 28, a few days after the
Moscow Arbitration Court invalidated a contract between the firm
and Yukos.  The court has ordered PwC to pay RUR16.8 million
(US$645 million) to the state, which includes a US$145 million
repayment on the cost of the contract.

According to court transcripts published by the Kommersant, the
court concluded that PwC deliberately deceived shareholders by
providing them with unreliable information in its audits.

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

The auditing firm has denied the allegation saying that the two
reports it has produced for Yukos are done within the norm of
standard professional practice, The Moscow Times reported last
month.

Under Russian law, PwC has until April 27 to appeal the court
decision, which will then be under review for at least a month,
RIA Novosti relates.

                        Back-Tax Probe

PwC's Russian branch is also subject to a separate tax-evasion
probe conducted by the Russian Ministry of Internal Affairs and
Prosecutor General's Office.

Authorities seized documents from the firm's Moscow office on
March 9 for evidences of allegations it has evaded up to RUR243
million (US$9.3 million) of taxes in 2002 on its manager's
orders.

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

About 50 percent of businesses in Russia, which covers around
2,000 firms, avail of PwC's services.

                           About PwC

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

                        About Yukos Oil

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

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

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

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

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

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


* S&P Affirms Bratsk City's B Ratings with Positive Outlook
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
Russian City of Bratsk to positive from stable following
continued economic and budget revenue growth and consequent
stabilization of the city's recently improved financial
performance.

At the same time, the 'B' long-term issuer credit rating and the
'ruA' Russia national scale rating were affirmed.

The ratings on Bratsk, the second-largest city in the Irkutsk
Oblast, reflect the city's high--although decreasing--economic
concentration, expenditure pressures, and dependence on federal
and regional decisions.

"The ratings are supported by the city's improved revenue and
expenditure stability due to recent municipal reform, low debt,
and relatively sophisticated management," said Standard & Poor's
credit analyst Boris Kopeykin.

The ratings are constrained by continuing uncertainty due to
dependence on federal and regional decisions, as there is a
constant risk to redistribute Bratsk's revenues in favor of
weaker municipalities.   The city's revenue predictability,
however, has improved, with modifiable revenues at 45%-50% of
total revenues in 2006, up from 30%-25% in 2002-2004.

Deficits after capital expenditures are expected to remain
modest until 2009, and the city will be accumulating debt slowly
from the current low of 7%.  Total tax-supported debt is
consequently likely to remain below a prudent 25%-30% limit
until the end of 2009.

The city has never defaulted on its debt.  In addition,
financial management sophistication and transparency in Bratsk
are above the Russian average and improving under the city's new
leadership, which is implementing a sophisticated financial
management reform program.

"We expect continued economic growth in the city and ensuing
growth in budget revenues," said Mr. Kopeykin.

Improvement and stabilization of Bratsk's financial performance
in the medium term, with operating surpluses at or near those of
2006 and small deficits after capital expenditures, could lead
to an upgrade.  Improvement in the Irkutsk Oblast's
creditworthiness could also have a positive impact on
Bratsk.  Conversely, weaker performance, such as operating
deficits in 2007-2008 combined with debt accumulation of more
than a prudent 35%-40% in the medium term, could result in the
outlook being revised back to stable.


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


CIRSA BUSINESS: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its B1 Corporate Family Rating for
Cirsa Business Corp. S.A.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: Cirsa Capital Luxembourg S.A.

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ------
   7.875% Senior Unsecured
   Regular Bond/Debenture
   Due 2012                B3       B2        LGD5    70%

* Issuer: Cirsa Finance Luxembourg S.A.

                            Old POD  New POD  LGD     Loss Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  -------
   8.75% Senior Unsecured
   Regular Bond/Debenture
   Due 2014                 B2        B1      LGD3    46%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Terrassa, Spain, Cirsa is a leading Spanish
gaming company, with substantial operations in Brazil, The
Dominican Republic, Venezuela, Panama, Suriname, Peru, Argentina
and Uruguay.  For the 12 months ended September 2006, Cirsa had
revenues of EUR1.643 billion and EBITDA of EUR123.7 million.


SANTANDER HIPOTECARIO: Moody's Junks EUR22.4-Mln Series F Notes
---------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
eight series of residential mortgage-backed "Bonos de
Titulizacion de Activos" issued by Fondo de Titulizacion de
Activos Santander Hipotecario 3, a Spanish Asset Securitisation
Fund created by Santander de Titulizacion, S.G.F.T, S.A.:

   -- EUR613.3-million Series A1 notes: Aaa;
   -- EUR1.54-billion Series A2 notes: Aaa;
   -- EUR420-million Series A3 notes: Aaa;
   -- EUR79.2-million Series B notes: Aa2;
   -- EUR47.5-million Series C notes: A1;
   -- EUR72-million Series D notes: Baa1;
   -- EUR28-million Series E notes: Ba2; and
   -- EUR22.4-million Series F notes: Ca.

This transaction consists of the securitization of a pool of
first-lien residential mortgage loans originated and serviced by
Banco Santander Central Hispano, one of the leading Spanish
banks and with a proven track record in the securitization
market.  All of the loans comprising the collateral have a Loan-
to-Value exceeding 80%.

The pool comprises 17,782 loans representing a provisional
portfolio of EUR2,956,395,725.  The loans are originated between
1993 and 2006, with a weighted average seasoning of around 1.5
years.  The original weighted average LTV is 92.42%.  The
current weighted average LTV is 90.21%.  The pool is well
diversified across Spain.

According to Moody's, this deal benefits from several strengths,
including the following:

   (1) a swap agreement that guarantees a 75-bppa Xs spread plus
       the servicing fee in the event of SCH being replaced as
       servicer;

   (2) a reserve fund that is fully funded at closing from the
       proceeds of the issue of the Series F Notes to cover any
       potential shortfall in interest and principal;

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

   (4) the fact that 100% of the loans are secured by first lien
       residential mortgages.

However, Moody's notes that the deal also features a number of
credit weaknesses, notably:

   (1) the fact that the collateral comprises loans with an LTV
       of over 80%, which leads to a higher expected default
       frequency and more severe losses;

   (2) the absence of any information on the occupancy type of
       the borrowers; and

   (3) the fact that, although the deferral of interest payments
       on each of Series B, C, D and E benefits the repayment of
       the series senior to each of them, it increases the
       expected loss on Series B, C, D and E themselves.  All of
       these increased risks were reflected in Moody's credit
       enhancement calculation.

Moody's has based its ratings on:

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

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

The ratings address the expected loss posed to investors 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.  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 on
Series A1, A2, A3, B, C, D and E, and for ultimate payment of
interest and principal at par on or before the rated final legal
maturity date on Series F.


TOWER AUTOMOTIVE: Defendants Object to Avoidance Action Protocol
----------------------------------------------------------------
Several defendants to Tower Automotive Inc. and its debtor-
affiliates' avoidance actions contend that the proposed
streamlined procedures are inconsistent with the Federal Rules
of Civil Procedure.

The objecting Defendants are:

   1. The Paslin Company, Central Metal Products Inc., The
      Crown Group, Industrial Packaging Systems, L&W
      Engineering, Co. Holland, and Sharp Model Co. Inc.;

   2. American Conveyor Group Inc.;

   3. Steel Technologies Inc., Mi-Tech Steel Inc., and
      Arc Weld Inc.;

   4. B&B Industrial Services, Inc., Capital Cleaning
      Contractors Inc., Hi-Tech Tool Industries Inc., Murray
      Machine & Tool Co. Inc., and Shaltz Fluid Power Inc.;

   5. TWB Company LLC;

   6. Fabest Co., Ltd., and Fabest U.S.A. Inc.; and

   7. Pinecrest Engineering Inc.

As reported in the Troubled Company Reporter on March 16, the
Debtors asked the U.S. Bankruptcy Court for the Southern
District of New York to enter a ruling establishing streamlined
procedures for claims and actions that are commenced by the
Debtors pursuant to Sections 502, 547, 548 and 550 of the
Bankruptcy Code.

The Debtors' request is not permitted by law, and is not in the
best interest of the Defendants, who are, or will become
creditors of the estates, asserts Daniel J. Weiner, Esq., at
Schafer and Weiner, PLLC, on behalf of Paslin Company, et al.
The proposed order would not "streamline" but would instead
complicate and aggravate the Debtors' Avoidance Actions,
primarily to the detriment of the Defendants, Mr. Weiner says.

"[The] Debtors' actions are no excuse to limit the Defendants'
rights to actively and aggressively defend the Avoidance
Actions.  The Debtors are, after all, the plaintiffs in these
Avoidance Actions and stand to make a very generous net profit
on this litigation, while every defendant will lose at least
their attorneys' fees with no possibility to ever recoup those
losses," Mr. Weiner contends.

"The Debtors' admitted goals for this Motion are to discourage
[the] Defendants from filing pretrial motions, to lessen the
Debtors' (but certainly not the Defendants') litigation costs,
and, with surprising honesty, to reduce the likelihood that
defendants will retain counsel," Mr. Weiner points out.

The Defendants want the Court to deny the Debtors' request to
require all disclosures under Rule 7026 of the Federal Rules of
Bankruptcy Procedure to be made within 30 days after the date an
answer is filed, unless extended by agreement of the parties.

The Defendants note that Rule 26 of the Federal Rules of Civil
Procedure governs, inter alia, initial disclosures, disclosures
of expert testimony, and pretrial disclosures.

Initial disclosures pursuant to Civil Rule 26(a)(1) are
generally required at or within 14 days after a Rule 26(f)
conference is held unless a different time is set by stipulation
or court order.

Pursuant to Civil Rule 26(a)(2)(C), expert disclosures are to be
made at the times and in the sequence directed by the Court.  In
the absence of that direction, expert disclosures will be made
at least 90 days before the trial or the date the case is to be
ready for trial.

Pursuant to Civil Rule 26(a)(3)(C), pretrial disclosures must be
made at least 30 days before trial.

Given that the first pretrial conference has not occurred, the
Avoidance Actions are not near the trial stage, and discovery
has not even begun, the Defendants contend that making expert
disclosures and pretrial disclosures within 30 days after they
file their answer would be unduly burdensome and inequitable.

The Defendants suggest that any order granting the Debtors'
request should clarify that the Defendants need only make the
initial disclosures and that all other disclosures will be
governed by deadlines set forth in that ruling or in a separate
order.

Any order should also permit the filing of motions without a
requirement of conducting a pre-motion conference other than
with respect to motions relating to discovery, the Fabest and
B&B Industrial Defendants suggest.

                    About Tower Automotive

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 period to file a chapter 11 plan
of reorganization expired on March 30, 2007.  The Debtors hope
to file a chapter 11 plan by April 20, 2007.  (Tower Automotive
Bankruptcy News, Issue No. 57; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


TOWER AUTOMOTIVE: Brand Wants Stay Modified to Serve Subpoena
-------------------------------------------------------------
The Brand Group asks the Hon. Allen Gropper of the U.S.
Bankruptcy Court for the Southern District of New York to modify
the automatic stay so it may serve a document preservation
subpoena on Tower Automotive Inc., and certain affiliated
entities.

The Brand Group is the lead plaintiff in a securities fraud
class action entitled In re Tower Automotive Securities
Litigation, Case No. 1:05-cv-01926 (RWS), pending before the
United States District Court for the Southern District of New
York.

The Securities Litigation was filed on behalf of all persons who
acquired Tower's securities between Aug. 14, 2000, and Feb. 1,
2005, inclusive, and alleges violations by certain current and
former officers and directors of Tower of federal securities
laws, including Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

Tower is not a defendant in the Securities Litigation.  The case
is proceeding against the Non-Debtor Defendants.

Service of the Preservation Subpoena on the Debtors is necessary
to ensure the proper and secure maintenance of documents in the
Debtors' possession or control, until the time Brand Group is
permitted to serve a subpoena duces tecum on the Debtors or the
documents are otherwise made available, Michael S. Etkin, Esq.,
at Lowenstein Sandler PC, explains.

The Defendants in the Securities Litigation have sought
dismissal of the Action.  The adversary parties currently await
the District Court's decision.

Pursuant to the Private Securities Litigation Reform Act of
1995, absent relief from the District Court, Brand Group is
enjoined from seeking discovery in the Securities Litigation
until a decision is rendered on the Motion to Dismiss.  As a
result of the PSLRA Stay, Brand Group is barred from serving
requests for discovery on the Non-Debtor Defendants or subpoenas
on non-parties.

To prevent destruction of documents, the statute requires that
the parties to a securities action preserve all relevant
documents in their possession during the pendency of the PSLRA
Stay, Mr. Etkin contends.

"Maintaining and preserving the documents is essential to
assuring [Brand Group's] ability to prosecute the Securities
Litigation," Mr. Etkin says.

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 period to file a chapter 11 plan
of reorganization expired on March 30, 2007.  The Debtors hope
to file a chapter 11 plan by April 20, 2007.  (Tower Automotive
Bankruptcy News, Issue No. 57; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


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


SAS AB: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its B1 Corporate Family Rating for
SAS AB.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: SAS Denmark-Norway-Sweden
                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   EUR1-billion
   Sr. Unsecured
   Medium-Term
   Note Program             B2       B1       LGD3    48%

   1% Senior Unsecured
   Regular Bond/
   Debenture Due 2007       B2       B1       LGD3    48%

   1.305% Sr. Unsecured
   Regular Bond/
   Debenture Due 2008       B2       B1       LGD3    48%

   1.12% Sr. Unsecured
   Regular Bond/
   Debenture Due 2007       B2       B1       LGD3    48%

   CZK750-million
   Sr. Unsecured
   Regular Bond/
   Debenture Due 2008       B2       B1       LGD3    48%

   EUR500-million
   6% Senior Unsecured
   Regular Bond/
   Debenture Due 2008       B2       B1       LGD3    48%

   CHF200-Million 2.375%
   Sub. Regular Bond/
   Debenture                B3       B3       LGD6    96%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Stockholm, Sweden, SAS AB --
http://www.sasgroup.net/-- is the parent company of the SAS
Group, which engages in the provision of air transport and
related services.  The governments of Sweden, Denmark and Norway
own 50% of the company.


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


BFS FAHRSCHULE: Creditors' Liquidation Claims Due April 30
----------------------------------------------------------
Creditors of LLC BFS Fahrschule & Services have until April 30
to submit their claims to:

         Bruno Ruttimann
         Liquidator
         Waldeggstrasse 21
         8405 Winterthur ZH
         Switzerland

The Debtor can be reached at:

         LLC BFS Fahrschule & Services
         Winterthur ZH
         Switzerland


GATE GOURMET BORROWER: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its B2 Corporate Family Rating for
Gate Gourmet Borrower LLC.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: Gate Gourmet Borrower LLC

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   -------
   Senior Secured
   Bank Credit Facility
   (First Lien)            B2       B1       LGD3     39%

   Senior Secured
   Bank Credit Facility
   (Second Lien)           Caa1     B3       LGD4     61%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Zurich, Switzerland, Gate Gourmet --
http://www.gategourmet.com/-- is the world's second largest in-
flight caterer behind LSG Sky Chefs, manages more than 100
flight kitchens, prepares some 195 million meals each year for
airline passengers, and retains about 200 airline companies as
its customers.  Its customers include international carriers
such as American Airlines, Northwest Airlines, and Thai Airways.
Gate Gourmet has been serving meals to air travelers since 1995
and is owned by private equity group Texas Pacific Group.


ITKD-INGENIEURGESELLSCHAFT: Liquidation Claims Due April 30
-----------------------------------------------------------
Creditors of LLC itkd-Ingenieurgesellschaft fur technische
Kommunikationsdienstleistungen have until April 30 to submit
their claims to:

         Peter Markstaller
         Liquidator
         Steigerzelg 17
         8280 Kreuzlingen TG
         Switzerland

The Debtor can be reached at:

         LLC itkd-Ingenieurgesellschaft fur technische
         Kommunikationsdienstleistungen
         Kreuzlingen TG
         Switzerland


PIRI PICTURES: Creditors' Liquidation Claims Due April 16
---------------------------------------------------------
Creditors of LLC Piri Pictures have until April 16 to submit
their claims to:

         JSC Baryon
         Liquidator
         General Guisan-Quai 36
         8002 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Piri Pictures
         Uitikon
         Dietikon ZH
         Switzerland


PPO MEDIENSERVICE: Lucerne Court Starts Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Court of Hochdorf in Lucerne commenced bankruptcy
proceedings against JSC PPO Medienservice on Feb. 26.

The Bankruptcy Service of Hochdorf can be reached at:

         Bankruptcy Service of Hochdorf
         6020 Emmenbrucke
         Hochdorf LU
         Switzerland

The Debtor can be reached at:

         JSC PPO Medienservice
         Chileweid 1
         6026 Rain
         Hochdorf LU
         Switzerland


RESTAURANT BRAUI: Lucerne Court Starts Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Court of Sursee in Lucerne commenced bankruptcy
proceedings against LLC Restaurant Braui on Feb. 22.

The Bankruptcy Service of Sursee can be reached at:

         Bankruptcy Service of Sursee
         6018 Buttisholz
         Sursee LU
         Switzerland

The Debtor can be reached at:

         LLC Restaurant Braui
         Bahnhofstrasse 2
         6233 Buron
         Sursee LU
         Switzerland


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


ALEX-AGRO CJSC: Claims Submission Period Ends April 15
------------------------------------------------------
Creditors of CJSC Alex-Agro (code EDRPOU 32355171) have until
April 15 to submit written proofs of claim to:

         Natalia Chesnova
         Temporary Insolvency Manager
         P.O. Box 2047
         49033 Dniepropetrovsk
         Ukraine

The Economic Court of Kiev commenced bankruptcy supervision
procedure on the company.  The case is docketed as 10/1.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Alex-Agro
         Lenin Str. 43
         Protopopovka
         Aleksandrovka District
         28031 Kirovograd
         Ukraine


DONBASS EARTH: Creditors Must File Claims by April 16
-----------------------------------------------------
Creditors of LLC Donbass Earth (code EDRPOU 30702460) have until
April 16 to submit written proofs of claim to:

         T. Zhevnova, Liquidator
         Koval Str. 84/46
         83000 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 5/305B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Donbass Earth
         Koval Str. 84/46
         83000 Donetsk
         Ukraine


EASTSERVICE LLC: Creditors Must File Claims by April 15
-------------------------------------------------------
Creditors of LLC EastService (code EDRPOU 21195835) have until
April 15 to submit written proofs of claims to:

         Vladimir Shuba, Liquidator
         Kosmicheskaya Str. 26
         61145 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on Jan. 11 after finding it insolvent.  The
case is docketed as B-19/08-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC EastService
         Traktorostroiteley Avenue 162-B
         61129 Kharkov
         Ukraine


FRUIT AND VEGETABLE: Claims Submission Period Ends April 15
-----------------------------------------------------------
Creditors of CJSC Fruit and Vegetable (code EDRPOU 30693362)
have until April 15 to submit written proofs of claim to:

         Taisiya Melnik, Temporary Insolvency Manager
         Pervomayskaya Str. 6
         Derazhnia
         32200 Hmelnitskiy
         Ukraine

The Economic Court of Hmelnitskiy commenced bankruptcy
supervision procedure on the company.  The case is docketed as
2/26-B.

The Court is located at:

         The Economic Court of Hmelnitskiy
         Nezalezhnosti Square 1
         29000 Hmelnitskiy
         Ukraine

The Debtor can be reached at:

         CJSC Fruit and Vegetable
         Kuprin Lane 7
         Hmelnitskiy
         Ukraine


INOPT-04 LLC: Creditors Must File Claims by April 15
----------------------------------------------------
Creditors of LLC Inopt-04 (code EDRPOU 33190632) have until
April 15 to submit written proofs of claim to:

         Svetlana Akaeva, Liquidator
         P. Komuna Str. 1-B
         36020 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 4/7.

The Court is located at:

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

The Debtor can be reached at:

         LLC Inopt-04
         Viliams Str. 1
         36000 Poltava
         Ukraine


KRASNY PARTIZAN: Creditors Must File Claims by April 15
-------------------------------------------------------
Creditors of LLC Krasny Partizan (code EDRPOU 30822096) have
until April 15 to submit written proofs of claim to:

         Eugene Chuprun, Liquidator
         Petropavlovskaya Str. 74
         Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company on March 5 after finding it insolvent.  The
case is docketed as 6/149-06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Krasny Partizan
         Studenok
         Gluhov District
         Sumy
         Ukraine


MAMAY LLC: Creditors Must File Claims by April 16
-------------------------------------------------
Creditors of LLC Mamay (code EDRPOU 30783712) have until
April 16 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 43/102.

The Debtor can be reached at:

         LLC Mamay
         Oranzhereynaya Str. 3
         04112 Kiev
         Ukraine


MELIORATOR CJSC: Creditors Must File Claims by April 15
-------------------------------------------------------
Creditors of CJSC Meliorator (code EDRPOU 25483123) have until
April 15 to submit written proofs of claim to:

         Vladimir Ivannikov, Liquidator
         Shmidt Str. 18
         Berdiansk
         71100 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company on Feb. 13 after finding it
insolvent.  The case is docketed as 16/24/07.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Meliorator
         Spit Peresyp
         Kirilovka
         Yakimovka District
         Zaporozhje
         Ukraine


REINFORCED CONCRETE: Creditors Must File Claims by April 16
-----------------------------------------------------------
Creditors of CJSC Production Association Reinforced Concrete
Goods (code EDRPOU 31746095) have until April 16 to submit
written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 43/61.

The Debtor can be reached at:

         CJSC Production Association Reinforced Concrete Goods
         40 Years of October Str. 120
         03127 Kiev
         Ukraine


SUNRISE COLORS: Creditors Must File Claims by April 15
------------------------------------------------------
Creditors of CJSC Sunrise Colors (code EDRPOU 31223021) have
until April 15 to submit written proofs of claim to:

         State Tax Inspection in Shargorod District, Liquidator
         Shargorod, Lenin Str. 256
         23500 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company on Feb. 21 after finding it insolvent.  The
case is docketed as 10/14-07.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Sunrise Colors
         Lenin Str. 292
         Shargorod
         Vinnica
         Ukraine


TECHNICAL AGRICULTURAL: Creditors Must File Claims by April 15
--------------------------------------------------------------
Creditors of LLC Technical Agricultural Assembly (code EDRPOU
32017151) have until April 15 to submit written proofs of claim
to:

         Svetlana Akaeva, Liquidator
         P. Komuna Str. 1-B
         36020 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company on March 1 after finding it insolvent.  The
case is docketed as 4/8.

The Court is located at:

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

The Debtor can be reached at:

         LLC Technical Agricultural Assembly
         Krasnoflotskaya Str. 15
         36010 Poltava
         Ukraine


TERNY TRIBAL: Creditors Must File Claims by April 15
----------------------------------------------------
Creditors of LLC Terny Tribal Plant (code EDRPOU 30941587) have
until April 15 to submit written proofs of claim to:

         Artem Oskorbin, Liquidator
         Suprun Str. 7
         40011 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 6/24-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Terny Tribal Plant
         Lenin Str. 7
         Terny
         Nedrigaylo District
         42110 Sumy
         Ukraine


UKRSOTSBANK OJSC: S&P Affirms B Ratings with Positive Outlook
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
counterparty credit rating on Ukraine-based Ukrsotsbank OJSC and
removed it from CreditWatch where it had been originally placed
with positive implications on Feb. 15, 2006.

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

"The CreditWatch removal reflects the missed March 31 deadline
on a purchase agreement for the acquisition of USB by Intesa
Sanpaolo," said Standard & Poor's credit analyst Ekaterina
Trofimova.

Italy-based Intesa Sanpaolo S.p.A. is rated AA-/Stable/A-1+.

If the parties reach a new acquisition agreement, Standard &
Poor's will take that into consideration in any subsequent
review of the ratings.

USB is among the top five banks in Ukraine with reported total
assets of about US$3.9 billion as of March 1.

"The positive outlook reflects USB's strengthening commercial
and earnings profile, lower single-party concentrations and
declining industry risks, which enhance the bank's
creditworthiness and consequently improve prospects for the
ratings to be raised," said Ms. Trofimova.

If these positive developments prove to be sustainable, and
capitalization and growth challenges remain under control, S&P
would raise the ratings.

If progress is not made in these areas, S&P would revise the
outlook back to stable.

S&P will closely monitor the renewed political confrontation in
Ukraine for potential adverse impacts on USB's liquidity and
asset quality, though we expect the bank to be able to manage
them.  The current ratings incorporate a possibility of some
deterioration in the bank's financial and commercial profile,
but depending on its extent, may put downward pressure on the
ratings.

If USB is sold to a strong strategic investor, this would be a
key rating factor for the bank.


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


ADVANCED MARKETING: PGW Files Schedule of Assets and Liabilities
----------------------------------------------------------------
A.      Real Property                                      US$0

B.      Personal Property                                     0

        Total Scheduled Assets                             US$0

C.      Property Claimed as Exempt               Not applicable

D.      Creditors Holding Secured Claims
           Wells Fargo Foothill Inc.              US$41,514,348

E.      Creditors Holding Unsecured
        Priority Claims                                       0

F.      Creditors Holding Unsecured Claims                    0

        Total Scheduled Liabilities               US$41,514,348

                    About Advanced Marketing

Based in San Diego, California, Advanced Marketing Services Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution, and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom, and Australia and employs
around 1,200 people worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than US$100 million.  The Debtors' exclusive period to file a
chapter 11 plan expires on Apr. 28, 2007. (Advanced Marketing
Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


ADVANCED MARKETING: PGI Files Schedule of Assets and Liabilities
----------------------------------------------------------------
A.      Real Property                                      US$0

B.      Personal Property                                     0

        Total Scheduled Assets                             US$0

C.      Property Claimed as Exempt               Not applicable

D.      Creditors Holding Secured Claims
           Wells Fargo Foothill Inc.             US$41,514,348

E.      Creditors Holding Unsecured
        Priority Claims                                       0

F.      Creditors Holding Unsecured Claims                    0

        Total Scheduled Liabilities               US$41,514,348

                    About Advanced Marketing

Based in San Diego, California, Advanced Marketing Services Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution, and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom, and Australia and employs
around 1,200 people worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than US$100 million.  The Debtors' exclusive period to file a
chapter 11 plan expires on Apr. 28, 2007. (Advanced Marketing
Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


COLLINS & AIKMAN: Gets Court OK on Williamston Asset Sale Deal
--------------------------------------------------------------
The Honorable Steven W. Rhodes of the U.S. Bankruptcy Court for
the Eastern District of Michigan granted Collins & Aikman Corp.
and its debtor-affiliates' request to enter into the sale
transaction with Williamston Products.

The Purchase Agreement and the transactions contemplated are
approved. The assignment and transfer of the assumed contracts
are approved.

The sale, assumption and assignment of the Lease are approved
pursuant to Sections 363 and 365 of the Bankruptcy Code.

Objections that have not been withdrawn, waived or settled, and
all reservation of rights included are denied and overruled on
the merits with prejudice.

The Court declares that on the closing date, the order will be
construed and will constitute for any and all purposes a full
and complete general assignment, conveyance and transfer of the
acquired assets or a bill of sale transferring good and
marketable title in the acquired assets to Williamston Products.

The Debtors will pay to Alba Inc., counterparty to the Lease,
US$10,462, which will be deemed the entire cure obligation of
the Debtors due and owing under Section 365.  Alba is forever
barred and enjoined from raising or asserting future claims
against the Debtors based on any cure amount or lease.

The Debtors' Customers will be paid the inventory purchase
price, to be determined as of the closing date using GAAP, for
all merchantable and useable inventory.  At closing, the
Customers will be paid US$350,000 to be applied against the
Inventory Purchase Price.

The Inventory Purchase Price is defined and calculated as: (i)
raw materials - 100% of standard costs; (ii) work-in-process -
95% of standard cost; and (iii) finished goods - the existing
purchase order price for the part in question.

At closing, US$350,000 will be placed in escrow for the benefit
of the Customers and Debtors, as their interests may appear.

In the event the Inventory Purchase Price is greater than
US$700,000, the Debtors will immediately remit the difference to
the Customers.  If the Inventory Purchase Price is less than
US$700,000, the unused funds in the escrow will be remitted
immediately to the Debtors.

At closing, GM will be paid by wire transfer US$9,200 from the
Purchase Price in full satisfaction of the capital expenditure
advances made by GM to the Debtors relating to the GMX 215
program at the Williamston facilities.

GE Capital will be paid US$200,000 from the Purchase Price, and
upon receipt, GECC waives any and all claims and releases any
and all liens, claims and encumbrances on and to any of the
acquired assets.  The order will not have any precedential
effect in any proceedings including the adversary proceeding
styled Collins & Aikman Products Co. v. General Electric Capital
Corp. (No. 06-4573).

The order is effective and enforceable immediately.

                         Winning Bidder

The Debtors, with the consent and agreement of the agents for
the Debtors' senior, secured lenders, their applicable
customers, and the Official Committee of Unsecured Creditors,
had sought the Court's authority to consummate the proposed sale
of the Debtors' assets at their Williamston, Michigan facilities
to Williamston Products Inc.

The sale of the Williamston Assets results from an active
auction that took place on March 14, 2007.  Williamston Products
was the stalking horse bidder for the assets.

The Debtors relate that Williamston Products emerged as the
successful bidder after several rounds of bidding, with an offer
US$400,000 over the initial stalking horse bid -- a final
US$3,300,000 final purchase price, providing a substantial
benefit to the Debtors' estate.

On March 20, 2007, General Motors Corp. formally confirmed that
Williamston Products was a "Qualified Buyer" under the customer
agreement among the Debtors and its major Customers.  All other
relevant Customers had previously confirmed that Williamston
Products was a Qualified Buyer under the Customer Agreement, Ray
C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, says.

The Debtors and Williamston Products amended the purchase
agreement on March 23 to reflect the terms of Williamston
Products' successful bid at the auction.

As part of the transaction, the Debtors also seek the Court's
approval of the assumption and assignment of the lease of
nonresidential real property located at 845 Progress Court,
Williamston, Michigan; and waive the 10-day automatic stays of
both the Sale and the assignment of the Lease.  The Debtors have
agreed to pay the cure amount of US$10,462 in connection with
the Lease.

The closing date is anticipated to occur upon, or as soon as
possible after, the entry of the order approving the Debtors'
request, but no later than March 30.

A full-text copy of the amended Purchase Agreement is available
for free at http://ResearchArchives.com/t/s?1c95

The Debtors will take any action necessary or required to enable
them to assign and transfer to Williamston Products their
rights, title and interest under certain assumed contracts. A
list of the assumed contracts is available for free at:

             http://ResearchArchives.com/t/s?1c96

                 Losing Bidder Reserves Rights

Gill Industries Inc., bid US$2,850,000 -- US$2,250,000 for the
acquired assets other than inventory and US$600,000 for
inventory.  Although Gill's bid was less than the Stalking Horse
Bid, the Debtors permitted Gill to attend the auction.

The Debtors, however, selected Williamston Products as the
winning bidder at the auction.

Gill reserves all of its rights and remedies in connection with
the proposed sale of assets and assumption of liabilities in the
event that the Sale does not close and the Debtors seek to close
a sale of the assets to Gill.

                     About Collins & Aikman

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

The Debtors' disclosure statement explaining their First
Amended Joint Chapter 11 Plan was approved on Jan. 25, 2007.
The hearing to consider confirmation of the Debtors' Amended
Joint Plan is set for April 19, 2007.  (Collins & Aikman
Bankruptcy News, Issue No. 57; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


COLLINS & AIKMAN: Adrian Plant Set to Close on May 18
-----------------------------------------------------
Debtor Dura Convertible Systems' Adrian, Michigan plant is set
to close on May 18, David Youngman, Collins & Aikman Corp.'s
vice president of operations said.  The facility is owned by
Collins, and employs 250 people.

According to Mr. Youngman, a Worker Adjustment and Retraining
Notification Act notification is pending with the Michigan
Department of Labor and Economic Growth.

The Adrian Plant may continue its operations past the May 18
deadline if a buyer is found or in response to customer
production need.

Randy Yagiela, president and chief executive officer of the
Lenawee County Chamber for Economic Development notes that Dura
operations have a strong track record and that its product line
may still attract prospective buyers.

"Sometimes facilities that are profitable become victims of the
poor performance of their parent company," Mr. Yagiela said.
"The Lenawee Chamber will help market the facility for sale if
opportunities arise, but most of that activity will likely be
handled by Collins & Aikman."

According to the Daily Telegram, Mr. Yagiela will be a part of
Dura's and the South Central Michigan Works' discussion on how
to help displaced workers.  The aid package could include
training and education funding.

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

The Debtors' disclosure statement explaining their First
Amended Joint Chapter 11 Plan was approved on Jan. 25, 2007.
The hearing to consider confirmation of the Debtors' Amended
Joint Plan is set for April 19, 2007.  (Collins & Aikman
Bankruptcy News, Issue No. 57; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DOURIS UK: Appoints Joint Administrators from Deloitte & Touche
---------------------------------------------------------------
Nicholas Guy Edwards and Lee Antony Manning of Deloitte & Touche
LLP were appointed joint administrators of Douris U.K. Ltd.
(Company Number 03295437) on March 21.

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.

The company can be reached at:

         Douris U.K. Ltd.
         The Glassmill
         1 Battersea Bridge Road
         Wandsworth
         London
         SW11 3BZ
         England
         Tel: 00 44 (0) 207 936 3000
         Fax: 00 44 (0) 207 779 4001


EMI GROUP: Launches DRM-Free Downloads on Entire Repertoire
-----------------------------------------------------------
EMI Group Plc launched a new premium downloads for retail on a
global basis, making all of its digital repertoire available at
a much higher sound quality than existing downloads and free of
digital rights management restrictions.

The new higher quality DRM-free music will complement EMI's
existing range of standard DRM-protected downloads already
available.  EMI's retailers will be offered downloads of tracks
and albums in the DRM-free audio format of their choice in a
variety of bit rates up to CD quality.

The company is releasing the premium downloads in response to
consumer demand for high fidelity digital music for use on home
music systems, mobile phones and digital music players.  EMI's
new DRM-free products will enable full interoperability of
digital music across all devices and platforms.

"Our goal is to give consumers the best possible digital music
experience.  By providing DRM-free download, we aim to address
the lack of interoperability, which is frustrating for many
music fans.  We believe that offering consumers the opportunity
to buy higher quality tracks and listen to them on the device or
platform of their choice will boost sales of digital music,"
Eric Nicoli CEO of EMI Group disclosed.

"Apple have been a true pioneer in digital music, and we are
delighted that they share our vision of an interoperable market
that provides consumers with greater choice, quality,
convenience and value for money," Mr. Nicoli added.

"Selling digital music DRM-free is the right step forward for
the music industry," Steve Jobs Apple's CEO stated.  "EMI has
been a great partner for iTunes and is once again leading the
industry as the first major music company to offer its entire
digital catalogue DRM-free."

Apple's iTunes Store is the first online music store to receive
EMI's new premium downloads.  Apple has announced that iTunes
will make individual AAC format tracks available from EMI
artists at twice the sound quality of existing downloads.

"Protecting the intellectual property of EMI and our artists is
as important as ever, and we will continue to work to fight
piracy in all its forms and to educate consumers.  We believe
that fans will be excited by the flexibility that DRM-free
formats provide, and will see this as an incentive to purchase
more of our artists' music," Mr. Nicoli concluded.

                          About EMI

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

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

                        *     *     *

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

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


EUROMONEY INSTITUTIONAL: Sells Atalink Unit to Ten Alps
-------------------------------------------------------
Euromoney Institutional Investor PLC has completed the sale of
its wholly owned subsidiary, Atalink Ltd., to Ten Alps plc.

Ten Alps has paid GBP1.761 million on completion.  A further
payment will be made, on a pound for pound basis, for the net
current assets of the company as at March 30, 2007, on agreement
of the completion accounts.  This amount is anticipated to be
around GBP0.75 million.   At March 30, 2008 a further GBP0.465
million will become payable.  The sale of Atalink is a class 3
transaction for Euromoney under the listing rules.

Atalink produces over 25 specialist and direct response
publications and related Web sites.   It was acquired by
Euromoney as part of its acquisition of Metal Bulletin in
October 2006 for GBP222 million.  The disposal of Atalink is
consistent with Euromoney's continuing strategy of streamlining
its portfolio of businesses and investing in subscription-based
electronic data products.

Headquartered in London, England, Euromoney Institutional
Investor PLC -- http://www.euromoneyplc.com/-- is an
international business-to-business media group focused primarily
on the international finance, metals and commodities sectors.
It publishes more than 70 magazines, newsletters and journals,
including Euromoney, Institutional Investor and Metal Bulletin.
It also runs an extensive portfolio of conferences, seminars and
training courses, and is a leading provider of electronic
information and data on international finance, metals and
emerging markets.

At Sept. 30, 2006, Euromoney's balance sheet showed GBP239.09
million in total assets and GBP265.86 million in total
liabilities, resulting in a GBP26.77 million in stockholders'
deficit.

The company's Sept. 30 balance sheet also showed strained
liquidity with GBP104.08 million in total current assets
available to pay GBP171.55 million in total liabilities coming
due within the next 12 months.


EUROTUNNEL GROUP: Court Moves Meeting Deadlines to June 15
----------------------------------------------------------
The Paris Commercial Court postponed, until June 15, the
deadline within which Eurotunnel Group may call for its general
meetings to approve the 2005 and 2006 reports and accounts.

Eurotunnel stressed that the going concern of both Eurotunnel
PLC and Eurotunnel S.A. depends directly on the implementation
of the safeguard plan and in particular on the recapitalization
operations of these companies.

These operations can only be implemented if the Exchange Tender
Offer is successful, hence the postponement of the calling of
the general meetings.

                        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).

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.

                     Safeguard Protection

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 the end of 2006, the
group's creditors and bondholders 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.


EUROTUNNEL GROUP: Plans to Axe Shareholders' Free Travel Perks
--------------------------------------------------------------
Eurotunnel Group planned on cutting the unlimited free travel
for its 4,065 founding shareholders, prompting investors to
organize an action group to launch a legal proceeding against
the move, the Daily Mail states.

According to the report, shareholders who bought 1,500 shares at
350 pence each when Eurotunnel floated in 1987 have enjoyed
travel perks since then.  The three types of perks shareholders
received were:

   -- free travel for investors in 1986;

   -- a set number of free trips for 1990 boarders; and

   -- a 30% discount on up to six one-way crossings per
      year for the class of 1996.

The Daily Mail adds that the company will offer one Groupe
Eurotunnel SA share plus one warrant for each Eurotunnel share
to its 500,000 shareholders.  Emphasizing equitable distribution
among investors, Groupe Eurotunnel says it is offering 30%
discounts on up to six one-way crossings per year to all
shareholders.

The action group believed it has contractual rights and not a
perk.

"We shouldered the risk, lost our investment, and now we are
getting the same treatment as someone who bought shares a month
ago," John Webley an action group member told Daily Mail.

                        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).

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.

                     Safeguard Protection

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 the end of 2006, the
group's creditors and bondholders 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.


INEOS GROUP: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its Ba3 Corporate Family Rating for
Ineos Group Holdings Plc.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: Ineos Group Holdings Plc

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   8.5% Senior Secured
   Regular Bond/Debenture
   Due 2016                 B2       B2       LGD5     89%

   7.875% Senior Secured
   Regular Bond/Debenture
   Due 2016                 B2       B2       LGD5     89%


* Issuer: Ineos Holdings Ltd.

                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   Senior Secured Bank
   Credit Facility          Ba3      Ba2      LGD3     34%

   Senior Secured Bank
   Credit Facility
   (Second Lien)            B1       B1       LGD5     78%


* Issuer: INEOS Vinyls Finance Plc.

                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   9.125% Senior
   Unsecured Regular
   Bond/Debenture
   Due 2011                 B3       B2       LGD6     96%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Ineos Group Holdings Plc is a diversified and integrated
chemicals group headquartered in Southampton, the United
Kingdom.  Following the completion of the Innovene acquisition
in December 2005, Ineos reported 2005 revenues of EUR22.3
billion and nine-month 2006 revenues of EUR20.2 billion and
EBITDA of EUR1.9 billion for 2005 and EUR1.5 billion for nine
months of 2006.


LUCITE INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its B1 Corporate Family Rating for
Lucite International Ltd.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: Lucite International Finco Ltd.

                            Old POD  New POD  LGD      Projected
   Debt Issue               Rating   Rating   Rating   LGD
   ----------               -------  -------  ------   ---------
   Senior Secured Bank
   Credit Facility          P(B1)    Ba3      LGD3     32%

* Issuer: Lucite International U.S. Finco Ltd.

                            Old POD  New POD  LGD      Projected
   Debt Issue               Rating   Rating   Rating   LGD
   ----------               -------  -------  ------   ---------
   Senior Secured Bank
   Credit Facility          P(B1)    Ba3      LGD3     32%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Lucite International -- http://www.lucite.com-- is a world
leading supplier of Methyl Methacrylate, they have research and
development, sales and marketing facilities in U.S.A., Europe
and Asia.


MANSARD MORTGAGES: Fitch Rates GBP6.875-Mln Class B2 Notes at BB
----------------------------------------------------------------
Fitch Ratings assigned final ratings to Mansard Mortgages 2007-1
Plc's GBP250 million equivalent mortgage-backed floating-rate
notes due in 2049:

   -- GBP82.5 million Class A1 notes: 'AAA'
   -- GBP97.5 million Class A2 notes: 'AAA'
   -- GBP36.25 million Class M1 notes: 'AA'
   -- GBP14.375 million Class M2 notes: 'A'
   -- GBP12.5 million Class B1 notes: 'BBB'
   -- GBP6.875 million Class B2 notes: 'BB'

The collateral underlying the notes in this transaction consists
solely of Rooftop Mortgage Ltd. originations.  RML is jointly
owned by The Bear Stearns Companies Inc. and Crown Asset
Management Ltd., at 80% and 20%, respectively.

The final ratings are based on the quality of the collateral,
available credit enhancement, the underwriting criteria of
Rooftop Mortgages and the sound legal structure of the
transaction.  The 28.8% credit enhancement for the Class A notes
is provided by the subordination of the Class M1, Class M2,
Class B1, Class B2 notes, excess spread and a reserve fund with
an initial and target balance of 0.8% of the total outstanding
note balance as of closing.  There is also a liquidity facility
available to meet income deficiencies, including interest
shortfalls on the Class A notes.  However, it will not be
available to fund any periodic principal deficiencies.

This issuance marks RML's fourth foray into the U.K. non-
conforming market, although some of its loans also previously
formed part of the collateral for the Bluestone Securities plc
transaction, which closed in December 2004.


PIPE HOLDINGS: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its B1 Corporate Family Rating for
Pipe Holdings Plc.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   7.75% Senior Secured
   Regular Bond/
   Debenture Due 2011       B1       Ba3      LGD3    32%

   9.75% Senior Unsecured
   Regular Bond/
   Debenture Due 2013       B3       B2       LGD5    75%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Doncaster, South Yorkshire, Pipe Holdings Plc
is a holding company of Polypipe Building Products Ltd.,
manufacturer of wide range of plastic pipe systems,
predominantly for the U.K. construction market.


PORTRAIT CORP: Bankruptcy Court Approves Disclosure Statement
-------------------------------------------------------------
The Honorable Adlai S. Hardin, Jr., of the U.S. Bankruptcy Court
for the Southern District of New York approved the adequacy of
Portrait Corporation of America Inc. and its debtor-affiliates'
Disclosure Statement relating to the First Amended Joint Plan of
Reorganization on March 29.

                       Treatment of Claims

Under the Plan, holders of Allowed Administrative Expense Claims
will be paid in full and in cash.

On the Plan's effective date, the DIP obligations will be deemed
allowed and paid indefeasibly in full in accordance with the
terms of the DIP Agreement and DIP Order.  Upon full payment of
all DIP Obligations, all liens and security interests granted to
secure those obligations will be terminated, provided, however,
that the particular provisions of the DIP Agreement that are
specified to survive will survive.  Existing letters of credit
issued pursuant to the DIP Agreement will be cancelled and
replaced with new letters of credit to be issued pursuant to the
Exit Facility.

Holders of Allowed Priority Tax Claim will receive cash on the
later of the plan effective date or the date the claim became
allowed, or equal annual cash payments together with interest to
be determined by the Bankruptcy Court.

Holders of Class A Allowed Priority Non-Tax Claims will also be
paid in full in cash.

At the sole option of the Debtors, holders of Class B Allowed
Other Secured Claims will:

   (a) receive payment in full in cash plus post-commencement
       date interest;

   (b) have a reinstated claim;

   (c) receive the collateral securing their claim; or

   (d) receive a treatment that renders the claim unimpaired
       pursuant to Section 1124 of the Bankruptcy Code.

Holders of Class C Allowed Second Lien Notes Claims will
receive, in full satisfaction of their claim, their pro rata
share of 100% of Reorganized Portrait Corp of America common
stock.

Holders of Class D Allowed Senior Notes and Other Unsecured
Claims will receive their pro rata distribution of new warrants.

Holders of Class E Allowed Convenience Class Claims will receive
1% of their allowed claim as payment.

Holders of Class F Allowed Goldman Note Claims, Class G Allowed
Old Preferred Equity Interests, Class H Allowed Old Common
Equity Interests, and Class I Allowed Old Common Subsidiary
Equity Interests will not receive anything under the plan.

Goldman Note Claims refer to:

   -- the 13.75% Senior Subordinated Notes due 2010, issued to
      GS Mezzanine Partners II L.P. and GS Mezzanine Partners II
      Offshore L.P.  These notes were guaranteed by Portrait
      Corporation of America Inc., American Studios Inc., PCA
      National LLC, PCA National of Texas LP, PCA Photo
      Corporation of Canada Inc., Photo Corporation of America
      Inc., and PCA Finance Corp; and

   -- the 16.5% Senior Subordinated Notes due 2010, issued to
      GS Mezzanine Partners II L.P. and GS Mezzanine Partners II
      Offshore L.P.

            About Portrait Corporation of America Inc.

Portrait Corporation of America Inc. -- http://pcaintl.com/--
provides professional portrait photography products and services
in North America.  The Company operates portrait studios within
Wal-Mart stores and Supercenters in the United States, Canada,
Mexico, Germany, and the United Kingdom.  The Company also
operates a modular traveling business providing portrait
photography services in additional retail locations and to
church congregations and other institutions.

Portrait Corporation and its debtor-affiliates filed for
Chapter 11 protection on Aug. 31, 2006 (Bankr S.D. N.Y. Case
No. 06-22541).  John H. Bae, Esq., at Cadwalader Wickersham &
Taft LLP, represents the Debtors in their restructuring efforts.
Berenson & Company LLC serves as the Debtors' financial advisor
and investment banker.  Kristopher M. Hansen, Esq., at Stroock &
Stroock & Lavan LLP represents the Official Committee of
Unsecured Creditors.  Peter J. Solomon Company serves as
financial advisor for the Committee.  At June 30, 2006, the
Debtor had total assets of US$153,205,000 and liabilities of
US$372,124,000.


PORTRAIT CORP: Exclusive Filing Period Extended Until April 10
--------------------------------------------------------------
The Honorable Adlai S. Hardin Jr. of the U.S. Bankruptcy Court
for the Southern District of New York issued a bridge order on
March 29, approving an extension of the exclusive period during
which Portrait Corporation of America Inc. and its debtor-
affiliates can file a plan of reorganization through and
including the April 10 hearing to consider final approval.

The Court will convene a hearing at 11:00 a.m. on April 10, to
consider the Debtors' request for extension of their exclusive
periods to:

   a) file a plan of reorganization until June 30; and

   b) solicit acceptances on that plan until Aug. 30.

Objections to the request, if any, are due on April 5.

The Debtors' exclusive period to file a plan expired on
March 29, 2006.  This is the Debtors' second motion to extend
the exclusive periods.

The Debtors tell the Court that they filed their Plan on
Jan. 31, well within the exclusive filing period.  However, the
Debtors filed a second motion seeking a three-month extension of
their exclusive periods to allow the Debtors' to focus all their
efforts on operating and transforming their business as well as
pursuing their dual-tract emergence strategy through
confirmation of the Plan or an alternative sale opportunity.

The Debtors have stated their intention to pursue a sale if a
sale offer is received that provides a meaningful recovery to
unsecured creditors.

The Court approved the Debtors' Disclosure Statement relating to
their First Amended Joint Plan of Reorganization on March 29.

            About Portrait Corporation of America Inc.

Portrait Corporation of America Inc. -- http://pcaintl.com/--
provides professional portrait photography products and services
in North America.  The Company operates portrait studios within
Wal-Mart stores and Supercenters in the United States, Canada,
Mexico, Germany and the United Kingdom.  The Company also
operates a modular traveling business providing portrait
photography services in additional retail locations and to
church congregations and other institutions.

Portrait Corporation and its debtor-affiliates filed for
Chapter 11 protection on Aug. 31, 2006 (Bankr S.D. N.Y. Case
No. 06-22541).  John H. Bae, Esq., at Cadwalader Wickersham &
Taft LLP, represents the Debtors in their restructuring efforts.
Berenson & Company LLC serves as the Debtors' financial advisor
and investment banker.  Kristopher M. Hansen, Esq., at Stroock &
Stroock & Lavan LLP represents the Official Committee of
Unsecured Creditors.  Peter J. Solomon Company serves as
financial advisor for the Committee.  At June 30, 2006, the
Debtor had total assets of US$153,205,000 and liabilities of
US$372,124,000.


SOLUTIA INC: FMC to Pay US$22.5 Million Under Settlement Pact
-------------------------------------------------------------
Solutia Inc. has reached a settlement in the matter of Solutia
Inc. v. FMC Corp., a lawsuit filed by Solutia in October 2003
relating to the companies' former joint venture known as
Astaris.

Under the terms of the settlement, FMC will pay Solutia US$22.5
million in cash, and both parties will release each other from
all claims related to this case.  The settlement is subject to
authorization by the bankruptcy court overseeing Solutia's
reorganization.

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.

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.


VIRGIN MEDIA: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its Ba3 Corporate Family Rating for
Virgin Media Inc.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

  * Issuer: Virgin Media Finance PLC

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------

   9.75% Sr. Unsec.
   Regular Bond/Debenture
   Due 2014                B2       B2       LGD6     93%

   8.75% Sr. Unsec.
   Regular Bond/Debenture
   Due 2014                B2       B2       LGD6     93%

   9.125% Sr. Unsec.
   Regular Bond/
   Debenture Due 2016      B2       B2       LGD6     93%


* Issuer: Virgin Media Investment Holdings Ltd.

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------

   Sr. Unsec. Bank
   Credit Facility
   Due 2013                B1       B2       LGD5     86%

   Sr. Sec. Bank
   Credit Facility
   Due 2011                Ba3      Ba2      LGD3     39%

   Sr. Sec. Bank Credit
   Facility Due 2012       Ba3      Ba2      LGD3     39%


Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.


WATERFORD WEDGWOOD: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its Caa1 Corporate Family Rating for
Waterford Wedgwood plc.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

Additionally, Moody's revised its ratings to Caa2 from Caa3 on
the company's 9.875% Sr. Subordinated Regular Bond/Debenture Due
2010.  Moody's assigned those debentures an LGD5 rating
suggesting lenders will experience an 81% loss in the event of a
default.

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Staffordshire, United Kingdom, Waterford
Wedgwood -- http://www.waterfordwedgwood.com/-- is the world's
leading luxury lifestyle group with four world-class brands -
Waterford Crystal, Wedgwood, Rosenthal and Royal Doulton.

                           *********

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
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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-
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Copyright 2007.  All rights reserved.  ISSN 1529-2754.

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                 * * * End of Transmission * * *